Corporation

STATEMENT OF FINANCIAL POSITION

As of December 31, 2022
(With Comparative Figures as of December 31, 2021)
(Amounts in Peso)

Notes 2022 2021

ASSETS
Current Assets
Cash and cash equivalents
Trade and other receivables
Inventories
Current tax asset
Other current assets
Total Current Assets - -
Non-current Assets
Investment in associates
Property and equipment - net
Investment property at cost- net
Intangible assets - net
Other non-current assets
Total Non-current Assets - -
TOTAL ASSETS - -

LIABILITIES AND EQUITY (CAPITAL DEFICIENCY)

Current Liabilities
Trade and other payables
Borrowings- current portion
Tax payable
Provisions
Total Current Liabilities - -
Non-current Liabilities
Borrowings-non current portion
Advances from related parties
Deposit for future stock subscription
Retirement benefit liability
Total Non-current Liabilities - -
Total Liabilities - -
Equity (Capital Deficiency)
Share capital
Additional paid-in capital
Deposit for future stock subscription
Cumulative earnings (losses):
Unrestricted
Restricted
Treasury shares
Total Equity - -
TOTAL LIABILITIES AND EQUITY (CAPITAL
DEFICIENCY) - -

See notes to financial statements

Corporation
STATEMENT OF INCOME
For the Year Ended December 31, 2022
(With Comparative Figures for the Year Ended December 31, 2021)
(Amounts in Peso)

Notes 2022 2021

REVENUES
From sale of goods
From service
Rental
Interest income
Commission
Other income
- -
Less: COST OF SALES
Beginning inventory
Purchases
Ending inventory (1) (1)
(1) (1)

Less: COST OF SERVICE:

COS - Salaries, wages and benefits
COS - Materials, supplies and facilities
COS - Depreciation
COS - Rental
COS - Outside services
COS - Others
- -
GROSS INCOME (LOSS) 1 1
Less: OPERATING EXPENSES
Impairment loss
Charitable contributions
Commissions
Communication, light and water
Depletion
Depreciation
Director's fees
Fringe benefits
Fuel and oil
Insurance
Janitorial and messengerial services
Losses
Management and consultancy fee
Miscellaneous
Office supplies
Other services
Professional fees
Rental
Repairs and maintenance - labor and materials
Representation and entertainment
Research and development
Royalties
Salaries and allowances
Security services
SSS, PHIC and HDMF contributions
Taxes and licenses
Tolling fees
Training and seminars
Transportation and travel
Retirement benefit expense
- -
OPERATING INCOME (LOSS) 1 1
Add: OTHER INCOME (CHARGES)
Interest income (from bank deposits)
Dividend income
Finance costs (1) (1)
Gain / (loss) on disposal of asset
(1) (1)
INCOME (LOSS) BEFORE INCOME TAX - -
Less: INCOME TAX EXPENSE
NET INCOME (LOSS) - -

See notes to financial statements

CORPORATION
STATEMENT OF CASH FLOWS
For the Year Ended December 31, 2022
(With Comparative Figures for the Year Ended December 31, 2021)
(Amounts in Peso)

Notes 2022 2021

CASH FLOWS FROM OPERATING ACTIVITIES
Income (loss) before income tax -
Adjustments for:
Depreciation and amortization
Impairment losses
Retirement benefits cost
Loss (gain) on disposals of property and equipment
Gain on sale of equity investment (1) (1)
Equity in net earnings of associates
Interest income (20) (1)
Interest expense 20
Unrealized foreign exchange loss (gain)

Operating income (loss) before working capital changes (1) (2)

(Increase) / Decrease in:
Trade and other receivables -
Inventories -
Other current assets -
Increase / (Decrease) in:
Trade and other payables -
Provisions -
Cash generated from operations - -
Interest received 20 1
Interest paid (15) -
Income tax paid (800) (1)
Net cash provided by (used in) operating activities (795) -
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property and equipment (1,000) (1)
Proceeds from disposal of:
Property and equipment 100
Additions to investment property (1,000,000) (1)
Proceeds from disposal of investment property 600,000
Additions to other non-current assets (1) (1)
Net cash provided by (used in) investing activities (400,901) (3)
CASH FLOWS FROM FINANCING ACTIVITIES
Loan availments
Loan payments (1) (1)
Advances from related parties
Payment of advances form related parties (1) (1)
Proceeds from subscriptions to and issuances of common stock
Cash dividends paid (1) (1)
Net cash provided by (used in) financing activities (3) (3)
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS (401,699) (6)
BEGINNING CASH AND CASH EQUIVALENTS (6)
ENDING CASH AND CASH EQUIVALENTS (401,705) (6)

SUPPLEMENTAL INFORMATION ON NON-CASH INVESTING AND FINANCING ACTIVITIES

1 for financing and investing only
2
3

See notes to financial statements

CORPORATION
STATEMENT OF CHANGES IN EQUITY (CAPITAL DEFICIENCY)
For the Year Ended December 31, 2022
(With Comparative Figures for the Year Ended December 31, 2021)
(Amounts in Peso)

