FIZER FORKLIFT AND EQUIPMENT SERVICES

STATEMENTS OF FINANCIAL POSITION

For the years ended December 31, 2019
(Amounts in Philippine Peso)

Notes 2019
ASSETS

Current Assets
Cash 3.1,5 55,586
Trade and receivables 6 516,257
Total current assets 571,843

Noncurrent Assets
Property and equipment 3.5,8 110,863

Total noncurrent assets 110,863

TOTAL ASSETS 682,706

LIABILITIES AND EQUITY

Current Liabilities

Accounts Payable 3.6, 9 -

Income Tax Payable 15.b 661,706
Other current liabilities 3.6,10 21,000
Total current liabilities 682,706

Noncurrent Liabilities
Advances from officer 3.10,11 -
Total noncurrent liabilities -

TOTAL LIABILITIES 682,706

EQUITY 3.11,3.12 -

TOTAL LIABILITIES AND EQUITY 682,706

See Accompanying Notes to Financial Statements.
FIZER FORKLIFT AND EQUIPMENT SERVICES
STATEMENTS OF INCOME
For the years ended December 31, 2019
(Amounts in Philippine Peso)

Notes 2019

SALES 3.14 2,514,000

DIRECT COST 3.14,12 103,349

GROSS INCOME 2,410,651

ADMINISTRATIVE EXPENSES 3.14,13 144,370

OTHER INCOME (EXPENSES) 3.14,14 -

OPERATING INCOME FROM OPERATION 2,266,281

PROVISION FOR INCOME TAX 3.15,16.b 665,006

NET INCOME 1,601,275

See Accompanying Notes to Financial Statements.
Note 5- CASH

This account consists of: 2019

Cash in bank 51,586
Cash on hand
Petty cash fund 4,000
Total 55,586
Cash in bank consist of savings and current account deposits in a reputable local bank which earn interest at the
prevailing bank deposit rates. Petty cash fund is established for petty expenses.

Note 6- TRADE AND OTHER RECEIVABLES

This account consists of: 2019

Trade -
Receivable- others 516,257
Total 516,257
During the year, the Company did not provide any allowance for doubtful accounts because management believes
that the accounts are subsequently collectible within the credit terms of the transactions.

Note 8- PROPERTY AND EQUIPMENT

As of December 31, 2019 there is no indication of any impairment loss on the carrying value of property, and
Revaluation/
This account consists of: 2019 Additions Reclassification 2019
Tools and Equipment 2,863 2,863
Transportation Equipment 120,000 120,000
Total 122,863 - - 122,863
Less: Accumulated depreciation
Tools and Equipment 12,000.00 12,000
Total 12,000.00 - - 12,000
Net book value 110,863.00 110,863

As of December 31, 2019 there is no indication of any impairment loss on the carrying value of property, and
equipment, since it is still in use and in good condition. Nothing of the above property and equipment were used as secutity
for the Company's liabilities.

Note 9- Accounts Payable

This account consists of: 2019

Trade -
Total -

Note 10- OTHER CURRENT LIABILITIES

This account consists of: 2019

SSS and philhealth premium payable 21,000
Total 21,000
Other current liabilities represent statutory liabilities and are measured initially at their transaction price and
subsequently being decreased by settlement payments. Obligations to the government are remitted on the following
month after being withheld from various income recipients.
Note 12- DIRECT COSTS

This account consists of: 2019

Materials and Supplies 44,422
Depreciation Expense Note 15 12,000
Salaries and Wages 12,050
Fuel and Oil 31,877
Repairs and Maintenance 3,000
Total 103,349
Note 13- ADMINISTRATIVE EXPENSES

This account consists of: 2019

Employees benefit 35,688
SSS, Philhealth, Pag-ibig Employer Contribution 14,700
Office supplies 452
Taxes and licenses Note 16.a.1 76,980
Rent Expense 2,150
Transportation 14,400
Miscellaneous
Total 144,370

Note 14- Depreciation Expense

2019
Direct Cost Administrative
Tools and Equipment 2,863
Transportation Equipment 120,000
122,863.00 -

Note 15- SUPPLEMENTARY TAX INFORMATION REQUIRED BY THE BUREAU OF INTERNAL

REVENUE

15.a. Supplemental Information Required under Revenue Regulation no. 15-2010

a. On December 28, 2010, Revenue Regulation (RR) No. 15-2010 became effective and amended certain provisions of
RR No 21-2001 prescribing the manner of compliance with any documentary and/or procedural requirements in
connection with the preparation and submission of financial statements and income tax returns. Section 2 of RR
No 21-2002 was further amended to include in the Notes to Financial Statements information on taxes, duties and
license fees paid or accrued duties for the year in addition to what is mandated by the PFRS on SMEs.

Below is the additional information required by RR No. 15-2010. This information is presented for purposes of filing
with the Bureau of Internal Revenue (BIR) and is not a required part of the basic financial statements.

Output Value Added Tax (VAT)

Output Vat declared for the year ended December 31, 2019 consists of:

Gross Amount Output

of Revenue VAT
Zero rated 2,514,000 -
Sales subject to 12% VAT - -
Total 2,514,000 -

Zero rated sales represents sales to customers registered as VAT zero-rated entities.

Input VAT
Details of input VAT for the year ended December 31, 2016 and their movements during the year follow:
Gross Amount Input
of Purchases VAT

Purchases of other than Capital Goods 118,301 14,196

Total Input VAT 14,196

Actual VAT Payments (14,196)

16.a.1 All Other Local and National taxes

All other local and national taxes paid and accrued for the year ended December 31,2016 consists of:

Business Permit 70,470

Community Tax Certificate 5,015
Bureau of Fire Certificate 995
BIR Registration fee 500
Total 76,980
15.a.2 W ithholding Taxes
Withholding taxes paid/ accrued and/or withheld for the year ended December 31,2016 consists of:

Paid Accrued Total

Withholding Tax on Compensation - - -

Expanded withholding taxes 42,580 3,700 46,280
Total 42,580 3,700 46,280

Tax Contingencies
The Company has no deficiency tax assessments or any cases, and/or prosecution in courts or bodies outside the BIR as of
December 31, 2019

15.b. Supplemental information Required under Revenue Regulation no. 19-2011

RR No. 19-2011 prescribes the new BIR forms that should be used for income tax filing covering and starting with the
calendar year 2012, and modifies Revenue Memorandum Circular No 57-2011. In the Guidelines and Instructions
Section of the new BIR FORM 1702 (version November 2011), a required attachment to the income tax returns is
an Account Information Form and/or Financial statements that include in the Notes to Financial Statements schedules
of sales/receipts/fees, cost of sales/services, non-operating and taxable other income, itemized deductions ( if the
taxpayer did not avail of OSD), taxes and licenses and other information prescribed to be disclosed in the Notes to
Financial Statements.

Below is the additional information required by RR No. 19-2011. This information is presented for purposes of filing
with the BIR and is not a required part of the basic financial statements.

Reconciliation of Net Income per Books to Taxable Income

Net income per books 2,266,281
Less: Net operating loss carry over from 2019 49,595
Total 2,216,686
Add: Interest income subject to final tax -
Taxable Income 2,216,686

Income Tax Due and Payable Computation

Income Tax Due at Regular Rate 30% 665,005.91

Less : Payments and Tax Credits
Previous year tax credit -
Creditable withholding tax previous quarters -
Creditable withholding tax in fourth quarter 3,300.00
Total Payments and Credits 3,300.00
Net Income Tax Due and Still Payable 661,705.91