RELAX COMPANY

Statement of Financial Position

December 31, 2020

ASSETS

Note
Current assets:
Cash ₱400,000
Trade and other receivables (1) 750,000
Inventory 1,000,000
Prepaid Expenses 100,000
Total current assets ₱2,250,000

Noncurrent assets:
Property, plant and equipment (2) ₱5,600,000
Investment in associate 1,300,000
Intangible assets (3) 350,000
Total noncurrent assets ₱7,250,000

Total assets ₱9,500,000

LIABILITIES AND SHAREHOLDERS' EQUITY

Note

Current liabilities
Trade and other payables (4) ₱1,350,000
Mortgage note payable- current portion 400,000
Total current liablities ₱1,750,000

Noncurrent liabilities
Mortgage note- noncurrent portion ₱1,600,000
Bank loan payable- due June 30, 2022 500,000
Total noncurrent liabilities ₱2,100,000

Shareholders' equity
Share capital ₱3,000,000
Reserves (5) 1,400,000
Retained earnings unappropriated (1250000)
Total shareholders' equity ₱5,650,000

Total liabilities and shareholders' equity ₱9,500,000