MARILOU B.

FRANCO
San Francisco, Agusan del Sur

STATEMENTS OF FINANCIAL POSITION

DECEMBER 31, 2019 AND 2018

2019 2018
Note (In Philippine Pesos) (In Philippine Pesos)

ASSETS
Current Assets

Cash and cash equivalents 4 5,285,446 3,481,108

Trade and other receivables 5 2,318,763 2,168,749

Merchandise inventory 6 1,495,648 2,084,562

Total Current Assets 9,099,857 7,734,419

Noncurrent Assets

Property and Equipment 7 8,160,000 8,260,000

Total Noncurrent Assets 8,160,000 8,260,000

TOTAL ASSETS 17,259,857 15,994,419

LIABILITIES AND PROPRIETOR'S EQUITY

Current Liabilities

Trade and other payables 8 8,514,598 8,929,633

Income tax payable 8 128,735 115,585

Total Current Liabilities 8,643,333 9,045,218

Proprietor's Equity
Marylou B. Franco, equity 9 8,616,524 6,949,201

Total Proprietor's Equity 8,616,524 6,949,201

TOTAL LIABILITIES AND PROPRIETOR'S EQUITY 17,259,857 15,994,419

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 MARYLOU B. FRANCO
San Francisco, Agusan del Sur

STATEMENTS OF COMPREHENSIVE INCOME

YEARS ENDED DECEMBER 31, 2019 AND 2018

2019 2018
Note (In Philippine Pesos) (In Philippine Pesos)

REVENUE 10 28,399,514 29,980,653

COST OF SALES 11 21,785,332 25,076,655

GROSS PROFIT 6,614,182 4,903,998

OTHER OPERATING EXPENSES 12,13 5,013,102 3,533,875

PROFIT/LOSS FROM OPERATIONS 1,601,080 1,370,123

OTHER INCOME 10 - -

FINANCE COST 14 - -

PROFIT BEFORE INCOME TAX EXPENSE 1,601,080 1,370,123

INCOME TAX EXPENSE 12 370,324 301,037

NET INCOME FOR THE YEAR 1,230,756 1,069,086

 MARYLOU B. FRANCO
San Francisco, Agusan del Sur

STATEMENTS OF CHANGES IN EQUITY

DECEMBER 31, 2019 AND 2018

2019 2018
Note (In Philippine Pesos) (In Philippine Pesos)
Beginning Balance 9 6,949,201 6,130,115

Add: Net Income for the period 9 1,230,756

Add: Additional capital 9 686,567 1,069,086

Total 8,866,524 7,199,201

Less: Withdrawals 9 (250,000) (250,000)

Balance End 9 8,616,524 6,949,201

 MARYLOU B. FRANCO
San Francisco, Agusan del Sur

STATEMENTS OF CASH FLOWS

YEARS ENDED DECEMBER 31, 2019 AND 2018

2019 2018
[in Philippine Pesos] [in Philippine Pesos]
CASH FLOWS FROM OPERATING ACTIVITIES

NET INCOME FOR THE PERIOD 1,230,756 1,069,086

Adjustments to reconcile Net Income to

Net Cash provided by operating activities

Depreciation 100,000 100,000

Changes in Operating assets and liabilities
(Increase) Decrease in receivables (150,014) (293,111)
(Increase) Decrease in merchandise inventory 588,914 780,817
Increase (Decrease) in Trade and Other Payables (401,885) (549,870)

NET CASH PROVIDED BY OPERATING ACTIVITIES 1,367,771 1,106,922

CASH FLOWS FROM INVESTING ACTIVITIES

Additions to Property and Equipment - -

CASH FLOWS FROM FINANCING ACTIVITIES

Additional capital of proprietor 686,567 -

Withdrawals of Proprietor (250,000) (250,000)

NET INCREASE ( DECREASE ) 1,804,338 856,922

Cash and Cash Equivalents Beginning 3,481,108 2,624,186

Cash and Cash Equivalents End 5,285,446 3,481,108