ROMANO, Quennie N.

BSA-3
SUBJECT: ABUSCOM
SC: #257
FO4: CONSOLIDATED FINANCIAL STATEMENT

PHINMA CORPORATION AND STENIEL CORPORATION SUBSIDIARY

CONSOLIDATED STATEMENT OF FINANCAIL POSITION
AS OF DECEMBER 31, 2021

ASSETS
Current Assets 145,000
Non-current Assets 486,000
Goodwill 42,500
TOTAL ASSETS 673,500

LIABILITIES
Current Liabilities 95,000
TOTAL LIABILITIES: 95,000

SHAREHOLDERS EQUITY
Equity Attributable to Parent:
Ordinary Share 300,000
Retained Earnings 221,600
Non-controlling Interest 56,900
TOTAL SHAREHOLDERS EQUITY 578,500
TOTAL LIABILITIES AND SHE: 673,500

PHINMA CORPORATION AND STENIEL CORPORATION SUBSIDIARY

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2021

Sales 250,000
Expenses ( 185,000 )
Consolidated Adjustment:
Under Valued Fixed Asset ( 2,000 )
Unrealized Profit for Ending Inventory ( 40,000 )
Unrealized Gain- Equipment ( 8,000 )
Piecemeal Gain- Equipment 2,000
NET INCOME: 17,000
WORKING PAPER ELIMINATION ENTRIES:
S
Ordinary Share 10,000
Retained Earnings 150,000
Investment in STENIEL Company 200,000
Non-controlling Interest 50,000

O/U
Fixed Asset- Net 20,000
Investment in STENIEL Company 16,000
Non-controlling Interest 4,000

G
Goodwill (312,500 - 250,000 - 20,000) 42,500
Investment in STENIEL Company 34,000
Non-controlling Interest 8,500

R
Accounts Payable 5,000
Accounts Receivable 5,000

I
Dividend Income 4,000
Dividend Subsidiary 4,000

N
Non-controlling Interest Income 5,600
Dividend Subsidiary (5,000 - 4,000) 1,000
Non-Controlling Interest 4,600

A
Depreciation Expense 2,000
Fixed Asset- Net 2,000

Sales 300,000
Cost of Sales 300,000

Cost of Sales 40,000

Inventory 40,000

Gain on Sales of Equipment (56,000 - 48,000) 8,000

Equipment- Net 8,000

Equipment- Net (8,000/3 x 9/12) 2,000

Depreciation Expense 2,000
 PHINMA CORPORATION AND STENIEL CORPORATION SUBSIDIARY
CONSOLIDATED STATEMENT OF FINANCAIL POSITION
AS OF DECEMBER 31, 2022

ASSETS
Current Assets 227,000
Non-current Assets 432,667
Goodwill 40,500
TOTAL ASSETS 700,167

LIABILITIES
Current Liabilities 75,000
TOTAL LIABILITIES: 75,000

SHAREHOLDERS EQUITY
Equity Attributable to Parent:
Ordinary Share 300,000
Retained Earnings 266,534
Non-controlling Interest 58,633
TOTAL SHAREHOLDERS EQUITY 625,167
TOTAL LIABILITIES AND SHE: 700,167

PHINMA CORPORATION AND STENIEL CORPORATION SUBSIDIARY

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 2022

Sales 300,000
Expenses (245,000)
Consolidated Adjustment:
Under Valued Fixed Asset (2,000)
Impairment Loss- Goodwill (2,000)
Unrealized Profit for Ending Inventory (35,000)
Realized Profit for Beginning Inventory 40,000
Unrealized Gain- Land (10,000)
Piecemeal Gain- Equipment 2,667
NET INCOME: 48,667
 Notes to Financial Statement
Year 2022

Adjustment from Cost to Equity:

Subsidiary's RE, Beginning 170,000
Subsidiary's RE, @ Acquisition Date (150,000)
Prior Year's RE, Increase / (Decrease) 20,000
Adjusted for Prior Years Accumulated Amortization of:
UVA: Fixed Assets (2,000)
UPAEI: Inventory (US) (40,000)
UG- Land (US) (8,000)
Piecemeal Gain- Equipment (US) 2,000
Adjusted Prior Years RE, Increase / (Decrease) (28,000)
Controlling Interest percentage x 80%
ADJUSTMENT FROM COST TO EQUITY: (22,400)

WORKING PAPER ELIMINATION ENTRIES:

A
Retained Earnings, Beginning 22,400
Investment in STENIEL Company 22,400

S
Ordinary Share 100,000
Retained Earnings 170,000
Investment in STENIEL Company 216,000
Non-controlling Interest 54,000

O/U
Fixed Asset- Net 18,000
Investment in STENIEL Company 14,400
Non-controlling Interest 3,600

G
Goodwill (312,500 - 250,000 - 20,000) 42,500
Investment in STENIEL Company 34,000
Non-controlling Interest 8,500

R
Accounts Payable 5,000
Accounts Receivable 5,000

I
Dividend Income 8,000
Dividend Subsidiary 8,000

N
Non-controlling Interest Income 3,733
Dividend Subsidiary (10,000 - 8,000) 2,000
Non-controlling Interest 1,733
 AGARAO, EMMA LYD
A Subject: ABUSCOM
Depreciation Expense 2,000 Section Code: 252
Fixed Asset- Net 2,000 FO4: CONSOLIDATE

Sales 420,000
Cost of Sales 420,000

Cost of Sales 35,000

Inventory 35,000

Investment in STENIEL Company 32,000

Non-controlling Interest 8,000
Cost of Sales 40,000

Investment in STENIEL Company 4,800

Non-controlling Interest 1,200
Equipment- Net (8,000 - 2,000) 6,000

Impairment Loss 2,000

Goodwill 2,000
AGARAO, EMMA LYDIE BSA-3
Subject: ABUSCOM
Section Code: 252
FO4: CONSOLIDATED FINANCIAL STATEMENT

