1. The following are the balances of the income statement accounts of Elli Company on December 31, 201A. Prepare a multi-step income statement. Dr. Cr. P 475,000 P 5,000 220,000 3,000 Sales Sales Returns and Allowances Purchases Purchase Returns and Allowances Advertising Expense Sales Salaries Commission Expense Miscellaneous Selling Expense Rent Expense Office Salaries Light and Water Insurance Expense Taxes and Licenses Interest Expense Uncollectible Accounts Expense Merchandise Inventory, Jan 1 Depreciation Expense - Furniture and Equipment Merchandise Inventory, Dec 31 10,000 30,000 15,000 3,000 15,000 20,000 2,000 1,000 5,000 4,000 20,000 57,000 10,000 60,000 2. Jay Company had sales during 2014 of P895,000. Jay's gross profit percentage is 55%. Purchases of inventory during the year totaled P466,250 and a count of inventory on hand at the end of the year totaled 189,500. Selling expenses are 18% of sales and general and administrative expenses are equal to 80% of selling expenses. Prepare an income statement for the year ended December 31, 201A. 3. Jerome Sy owns Pocket Bookstore. At the end of the 201A, the capital balance amounted to P1,500,000 which will be carried forward in the next accounting period. In 201B, Jerome invested an additional P450,000 and withdrew P120,000 for personal use. Given the following assumptions, prepare the statement of changes in owner's equity of Pocket Bookstore. a. Net income - 2013 P840,000 b. Net Loss-2013 (P320,000)