You are on page 1of 114

Particulars Scenario 1 Scenario 2 Scenario 3

Decreae Increase Decrease Increase


Sales 5.00% 5.00%
Direct Materials 2.50% 2.50%
Diect Labor 7.00% 7.00%
Office Supplies 2.50% 2.50%
Cleaning Supplies 2.50% 2.50%
Rent Expense 2.50% 2.50%
Utilities Expense 2.70% 2.70%
Repairs & Maintenance Expense 3.60% 3.60%

SCENARIO 1
Space Furniture
Projected Statement of Comprehensive Income
For the Year Ended December 31 20A

Projected Sales 3,302,789.21 3,427,372.09 3,472,510.95


Less: Cost of Goods Sold 2,159,087.60 2,240,381.10 2,269,829.55
Gross Profit 1,143,701.61 1,186,991.00 1,202,681.40
Less: Selling and Administrative Expense 812,831.51 809,558.98 815,335.39
Operating Income 330,870.10 377,432.01 387,346.01
Add: Other Income 500.00 510.00 520.20
Income before Tax 331,370.10 377,942.01 387,866.21
Less: Income Tax 84,209.07 99,046.24 102,334.40
Net Income 247,161.02 278,895.77 285,531.81

Space Furniture
Statementof Cash F
For the Year Ended Decem

2017
Cash Flow for Operating Activities
Net Income 247,161.02
Add: Depreciation 8,095.00
(Increase) Decrease
Finish Goods Inventory, end (61,688.22)
Prepaid Supplies (5,037.30)
Accrued Withholding Tax Payable 4,455.23
Accrued SSS Payable 7,700.00
Accrued PhilHealth Payable 1,700.00
Accrued Pag-Ibig Payable 2,810.88
Accrued Income Tax Payable 4,049.82
Vat Payable 176,767.14
Accrued Utilities Payable 4,199.00
Net Cash Provided (used) by operating activity 390,212.58
Cash Flow from Investing Activities
Acquisition of Product Equipment (2,100.00)
Acquisition of Product Furniture and Fixture (3,495.00)
Acquisition of Office Equipment (22,100.00)
Acquisition of Office Furniture and Fixture (7,894.00)
Leasehold Improvement (7,000.00)
Net Cash Provided (used) by investing activity (42,589.00)
Cash flow from Financing Activity
Owner's Investment 449,989.58
Withdrawal (50,000.00)
Net Cash Provided (used) by financing activity 399,989.58
Net Increase (Decrease) in Cash 747,613.16
Add: Cash Beginning Balance
Cash, Ending Balance 747,613.16

Space Furniture
Statement of Financial Position
For the Year Ended December 31 20A

2,017.00
ASSETS
Current Assets
Cash 747,613.16
Inventory 61,688.22
Prepaid Supplies 5,037.30
Total Current Assets 814,338.67
Non-Current Assets
Production Equipment, net 1,680.00
Production Furniture and Fixture, net 2,864.57
Office Equipment, net 17,680.00
Office Furniture and Fixture, net 6,669.43
Leasehold Improvement, net 5,600.00
Total Non-Current Assets 34,494.00
Total Assets 848,832.67
LIABILITIES AND OWNER's EQUITY
Liabilities
Accrued Withholding Tax Payable 4,455.23
Accrued SSS Payable 7,700.00
Accrued PhilHealth Payable 1,700.00
Accrued Pag-Ibig Payable 2,810.88
Accrued Income Tax Payable 4,049.82
Vat Payable 176,767.14
Accrued Utilities Payable 4,199.00
Total Liabilities 201,682.07
Owner's Equity
Owner's Equity, Beg. 449,989.58
Net Income 247,161.02
Withdrawals (50,000.00)
Total Owner's Equity 647,150.60
Total Liabilities and Owner's Equity 848,832.67

SCENARIO 2
Space Furniture
Projected Statement of Comprehensive Income
For the Year Ended December 31 20A

Projected Sales 3,476,620.22 3,607,760.10 3,655,274.68


Less: Cost of Goods Sold 2,218,893.56 2,300,785.12 2,330,837.61
Gross Profit 1,257,726.66 1,306,974.98 1,324,437.07
Less: Selling and Administrative Expense 812,957.44 809,698.77 815,477.83
Operating Income 444,769.22 497,276.21 508,959.24
Add: Other Income 500.00 510.00 520.20
Income before Tax 445,269.22 497,786.21 509,479.44
Less: Income Tax 84,209.07 99,046.24 102,334.40
Net Income 361,060.14 596,832.46 611,813.84

Space Furniture
Statementof Cash Flows
For the Year Ended December 31 20A

2017
Cash Flow for Operating Activities
Net Income 361,060.14
Add: Depreciation 8,095.00
(Increase) Decrease
Finish Goods Inventory, end (61,688.22)
Prepaid Supplies (5,037.30)
Accrued Withholding Tax Payable 4,455.23
Accrued SSS Payable 7,700.00
Accrued PhilHealth Payable 1,700.00
Accrued Pag-Ibig Payable 2,810.88
Accrued Income Tax Payable 7,654.43
Vat Payable 199,022.77
Accrued Utilities Payable 4,199.00
Net Cash Provided (used) by operating activity 529,971.93
Cash Flow from Investing Activities
Acquisition of Product Equipment (2,100.00)
Acquisition of Product Furniture and Fixture (3,495.00)
Acquisition of Office Equipment (22,100.00)
Acquisition of Office Furniture and Fixture (7,894.00)
Leasehold Improvement (7,000.00)
Net Cash Provided (used) by investing activity (42,589.00)
Cash flow from Financing Activity
Owner's Investment 449,989.58
Withdrawal (50,000.00)
Net Cash Provided (used) by financing activity 399,989.58
Net Increase (Decrease) in Cash 887,372.51
Add: Cash Beginning Balance
Cash, Ending Balance 887,372.51

Space Furniture
Statement of Financial Position
For the Year Ended December 31 20A

