II.

i.
REPORT FORM

SPEED PADALA
Statement of Financial Position
For the year ended December 31, 2013

ASSETS LIABILITIES AND OWNER’S

EQUITY
Current assets Current liabilities
Cash P20,000 Accounts Payable P10,000
Accounts Receivable 9,500 Notes Payable 8,000
Notes Receivable 12,000 Unearned Income 2,000
Prepaid Expense 6,000 Accrued Expenses 5,000
Total Current Assets P47,500 Total Current liabilities P25,000
Non-current Assets Non-current liabilities
Property, Plant, and Long-term Loans Payable P100,000
Equipment P150,000 Total Liabilities P125,000
Total Assets P197,500 Owner’s Equity
Owner’s Capital
P 72,500
Total Liabilities and Owner’s Equity P197,500

ACCOUNT FORM

SPEED PADALA
Statement of Financial Position
For the year ended December 31, 2013

ASSETS
Current assets
Cash P20,000
Accounts Receivable 9,500
Notes Receivable 12,000
Prepaid Expense 6,000
Total Current Assets P47,500
Non-current assets
Property, Plant, and Equipment P150,000
Total Assets P197,500
 LIABILITIES AND OWNER’S EQUITY
Current liabilities
Accounts Payable P10,000
Notes Payable 8,000
Unearned Income 2,000
Accrued Expenses 5,000
Total Current liabilities P25,000
Non-current liabilities
Long-term Loans Payable P100,000
Total Liabilities P125,000

Owner’s Equity
Owner’s Capital P 72,500
Total Liabilities and Owner’s Equity P197,500

ii.
Mia de Vera Laundry Services
Statement of Financial Position
For the year ended December 31, 2017
LIABILITIES AND OWNER’S EQUITY
ASSETS Current liabilities
Current assets Accounts Payable P 1,000
Cash P 182,250 Notes Payable 100,000
Inventory 10,500 Salaries Payable 1,600
Prepaid Expense 36,000 Utilities Payable 11,250
Total Current Assets P228,750 Total Current liabilities P113,850
Non-current assets Non-current liabilities
Property, Plant, and Equipment P354,000 Loans Payable P1,400
Accum. Depreciation 5,500 Total Liabilities P115,250
Total Assets P577,250
Owner’s Equity
Owner’s Capital P 462,000
Total Liabilities
and Owner’s Equity P577,250
iii.
Mia de Vera Laundry Services
Statement of Financial Position
For the year ended December 31, 2017

ASSETS
Current assets
Cash P 182,250
Inventory 10,500
Prepaid Expense 36,000
Total Current Assets P228,750
Non-current assets
Property, Plant, and Equipment P354,000
Accum. Depreciation 5,500
Total Assets P577,250

LIABILITIES AND OWNER’S EQUITY

Current liabilities
Accounts Payable P 1,000
Notes Payable 100,000
Salaries Payable 1,600
Utilities Payable 11,250
Total Current liabilities P113,850
Non-current liabilities
Loans Payable P1,400
Total Liabilities P115,250

Owner’s Equity
Owner’s Capital P 462,000
Total Liabilities and Owner’s Equity P577,250
IV.
i.
Business Name
Statement of Comprehensive Income
For the month ended, _______________

Revenues P 20,000
Less: Expenses
Rent P 3,000
Salaries 4,000
Utilities 2,000 9,000
Net Income P 11,000

ii.
JT Consulting Services
Statement of Comprehensive Income
For the month ended, December 31, 2019

Consulting Fees P 28,000

Less: Expenses
Salaries P 5,000
Utilities 600
Supplies Expense 500
Rent Expense 3,000
Depreciation Expense 583 9,683
Net Income P 18,317

iii.
Jackson’s Service Company
Statement of Comprehensive Income
For the month ended, January 31, 2020

Revenues P 20,000
Less: Expenses
Utilities P 1,000
Salaries 6,500 7,500
Net Income P 12,500
V.
i.
Lovely Company
Statement of Comprehensive Income
For the month ending, March 31, 2019
Sales P600,000
Sales Returns (40,000)
Sales Discounts (20,000) (60,000
Net Sales 540,000
Cost of Goods Sold
Beginning inventory 150,000
Purchases 200,000
Purchase Returns (10,000)
Purchase Discounts (5,000)
Net Purchases 185,000
Freight-in 5,000 190,000
Cost of goods available for sale 340,000
Ending inventory (75,000) 265,000
Gross Profit 275,000
General and Administrative Expense
Salaries Expense (58,500)
Utilities Expense (30,000)
Rent Expense (15,000)
Depreciation Expense ( 5,000) (108,500)
Selling Expense
Salaries Expense (31,500)
Advertising Expense (5,000)
Utilities Expense (20,000)
Rent Expense (20,000)
Depreciation Expense (15,000) (91,500)
Net Income P 75,000
ii.
Susan’s Sari-Sari Store
Statement of Comprehensive Income
For the month ended, October 31, 2019

Sales P 10,750
COGS (4,500)
Gross Profit 6,250
General and Administrative
Telephone Expense (750)
Office Supplies Expense (1,000)
Cleaning Expense (1,350) (3,850)
Selling Expense
Rent Expense (3,200)
Salaries Expense (3,675) (6,875)
Net Loss (P4,475)

iii.
Happy Toddlers Bookstore
Statement of Comprehensive Income
For the year ended, December 31, 2019

