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    National College of Business and Arts: Fairview, Quezon City

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    Louise Mchale
    1. The document is an income statement for Fipely Office Supplies for the year ended December 31, 2017 showing net sales of ₱1,449,940, cost of sales of ₱878,600, gross profit of ₱571,340, operating expenses of ₱415,000 and net income of ₱156,340. 2. It also includes a more detailed income statement for Teena's Buddy Depot for the year ended December 31, 2017 with net sales of ₱644,240, cost of sales of ₱486,056, gross profit of ₱158,184, operating expenses of ₱157,

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    National College of Business and Arts: Fairview, Quezon City

    Uploaded by

    Louise Mchale
    1K views4 pages
    1. The document is an income statement for Fipely Office Supplies for the year ended December 31, 2017 showing net sales of ₱1,449,940, cost of sales of ₱878,600, gross profit of ₱571,340, operating expenses of ₱415,000 and net income of ₱156,340. 2. It also includes a more detailed income statement for Teena's Buddy Depot for the year ended December 31, 2017 with net sales of ₱644,240, cost of sales of ₱486,056, gross profit of ₱158,184, operating expenses of ₱157,

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    EUSEBIO-ABM12-ARISTOTLE-ACTIVITY-1.3

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    1. The document is an income statement for Fipely Office Supplies for the year ended December 31, 2017 showing net sales of ₱1,449,940, cost of sales of ₱878,600, gross profit of ₱571,340, operating expenses of ₱415,000 and net income of ₱156,340. 2. It also includes a more detailed income statement for Teena's Buddy Depot for the year ended December 31, 2017 with net sales of ₱644,240, cost of sales of ₱486,056, gross profit of ₱158,184, operating expenses of ₱157,

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    1K views4 pages

    National College of Business and Arts: Fairview, Quezon City

    Uploaded by

    Louise Mchale
    1. The document is an income statement for Fipely Office Supplies for the year ended December 31, 2017 showing net sales of ₱1,449,940, cost of sales of ₱878,600, gross profit of ₱571,340, operating expenses of ₱415,000 and net income of ₱156,340. 2. It also includes a more detailed income statement for Teena's Buddy Depot for the year ended December 31, 2017 with net sales of ₱644,240, cost of sales of ₱486,056, gross profit of ₱158,184, operating expenses of ₱157,

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 4

    National College of Business and Arts

    Fairview, Quezon City


    Senior High School Department
    A.Y. 2020-2021

    EUSEBIO,JOHN LESTER
    12-Aristotle
    FABM 2
    ACTIVITY 1.3

    Exercise 7: FIPELY OFFICE SUPPLIES (Without Notes)

    Fipely Office Supplies


    Income Statement
    For the Year ended December 31,2017
    Net Sales     ₱ 1,449, 940.00
    Cost of Sales     ₱ 878,600.00
    Gross Profit     ₱ 571,340.00
    Total Income     ₱ 571,340.00
    Operating Expense      
      Salaries Expense 238,000.00  
      Utilities Expense 70,000.00  
      Rent Expense 49,800.00  
      Depreciation Expense-Equipment 31,000.00  
      Insurance Expense 10,000.00  
      Supplies Expense 9,000.00  
      Miscellaneous Expense 7,200.00 ₱ 415,000.00
    Net Income     ₱ 156,340.00
           
    Fipely Office Supplies
    Income Statement
    For the Year ended December 31, 2017
    Revenue        
    Sales     ₱ 1,485,400.00  
    Less: Sales Returns and Allowances ₱ 13,800.00      
    ₱
    Sales Discounts 21,660.00   35,460.00  
    Net Sales       ₱ 1,449, 940.00
    Cost of Sales        
    Merchandise Inventory , Beginning     ₱ 265,000.00  
    Add: Net Cost of Purchases        
    Purchases   ₱ 980,000.00    
    Less: Purchase Returns & ₱
    Allowances 21,800.00      
    Purchase Discount 19,600.00 ₱ 41,400.00    
    Net Purchases   ₱ 938,600.00    
    Add: Freight-in   7,500.00 ₱ 946,100.00  
    Goods Available for Sale     ₱ 1,211,100.00  
    Less: Merchandise Inventory Ending     332,500.00  
    Cost of Sales       ₱ 878,600.00
    Gross Profit       ₱ 571,340.00
    Operating Expenses        
    Salaries Expense   ₱ 238,000.00    
    Utilities Expense   70,000.00    
    Rent Expense   49,800.00    
    Depreciation Expense-Equipment   31,000.00    
    Insurance Expense   10,000.00    
    Supplies Expense   9,000.00    
    Miscellaneous Expense   7,200.00   ₱ 415,000.00
    Net Income       ₱ 156,340.00
             
    Exercise 8: Teena’s Buddy Depot (With Notes)

    Teena's Buddy Depot


    Income Statement
    For the year ended December 31,2017
    Net Sales 1   ₱ 644,240.00
    Cost of Sales 2   ₱ 486,056.00
    Gross Profit     ₱ 158,184 .00
    Total Income     ₱ 158,184 .00
    Operating Expenses      
    Distribution Expense 3 53,684.00  
    Administrative Expenses 4 103,600.00 ₱ 157,284 .00
    Net Income     ₱ 900 .00
           

    Note 1-Net Sales

    Gross Sales     ₱ 664,000.00


    Less: Sales Returns and Allowances ₱ 6,480.00    
    Sales Discounts ₱ 13,280.00 19,760.00  
    Net Sales     ₱ 644,240.00

    Note 2-Cost of Sales


    Cost of Sales      
    Merchandise Inventory , Beginning     ₱ 180,000.00
    Add: Net Cost of Purchases      
    Purchases   ₱ 445,200.00  
    Less: Purchase Returns &
    Allowances ₱ 14,400.00    
    Purchase Discount 8,904.00 ₱ 23,304.00  
    Net Purchases   421.896.00  
    Add: Freight-in   2,560.00 ₱ 424,456.00
    Goods Available for Sale     ₱ 604,456.00
    Less: Merchandise Inventory Ending     118,400.00
    Cost of Sales     ₱ 486,056.00
    Note 3- Distribution Expense
    Distribution Expense      
    Sales Salaries Expense   48,000.00  
    Advertising Expense   5,684.00 53,684.00

    Note 4- Administrative Expense

    Administrative Expenses      
    Office Salaries Expense   40,000.00  
    Supplies Expenses   2,600.00  
    Utilities Expense   36,000.00  
    Insurance Expense   4,000.00  
    Depreciation Expense-Building   11,000.00  
    Depreciation Expense-Equipment   10,000.00 103,600.00

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