2017
ASSETS
Current Assets
Cash 887,372.51
Inventory 61,688.22
Prepaid Supplies 5,037.30
Total Current Assets 954,098.03
Non-Current Assets
Production Equipment, net 1,680.00
Production Furniture and Fixture, net 2,864.57
Office Equipment, net 17,680.00
Office Furniture and Fixture, net 6,669.43
Leasehold Improvement, net 5,600.00
Total Non-Current Assets 34,494.00
Total Assets 988,592.03
LIABILITIES AND OWNER's EQUITY
Liabilities
Accrued Withholding Tax Payable 4,455.23
Accrued SSS Payable 7,700.00
Accrued PhilHealth Payable 1,700.00
Accrued Pag-Ibig Payable 2,810.88
Accrued Income Tax Payable 7,654.43
Vat Payable 199,022.77
Accrued Utilities Payable 4,199.00
Total Liabilities 227,542.31
Owner's Equity
Owner's Equity, Beg. 449,989.58
Net Income 361,060.14
Withdrawals (50,000.00)
Total Owner's Equity 761,049.72
Total Liabilities and Owner's Equity 988,592.03

SCENARIO 3
Space Furniture
Projected Statement of Comprehensive Income
For the Year Ended December 31 20A

Projected Sales 3,650,451.23 3,788,148.10 3,838,038.42


Less: Cost of Goods Sold 2,218,893.56 2,300,785.12 2,330,837.61
Gross Profit 1,431,557.67 1,487,362.99 1,507,200.81
Less: Selling and Administrative Expense 812,957.44 809,698.77 815,477.83
Operating Income 618,600.23 677,664.22 691,722.97
Add: Other Income 500.00 510.00 520.20
Income before Tax 619,100.23 678,174.22 692,243.17
Less: Income Tax 84,209.07 99,046.24 102,334.40
Net Income 534,891.15 579,127.97 589,908.78

Space Furniture
Statementof Cash Flows
For the Year Ended December 31 20A

2017
Cash Flow for Operating Activities
Net Income 534,891.15
Add: Depreciation 8,095.00
(Increase) Decrease
Finish Goods Inventory, end (61,688.22)
Prepaid Supplies (5,037.30)
Accrued Withholding Tax Payable 4,455.23
Accrued SSS Payable 7,700.00
Accrued PhilHealth Payable 1,700.00
Accrued Pag-Ibig Payable 2,810.88
Accrued Income Tax Payable (2,571.52)
Vat Payable 176,767.14
Accrued Utilities Payable 4,199.00
Net Cash Provided (used) by operating activity 671,321.36
Cash Flow from Investing Activities
Acquisition of Product Equipment (2,100.00)
Acquisition of Product Furniture and Fixture (3,495.00)
Acquisition of Office Equipment (22,100.00)
Acquisition of Office Furniture and Fixture (7,894.00)
Leasehold Improvement (7,000.00)
Net Cash Provided (used) by investing activity (42,589.00)
Cash flow from Financing Activity
Owner's Investment 449,989.58
Withdrawal (50,000.00)
Net Cash Provided (used) by financing activity 399,989.58
Net Increase (Decrease) in Cash 1,028,721.94
Add: Cash Beginning Balance
Cash, Ending Balance 1,028,721.94

Space Furniture
Statement of Financial Position
For the Year Ended December 31 20A

2017
ASSETS
Current Assets
Cash 1,028,721.94
Inventory 61,688.22
Prepaid Supplies 5,037.30
Total Current Assets 1,095,447.46
Non-Current Assets
Production Equipment, net 1,680.00
Production Furniture and Fixture, net 2,864.57
Office Equipment, net 17,680.00
Office Furniture and Fixture, net 6,669.43
Leasehold Improvement, net 5,600.00
Total Non-Current Assets 34,494.00
Total Assets 1,129,941.46
LIABILITIES AND OWNER's EQUITY
Liabilities
Accrued Withholding Tax Payable 4,455.23
Accrued SSS Payable 7,700.00
Accrued PhilHealth Payable 1,700.00
Accrued Pag-Ibig Payable 2,810.88
Accrued Income Tax Payable (2,571.52)
Vat Payable 176,767.14
Accrued Utilities Payable 4,199.00
Total Liabilities 195,060.73
Owner's Equity
Owner's Equity, Beg. 449,989.58
Net Income 534,891.15
Withdrawals (50,000.00)
Total Owner's Equity 934,880.73
Total Liabilities and Owner's Equity 1,129,941.46

-
Space Furniture
of Comprehensive Income
ed December 31 20A

3,516,245.77 3,477,053.46
2,298,408.36 2,272,733.05
1,217,837.41 1,204,320.41
823,627.20 829,464.62
394,210.22 374,855.79
530.60 541.22
394,740.82 375,397.00
104,719.81 98,596.69
290,021.01 276,800.31

Space Furniture
Statementof Cash Flows
For the Year Ended December 31 20A

2018 2019 2020 2021

278,895.77 285,531.81 290,021.01 276,800.31


8,095.00 8,095.00 8,095.00 8,095.00

3,048.14 12,302.60 18,635.40 (27,641.35)


(554.10) (106.29) (62.01) (58.10)
120.32 122.76 101.53 124.61
- - 385.00 -
- - - -
28.11 28.39 28.67 28.96
1,103.70 234.52 159.44 (473.49)
32,932.40 3,244.23 3,083.43 (5,720.58)
41.99 42.41 42.83 43.26
323,711.32 309,495.44 320,490.31 251,198.62

(50,000.00) (50,000.00) (50,000.00) (50,000.00)


(50,000.00) (50,000.00) (50,000.00) (50,000.00)
273,711.32 259,495.44 270,490.31 201,198.62
747,613.16 1,021,324.48 1,280,819.92 1,551,310.23
1,021,324.48 1,280,819.92 1,551,310.23 1,752,508.85

Space Furniture
ent of Financial Position
ar Ended December 31 20A

2,018.00 2,019.00 2,020.00 2,021.00

1,021,324.48 1,280,819.92 1,551,310.23 1,752,508.85


58,640.08 46,337.48 27,701.74 55,343.08
5,591.40 5,697.69 5,759.70 5,817.81
1,085,555.96 1,332,855.09 1,584,771.67 1,813,669.74

