BAPSAE BOOKSTORE

INCOME STATEMENT
For the year ended December 31, 2016

1 st Quarter 2 nd Quarter 3rd

Quarter th
4 Quarter
Revenues
Sales P 1,500,000 P 1,470,000 P 1,450,000
P 1,500,000
Less: Sales Discounts 15,000 26,000 25,000
10,500
Sales Return And Allowances 19,000 16,000 26,000
27,500
Net Sales P 1,466,000 P 1,428,000 P 1,399,000
P 1,462,000
Cost of goods Sold
Inventory, Jan. 1 P 180,000 P 35,500 P 150,000
P 225,000
Add: Purchases 340,000 525,000 375,000
300,000
Freight In 15,000 20,000 15,000
19,500
Less: Purchase Disc. 3,600 4,500 6,000
6,900
Purchase Return & Allowances 5,400 4,500 3,000
3,150
Net Purchases P 346,000 P 536,000 P 381,000
P 309,450
Goods Available for Sale P 526,000 P 571,500 P 531,000
P 534,450
Less: Inventory, Dec. 31 35,500 150,000 225,000
180,000
Cost of goods sold P 490,500 P 421,500 P 306,000
P 354,450
Gross Profit P 975,500 P 1,006,500 P
1,093,000 P 1,107,550
Selling Expenses
Advertising P 105,000 P 75,000 P 100,000
P 100,000
Freight Out 6,000 10,000 8,000
10,000
 Depreciation 42,000 42,500 12,500
42,000
Utilities 16,500 22,500 25,000
25,000
Salaries 45,000 45,000 45,000
45,000
Repairs and Maintenance 50,000 65,000 55,000
62,000
Gen. and Admin. Expenses
Salaries P 47,000 P 47,000 P 47,000
P 47,000
Office Supplies 20,000 15,000 20,000 10,000
Depreciation 25,500 25,000 35,000
25,000
Utilities 33,000 32,500 32,500
32,500
Insurance 66,000 65,000 67,500
65,000
Rent 72,000 40,000 37,500
36,000
Net Income P 477,500 P 522,000 P
608,000 P 608,050
 BAPSAE BOOKSTORE

STATEMENT OF FINANCIAL POSITION

For the year ended December 31, 2016

Assets
Current Assets
Cash P 3,000,000
Accounts Receivable
300,000
Prepaid Insurance 250,000
Prepaid Rent
36,000
Inventory
600,000
Total Current Assets
P 4,186,000
Noncurrent Assets
Furniture and Fixtures, net
1,500,000
Total Assets
P 5,686,000

Liabilities
Current Liabilities
Accounts Payable P
1,659,000
Accrued Expenses
387,000
Unearned Revenue
100,000
Noncurrent Liabilities
600,000
Total Liabilities P
2,746,000

Owners Equity
Owners Equity
Apaitan, Capital 12/31/16 P
6,000,000
Add: Net Income for the Year
2,556,550
Less: Apaitan, Drawings 12/31/16
5,616,550
Total Equity P
2,940,000
Total Liabilities and Owners Equity P
5,686,000