2020 2019

ASSETS
Current Assets
Cash and cash equivalents P1,896,337 P1,456,997
Trade and other receivables 653,974 885,697
Marketable equity securities 468,220 450,000
Merchandise inventory 677,520 756,442
Other current assets 8,650 40,619
Total current assets 3,704,701 3,589,755

Noncurrent assets
Property, plant and equipment, net 4,302,981 4,506,669
Investment in associate 530,978 389,664
Investment property, net 3,597,556 3,699,754
Other noncurrent assets 220,000 385,600
Total noncurrent assets 8,651,515 8,981,687

TOTAL ASSETS P12,356,216 P12,571,442

LIABILITIES AND EQUITY

Current liabilities
Trade and other payables P 658,000 P 556,000
Income tax payable 500,000 458,800
Current portion of bonds payable 1,000,000 1,320,000
Other current liabilities 125,000 88,200
Total current liabilities 2,283,000 2,423,000

Noncurrent liabilities
Bonds payable 4,283,694 5,663,997
Other noncurrent liabilities 80,000 88,000
Total noncurrent liabilities 4,363,694 5,751,997

Shareholders' Equity
Ordinary share capital 2,000,000 2,000,000
Ordinary share premium 500,000 500,000
Retained earnings 2,209,522 1,896,445
Retained earnings – bonds 1,000,000 -
Total shareholders’ equity 5,709,522 4,396,445

TOTAL LIABILITIES AND EQUITY P12,356,216 P12,571,442

 2020
Net Sales P4,000,000
Less: Cost of goods sold 1,630,880
Gross profit 2,369,120
Less: Selling expenses 224,891
Administrative expenses 188,845
Other expenses 67,000
Operating income 1,888,384
Less: interest expense 12,560
Net income before tax 1,875,824
Income tax expense 562,747
Net income P1,313,077
 2020 2019
ASSETS
Current Assets
Cash and cash equivalents P1,896,337 P1,456,997
Trade and other receivables 653,974 885,697
Marketable equity securities 468,220 450,000
Merchandise inventory 677,520 756,442
Other current assets 8,650 40,619
Total current assets 3,704,701 3,589,755

Noncurrent assets
Property, plant and equipment, net 4,302,981 4,506,669
Investment in associate 530,978 389,664
Investment property, net 3,597,556 3,699,754
Other noncurrent assets 220,000 385,600
Total noncurrent assets 8,651,515 8,981,687

TOTAL ASSETS P12,356,216 P12,571,442

LIABILITIES AND EQUITY

Current liabilities
Trade and other payables P 658,000 P 556,000
Income tax payable 500,000 458,800
Current portion of bonds payable 1,000,000 1,320,000
Other current liabilities 125,000 88,200
Total current liabilities 2,283,000 2,423,000

Noncurrent liabilities
Bonds payable 4,283,694 5,663,997
Other noncurrent liabilities 80,000 88,000
Total noncurrent liabilities 4,363,694 5,751,997

Shareholders' Equity
Ordinary share capital 2,000,000 2,000,000
Ordinary share premium 500,000 500,000
Retained earnings 2,209,522 1,896,445
Retained earnings – bonds 1,000,000 -
Total shareholders’ equity 5,709,522 4,396,445

TOTAL LIABILITIES AND EQUITY P12,356,216 P12,571,442

 2020
Net Sales P4,000,000
Less: Cost of goods sold 1,630,880
Gross profit 2,369,120
Less: Selling expenses 224,891
Administrative expenses 188,845
Other expenses 67,000
Operating income 1,888,384
Less: interest expense 12,560
Net income before tax 1,875,824
Income tax expense 562,747
Net income P1,313,077
 2020 2019
ASSETS
Current Assets
Cash and cash equivalents P1,896,337 P1,456,997
Trade and other receivables 653,974 885,697
Marketable equity securities 468,220 450,000
Merchandise inventory 677,520 756,442
Other current assets 8,650 40,619
Total current assets 3,704,701 3,589,755

Noncurrent assets
Property, plant and equipment, net 4,302,981 4,506,669
Investment in associate 530,978 389,664
Investment property, net 3,597,556 3,699,754
Other noncurrent assets 220,000 385,600
Total noncurrent assets 8,651,515 8,981,687

TOTAL ASSETS P12,356,216 P12,571,442

LIABILITIES AND EQUITY

Current liabilities
Trade and other payables P 658,000 P 556,000
Income tax payable 500,000 458,800
Current portion of bonds payable 1,000,000 1,320,000
Other current liabilities 125,000 88,200
Total current liabilities 2,283,000 2,423,000

Noncurrent liabilities
Bonds payable 4,283,694 5,663,997
Other noncurrent liabilities 80,000 88,000
Total noncurrent liabilities 4,363,694 5,751,997

Shareholders' Equity
Ordinary share capital 2,000,000 2,000,000
Ordinary share premium 500,000 500,000
Retained earnings 2,209,522 1,896,445
Retained earnings – bonds 1,000,000 -
Total shareholders’ equity 5,709,522 4,396,445

TOTAL LIABILITIES AND EQUITY P12,356,216 P12,571,442

 2020
Net Sales P4,000,000
Less: Cost of goods sold 1,630,880
Gross profit 2,369,120
Less: Selling expenses 224,891
Administrative expenses 188,845
Other expenses 67,000
Operating income 1,888,384
Less: interest expense 12,560
Net income before tax 1,875,824
Income tax expense 562,747
Net income P1,313,077
 2020 2019
ASSETS
Current Assets
Cash and cash equivalents P1,896,337 P1,456,997
Trade and other receivables 653,974 885,697
Marketable equity securities 468,220 450,000
Merchandise inventory 677,520 756,442
Other current assets 8,650 40,619
Total current assets 3,704,701 3,589,755

Noncurrent assets
Property, plant and equipment, net 4,302,981 4,506,669
Investment in associate 530,978 389,664
Investment property, net 3,597,556 3,699,754
Other noncurrent assets 220,000 385,600
Total noncurrent assets 8,651,515 8,981,687

TOTAL ASSETS P12,356,216 P12,571,442

LIABILITIES AND EQUITY

Current liabilities
Trade and other payables P 658,000 P 556,000
Income tax payable 500,000 458,800
Current portion of bonds payable 1,000,000 1,320,000
Other current liabilities 125,000 88,200
Total current liabilities 2,283,000 2,423,000

Noncurrent liabilities
Bonds payable 4,283,694 5,663,997
Other noncurrent liabilities 80,000 88,000
Total noncurrent liabilities 4,363,694 5,751,997

Shareholders' Equity
Ordinary share capital 2,000,000 2,000,000
Ordinary share premium 500,000 500,000
Retained earnings 2,209,522 1,896,445
Retained earnings – bonds 1,000,000 -
Total shareholders’ equity 5,709,522 4,396,445

TOTAL LIABILITIES AND EQUITY P12,356,216 P12,571,442

 2020
Net Sales P4,000,000
Less: Cost of goods sold 1,630,880
Gross profit 2,369,120
Less: Selling expenses 224,891
Administrative expenses 188,845
Other expenses 67,000
Operating income 1,888,384
Less: interest expense 12,560
Net income before tax 1,875,824
Income tax expense 562,747
Net income P1,313,077