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    Finman

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    Angel Toribio
    The document provides financial statements for Midterm Corp for the years 2021 and 2022, including income statements, balance sheets, statements of cash flows, and statements of changes in shareholder's equity. It shows the company experienced a decrease in net sales and profits from 2021 to 2022, along with decreases in cash, marketable securities, and long-term debt. The company also saw increases in accounts receivable, accounts payable, and issued share capital.

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    Finman

    Uploaded by

    Angel Toribio
    31 views4 pages
    The document provides financial statements for Midterm Corp for the years 2021 and 2022, including income statements, balance sheets, statements of cash flows, and statements of changes in shareholder's equity. It shows the company experienced a decrease in net sales and profits from 2021 to 2022, along with decreases in cash, marketable securities, and long-term debt. The company also saw increases in accounts receivable, accounts payable, and issued share capital.

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    The document provides financial statements for Midterm Corp for the years 2021 and 2022, including income statements, balance sheets, statements of cash flows, and statements of changes in shareholder's equity. It shows the company experienced a decrease in net sales and profits from 2021 to 2022, along with decreases in cash, marketable securities, and long-term debt. The company also saw increases in accounts receivable, accounts payable, and issued share capital.

    Copyright:

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

    Finman

    Uploaded by

    Angel Toribio
    The document provides financial statements for Midterm Corp for the years 2021 and 2022, including income statements, balance sheets, statements of cash flows, and statements of changes in shareholder's equity. It shows the company experienced a decrease in net sales and profits from 2021 to 2022, along with decreases in cash, marketable securities, and long-term debt. The company also saw increases in accounts receivable, accounts payable, and issued share capital.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 4

    QUEZON CITY UNIVERSITY

    San Bartolome, Novalichecs, Quezon City

    MIDTERM EXAMS-FINMAN
    AY 2022-2023

    THE FOLLOWING ACCOUNT BALANCES OF MIDTERM CORP.


    IS PRESENTED BELOW:
    2021 2022
    Net Sales 8,880,000.00 8,500,000.00
    Cost of Sales 6,304,800.00 5,950,000.00
    Operating Expense 1,509,600.00 1,700,000.00
    Interest Expenses 60,000.00 60,000.00
    Income Tax 301,680.00 237,000.00

    Cash and Cash Equivalents 388,190.00 316,277.00


    Marketable Securities 500,000.00 250,000.00
    Accounts Receivable net 357,000.00 708,333.33
    Merchandise Inventory 253,000.00 247,916.67
    Prepaid Expenses 30,000.00 15,000.00
    Property and Equipment 4,500,000.00 3,500,000.00
    Accumulated Depreciation 1,485,000.00 860,000.00

    Accounts Payable 380,000.00 495,833.33


    Accrued Expenses 40,000.00 40,000.00
    Income Taxes payable 75,420.00 59,250.00
    Unearned Revenue 50,000.00 26,000.00
    Long-term Loan 500,000.00 -

    Ordinary Sahres 2,000,000.00 2,500,000.00


    Premium-Ordinary shares 25,000.00 30,000.00
    Appropriated Accumulated Profits 500,000.00 500,000.00
    Unappropriated Accumulated Profits 972,770.00 526,443.67
    Treasury Shares - -

    REQUIRED: PLEASE REFER TO THE GOOGLE FORM FOR THE QUESTIONAIRES


    SCHEDULE OF COST OF SALES
    Merchandise Inventory, Dec. 31, 2021 253,000.00
    Add: Cost of Sales 2022 5,950,000.00
    Less: Decrease in Inventory 2022 - 5,083.33 5,944,916.67
    TOTAL GOODS AVAILABLE FOR SALE 6,197,916.67
    Less: Merchandise Inventory, Dec. 31, 2022 - 247,916.67
    COST OF SALES 5,950,000.00
    -

    MID-TERM EXAM CORP.


    Comparative Income Statement
    For the Years Ended December 31, 2021 and 2022

    INCREASE/(DECREASE)
    2021 2022 AMOUNT PERCENT
    Net Sales 8,880,000.00 8,500,000.00 - 380,000.00 -0.04279279279
    Less: Cost of Sales - 6,304,800.00 - 5,950,000.00 354,800.00 -0.05627458444
    Gross Profit 2,575,200.00 2,550,000.00 - 25,200.00 -0.00978564772
    Less: Operating Expenses 1,509,600.00 1,700,000.00 190,400.00 0.12612612613
    Interest Expense 60,000.00 60,000.00 - 0
    TOTAL 1,569,600.00 1,760,000.00 - 190,400.00 -0.12130479103
    Profit before income taxes 1,005,600.00 790,000.00 215,600.00 0.21439936356
    Less: Income tax - 301,680.00 - 237,000.00 64,680.00 -0.21439936356
    Net Profit 703,920.00 553,000.00 150,920.00 0.21439936356

    MID-TERM EXAM CORP.