PHINMA Corporation and STENIEL Ccorporation Subsidiary

CONSOLIDATED STATEMENT OF FINANCAIL POSITION
As of December 31, 2021

ASSETS
Current Assets ₱ 145,000
Non-current Assets 486,000
Goodwill 42,500
TOTAL ASSETS ₱ 673,500

LIABILITIES
Current Liabilities ₱ 95,000
TOTAL LIABILITIES: ₱ 95,000

SHAREHOLDERS EQUITY
Equity Attributable to Parent:
Ordinary Share ₱ 300,000
Retained Earnings 221,600
Non-controlling Interest 56,900
TOTAL SHAREHOLDERS EQUITY ₱ 578,500
TOTAL LIABILITIES AND SHE: ₱ 673,500

PHINMA Corporation and STENIEL Ccorporation Subsidiary

CONSOLIDATED INCOME STATEMENT
For the Year Ended December 31, 2021

Sales ₱ 250,000
Expenses ( 185,000 )
Consolidated Adjustment:
Under Valued Fixed Asset ( 2,000 )
Unrealized Profit for Ending Inventory ( 40,000 )
Unrealized Gain- Equipment ( 8,000 )
Piecemeal Gain- Equipment 2,000
NET INCOME: ₱ 17,000
Working Paper:
Notes to Financial Statement
Year 2021

Ordinary Share 10,000

Retained Earnings 150,000
Investment in STENIEL Company 200,000
Non-controlling Interest 50,000

Fixed Asset- Net 20,000

Investment in STENIEL Company 16,000
Non-controlling Interest 4,000

Goodwill (312,500 - 250,000 - 20,000) 42,500

Investment in STENIEL Company 34,000
Non-controlling Interest 8,500

Accounts Payable 5,000

Accounts Receivable 5,000

Dividend Income 4,000

Dividend Subsidiary 4,000

Non-controlling Interest Income 5,600

Dividend Subsidiary (5,000 - 4,000) 1,000
Non-Controlling Interest 4,600

Depreciation Expense 2,000

Fixed Asset- Net 2,000

Sales 300,000
Cost of Sales 300,000

Cost of Sales 40,000

Inventory 40,000

Gain on Sales of Equipment (56,000 - 48,000) 8,000

Equipment- Net 8,000

Equipment- Net (8,000/3 x 9/12) 2,000

Depreciation Expense 2,000
 PHINMA Corporation and STENIEL Ccorporation Subsidiary
CONSOLIDATED STATEMENT OF FINANCAIL POSITION
As of December 31, 2022

ASSETS
Current Assets ₱ 227,000
Non-current Assets 432,667
Goodwill 40,500
TOTAL ASSETS ₱ 700,167

LIABILITIES
Current Liabilities ₱ 75,000
TOTAL LIABILITIES: ₱ 75,000

SHAREHOLDERS EQUITY
Equity Attributable to Parent:
Ordinary Share ₱ 300,000
Retained Earnings 266,534
Non-controlling Interest 58,633
TOTAL SHAREHOLDERS EQUITY ₱ 625,167
TOTAL LIABILITIES AND SHE: ₱ 700,167

PHINMA Corporation and STENIEL Ccorporation Subsidiary

CONSOLIDATED INCOME STATEMENT
For the Year Ended December 31, 2022

Sales 300,000
Expenses (245,000)
Consolidated Adjustment:
Under Valued Fixed Asset (2,000)
Impairment Loss- Goodwill (2,000)
Unrealized Profit for Ending Inventory (35,000)
Realized Profit for Beginning Inventory 40,000
Unrealized Gain- Land (10,000)
Piecemeal Gain- Equipment 2,667
NET INCOME: 48,667

Notes to Financial Statement

Year 2022

Adjustment from Cost to Equity:

Subsidiary's RE, Beginning 170,000
Subsidiary's RE, @ Acquisition Date (150,000)
Prior Year's RE, Increase / (Decrease) 20,000
Adjusted for Prior Years Accumulated Amortization of:
UVA: Fixed Assets (2,000)
UPAEI: Inventory (US) (40,000)
UG- Land (US) (8,000)
Piecemeal Gain- Equipment (US) 2,000
Adjusted Prior Years RE, Increase / (Decrease) (28,000)
Controlling Interest percentage x 80%
ADJUSTMENT FROM COST TO EQUITY: (22,400)
Working Paper:
Retained Earnings, Beginning 22,400
Investment in STENIEL Company 22,400

Ordinary Share 100,000

Retained Earnings 170,000
Investment in STENIEL Company 216,000
Non-controlling Interest 54,000

Fixed Asset- Net 18,000

Investment in STENIEL Company 14,400
Non-controlling Interest 3,600

Goodwill (312,500 - 250,000 - 20,000) 42,500

Investment in STENIEL Company 34,000
Non-controlling Interest 8,500

Accounts Payable 5,000

Accounts Receivable 5,000

Dividend Income 8,000

Dividend Subsidiary 8,000

Non-controlling Interest Income 3,733

Dividend Subsidiary (10,000 - 8,000) 2,000
Non-controlling Interest 1,733

Depreciation Expense 2,000

Fixed Asset- Net 2,000

Sales 420,000
Cost of Sales 420,000

Cost of Sales 35,000

Inventory 35,000

Investment in STENIEL Company 32,000

Non-controlling Interest 8,000
Cost of Sales 40,000

Investment in STENIEL Company 4,800

Non-controlling Interest 1,200
Equipment- Net (8,000 - 2,000) 6,000

Impairment Loss 2,000

Goodwill 2,000