1,260.00 840.00 420.00 -


2,234.14 1,603.71 973.29 342.86
13,260.00 8,840.00 4,420.00 -
5,444.86 4,220.29 2,995.71 1,771.14
4,200.00 2,800.00 1,400.00 -
26,399.00 18,304.00 10,209.00 2,114.00
1,111,954.96 1,351,159.09 1,594,980.67 1,815,783.74

4,575.55 4,698.31 4,799.84 4,924.45


7,700.00 7,700.00 8,085.00 8,085.00
1,700.00 1,700.00 1,700.00 1,700.00
2,838.99 2,867.38 2,896.05 2,925.01
5,153.51 5,388.04 5,547.48 5,073.99
209,699.54 212,943.77 216,027.21 210,306.62
4,240.99 4,283.40 4,326.23 4,369.50
235,908.58 239,580.90 243,381.81 237,384.57

647,150.60 876,046.37 1,111,578.19 1,351,599.20


278,895.77 285,531.81 290,021.01 276,800.31
(50,000.00) (50,000.00) (50,000.00) (50,000.00)
876,046.37 1,111,578.19 1,351,599.20 1,578,399.51
1,111,954.96 1,351,159.09 1,594,981.01 1,815,784.08

(0.00) 0.00 (0.34) (0.34)


(0.00) 0.35 (0.01)

nsive Income
r 31 20A

3,701,311.34 3,660,056.27
2,360,026.50 2,334,967.37
1,341,284.84 1,325,088.90
823,771.19 829,610.07
517,513.65 495,478.83
530.60 541.22
518,044.25 496,020.05
104,719.81 98,596.69
622,764.06 594,616.74

Space Furniture
tementof Cash Flows
ar Ended December 31 20A

2018 2019 2020 2021

596,832.46 611,813.84 622,764.06 594,616.74


8,095.00 8,095.00 8,095.00 8,095.00

3,048.14 12,302.60 18,635.40 (27,641.35)


(554.10) (106.29) (62.01) (58.10)
120.32 122.76 101.53 124.61
- - 385.00 -
- - - -
28.11 28.39 28.67 28.96
1,328.30 313.21 208.57 (542.09)
34,668.60 3,560.05 3,385.64 (5,995.00)
41.99 42.41 42.83 43.26
643,608.82 636,171.97 653,584.70 568,672.03

(50,000.00) (50,000.00) (50,000.00) (50,000.00)


(50,000.00) (50,000.00) (50,000.00) (50,000.00)
593,608.82 586,171.97 603,584.70 518,672.03
887,372.51 1,480,981.33 2,067,153.31 2,670,738.00
1,480,981.33 2,067,153.31 2,670,738.00 3,189,410.04

Space Furniture
ent of Financial Position
ar Ended December 31 20A

2018 2019 2020 2021

1,480,981.33 2,067,153.31 2,670,738.00 3,189,410.04


58,640.08 46,337.48 27,701.74 55,343.08
5,591.40 5,697.69 5,759.70 5,817.81
1,545,212.81 2,119,188.48 2,704,199.44 3,250,570.93

1,260.00 840.00 420.00 -


2,234.14 1,603.71 973.29 342.86
13,260.00 8,840.00 4,420.00 -
5,444.86 4,220.29 2,995.71 1,771.14
4,200.00 2,800.00 1,400.00 -
26,399.00 18,304.00 10,209.00 2,114.00
1,571,611.81 2,137,492.48 2,714,408.44 3,252,684.93

4,575.55 4,698.31 4,799.84 4,924.45


7,700.00 7,700.00 8,085.00 8,085.00
1,700.00 1,700.00 1,700.00 1,700.00
2,838.99 2,867.38 2,896.05 2,925.01
8,982.73 9,295.95 9,504.52 8,962.43
233,691.37 237,251.42 240,637.06 234,642.06
4,240.99 4,283.40 4,326.23 4,369.50
263,729.63 267,796.45 271,948.70 265,608.45

761,049.72 1,307,882.18 1,869,696.02 2,442,460.08


596,832.46 611,813.84 622,764.06 594,616.74
(50,000.00) (50,000.00) (50,000.00) (50,000.00)
1,307,882.18 1,869,696.02 2,442,460.08 2,987,076.82
1,571,611.81 2,137,492.47 2,714,408.79 3,252,685.27

nsive Income
r 31 20A

3,886,376.91 3,843,059.09
2,360,026.50 2,334,967.37
1,526,350.41 1,508,091.72
823,771.19 829,610.07
702,579.22 678,481.65
530.60 541.22
703,109.82 679,022.86
104,719.81 98,596.69
598,390.01 580,426.17

Space Furniture
tementof Cash Flows
ar Ended December 31 20A

2018 2019 2020 2021

579,127.97 589,908.78 598,390.01 580,426.17


8,095.00 8,095.00 8,095.00 8,095.00

3,048.14 12,302.60 18,635.40 (27,641.35)


(554.10) (106.29) (62.01) (58.10)
120.32 122.76 101.53 124.61
- - 385.00 -
- - - -
28.11 28.39 28.67 28.96
(943.45) (188.77) (125.88) 398.38
32,932.40 3,244.23 3,083.43 (5,720.58)
41.99 42.41 42.83 43.26
621,896.38 613,449.12 628,573.99 555,696.36

(50,000.00) (50,000.00) (50,000.00) (50,000.00)


(50,000.00) (50,000.00) (50,000.00) (50,000.00)
571,896.38 563,449.12 578,573.99 505,696.36
1,028,721.94 1,600,618.32 2,164,067.44 2,742,641.42
1,600,618.32 2,164,067.44 2,742,641.42 3,248,337.78

Space Furniture
ent of Financial Position
ar Ended December 31 20A

2018 2019 2020 2021

1,600,618.32 2,164,067.44 2,742,641.42 3,248,337.78


58,640.08 46,337.48 27,701.74 55,343.08
5,591.40 5,697.69 5,759.70 5,817.81
1,664,849.80 2,216,102.61 2,776,102.86 3,309,498.68

1,260.00 840.00 420.00 -


2,234.14 1,603.71 973.29 342.86
13,260.00 8,840.00 4,420.00 -
5,444.86 4,220.29 2,995.71 1,771.14
4,200.00 2,800.00 1,400.00 -
26,399.00 18,304.00 10,209.00 2,114.00
1,691,248.80 2,234,406.61 2,786,311.86 3,311,612.68

