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    AZUELA, RICHARD (Inhouse 2020)

    Uploaded by

    Sally Siaotong
    This financial statement summarizes the income, expenses, and financial position of Richard Louie Andong Azuela for the period of January 1 to September 30, 2020. Total income was ₱891,543 while total expenses were ₱413,561, resulting in a net profit of ₱428,486. Assets included cash of ₱213,722 and property/equipment of ₱1,986,000 against total liabilities of ₱146,534, leaving equity of ₱2,429,662. Key sources of income were sales and hauling services.

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    AZUELA, RICHARD (Inhouse 2020)

    Uploaded by

    Sally Siaotong
    46 views8 pages
    This financial statement summarizes the income, expenses, and financial position of Richard Louie Andong Azuela for the period of January 1 to September 30, 2020. Total income was ₱891,543 while total expenses were ₱413,561, resulting in a net profit of ₱428,486. Assets included cash of ₱213,722 and property/equipment of ₱1,986,000 against total liabilities of ₱146,534, leaving equity of ₱2,429,662. Key sources of income were sales and hauling services.

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    AZUELA, RICHARD (inhouse 2020)

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    This financial statement summarizes the income, expenses, and financial position of Richard Louie Andong Azuela for the period of January 1 to September 30, 2020. Total income was ₱891,543 while total expenses were ₱413,561, resulting in a net profit of ₱428,486. Assets included cash of ₱213,722 and property/equipment of ₱1,986,000 against total liabilities of ₱146,534, leaving equity of ₱2,429,662. Key sources of income were sales and hauling services.

    Copyright:

    © All Rights Reserved
    Download as XLS, PDF, TXT or read online from Scribd
    Download as xls, pdf, or txt
    46 views8 pages

    AZUELA, RICHARD (Inhouse 2020)

    Uploaded by

    Sally Siaotong
    This financial statement summarizes the income, expenses, and financial position of Richard Louie Andong Azuela for the period of January 1 to September 30, 2020. Total income was ₱891,543 while total expenses were ₱413,561, resulting in a net profit of ₱428,486. Assets included cash of ₱213,722 and property/equipment of ₱1,986,000 against total liabilities of ₱146,534, leaving equity of ₱2,429,662. Key sources of income were sales and hauling services.

    Copyright:

    © All Rights Reserved
    Download as XLS, PDF, TXT or read online from Scribd
    Download as xls, pdf, or txt
    of 8

    RICHARD LOUIE ANDONG AZUELA

    PROFESSIONAL
    CLEMENT ST., ESTANCIA ILOILO
    TIN NO. 931-694-697-000

    Statement of Comprehensive Income


    ( Amounts in Philippine Peso)

    For the period covered January 1 to September 30, 2020


    Note

    Sales 1 ₱ 586,325.64
    Cost of Sales 2 (290,087.85)
    Gross Income ₱ 296,237.79
    Professional Income 1 595,305.64
    Total Gross Income ₱ 891,543.43
    Administrative Cost 3 (399,419.55)
    Selling Cost 4 (8,522.14)
    Finance Cost -
    Other Cost 5 (5,620.00)
    Net Income before Income Taxes ₱ 477,981.74
    Income Tax Expense (49,495.44)
    Net Profit ₱ 428,486.30
    See accompanying Notes to Financial Statements

    Certified Correct:

    RICHARD LOUIE ANDONG AZUELA


    RICHARD LOUIE ANDONG AZUELA
    PROFESSIONAL
    CLEMENT ST., ESTANCIA ILOILO
    TIN NO. 931-694-697-000

    Statement of Financial Position


    ( Amounts in Philippine Peso)
    As of September 30, 2020
    Note ###
    ASSETS
    Current Assets
    Cash and Cash Equivalents ₱ 213,721.80
    Accounts Receivable 195,105.74
    Inventory 181,369.15
    Total Current Assets ₱ 590,196.69
    Non-Current Assets
    Property, Plant & Equipment ( Net) 7 1,986,000.00
    Total Assets ₱ 2,576,196.69

    LIABILITIES AND CAPITAL


    Liabilities
    Current Liabilities
    Income Tax Payable ₱ 49,495.44
    Percentage Tax Payable 29,907.94
    Accounts Payable 67,130.98
    Total Current Liabilities ₱ 146,534.36
    Non Current Liabilities
    Total Liabilities ₱ 146,534.36

