Henly Pahilagao, CPA

Income Statement
For the year ended Dec. 31, 2021

Revenues
Auditing Revenues ₱1,361,500.00
Cash 118,500.00
TOTAL REVENUES 1,480,000.00
Cost of goods sold 2,172,500.00
Expenses
Office Supplies Expense 96,000.00
Professional Development Expense 86,500.00
Rent Expense 52,500.00
Salaries Expense 735,000.00
Travel Expense 41,000.00
Utilities Expense 18,000.00
Depreciation Expense - Bldg 55,000.00
Depreciation Expense - Office Equipment 60,000.00
TOTAL EXPENSES 1,144,000

Net Income ₱336,000.00

 Henly Pahilagao, CPA
Statement of Changes in Owner's Equity
for the year ended Dec. 31, 2021

Pahilagao, Capital Beginning ₱1,193,500.00

Add: Net Income 336,000.00
TOTAL 1,529,500.00
Less: Drawings 165,000.00
Pahilagao, Capital End ₱1,364,500.00
 Henry Pahilagao
Statement of Financial Position
As of December 31, 2021

ASSETS
CURRENT ASSETS
Accounts Receivable ₱198,000.00
Cash 118,500.00
Notes Receivable 60,000.00
Office Supplies 28,000.00
Total Current Assets 404,500.00

NON-CURRENT ASSETS
Building 750,000.00
Less: Accumulated Depriciation - Building -110,000.00
Office Equipment 362,500.00
Less: Accumulated Depriciation - Office Equipment -120,000.00
Land 75,000.00
Total Non-Current Assets 967,500.00
TOTAL ASSETS ₱1,362,000.00
LIABILITIES AND EQUITY
LIABILITIES
Current Liabilities
Accounts Payable 63,500.00
Salaries Payable 30,500.00
Total Current Liabilities 94,000.00

EQUITY
Pahilagao, Capital 1,193,000.00
Auditing Revenues 1,361,000.00
Less: Office Supplies Expenses -96,000.00
Professional Development Expense -96,500.00
Rent Expense -52,500.00
Salaries Expense -735,000.00
Travel Expense -41,000.00
Utilities Expense -18,000.00
Depreciation Expense - Building -55,000.00
Depreciation Expense - Office Equipment -50,000.00
Pahilagao, Withdrawals 165,000.00
Total Operating Expenses -1,309,000.00
TOTAL EQUITY 1,246,000.00
TOTAL LIABILITIES AND EQUILTY ₱1,340,000.00
 ABC Company
Cash Flow Statement
For the Years ended on December 31, 2021

Cash Flow from Operating Activities

Net Income ₱100,000.00
Adjustments:
Depreciation 50,000.00
Disposal of Equipment 80,000.00 130,000.00
Net loss before capital changes 230,000.00
Decrease in AR 50,000.00
Increase in AP 30,000.00
Increase in Inventories -100,000.00 -20,000.00
Net Cash inflows from Operating Activities 210,000.00

Cash Flow from Investing Activities

Acquisition of Equipment -40,000.00
Payment for Long-term investments -20,000.00
Net Cash flow from Investing Activities -60,000.00

Cash Flow from Financing Activities

Equipment, Net -90,000.00
Issued ordinary shares for cash 100,000.00
Declared and Pain dividends -30,000.00
Retained Earnings 70,000.00
50,000.00

Net increase in Cash 220,000.00

Add: Cash Beginning 90,000.00
Cash, end ₱310,000.00