1. Statement of Income 2.

Statement of Financial Position

Specialist Inc. Specialist Inc.

Statement of Income Statement of Financial Position
for the year ended December 31, 20xx as at December 31, 20xx

Sales ₱2,500,000.00 Assets:

Less: Cost of Sales 1,510,000.00 Current Assets:
Gross profit 990,000.00 Cash ₱650,000.00
LessOperating Expenses Account receivable 460,000.00
Expense - Administrative ₱303,000.00 Materials Inv. 70,000.00
Expense - Selling 131,000.00 434,000.00 Work in Process Inv. 100,000.00
Net Income ₱556,000.00 Finished Goods Inv. 100,000.00
Prepaid Insurance 10,000.00
Total Current assets ₱1,390,000.00
Noncurrent Assets:
Plant and Equipment ₱2,300,000.00
Less: Accumulated Dep. 700,000.00
Net Book Value 1,600,000.00
Total Assets ₱2,990,000.00
Liabilities:
Current Liabilities:
Account payable ₱102,000.00
Salaries and Wages payable 34,000.00
Accrued expense 18,000.00
Total current liabilities ₱154,000.00
Stockholders' Equity
Capital Stock ₱1,500,000.00
Retained Earnings 1,336,000.00
Total stockhoders' equity 2,836,000.00
Total Liabilities and Stockholders' Equity ₱2,990,000.00
3. Statement of Changes in Equity

Specialist INc.
Statement of Changes in Equity
for the year ended December 31, 20xx

Capital Stock Additional Retained Earnings

Paid-in Capital
Balance, Jan 1, 20xx ₱1,500,000.00 - ₱780,000.00
Add:Net income for the period - - 556,000.00
Balance, December 31, 20xx ₱1,500,000.00 - ₱1,336,000.00

4. Statement of Cash Flow

Specialist Inc.
Statement of Cash Flow
for the year ended December 31,20xx

Cash flow from operating activities:

Cash Collections ₱2,170,000.00
Cash Payments -1,600,000.00
Cash provided by operating activities ₱570,000.00
Cash flow from investing activities -
Cash flow from financing activities -
Net Increase in Cash 570,000.00
Cash, January 1, 20xx 80,000.00
Cash, December 31, 20xx ₱650,000.00