JOSEPH CABUENOS BSA-I MWF 3:00-4:00 PM

Davao Eagle Commercial

Income Statement

For the month ended 31 January 20B

Revenue:

Sales Php. 1,378,600.00

Less: Sales Return 5,000.00

Sales Discount 16,500.00 21,500.00

Net sales Php. 1,357,100

Cost of Goods Solds

Merchandise Inventory Php. 950,600.00

Jan. 01 20b

Purchase 998,000.00

Less : Purchase Return 7,000.00

Purchase Discounts 1,575.00 8,575.00

Net Purchase 989,425.00

Add:Freight In 2,045.00

Goods Available For sale 1,942,070.00

Less: Merchandize 777,270.00

Gross Profit Php 1,164,800.00

Uncollectible account Php. 11,499.00

Depreciation Expense 7,083.33

Taxes and Licences 4,600.00

Bank charge 1,000.00

Freight out 425.00

Retainer Fee 3,000.00

Insurance expense 750.00

Utilities expense 1,400.00

Store supplies expense 5,000.00

SSS Contribution 2019.00

Pag-ibig Contribution 300.00

Philhealtg contribution 337.50

Salaries expense 27,000

Postage and Telephone 1,215.55

Transportation expenses 192.00 (65,822.18)

Profit for the month Php. 126,477.82

Davao Eagle Commercial

Balance Sheet
 As of January 31, 20B

Assets

Current Assets:

Cash in bank Php. 1,525,844.50

Petty cash 1,000.00

Accounts Receivable 1,212,512

Estimat Uncollectible 13,571 1,198,941.00

Advances to employees 14,500.00

Merchandize Inventory 777,270.00

Prepaid insurance 5,250.00

Unused store supplies 3,000.00

Total Current Assets Php.3,515,805.50

Property and equipment

Store Furniture and 425,000.00

Accumulated Depreciation 92,083.33

Total Property and Php. 332,916.67

Total Assets Php. 3,848,722.17

Liabilities and Owner's

Accounts Payable Php. 1,124,090.00

Accrued Retainer Fee 2,700.00

Accrued taxes and licenses 4,600.00

Accrued Postage and 1,215.55

Accrued Utilities Expense 1,400.80

SSS Premium Payable 3,000.00

Pag-ibig Premium Payable 600

Phillhealth Premium Payable 675.00

Withholding Tax Payable 1,978.77

Vat Payable 4,121.00

Total liabilities Php. 1,183,882.12

Owner's Equity

Diane, L. Gutierrez, Capital Php. 2,538,362.00

Add:Profit for the month 12,6477.82

Total Owner's Equity 2,664,40.05

Total liabilities & Owners Php. 3,848,722.17

Davao Eagle Commercial

Statement of Changes in Owner's Equity

For the month ended 31 January 20B

Diane L. Gutierrez, Owner's Equity- January 1 Php. 2,538,362.23

Total: Php. 2,664,840.05

Less: Owner's Withdrawal 0

Diane L. Gutierez, Owner's Equity Php. 2,644,840.05

Davao Eagle Commercial

Statement of Cash flow

For the month of January

Cash flow from operating activities Php. 971, 600

(236,236)

Collection from customers (21,710.73)

Payment to supplier (21,701.73)

Freight in (195.00)

Freight out (425.00)

Transportation (192.00)

Utilities (121.00)

SSS Premium Remittance (3,000.00)

Philhealth premium (3,000.00)

Pag-ibig premium (600.00)

Payment for Withholding (1,179.77)

Payment of Value Added Tax (32,920.00)

Bank Charge (1,000.00)

Net cash provided for operating 573,394.50

Net cash provided for Investing 0

Net cash Provided for Financing 0

Net Cash Increase 573,394.50

Add: Beginning Cash Balance month 952,450

Net Cash ending Balance Php. 1,525,844.50