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LICUAN, NOLIMAR - Ok

The document is an income statement for Nolimar S. Licuan for the year ended December 31, 2019. It shows gross sales of 241,666 PHP with highest sales in the 4th quarter of 70,000 PHP. Total expenses were 46,550 PHP resulting in net income of 252,760 PHP.

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Kelvin Jay Sebastian Sapla
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48 views3 pages

LICUAN, NOLIMAR - Ok

The document is an income statement for Nolimar S. Licuan for the year ended December 31, 2019. It shows gross sales of 241,666 PHP with highest sales in the 4th quarter of 70,000 PHP. Total expenses were 46,550 PHP resulting in net income of 252,760 PHP.

Uploaded by

Kelvin Jay Sebastian Sapla
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLS, PDF, TXT or read online on Scribd
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quarter

1st quarter 55,000.00


2nd quarter 53,333.00
3rd quarter 63,333.00
4th quarter 70,000.00
241,666.00
NOLIMAR S. LICUAN
INCOME STATEMENT
For the year ended December 31, 2019
(Amounts in Philippine Peso)

2019
GROSS SALES 241,666
LESS: COST OF SALES 67,666
GROSS INCOME 174,000
Add: OTHER INCOME 126,000
TOTAL GROSS REVENUE 300,000

LESS: OPERATING EXPENSES


Communication, Light and Water 12,000
Depreciation 5,000
Miscellaneous 3,500
Salary and Allowances 24,000
Taxes and Allowances 1,250
Transportation & Travel 800
TOTAL OPERATING EXPENSE 46,550

INCOME BEFORE TAX 253,450


Less: INCOME TAX (690)
NET INCOME 252,760

PROVISION FOR INCOME TAX COMPUTATION ###


Income Tax before income tax
Tax on:
First P250,000 -
In excess of P250,000 at 20% 690
INCOME TAX 690

INCOME TAX PAYABLE COMPUTATION


Provision for Income tax 690
Less: 2307 for the year
tax paid 1st to 3rd Qtr -
Income Tax Payable 690

###
Certified Correct: ###
###
NOLIMAR S. LICUAN
Taxpayer
NOLIMAR S. LICUAN
BALANCE SHEET
For the year ended December 31, 2019
(Amount in Philippine Peso)

2019

ASSETS

Current Assets
Cash on Hand and in Bank 115,000
Merchandise Inventory 25,000
Receivable 15,450
Total Current Assets 155,450

Non-Current Assets
Property and Equipment 125,850
Other Noncurrent Asset 27,500
Total Non-Current Assets 153,350

TOTAL ASSETS 308,800

LIABILITIES & OWNERS' EQUITY

Current Liabilities
Trade & Other Payables 35,500
Income Tax Payable 690
Total Current Liabilities 36,190

Owner's Equity
Capital Beginning 69,850
Net Income 252,760
Withdrawals (50,000)
Total Stockholders' Equity 272,610

TOTAL LIABILITIES & OWNERS' EQUITY 308,800

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