Requirement 1: BALANCE SHEET

Bayanihan Company
Statement of Financial Position
As of December 31, 20x1

Note 20x1

Assets
Current Assets
Cash and Cash Equivalent 2 4,240,975
Trade and Other Receivables 3 9,033,111
Inventories 4 22,117,615
Held for Trading Securities 2,834,079
Prepaid Income Tax 234,125
Prepaid Supplies 890,239
Total Current Assets 39,350,144

Non Current Assets

Loans Receivable,net 5 8,592,522
Property Plant and Equipment 6 12,370,960
Investment in equity Securities 987,234
Investment in Associate 1,290,347
Deffered Tax Asset 1,092,387
Total Non Current Asset 24,333,450
Total Assets 63,683,594

Liabilities
Current Liabilities
Trade and Other Payables 7 10,302,733
Loan Payable,net 8 7,253,748
Income Tax Payable 721,346
Provision Warranty Obligations 432,187
Total Current Liabilities 18,710,014

Non Current Liabilities

Deferred Tax Liability 918,732
Deferred Credits 712,788
Total Non Current Liabilities 1,631,520
Total Liabilities 20,341,534

Owner's Equity
Ordinary Share Capital 20,000,000
Share Premium 6,000,000
Retained Earnings 9 16,344,664
Other Components Equity 10 997,396
Total Owner's Equity 43,342,060
Total Liabilities and Owner's Equity 63,683,594
Requirement 2: NOTES

Note 2: Cash and Cash Equivalent

Cash on Hand 62,350
Cash in Bank BPI 1,720,500
Cash in Bank BPI (current) 1,890,234
Cash in Bank BDO (current) 567,891
Total Cash and Cash Equivalent 4,240,975

Note 3: Trade and other Receivables

Accounts Receivable 8,341,689
Allowance for Doubtful Accounts -347,182
Advances to Employees 57,610
Advances to Suppliers 34,981
Interest Receivable 946,013
Total Trade and Other Receivables 9,033,111

Note 4: Inventories
Raw Materials 1,237,398
Work In Process Inventory 7,987,908
Finished Goods Inventory 12,892,309
Total Inventories 22,117,615

Note 5: Loans Receivable

Loans Receivable 9,827,341
Unearned Interest Income -1,234,819
Loans Receivable,net 8,592,522

Note 6: Property Plant and Equipment

Land 8,980,751
Building 3,419,877
Equipment 917,387
Total 13,318,015
Accumulated Depreciation -947,055
Total Property Plant and Equipment 12,370,960

Note 7: Trade and Other Payables

Accounts Payable 9,071,239
Accrued Liabilities 889,712
Interest Payable 341,782
Total Trade and Other Payables 10,302,733

Note 8: Loan Payable,net

Loan Payable 8,000,000
Discount on Note Payable -746,252
Total Loan Pyable,net 7,253,748
Note 9: Retained Earnings
Retained Earnings - appropriated 1,200,000
Retained Earnings - unrestricted 15,144,664
Total Retained Earnings 16,344,664

Note 10: Other Components Equity

Revaluation Surplus 873,984
Unrealized gains on equity Securities 123,412
Total Other Components Equity 997,396

BRION, ANNABETH B.
BSAIS 3A