Charlotte's Designer and Tailoring Shop

Statement of Comprehensive Income

For the period ended/ending December 31, 2020

Note
Revenues
Service Income ₱ 750,000.00
Other Income 1 50,000.00 ₱ 800,000.00
Less: Operating Expenses
Salaries and Wages Expense 2 ₱ 250,000.00
Supplies Expense 3 120,000.00
Advertising Expense 82,000.00
Transportation and Travel Expenses 80,000.00
Utilities Expense 4 50,500.00
Depreciation Expense 5 27,500.00
Insurance Expense 17,000.00
Representation and Entertainment Expense 14,000.00
Repairs and Maintenance Expense 12,000.00
Taxes and Licenses Expense 9,500.00
Doubtful Accounts Expense 4,000.00
Miscellaneous Expense 2,000.00
Finance Cost 2,000.00 (670,500.00)
Net Income Before Taxes ₱ 129,500.00
Income Tax Expense (38,850.00)
Net Income/Profit After Taxes ₱ 90,650.00
Other Comprehensive Income 150,450.00
Total Comprehensive Income ₱ 241,100.00

Notes to Financial Statements

For the period ending December 31, 2020

Note 1 - Other Income

Gain on sale of furniture ₱ 30,000.00
Interest Income 20,000.00
Total Other Income ₱ 50,000.00

Note 2 - Salaries and Wages Expense

Salaries Expense - Administrative Staff ₱ 120,000.00
Salaries Expense - Sales Department 90,000.00
Bonuses and other benefits 40,000.00
Total Salaries and Wages Expense ₱ 250,000.00

Note 3 - Supplies Expense

Store Supplies Expense ₱ 105,000.00
Office Supplies Expense 15,000.00
Total Supplies Expense ₱ 120,000.00

Note 4 - Utilities Expense

Electricity Expense ₱ 25,000.00
Communications Expense 20,000.00
Water Expense 5,500.00
Total Utilities Expense ₱ 50,500.00

Note 5 - Depreciation Expense

Depreciation Expense - Store Equipment ₱ 14,000.00
Depreciation Expense - Office Equipment 13,500.00
Total Depreciation Expense ₱ 27,500.00
 Exemplar Company
Statement of Comprehensive Income
For the period ended/ending December 31, 2020

Note

Net Sales 1 ₱ 9,000,000.00

Cost of Goods Sold 2 (5,400,000.00)
Gross Profit ₱ 3,600,000.00
Other Income 3 900,000.00
Total Income ₱ 4,500,000.00
Less: Operating Expenses
Distribution Costs 4 ₱ 1,350,000.00
Administrative Expenses 5 1,000,000.00
Other Expenses 6 320,000.00
Finance Cost 7 200,000.00 (2,870,000.00)
Net Income Before Tax ₱ 1,630,000.00
Income Tax Expense (489,000.00)
Net Income after Tax ₱ 1,141,000.00
Other Comprehensive Income 560,000.00
Total Comprehensive Income ₱ 1,701,000.00

Notes to Financial Statement

For the period ending December 31, 2020

Note 1 - Net Sales

Gross Sales ₱ 9,300,000.00
Sales Discount (100,000.00)
Sales Returns and Allowances (200,000.00)
Total Net Sales ₱ 9,000,000.00

Note 2 - Cost of Goods Sold

Merchandise Inventory, beginning ₱ 1,500,000.00
Purchases ₱ 6,000,000.00
Less: Purchase Returns and Allowances (150,000.00)
Purchase Discount (250,000.00)
Net Purchases ₱ 5,600,000.00
Freight-in 300,000.00
Net Cost of purchases 5,900,000.00
Total goods available for sale ₱ 7,400,000.00
Less: Merchandise Inventory, beginning (2,000,000.00)
Total cost of goods sold ₱ 5,400,000.00

Note 3 - Other Income

Interest Income ₱ 180,000.00
Dividend income 120,000.00
Rent Income 100,000.00
Gain from sale of fixed asset 500,000.00
Total other income ₱ 900,000.00

