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Statement of Financial Position

The statement of financial position shows Pair Co.'s assets, liabilities, and equity as of December 31, 2020. Total assets were ₱62,591,207 with current assets of ₱39,350,144 including cash, receivables, and inventories. Non-current assets included property and equipment of ₱12,370,960 and investments of ₱2,277,581. Total liabilities were ₱19,249,147 including current liabilities such as payables of ₱18,277,827. Total owner's equity was ₱43,342,060 including retained earnings of ₱16,344,664.

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111 views4 pages

Statement of Financial Position

The statement of financial position shows Pair Co.'s assets, liabilities, and equity as of December 31, 2020. Total assets were ₱62,591,207 with current assets of ₱39,350,144 including cash, receivables, and inventories. Non-current assets included property and equipment of ₱12,370,960 and investments of ₱2,277,581. Total liabilities were ₱19,249,147 including current liabilities such as payables of ₱18,277,827. Total owner's equity was ₱43,342,060 including retained earnings of ₱16,344,664.

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PAIR CO.

Statement of Financial Position


Year Ended December 31, 2020

ASSETS
Current Assets
1 Cash and Cash Equivalents ₱ 4,240,975.00
2 Receivables, net 8,940,520.00
3 Inventories, net 22,117,615.00
4 Prepayments 1,124,364.00
5 Advances 92,591.00
Held for Trading Securities 2,834,079.00
Total Current Assets ₱ 39,350,144.00

Non-Current Assets
6 Property, Plant and Equipment, net ₱ 12,370,960.00
7 Investments, net 2,277,581.00
Loans Receivable (Due in 2022) 9,827,341.00
Less: Unearned Interest Income 1,234,819.00
Total Non-Current Assets ₱ 23,241,063.00

TOTAL ASSETS ₱ 62,591,207.00

LIABILITIES
Current Libiilities
8 Payables ₱ 18,277,827.00
Deferred credits 712,788.00
Provision for warranty obligations 432,187.00
Total Current Liabilities ₱ 19,422,802.00

Non-Current Liabilities
Deferred Tax Asset 1,092,387.00
Deferred Tax Liability 918,732.00
Total Non-Current Liabilities ₱ 173,655.00

Total Liabilities ₱ 19,249,147.00

OWNER'S EQUITY
Ordinary share capital 20,000,000.00
Share premium 6,000,000.00
9 Retained Earnings, net 16,344,664.00
Revaluation Surplus 873,984.00
Unrealized Gains on Equity Securities – FVOCI 123,412.00
Total Owner's Equity ₱ 43,342,060.00
TOTAL LIABILITIES AND OWNER'S EQUITY ₱ 62,591,207.00
PAIR CO.
Notes to Financial Statement
Year Ended December 31, 2019

1. Cash and Cash Equivalents


Cash on Hand ₱ 62,350.00
Cash in Bank – Metro (Savings) 1,720,500.00
Cash in Bank – Metro (Current) 1,890,234.00
Cash in Bank – BDO (Current) 567,891.00
₱ 4,240,975.00

2. Receivables
Accounts Receivable ₱ 8,341,689.00
Less: Allowance for Doubtful Accounts 347,182.00
Add: Interest Receivable (due on March 1, 2020) 946,013.00
₱ 8,940,520.00

3. Inventories, net
Raw Materials Inventory ₱ 1,237,398.00
Work in Process Inventory 7,987,908.00
Finished Goods Inventory 12,892,309.00
₱ 22,117,615.00

4. Prepayments
Prepaid Income Tax ₱ 234,125.00
Prepaid Supplies 890,239.00
₱ 1,124,364.00

5. Advances
Advances to Employees 57,610.00
Advances to Suppliers 34,981.00
₱ 92,591.00

6. Property, Plant and Equipment, net


Land ₱ 8,980,751.00
Building 3,419,877.00
Less: Accumulated Depreciation – Building 712,930.00
Equipment 917,387.00
Less: Accumulated Depreciation – Equipment 234,125.00
₱ 12,370,960.00

7. Investments, net
Investment in Equity Securities – FVOCI ₱ 987,234.00
Investment in Associates 1,290,347.00
₱ 2,277,581.00
8. Payables
Accounts Payable ₱ 9,071,239.00
Accrued Liabilities 889,712.00
Income Tax Payable 721,346.00
Loans Payable (due in 2020) 8,000,000.00
Less: Discount on Loans payable 746,252.00
Interest Payable (due on July 1, 2020) 341,782.00
₱ 18,277,827.00

9. Retained Earnings, net


Retained Earnings – Unrestricted ₱ 15,144,664.00
Retained Earnings – Appropriated 1,200,000.00
₱ 16,344,664.00

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