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Reyeg, Jennilyn Eve B.

BSA 4-1

CEBU PACIFIC AIRWAYS CORPORATION


Statement of Financial Position
December 31, 2018

ASSETS
Current Assets:
Cash 1,573,250.00
Accounts Receivable - Trade 5,598,000.00
Allowance for Doubtful Accounts (181,860.00) 5,416,140.00
Notes Receivable 1,500,000.00
Interest Receivable 34,667.00
Inventories
Engines 6,500,000.00
Spare parts 7,293,300.00
Gas and oil 477,000.00 14,270,300.00
Prepayments 450,000.00
Total Current Assets 23,244,357.0

Non-current Assets:
Property, Plant, and Equipment
Aircrafts 28,150,000.00
Delivery equipment 2,425,000.00
Office furniture and
equipment 1,380,000.00
Tools and equipment 920,000.00
Leasehold
Improvements 780,000.00
Total 33,655,000.00
Accumulated
depreciation (5,909,400.00) 27,745,600.00
Other Assets 1,335,000.00
Total Non-current assets 29,080,600.0
TOTAL
ASSETS 52,324,957.0

LIABILITIES AND SHAREHOLDERS' EQUITY


Current Liabilities:
Accounts Payable 6,157,000.00
Accrued Expenses 330,540.00
Interest Payable 350,000.00
Income tax Payable 1,898,721.00
Dividends Payable 2,400,000.00
Other Liabilities 2,776,500.00
Current portion of long-term notes 300,000.00
Total Current Liabilities 14,212,761.0
Reyeg, Jennilyn Eve B.
BSA 4-1

Non-current Liabilities:
Notes payable-net of current portion 600,000.00
Discount on notes payable (200,000.00) 400,000.00
Bonds Payable 10,000,000.00
Discount on bonds payable (1,000,000.00) 9,100,000.00
Total Non-current
Liabilities 9,500,000.0

Shareholder's Equity:
Paid-up capital 24,000,000.00
Accumulated Surplus-free 3,599,886.00
Appropriated for contingencies 1,012,310.00
Total Shareholder's
Equity 28,712,196.0
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY 52,324,957.0