4,575.55 4,698.31 4,799.84 4,924.45


7,700.00 7,700.00 8,085.00 8,085.00
1,700.00 1,700.00 1,700.00 1,700.00
2,838.99 2,867.38 2,896.05 2,925.01
(3,514.98) (3,703.74) (3,829.63) (3,431.24)
209,699.54 212,943.77 216,027.21 210,306.62
4,240.99 4,283.40 4,326.23 4,369.50
227,240.09 230,489.12 234,004.70 228,879.34

934,880.73 1,464,008.71 2,003,917.49 2,552,307.50


579,127.97 589,908.78 598,390.01 580,426.17
(50,000.00) (50,000.00) (50,000.00) (50,000.00)
1,464,008.71 2,003,917.49 2,552,307.50 3,082,733.68
1,691,248.80 2,234,406.61 2,786,312.21 3,311,613.01
Sched
Projecte
Schedule 2017
Market Share 700
Selling Price per Unit 2 4,966.60
Projected Sales 3,476,620.22

Sched
Selling
Schedule 2017
Cost of Raw Materials 4 1,212,204.36
Direct Labor 5 462,240.00
Manufacturing 6
Overhead 606,137.42
Total 2,280,581.78
Units Produced 720
Cost per Unit 3,167.47
Mark up (40%) 4,434.46
Selling Price (Inclusive of VAT) 4,966.60

Sched
Cost of Go
Schedule 2017
Cost of Raw Materials 4 1,212,204.36
Direct Labor 5 462,240.00
Manufacturing Overhead 6 606,137.42
Total 2,280,581.78
Inventory Beginning
Total Goods Available for Sale 2,280,581.78
Inventory End 61,688.22
Cost of Goods Sold 2,218,893.56

Sched
Cost of Raw
Schedule 2017
Items
9.5mm Marine Plywood 483,000.00
Mahogany Wood (2X2X12) 44,640.00
Mahogany Wood (1X2X12) 9,072.00
Hinges 192,441.60
Caster Wheels with brake 132,480.00
Caster Wheels 221,760.00
Desk Cable Tidy 35,640.00
Cup holder 63,604.80
Cost of Raw Materials 1,182,638.40
1,212,204.36
Sched
Direct
Schedule 2017
Labor rate per year 144,000.00
No. of workers 3
Total Direct Labor 432,000.00
462,240.00
Sched
Manufacturin
Schedule 2017
Fixed Cost
Depreciation Expense - Production Eq 7 420.00
Depreciation Expense - Production Furn 7 2,030.43
Utilities Expense 12 15,000.00
Rent Expense 13 210,000.00
Withholding Tax Expense 35 33,952.68
Repairs and Maintenance 14 500.00
Production Tools Expense 3,435.75
Total Fixed Cost 265,338.86
Variable Cost
SSS Contribution Expense 26 47,520.00
PhilHealth Contribution Expense 28 10,800.00
PAG-IBIG Contribution 30 17,280.00
13th Month Pay 32 36,000.00
Indirect Materials 10 229,198.56
Total Variable Cost 340,798.56
Total 606,137.42

Sched
Depreciation Expe
Items Unit Price Useful life 2017
Telephone 1,500.00 5 300.00
Water Dispenser 600.00 5 120.00
Total Production Equipment 420.00
Table 1,200.00 7 171.43
Monobloc Chairs 795.00 5 159.00
Wall Fan 900.00 5 180.00
Water Dispenser 600.00 5 120.00
Total Production Furniture and Fixtures 630.43
Leasehold Improvement 7,000.00 5 1,400.00
Total Depreciation Expense 2,450.43

Sched
Production Equipme
2017
Original Cost 2,100.00
Accumulated Depreciation, Beginning
Depreciation Expense 420.00
Accumulated Depreciation, Ending 420.00
Book Value 1,680.00

Sched
Production Furniture an
2017
Original Cost 3,495.00
Accumulated Depreciation, Beginning
Depreciation Expense 630.43
Accumulated Depreciation, Ending 630.43
Book Value 2,864.57

Schedu
Indirect M
Items 2017
Screw 2,710.56
Nails 4,968.00
Paint 108,000.00
Rugby 8,400.00
Corrugated Box 30,240.00
Styrofoam 71,280.00
Packaging Tape 3,600.00
Total 229,198.56

Schedu
Advertising
2017
Advertising Expense 400.00

Schedu
Utilities E
2017 2018
M.O Admin M.O Admin
Electricity 12,000.00 12,000.00 12,120.00 12,120.00
Water 1,800.00 1,800.00 1,818.00 1,818.00
Mineral Water 1,200.00 1,200.00 1,212.00 1,212.00
Telecommunication 20,388.00 20,591.88
Total 15,000.00 35,388.00 15,150.00 35,741.88
51,748.48 36,343.48 52,265.96 36,706.91
Schedu
Rent Ex
2017 2018
M.O Admin M.O Admin
Display Area 90,000.00 90,000.00 90,000.00 90,000.00
Warehouse 120,000.00 120,000.00 120,000.00 120,000.00
Total 210,000.00 210,000.00 210,000.00 210,000.00
430,500.000
Schedu
Repairs and Mainte
2017
Repair and maintenance 500.00
Total 500.00

Schedu
Repairs and Main
2017
Repair and maintenance 550.00
Total 550.00
569.80
Schedu
Finished Goods Inve
2017
Units Produced 720.00
Inventory, beginning
Cost of Goods Available for Sale 720.00
Cost of Goods Sold 700.00
Finished Goods Inventory, end 20.00

Schedu
Finished Goods Inve
2017
Units Produced in Peso 2,220,775.82
Inventory, beginning
Cost of Goods Available for Sale 2,220,775.82
Cost of Goods Sold 2,159,087.60
Finished Goods Inventory, end 61,688.22

