You are on page 1of 20

FINANCIAL

ASPECT

FINANCIAL ASPECT

132

A. Total Projected Cost

PROJECT COST
Initial investments in fixed assets, see Schedule 2
Preoperating costs, see Schedule 4
Working capital (initial cash requirement; separate schedule)
Total Project Cost

WORKING CAPITAL
Minimum cash balance to hold

791,445.00
279,100.00
500,000.00
1,570,545.00

500,000.00

B. Sources of Funds
The sources of funds came from the agreement of the partners to contribute to
their personal savings and a loan from the bank, Php 600,000.00. The amount
contributed by each partner is as follows:
Adornado, Melrinn Kaye

Php 137,500

Baylon, Jay Francis

Php 137,500

Geralde, Kezia

Php 137,500

Lara, Janel Anwil

Php 137,500

Maurin, Nino Jay

Php 137,500

Palmario, Bernadette

Php 137,500

Respicio, Ericka

Php 137,500

Tenorio, Jerick

Php 137,500

Capital Contribution
Loan

Php 1,100,000
Php 600,000
Php 1,700,000.00

FINANCIAL ASPECT

133

C. Projected Financial Statement


Statement of Cash Flow
BAMBLER
Statement of Cash Flow (Cash Flow Statement)
For the years 20XX -20XX
Year 1

Year 2

Year 3

Year 4

Year 5

OPERATING ACTIVITIES
Net Income
Add: depreciation and amortization, noncash charges to
income
Total

932,535.44
167,964.50

941,306.60
167,964.50

1,030,253.28
167,964.50

1,129,855.17
167,964.50

1,293,953.41
167,964.50

1,100,499.94

1,109,271.10

1,198,217.78

1,297,819.67

1,461,917.91

Decrease (Increase) in Current Assets


Accounts Receivable
Inventories
Prepaid Expenses
Other Current Assets

(110,140.03)
(43,121.62)
(103,323.37)
-

(2,202.80)
(1,034.75)
(2,719.91)
-

(4,538.65)
(1,064.34)
(2,874.48)
-

(5,914.20)
(2,062.74)
(3,041.24)
-

(7,465.98)
(1,738.91)
(3,221.36)
-

Increase (Decrease) in Current Liabilities


Trade and Other Payables
Loan Payable - current portion

648,767.93
85,714.29

1,856.04
(12,244.90)

37,891.74
(10,495.63)

45,576.58
(8,996.25)

72,817.20
(7,711.07)

FINANCIAL ASPECT

134

Net Cash Flows Provided by Operating Activities

1,578,397.14

1,092,924.79

1,217,136.41

1,323,381.82

1,514,597.79

INVESTING ACTIVITIES
Purchase of Property and Equipment
Decrease (Increase) in Other Non-Current Assets
Net Cash Flows Provided by Investing Activities

(791,445.00)
(279,100.00)
(1,070,545.00)

FINANCING ACTIVITIES
Capital Contribution
Partners' Drawing
Increase (decrease) Loan Payable - Non-current portion
Net Cash Flows Provided by Financing Activities

1,100,000.00
(373,014.18)
514,285.71
1,241,271.54

(376,522.64)
(73,469.39)
(449,992.03)

(412,101.31)
(62,973.76)
(475,075.07)

(451,942.07)
(53,977.51)
(505,919.58)

(517,581.36)
(46,266.44)
(563,847.80)

NET INCREASE (DECREASE) IN CASH


Add: Cash Balance, Beginning
CASH BALANCE, ENDING

1,749,123.67
1,749,123.67

642,932.76
1,749,123.67
2,392,056.43

742,061.34
2,392,056.43
3,134,117.78

817,462.24
3,134,117.78
3,951,580.02

950,749.99
3,951,580.02
4,902,330.01

FINANCIAL ASPECT

135

Statement of Financial Performance


BAMBLER
Statement of Financial Performance (Income Statement)
For the years 20XX -20XX
Note