    Capital
    Capital Beginning ₱ 2,351,176.03
    Income 428,486.30
    Total ₱ 2,779,662.33
    Drawings (350,000.00)
    Capital Balance, 09/30 ₱ 2,429,662.33
    Total Liabilities and Capital ₱ 2,576,196.69
    See accompanying Notes to Financial Statements

    -
    Certified Correct:

    RICHARD LOUIE ANDONG AZUELA


    RICHARD LOUIE ANDONG AZUELA
    PROFESSIONAL
    CLEMENT ST., ESTANCIA ILOILO
    TIN NO. 931-694-697-000

    Notes to Statement of Comprehensive Income


    For the period covered January 1 to September 30, 2020

    1 Sources of Income
    Sales ₱ 586,325.64
    Hauling 595,305.64
    Total ₱ 1,181,631.28

    2 Cost of Sales
    Inventory, Beginning 156,145.20
    Purchases ₱ 315,311.80
    Total 471,457.00
    Inventory, End (181,369.15)
    Cost of Sales ₱ 290,087.85

    3 Administrative Cost
    Salaries & Wages ₱ 115,106.98
    Depreciation 112,000.00
    Supplies 5,814.31
    Fuel and Oil 35,165.98
    Repairs and Maintenance 10,631.70
    Printing and Documentations 5,069.97
    Electricity and Water 23,639.64
    Tel and Tel 16,128.05
    Transportation and Travel 21,506.63
    Taxes and Licenses 54,356.29
    Total ₱ 399,419.55

    4 Selling Cost
    Representation ₱ 8,522.14

    5 Other Cost
    Donation & Charitable Contribution ₱ 5,620.00

    6 Taxes & Licenses


    BIR Registration Fee ₱ 500.00
    LTO/LTFRB 5,405.21
    Percentage Tax 35,448.94
    Local Taxes 13,002.14
    Total ₱ 54,356.29
    RICHARD LOUIE ANDONG AZUELA
    PROFESSIONAL
    CLEMENT ST., ESTANCIA ILOILO
    TIN NO. 931-694-697-000

    Note 7:
    Property, Plant & Equipment & Schedule of Depreciation
    As of September 30, 2020
    .
    Optical
    Particulars House and Lot Service Car
    Equipment TOTAL
    Estimated Life (Years) 20 15 15

    Gross Carrying Amount


    Balance, January 1, 2020 850,000.00 1,200,000.00 480,000.00 2,530,000.00
    Additions - - - -
    Balance, September 30, 2020 850,000.00 1,200,000.00 480,000.00 2,530,000.00

    Accumulated Depreciation
    Balance, January 1, 2020 400,000.00 32,000.00 432,000.00
    Depreciation during the Year 80,000.00 32,000.00 112,000.00
    Balance, September 30, 2020 - 480,000.00 64,000.00 544,000.00

    Net Carrying Amount,


    850,000.00 720,000.00 416,000.00 1,986,000.00
    September 30, 2020
    A
    RICHARD LOUIE ANDONG AZUELA
    PROFESSIONAL
    CLEMENT ST., ESTANCIA ILOILO
    TIN NO. 931-694-697-000

    Statement of Cash Flow


    ( Amounts in Philippine Peso)

    For the period ended September 30, 2020

    Cash Flows from Operating Activities


    Net Income ₱ 428,486.30
    Adjustments for:
    Depreciation 112,000.00
    Operating Income Before Working Capital Changes 540,486.30

    Changes in Operating Assets and Liabilities:


    (Increase)/Decrease in Current Assets
    Accounts Receivable (138,803.22)
    Inventory (25,223.95)
    Increase/(Decrease) in Current Liabilities
    Income Tax Payable 49,495.44
    Vat Payable 24,275.79
    Accounts Payable 18,491.44
    Net Cash Outflows from Operating Activities ₱ 468,721.80

    Cash Flows from Investing Activities:


    Net Cash provided by (used in) Investing Activities ₱
    Cash Flows from Financing Activities:
    Drawings (350,000.00)
    Net Cash provided by (used in) Financing Activities ₱ (350,000.00)
    Net Increase/ (Decrease) in Cash ₱ 118,721.80
    Cash, Beginning 95,000.00
    Cash, End of the Year ₱ 213,721.80
    c

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