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Single Step Income Statement

The DC Car Wash generated total revenues of ₱340,000 in 2019, with ₱300,000 coming from sales revenue. Total expenses for the year were ₱152,500, resulting in net income before taxes of ₱187,500. After accounting for ₱20,000 in income tax expense, the car wash reported net income of ₱167,500 for the year ended December 31, 2019.

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Anne Christine Dela Cruz
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360 views1 page

Single Step Income Statement

The DC Car Wash generated total revenues of ₱340,000 in 2019, with ₱300,000 coming from sales revenue. Total expenses for the year were ₱152,500, resulting in net income before taxes of ₱187,500. After accounting for ₱20,000 in income tax expense, the car wash reported net income of ₱167,500 for the year ended December 31, 2019.

Uploaded by

Anne Christine Dela Cruz
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as XLSX, PDF, TXT or read online on Scribd
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DC Car Wash

Income Statement
For the Year Ended [Dec 31, 2019]

Revenue 2019
Sales revenue ₱ 300,000.00
Interest revenue 15,000
Other revenue 25,000
Total Revenues 340,000

Expenses
Cost of goods sold 100,000
Advertising expenses 3,000
Bad debt -
Commissions expenses 10,000
Depreciation expenses 7,000
Employee benefits 5,000
Insurance Cost 1,000
Interest expense 5,000
Maintenance and repairs expenses 7,500
Office supplies 1,000
Rent Expenses 30,000
Research and development -
Salaries and wages 50,000
Travel expenses -
Utilities expenses 23,000

Other expenses 10,000


Total Expenses 152,500

Net Income Before Taxes 187,500


Income tax expense 20,000

Income from Continuing Operations 167,500


{42}

Below-the-Line Items
Income from discontinued operations -
Effect of accounting changes -
Extraordinary items -

Net Income 167,500

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