Year 1

Year 2

Year 3

Year 4

Year 5

Sales Revenue
Less: Cost of Goods Sold
Gross Income

6
7

5,664,344.30
2,217,683.52
3,446,660.78

5,777,631.19
2,270,899.14
3,506,732.04

6,011,047.49
2,325,636.66
3,685,410.83

6,315,206.49
2,431,720.27
3,883,486.21

6,699,171.04
2,521,149.73
4,178,021.32

Less: Operating Expenses


Operating Income

2,066,467.30
1,380,193.48

2,120,865.46
1,385,866.58

2,178,355.13
1,507,055.70

2,239,179.99
1,644,306.22

2,303,607.24
1,874,414.08

Non-Operating
Net Income Before Tax
Income Tax (30%)
Net Income After Tax

48,000.00
1,332,193.48
399,658.05
932,535.44

41,142.86
1,344,723.72
403,417.12
941,306.60

35,265.31
1,471,790.39
441,537.12
1,030,253.28

30,227.41
1,614,078.82
484,223.65
1,129,855.17

25,909.20
1,848,504.87
554,551.46
1,293,953.41

*Minimum Corporate Income Tax


**Normal Corporate Income Tax
***Income Tax Payable

68,933.22
399,658.05
399,658.05

70,134.64
403,417.12
403,417.12

73,708.22
441,537.12
441,537.12

77,669.72
484,223.65
484,223.65

83,560.43
554,551.46
554,551.46

*2% of Gross Income


**30% of Net Income before Tax
** Whichever is higher between MCIT
and NCIT

FINANCIAL ASPECT

136

Statement of Financial Position


BAMBLER
Statement of Financial Position (Balance Sheet)
For the years 20XX -20XX
Notes
ASSETS
Current Assets
Cash
Accounts Receivable
Inventories
Prepaid Expenses
Other Current Assets
Total Current Assets
Non-Current Assets
Property and Equipment
Other Non-Current Assets
Total Non-Current Assets

2
3

TOTAL ASSETS

Year 1

Year 2

Year 3

Year 4

Year 5

1,749,123.67
110,140.03
43,121.62
103,323.37
2,005,708.69

2,392,056.43
112,342.83
44,156.37
106,043.27
2,654,598.91

3,134,117.78
116,881.48
45,220.71
108,917.76
3,405,137.72

3,951,580.02
122,795.68
47,283.45
111,959.00
4,233,618.15

4,902,330.01
130,261.66
49,022.36
115,180.36
5,196,794.39

679,300.50
223,280.00
902,580.50

567,156.00
167,460.00
734,616.00

455,011.50
111,640.00
566,651.50

342,867.00
55,820.00
398,687.00

230,722.50
230,722.50

2,908,289.19

3,389,214.91

3,971,789.22

4,632,305.15

5,427,516.89

LIABILITIES AND EQUITY


Current Liabilities

FINANCIAL ASPECT

137

4
5

648,767.93
85,714.29
734,482.21

650,623.97
73,469.39
724,093.36

688,515.71
62,973.76
751,489.47

734,092.29
53,977.51
788,069.80

806,909.49
46,266.44
853,175.93

514,285.71
514,285.71

440,816.33
440,816.33

377,842.57
377,842.57

323,865.06
323,865.06

277,598.62
277,598.62

TOTAL LIABILITIES

1,248,767.93

1,164,909.68

1,129,332.03

1,111,934.86

1,130,774.55

Partners' Equity Beginning Balance


Net income for the year
Less: Withdrawal
Partners' Equity Ending Balance

1,100,000.00
932,535.44
373,014.18
1,659,521.26

1,659,521.26
941,306.60
376,522.64
2,224,305.23

2,224,305.23
1,030,253.28
412,101.31
2,842,457.19

2,842,457.19
1,129,855.17
451,942.07
3,520,370.29

3,520,370.29
1,293,953.41
517,581.36
4,296,742.34

TOTAL LIABILITIES AND EQUITY

2,908,289.19

3,389,214.91

3,971,789.22

4,632,305.15

5,427,516.89

Trade and Other Payables


Loan Payable - current portion
Total Current Liabilities
Non-Current Liabilities
Loan Payable -non-current portion
Total Non-Current Liabilities

FINANCIAL ASPECT

138

Notes to Financial Statements

NOTES TO FINANCIAL STATEMENTS


Note 1
INVENTORIES
Raw Materials Inventory
Work-in-Process Inventory
Finished Goods Inventory
TOTAL INVENTORY BALANCES
Note 2
PROPERTY PLANT AND EQUIPMENT
Machinery, Equipment and Tools
Furniture and Fixtures
Office Equipment
Others
Total
Less: Accumulated Depreciation
TOTAL PROPERTY, PLANT AND
EQUIPMENT BALANCES
Note 3
OTHER NON-CURRENT ASSETS
Pre-Operating Investment