    Comparative Balance Sheet
    As of December 31, 2021 and 2022
    INCREASE/(DECREASE)
    2021 2022 AMOUNT PERCENT
    ASSETS
    Current Assets
    Cash and Cash Equivalents 388,190.00 316,277.00 71,913.00 0.1853
    Marketable Secturities 500,000.00 250,000.00 250,000.00 0.5000
    Accounts Receivable (net) 357,000.00 708,333.33 - 351,333.33 -0.9841
    Merchandise Invemtory 253,000.00 247,916.67 5,083.33 0.0201
    Prepaid Expenses 30,000.00 15,000.00 15,000.00 0.5000
    TOTAL 1,528,190.00 1,537,527.00 - 9,337.00 -0.0061

    Non Current Assets


    Property and Equipment 4,500,000.00 3,500,000.00 1,000,000.00 0.2222
    Less: Accummulated Depreciation 1,485,000.00 860,000.00 625,000.00 0.4209
    TOTAL 3,015,000.00 2,640,000.00 375,000.00 0.1244
    TOTAL ASSETS 4,543,190.00 4,177,527.00 365,663.00 0.0805

    LIABILITIES AND SHAREHOLDERS' EQUITY


    Current Liabilitites
    Accounts Payable 380,000.00 495,833.33 - 115,833.33 -0.3048
    Accrued Expenses 40,000.00 40,000.00 - 0.0000
    Income Taxes Payable 75,420.00 59,250.00 16,170.00 0.2144
    Unearned Revenue 50,000.00 26,000.00 24,000.00 0.4800
    TOTAL 545,420.00 621,083.33 - 75,663.33 -0.1387

    Non Current Liabilities


    Long-term Loan 500,000.00 - 500,000.00 1.0000
    TOTAL LIABILITIES 1,045,420.00 621,083.33 424,336.67 0.4059

    Shareholders' Equity
    Share Capital 2,000,000.00 2,500,000.00 - 500,000.00 -0.2500
    Ordinary Shares: 20,000 shares authorized;
    5000 shares issued and outstanding: PV, P1,000

    Reserves
    Premium-Ordinary Shares 25,000.00 30,000.00 - 5,000.00 -0.2000
    Appropriated Accumulated Profits 500,000.00 500,000.00 - 0.0000
    Appropriations Reserve for Treasury - -
    TOTAL 525,000.00 530,000.00 - 5,000.00 -0.0095
    Unappropriated Accummulated profits 972,770.00 526,443.67 446,326.33 0.4588
    TOTAL 3,497,770.00 3,556,443.67 - 58,673.67 -0.0168
    TOTAL LIABILITIES AND SHAREHOLSERS' EQUITY 4,543,190.00 4,177,527.00 365,663.00 0.0805
    - -

    MID-TERM EXAM CORP.


    Statement of Changes in Share Holders' Equity
    For the Years Ended December 31, 2022

    APPROPRIATEDUNAPPROPRIATED
    ORDINARY PREMIUM ACCUMULATED ACCUMULATED
    SHARES ORDINARY HARES PROFITS PROFITS TOTAL
    Balances, December 31, 2021 2,000,000.00 25,000.00 500,000.00 972,770.00 2,497,770.00
    Net profit 553,000.00 553,000.00
    Prem-OS 5,000.00 5,000.00
    Cash Dividends - 499,326.33 - 499,326.33
    Appropriations 500,000.00 - 500,000.00 -
    Balances, December 31, 2022 2,500,000.00 30,000.00 526,443.67 3,056,443.67

    MID-TERM EXAM CORP.


    Cash Flow Statement
    For the Year Ended December 31, 2022
    2022 INC(DEC)
    Cash Flow from Operating Activities:
    Net Income 553,000.00 553,000.00
    Add: Non-Cash Expenses-Depreciation Expense 860,000.00 860,000.00
    TOTAL 1,413,000.00 1,413,000.00

    Add/(Deduct) adjustments:
    Increase in Short-term Investments 250,000.00 250,000.00
    Increase in Accounts Receivable (net) - 351,333.33 - 351,333.33
    Increase in Merchandise Inventory 5,083.33 5,083.33
    Decrease in Prepaid Expenses 15,000.00 15,000.00
    Increase in Accounts Payable - 115,833.33 - 115,833.33
    Decrease in Accrued Expenses - -
    Increase in Income Taxes Payable 16,170.00 16,170.00
    Increase in Unearnes Revenue 24,000.00 24,000.00
    TOTAL ADJUSTMENTS - 156,913.33 - 156,913.33
    NET CASH FLOWFROM OPERATING ACTIVITIES 1,256,086.67 1,256,086.67

    Cash Flow from Investing Activities:


    Increase In Property Equipment 1,000,000.00 - 223,350.00
    Net Cash Flow from Investing 650,000.00 650,000.00
    Cash Flow from Financing Activities:
    Payment of Long-Term Loan - -
    Cash Dividends Paid 499,326.33 499,326.33
    Net Cash Flow from Financing 499,326.33 499,326.33

    Increase/Decrease in Cash 2,405,413.00 2,405,413.00


    Add: Cash and Cash Equivalents, December 31, 2021 750,000.00 750,000.00
    CASH AND CASH EQUIVALENTS, DECEMBER 31, 2022 3,155,413.00 3,155,413.00

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