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    2019 Audited Financial Statements - Diamond Quest Marketing Corporation

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    Jan Gavin Go
    The income statement shows that in 2019 Diamond Quest Marketing Corporation had sales of $354 million, an increase from 2018, and net income of $2 million, slightly lower than the previous year. The balance sheet indicates total assets declined from $89 million to $47 million from 2018 to 2019, largely due to decreases in accounts receivable and loans payable. The cash flow statement shows the company generated $2.4 million from operations but paid $2 million in dividends, resulting in a small increase in cash on hand.

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    2019 Audited Financial Statements - Diamond Quest Marketing Corporation

    Uploaded by

    Jan Gavin Go
    34 views4 pages
    The income statement shows that in 2019 Diamond Quest Marketing Corporation had sales of $354 million, an increase from 2018, and net income of $2 million, slightly lower than the previous year. The balance sheet indicates total assets declined from $89 million to $47 million from 2018 to 2019, largely due to decreases in accounts receivable and loans payable. The cash flow statement shows the company generated $2.4 million from operations but paid $2 million in dividends, resulting in a small increase in cash on hand.

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    2019 Audited Financial Statements - Diamond Quest Marketing Corporation (2)

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    The income statement shows that in 2019 Diamond Quest Marketing Corporation had sales of $354 million, an increase from 2018, and net income of $2 million, slightly lower than the previous year. The balance sheet indicates total assets declined from $89 million to $47 million from 2018 to 2019, largely due to decreases in accounts receivable and loans payable. The cash flow statement shows the company generated $2.4 million from operations but paid $2 million in dividends, resulting in a small increase in cash on hand.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    34 views4 pages

    2019 Audited Financial Statements - Diamond Quest Marketing Corporation

    Uploaded by

    Jan Gavin Go
    The income statement shows that in 2019 Diamond Quest Marketing Corporation had sales of $354 million, an increase from 2018, and net income of $2 million, slightly lower than the previous year. The balance sheet indicates total assets declined from $89 million to $47 million from 2018 to 2019, largely due to decreases in accounts receivable and loans payable. The cash flow statement shows the company generated $2.4 million from operations but paid $2 million in dividends, resulting in a small increase in cash on hand.

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    © All Rights Reserved
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    of 4

    Income Statement

    As of year ending December 31, 2019

    Diamond Quest Marketing Corporation

    2019 2018

    Sales 354,396,861 301,606,379


    Cost of Sales 312,587,950 258,943,162
    Gross Profit 41,808,911 42,663,217

    Selling and Distribution Expenses 20,732,839 20,697,446


    General and Administrative Expenses 17,274,573 16,126,430
    Operating Expenses 38,007,412 36,823,876
    Operating Income 3,801,499 5,839,341

    Interest Expense 1,007,045 2,977,044


    Interest Income
    Income before Taxes 2,794,454 2,862,297
    Income Tax Expense 838,336 858,689

    Net Income 1,956,118 2,003,608


    Balance Sheet Statement
    As of year ending December 31, 2019

    Diamond Quest Marketing Corporation

    2019 2018

    Cash and Cash Equivalents 2,268,500 2,162,456


    Account Receivables 20,536,159 67,290,305
    Merchandise Inventory 12,131,843 5,202,048
    Prepaid Expenses 4,538,950 4,231,794
    Other assets 2,785,785
    Current Assets 39,475,452 81,672,388

    PPE 10,856,518 10,599,450


    Less: Accumulated Depreciation 3,056,081 2,784,668
    Non-current Assets 7,800,437 7,814,782

    TOTAL ASSETS 47,275,889 89,487,170

    Loans Payable 39,336,049 82,290,305


    Account Payables 1,950,850 1,798,276
    Income Tax Payable 838,336 315,642
    Accrued Expenses 750,620 639,031
    Advances from Stockholders - -
    Dividends Payable 2,000,000 2,000,000
    Total Current Liabilities 44,875,855 87,043,254

    Other non-current liabilities


    Total Non-current Liabilities - -

    TOTAL LIABILITIES 44,875,855 87,043,254

    Capital Stock 1,000,000 1,000,000


    Beginning 1,443,916 1,440,308
    Less: Cash Dividends -2,000,000 -2,000,000
    Add: Net Income 1,956,118 2,003,608
    Ending 1,400,034 1,443,916
    TOTAL STOCKHOLDERS EQUITY 2,400,034 2,443,916
    Cash Flow Statement
    As of year ending December 31, 2019

    Diamond Quest Marketing Corporation

    Sales 2,794,454
    Add: Depreciation 271,412
    Operating Income before working capital
    changes 3,065,866

    Decrease (increase) in:


    Inventories - 6,929,795
    Account Receivables 46,754,146
    Prepaid Expenses - 307,156
    Miscellaneous Deposit -
    Other Assets 2,785,785
    Increase (decrease) in:
    Income Tax Payable 522,694
    Loans Payable - 42,954,256
    Accounts payable 152,574
    Accrued Expenses 111,589
    Net cash generated from Operations 3,201,447
    Income Taxes - 838,336

    NET CASH FROM OPERATING ACTIVITIES 2,363,111

    CASH FLOW FROM INVESTING ACTIVITIES


    Additions to Property and Equipment - 257,068
    Decrease (increase) in other current assets -
    Net cash provided by investing activities - 257,068

    CASH FLOW FROM FINANCING ACTIVTIES


    Deposit account
    Dividends paid - 2,000,000
    Advances from stockholders -
    Net cash provided by Financing Activities - 2,000,000

    NET INCREASE IN CASH 106,044


    Beginning Cash 2,162,456

    Ending Cash 2,268,500


    Statement of Changes in Equity
    As of year ending December 31, 2019

    Diamond Quest Marketing Corporation

    2019 2018

    Capital Stock 1,000,000 1,000,000


    Retained Earnings
    Beginning 1,443,916 1,440,308
    Less: Cash Dividends -2,000,000 -2,000,000
    Add: Net Income 1,956,118 2,003,608
    Ending 1,400,034 1,443,916

    TOTAL STOCKHOLDER'S EQUITY 2,400,034 2,443,916

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