FINANCIAL ASPECT

Year 1

Year 2

Year 3

Year 4

Year 5

18,480.70
6,160.23
18,480.70
43,121.62

18,924.16
6,308.05
18,924.16
44,156.37

19,380.31
6,460.10
19,380.31
45,220.71

20,264.34
6,754.78
20,264.34
47,283.45

21,009.58
7,003.19
21,009.58
49,022.36

Year 1

Year 2

Year 3

Year 4

Year 5

180,000.00
70,845.00
140,600.00
400,000.00
791,445.00
112,144.50

180,000.00
70,845.00
140,600.00
400,000.00
791,445.00
224,289.00

180,000.00
70,845.00
140,600.00
400,000.00
791,445.00
336,433.50

180,000.00
70,845.00
140,600.00
400,000.00
791,445.00
448,578.00

180,000.00
70,845.00
140,600.00
400,000.00
791,445.00
560,722.50

679,300.50

567,156.00

455,011.50

342,867.00

230,722.50

Year 1

Year 2

Year 3

Year 4

Year 5

279,100.00

279,100.00

279,100.00

279,100.00

279,100.00

139

Total
Less: Amortization
TOTAL OTHER NON-CURRENT ASSETS
BALANCES
Note 4
TRADE AND OTHER PAYABLES
Accounts Payable
SSS Payable
PHILHEALTH Payable
HDMF Payable
Withholding Tax Payable
Income Tax Payable
Interest Payable
Accrued Expenses
TOTAL TRADE AND OTHER PAYABLES
BALANCES
Note 5
LOAN PAYABLE
Loan Payable Balance
Less: Payable a year after reporting period - current
portion
Loan Payable -Non-current Portion
Note 6

FINANCIAL ASPECT

279,100.00
55,820.00

279,100.00
111,640.00

279,100.00
167,460.00

279,100.00
223,280.00

279,100.00
279,100.00

223,280.00

167,460.00

111,640.00

55,820.00

Year 1

Year 2

Year 3

Year 4

Year 5

43,121.62
8,505.00
2,025.00
1,800.00
399,658.05
48,000.00
145,658.26

44,156.37
8,760.15
2,085.75
1,854.00
403,417.12
41142.85714
149,207.72

45,220.71
9,022.95
2,148.32
1,909.62
441,537.12
35,265.31
153,411.67

47,283.45
9,293.64
2,212.77
1,966.91
484,223.65
30,227.41
158,884.47

49,022.36
9,572.45
2,279.16
2,025.92
554,551.46
25,909.20
163,548.94

648,767.93

650,623.97

688,515.71

734,092.29

806,909.49

Year 1

Year 2

Year 3

Year 4

Year 5

600,000.00

514,285.71

440,816.33

377,842.57

323,865.06

85714.28571

73469.38776

62973.76093

53977.50937

46266.4366

514,285.71

440,816.33

377,842.57

323,865.06

277,598.62

Year 1

Year 2

Year 3

Year 4

Year 5

140

SALES
Projected Sales
TOTAL BALANCE
Note 7
COST OF GOODS MANUFACTURED AND SOLD
Direct materials
Direct labor
Manufacturing overhead
Total manufacturing cost
Add: Work in process, beginning
Less: Work in process, end
Cost of goods manufactured
Add: Finished goods, beginning
Less: Finished goods, end
TOTAL COST OF GOODS SOLD

FINANCIAL ASPECT

5,664,344.30
5,664,344.30

5,777,631.19
5,777,631.19

6,011,047.49
6,011,047.49

6,315,206.49
6,315,206.49

6,699,171.04
6,699,171.04

Year 1

Year 2

Year 3

Year 4

Year 5

1,395,626.56
402,624.00
444,073.89
2,242,324.44
6,160.23
2,236,164.21
18,480.70
2,217,683.52

1,408,202.53
406,252.04
457,036.94
2,271,491.51
6,160.23
6,308.32
2,271,343.42
18,480.70
18,924.97
2,270,899.14

1,436,366.58
414,377.08
475,501.23
2,326,244.90
6,308.32
6,460.38
2,326,092.84
18,924.97
19,381.15
2,325,636.66

1,494,395.79
443,797.85
494,711.48
2,432,905.13
6,460.38
6,756.60
2,432,608.92
19,381.15
20,269.79
2,431,720.27

1,554,769.38
452,673.81
514,697.83
2,522,141.02
6,756.60
7,004.42
2,521,893.20
20,269.79
21,013.26
2,521,149.73

