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Afinidad Store: Current 92,950 PP and Equipment

Vergeor P. Afinidad owns Afinidad Store. The balance sheet for the period ending December 31, 2017 shows total assets of ₱153,500 including current assets of ₱92,950 and fixed assets such as furniture and equipment worth ₱60,000. Liabilities are ₱0 and total capital including beginning capital of ₱74,780, additional capital of ₱50,000, and net income of ₱28,770 for 2017 is ₱153,550. The income statement for the same period shows sales of ₱183,200, cost of sales of ₱114,126, gross profit of

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46 views2 pages

Afinidad Store: Current 92,950 PP and Equipment

Vergeor P. Afinidad owns Afinidad Store. The balance sheet for the period ending December 31, 2017 shows total assets of ₱153,500 including current assets of ₱92,950 and fixed assets such as furniture and equipment worth ₱60,000. Liabilities are ₱0 and total capital including beginning capital of ₱74,780, additional capital of ₱50,000, and net income of ₱28,770 for 2017 is ₱153,550. The income statement for the same period shows sales of ₱183,200, cost of sales of ₱114,126, gross profit of

Uploaded by

Portgas D Ace
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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AFINIDAD STORE

Owner: Vergeor P. Afinidad


TIN: 109-471-987-00

BALANCE SHEET
For the period ending Dec 31, 2017

Assets;
Current ₱92,950
PP and EQUIPMENT
Furniture and Fixture ₱18,500
Fans 4,500
Adding Machine/Calculator 2,600
Refrigerator 25,000
Weighting Scale 10,000
Net 60,000
Total ₱153,500

LIABILITIES and CAPITAL


LIABILITIES
CAPITAL
Beginning Capital ₱74,780
Additional Capital 50,000
₱124,780
Net Income, 2017 28,770
TOTAL INCOME and CAPITAL ₱153,550

Prepared by:

VERGEOR P. AFINIDAD
Owner/Taxpayer
AFINIDAD STORE
Bagacay Pototan, Iloilo
Owner: Vergeor P. Afinidad
TIN: 109-471-987-000

INCOME STATEMENT
For the period ending Dec 31, 2017

Sales
Income Sale ₱183,200
Cost of Sale 114,126
Gross Profit on Sales ₱69,074
Less: Deduction (OSD) 40,304
Income Subject to Tax ₱28,770

Tax Due: 500+1,877 ₱2,377


Tax 2,057
320

Cost of Sales Schedule

Merchandise Inventory Beginning ₱64,578


Add: Purchase 116,634
Merchandise available for sale ₱181,152
Less: Merchandise End ₱64,026
Cost of goods sold ₱114,126

Prepared by:

VERGEOR P. AFINIDAD
Owner/Taxpayer

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