15-FS-net Assets in Liquidation

Restituto R.
Adoremus,cpa's
UNITED FOODS CORPORATION

STATEMENT OF NET ASSETS IN LIQUIDATION
December 31
2015
ASSETS
Cash (Notes 4 and 11) P 1,444,079
NON CURRENT ASSETS

Other non-current assets 46,648
P 1,490,727
LIABILITIES
Accounts payable and accrued expenses

(Notes 7and 11) P 10,921
Income tax payable (Notes 8 and 11) 999
Total Current Liabilities 11,920
NET ASSETS IN LIQUIDATION P 1,478,807
See accompanying Notes to Financial Statements
Capital disclosure
2015
Net asset in liquidation P 1,478,807
Stockholders' equity -
P 1,478,807
2
Restituto R. Adoremus,cpa's
#REF!
accouhts payable (too long) #REF!

#REF!
#REF!
2

STATEMENT OF FINANCIAL POSITION
December 31
2014
ASSETS
Cash (Notes 4 and 11) P 4,426,774

Accounts receivables
Trade (Notes 5 and 11) 35,014
Others (Notes 5 and 11) 202,259
Total Current Assets 4,664,047
NON CURRENT ASSETS

Property and equipment - net (Note 6) - 202,679
Other non-current assets - 45,649
248,328
P 4,912,375
LIABILITIES

(Notes 7and 12) P 933,418
Income tax payable (Notes 8 and 11) 11,659
Advances from stockholders (Notes 9 and 11) 2,400,000
Total Current Liabilities 3,345,077
STOCKHOLDERS' EQUITY (Note 10)

Capital stock 2,000,000
Deficit 432,702
1,567,298
P 4,912,375
5
Capital disclosure
2,014
Net asset in liquidation P -
Stockholders' equity 1,567,298
P 1,567,298
5
#REF!
accouhts payable (too long) #REF!

#REF!
#REF!
5

STATEMENT OF CHANGES IN NET ASSETS IN LIQUIDATION
Year ended
December 31
2015
SHAREHOLDERS' EQUITY
At December 31, 2014 on a Going Concern Basis P #NAME?
Net effect of adopting a liquidation basis of presentation -
NET ASSETS IN LIQUIDATION

At January 1, 2015 #NAME?
Gain on sale of property and equipment #REF!

Administrative and other expenses #REF!
Other income #REF!
#REF!
LOSS BEFORE INCOME TAX #REF!
LOSS FOR THE YEAR #REF!
Transactions with owners -
NET ASSETS IN LIQUIDATION

At December 31, 2015 P #NAME?
#NAME?
3

STATEMENT OF COMPREHENSIVE INCOME
Year ended
December 31
2014
NET SALES P #NAME?
COST OF SALES (Note 13) #NAME?
GROSS PROFIT #NAME?
OPERATING EXPENSES (Note 14) #NAME?
LOSS FROM OPERATION 1,359,099
OTHER INCOME (CHARGES)

Interest income #NAME?
Miscellaneous income #NAME?
Net #NAME?
LOSS BEFORE INCOME TAX #NAME?
NET LOSS\TOTAL COMPREHENSIVE

LOSS (Note 12) P #NAME?
normal
mcit #NAME?
payments
q1 50,619.80
q2 47,917.11
q3 54,142.56
2307
152,679.47
deferred income tax beginning 171,184.62
income taxt payable (323,864.09)
0.22
6
1st qtr Err:509

2nd qtr Err:509
3rd qtr Err:509
Err:509
6
computation of income tax

mcit not covered yet - due 2011 #REF!
normal #REF!
payments
q1 -
q2 -
q3 -
rolyaltie
final tax 5,185,876.55
salaries
7.10 terminated
7.30 no previous
7.50 mwe
distributed as follows
direct labor
cost - employees benefit
salaries
employees beneft
mcit - 2008 #REF!
tax due #REF!
last years balance #REF!

