ANDALE INC.

Statement of Financial Position

December 31.2020

ASSETS
Current assets: Note
Cash and cash equivalents 1 ₱290,000.00
Financial assets at fair value ₱144,000.00
Trade and other receivables 2 ₱264,000.00
Inventories 3 ₱517,000.00
Prepaid expenses 4 ₱90,000.00
Total current assets ₱1,305,000.00
Noncurrent assets:
Property,plant and equipment 5 ₱870,000.00
Intangible assets 7 ₱260,000.00
Sinking Fund ₱500,000.00
Other noncurrent assets 8 ₱500,000.00
Total noncurrent assets ₱2,130,000.00
Total assets ₱3,435,000.00

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
Trade and other payables 9 ₱165,000.00
Note payable- due August 1, 2021 ₱200,000.00
Current portion of bonds payable ₱100,000.00
Total current liabilities ₱465,000.00
Noncurrent liabilities:
Bonds payable- remaining portion ₱400,000.00
Note payable- due August 1, 2019 ₱70,000.00
Total current liabilities ₱470,000.00
Shareholders' equity
Share capital, P100 par ₱1,800,000.00
Retainied earnings ₱700,000.00
Total shareholders' equity ₱2,500,000.00
Total liabilities and shareholders' equity ₱3,435,000.00
Note 1- Cash and cash equivalents
Cash in bank ₱285,000.00
Petty Cash ₱5,000.00
Total ₱290,000.00
Note 2- Trade and other receivables Note 7- Intangible assets
Account Receivables ₱250,000.00 Patent ₱70,000.00
Allowance for doubtful accounts -₱31,000.00 Franchise ₱100,000.00
Advance to employees (collected currently) ₱45,000.00 Trademark ₱90,000.00
Total ₱264,000.00 ₱260,000.00
Note 3- Inventories Note 8- Other noncurrent assets
Finished goods ₱150,000.00 Long-term advance to affiliates ₱500,000.00
Goods in process ₱200,000.00 ₱500,000.00
Raw Materials ₱140,000.00 Note 9- Trade and other payables
Manufacturing Supplies ₱15,000.00 Accounts payable ₱75,000.00
Office Supplies ₱12,000.00 Dividends payable ₱40,000.00
Total ₱517,000.00 Accrude expenses ₱20,000.00
Note 4- Prepaid Expenses Income tax payable ₱30,000.00
Prepaid Rent ₱90,000.00 ₱165,000.00
₱90,000.00
Note 5- Property, plant and equipment
Equipment ₱700,000.00
Furniture & Fixtures ₱300,000.00
Total ₱1,000,000.00
Accumulated depreciation ₱130,000.00
Carrying Amount ₱870,000.00

Accumulated depreciation:
Equipment ₱70,000.00
Furniture & Fixtures ₱60,000.00
₱130,000.00