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SAC’S STORE

(A Proprietorship)

MR. SAMSON A. CHUA


Poblacion, Sugbongcogon
Misamis Oriental

INCOME STATEMENT
For The Year Ended December 31, 2018
(With comparative figure of December 31, 2017)

2017 2018

Sales ₱ 610,064.00 ₱ 650,578.00

Less: Cost of Sales


Merchandise Inventory Beg. ₱ 258,409.75 ₱ 396,315.75
Add: Purchases ₱ 367,070.00 ₱ 385,299.50
Less: Merchandise Inventory, End ₱ 396,315.75 ₱ 500,960.25
Total Cost of Sales ₱ 229,164.00 ₱ 280,655.00

Gross Profit ₱ 380,900.00 ₱ 369,923.00

Less: Operating Expenses


Salaries & Allowances ₱ 70,000.00 ₱ 34,500.00
Light & Water ₱ 15,640.00 ₱ 7,925.00
Transportation & Travel ₱ 4,000.00 ₱ 18,700.00
Taxes & Licenses ₱ 10,450.00 ₱ 12,985.00
Miscellaneous Expenses ₱ 650.00 ₱ 41,755.00
Total Operating Expenses ₱ 100,740.00 ₱ 115,865.00

NET INCOME ₱ 280,160.00 ₱ 254,058.00

Certified Correct:

SAMSON A. CHUA
Prop./Manager
SAC’S STORE
SUGBONGCOGON, MISAMIS ORIENTAL

BALANCE SHEET
As of December 31, 2018
(With comparative figure of December 31, 2017)

2017 2018

ASSETS

Current Assets:
CASH on hand/In Bank ₱ 80,303.25 ₱ 103,953.25
Inventory ₱ 196,315.75 ₱ 286,723.75
Total Current Assets ₱ 276,619.00 ₱ 390,677.00

Fixed ASSESTS
Office & Other Equipment ₱ 100,000.00 ₱ 100,000.00
Furniture & Fixtures ₱ 40,000.00 ₱ 30,000.00
Total Assets ₱ 416,619.00 ₱ 520,677.00

LIABILITIES AND OWNER’S EQUITY

CURRENT LIABILITIES

Owner’s Equity
S. Chua, Capital ₱ 386,453.00 ₱ 416,619.00
Add: Net Income ₱ 280,160.00 ₱ 254,058.00
Less: S. Chua Drawing (₱ 250,000.00) (₱150,000.00)
Total Owner’s Equity ₱ 416,619.00 ₱ 520,677.00

Total Liabilities & Owner’s Equity ₱ 416,619.00 ₱ 520,677.00