payments
q1
q2
6
q3
total -
2307
#REF!
6
(1,359,099.00)
6
taxable
basic total
#REF!
663,390.00 #REF!
#REF!
663,390.00 #REF!
oyees benefit
6

STATEMENT OF CASH FLOWS
Year ended december 31
2015 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) P #NAME? P #NAME?
Adjustments for:
Depreciation (Note 6) #NAME? #NAME?
Interest income #NAME? #NAME?
Operating income before working capital changes #NAME? #NAME?
Decrease (increase) in:
Trade (Notes 5 and 11) #REF!### #REF!
Other (Notes 5 and 11) #REF!### #REF!
Prepaid items and other current assets #REF!### #REF!
Increase in:
(Notes 7 and 11) #REF!### #REF!
Income tax (Notes 8 and 11) #REF!### #REF!
Advances from stockholders (Note 9 and 11) #REF!### #REF!
Cash generated from operations #REF! #REF!
Interest received #REF!### #REF!
Net cash from operating activities #REF! #REF!
CASH FLOWS FROM INVESTING ACTIVITIES

Additions (disposal of) to property and equipment (Note 6) #REF!### #REF!
Others #REF!### #REF!
Net cash used in investing activities #REF! #REF!
CASH FLOWS FROM FINANCING ACTIVITIES

Advances from related parties (Notes 9 and 11) #NAME? #NAME?
Net cash used in financing activities #NAME? #NAME?
NET INCREASE (DECREASE) IN CASH AND

CASH EQUIVALENTS #REF! #REF!
CASH AND CASH EQUIVALENTS

AT BEGINNING OF YEAR 4,426,774 2,904,124
CASH AND CASH EQUIVALENTS

AT END OF YEAR P 1,444,079 P 4,426,774
#NAME? #NAME?
#NAME?
4
(1,275,593)

15-FS-net Assets in Liquidation

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Restituto R.

UNITED FOODS CORPORATION

Cash (Notes 4 and 11) P 1,444,079

NON CURRENT ASSETS

Accounts payable and accrued expenses

NET ASSETS IN LIQUIDATION P 1,478,807

See accompanying Notes to Financial Statements

accouhts payable (too long) #REF!

UNITED FOODS CORPORATION

Cash (Notes 4 and 11) P 4,426,774

NON CURRENT ASSETS

Accounts payable and accrued expenses

STOCKHOLDERS' EQUITY (Note 10)

See accompanying Notes to Financial Statements

accouhts payable (too long) #REF!

UNITED FOODS CORPORATION

Net effect of adopting a liquidation basis of presentation -

NET ASSETS IN LIQUIDATION

Gain on sale of property and equipment #REF!

LOSS BEFORE INCOME TAX #REF!

LOSS FOR THE YEAR #REF!

Transactions with owners -

NET ASSETS IN LIQUIDATION

See accompanying Notes to Financial Statements

UNITED FOODS CORPORATION

NET SALES P #NAME?

COST OF SALES (Note 13) #NAME?

GROSS PROFIT #NAME?

OPERATING EXPENSES (Note 14) #NAME?

LOSS FROM OPERATION 1,359,099

OTHER INCOME (CHARGES)

LOSS BEFORE INCOME TAX #NAME?

NET LOSS\TOTAL COMPREHENSIVE

See accompanying Notes to Financial Statements

deferred income tax beginning 171,184.62

income taxt payable (323,864.09)

1st qtr Err:509

computation of income tax

mcit - 2008 #REF!

tax due #REF!

last years balance #REF!

UNITED FOODS CORPORATION

Net cash from operating activities #REF! #REF!

CASH FLOWS FROM INVESTING ACTIVITIES

Net cash used in investing activities #REF! #REF!

CASH FLOWS FROM FINANCING ACTIVITIES

Net cash used in financing activities #NAME? #NAME?

NET INCREASE (DECREASE) IN CASH AND

CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS

See accompanying Notes to Financial Statements

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