Schedu
Selling and Admin
Schedule 2017
Fixed Cost
Depreciation Expense - Office Furniture 18 1,224.57
Depreciation Expense - Office Equipme 18 4,420.00
Utilities Expense 12 35,388.00
Research and Study Cost 9,125.00
Repair and Maintenance 15 550.00
Rent Expense 13 210,000.00
Advertising Expense 400.00
Permits and Licenses 24 7,710.00
Withholding Tax Expense 35 19,510.08
Total Fixed Cost 288,327.65
Variable Cost
Salaries 21 411,264.00
Retainer's Fees 22 3,000.00
13th Month Pay 32 34,272.00
SSS Contribution Expense 26 44,880.00
PhilHealth Contribution Expense 28 9,600.00
Pag-ibig Contribution Expense 30 16,450.56
Cleaning Supplies Expense 25 1,481.40
Office Supplies Expense 23 3,555.90
Total Variable Cost 524,503.86
Total Selling and Administrative Expense 812,831.51

Schedu
Depreciation Ex
Items Unit Price Useful life 2017
Office Table 1,599.00 7 228.43
Office Chair 600.00 7 85.71
Monobloc Chairs 795.00 5 159.00
Sofa 4,000.00 7 571.43
Wall Fan 900.00 5 180.00
Total Furniture and Fixtures 1,224.57
Computer 20,000.00 5 4,000.00
Telephone 1,500.00 5 300.00
Water Dispenser 600.00 5 120.00
Total Equipment 4,420.00
Total Depreciation Expense 5,644.57

Schedu
Office Equipment,
2017
Original Cost 22,100.00
Accumulated Depreciation, Beginning
Depreciation Expense 4,420.00
Accumulated Depreciation, Ending 4,420.00
Book Value 17,680.00

Schedu
Office Furniture and F
2017
Original Cost 7,894.00
Accumulated Depreciation, Beginning
Depreciation Expense 1,224.57
Accumulated Depreciation, Ending 1,224.57
Book Value 6,669.43

Schedu
Salaries E
2017
Salesperson 8,568.00
x no. of months 12.00
Total 102,816.00

Security Guard 8,568.00


x no. of months 12.00
Total 102,816.00

Delivery Man/ Utility Man 8,568.00


x no. of months 12.00
Total 102,816.00

Driver/ Utility Man 8,568.00


x no. of months 12.00
Total 102,816.00
TOTAL 411,264.00

Schedu
Retainer
2017
Retainer's Fee 3,000.00
Total 3,000.00

Schedu
Office Suppl
2017
Office Supplies 3,951.00
Supplies, Beginning
Total Supplies Available 3,951.00
Supplies, Ending 395.10
Office Supplies Expense 3,555.90
3,644.80
Schedu
Permits an
2017
Barangay Clearance 250.00
Mayor's Permit 1,200.00
Sanitary Permit 400.00
Documentation Stamp 100.00
BIR Registration 1,000.00
DTI Registration 1,000.00
Fire Clearance 200.00
Documentation Stamp on Lease 460.00
LTO Registration 2,500.00
Business Permit 600.00
Total 7,710.00

Schedu
Cleaning Supp
2017
Cleaning Supplies 1,646.00
Supplies, Beginning
Total Supplies Available 1,646.00
Supplies, Ending 164.60
Cleaning Supplies Expense 1,481.40
1,518.44
Schedule 26
SSS Contribution Expense
Monthly Contribution
Employee
ER
Monthly Salary EE
2017
Worker (1) 12,000.00 884.00 436.00
Worker (2) 12,000.00 884.00 436.00
Worker (3) 12,000.00 884.00 436.00
Salesperson 8,568.00 626.20 308.80
Security Guard 8,568.00 626.20 308.80
Delivery man/ Utility man 8,568.00 626.20 308.80
Driver/ Utility man 8,568.00 626.20 308.80

2018
Worker (1) 12,120.00 884.00 436.00
Worker (2) 12,120.00 884.00 436.00
Worker (3) 12,120.00 884.00 436.00
Salesperson 8,653.68 626.20 308.80
Security Guard 8,653.68 626.20 308.80
Delivery man/ Utility man 8,653.68 626.20 308.80
Driver/ Utility man 8,653.68 626.20 308.80
2019
Worker (1) 12,241.20 884.00 436.00
Worker (2) 12,241.20 884.00 436.00
Worker (3) 12,241.20 884.00 436.00
Salesperson 8,740.22 626.20 308.80
Security Guard 8,740.22 626.20 308.80
Delivery man/ Utility man 8,740.22 626.20 308.80
Driver/ Utility man 8,740.22 626.20 308.80

2020
Worker (1) 12,363.61 920.80 454.20
Worker (2) 12,363.61 920.80 454.20
Worker (3) 12,363.61 920.80 454.20
Salesperson 8,827.62 663.00 327.00
Security Guard 8,827.62 663.00 327.00
Delivery man/ Utility man 8,827.62 663.00 327.00
Driver/ Utility man 8,827.62 663.00 327.00

2021
Worker (1) 12,487.25 920.80 454.20
Worker (2) 12,487.25 920.80 454.20
Worker (3) 12,487.25 920.80 454.20
Salesperson 8,915.90 663.00 327.00
Security Guard 8,915.90 663.00 327.00
Delivery man/ Utility man 8,915.90 663.00 327.00
Driver/ Utility man 8,915.90 663.00 327.00

Schedu
Accrued SSS C
Schedule 2017
SSS Contribution, Beginning
SSS Contribution Expense 26 92,400.00
SSS Contribution Payable 92,400.00
Prior
Current 84,700.00
Accrued SSS Contribution Payable 7,700.00

Schedule 28
PhilHealth Contribution Expen
Employee Monthly Contribution
Monthly Salary ER EE

2017
Worker (1) 12,000.00 150.00 150.00
Worker (2) 12,000.00 150.00 150.00
Worker (3) 12,000.00 150.00 150.00
Salesperson 8,568.00 100.00 100.00
Security Guard 8,568.00 100.00 100.00
Delivery man/ Utility man 8,568.00 100.00 100.00
Driver/ Utility man 8,568.00 100.00 100.00

2018
Worker (1) 12,120.00 150.00 150.00
Worker (2) 12,120.00 150.00 150.00
Worker (3) 12,120.00 150.00 150.00
Salesperson 8,653.68 100.00 100.00
Security Guard 8,653.68 100.00 100.00
Delivery man/ Utility man 8,653.68 100.00 100.00
Driver/ Utility man 8,653.68 100.00 100.00

