The document provides an overview of financial reporting and describes the key financial statements that companies use to report their financial performance and position. It discusses the purpose of financial reporting in providing useful information to internal and external users to evaluate the company. The key financial statements are identified as the income statement, balance sheet, statement of cash flows, and statement of changes in equity. Sample pro forma financial statements are also included for a construction supplies company, including comparative balance sheets for two years and a comparative income statement.
Business DNA Playbook for LEAN STARTUP INNOVATION & CUSTOMER DEVELOPMENT: Sav...Rod King, Ph.D.
The Business DNA Playbook below can be used to summarize all the tools that you need for Business Model Improvement as well as Business Model Innovation. The playbook below features as well as integrates ideas from the following tools: OODA Loop; Golden Circle; DNA Multiscreen; Job-To-Be-Done; Value Proposition Canvas; Business Model Canvas; Lean Canvas. In short, the Business DNA Playbook can save you a ton of time and money by presenting a single platform for presenting and using any business tool.
Please note that the above abbreviations are symbols used by Alexander Osterwalder in his description of the 9 building blocks of a business model:
KP: Key Partnerships
KA: Key Activities
KR: Key Resources
VP: Value Propositions
CH: Channels
CR: Customer Relationships
CS: Customer Segments
C$: Cost Structure
R$: Revenue Streams
One can mix and match the above ideas to generate different tools for Lean Startup Innovation. So start exploring ...
http://goo.gl/R1N0uJ
Business DNA Playbook for LEAN STARTUP INNOVATION & CUSTOMER DEVELOPMENT: Sav...Rod King, Ph.D.
The Business DNA Playbook below can be used to summarize all the tools that you need for Business Model Improvement as well as Business Model Innovation. The playbook below features as well as integrates ideas from the following tools: OODA Loop; Golden Circle; DNA Multiscreen; Job-To-Be-Done; Value Proposition Canvas; Business Model Canvas; Lean Canvas. In short, the Business DNA Playbook can save you a ton of time and money by presenting a single platform for presenting and using any business tool.
Please note that the above abbreviations are symbols used by Alexander Osterwalder in his description of the 9 building blocks of a business model:
KP: Key Partnerships
KA: Key Activities
KR: Key Resources
VP: Value Propositions
CH: Channels
CR: Customer Relationships
CS: Customer Segments
C$: Cost Structure
R$: Revenue Streams
One can mix and match the above ideas to generate different tools for Lean Startup Innovation. So start exploring ...
http://goo.gl/R1N0uJ
WELCOME TO THE 2011
EDITION OF OUR COLLEGE’S
COMMUNICATOR MAGAZINE.
This magazine is written just for you,
the friends and alumni of the college. It’s
one way we share many of the college’s
accomplishments during the year. This
year, there are many points of pride.
The National Research Council issued
its evaluation of graduate programs naming
ours the best communication college
in the country. Of 83 communication
doctoral programs that participated we
were the only university that had two
programs in the top 10, both of which are
in this college.
Alumni Craig Murray and Linda Chapman
Stone received prestigious MSU Grand
Awards. Marcie and the late Ed Schalon
were honored for their philanthropy to the
university at the awards ceremony.
As of January, Diane Neal became our
Alumni Board president. Diane is a true
advocate for our college and a wonderful
leader of our board. Jef Richards began his
role as the new
chair of the Department
of Advertising,
Public
Relations,
and Retailing
also in January.
This past year, we conducted searches
for seven new faculty members. As fall approaches,
we will welcome these talented
scholars to our college. You can learn
more about them on page 21.
This fall, we launch our new integrated
media arts program in the Media
Sandbox. This program will be a boon to
creative students who want to start early
and learn fast about all of the multimedia
tools in high demand by employers today.
Read about it on page 20.
Our researchers are hard at work on
projects that seek to enrich and improve
our lives. Our faculty members submitted
116 grant proposals last year - more
than the number of faculty we have. This
summer, our graduate students received
more than $100,000 in funds to conduct
independent summer research, with expectations
to publish and present at conferences.
In addition, your support helps to
guide much of our activity and progress,
and we are thankful for all contributions.
This year, expendable funds were donated
by alumni allowing immediate internship
scholarship opportunities for 25-30
students – across the U.S. and the world.
We are working to build our pipeline of
alumni, corporations and foundations
who want to be more active and support
the college’s fi nancial future. There are
many ways to
make this happen,
and we
have a talented
Advancement
team who can
answer every question you might have.
This team includes our new alumni relations
professional Lauren Lepkowski (BA
‘11 Communication).