141

D. Indices
Liquidity Ratio

Liquidity Ratios
Current ratio (a)
Acid test ratio (b)
Average collection period (days)
Accounts receivable turnover (times)
Inventory turnover (times)
Raw materials
Work in process
Finished goods

Year 1

Year 2

Year 3

Year 4

Year 5

2.73
2.53
7
51.43

3.67
3.46
7
51.43

4.53
4.33
7
51.43

5.37
5.17
7
51.43

6.09
5.90
7
51.43

3.00
1.00
3.00

3.00
1.00
3.00

3.00
1.00
3.00

3.00
1.00
3.00

3.00
1.00
3.00

Note:
(a) Peso of current asset for every peso of current liability
(b) Peso of quick assets for every peso of current liability

Solvency Ratio

Solvency Ratios

Year 1

Year 2

Year 3

Year 4

Year 5

Percentage of equity to total debt plus equity

57%

66%

72%

76%

79%

Percentage of debt to total debt plus equity

43%

34%

28%

24%

21%

Year 1

Year 2

Year 3

Year 4

Year 5

Return on Investment

47%

66%

61%

57%

56%

Return on sales or gross income

24%

23%

24%

26%

28%

Return on equity (debt plus equity)

80%

104%

87%

76%

71%

Return Ratio

Return Ratios

FINANCIAL ASPECT

142

Return on assets

46%

64%

60%

56%

55%

Asset turnover

1.95

2.75

2.45

2.20

2.00

Payback Period

Payback Period

Cash Flow

Year 1
Year 2
Year 3
Year 4

1,100,499.94
1,109,271.10
1,198,217.78
1,297,819.67

Year 5

1,461,917.91

Net
Investment

Payback
Period (yrs)

1,700,000.00
599,500.06

1.00
0.54

1.54

Contribution Margin
Contribution Margin

Year 1

Year 2

Year 3

Year 4

Year 5

Unit selling price

340.61

340.61

347.42

357.84

372.16

Unit variable cost

133.35

133.88

134.42

137.83

140.08

Contribution margin per unit

207.26

206.73

213.00

220.02

232.08

Contribution margin ratio

60.85%

60.69%

61.31%

61.48%

62.36%

Contribution margin per unit

Break Even Point

Year 1

Year 2

Year 3

Year 4

Year 5

Units

9971

10259

10227

10177

9926

Peso value

3,396,093

3,494,399

3,553,079

3,641,900

3,694,067

Breakeven Sales

FINANCIAL ASPECT

143

Growth Rates
Growth Rates
Gross revenue

NA

2%

4%

5%

6%

Net income

NA

1%

9%

10%

15%

Total assets

NA

17%

17%

17%

17%

E. List of Assumptions Used

Balance Sheet Items Assumptions

BALANCE SHEET ITEMS ASSUMPTIONS


Accounts receivable
Number of days sales
Inventories
Number of days supply of direct materials
Number of days in work in process, average production
time
Number of days to keep finished goods
Prepaid items
Percentage to total costs and expenses
Accounts payable
Number of days credit
Other Payables
Growth rate increase per year
Accrued expenses
Percentage to total costs and expenses
Interest Payable
Percentage to Beginning Balance of Loan
Payable
Number of Years

Data

Income tax rate


Withdrawal
Percentage to Net Income after tax

30%

FINANCIAL ASPECT

7
3
1
3
5%
7
3%
5%
8%
7

40%

144

Income Statement Items Assumptions

INCOME STATEMENT ITEMS ASSUMPTIONS


Projected Sales Growth Rates

Quantity

Year 2
Year 3
Year 4
Year 5

2%
2%
2%
2%

Projected Growth Rates per Unit


Direct Materials
Direct Labor
Manufacturing Overhead

Year 2
0%
0%
2%

Projected Operating Expense Growth


Depreciation and Amortization Expense
Fringe Benefit Expense
HDMF Expense
Marketing Expense
Miscellaneous Expense
PHILHEALTH Expense
Rent Expense
Salaries and Wages
SSS Expense
Supplies Expense
Gas and Oil Expense
Interest Income

FINANCIAL ASPECT

Selling
Price
0%
2%
3%
4%

Growth Rates
Year 3
Year 4
0%
2%
0%
5%
2%
2%

Year 5
2%
0%
2%

Growth
Rates

0%
3%
0%
15%
5%
3%
0%
3%
3%
5%
10%
0%
0%
0%

145

F. Schedules

Schedule 1: Projected Sales

Sales Data
340.61

Initial price per unit:


