please show me a balanced income statement

VIIL MERCHANDISING CONCERN: An organization which is engaged in the buying and selling of goods or services is called a merchandising or trading concern. Activities of a merchandising business 1 purchasing 2. Handling 3. Returning of Goods Purchased 6 Maintaiming adequate stocks 4 Selling 5 Returning of goods sold IX. ADJUSTING/CLOSING ENTRIES Adjusting journal entries are necessary in order to present a reliable, accurate and complete financial statements of the business Items for adjustments 1. merchandise inventory 2. debts or estmated uncollectible accounts 3. depreciation 4. expiration of payments 5. realization of incomes coltected in advance 6. accrual of expenses 7. accrual of incomes X ILLUSTRATIVE PROBLEM Merchandising Business 201 June Invested in the business, Cash P200,000; Merchandise P100,000 and Furniture, P50,000 2 Paid the Freeman P2,000 for advertising 3 Bought merchandise on account from DQ, P55,000 Paid corresponding freight charges, P300 Sold merchandise on account to Luis Flores, P82,000. 7 Sold merchandise ic Lorenz Florentino, P20,000 for cash 10 o Returned to DQ nerchandise worth P5,000 due to wrong specs. 15 18 20 Wage and salaries paid, P5,000 Received from Luis Flores defective stocks worth P2000. Withdrew P5,000 cash for personal use. 22 Bought imerchandse on account, P50,000 from ML.E, for which a downpayment of P5,000 was made 23 Paid oftice Supplies expenses, P800 and Prepaid Rent, P5,000. 25 Sold merchandise to Marion Flora on account, P80,000 29 Received Miscellaneous Income, P5,000 30 Received cash as full payment of Luis Flores account 30 Bought Store Building, P200,000 for cash VIIL MERCHANDISING CONCERN: An organization which is engaged in the buying and selling of goods or services is called a merchandising or trading concern. Activities of a merchandising business 1 purchasing 2. Handling 3. Returning of Goods Purchased 6 Maintaiming adequate stocks 4 Selling 5 Returning of goods sold IX. ADJUSTING/CLOSING ENTRIES Adjusting journal entries are necessary in order to present a reliable, accurate and complete financial statements of the business Items for adjustments 1. merchandise inventory 2. debts or estmated uncollectible accounts 3. depreciation 4. expiration of payments 5. realization of incomes coltected in advance 6. accrual of expenses 7. accrual of incomes X ILLUSTRATIVE PROBLEM Merchandising Business 201 June Invested in the business, Cash P200,000; Merchandise P100,000 and Furniture, P50,000 2 Paid the Freeman P2,000 for advertising 3 Bought merchandise on account from DQ, P55,000 Paid corresponding freight charges, P300 Sold merchandise on account to Luis Flores, P82,000. 7 Sold merchandise ic Lorenz Florentino, P20,000 for cash 10 o Returned to DQ nerchandise worth P5,000 due to wrong specs. 15 18 20 Wage and salaries paid, P5,000 Received from Luis Flores defective stocks worth P2000. Withdrew P5,000 cash for personal use. 22 Bought imerchandse on account, P50,000 from ML.E, for which a downpayment of P5,000 was made 23 Paid oftice Supplies expenses, P800 and Prepaid Rent, P5,000. 25 Sold merchandise to Marion Flora on account, P80,000 29 Received Miscellaneous Income, P5,000 30 Received cash as full payment of Luis Flores account 30 Bought Store Building, P200,000 for cash