As we move forward with our goals,
we want you to be involved. We know we
can do it. We have a plan. We have a team.
We have proud alumni. We are Spartans.
SPARTANS WILL.
Vimos que a los alumnos de ESO les cuesta utilizar el Inglés y les falta motivación para el aprendizaje.
Desarrollamos una manera distinta de trabajar el "speaking" por medio de proyectos de audio y video, de una manera escalonada, de más fácil a más difícil.
Los alumnos realizan doblaje de escenas de cine, montajes con voz y fotos, grabación de anuncios de radio y videos: reportajes y pequeñas películas (cortos) lo que les resulta tremendamente motivador.
De paso, impulsamos el uso de las TIC (los alumnos de ESO usan mucho el ordenador, pero si no se lo exigimos, no van más allá del "tuenti y youtube") y el trabajo colaborativo.
Fomentamos también el trabajo por competencias
Consolidation– Intragroup Transactions
WORKSHOP
Corporate Reporting
La Trobe Business School
La Trobe Business School
Ch 26 & 27.
1
Topic intended learning outcomes
explain the need for making adjustments for intragroup transactions
prepare worksheet entries for intragroup sales of inventory
prepare worksheet entries for intragroup sales of property, plant and equipment
prepare worksheet entries for intragroup services
prepare worksheet entries for intragroup dividends
prepare worksheet entries for intragroup borrowings
La Trobe Business School
La Trobe Business School
Consolidated financial statements are statements of the group presented as a single economic entity.
These financial statements show only transactions with external parties.
Adjustments are required to eliminate the effects of intragroup transactions so that financial position and performance are not under or overstated in the consolidated statements.
The need for intragroup adjustments
La Trobe Business School
La Trobe Business School
LO1
3
Intragroup transactions - transactions that occur between entities in the group.
The purpose of consolidated financials is to provide information on the group as a result of its dealings with external parties.
AASB 10/IFRS 10 requires:
Intragroup balances, transactions, income and expenses to be eliminated in full.
Tax effect accounting to be applied where temporary differences arise due to the elimination of profits and losses.
The adjustment process
La Trobe Business School
La Trobe Business School
LO2
4
The broad effect of intragroup sales and purchases of inventory can be illustrated by reference to the diagram below:
Sells inventory for $10000 on 1 Jan 2013
Parent
Subsidiary
All inventory still held by the parent at 30 June 2013
Purchases inventory for $8000
Transfers of inventory
La Trobe Business School
La Trobe Business School
LO3
5
Sales of inventories in the current period:
current period accounts will be affected in the worksheet adjustment entries
from group perspective, no sale made to external parties
tax effect adjustment required.
Realisation of profits:
profit will only be recognised by the group when inventory has been sold to external parties.
Inventories
La Trobe Business School
La Trobe Business School
LO3
6
Sales of inventories in the prior period:
opening retained earnings contains profit relating to inventories on hand at beginning of period
the group would report sales to external parties and COS adjustments
zero effect on retained earnings (closing balance) so no consolidated adjustment to inventories in future periods required
tax effect of the adjustment is recorded.
Inventories
La Trobe Business School
La Trobe Business School
LO3
7
Realisation of profits for sales of inventories in the prior period:
group’s retained earnings (op bal) less than retained earnings of legal entities (unrealised profit in beginning inventories eliminated from prior period profits)
group’s current .
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
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Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
when will pi network coin be available on crypto exchange.
Complete financial reporting
1. CHAPTER 11: FINANCIAL REPORTING
PARAMOUNT CONSTUCTION SUPPLIES INC.
I. Overview of Financial Reporting
Information generated by accounting information systems are vital to the
assessment made by both internal and external users about the effectiveness and
efficiency of the company’s operations. Financial Reporting’s main goal is to provide
useful information to financial statement users so that proper decisions can be made. Data
presented should be comprehensive so that a good understanding of the entity's activities
is possible. Financial information should aid in the evaluation of the amounts, timing, and
uncertainties of cash flows. Also, financial reporting should furnish information about the
firm's economic resources, claims against those resources, owners' equity, and changes in
resources and claims. Hence, Financial Reporting in the Philippines is governed by
standards to ensure that these matters are made available in the Financial Statements.
Financial Reports does not mainly focus on financial matters regarding the
company. Nonfinancial information like financial ratios, financial highlights, financial
statement analysis, major product description, are also vital so that users of the financial
reports can have a proper assessment of the company’s operations.
