Income Statement For

Chef G Frozen Products, Inc. the Years Ending [Dec 31, 2020 and Dec
Lucena City, Philippines
31, 2019]

Revenue 2020
Sales revenue
(Less sales returns and allowances)
Interest revenue
Other revenue
Total Revenues

Expenses
Selling/General/Admin, Total
Depreciation
Research and Development
Salaries and Wages
Software
Utilities
Other Operating Expenses, Total
Total Expenses

Net Income Before Taxes

Income Tax Expense
Income from Continuing Operations

Below-the-Line Items
Income from discontinued operations
Extraordinary items

Net Income

Prepared By: Fernandez, Antenor and Sotelo

Submitted To: Engr. Ernest Paul Y. Sison
me Statement For
s Ending [Dec 31, 2020 and Dec Chef G Frozen Products, Inc.
Lucena City, Philippines
31, 2019]

2019 Assets
Current Assets
Cash
Accounts receivable
Inventory
Prepaid expenses
Short-term investments
Total current assets
Fixed (Long-Term) Assets
Long-term investments
Property, plant, and equipment
(Less accumulated depreciation)
Intangible assets
Total fixed assets
Other Assets
Deferred income tax
Other
Total Other Assets

Total Assets

Liabilities and Owner's Equity

Current Liabilities
Accounts payable
Short-term loans
Income taxes payable
Accrued salaries and wages
Unearned revenue
Current portion of long-term debt
Total current liabilities
Long-Term Liabilities
Long-term debt
Deferred income tax
Other
Total long-term liabilities
Owner's Equity
 Owner's investment
Retained earnings
Other
Total owner's equity

Total Liabilities and Owner's Equity

Common Financial Ratios

Debt Ratio (Total Liabilities / Total Assets)
Current Ratio (Current Assets / Current Liabilities)
Working Capital (Current Assets - Current Liabilities)
Assets-to-Equity Ratio (Total Assets / Owner's Equity)
Debt-to-Equity Ratio (Total Liabilities / Owner's Equity)
Balance Sheet For
the Years Ending [Dec 31, 2020 and Dec
31, 2019]

2020 2019
 Income Statement
Chef G Frozen Products, Inc. the Years Ending [Dec 31, 2020 and Dec
Lucena City, Philippines

Revenue 2020
Sales revenue ₱ 25,567,897.78
(Less sales returns and allowances) -₱ 65,987.25
Interest revenue ₱ 52,456.75
Other revenue ₱ 25,987.25
Total Revenues ₱ 25,580,354.53

Expenses
Selling/General/Admin, Total ₱ 2,456,798.65
Depreciation ₱ 50,987.50
Research and Development ₱ 550,000.00
Salaries and Wages ₱ 6,567,892.50
Software ₱ 250,765.32
Utilities ₱ 54,456.75
Other Operating Expenses, Total ₱ 995,786.50
Total Expenses ₱ 10,926,687.22

Net Income Before Taxes ₱ 14,653,667.31

Income Tax Expense ₱ 2,784,196.79
Income from Continuing Operations ₱ 11,869,470.52

Below-the-Line Items
Income from discontinued operations ₱ 54,924.50
Extraordinary items ₱ 25,675.00

Net Income ₱ 11,950,070.02

me Statement For
s Ending [Dec 31, 2020 and Dec
31, 2019]
2019
₱ 7,258,965.00
-₱ 13,923.50
₱ 8,015.32
₱ 9,875.00
₱ 7,262,931.82

₱ 987,654.00
₱ 25,672.00
₱ 250,000.00
₱ 3,675,489.75
₱ 105,675.00
₱ 20,890.50
₱ 567,875.00
₱ 5,633,256.25

₱ 1,629,675.57
₱ 309,638.36
₱ 1,320,037.21

₱ 25,675.75
₱ 14,936.00

₱ 1,360,648.96
 Balance Sheet For
Chef G Frozen Products, Inc. the Years Ending [Dec 31, 2020 and Dec
Lucena City, Philippines
31, 2019]

Assets 2020
Current Assets
Cash ₱ 9,565,987.50
Accounts receivable ₱ 1,001,910.00
Inventory ₱ 55,065.75
Prepaid expenses ₱ 125,075.50
Short-term investments ₱ 55,000.00
Total current assets ₱ 10,803,038.75
Fixed (Long-Term) Assets
Long-term investments ₱ 47,890.00
Property, plant, and equipment ₱ 11,997,349.14
(Less accumulated depreciation) -₱ 1,245,675.53
Intangible assets ₱ 150,789.54
Total fixed assets ₱ 10,950,353.15
Other Assets
Deferred income tax ₱ 5,679.10
Other ₱ 12,567.45
Total Other Assets ₱ 18,246.55

Total Assets ₱ 21,771,638.45

Liabilities and Owner's Equity

Current Liabilities
Accounts payable ₱ 292,260.00
Short-term loans ₱ 50,000.00
Income taxes payable -
Accrued salaries and wages ₱ 58,950.75
Unearned revenue ₱ 5,250,564.50
Current portion of long-term debt ₱ 97,890.50
Total current liabilities ₱ 5,749,665.75
Long-Term Liabilities
Long-term debt ₱ 197,890.00
Deferred income tax ₱ 5,436.70
Other -
Total long-term liabilities ₱ 203,326.70
Owner's Equity
Owner's investment ₱ 15,000,000.00
 Retained earnings ₱ 567,890.00
Other ₱ 250,756.00
Total owner's equity ₱ 15,818,646.00

Total Liabilities and Owner's Equity ₱ 21,771,638.45

Common Financial Ratios

Debt Ratio (Total Liabilities / Total Assets) 0.27
Current Ratio (Current Assets / Current Liabilities) 1.88
Working Capital (Current Assets - Current Liabilities) ₱5,053,373.00
Assets-to-Equity Ratio (Total Assets / Owner's Equity) 1.38
Debt-to-Equity Ratio (Total Liabilities / Owner's Equity) 0.38
nce Sheet For
s Ending [Dec 31, 2020 and Dec
31, 2019]

2019

₱ 3,256,890.50
₱ 502,074.50
₱ 25,475.60
₱ 95,675.00
₱ 20,500.00
₱ 3,900,615.60

₱ 12,785.75
₱ 5,765,900.75
-₱ 895,690.78
₱ 75,689.15
₱ 4,958,684.87

₱ 1,256.92
-
₱ 1,256.92

₱ 8,860,557.39

₱ 155,786.40
₱ 100,000.00
-
₱ 50,000.65
₱ 1,087,543.90
₱ 55,675.74
₱ 1,449,006.69

₱ 141,239.92
₱ 2,290.78
-
₱ 143,530.70

₱ 7,000,000.00
 ₱ 65,125.00
₱ 202,895.00
₱ 7,268,020.00

₱ 8,860,557.39

0.27
1.88
₱5,053,373.00
1.38
0.38