Prepare an Income Statement. Typewritten.

You were able to obtain the following data from him: 1. Cash sales for the past three months are as follows: P350 000, P 385000 , and P450 000. 2. Based on his estimate, the cost of sales consisting of electricity and water is approximately P350 for every P1000 of revenue. 3. All forms of equipment have an estimated life span of 10 years. 4. Utilities expense (other than what is consumed when customers do laundry) averages to P8 ooo each month. 5. Other income from the sales of detergent, fabric softener, and other supplies needed by customers for doing laundry averages to P4500 per month. 6. His friend rents the place for P11000 each month. 7. The amount that is owed to the supplier of machines is to be paid within two years and payments including interest are to be spread in a period of 24 months. 8. You and Fred have agreed that the portion of the loan payable within the year will be considered as part of current liabilities, while the rest will be classified as long term