Financial Statements are the means by which the information accumulated and
processed in the accounting system is communicated to users. The basic financial
statements of an enterprise include the 1) balance sheet (or statement of financial
position), 2) income statement, 3) cash flow statement, and 4) statement of changes in
owners' equity or stockholders' equity and 5) notes to financial statements. These
financial statements show all aspects of the operations of the business for the current
year, hence, it shows management’s stewardship in handling the company’s resources.
11-1
2. CHAPTER 11: FINANCIAL REPORTING
PARAMOUNT CONSTUCTION SUPPLIES INC.
II. Description of Financial Statements
Statement of Financial Position
The Statement of Financial Position is a financial statement that provides a
summary of a business's position at a given point in time, including its assets (economic
resources), its liabilities (financial debts or obligations), and its total or net worth. It is
used to evaluate the company’s liquidity, solvency, financial structure, and capacity for
adaptation.
Statement of Financial Performance
The Statement of Financial Performance presents the results of a company's
operations for a given reporting period. A company's net income for an accounting period
is measured as follows: Net income Revenues Expenses Gains Losses. It provides
information concerning return on investment, risk, financial flexibility, and operating
capabilities
Statement of Changes in Shareholders’ Equity
This statement explains the changes in a company's retained earnings over the
reporting period. They break down changes in the owners' interest in the organization,
and in the application of retained profit or surplus from one accounting period to the next.
Line items typically include profits or losses from operations, dividends paid, issue or
redemption of stock, and any other items charged or credited to retained earnings.
11-2
3. CHAPTER 11: FINANCIAL REPORTING
PARAMOUNT CONSTUCTION SUPPLIES INC.
Cash Flow Statement
A cash flow statement is a financial report that describes the source of a
company's cash and how it was spent over a specified time period. Because of the
varied accrual accounting methods companies may employ, it is possible for a company
to show profits while not having enough cash to sustain operations. A cash flow
statement neutralizes the impact of the accrual entries on the other financial statements. It
also categorizes the sources and uses of cash to provide the reader with an understanding
of the amount of cash a company generates and uses in its operations, as opposed to the
amount of cash provided by sources outside the company, such as borrowed funds or
funds from stockholders. The cash flow statement also tells the reader how much money
was spent for items that do not appear on the income statement, such as loan repayments,
long-term asset purchases, and payment of cash dividends.
Notes to Financial Statements
Notes to financial statements are additional notes and information added to the
end of financial statements to supplement the reader with more information. Notes to
financial statements help the computation of specific items in the financial statements as
well as provide a more comprehensive assessment of a company's financial condition.
Notes to financial statements can include information on debt, going concern,
accounts, contingent liabilities, or contextual information explaining the financial
numbers (e.g. to indicate a lawsuit).
11-3
4. CHAPTER 11: FINANCIAL REPORTING
PARAMOUNT CONSTUCTION SUPPLIES INC.
III. Proforma Financial Statements
PARAMOUNT CONSTUCTION SUPPLIES INC.
COMPARATIVE CONSOLIDATED STATEMENT OF FINANCIAL POSITION
FOR HOME OFFICE AND BRANCH
DECEMBER 31, 200A AND 200B
ASSETS NOTE 200A 200B
Current Assets
Cash and Cash Equivalents 3 XXX XXX
Trade and Other Receivables 4 XXX XXX
Inventories 5 XXX XXX
Prepaid Expenses 6 XXX XXX
Total Current Assets XXX XXX
Noncurrent Assets
Property, Plant and Equipment 7 XXX XXX
Other Noncurrent Assets 8 XXX XXX
Total Noncurrent Assets XXX XXX
TOTAL ASSETS XXX XXX
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Trade and Other Payables 9 XXX XXX
Accrued Expenses 10 XXX XXX
Loans Payable - Current Portion XXX XXX
Total Current Liabilities XXX XXX
Noncurrent Liabilities
Loans Payable - Noncurrent Portion XXX XXX
Deferred Tax Liability XXX XXX
Total Noncurrent Liabilities XXX XXX
TOTAL LIABILITIES XXX XXX
SHAREHOLDERS' EQUITY
Share Capital XXX XXX
Reserves 11 XXX XXX
Retained Earnings XXX XXX
TOTAL SHAREHOLDERS' EQUITY XXX XXX
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY XXX XXX
11-4
5. CHAPTER 11: FINANCIAL REPORTING
PARAMOUNT CONSTUCTION SUPPLIES INC.
PARAMOUNT CONSTUCTION SUPPLIES INC.
