ABC CORPORATION

STATEMENT OF COMPREHENSIVE INCOME

DECEMBER 31, 2021
(In Philippine Peso)

2021

ASSETS
Current Assets
Cash and cash equivalents 520,000
Lease receivables 652,255
Other current assets 104,370
Total current assets 1,276,625

Noncurrent Assets
Property and equipment 15,230,000
Other noncurrent assets 300,000
Total noncurrent assets 15,530,000

TOTAL ASSETS 16,806,625

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current Liabilities
Trade payable 246,750
Loan payable 1,000,000
Total current liabilities 1,246,750

Noncurrent Liabilities
Loan payable 8,000,000
Total noncurrent liabilities 8,000,000

TOTAL LIABILITIES 9,246,750

Stockholders’ Equity
Share Capital 5,500,000
Retained Earnings 2,059,875
Total shareholders’ equity 7,559,875

TOTAL LIABILITIES AND SHAREHOLDERS’ 16,806,625

EQUITY
 ABC CORPORATION
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED DECEMBER 31, 2021
(In Philippine Peso)

2021

REVENUE
Lease Income 3,670,000
Miscellaneous Income 122,500
3,702,500

COST OF SERVICES
Depreciation 58,000
Insurance 100,000
Personnel Expenses 381,400
Maintenance and other operating expenses 235,650
775,050

INCOME FROM OPERATIONS 2,927,450

General and administrative expenses 180,950

INCOME (LOSS) BEFORE TAX 2,746,500

PROVISION FOR INCOME TAX 686,625

NET INCOME (LOSS) FOR THE PERIOD 2,059,875

 ABC CORPORATION
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2021
(In Philippine Peso)

2021

Cash flows from operating activities

Net income (loss) for the year 2,059,875
Adjustment for:
Depreciation 58,000
Operating income before working capital changes 2,117,875

Decrease (Increase) in:

Lease receivables (652,255)
Other current assets (104,370)
Other current assets (300,000)
Increase (decrease) in:
Trade payables 246,750
Net cash provided by (used in) operating activities 1,308,000

Cash flows from investing activities

Acquisition of property and equipment (15,288,000)
Net cash provided by (used in) investing activities (15,288,000)

Cash flows from financing activities

Business loan 9,000,000
Subscribed share capital 5,500,000
Net cash provided by (used in) financing activities 14,500,000

Net increase (decrease) in cash 520,000

Cash balance, beginning of year −
Cash balance, end of year 520,000
 ABC CORPORATION
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED DECEMBER 31, 2021
(In Philippine Peso)

2021

SHARE CAPITAL
Authorized Share Capital – 100,000 shares
at 55.00 per share 5,500,000
Subscribed and paid-up 100,000 shares 5,500,000

RETAINED EARNINGS
Balance at the beginning of year −
Net income (loss) for the year 2,059,875
Balance at year end 2,059,875

TOTAL SHAREHOLDERS’ EQUITY 7,559,875