St.

Theresa’s School of Novaliches

S.Y. 2023 to 2024

Senior High School

Business Finance

Learning Kit 3: Financial Statement

Dear Student,

This week, we will be learning financial statement

After doing this learning packet, you will be able to:
● Prepare financial statements
● Define the measurement levels, namely, liquidity, solvency, stability, and profitability

Please do the following:

1. Answer the Prior Knowledge Check before going through the lesson.
2. Read pages 29 to56 of your TFI Textbook in Business Finance
book.
3. After reading, accomplish the Mind Map Worksheet.
4. Accomplish the Progress Check portion of this Learning Kit to see how well you
understood the lesson.

Dear Parent/Guardian,

Kindly support your child by watching this week’s assigned google meet with him/her.
Encourage your child to take down notes while watching.

Thank you for your usual cooperation.

You may email me at edgevelasco@yahoo.com. or any questions or concerns. I will do my

best to respond during work hours.

Sincerely,

Engr. E. R. Velasco
Faculty
St. Theresa’s School of Novaliches

Learning Kit 3: Financial Statements

Progress Check

Activity # 3
Instruction: Complete the Balance Sheet and Income statement of the given Company

1. Masinag Factory
Income Statement
 For the year ended December 31, 2011
(in Philippine Peso)

Sales 5,000.500
Less: Cost of Goods Manufactured and Sold
Finished Goods Inventory. January 1 180,000
Add: Cost of Goods Manufactured 3,387,500
Total Goods Available for Sale ________
Less: Finished Goods Inventory. Dec 31 230.000 _________

Gross Profit _________

Less: Selling and Administrative Expense

Selling Expense 510,000
Administrative Expense 240,000 _________

Net Income _________

2. Philab Company
Balance sheet
December 31, 2012 and 2011

2012 2011

Assets
Current Assets
Cash on hand and in banks 141,591 52,617
Accounts Receivable 925,341 1,234,510
Unused Supplies 216,768 288,500
Prepayments 876,302 843,187
Total Current Assets ________ ________

Non-Current Assets
Property, Plant & Equipment 1,609,082 1,529,098
(Notes 1 & 2)
Total Assets ________ ________

Current Liabilities
Accounts Payable –Trade 376,294 573,829
Accounts Payable – Others 1,046,089 789,799
Taxes/SSS/Philhealth/HDMF Payable 42,275 162,738
Loans Payable (Note 1 & 2) - --- 1,240,000

Total Liabilities ________ ________

Owner’s Equity
Owner’s Capital 2,500,000 1,600,000
Owner’s Drawing (195,574) (318,454)

Total Liabilities and Capital ________ ________