COMPARATIVE CONSOLIDATED STATEMENT OF FINANCIAL PERFORMANCE
FOR HOME OFFICE AND BRANCH
FOR THE YEARS ENDED DECEMBER 31, 200A AND 200B
NOTE 200A 200B
Sales XXX XXX
Cost of Goods Sold XXX XXX
Gross Profit XXX XXX
Other Income 12 XXX XXX
Total Income XXX XXX
Selling Expense 13 XXX XXX
Administrative Expenses 14 XXX XXX
Other Expenses 15 XXX XXX
Finance Cost 16 XXX XXX
Profit Before Tax XXX XXX
Income Tax XXX XXX
NET INCOME XXX XXX
11-5
6. CHAPTER 11: FINANCIAL REPORTING
PARAMOUNT CONSTUCTION SUPPLIES INC.
PARAMOUNT CONSTUCTION SUPPLIES INC.
COMPARATIVE CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR HOME OFFICE AND BRANCH
FOR THE YEARS ENDED DECEMBER 31, 200A AND 200B
Share Retained
Capital Reserves Earnings Total Equity
200A 200B 200A 200B 200A 200B 200A 200B
Beginning Balance XXX XXX XXX XXX XXX XXX XXX XXX
Correction of Fundamental Errors XXX XXX XXX XXX
Changes in Accounting Policy XXX XXX XXX XXX
Adjusted Balance XXX XXX XXX XXX XXX XXX XXX XXX
Issuance of Shares above par XXX XXX XXX XXX XXX XXX
Profit for the Period XXX XXX XXX XXX
Dividends (XXX) (XXX) (XXX) (XXX)
Appropriation for Contingencies XXX XXX (XXX) (XXX)
Ending Balance XXX XXX XXX XXX XXX XXX XXX XXX
11-6
7. CHAPTER 11: FINANCIAL REPORTING
PARAMOUNT CONSTUCTION SUPPLIES INC.
PARAMOUNT CONSTUCTION SUPPLIES INC.
COMPARATIVE CONSOLIDATED CASH FLOWS STATEMENT
FOR HOME OFFICE AND BRANCH
FOR THE YEARS ENDED DECEMBER 31, 200A AND 200B
200A 200B
Cash Flow from Operating Activities
Cash Collected from customers XXX XXX
Cash payment for:
Purchase of inventories XXX XXX
Operating expenses XXX XXX
Selling and administrative expenses XXX XXX
Income tax XXX (XXX) XXX (XXX)
Net cash provided by operating activities XXX XXX
Cash Flow from Investing Activities
Purchase of equipment (XXX) (XXX)
Disposal of equipment XXX XXX
Net cash used in investing activities XXX XXX
Cash Flow from Financing Activities
Net borrowings XXX XXX
Issuance of shares XXX XXX XXX XXX
Payment of cash dividends XXX XXX
Interest Expense XXX XXX
Payment of principal XXX (XXX) XXX (XXX)
Net cash provided by financing activities XXX XXX
Net change in cash during the period XXX XXX
Cash, Beginning XXX XXX
Cash, End XXX XXX
11-7
8. CHAPTER 11: FINANCIAL REPORTING
PARAMOUNT CONSTUCTION SUPPLIES INC.
PARAMOUNT CONSTUCTION SUPPLIES INC.
Notes to Financial Statements
Note 1 General Information
PACO Supplies Inc. is the name behind the many prominent hardware stores that
caters a wholesale, retail and consignment of hardware and construction supplies. The
company is engaged in the sales and distribution of construction materials in Bacolod, as
well as in its outlying cities, towns and municipalities of Negros Occidental and Oriental.
It offers a complete line of structural building materials, such as cement, steel bars, G.I.
sheets, plywood and other hardware items. The company employs internal controls which
are strictly implemented to safeguard assets and to ensure that processes in its operation
are properly executed so as to maintain an environment that upholds integrity. Moreover,
it aims to eventually generate profit without sacrificing any morals and business ethics
that should be preserved in every transaction that takes place.
Note 2- Summary of Significant Accounting Policies
The accounting policies employed by the company as shown in the Financial
Statement are as follows:
Measurement Basis -The historical cost is the measurement basis used by the
company on which the entire financial statements are prepared.
Method of Accounting -The company uses the Accrual method of accounting in
recognizing revenue and expenses. Under this method, income is recognized when earned
regardless of when received and expense is recognized when incurred regardless of which
paid.
11-8
9. CHAPTER 11: FINANCIAL REPORTING
PARAMOUNT CONSTUCTION SUPPLIES INC.
