Professional Documents
Culture Documents
6. The company has no plans or intentions that may materially affect the
carrying value or classification of assets and liabilities.
7. The following have been properly recorded or disclosed in the financial
statements:
a. Related-party transactions, including sales, purchases, loans, transfers,
leasing arrangements, and guarantees, and amounts receivable from or
payable to related parties.
b. Guarantees, whether written or oral, under which the company is
contingently liable.
c. Significant estimates and material concentrations known to management
that are required to be disclosed in accordance with the AICPAs Statement of
Position 94-6, Disclosure of Significant Risks and Uncertainties.
8. There are no
a. Violations or possible violations of laws or regulations whose effects should
be considered for disclosure in the financial statements or as a basis for
recording a loss contingency.
b. Unasserted claims or assessments that our lawyer has advised us are
probable of assertion and must be disclosed in accordance with Financial
Accounting Standards Board (FASB) Statement No. 5, Accounting for
Contingencies.
c. Other liabilities or gain or loss contingencies that are required to be
accrued or disclosed by FASB Statement No. 5.
ASSETS
Schedule
Current Assets
Cash
Trade and Other Receivables
Inventories
Prepaid Expenses
Investment in Marketable Securities
Other Current Assets
Total Current Assets
Noncurrent Assets
Property, Plant & Equipment
Patents
Total Noncurrent Assets
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TOTAL ASSETS
200B
200A
79,532.00
259,837.00
340,694.00
3,850.00
48,125.00
732,038.00
56,722.00
155,746.00
341,540.00
2,900.00
47,625.00
8,900.00
613,433.00
1,333,841.17
6,750.00
1,340,591.17
1,142,462.00
8,250.00
1,150,712.00
2,072,629.17
1,764,145.00
Noncurrent Liabilities
Noncurrent Portion of Mortgage Payable
Stockholder's Equity
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY
396,063.06
24,000.00
177,086.93
597,149.99
196,333.00
24,000.00
23,159.00
243,492.00
148,000.00
172,000.00
1,327,479.18
1,348,653.00
2,072,629.17
1,764,145.00
Schedule
Net Sales
Cost of Sales
Gross Profit
Operating Expenses
Selling
Administrative
Total Operating Expenses
Operating Income
Other Income
Total Income
Interest Expense
Net Income Before Tax
Income Tax
Net Income After Tax
200B
200A
2,532,235.09
1,320,801.67
1,211,433.42
1,836,652.00
981,079.00
855,573.00
233,346.00
437,796.48
671,142.48
540,290.94
143,778.00
684,068.94
15,762.50
668,306.44
200,491.93
467,814.51
144,178.00
190,396.00
334,574.00
520,999.00
1,500.00
522,499.00
3,545.00
518,954.00
23,159.00
495,795.00
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Schedule
200B
1
2
2,488,027.09
5,000.00
2,493,027.09
589,318.00
43,953.00
42,618.00
13,750.00
11,753.00
98,694.00
2,523.00
8,608.00
6,193.00
109,230.00
17,935.00
6,735.00
3,235.00
19,056.00
15,600.00
5,838.00
2,927.00
10,745.00
3,050.00
100,000.00
86,300.00
50,254.40
13,970.00
8,240.00
4,925.00
17,550.00
66,448.51
8,000.00
70,793.00
12,075.00
10,800.00
16,857.38
12,300.00
219,405.00
12,262.80
8,367.00
348,598.00
2,078,907.09
414,120.00
200A
1,771,869.00
1,771,869.00
469,821.60
30,719.00
12,985.00
9,268.00
8,150.00
69,085.00
2,188.00
5,126.00
4,071.00
101,037.00
9,130.00
2,013.00
1,910.00
12,633.00
13,150.00
5,921.00
2,832.00
4,513.00
2,050.00
62,136.00
47,670.00
9,779.00
5,661.00
1,875.00
11,790.00
15,854.00
2,900.00
507,080.40
6,298.00
277,501.00
1,715,147.00
56,722.00
12,550.00
15,810.00
24,000.00
314,050.00
(341,310.00)
100,000.00
50,000.00
(50,000.00)
56,722.00
79,532.00
56,722.00
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2. Basis of Preparation
The financial statements have been prepared on a historical cost basis,
except for derivative financial instruments, investments held for trading and
available for sale financial assets which have been measured at fair value.
The financial statements are presented in Philippine peso, which is the
Companys functional and presentation currency under Philippine Financial
Reporting Standards (PFRS). All values are rounded to the nearest peso
except when otherwise stated.
Statement of Compliance
The accompanying financial statements have been prepared in
compliance with PFRS. PFRS include statements named PFRS and Philippine
Accounting Standards (PAS), including interpretations, issued by Financial
Reporting Standards Council.
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THADDEO GARCIA
PRESIDENT/CHAIRMAN OF THE BOARD OF DIRECTORS
MIKAEL SALVACION
TREASURER
EVELYN SALDIVAR
CHIEF ACCOUNTANT
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