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Statement of Financial Performance

The financial statements summarize the performance and position of I Can Make It Corporation for the year ending December 31, 2020 compared to 2019. In 2020, the company saw increased sales and gross profit but also higher operating expenses, resulting in net income of P94,000, up from P38,000 in 2019. As of December 31, 2020, the company had total assets of P1,684,000 including current assets of P514,000 and non-current assets of P1,170,000. Total liabilities were P665,000 and equity was P1,019,000.

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584 views

Statement of Financial Performance

The financial statements summarize the performance and position of I Can Make It Corporation for the year ending December 31, 2020 compared to 2019. In 2020, the company saw increased sales and gross profit but also higher operating expenses, resulting in net income of P94,000, up from P38,000 in 2019. As of December 31, 2020, the company had total assets of P1,684,000 including current assets of P514,000 and non-current assets of P1,170,000. Total liabilities were P665,000 and equity was P1,019,000.

Uploaded by

Judith Durens
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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DURENS, JUDITH C.

I CAN MAKE IT CORPORATION


Statement of Financial Performance
For the year ended December 31, 2020

2020                2019
Sales                                                             P2,486,000          P2,075,000
Less: Cost of Sales                                    (1,523,000)           (1,222,000)
Gross Profit                                                     963,000                 853,000
Less: Operating Expenses
Office Salaries Expense                  (165,000)              (200,000)
Supplies Expense                              (26,000)                (35,000)
Salaries Expense                               (240,000)              (280,000)
Advertising Expense                          (145,000)              (100,000)
Miscellaneous Expense                      (17,000)                 (15,000)
Insurance Expense                              (100,000)              (45,000)
Depreciation Expense                      (85,000)                 (75,000)
Interest Expense                               (44,000)                 (46,000)
Income before Income Taxes                          141,000                   57,000
Less: Provision for Income Tax                       (47,000)                   (19,000)
Income after Taxes                                          94,000                   38,000
DURENS, JUDITH C.

I CAN MAKE IT CORPORATION


Statement of Financial Position
As of December 31, 2020

2020                       2019
ASSET
Current Assets
Cash                                                 P79,000                  P42,000
Accounts Receivable, net                120,000                   100,000
Merchandise Inventory                     250,000                  265,000
Short-term Investment                        65,000                     96,000
Total Current Assets                        P514,000                   P503,000

Non-current Assets
Land                                                  P100,000                   P 100,000
Buildings, net                                     625,000                       675,000
Office Equipment, net                         45,000                         50,000
Store Equipment, net                         400,000                       350,000
Total Non-current Assets                   P1,170,000                   P1,175,000

TOTAL ASSETS                               P1,684,000                P1,678,000

CURRENT LIABILITIES
Accounts Payable                               164,000                     190,000
Notes Payable - trade                         75,000                         90,000
Taxes Payable                                     26,000                        12,000
Total Liabilities                                   P265,000                  P292,000

NON CURRENT LIABILITIES


Notes Payable (secured)                  400,000                     420,000
P665,000 P2922,000

EQUITY
Ordinary Share, P10 par value          475,000                      475,000
Retained Earnings                              544,000                      491,000
Total Equity                                       P1,019,000                  P966,000

TOTAL LIABILITIES and EQUITY     P1,684,000             P1,678,000


DURENS, JUDITH C.

I CAN MAKE IT CORPORATION


Statement of Cash Flows
As of December 31, 2020

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