2019
Worker (1) 12,241.20 150.00 150.00
Worker (2) 12,241.20 150.00 150.00
Worker (3) 12,241.20 150.00 150.00
Salesperson 8,740.22 100.00 100.00
Security Guard 8,740.22 100.00 100.00
Delivery man/ Utility man 8,740.22 100.00 100.00
Driver/ Utility man 8,740.22 100.00 100.00

2020
Worker (1) 12,363.61 150.00 150.00
Worker (2) 12,363.61 150.00 150.00
Worker (3) 12,363.61 150.00 150.00
Salesperson 8,827.62 100.00 100.00
Security Guard 8,827.62 100.00 100.00
Delivery man/ Utility man 8,827.62 100.00 100.00
Driver/ Utility man 8,827.62 100.00 100.00

2021
Worker (1) 12,487.25 150.00 150.00
Worker (2) 12,487.25 150.00 150.00
Worker (3) 12,487.25 150.00 150.00
Salesperson 8,915.90 100.00 100.00
Security Guard 8,915.90 100.00 100.00
Delivery man/ Utility man 8,915.90 100.00 100.00
Driver/ Utility man 8,915.90 100.00 100.00

Schedu
Accrued PhilHeal
Schedule 2017
PhilHealth Contribution, Beginning
PhilHealth Contribution Expense 28 20,400.00
PhilHealth Contribution Payable 20,400.00
Prior
Current 18,700.00
Accrued PhilHealth Contribution Payable 1,700.00

Schedule 30
Pag-ibig Contribution Expense
Monthly Contribution

Employee Monthly Salary ER EE

2017 12,000.00 240.00 240.00


Worker (1) 12,000.00 240.00 240.00
Worker (2) 12,000.00 240.00 240.00
Worker (3) 8,568.00 171.36 171.36
Salesperson 8,568.00 171.36 171.36
Security Guard 8,568.00 171.36 171.36
Delivery man/ Utility man 8,568.00 171.36 171.36
Driver/ Utility man

2018 12,120.00 242.40 242.40


Worker (1) 12,120.00 242.40 242.40
Worker (2) 12,120.00 242.40 242.40
Worker (3) 8,653.68 173.07 173.07
Salesperson 8,653.68 173.07 173.07
Security Guard 8,653.68 173.07 173.07
Delivery man/ Utility man 8,653.68 173.07 173.07
Driver/ Utility man
2019 12,241.20 244.82 244.82
Worker (1) 12,241.20 244.82 244.82
Worker (2) 12,241.20 244.82 244.82
Worker (3) 8,740.22 174.80 174.80
Salesperson 8,740.22 174.80 174.80
Security Guard 8,740.22 174.80 174.80
Delivery man/ Utility man 8,740.22 174.80 174.80
Driver/ Utility man

2020 12,363.61 247.27 247.27


Worker (1) 12,363.61 247.27 247.27
Worker (2) 12,363.61 247.27 247.27
Worker (3) 8,827.62 176.55 176.55
Salesperson 8,827.62 176.55 176.55
Security Guard 8,827.62 176.55 176.55
Delivery man/ Utility man 8,827.62 176.55 176.55
Driver/ Utility man

2021
Worker (1) 12,487.25 249.74 249.74
Worker (2) 12,487.25 249.74 249.74
Worker (3) 12,487.25 249.74 249.74
Salesperson 8,915.90 178.32 178.32
Security Guard 8,915.90 178.32 178.32
Delivery man/ Utility man 8,915.90 178.32 178.32
Driver/ Utility man 8,915.90 178.32 178.32

Schedu
Accrued Pag-Ibi
Schedule 2017
Pag-ibig Contribution, Beginning
Pag-ibig Contribution Expense 30 33,730.56
Pag-ibig Contribution Payable 33,730.56
Prior
Current 30,919.68
Accrued Pag-ibig Contribution Payable 2,810.88

Schedu
13th Mo
2017
Workers (3) 36,000.00
Salesperson 8,568.00
Security Guard 8,568.00
Driver/ Utility Man 8,568.00
Delivery Man/ Utility Man 8,568.00
Total 70,272.00

Schedu
Purch
2017
Cost of Raw Materials 1,182,638.40
Indirect Materials 229,198.56
Advertising Expenses 400.00
Office Supplies 3,951.00
Cleaning Supplies 1,646.00
Project Feasibility Cost 9,125.00
Office Furniture and Fixtures 7,894.00
Office Equipment 22,100.00
Production Equipment 2,100.00
Production Furniture and Fixtures 3,495.00
Production Tools 3,435.75
Delivery Truck 150,000.00
Total 1,615,983.71

Schedu
VAT Pa
Schedule 2017
OUTPUT VAT
Sales 1 3,385,449.36
Vat Percentage 112%
12%
Output Vat 362,726.72
Less: Input Vat
Purchases 32 1,615,983.71
112%
12%
Input Vat 173,141.11

VAT PAYABLE 189,585.61

Schedu
Accrued Utili
Schedule 2017
Utilities, Beginning
Utilities Expense 50,388.00
Utilities Payable 50,388.00
Prior
Current 46,189.00
Accrued Utilities Expense 4,199.00

Schedule 36
Withholding Tax

Monthly Salary Salary Deduction Taxable Income

2017
Worker (1) 12,000.00 826.00 11,174.00
Worker (2) 12,000.00 826.00 11,174.00
Worker (3) 12,000.00 826.00 11,174.00
Salesperson 8,568.00 580.16 7,987.84
Security Guard 8,568.00 580.16 7,987.84
Delivery man/ Utility man 8,568.00 580.16 7,987.84
Driver/ Utility man 8,568.00 580.16 7,987.84

2018
Worker (1) 12,120.00 828.40 11,291.60
Worker (2) 12,120.00 828.40 11,291.60
Worker (3) 12,120.00 828.40 11,291.60
Salesperson 8,653.68 581.87 8,071.81
Security Guard 8,653.68 581.87 8,071.81
Delivery man/ Utility man 8,653.68 581.87 8,071.81
Driver/ Utility man 8,653.68 581.87 8,071.81

