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    WP2001 Oldiem & Associates: Client: Da'Lore Collections Audit For Years Ending: December 31, 2013 and 2012

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    Ken Cosa
    The document summarizes the financial statements of Da'Lore Collections for years ending December 31, 2013 and 2012. It shows that Da'Lore Collections had total assets of $199,121.10 in 2013, a 53.03% increase from $130,116.80 in 2012. Revenue increased 86.44% to $1,871,490 in 2013 from $1,003,790 in 2012, with net income rising 72.35% to $382,191 in 2013 from $221,750 in 2012. Current assets grew 20% to $124,121.10 in 2013, with non-current assets increasing 177.78% to $75,000.

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    WP2001 Oldiem & Associates: Client: Da'Lore Collections Audit For Years Ending: December 31, 2013 and 2012

    Uploaded by

    Ken Cosa
    82 views6 pages
    The document summarizes the financial statements of Da'Lore Collections for years ending December 31, 2013 and 2012. It shows that Da'Lore Collections had total assets of $199,121.10 in 2013, a 53.03% increase from $130,116.80 in 2012. Revenue increased 86.44% to $1,871,490 in 2013 from $1,003,790 in 2012, with net income rising 72.35% to $382,191 in 2013 from $221,750 in 2012. Current assets grew 20% to $124,121.10 in 2013, with non-current assets increasing 177.78% to $75,000.

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    AP

    Original Title

    Analytical Procedure

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    The document summarizes the financial statements of Da'Lore Collections for years ending December 31, 2013 and 2012. It shows that Da'Lore Collections had total assets of $199,121.10 in 2013, a 53.03% increase from $130,116.80 in 2012. Revenue increased 86.44% to $1,871,490 in 2013 from $1,003,790 in 2012, with net income rising 72.35% to $382,191 in 2013 from $221,750 in 2012. Current assets grew 20% to $124,121.10 in 2013, with non-current assets increasing 177.78% to $75,000.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    82 views6 pages

    WP2001 Oldiem & Associates: Client: Da'Lore Collections Audit For Years Ending: December 31, 2013 and 2012

    Uploaded by

    Ken Cosa
    The document summarizes the financial statements of Da'Lore Collections for years ending December 31, 2013 and 2012. It shows that Da'Lore Collections had total assets of $199,121.10 in 2013, a 53.03% increase from $130,116.80 in 2012. Revenue increased 86.44% to $1,871,490 in 2013 from $1,003,790 in 2012, with net income rising 72.35% to $382,191 in 2013 from $221,750 in 2012. Current assets grew 20% to $124,121.10 in 2013, with non-current assets increasing 177.78% to $75,000.

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    of 6

    OLDIEM & ASSOCIATES

    WP2001

    Client: DaLore Collections


    Audit for years ending: December 31, 2013 and 2012
    STATEMENT OF FINANCIAL POSITION
    CURRENT
    ASSETS

    20x3

    20x2

    Increase
    (Decrease)

    Percent (%) of
    Change

    Cash

    52,031.10

    36,966.80

    15,064.30

    40.75

    Accounts
    Receivable

    -----

    1,650

    (1,650)

    100

    Merchandise
    Inventory

    63,090

    58,500

    4,590

    7.85

    Prepaid Rent

    8,000

    5,000

    3,000

    60

    Office Supplies

    1,000

    1,000

    -----

    -----

    TOTAL CURRENT
    ASSET

    124,121.10

    103,116.80

    21,004.30

    20

    ANALYTICAL PROCEDURE
    WORKING PAPER INDEX

    O&A Bldg. E. Puyat Ave.,


    Lipa City, Philippines 4217
    (043) 455-6718

    Remarks

    OLDIEM & ASSOCIATES

    WP2001

    STATEMENT OF FINANCIAL POSITION


    NON-CURRENT
    ASSETS

    20x3

    20x2

    Increase
    (Decrease)

    Percent (%)of
    Change

    Furniture and
    Fixtures

    90,000.00

    54,000.00

    36,000.00

    66.67

    Accumulated
    Depreciation FF

    (36,000.00)

    (27,000.00)

