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    Financial Statement - PARCO

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    ebello

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    © All Rights Reserved
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    Financial Statement - PARCO

    Uploaded by

    ebello
    3 views5 pages

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    Financial Statement_PARCO

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    Download as docx, pdf, or txt
    3 views5 pages

    Financial Statement - PARCO

    Uploaded by

    ebello

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 5

    FINANCIAL STATEMENTS

    1. Income Statement

    SJ Catering Services
    Income Statement
    For the Year Ended December 31, 2021

    Revenue
    Catering Fees P 1,291,450
    Total Revenue P 1,291,450
    Expenses
    Advertising Expense 24,000
    Catering Expense 632,000
    Rent Expense 90,000
    Depreciation Expense 14,375
    Salaries Expense 148,000
    Bad Debts Expense 2,600
    Utilities Expense 28,000
    Insurance Expense 10,000
    Interest Expense 450
    Office Supplies Expense 55,000
    Total Expense 1,004,425
    Profit P 287,025
    2. Statement of Changes in Equity

    SJ Catering Services
    Statement of Changes in Equity
    For the Year Ended December 31, 2021

    SJ, Capital, beg P 350,000


    Add: Additional Investment P0
    Profit 287,025 287,025
    Total 637,025
    Less: SJ, Withdrawal 30,000
    SJ, Capital, end P 607,025
    3. Statement of Financial Position

    SJ Catering Service
    Statement of Financial Position
    As of December 31, 2021

    ASSETS
    Current Assets
    Cash P545,000
    Accounting Receivable P65,000
    Less: Allowance for Bad debts 2,600 62,400
    Office supplies 23,000
    Prepaid Advertising 72,000
    Total Current Assets P 702,400
    Non-current Assets
    Office Equipment 120,000
    Less: Accumulated Depreciation 43,125 P 76,875
    Total Assets P 779,275

    LIABILITIES AND OWNER’S EQUITY


    Current Liabilities
    Notes payable P 18,000
    Account Payable 83,000
    Interest Payable 450
    Rent Payable 6,000
    Salaries payable 28,000
    Unearned Catering Fee 36,800
    Total Current liabilities P 172,250
    Owner’s Equity
    SJ, Capital P 607,025
    Total Liabilities and owner’s Equity P 779,275
    4. Statement of Cash Flow

    Liu Company
    Statement of Cash Flows
    For the Year 2021

    Cash flow from operating activities


    Cash received from customers P 500,000
    Cash received from Rent Income 65,000
    Payment for Operating Expenses (195,000)
    Payment for Taxes and Licenses (5,600)
    Payment for Salaries of employees (108,000)
    Payment for Utilities (45,500)
    Net Cash provided by (used in) operating activities P 210,900

    Cash flow from investing activities


    Proceeds from sale of equipment P 35,000
    Proceeds from sale of furniture 5,000
    Purchase of equipment (25,600)
    Net cash provided by (used in) investing activities P 14,400

    Cash flow from Financing Activities


    Cash received as additional investment by owner P125,000
    Proceeds of Bank loan 300,000
    Principal of Bank loan (200,000)
    Payments of withdrawal of owner (40,000)
    Net cash provided by (used in) Financing activities P 185,000
    Net Increase (Decrease in Cash) P410,300
    Cash balance at the Beginning of the period 50,400
    Cash balance at the End of the period P 460,700

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