Note 4 - Distribution Costs

Salaries Expense - Sales Department ₱ 600,000.00
Freight-out 250,000.00
Sales Commission 180,000.00
Depreciation Expense - Store Equipment 150,000.00
Advertising Expense 100,000.00
Store Supplies Expense 50,000.00
SSS and Philhealth - Sales Department 20,000.00
Total Distribution Cost ₱ 1,350,000.00
Note 5 - Administrative Expenses
Salaries Expense - Office Staff ₱ 650,000.00
SSS and Philhealth - Office Staff 30,000.00
Bonuses of staff 100,000.00
Office Supplies Expense 70,000.00
Taxes and Licenses 20,000.00
Doubtful Accounts Expense 40,000.00
Depreciation - Office Equipment 90,000.00
Total Administrative Expenses ₱ 1,000,000.00

Note 6 - Other Expenses

Casualty loss from earthquake ₱ 170,000.00
Loss on sale of property 120,000.00
Loss on sale of investment 30,000.00
Total Other Expenses ₱ 320,000.00

Note 7 - Finance Cost

Interest expense on bonds payable ₱ 150,000.00
Interest expense on bank loan 50,000.00
Total Finance Cost ₱ 200,000.00
 Samuel Trading
Statement of Financial Position
As of December 31, 2020

Notes

TOTAL ASSETS
Current Assets
Cash and Cash Equivalents 1 ₱ 4,751,831.00
Short-term Investments 2 1,248,592.00
Trade and Other Receivables - net 3 503,240.00
Inventories 4 911,322.00
Prepaid Expenses and other supplies 5 560,670.00
Biological Assets 450,800.00
Assets Held for Sale 780,800.00
Current Tax Assets 456,710.00 ₱ 9,663,965.00

Non-current Assets
Long-term Notes Receivables 6 3,500,000.00
Property, Plant and Equipment - net 7 ₱ 9,530,600.00
Investment Properties 3,400,000.00
Intangible Assets 8
Investment in Associates

Total Assets ₱ 9,663,965.00

TOTAL LIABILITIES AND OWNER'S EQUITY

Current Liabilitites
Trade and Other Payables 9
Provisions
Current Portion of Long-term Debts 10 ₱ -
Non-current Liabilities
Mortgage Payable
Non-current portion of Long-term Debt
Total Liabilities ₱ -

Total Equity
Owner's Capital

Total Liabilities and Equity ₱ -

Notes to Financial Statements

For the period ending December 31, 2020

Note 1 - Cash and Cash Equivalents

Cash on Hand ₱ 123,456.00
Cash in Bank 2,451,890.00
Petty Cash Fund 30,000.00
 Payroll Fund 560,890.00
Money Market 346,712.00
Treasury Notes 893,760.00
Commercial Paper 345,123.00
Total Cash and Cash Equivalents ₱ 4,751,831.00

Note 2 - Short-term Investments

Financial Assets through Profit or Loss ₱ 450,780.00
Marketable Securities 567,812.00
Current Portion of Long-term Notes 230,000.00
Total Short-term Investments ₱ 1,248,592.00

Note 3 - Trade and Other Receivables

Accounts Receivables ₱ 456,120.00
Allowance for Doubtful Accounts (45,800.00)
Net Realizable Value ₱ 410,320.00
Due from customers 34,890.00
Advances to suppliers 12,430.00
Advances to Employees 45,600.00
Total Trade and Other Receivables ₱ 503,240.00

Note 4 - Inventories
Raw Materials ₱ 123,087.00
Work-in-Progress 331,890.00
Finished Goods 456,345.00
Total Inventories ₱ 911,322.00

Note 5 - Prepaid Expenses and Other Supplies

Prepaid Rent ₱ 350,000.00
Prepaid Insurance 120,000.00
Unused Office Supplies 45,670.00
Store Supplies 45,000.00
Total Prepaid Expenses and Other Supplies ₱ 560,670.00

Note 6 - Long-term Notes Receivable

Php 1,000,000 10% Loan from bank ₱ 1,000,000.00
Php 2,500,000 8% 3 year promissory notes 2,500,000.00
Total Long-term Notes Receivable ₱ 3,500,000.00

Note 7 - Property Plant and Equipment

Land ₱ 5,600,000.00
Building 8,000,000.00
Accumulated Depreciation - Building (4,300,000.00)
Store Equipment 450,700.00
Accumulated Depreciation - Store Equipment (220,100.00)
Total Property, Plant and Equipment ₱ 9,530,600.00
Note 8 - Intangible Assets