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II. The Mobre Distributor Company, Inc. has just received a franchise to distribute dishwashers. The...

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II. The Mobre Distributor Company, Inc. has just received a franchise to distribute dishwashers. The company started business on January 1, 2018, with the following assets Cash Inventory Warehouse, office, and delivery facilities and equipment P 45,000 94,000 80,000 All facilities and equipment have a useful life of 20 years and no residual value. First quarter sales are expected to be P360,000 and should be doubled in the second quarter. Third quarter sales are expected to be P1,080 are considered to be uncollectible. The gross profit margin should be 30 percent. Variable selling 48,000 expenses (except uncollectible accounts) are budgeted at 12 percent of sale per quarte fixed administrative expenses should total P34,200 per quarter, exclusive of depreciation s and fixed selling expenses at P r, exclusive of depreciation. Variable administrative expenses are expected to be 3 percent of sales, and Required: Prepare a pro-forma income statement for the second quarter of 2018

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