INCOME STATEMENT
For the year 2022
Net Sales ₱ 109,080
Cost of Goods Sold
Raw Materials 60,819.00
Freight-in 6,960.00
Direct Labor 1,920.00
Factory Overhead 18,312.00
Total Cost of Goods Sold 88,011.00
Gross Profit 21,069.00
Operating Expenses
Salaries and Wages 18,000.00
Office Supplies 600.00
Transportation Expenses 2,400.00
Sanitation Expense 2,232.00
Licenses and Permits 4,315.00
Advertising and Promotion Expense 2,000.00
Total Operating Expense 29,547.00
Net Income before Income Tax - 8,478.00
Income Tax Expense (30%) - 2,543.40
Net Income after Tax -₱ 5,934.60
Pre- Operational 2022
Cash Inflow
Cash Received from sales 109,080.00
Partner's Investment 6,180.00
Total Cash Inflow 6,180.00 109,080.00
Cash Outflow
Kitchen Equipment 1,429.00
Raw Materials 60,819.00
Direct Labor 1,920.00
Packaging and Labeling 600.00
Transportation Expense 2,400.00
Utilities Expense 7,200.00
Freight-in 6,960.00
Kitchen Supplies Expense 3,933.78
Sanitation Supplies Expense 2,232.00
Office Supplies Expense 600.00
Salaries and Wages 18,000.00
Advertising and Promotion
Expense 2,000.00
Licenses and Permits
4,315.00
Income Tax Expense
Total Cash Outflow 5,744.00 106,664.78
Net Cash Inflow 436.00 2,415.22
Cash Balance, Beginning 436.00
₱
Cash Balance, Ending 436.00 ₱ 2,851.22
2022
ASSETS
Cash 2,851.22
Total Assets ₱ 2,851.22
LIABILITIES AND EQUITIES
Income Tax Payable - 2,543.40
Total Liabilities -₱ 7,215.44
EQUITY
Partners' Capital 6,180.00
Net Income - 5,934.60
Total Equities 245.40
Total Liabilities and Equities -₱ -6,970.04
