Sunrise Merchandising

Statement of Financial Position

For year ended December 31, 2019

Note
Assets
Current Assets
Cash ₱ 200,000.00
Trade and Other Receivables 1 ₱ 213,000.00
Merchandise Inventory ₱ 60,000.00
Prepaid Expenses 2 ₱ 46,000.00
Total Current Assets ₱ 519,000.00

Non-Current Assets
Property, Plant and Equipment 3 ₱ 1,521,000.00
Total Assets ₱ 2,040,000.00

Liabilities
Current Liabilities
Trade and Other Payables 4 ₱ 145,000.00

Non-Current Liabilities
Mortgage Payable ₱ 500,000.00
Total Liabilities ₱ 645,000.00

Owner's Equity
Sunrise, Capital ₱ 1,395,000.00
Total Liabilities and Capital ₱ 2,040,000.00
Note 1 - Trade and Other Receivables

Accounts Receivable
Less: Allowance for Bad Debts
Notes Receivable
Accrued Income
Total

Note 2 - Prepaid Expenses

Prepaid Insurance
Prepaid Rent
Supplies
Total

Note 3 - Property, Plant and Equipment

Land
Building
Less: Accumulated Depreciation - Building
Furniture and Fixtures
Less: Accumulated Depreciation - Furniture and Fixtures
Total

Note 4 - Trade and Other Payables

Accounts Payable
Notes Payable
Accrued Expenses
Loan Payable
Total
₱ 180,000.00
₱ 10,000.00 ₱ 170,000.00
₱ 25,000.00
₱ 18,000.00
₱ 213,000.00

₱ 25,000.00
₱ 18,000.00
₱ 3,000.00
₱ 46,000.00

₱ 500,000.00
₱ 1,000,000.00
₱ 24,000.00 ₱ 976,000.00
₱ 50,000.00
₱ 5,000.00 ₱ 45,000.00
₱ 1,521,000.00

₱ 40,000.00
₱ 20,000.00
₱ 5,000.00
₱ 80,000.00
₱ 145,000.00
 FipEly Office Supplies
Income Statement
For year ended December 31, 2017
Note 1 - Net Sales

Gross Sales
Note Less:

Net Sales 1 1,449,940 Net Sales

Cost of Sales 2 878,600
Gross Profit 571,340 Note 2 - Cost of Sales
Operating Expenses 3 415,000
Net Income 156,340 Merchandise Inventory, Janu
Add:

Cost of Sales

Note 3 - Operating Expenses

Salaries Expense
Supplies Expense
Utilities Expense
Insurance Expense
Depreciation Expense - Equip
Rent Expense
Miscellaneous Expense
Total

Note 3 - Distribution Expenses

Salaries Expense 238,000

Supplies Expense 9,000
Utilities Expense 70,000
Insurance Expense 10,000
Depreciation Expense - Equipment 31,000
Rent Expense 49,800
Miscellaneous Expense 7,200
Note 1 - Net Sales

Gross Sales 1,485,400

Sales Returns and Allowances 13,800
Sales Discounts 21,660 35,460
1,449,940

Note 2 - Cost of Sales

Merchandise Inventory, January 1, 2017 265,000

Net Cost of Purchases
Purchases 980,000
Less: Purchase Returns and Allowances 21,800
Purchase Discounts 19,600 41,400
Net Purchases 938,600
Add: Freight-in: 7,500 946,100
1,211,100
Merchandise Inventory, December 31, 2017 332,500
Cost of Sales 878,600

Note 3 - Operating Expenses

Salaries Expense 238,000

Supplies Expense 9,000
Utilities Expense 70,000
Insurance Expense 10,000
Depreciation Expense - Equipment 31,000
Rent Expense 49,800
Miscellaneous Expense 7,200
415,000
 HODOR Trading
Income Statement
For year ended October 31, 2017

Note
Net Sales 1 Php 3,987,500.00
Cost of Sales 2 Php 814,500.00
Gross Profit Php 3,173,000.00
Operating Expenses
Distribution Expenses 3 Php 499,000.00
Administrative Expenses 4 Php 93,500.00
Other Expenses 5 Php 8,500.00
Finance Cost 6 Php 3,200.00 Php 604,200.00
Net Income Php 2,568,800.00
 NOTES TO FINANCIAL STATEMENTS
Note 1 - Net Sales

Gross Sales
Less: Sales Returns and Allowances
Sales Discounts
Net Sales

Note 2 - Cost of Sales

Merchandise Inventory, beg

Add: Net Cost of Purchases
Purchases
Less: Purchase Returns and Allowances Php 53,750.00
Purchase Discounts Php 31,750.00
Net Purchases
Add: Freight-in
Goods Available for Sale
Less: Merchandise Inventory,end
Cost of Sales

