The Philippine Association of Board Examiners (PABE) desires to award a P3, 600 scholarships annually to deserving students for as long as its scholarship fund shall last. The fund was started July I, 1977 by a donor in the amount of P 18, 000. The PABE invested this sum at that time at 8% per annum and plans on adding P600 each year to the fund flow its dues starting July 1, 1978 for as long as awards are made. a. For how many years, starting July I, 1978 can scholarship be awarded? b. What will be the balance in the fund after the last award is made?

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Income Statement

Income Statement also commonly called a profit and loss statement, one of the key financial statements (considered together with balance sheet and cash flow statement) which shows the revenues and expenses, as well as the gains and losses of a company for a given period. In other words, it presents the financial performance/profitability of a business over a specified accounting period.