Instruction: Prepare the SCI, SCE, and SFP from the following

information. Apply the reporting standard of one-line presentation

KITAHANON COMPANY
TRIAL BALANCE
Decembere 31, 2020

10% Preferance Shares 5,000,000.00

Accounts Payable - Trade 75,000.00
Accounts Receivable - Trade 125,000.00
Accumulated Depreciaton - Furniture & Fixtures 36,500.00
Accumulated Depreciaton-Building 785,000.00
Accumulated Depreciaton-Equipment & Machinery 124,000.00
Accumulated Profit 12,316,250.00
Advances to Affiliates 500,000.00
Advances to Officers & Employee 120,000.00
Bonds Payable 10,000,000.00
Building 28,500,000.00
Cash Equivalents 40,000.00
Cash in Bank - Checking Account 785,000.00
Cash in Bank - Savings Account 80,000.00
Depreciation -Building 125,000.00
depreciation- Furniture & Fixtures 6,800.00
Depreciation-Equipment & Machinery 13,000.00
Equipment & Machinery 2,360,000.00
Finished Goods Inventory 14,300.00
Furniture & Fixtures 780,000.00
Goods n Process Inventory 5,000.00
IncomeTax Payable 56,000.00
Investment in Debt Securities 4,500,000.00
Investments in Equity Securities 2,500,000.00
Investments in Real Estate 5,000,000.00
Land 800,000.00
Mertgage Note Payable 3,000,000.00
Notes Payable 400,000.00
Notes Receivable 80,000.00
Ordnary shares 12,000,000.00
Petty Cash Funds 10,000.00
Raw Materials Inventory 23,600.00
Sale 9,500,000.00
Sales Discounts 125,000.00
Sales Returns * Allowanes 600,000.00
SSS/EC/HMDF/PhilHealth Premiums Payable 8,750.00
Treasury Shares 200,000.00
Unused Factory Supples 3,250.00
Unused Office supplies 1,250.00
Unused Store Supplies 1,500.00
VAT Payable 12,000.00
Withholding Tax Payable 34,200.00
Purchases 6,500,000.00
Purchase Returns & Allowances 450,000.00
Purchase Discount 75,000.00
Freight In 5,000.00
Other Operating Expenses 69,000.00
Total 53,872,700.00 53,872,700.00

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KITAHANON COMPANY
Statement of Financial Position
Decembere 31, 2020 Note 1: Cash & Cash Equiva

Note
ASSETS
Current Assets
Cash & CashEquivalents 1 915,000
Receivables 2 825,000
Inventories 3 42,900 Note 2: Receivables
Prepaid Expenses 4 6,000
Total Current Assets 1,788,900

Non-Current Assets
Property, Plant & Equipment, net 5 31,494,500
Investments 6 12,000,000
Total Non-Current Assets 43,494,500 Note 3: Inventories

TOTAL ASSETS 45,283,400

LIABILITIES
Current Liabilities
Accounts & Other Payables 7 475,000 Note 4: Prepaid Exxpenses
Due to Government 8 110,950
Total Current Liabilites 585,950

Non-Current Liabilites
Bonds Payable 10,000,000
Mortgage Note Payable 3,000,000
Total Non-current Liabilities 13,000,000 Note 5: Property, Plant, & E

TOTAL LIABILITIES 13,585,950

SHAREHOLDERS' EQUITY
Share Capital
10% Preference Share 9 5,000,000
Ordinary Shares 9 11,800,000 Note 6: Investments
Accumulated Profit 9 14,940,350
TOTAL SHAREHOLDERS' EQUITY 31,697,450

TOTAL LIABILITIES & SHAREHOLDERS' EQUITY 45,283,400

Note 7: Accounts & Other P

Note 8: Due to Governmen

Note 9: Shareholders' quit

 NOTES TO THE FINANCIAL STATEMENTS

Note 1: Cash & Cash Equivalents

Cash in Bank - Savings Account 80,000
Cash in Bank - Checking Account 785,000
Cash Equivalents 40,000
Petty Cash Funds 10,000
TOTAL 915,000

Note 2: Receivables
Accounts Receivable - Trade 125,000
Notes Receivable 80,000
Advances to Affiliates 500,000
Advances to Officers & Employee 120,000
TOTAL 825,000

Note 3: Inventories
Finished Goods Inventory 14,300
Goods n Process Inventory 5,000
Raw Materials Inventory 23,600
TOTAL 42,900

Note 4: Prepaid Exxpenses

Unused Factory Supples 3,250
Unused Office supplies 1,250
Unused Store Supplies 1,500
TOTAL 6,000

Accumulated Net Book

Note 5: Property, Plant, & Equipment Cost Depreciation Value
Land 800,000 800,000
Building 28,500,000 785,000.00 27,715,000
Equipment & Machinery 2,360,000 124,000.00 2,236,000
Furniture & Fixtures 780,000 36,500.00 743,500
TOTAL 32,440,000 945500 31,494,500

Note 6: Investments
Investment in Debt Securities 4,500,000
Investments in Equity Securities 2,500,000
Investments in Real Estate 5,000,000
TOTAL 12,000,000

Note 7: Accounts & Other Payables

Accounts Payable 75,000
 Notes Payable 400,000
TOTAL 475,000

Note 8: Due to Government

IncomeTax Payable 56,000
Withholding Tax Payable 34,200
VAT Payable 12,000
SSS/EC/HMDF/PhilHealth Premiums Payable 8,750
TOTAL 110,950

Note 9: Shareholders' quity

Share Capital Accumulated
10% Preference Ordinary Profit
Balance, 1/1/20 5,000,000 12,000,000 12,316,250
Treasury Shares, Ordinary (200,000)
Net operating Profit 2,624,100
Balances, 12/31/20 5,000,000 11,800,000 14,940,350
KITAHANON COMPANY
Statement of CHANGESD IN eQUITYomprehensive Income
For the Year Ended December 31, 2020

Share Capital Accumulated

Particulars
10% Preference Ordinary Profit
Balance, 1/1/20 5,000,000 12,000,000 12,316,250
Treasury Shares, Ordinary (200,000)
Net operating Profit 2,624,100
Balances, 12/31/20 5,000,000 11,800,000 14,940,350
KITAHANON COMPANY
Statement of Comprehensive Income
For the Year Ended December 31, 2020 Note 10 : Net Sales
(in Philippine Pesos)
Note

Sales, Net 10 8,775,000

Cost of Goods Sold 11 (5,937,100) Not 11: Cost of Goods Sol

Gross Profit 2,837,900

Operating Expenses
Depreciation Expense 12 144,800
Others 69,000
Total Operating Expenses 213,800

Net Operating Profit Before Tax 2,624,100 Note 12: Depreciation Ex

 NOTES TO THE FINANCIAL STATEMENTS

Note 10 : Net Sales

Sales 9,500,000
Sales Discounts (125,000)
Sales Returns & Allowances (600,000)
Net Sales 8,775,000

Not 11: Cost of Goods Sold

Purchases 6,500,000
Freight In 5,000
Purchase Discounts (75,000)
Purchase Returns & Allowances (450,000)
Net Purchases 5,980,000
Inventories, 12/31/20 (42,900)
Cost of Sales 5,937,100

Note 12: Depreciation Expenses

Building 125,000
Equipment & Machinery 13,000
Furniture & Fixtures 6,800
144,800