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B. Blue Waves Corporation provides the following information of June 2021:
Freight In P 10,000 Rent Expense P 20,000
Freight Out 7,000 Salary Expense 61,000
Insurance Expense 12,000 Sales Discount 8,000
Purchases 200,000 Sales Returns 13,000
Purchase Discounts 3,000 Sales 312,000
Purchase Returns 6,000
Additional information:
The beginning inventory is P42,000 and the ending inventory is P63,000.
Prepare the Income Statement of Blue Waves Corporation.
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