2019
Worker (1) 12,241.20 830.82 11,410.38
Worker (2) 12,241.20 830.82 11,410.38
Worker (3) 12,241.20 830.82 11,410.38
Salesperson 8,740.22 583.60 8,156.61
Security Guard 8,740.22 583.60 8,156.61
Delivery man/ Utility man 8,740.22 583.60 8,156.61
Driver/ Utility man 8,740.22 583.60 8,156.61

2020
Worker (1) 12,363.61 851.47 11,512.14
Worker (2) 12,363.61 851.47 11,512.14
Worker (3) 12,363.61 851.47 11,512.14
Salesperson 8,827.62 603.55 8,224.07
Security Guard 8,827.62 603.55 8,224.07
Delivery man/ Utility man 8,827.62 603.55 8,224.07
Driver/ Utility man 8,827.62 603.55 8,224.07
2021
Worker (1) 12,487.25 853.94 11,633.31
Worker (2) 12,487.25 853.94 11,633.31
Worker (3) 12,487.25 853.94 11,633.31
Salesperson 8,915.90 605.32 8,310.58
Security Guard 8,915.90 605.32 8,310.58
Delivery man/ Utility man 8,915.90 605.32 8,310.58
Driver/ Utility man 8,915.90 605.32 8,310.58

Schedu
Accrued Withhol
2017
Withholding Tax, Beginning
Withholdiing Tax Expense 53,462.76
Withholding Tax Payable 53,462.76
Prior
Current 49,007.53
Accrued Withholding Tax Payable 4,455.23

Schedu
Variabl
Schedule 2017
Direct Materials 4 1,182,638.40
Production Overhead
SSS Contribution Expense 26 47,520.00
PhilHealth Contribution Expense 28 10,800.00
PAG-IBIG Contribution Expense 30 17,280.00
13th Month Pay 32 36,000.00
Indirect Materials 10 229,198.56
Total 340,798.56
Selling and Administrative Expense
Salaries Expense 21 411,264.00
13th Month Pay 32 34,272.00
SSS Contribution Expense 26 44,880.00
PhilHealth Contribution Expense 28 9,600.00
PAG-IBIG Contribution Expense 30 16,450.56
Permits and Licenses 24 7,710.00
Office Supplies 23 3,555.90
Cleaning Supplies 25 1,481.40
Total 529,213.86
Total Variable Cost 2,052,650.82

Schedu
Fixed
Schedule 2017
Direct Labor 5 432,000.00
Manufacturing Overhead
Deprecation Expense 7 2,450.43
Utilities Expense 12 15,000.00
Rent Expense 13 210,000.00
Withholding Tax Expense 35 33,952.68
Repair and Maintenance 14 500.00
Production Tools Expense 3,435.75
Total 265,338.86
Selling and Administrative Expenses
Deprecation Expense 18 5,644.57
Utilities Expense 12 35,388.00
Project Feasibility Cost 9,125.00
Repair and Maintenance 15 550.00
Rent Expense 13 210,000.00
Advertising Expense 11 400.00
Retainer's Fee 22 3,000.00
Withholding Tax Expense 36 19,510.08
Total 283,617.65
TOTAL FIXED COST 980,956.51

Schedu
Loans P
2017
Loans Payable 250,000.00
Less: Short Term Portion 50,000.00
Long-term Portion of Loans Payable 200,000.00

Schedu
Loans P
4.99
Payment on Notes Interest
Date Payable Expense

1 47,623.58 2,376.42
2 47,623.58 2,376.42
3 47,623.58 2,376.42
4 47,623.58 2,376.42
5 47,623.58 2,376.42

Schedu
Income Ta
2017
Income before tax 414,030.25
Less: Basic Personal Exemption 50,000.00
Taxable Income 364,030.25
Less: Income Bracket 250,000.00
Excess of bracket 114,030.25
Mulitply by Percentage available 30%
Additional tax Due 34,209.07
Add: Basic Tax Due 50,000.00
Income Tax Due 84,209.07

Schedu
Accrued Incom
Schedule 2017
Income Tax, Beginning
Income Tax Expense 41 84,209.07
Income Tax Payable 84,209.07
Prior
Current 77,191.65
Accrued Income Tax Payable 7,017.42
Schedule 1
Projected Sales
2018 2019 2020 2021
735 738 740 740 Fixed Cost
4,908.52 4,952.95 5,001.77 4,946.02 Depreciation Expense - Office Furnit
3,607,760.10 3,655,274.68 3,701,311.34 3,660,056.27 Depreciation Expense - Office Equi
Utilities Expense
Schedule 2 Research and Study Cost
Selling Price Repair and Maintenance
2018 2019 2020 2021 Rent Expense
1,224,326.40 1,236,569.67 1,248,935.36 1,261,424.72 Advertising Expense
466,862.40 471,531.02 476,246.33 481,008.80 Permits and Licenses

606,548.17 610,434.32 616,209.06 620,175.20 Withholding Tax Expense


2,297,736.98 2,318,535.01 2,341,390.76 2,362,608.72 Total Fixed Cost
734 734 734 749 Variable Cost
3,130.43 3,158.77 3,189.91 3,154.35 Salaries
4,382.60 4,422.27 4,465.87 4,416.09 Retainer's Fees
4,908.52 4,952.95 5,001.77 4,946.02 13th Month Pay
SSS Contribution Expense
Schedule 3 PhilHealth Contribution Expense
Cost of Goods Sold Pag-ibig Contribution Expense
2018 2019 2020 2021 Cleaning Supplies Expense
1,224,326.40 1,236,569.67 1,248,935.36 1,261,424.72 Office Supplies Expense
466,862.40 471,531.02 476,246.33 481,008.80 Total Variable Cost
606,548.17 610,434.32 616,209.06 620,175.20 Total Selling and Administrative Expense
2,297,736.98 2,318,535.01 2,341,390.76 2,362,608.72
61,688.22 58,640.08 46,337.48 27,701.74
2,359,425.19 2,377,175.09 2,387,728.24 2,390,310.46
58,640.08 46,337.48 27,701.74 55,343.08
2,300,785.12 2,330,837.61 2,360,026.50 2,334,967.37