Method of Depreciation -The company uses the straight line method of
accounting for depreciation. This is based on the theory that periods benefited by the use
of the asset should bear an equal or equitable share of the cost of the asset because this
method considers depreciation as a function of time than usage. Cost model for
accounting of properties are observed by the company.
Accounting for Inventories- The company uses the Perpetual system of
accounting for inventory. Under this method, the Inventory Master File shows the
summary of inventory movement.
Use of Estimates - The estimates employed by the company in the preparation of
the Financial Statements are made in conformity with the Philippine Financial Reporting
Standards.
Note 3 – Cash and Cash Equivalents
Cash on Hand Php XXX
Cash in Bank (Checking) XXX
Cash in Bank (Payroll) XXX
Petty Cash Fund XXX
Cash Equivalents XXX
TOTAL Php XXX
Note 4 – Trade and Other Receivables
Accounts Receivables Php XXX
Allowance for Doubtful Accounts (XXX)
Net Realizable Value Php XXX
Notes Receivables XXX
Interest Receivables XXX
11-9
10. CHAPTER 11: FINANCIAL REPORTING
PARAMOUNT CONSTUCTION SUPPLIES INC.
Advances to Officers and Employees XXX
Advances to Suppliers XXX
TOTAL Php XXX
Note 5 – Inventories
Merchandise Inventory Php XXX
Consigned Goods XXX
TOTAL Php XXX
Note 6– Prepaid Expenses
Prepaid Taxes and Licenses Php XXX
Prepaid Insurance XXX
Office Supplies XXX
TOTAL Php XXX
Note 7 – Property, Plant and Equipment
Land Php XXX
Land Improvements XXX
Accumulated Depreciation (Land Improvements) XXX XXX
Building XXX
Accumulated Depreciation (Building) XXX XXX
Office Furniture and Fixtures XXX
Accumulated Depreciation (Office Furniture and Fixtures) XXX XXX
Store Furniture and Fixtures XXX
Accumulated Depreciation (Store Furniture and Fixtures) XXX XXX
Delivery Trucks XXX
Accumulated Depreciation (Delivery Trucks) XXX XXX
TOTAL Php XXX
11-10
11. CHAPTER 11: FINANCIAL REPORTING
PARAMOUNT CONSTUCTION SUPPLIES INC.
Note 8 – Other Noncurrent Assets
Long Term Advances to Suppliers Php XXX
Long Term Advance to Officers XXX
Deferred Tax Assets XXX
TOTAL Php XXX
Note 9 – Trade and Other Payables
Accounts Payable Php XXX
Notes Payable (Current) XXX
Income Tax Payable XXX
Withholding Tax Payable XXX
Dividends Payable XXX
SSS, Philhealth and Employee Compensation Contribution XXX
Undelivered Goods XXX
TOTAL Php XXX
Note 10 – Accrued Expenses
Accrued Salaries and Wages Php XXX
Accrued Interest XXX
Accrued Utilities XXX
TOTAL Php XXX
Note 11 – Reserves
Asset Revaluation Surplus Php XXX
Appropriated Retained Earnings XXX
TOTAL Php XXX
11-11
12. CHAPTER 11: FINANCIAL REPORTING
PARAMOUNT CONSTUCTION SUPPLIES INC.
Note 12 – Other Income
Other Income Php XXX
Cash Overage XXX
TOTAL Php XXX
Note 13 – Selling Expenses
Sales Salaries Expenses Php XXX
Depreciation Expense (Store Furniture and Fixtures) XXX
Insurance Expenses (Delivery Trucks) XXX
Depreciation Expense (Delivery Trucks) XXX
Miscellaneous Selling Expenses XXX
TOTAL Php XXX
Note 14 – Administrative Expenses
Office Salaries Expense Php XXX
Doubtful Accounts Expense XXX
Legal Fees XXX
Office Supplies Expense XXX
Utilities Expense XXX
Repairs and Maintenance XXX
Depreciation Expense (Land Improvements) XXX
Depreciation Expense (Building) XXX
Depreciation Expense (Office Furniture and Fixtures) XXX
Provision for Income Tax XXX
Charitable Contribution Expense XXX
TOTAL Php XXX
11-12
13. CHAPTER 11: FINANCIAL REPORTING
PARAMOUNT CONSTUCTION SUPPLIES INC.
Note 15 – Other Expenses
Other Expenses Php XXX
Cash Shortage XXX
TOTAL Php XXX
Note 16 – Finance Cost
Interest Expense Php XXX
Bank Charges XXX
TOTAL Php XXX
11-13