    9,000.00

    33.33

    Equipment

    57,000.00

    36,000.00

    21,000.00

    58.33

    Accumulated
    Depreciation EQ

    (36,000.00)

    (36,000.00)

    -----

    -----

    TOTAL
    NON-CURRENT
    ASSETS

    75,000.00

    27,000.00

    48,000.00

    177.78

    199,121.10

    130,116.80

    69,004.30

    53.03

    TOTAL ASSETS

    O&A Bldg. E. Puyat Ave.,


    Lipa City, Philippines 4217
    (043) 455-6718

    Remarks

    OLDIEM & ASSOCIATES

    WP2001

    STATEMENT OF FINANCIAL POSITION


    CURRENT
    LIABILITIES

    20x3

    20x2

    Increase
    (Decrease)

    Percent (%) of
    Change

    Taxes Payable

    -----

    4,586.70

    (4,586.70)

    100

    Notes Payable

    -----

    -----

    -----

    -----

    Interest Payable

    -----

    -----

    -----

    -----

    Salaries Payable

    -----

    8,600.00

    (8,600.00)

    100

    TOTAL CURRENT
    LIABILITIES

    -----

    13,186.70

    -----

    100

    O&A Bldg. E. Puyat Ave.,


    Lipa City, Philippines 4217
    (043) 455-6718

    Remarks

    OLDIEM & ASSOCIATES

    WP2001

    STATEMENT OF FINANCIAL POSITION

    OWNER'S EQUITY

    20x3

    20x2

    Increase
    (Decrease)

    Percent (%) of
    Change

    Da'Lore, Capital

    116,930.10

    135,180.00

    18,250.00

    13.5

    Net Income

    382,191.00

    221,750.00

    160,441.00

    72.35

    Da'Lore, Drawings

    300,000.00

    240,000.00

    60,000.00

    25

    DA'LORE,
    CAPITAL, END

    199,121.10

    116,930.00

    82,191.1

    70.29

    TOTAL
    LIABILITIES AND
    OWNERS EQUITY

    199,121.10

    130,116.70

    69004.4

    53.03

    O&A Bldg. E. Puyat Ave.,


    Lipa City, Philippines 4217
    (043) 455-6718

    Remarks

    OLDIEM & ASSOCIATES

    WP2001
    INCOME STATEMENT

    20x3

    20x2

    Increase
    (Decrease)

    Percent (%) of
    Change

    Sales

    1,871,490.00

    1,003,790.00

    867,700.00

    86.44

    Cost of sales

    1,156,866.00

    549,660.00

    607,206.00

    110.47

    Gross Profit

    714,624.00

    454,130.00

    260,494.00

    57.36

    Salaries Expense

    134,800.00

    88,800.00

    46,000.00

    51.80

    Professional Fees

    -----

    12,000.00

    (12,000.00)

    100

    Rent Expense

    93,000.00

    55,000.00

    38,000.00

    69.09

    Taxes and Licenses

    48,094.00

    25,477.50

    22,616.50

    88.77

    Utilities Expense

    33,306.00

    24,553.00

    8,753.00

    35.65

    Depreciation
    Expense

    9,000.00

    21,000.00

    (12,000.00)

    57.14

    Advertising
    Expense

    5,750.00

    2,490.00

    3,260.00

    130.92

    Office and Supplies


    Expense

    4,948.00

    1,371.00

    3,577.00

    260.90

    O&A Bldg. E. Puyat Ave.,


    Lipa City, Philippines 4217
    (043) 455-6718

    Remarks

    OLDIEM & ASSOCIATES

    WP2001

    Miscellaneous
    Expense

    3,535.00

    2,320.00

    1215.00

    52.37

    Operating Income

    382,191.00

    221,118.50

    161072.50

    72.84

    Interest Income

    -----

    631.6

    (631.6)

    100

    Finance Cost

    -----

    -----

    -----

    -----

    NET INCOME

    382,191.00

    221,750.10

    160,440.90

    72.35

    Prepared by:

    Darwin S. Chua, CPA


    Associate

    O&A Bldg. E. Puyat Ave.,


    Lipa City, Philippines 4217
    (043) 455-6718

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