MARAKAJ GASOLINE STATION

Poblacion, Mabini, Pangasinan

STATEMENT OF FINANCIAL POSITION

As of December 31, 2020 and 2019
(All Amounts in Philippine Peso)

Notes 2020 2019

ASSETS
Current Assets
Cash 4,5 1,230,533.00 258,823.00
Inventories 4,6 842,342.00 1,142,594.00
Other Current Asset 4,7 - 22,492.00
Total Current Assets 2,072,875.00 1,423,909.00

Noncurrent Assets
Property and Equipment(net) 4,8 2,757,173.00 3,106,367.00
Intangible Asset 4,9 359,333.00 359,333.00
Total Noncurrent Assets 3,116,506.00 3,465,700.00

TOTAL ASSETS 5,189,381.00 4,889,609.00

LIABILITIES AND EQUITY

Current Liabilities
Trade and other payable 4,10 - 11,522.00
Accrued Expenses 4,10 28,359.20 -
Total Current Liabilities 28,359.20 11,522.00

TOTAL LIABILITIES 28,359.20 11,522.00

OWNER'S EQUITY
M.J. M. Rayos Capital, Beginning 4,853,881.00 4,702,123.00
Net Income 287,729.00 351,758.00
Total 5,141,610.00 5,053,881.00
M.J. M. Rayos Capital, Drawings - 200,000.00
M.J. M. Rayos Capital, Ending 5,141,610.00 4,853,881.00

TOTAL LIABILITIES & OWNER'S EQUITY 5,169,969.20 4,865,403.00

See accompanying Notes to Financial Statements

 MARAKAJ GASOLINE STATION
Poblacion, Mabini, Pangasinan

STATEMENT OF INCOME
For the years ending December 31, 2020 and 2019
(All Amounts in Philippine Peso)

Notes 2020 2019

Sales 4,11 15,520,313.00 20,936,907.00

Cost of sales 4,11 13,989,283.00 18,241,078.00
Gross Profit 1,531,030.00 2,695,829.00
Operating Expenses
Distributive expenses 12 1,156,312.00 2,144,882.00
Administrative expenses 13 86,989.00 173,749.00
Total Operating expenses 1,243,301.00 2,318,631.00

Net Income Before Tax 287,729.00 377,198.00

Less: Income Tax - 25,440.00
Net Income After Tax 287,729 351,758

See accompanying Notes to Financial Statements

 MARAKAJ GASOLINE STATION
Poblacion, Mabini, Pangasinan

STATEMENT OF CASH FLOW

For the years ending December 31, 2020 and 2019
(All Amounts in Philippine Peso)

Notes 2020 2019

CASH FLOW FROM OPERATING ACTIVITIES
Net income (loss) 287,729.00 351,758.00
Add back depreciation 4,8 349,194.00 538,615.00
Changes in current assets and liabilities
(Increase) Decrease in accounts receivable - 33,759.00
(Increase) Decrease in inventories 4,6 300,252.00 (814,476.00)
(Increase) Decrease in other current assets 4,7 22,492.00 (22,492.00)
Increase(Decrease) in trade and other payable 4,10 (11,522.00) (11,522.00)
Increase (Decrease) in accrued expenses 4,10 28,359.20 -
Increase (Decrease) in income tax payable (4,794.20) (10,750.00)
Cash generated from (used for) operation 971,710.00 64,892.00

CASH FLOW FROM INVESTING ACTIVITIES

Net addition to Property and Equipment - -
Net Cash Provided by (used in) investing activities - -

CASH FLOW FROM FINANCING ACTIVITIES

Personal drawings - (200,000.00)
Net Cash Provided by (used in) Financing Activities - (200,000.00)

Net Change in Cash 971,710.00 (135,108.00)

Cash Balance, beginning 258,823.00 393,931.00

CASH, END OF YEAR 1,230,533.00 258,823.00

See accompanying Notes to Financial Statements