STATEMENT OF OPERATIONS

YEAR ENDED 2017

Income:
Total Receipts of Sales P 3,272.35
Cost of Sales:
Stock of Hand at the Beginning of Year P 570.95
Add: Purchases during the Year 2,635.30
Total Goods for Sales P 3,206.25
Less: Stock at the end of Year 423.90
Total Cost of Sales P 2,782.35
Total Gross Income P 490.00

Operating Expenses:
Taxes & Licenses P 134.44
Miscellaneous Expenses 169.30
Total Operating Expenses P 303.74
Net Income P 186.26

STATEMENT OF NET WORTH

AS OF DECEMBER 31, 2017

Assets:
Cash on hand P 1,027.51
Merchandise Inventory 423.90
Total Assets P 1,451.77
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Liabilities & Capital

R. Mabanag Capital P 1,265.51
Add: Net Income 186.26
Total Liabilities & Income P 1,451.77
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Certified Correct:

JOSE ROEL C. MABANAG

Proprietor