Sales P725,000
COGS (340,000)
Gross profit 385,000
General and Administrative Expense
Salaries expense (240,000)
Utilities expense (20,000) (260,000)
Selling Expense
Salaries (72,000)
Utilities (60,000)
Depreciation (50,000) (182,000)
Net Loss (P57,000)
VII.
i.
MacLaren’s Pub
Statement of Changes in Owner’s Equity
For the period ended December 31, 2019

Ted Mosby, Capital, January 1, 2019 ₱100, 000

Add: Net Income 24,700
Additional investment the owner
during the year 24,200
Sub-total ₱148,900

Less: Drawings 24,000

Owner, Capital, December 31, 2019 ₱124,900

ii.
GG Travel Services
Statement of Changes in Owner’s Equity
For the period ended April 30, 2014

Owner, Capital, May 1, 2013 ₱ 80,000

Add: Net Income 55,550
Additional investment the owner
during the year 50,000
Sub-total ₱ 185,550

Less: Drawings 30,000

Owner, Capital, December 31, 2019 ₱ 155,550

iii.
Heart Printing Services
Statement of Changes in Owner’s Equity
For the period ended December 31, 2017

Owner, Capital, January 1, 2017 ₱ 186,000

Add: Net Income 18,750
Additional investment the owner
during the year 40,000
Sub-total ₱ 244,750

Less: Drawings 25,000

Owner, Capital, December 31, 2019 ₱ 219, 750
X.
i.
ABM COMPANY
STATEMENT OF CASH FLOWS
For the year ended December 31, 2019

Cash Flows from Operating Activities

Cash received from the customers ₱ 61,600
Payment to employees (20,000)
Utility payments (6,500)
Payment to suppliers (14,500)
Interest payments (5,000)
Net cash provided by (used in) operating activities ₱15,600

Cash Flows from Investing Activities

Acquisition of computers (20,000)
Net cash provided by (used in) investing activities (20,000)

Cash Flows from Financing Activities

Additional contribution of the owner 20,000
Owner’s drawings (10,000)
Net cash provided by (used in) financing activities 10,000
Net increase (decrease) in cash and cash equivalents ₱5,600
Cash and cash equivalents at the beginning of the year 132,000
Cash and cash equivalents at the end of the year ₱137,600

ii.

Net Income ₱ 287,500

Add: Depreciation 75,000
Changes in current assets and current liabilities
Increase in accounts receivable (18,750)
Increase in inventory (5,000)
Increase in accounts payable 16,250
Net cash provided by operating activities ₱355,000
iii.
DE VILLA COMPANY
STATEMENT OF CASH FLOWS
For the year ended December 31, 2019

Cash Flows from Operating Activities

Cash received from the customers ₱ 725,175
Less:
Payment to employees (19,999.50)
Payment to suppliers (300,547.50)
Interest payments (8,085)
Payments for other operating expenses (58,850)
Net cash provided by (used in) operating activities ₱15,600

Cash Flows from Investing Activities

Sale of delivery equipment (motorcycle) 6,875
Proceeds from sale of computer equipment 42,672.50
Less: Purchase of equipment 253,000
Net cash flow used in investing activities (203,362.50)

Cash Flows from Financing Activities

Contribution of the owners 137,500
Proceeds from bank loan 82,500
Less: Withdrawals of owners 229,350
Net cash provided by (used in) financing activities (9,350)
Net increase (decrease) in cash and cash equivalents ₱124,987.50
Cash and cash equivalents at the beginning of the year 129,937.50
Cash and cash equivalents at the end of the year ₱254,925

XIII.
i.
Increase (Decrease)
12/31/2014 12/31/2013 P %
Current Assets P500,000 400,000 100,000 25%
Property, plant 1,584,000 1,320,000 264,000 20%
and equipment,
net
Current 364,000 280,000 84,000 30%
Liabilities
Long-term 532,000 380,000 152,000 40%
liabilities
Owner’s Capital 1,188,000 1,060,000 128,000 12.08%
ii.
12/31/2014 % 12/31/2013 %
Current Assets 500,000 24% 400,000 23%
Property, plant 1,584,000 76% 1,320,000 77%
and equipment,
net
Total assets 2,084,000 100% 1,720,000 100%
Current 364,000 17% 280,000 16%
Liabilities
Lon-term 532,000 26% 380,000 22%
liabilities
Owner’s Capital 1,188,000 57% 1,060,000 62%
Total liabilities 2,084,000 100% 1,720,000 100%
and owner’s
equity

iii.
RRJ GARMENTS
Income Statement
December 31, 2016 and December 31, 2017
2017 2016 Change in Percent
amount percent amount percent amount
Net sales 7,457,736 100% 6,396,040 100% 1,061,696 17%
Less: cost 6,228,552, 84% 5,859,680 92 368,872 6%
of goods
sold
Gross profit 1,229,184 16% 536,360 8% 692,824 129%
Less: other 886,177 12% 561,974 9% 323,203 58%
expenses
Operating 343,008 5% -25,614 0% 368,621 1439%
income
Less: 74,208 1% 144,173 2% -69,964 -49%
interest
expense
Net income 268,799 4% -169,787 3% 438,586 258%