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WP2001 Oldiem & Associates: Client: Da'Lore Collections Audit For Years Ending: December 31, 2013 and 2012

The document summarizes the financial statements of Da'Lore Collections for years ending December 31, 2013 and 2012. It shows that Da'Lore Collections had total assets of $199,121.10 in 2013, a 53.03% increase from $130,116.80 in 2012. Revenue increased 86.44% to $1,871,490 in 2013 from $1,003,790 in 2012, with net income rising 72.35% to $382,191 in 2013 from $221,750 in 2012. Current assets grew 20% to $124,121.10 in 2013, with non-current assets increasing 177.78% to $75,000.

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124 views

WP2001 Oldiem & Associates: Client: Da'Lore Collections Audit For Years Ending: December 31, 2013 and 2012

The document summarizes the financial statements of Da'Lore Collections for years ending December 31, 2013 and 2012. It shows that Da'Lore Collections had total assets of $199,121.10 in 2013, a 53.03% increase from $130,116.80 in 2012. Revenue increased 86.44% to $1,871,490 in 2013 from $1,003,790 in 2012, with net income rising 72.35% to $382,191 in 2013 from $221,750 in 2012. Current assets grew 20% to $124,121.10 in 2013, with non-current assets increasing 177.78% to $75,000.

Uploaded by

Ken Cosa
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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OLDIEM & ASSOCIATES

WP2001

Client: DaLore Collections


Audit for years ending: December 31, 2013 and 2012
STATEMENT OF FINANCIAL POSITION
CURRENT
ASSETS

20x3

20x2

Increase
(Decrease)

Percent (%) of
Change

Cash

52,031.10

36,966.80

15,064.30

40.75

Accounts
Receivable

-----

1,650

(1,650)

100

Merchandise
Inventory

63,090

58,500

4,590

7.85

Prepaid Rent

8,000

5,000

3,000

60

Office Supplies

1,000

1,000

-----

-----

TOTAL CURRENT
ASSET

124,121.10

103,116.80

21,004.30

20

ANALYTICAL PROCEDURE
WORKING PAPER INDEX

O&A Bldg. E. Puyat Ave.,


Lipa City, Philippines 4217
(043) 455-6718

Remarks

OLDIEM & ASSOCIATES

WP2001

STATEMENT OF FINANCIAL POSITION


NON-CURRENT
ASSETS

20x3

20x2

Increase
(Decrease)

Percent (%)of
Change

Furniture and
Fixtures

90,000.00

54,000.00

36,000.00

66.67

Accumulated
Depreciation FF

(36,000.00)

(27,000.00)

9,000.00

33.33

Equipment

57,000.00

36,000.00

21,000.00

58.33

Accumulated
Depreciation EQ

(36,000.00)

(36,000.00)

-----

-----

TOTAL
NON-CURRENT
ASSETS

75,000.00

27,000.00

48,000.00

177.78

199,121.10

130,116.80

69,004.30

53.03

TOTAL ASSETS

O&A Bldg. E. Puyat Ave.,


Lipa City, Philippines 4217
(043) 455-6718

Remarks

OLDIEM & ASSOCIATES

WP2001

STATEMENT OF FINANCIAL POSITION


CURRENT
LIABILITIES

20x3

20x2

Increase
(Decrease)

Percent (%) of
Change

Taxes Payable

-----

4,586.70

(4,586.70)

100

Notes Payable

-----

-----

-----

-----

Interest Payable

-----

-----

-----

-----

Salaries Payable

-----

8,600.00

(8,600.00)

100

TOTAL CURRENT
LIABILITIES

-----

13,186.70

-----

100

O&A Bldg. E. Puyat Ave.,


Lipa City, Philippines 4217
(043) 455-6718

Remarks

OLDIEM & ASSOCIATES

WP2001

STATEMENT OF FINANCIAL POSITION

OWNER'S EQUITY

20x3

20x2

Increase
(Decrease)

Percent (%) of
Change

Da'Lore, Capital

116,930.10

135,180.00

18,250.00

13.5

Net Income

382,191.00

221,750.00

160,441.00

72.35

Da'Lore, Drawings

300,000.00

240,000.00

60,000.00

25

DA'LORE,
CAPITAL, END

199,121.10

116,930.00

82,191.1

70.29

TOTAL
LIABILITIES AND
OWNERS EQUITY

199,121.10

130,116.70

69004.4

53.03

O&A Bldg. E. Puyat Ave.,


Lipa City, Philippines 4217
(043) 455-6718

Remarks

OLDIEM & ASSOCIATES

WP2001
INCOME STATEMENT

20x3

20x2

Increase
(Decrease)

Percent (%) of
Change

Sales

1,871,490.00

1,003,790.00

867,700.00

86.44

Cost of sales

1,156,866.00

549,660.00

607,206.00

110.47

Gross Profit

714,624.00

454,130.00

260,494.00

57.36

Salaries Expense

134,800.00

88,800.00

46,000.00

51.80

Professional Fees

-----

12,000.00

(12,000.00)

100

Rent Expense

93,000.00

55,000.00

38,000.00

69.09

Taxes and Licenses

48,094.00

25,477.50

22,616.50

88.77

Utilities Expense

33,306.00

24,553.00

8,753.00

35.65

Depreciation
Expense

9,000.00

21,000.00

(12,000.00)

57.14

Advertising
Expense

5,750.00

2,490.00

3,260.00

130.92

Office and Supplies


Expense

4,948.00

1,371.00

3,577.00

260.90

O&A Bldg. E. Puyat Ave.,


Lipa City, Philippines 4217
(043) 455-6718

Remarks

OLDIEM & ASSOCIATES

WP2001

Miscellaneous
Expense

3,535.00

2,320.00

1215.00

52.37

Operating Income

382,191.00

221,118.50

161072.50

72.84

Interest Income

-----

631.6

(631.6)

100

Finance Cost

-----

-----

-----

-----

NET INCOME

382,191.00

221,750.10

160,440.90

72.35

Prepared by:

Darwin S. Chua, CPA


Associate

O&A Bldg. E. Puyat Ave.,


Lipa City, Philippines 4217
(043) 455-6718

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