Income Statement PDF

PROFIT AND LOSS Example 1 - On May 1, the merchandise inventory of Kesten Tires and Battery Supply was P 165,256.13 and its purchases after that date amounted to P 110,901.45. On July 31, the store inventory was P 98,542.63. How much goods were sold? Beginning Inventory...

PROFIT AND LOSS Example 1 - On May 1, the merchandise inventory of Kesten Tires and Battery Supply was P 165,256.13 and its purchases after that date amounted to P 110,901.45. On July 31, the store inventory was P 98,542.63. How much goods were sold? Beginning Inventory P 165,256.13 Add: Purchase P 100,901.45 Goods for Sale P 276,157.58 Less: Ending Inventory P 98,542.63 Cost of Goods Sold P 177,614.95 Example 2 - The total sales of Kristen Angel Dept. Store during the month of December were P 5,976,418.12. The cost of goods during the month was P 2,324,080.25. The expenses were as follows: salaries and wages P 170,910.83; rent P 350,000; light and water bills P 418,265.34; miscellaneous expenses P 120,450.25; and some of the merchandise amounted to P 1,480,980. Find a. gross profit b. operating expenses c. net profit Gross Sales P 5,976,418.12 Less: Sales Returns 1,480,980.00 Net Sales P 4,495,438.12 Less: Cost of Goods Sold 2,324,080.25 Gross Profit P 2,171,357.87 Less: Operating Expenses Salaries and Wages P 170,910.83 Rent 350,000.00 Light and Wages 418,265.34 Miscellaneous Expenses 120,450.25 1,059,626.42 Net Profit 1,111,731.45