ENRICO T.

DE VERA

Notes to Financial Statements

Note 1 - General Information

ENRICO T. DE VERA, was registered with Department of Trade and Industry under the name of
_______________. Its registered address was in _______________________________

The Financial Statements for the year ended December 31, 2019 were reviewed by the owner and
were authorized for issuance on ____________________________.

Note 2 - Siginificant Accounting Policies

Basis of Preparation
The financial statements have been prepared in accordance with the prescribed financial
accounting framework or the generally accepted accounting principles adopted in the Philippines.
The financial statemens have been prepared under the "historical cost convention" and presented in
Philippine currency, the functional and presentation currency.

Revenue Recognition
Revenues are recognized to the extent that is probable that economic benefits
will flow into the entity and the revenues can be realiably measured. Revenues are
recognized when earned.

Cost and Expense Recognition

Costs and expenses are recognized to the extent that is probable that economic obligation will be
incurred by the entity and the costs and expenses can be realiably measured. Cost and expenses are
recognized when incurred.

Cash and Cash Equivalents

Cash includes cash on hand and cash in banks. Cash equivalents are short term highly liquid
investments that are readily convertible to known amount of cash with original maturities of three months or
less and that are subject to an insignificant change of risk in value.

Accounts Receivable
Receivables are recognized initially at original invoice amount and carried at amortized cost using
effective interest method the allowance for credit losses. A provision for credit loss is made when collection
of the full amount is no longer probable.

Inventories
Inventories are stated at lower of cost or net realizable value. Net realizable
value is the estimated selling price less cost to complete and sell. Cost is determined using
the first-in,
Property, first-out
Plant method. At each reporting date, inventories are assessed for
and Equipment
impairment. If inventory is impaired, the carrying amount reduced to its selling price less
Property, Plant and Equipment are stated at cost less accumulated depreciation,
costs to complete and sell, then the impairment loss is recognized immediately in the
amortization and any impairment value.
income statement.
 Property, Plant and Equipment are stated at cost less accumulated depreciation,
amortization and any impairment value.
The initial cost of property, plant, and equipment consists of its purchase price, including import
duties, taxes and any attributable costs of bringing the asset to its working condiiton and location for intended
use. Expenditures incurred after the fixed assets have been put into operation , such as repairs and
maintenance are normally charged to income in the period which the cost is incurred. when assets are sold or
retired, their costs and accumulated depreciation, amortization, impairment losses if any , are eliminated from
the accounts and any gain or losses resultng from their disposal is included in the financia; statements of
income in such period.
Depreciation and amortization are calculated on a straight line basis over the estimated lives of the
assets which ranges from 5 to 10 years.

Accounts Payable
Payables are measured initially at transaction cost and are stated at their
amortized cost.

Subsequent Events
Post year-end events that provide additional information about the company's position at the
balance sheet date(adjusting events) are reflected in the financial statements. Post year-end events that are not
adjusting events are disclosed in the notes to financial statements when material. There were no subsequent
events after the reporting date that require adjusments.
Note 3 - Cash and Cash Equivalents

2019 2018
Cash on Hand -
Cash in Bank - -
Total Cash and Cash Equivalents - -

Note 4 - Revenue

2019 2018
Sales - -
Other Income -
Rental Income - -

Note 5 - Direct Cost

2019 2018
Depreciation - 0
Materials and Supplies - 0.00
Other Direct Cost - 0.00
Total Cost of Sales - -

Note 6 - Operating Expenses

 2019 2018
Salaries and Wages
Licenses/Permit Fees
SSS/PHIC/Pagibig Prem. Expense
Light, Water & Communication
Gas, Fuel & Oil
Repairs and Maintenance
Representation
Miscellaneous
Commission
Office Supplies
Total Operating Expenses - -

Note 6 - Income Tax Payable

Gross Revenue - -
Cost of Service - -
Gross Income - -
Deductions - -
Taxable Income - -
Tax Due - -
Tax Credit
Prior year Excess Credit - -
Quarterly Payment - -
Creditable Tax Withheld - -
- -

- -
0