Projected Sales Revenue

Year 1

Quantity
16,630

Average
Selling
Price
340.61

Total
5,664,344.30

Projected Growth Rates


Quantity
Year 2
Year 3
Year 4
Year 5
Projected Revenue

2%
2%
2%
2%
Quantity

Year 2
Year 3
Year 4
Year 5

16,963
17,302
17,648
18,001

Selling
Price
0%
2%
3%
4%
Selling
Price
340.61
347.42
357.84
372.16

Total
5,777,631.19
6,011,047.49
6,315,206.49
6,699,171.04

Note: For break-even analysis, average selling price is equal to unit selling price.

FINANCIAL ASPECT

146

Schedule 2: Depreciation Schedule

Description
PROPERTY, PLANT AND
EQUIPMENT
Machinery Tools and
Equipment
Items (See Attached
Document)
Total Machinery, Tools and
Equipment

Amount

Estimated
Life
(Years)

Year 1

Year 2

Year 3

Year 4

Year 5

180,000.00

36,000.00

36,000.00

36,000.00

36,000.00

36,000.00

36,000.00

36,000.00

36,000.00

36,000.00

36,000.00

7,084.50

7,084.50

7,084.50

7,084.50

7,084.50

7,084.50

7,084.50

7,084.50

7,084.50

7,084.50

14,060.00

14,060.00

14,060.00

14,060.00

14,060.00

14,060.00

14,060.00

14,060.00

14,060.00

14,060.00

25,000.00
30,000.00
55,000.00

25,000.00
30,000.00
55,000.00

25,000.00
30,000.00
55,000.00

25,000.00
30,000.00
55,000.00

25,000.00
30,000.00
55,000.00

180,000.00

Furniture and Fixtures


Items (See Attached
Document)
Total furnitures and fixtures

70,845.00

Office Equipment
Items (See Attached
Document)
Total office equipment

140,600.00

Others
Truck
Leasehold Improvement
Total Others
TOTAL at END of YEAR 1
Total Annual Depreciation
Expense
Pre-operating costs (separate
schedule)
Total Depreciation and
Amortization

FINANCIAL ASPECT

10

70,845.00

10

140,600.00

250,000.00
150,000.00
400,000.00

10
5

Annual Depreciation Expense

791,445.00
112,144.50 112,144.50 112,144.50 112,144.50 112,144.50

279,100.00

55,820.00

55,820.00

55,820.00

55,820.00

55,820.00

167,964.50 167,964.50 167,964.50 167,964.50 167,964.50

147

Schedule 3: Projected Cost of Goods Sold

NOTE 7
COST OF GOODS MANUFACTURED AND
SOLD
Direct materials
Direct labor
Manufacturing overhead
Total manufacturing cost
Add: Work in process, beginning
Less: Work in process, end
Cost of goods manufactured
Add: Finished goods, beginning
Less: Finished goods, end
TOTAL COST OF GOODS SOLD

Year 1

Year 2

Year 3

Year 4

Year 5

1,395,626.56
402,624.00
444,073.89
2,242,324.44
6,160.23
2,236,164.21
18,480.70
2,217,683.52

1,408,202.53
406,252.04
457,036.94
2,271,491.51
6,160.23
6,308.32
2,271,343.42
18,480.70
18,924.97
2,270,899.14

1,436,366.58
414,377.08
475,501.23
2,326,244.90
6,308.32
6,460.38
2,326,092.84
18,924.97
19,381.15
2,325,636.66

1,494,395.79
443,797.85
494,711.48
2,432,905.13
6,460.38
6,756.60
2,432,608.92
19,381.15
20,269.79
2,431,720.27

1,554,769.38
452,673.81
514,697.83
2,522,141.02
6,756.60
7,004.42
2,521,893.20
20,269.79
21,013.26
2,521,149.73

Schedule 4: Projected Pre Operating Expenses


PRE-OPERATING EXPENSES
Estimated expenses from organization to start up
Registration, taxes and licenses
Professional fees
Expenses from organization to start up
Salaries and wages
Utilities
Supplies/Inventories
Transportation and travel
Marketing/Advertising
Employee's Training
Charges
Others
Total Preoperating Expenses