Note 3 - Distribution Expenses

Store Utilities Expenses

Advertising Expense
Store Salaries Expense
Depreciation Expense - (Store Furniture and Fixtures)
Total

Note 4 - Administrative Expenses

Office Salaries Expense

Depreciation Expense - (Office Furniture and Fixtures)
Supplies Expense
Rent Expense
Bad Debts Expense
Office Utilities Expense
Total

Note 5 - Other Expenses

Discount Loss
Loss on Sale of Equipment
Total

Note 6 - Finance Cost

Interest Expense
TEMENTS

Php 4,100,000.00
Php 52,500.00
Php 60,000.00 Php 112,500.00
Php 3,987,500.00

Php 90,000.00

Php 862,000.00

Php 85,500.00
Php 776,500.00
Php 8,000.00 Php 784,500.00
Php 874,500.00
Php 60,000.00
Php 814,500.00

Php 200,000.00
Php 250,000.00
Php 37,000.00
Php 12,000.00
Php 499,000.00

Php 32,250.00
Php 6,000.00
Php 4,000.00
Php 22,000.00
Php 6,500.00
Php 22,750.00
Php 93,500.00
Php 5,000.00
Php 3,500.00
Php 8,500.00

Php 3,200.00
 Wei Long Trading
Income Statement
For year ended December 31, 2017

Note Note 1 - Net Sales

Net Sales 1 ₱420,000.00 Gross Sales

Cost of Sales 2 ₱256,000.00 Less:
Gross Profit ₱164,000.00
Other Income 3 ₱90,000.00
Total Income ₱254,000.00 Net Sales

Operating Expenses Note 2 - Cost of Sales

Distribution Expenses 4 ₱115,000.00
Administrative Expenses 5 ₱36,400.00 Merchandise Inventory
Other Expenses 6 ₱1,600.00 Add:
Finance Cost 7 ₱16,000.00 ₱169,000.00
Net Income ₱85,000.00

Goods Available for Sa

Less:
Cost of Sales

Note 3 - Other Income

Dividends Income
Rent Income
Total
Note 4 - Distribution E

Advertising Expense
Sales Salaries Expense
Add:
Utilities Expense - Stor
Store Supplies
Total
Note 5 - Administrativ

Office Salaries Expense

Utilities Expense - Offic
Office Supplies
Doubtful Accounts Exp
Total
Note 6 - Other Expens

Discount Loss
Total
Note 7 - Finance Cost

Interest Expense
Total
Note 1 - Net Sales

Gross Sales ₱450,000.00

Sales Returns and Allowances ₱18,000.00

Sales Discount ₱12,000.00 ₱30,000.00
₱420,000.00

Note 2 - Cost of Sales

Merchandise Inventory, January 1 ₱80,000.00

Net Cost of Purchases
Purchases ₱284,000.00
Less: Purchase Returns and Allowances ₱14,000.00
Purchase Discount ₱12,000.00 ₱26,000.00
Net Purchases ₱258,000.00
Add: Freight-in ₱6,000.00 ₱264,000.00
Goods Available for Sale ₱344,000.00
Merchandise Inventory, December 31 ₱88,000.00
Cost of Sales ₱256,000.00

Note 3 - Other Income

Dividends Income ₱50,000.00

Rent Income ₱40,000.00
₱90,000.00
Note 4 - Distribution Expenses

Advertising Expense ₱18,000.00

Sales Salaries Expense ₱74,000.00
Freight-out: ₱14,200.00
Utilities Expense - Store ₱2,800.00
Store Supplies ₱6,000.00
₱115,000.00
Note 5 - Administrative Expenses

Office Salaries Expense ₱22,000.00

Utilities Expense - Office ₱4,800.00
Office Supplies ₱2,400.00
Doubtful Accounts Expense ₱7,200.00
₱36,400.00
Note 6 - Other Expenses

Discount Loss ₱1,600.00

₱1,600.00
Note 7 - Finance Cost

Interest Expense ₱16,000.00

₱16,000.00
 Val Subas Trading
Income Statement
For year ended December 31, 2020

Note
Net Sales 1 Php 1,199,000.00
Cost of Sales 2 Php 305,500.00
Gross Profit Php 893,500.00
Other Income 3 Php 205,600.00
Total Income Php 1,099,100.00
Operating Expenses
Distribution Expenses 4 Php 315,100.00
Administrative Expenses 5 Php 156,200.00
Other Expenses 6 Php 15,500.00
Finance Cost 7 Php 17,000.00 Php 503,800.00
Net Income Php 595,300.00
 NOTES TO FINANCIAL STATEMENTS
Note 1 - Net Sales

