QUEZON CITY UNIVERSITY

San Bartolome, Novalichecs, Quezon City

MIDTERM EXAMS-FINMAN
AY 2022-2023

THE FOLLOWING ACCOUNT BALANCES OF MIDTERM CORP.

IS PRESENTED BELOW:
2021 2022
Net Sales 8,880,000.00 8,500,000.00
Cost of Sales 6,304,800.00 5,950,000.00
Operating Expense 1,509,600.00 1,700,000.00
Interest Expenses 60,000.00 60,000.00
Income Tax 301,680.00 237,000.00

Cash and Cash Equivalents 388,190.00 316,277.00

Marketable Securities 500,000.00 250,000.00
Accounts Receivable net 357,000.00 708,333.33
Merchandise Inventory 253,000.00 247,916.67
Prepaid Expenses 30,000.00 15,000.00
Property and Equipment 4,500,000.00 3,500,000.00
Accumulated Depreciation 1,485,000.00 860,000.00

Accounts Payable 380,000.00 495,833.33

Accrued Expenses 40,000.00 40,000.00
Income Taxes payable 75,420.00 59,250.00
Unearned Revenue 50,000.00 26,000.00
Long-term Loan 500,000.00 -

Ordinary Sahres 2,000,000.00 2,500,000.00

Premium-Ordinary shares 25,000.00 30,000.00
Appropriated Accumulated Profits 500,000.00 500,000.00
Unappropriated Accumulated Profits 972,770.00 526,443.67
Treasury Shares - -

REQUIRED: PLEASE REFER TO THE GOOGLE FORM FOR THE QUESTIONAIRES

SCHEDULE OF COST OF SALES
Merchandise Inventory, Dec. 31, 2021 253,000.00
Add: Cost of Sales 2022 5,950,000.00
Less: Decrease in Inventory 2022 - 5,083.33 5,944,916.67
TOTAL GOODS AVAILABLE FOR SALE 6,197,916.67
Less: Merchandise Inventory, Dec. 31, 2022 - 247,916.67
COST OF SALES 5,950,000.00
-

MID-TERM EXAM CORP.

Comparative Income Statement
For the Years Ended December 31, 2021 and 2022

INCREASE/(DECREASE)
2021 2022 AMOUNT PERCENT
Net Sales 8,880,000.00 8,500,000.00 - 380,000.00 -0.04279279279
Less: Cost of Sales - 6,304,800.00 - 5,950,000.00 354,800.00 -0.05627458444
Gross Profit 2,575,200.00 2,550,000.00 - 25,200.00 -0.00978564772
Less: Operating Expenses 1,509,600.00 1,700,000.00 190,400.00 0.12612612613
Interest Expense 60,000.00 60,000.00 - 0
TOTAL 1,569,600.00 1,760,000.00 - 190,400.00 -0.12130479103
Profit before income taxes 1,005,600.00 790,000.00 215,600.00 0.21439936356
Less: Income tax - 301,680.00 - 237,000.00 64,680.00 -0.21439936356
Net Profit 703,920.00 553,000.00 150,920.00 0.21439936356

MID-TERM EXAM CORP.

Comparative Balance Sheet
As of December 31, 2021 and 2022
INCREASE/(DECREASE)
2021 2022 AMOUNT PERCENT
ASSETS
Current Assets
Cash and Cash Equivalents 388,190.00 316,277.00 71,913.00 0.1853
Marketable Secturities 500,000.00 250,000.00 250,000.00 0.5000
Accounts Receivable (net) 357,000.00 708,333.33 - 351,333.33 -0.9841
Merchandise Invemtory 253,000.00 247,916.67 5,083.33 0.0201
Prepaid Expenses 30,000.00 15,000.00 15,000.00 0.5000
TOTAL 1,528,190.00 1,537,527.00 - 9,337.00 -0.0061

Non Current Assets

Property and Equipment 4,500,000.00 3,500,000.00 1,000,000.00 0.2222
Less: Accummulated Depreciation 1,485,000.00 860,000.00 625,000.00 0.4209
TOTAL 3,015,000.00 2,640,000.00 375,000.00 0.1244
TOTAL ASSETS 4,543,190.00 4,177,527.00 365,663.00 0.0805

LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilitites
Accounts Payable 380,000.00 495,833.33 - 115,833.33 -0.3048
Accrued Expenses 40,000.00 40,000.00 - 0.0000
Income Taxes Payable 75,420.00 59,250.00 16,170.00 0.2144
Unearned Revenue 50,000.00 26,000.00 24,000.00 0.4800
TOTAL 545,420.00 621,083.33 - 75,663.33 -0.1387

Non Current Liabilities

Long-term Loan 500,000.00 - 500,000.00 1.0000
 TOTAL LIABILITIES 1,045,420.00 621,083.33 424,336.67 0.4059

Shareholders' Equity
Share Capital 2,000,000.00 2,500,000.00 - 500,000.00 -0.2500
Ordinary Shares: 20,000 shares authorized;
5000 shares issued and outstanding: PV, P1,000

Reserves
Premium-Ordinary Shares 25,000.00 30,000.00 - 5,000.00 -0.2000
Appropriated Accumulated Profits 500,000.00 500,000.00 - 0.0000
Appropriations Reserve for Treasury - -
TOTAL 525,000.00 530,000.00 - 5,000.00 -0.0095
Unappropriated Accummulated profits 972,770.00 526,443.67 446,326.33 0.4588
TOTAL 3,497,770.00 3,556,443.67 - 58,673.67 -0.0168
TOTAL LIABILITIES AND SHAREHOLSERS' EQUITY 4,543,190.00 4,177,527.00 365,663.00 0.0805
- -

MID-TERM EXAM CORP.

Statement of Changes in Share Holders' Equity
For the Years Ended December 31, 2022

APPROPRIATEDUNAPPROPRIATED
ORDINARY PREMIUM ACCUMULATED ACCUMULATED
SHARES ORDINARY HARES PROFITS PROFITS TOTAL
Balances, December 31, 2021 2,000,000.00 25,000.00 500,000.00 972,770.00 2,497,770.00
Net profit 553,000.00 553,000.00
Prem-OS 5,000.00 5,000.00
Cash Dividends - 499,326.33 - 499,326.33
Appropriations 500,000.00 - 500,000.00 -
Balances, December 31, 2022 2,500,000.00 30,000.00 526,443.67 3,056,443.67

MID-TERM EXAM CORP.

Cash Flow Statement
For the Year Ended December 31, 2022
2022 INC(DEC)
Cash Flow from Operating Activities:
Net Income 553,000.00 553,000.00
Add: Non-Cash Expenses-Depreciation Expense 860,000.00 860,000.00
TOTAL 1,413,000.00 1,413,000.00

Add/(Deduct) adjustments:
Increase in Short-term Investments 250,000.00 250,000.00
Increase in Accounts Receivable (net) - 351,333.33 - 351,333.33
Increase in Merchandise Inventory 5,083.33 5,083.33
Decrease in Prepaid Expenses 15,000.00 15,000.00
Increase in Accounts Payable - 115,833.33 - 115,833.33
Decrease in Accrued Expenses - -
Increase in Income Taxes Payable 16,170.00 16,170.00
Increase in Unearnes Revenue 24,000.00 24,000.00
TOTAL ADJUSTMENTS - 156,913.33 - 156,913.33
NET CASH FLOWFROM OPERATING ACTIVITIES 1,256,086.67 1,256,086.67

Cash Flow from Investing Activities:

Increase In Property Equipment 1,000,000.00 - 223,350.00
Net Cash Flow from Investing 650,000.00 650,000.00
Cash Flow from Financing Activities:
Payment of Long-Term Loan - -
Cash Dividends Paid 499,326.33 499,326.33
Net Cash Flow from Financing 499,326.33 499,326.33

Increase/Decrease in Cash 2,405,413.00 2,405,413.00

Add: Cash and Cash Equivalents, December 31, 2021 750,000.00 750,000.00
CASH AND CASH EQUIVALENTS, DECEMBER 31, 2022 3,155,413.00 3,155,413.00