Goldilocks Bakeshop, Inc

Address: Goldilocks Cake Plant,498 Shaw Blvd, Mandaluyong, Philippines

Phone: 632-532-4050
Fax: 632-888-1999
Web url: www.goldilocks.com
Submitted By :
John Mark Alba

I. Business Profile

Company Overview:
Goldilocks Bakeshop, Inc. operates and franchises bakery stores in the Philippines
and internationally. It offers desserts, snack foods, breads, dark chocolate chips
muffins, chocolate sweet fusions, chocolate caramel products, sweets, salads, pastries
and pies, cookies, cakes, soupinoy, noodles and pasta, sarapinoy meals, and thirst
quenchers. The company also provides pork, beef, chicken, seafood, and vegetable
menu. Goldilocks Bakeshop, Inc. was founded in 1966 and is based in Mandaluyong
City, the Philippines.

Company Profile:
Founded in 1966
Sector: Consumer Staples
Industry: Consumer Products
Sub-Industry: Packaged Food

As of January 10, 2018, Goldilocks Bakeshop, Inc. operates as a subsidiary of SM

Retail, Inc.

II. Description of Current Accounting System

Accounting Policies
Compliance with:
 SEC
 PFRS
 IFRS

Revenue Recognition
Revenue from:
 Production and Selling of different foods and pastries.
 Franchise.

Computerized Accounting
 Microsoft Dynamics AX

Inventory
 FIFO Method

PPE
 Recorded at Cost.
 Straight-Line Method.
Translation Policy
 Functional Currency (Php)

III. Analysis of Accounting System

Goldilocks Bakeshop, Inc. is a growing company which has a lot of daily transaction.
Computerized accounting helps the company to minimize the errors which can be
made through manual accounting. Microsoft Dynamics AX, the system used by the
company, provides assistance to the company to improve its productivity, efficiency
and adaptability to meet the growing demands of the company's operation.

IV. Recommendation

Goldilocks Bakeshop, Inc. is expanding its branches throughout the world which
means a there is a higher amount of transaction the company need to process.
Although, they have a system to provide them assistance, it is not sufficient to
depend entirely to the system. It is better to always update or have a backup system to
implement in case the current system is not sufficient for them to use. In this rapid
changing environment the Company needs to adapt whether it is the system or the
people using the system.