Gross Sales
Less: Sales Returns and Allowances
Sales Discounts
Net Sales

Note 2 - Cost of Sales

Merchandise Inventory, January 1

Add: Net Cost of Purchases
Purchases
Less: Purchase Returns and Allowances Php 12,000.00
Purchase Discounts Php 10,000.00
Net Purchases
Add: Freight-in
Goods Available for Sale
Less: Merchandise Inventory, December 31
Cost of Sales

Note 3 - Other Income

Dividends Income
Rent Income
Gain on sale of furniture
Total

Note 4 - Distribution Expenses

Sales Salaries Expense

Add: Freight-out
Advertising Expense
Utilities Expense - Store
Store Supplies
Total

Note 5 - Administrative Expenses

Office Salaries Expense

Utilities Expense - Office
Office Supplies
Bad Debts Expense - Office
Total

Note 6 - Other Expenses

Discount Lost
Loss on sale of equipment
Total

Note 7 - Finance Cost

Interest Expense
TATEMENTS

Php 1,234,000.00
Php 20,000.00
Php 15,000.00 Php 35,000.00
Php 1,199,000.00

Php 160,000.00

Php 320,000.00

Php 22,000.00
Php 298,000.00
Php 12,500.00 Php 310,500.00
Php 470,500.00
Php 165,000.00
Php 305,500.00

Php 110,600.00
Php 75,000.00
Php 20,000.00
Php 205,600.00

Php 75,600.00
Php 5,300.00
Php 124,500.00
Php 93,700.00
Php 16,000.00
Php 315,100.00

Php 75,500.00
Php 57,800.00
Php 5,000.00
Php 17,900.00
Php 156,200.00

Php 3,000.00
Php 12,500.00
Php 15,500.00

Php 17,000.00
102,500 Capital, beg
25,000 Additional Inv 91,500
35,000 Net Income 35,000
92,500 56,500
78,000 Drawing
14,500 Capital, end
 Kalou's Trading
Statement of Changes in Owner's Equity
For year ended December 31, 2021

Kalou, Capital, Beginning Php 428,000.00

Add: Additional Investment Php 50,000.00
Net Income Php 85,000.00 Php 135,000.00
Total Php 563,000.00
Less: Drawings Php 35,000.00
Kalou, Capital, End Php 528,000.00

MCCC Trading
Statement of Changes in Owner's Equity
For year ended December 31, 2021

MCCC, Capital, Beginning 100,000

Add: Additional Investment 80,000
Less: Net Loss 23,500 56,500
Total 156,500
Less: Drawings 63,000
MCCC, Capital, End 93,500
OPERATING
Legal fees received from clients (Receipts)
Research income received (Receipts)
Operating expenses (Payments)
Collection of accounts (Receipts) Cash Flows from Operatin
Interest on bank loan paid (Payments)

INVESTING
Cash purchase of land (Payments)
Proceeds from sale of equipment (Receipts)

FINANCING Net Cash from Operating

Proceeds of bank loan (Receipts) Cash Flows from Investing
Additional Investment of Atty. Eym (Receipts)
Partial Payment of bank loan (Payments)

NOT
Depreciation Expense Net Cash from Investing
Provision for bad debts Cash Flows from Financin
Commision Income receivable
Taxes and licenses payable

Net Cash from Financing

Decrease in Cash
Cash balance - January 1,
Cash balance - December
 Yu Eym
Statement of Cash Flows
For year ended December 31, 2020

Cash Flows from Operating Activities

Receipts
Legal fees received from clients
Research Income received
Collection of accounts
Payments
Operating Expenses Php 453,000.00
Interest on bank loan paid Php 60,000.00
Net Cash from Operating Activities
Cash Flows from Investing Activities
Receipts
Proceeds from sale of equipment
Payments
Cash purchase of land
Net Cash from Investing Activities
Cash Flows from Financing Activities
Receipts
Proceeds of bank loan
Additional Investment of Atty. Eym
Payments
Partial Payment of bank loan
Net Cash from Financing Activities

Decrease in Cash
Cash balance - January 1, 2020
Cash balance - December 31, 2020
Php 568,000.00
Php 43,000.00
Php 600,000.00

Php 513,000.00
Php 698,000.00

Php 780,000.00

Php 2,100,000.00
Php (1,320,000.00)

Php 345,000.00
Php 240,000.00

Php 200,000.00
Php 385,000.00

Php (237,000.00)
Php 300,000.00
Php 63,000.00