HP Funeral Services

Statement of Profit or Loss

For the Year Ended December 31, 2020

REVENUE:

Service Revenue ₱449,500.00

EXPENSES:

Salaries Expense ₱156,000.00

Advertising Expense 4,300.00
Utilities Expense 27,600.00
Rent Expense 9,000.00
Funeral Supplies Expense 7,500.00
Interest Expense 1,667.00
Bad Debts Expense 1,740.00
Depreciation Expense-Equipment 10,050.00
Total 217,857.00
PROFIT (LOSS) ₱231,643.00

HP Funeral Services
Statement of Changes in Equity
For the Year Ended December 31, 2020

Phatai, Capital, 1/1/2020 ₱350,000.00

Add: Profit 231,643.00
Total ₱581,643.00
Less: Withdrawals 10,000.00
Phatai, Capital, 12/31/2020 ₱571,643.00
 HP Funeral Services
Statement of Financial Position
December 31, 2020

ASSETS
Current Assets
Cash ₱606,150.00
Accounts Receivable 87,000.00
Allowance for Bad Debts (1,740.00) 85,260.00
Prepaid Rent 6,000.00
Funeral Supplies 1,950.00
Total Current Assets ₱699,360.00

Non-current Assets
Equipment ₱69,000.00
Accumulated Dep’n-Equipment 10,050.00 ₱58,950.00
Total Non-current Assets ₱58,950.00
TOTAL ASSETS ₱758,310.00

LIABILITIES AND OWNER’S EQUITY

LIABILITIES
Current Liabilities
Salaries Payable ₱20,000.00
Notes Payable 57,000.00
Interest Payable 1,667.00
Unearned Revenue 8,000.00
Total Current Liabilities ₱86,667.00

Non-current Liabilities
Loans Payable ₱100,000.00
Total Non-current Liabilities ₱100,000.00
TOTAL LIABILITIES ₱186,667.00

OWNER’S EQUITY
Phatai, Capital ₱571,643.00
TOTAL OWNER’S EQUITY ₱571,643.00
TOTAL LIABILITIES AND OWNER’S EQUITY ₱758,310.00
 HP Funeral Services
Statement of Cash Flows
For the Year Ended December 31, 2020

OPERATING ACTIVITIES
Cash received from clients ₱370,500.00
Payment of funeral supplies (9,450.00)
Payment of salaries (136,000.00)
Payment of utilities (27,600.00)
Payment of rent (15,000.00)
Payment for advertising (4,300.00)
Net Cash from Operating Activities ₱178,150.00

INVESTING ACTIVITIES
Cash paid for acquisition of equipment (12,000.00)
Net cash from Investing Activities (12,000.00)

FINANCING ACTIVITIES
Cash investment by the owner 350,000.00
Cash loan from a bank 100,000.00
Cash withdrawn by the owner (10,000.00)
Net Cash from Investing Activities 440,000.00
NET INCREASE (DECREASE) CASH ₱606,150.00
Cash Balance, 1/12020 -
Cash Balance, 12/31/2020 ₱606,150.00
 HP Funeral Services
Trial Balance
December 31, 2020

110 Cash ₱606,150.00

130 Accounts Receivable 87,000.00
160 Equipment 69,000.00
210 Accounts Payable -
220 Notes Payable ₱57,000.00
230 Unearned Revenues 8,000.00
260 Loans Payable 100,000.00
310 Phatai, Capital 350,000.00
320 Phatai, Drawings 10,000.00
410 Service Revenues 449,500.00
510 Salaries Expense 136,000.00
520 Advertising Expense 4,300.00
530 Utilities Expense 27,600.00
540 Rent Expense 15,000.00
550 Funeral Supplies Expense 9,450.00
Total ₱964,500.00 ₱964,500.00
 HP Funeral Services
Post-Closing Trial Balance
December 31, 2020

110 Cash ₱606,150.00

130 Accounts Receivable 87,000.00
135 Allowance for Bad Debts ₱1,740.00
140 Prepaid Rent 6,000.00
150 Funeral Supplies 1,950.00
160 Equipment 69,000.00
165 Accumulated Depreciation-Expense 10,050.00
220 Notes Payable 57,000.00
230 Unearned Revenues 8,000.00
240 Salaries Payable 20,000.00
250 Interest Payble 1,667.00
260 Loans Payable 100,000.00
310 Phatai, Capital 571,643.00
Total ₱770,100.00 ₱770,100.00