Additional Deposit for Total Equity

Share Capital Paid-in Capital stock Cumulative Treasury (Capital
(Note ) (Note) subscription Earnings (Note) Shares (Note) Deficiency)
Balance at January 1, 2022
Issuance of shares 50,000
Correction of prior period errors 10,000
Effect of change in accounting policy
Net income (loss) for the year -
Dividends declared (10,000)
Balance at December 31, 2022 50,000 - - - - -

Balance at January 1, 2021

Correction of prior period errors
Effect of change in accounting policy
Net income (loss) for the year -
Dividends declared
Balance at December 31, 2021 - - - - -

See notes to financial statements

CORPORATION
RECONCILIATION OF RETAINED EARNINGS FOR DIVIDENDS DECLARATION
As of December 31, 2022 and 2021

Address:

2022 2021
Unappropriated Retained Earnings, as adjusted to available for dividend
distribution, beginning
Add: Net income actually earned/realized during the period
Net income during the period closed to Retained Earnings - -
Less: Non-actual/realized income net of tax -
Equity in net income of associate/joint venture - -
Unrealized foreign exchange gain - net (except those attributable to - -
cash and cash equivalents) -
Unrealized actuarial gain -
Fair value adjustment (market-to-market gains) - -
Fair value adjustment of investment property resulting to gain - -
Adjustment due to deviation from PFRS/GAAP - gain - -
Other unrealized gains or adjustments to the retained - -
earnings as a result of certain transactions accounted for
under the PFRS
Sub-total - -
Add: Non-actual losses -
Depreciation on revaluation increment (after tax) - -
Adjustment due to deviation from PFRS/GAAP - loss - -
Loss on fair value adjustment of investment property (after tax) - -
Sub-total - -
Net income actually earned during the period - -
Add (Less):
Dividend declarations during the period
Cash - -
Stock - -
Appropriations for retirement of officersand employees - -
Appropriation for stock dividend - -
Reversal of appropriations - -
Effects of prior period adjustments - -
Treasury shares - -
RETAINED EARNINGS AVAILABLE FOR DIVIDENDS - -
Company Name
WORKING TRIAL BALANCE
As of and for the Year Ended December 31, 2022

Account title per Audit Account per Client Unadjusted balance Adjustment
Adjusted
balance Remarks
Audit assertions:
Existence
Completeness
Rights and obligations
Valuation
Presentation and disclosure
Company Name
TAX SUMMARY
For the Year Ended December 31, 2022

1stQ 2ndQ 3rdQ 4thQ Total

2550Q
Sales:
Regular sales
Sales to govt
Zero rated
exempt
Output VAT

Purchases:
Capital goods
Domestic goods
Services
Importation
Input VAT
VAT Paid

2551Q Sales
Percentage tax paid

1702Q 2307
1604E Total only
1604CF Total only

Tax case /
BIR LOA Covered taxable year
Status as of audit - in process or settled?
Remarks
Company Name
INFO FOR BIR FORM 1709
For the Year Ended December 31, 2022

Note: Applicable only to:

a.     Large taxpayers;
b.     Taxpayers enjoying tax incentives, i.e. Board of Investments (BOI)-registered and economic zone e
c.     Taxpayers reporting net operating losses for the current taxable year and the immediately precedin
d.     A related party, as defined under Section 3 of Revenue Regulations (RR) No. 19- 2020, which has

1. Masterlist of related parties

Related Party Category Name of Related Party TIN of Related Party
a.     Stockholders owning at least 20%
and their immediate family for individual
stockholders.
b.     Key officers as disclosed in GIS
(e.g. President, treasurer, secretary and
etc.)

c.     Affiliate - Companies where the

Taxpayer is stockholder and owns at
least 20% to 50%
d.     Subsidiary - Companies where the
Taxpayer is stockholder and owns at
least 51%
e.     Key officers of Parent Company (in
case Taxpayer is 51% owned by a
Corporation)
f.       Company under common control /
significant influence (i.e. you may
consider control / significant influence in
case of at least 20% ownership) -
Example, Stockholder 1 owns at least
20% of Taxpayer and Stockholder 1 also
owns at least 20% of Company B.
Transaction between Taxpayer and
Company B is considered related party
transaction.

2. Transactions with related parties

Name of Related Party Nature of Related Party Transaction Amount (During 2020)

Purchase of goods or service Purchases /expense 

Sales of goods or service Sales / Revenue 

Leases (Company as lessor or Rental income / rental
lessee?) expense
Transfers under license agreement
Transfers under finance agreement
(including loans and equity
contributions)
Provision of guarantees or collateral
Settlement of loans / liabilities on
behalf of the Taxpayer by Related
Party or vice versa
Advances from / to related parties
Salaries expense,
Compensation of key officers retirement expense,
other benefits
Other contracts with Related Party
egistered and economic zone enterprises, those enjoying Income Tax Holiday or subject to preferential income tax rate;
and the immediately preceding two (2) consecutive taxable years; and
(RR) No. 19- 2020, which has transactions with (a), (b) or (c).

Address of Related Party Nature of business of the Related Party

Account title use / Balance as of Dec. 31, 2020 Additional information

Amount of recorded bad debts during

the year
Payables
Amount of allowance for bad debts
based on outstanding balance
Amount of recorded bad debts during
the year
Receivables
Amount of allowance for bad debts
based on outstanding balance
Receivables or Payables

Receivables or Payables

Receivables or Payables

N/A
ncome tax rate;