FINANCIAL ASPECT

15,000.00
30,000.00
100,000.00
60,000.00
40,000.00
20,000.00
9,100.00
5,000.00

279,100.00

148

Schedule 5: Projected Operating Expense

Note 8

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

Expense Item

Note*

OPERATING EXPENSES
Depreciation and Amortization Expense
Fringe Benefit Expense
HDMF Expense
Marketing Expense
Miscellaneous Expense
PHILHEALTH Expense
Rent Expense
Salaries and Wages
SSS Expense
Supplies Expense
Gas and Oil Expense
Utilities Expense

TOTAL OPERATING EXPENSES

FINANCIAL ASPECT

Estimated
First Year
Expense

Estimated
Annual
Growth

Year 1

Year 2

Year 3

Year 4

Year 5

131,964.50
95,530.00
10,800.00
9,100.00
10,000.00
12,150.00
600,000.00
898,464.00
68,704.80
53,754.00
104,000.00
72,000.00

0%
3%
0%
15%
5%
3%
0%
3%
3%
5%
10%
10%
0%
0%
0%

131,964.50
95,530.00
10,800.00
9,100.00
10,000.00
12,150.00
600,000.00
898,464.00
68,704.80
53,754.00
104,000.00
72,000.00
-

131,964.50
98,395.90
10,800.00
10,465.00
10,500.00
12,514.50
600,000.00
925,417.92
70,765.94
56,441.70
114,400.00
79,200.00
-

131,964.50
101,347.78
10,800.00
12,034.75
11,025.00
12,889.94
600,000.00
953,180.46
72,888.92
59,263.79
125,840.00
87,120.00
-

131,964.50
104,388.21
10,800.00
13,839.96
11,576.25
13,276.63
600,000.00
981,775.87
75,075.59
62,226.97
138,424.00
95,832.00
-

131,964.50
107,519.86
10,800.00
15,915.96
12,155.06
13,674.93
600,000.00
1,011,229.15
77,327.86
65,338.32
152,266.40
105,415.20
-

2,066,467.30

2,120,865.46

2,178,355.13

2,239,179.99

2,303,607.24

2,066,467.30

149

G. Payroll

EMPLOYEES' PAYROLL
Administration
Administrative Assistant
Janitor
Security officer
Consultant - Accountant
Total Administrative Salaries &
Wages
Selling
Sales Representative 1
Sales Representative 2
Driver
Delivery Crew
Total Selling Salaries & Wages

SSS

PhilHealth

HDMF
EE

Withholding
Tax

Net
Salary

13th
Month
Pay

Other
Bonuses

100
-

8,762.30
12,000.00
10,000.00
10,000.00

9,320.00
-

2,330.00
-

100.00 100.00

40,762.30

9,320.00

2,330.00

MONTHLY
SALARY

ER/EC

EE

ER

EE

ER

9,320.00
12,000.00
10,000.00
10,000.00

709.80
-

345.20
-

112.50
-

112.50
-

100
-

41,320.00

709.80

345.20

112.50

112.50

11,184.00
11,184.00
5,592.00
5,592.00
33,552.00

820.30
399.70
820.30
399.70
415.20
199.80
415.20
199.80
2,471.00 1,199.00

137.50
137.50
100
100
475.00

137.50
137.50
100
100
475.00

100
100
100
100
100
100
100
100
400.00 400.00

10,546.80
10,546.80
5,192.20
5,192.20
31,478.00

11,184.00
11,184.00
5,592.00
5,592.00
33,552.00

2,796.00
2,796.00
1,398.00
1,398.00
8,388.00

Production
Supervisor
Assembler 1
Assembler 2
Graphic Artist
Total Production Salaries & Wages

9,320.00
7,456.00
7,456.00
9,320.00
33,552.00

709.80
345.20
562.50
272.50
562.50
272.50
709.80
345.20
2,544.60 1,235.40

112.50
100
100
112.50
425.00

112.50
100
100
112.50
425.00

100
100
100
100
100
100
100
100
400.00 400.00

8,762.30
6,983.50
6,983.50
8,762.30
31,491.60

9,320.00
7,456.00
7,456.00
9,320.00
33,552.00

2,330.00
1,864.00
1,864.00
2,330.00
8,388.00

TOTAL

108,424.00

5,725.40 2,779.60 1,012.50 1,012.50 900.00 900.00

103,731.90

76,424.00

19,106.00

FINANCIAL ASPECT

150

FINANCIAL ASPECT

151