EMMANUEL CO.

INC
Statement of Financial Position
As of April 15, 20xx

ASSETS
CURRENT ASSETS:
CASH ₱ 86,910.00
ACCOUNTS RECEIVABLE ₱ 136,600.00
ALLOWANCE FOR DOUBTFUL ACCOUNTS -₱ 4,098.00 ₱ 132,502.00
MERCHANDISE INVENTORY ₱ 126,700.00
STORE SUPPLIES ₱ 1,300.00
OFFICE SUPPLIES ₱ 850.00
PREPAID INSURANCE ₱ 3,600.00
PREPAID ADVERTISING ₱ 4,000.00
PREPAID INTEREST ₱ 200.00
TOTAL CURRENT ASSETS ₱ 356,062.00

NONCURRENT ASSETS:
STORE FURNITURE & EQUIPMENT ₱ 150,000.00
ACCUM. DEPT- STORE FUR. & EQUIPMENT -₱ 45,250.00 ₱ 104,750.00
OFFICE FURNITURE & EQUIPMENT ₱ 111,200.00
ACCUM DEPT. - OFFICE FUR. & EQUIPMENT -₱ 30,496.00 ₱ 80,704.00
TOTAL NONCURRENT ASSETS ₱ 185,454.00
TOTAL ASSETS ₱ 541,516.00
LIABILITIES AND SHARE HOLDERS EQUITY
CURRENT LIABILITIES:
ACCOUNTS PAYABLE ₱ 122,900.00
RENT PAYABLE- OFFICE ₱ 1,000.00
LOANS PAYABLE ₱ 1,750.00
UTILITIES PAYABLE ₱ 30,000.00
INCOME TAX PAYABLE ₱ 24,904.00
TOTAL CURRENT LIABILITIES: ₱ 180,554.00

NONCURRENT LIABILITIES:

SHARE HOLDER'S EQUITY:

CAPITAL STOCK ₱ 250,000.00
RETAINED EARNINGS ₱ 110,962.00
TOTAL SHARE HOLDER'S EQUITY ₱ 360,962.00
TOTAL LIABILITIES AND SHARE HOLDERS EQUITY ₱ 541,516.00
 EMMANUEL CO. INCORPORATION
Statement of Financial Performance
For the Fiscal Reporting Period, April 15, 20xx

SALES ₱ 576,300.00
LESS: SALES RETURN & ALLOWANCES ₱ 2,100.00
LESS: SALES DISCOUNTS ₱ 3,650.00 ₱ 5,750.00
NET SALES ₱ 570,550.00
LESS: COGS
MERCHANDISE INV. , MARCH 31 ₱ 404,500.00
ADD: NET PURCHASE
TOTAL PURCHASE ₱ 99,700.00
FREIGHT IN ₱ 320.00
PURCHASE RETURN & ALLOWANCES ₱ -
PURCHASE DISCOUNTS ₱ 1,100.00 ₱ 98,920.00
TOTAL GOODS AVAILABLE FOR SALE ₱ 503,420.00
LESS: MERCHANDISE INVENTORY, END ₱ 126,700.00
COGS ₱ 376,720.00
GROSS INCOME ₱ 193,830.00
LESS: OPERATING EXPENSES
BAD DEBT EXPENSE ₱ 498.00
DEPRECIATION EXPENSE- STORE ₱ 5,250.00
DEPRECIATION EXPENSE-OFFICE ₱ 3,430.00
DEPRECIATION EXPENSE- NEW EQUIPMENT ₱ 66.00
DEPRECIATION EXPENSE- OLD ₱ 300.00
SALARIES EXPENSE ₱ 20,220.00
OFFICE SALARIES ₱ 16,400.00
RENT STORE ₱ 11,250.00
RENT OFFICE ₱ 9,000.00
STORE SUPPLIES ₱ 5,800.00
OFFICE SUPPLIES ₱ 3,400.00
ADVERTISING EXPENSE ₱ 2,000.00
INSURANCE EXPENSE ₱ 1,200.00
UTILITIES EXPENSE ₱ 8,150.00
INTEREST EXPENSE ₱ 100.00
MISCELLANEOUS MARKETING EXPENSE ₱ 4,100.00
MISCELLANEOUS ADMIN EXPENSE ₱ 3,700.00 ₱ 94,864.00
OPERATING INCOME ₱ 98,966.00
ADD: OTHER INCOME
INTEREST INCOME ₱ 650.00
NET INCOME BEFORE TAX ₱ 99,616.00
NET INCOME AFTER TAX ₱ 74,712.00