Schedule 4
Cost of Raw Materials
2018 2019 2020 2021

487,830.00 492,708.30 497,635.38 502,611.74


45,086.40 45,537.26 45,992.64 46,452.56
9,162.72 9,254.35 9,346.89 9,440.36
194,366.02 196,309.68 198,272.77 200,255.50
133,804.80 135,142.85 136,494.28 137,859.22
223,977.60 226,217.38 228,479.55 230,764.35
35,996.40 36,356.36 36,719.93 37,087.13
64,240.85 64,883.26 65,532.09 66,187.41
1,194,464.78 1,206,409.43 1,218,473.53 1,230,658.26
1,224,326.40 1,236,569.67 1,248,935.36 1,261,424.72
Schedule 5
Direct Labor
2018 2019 2020 2021
145,440.00 146,894.40 148,363.34 149,846.98
3 3 3 3
436,320.00 440,683.20 445,090.03 449,540.93
466,862.40 471,531.02 476,246.33 481,008.80
Schedule 6
Manufacturing Overhead
2018 2019 2020 2021

420.00 420.00 420.00 420.00


2,030.43 2,030.43 2,030.43 2,030.43
15,150.00 15,301.50 15,454.52 15,609.06
210,000.00 210,000.00 210,000.00 210,000.00
34,799.40 35,654.76 36,387.36 37,259.64
525.00 551.25 578.81 607.75

262,924.83 263,957.94 264,871.12 265,926.88

47,520.00 47,520.00 49,500.00 49,500.00


10,800.00 10,800.00 10,800.00 10,800.00
17,452.80 17,627.33 17,803.60 17,981.64
36,360.00 36,723.60 37,090.84 37,461.74
231,490.55 233,805.45 236,143.51 238,504.94
343,623.35 346,476.38 351,337.94 354,248.32
606,548.17 610,434.32 616,209.06 620,175.20

Schedule 7
Depreciation Expenses - Production
2018 2019 2020 2021
300.00 300.00 300.00 300.00
120.00 120.00 120.00 120.00
420.00 420.00 420.00 420.00
171.43 171.43 171.43 171.43
159.00 159.00 159.00 159.00
180.00 180.00 180.00 180.00
120.00 120.00 120.00 120.00
630.43 630.43 630.43 630.43
1,400.00 1,400.00 1,400.00 1,400.00
2,450.43 2,450.43 2,450.43 2,450.43

Schedule 8
Production Equipment, net (Book Value)
2018 2019 2020 2021
2,100.00 2,100.00 2,100.00 2,100.00
420.00 840.00 1,260.00 1,680.00
420.00 420.00 420.00 420.00
840.00 1,260.00 1,680.00 2,100.00
1,260.00 840.00 420.00 -

Schedule 9
Production Furniture and Fixtures (Book Value)
2018 2019 2020 2021
3,495.00 3,495.00 3,495.00 3,495.00
630.43 1,260.86 1,891.29 2,521.71
630.43 630.43 630.43 630.43
1,260.86 1,891.29 2,521.71 3,152.14
2,234.14 1,603.71 973.29 342.86

Schedule 10
Indirect Materials
2018 2019 2020 2021
2,737.67 2,765.04 2,792.69 2,820.62
5,017.68 5,067.86 5,118.54 5,169.72
109,080.00 110,170.80 111,272.51 112,385.23
8,484.00 8,568.84 8,654.53 8,741.07
30,542.40 30,847.82 31,156.30 31,467.87
71,992.80 72,712.73 73,439.86 74,174.25
3,636.00 3,672.36 3,709.08 3,746.17
231,490.55 233,805.45 236,143.51 238,504.94

Schedule 11 36,343.48
Advertising Expense
2018 2019 2020 2021
100.00 100.00 100.00 100.00

Schedule 12
Utilities Expense
2019 2020 2021
M.O Admin M.O Admin M.O Admin
12,241.20 12,241.20 12,363.61 12,363.61 12,487.25 12,487.25
1,836.18 1,836.18 1,854.54 1,854.54 1,873.09 1,873.09
1,224.12 1,224.12 1,236.36 1,236.36 1,248.72 1,248.72
20,797.80 21,005.78 21,215.83
15,301.50 36,099.30 15,454.52 36,460.29 15,609.06 36,824.89
52,788.62 37,073.98 53,316.51 37,444.72 53,849.67 37,819.17
Schedule 13
Rent Expense
2019 2020 2021
M.O Admin M.O Admin M.O Admin
90,000.00 90,000.00 90,000.00 90,000.00 90,000.00 90,000.00
120,000.00 120,000.00 120,000.00 120,000.00 120,000.00 120,000.00
210,000.00 210,000.00 210,000.00 210,000.00 210,000.00 210,000.00
215,250.000
Schedule 14
Repairs and Maintenance (Production)
2018 2019 2020 2021
525.00 551.25 578.81 607.75
525.00 551.25 578.81 607.75

Schedule 15
Repairs and Maintenance (Office)
2018 2019 2020 2021
577.50 606.38 636.69 668.53
577.50 606.38 636.69 668.53
598.29 628.20 659.61 692.60
Schedule 16
Finished Goods Inventory, end (in Units)
2018 2019 2020 2021
734.00 734.00 734.00 749.00
20.00 19.00 15.00 9.00
754.00 753.00 749.00 758.00
735.00 738.00 740.00 740.00
19.00 15.00 9.00 18.00

Schedule 16.1
Finished Goods Inventory, end (in Peso)
2018 2019 2020 2021
2,237,332.96 2,257,526.95 2,279,772.62 2,300,374.40
61,688.22 58,640.08 46,337.48 27,701.74
2,299,021.18 2,316,167.03 2,326,110.10 2,328,076.13
2,240,381.10 2,269,829.55 2,298,408.36 2,272,733.05
58,640.08 46,337.48 27,701.74 55,343.08

Schedule 17
Selling and Administrative Expenses
2018 2019 2020 2021

1,224.57 1,224.57 1,224.57 1,224.57


4,420.00 4,420.00 4,420.00 4,420.00
35,741.88 36,099.30 36,460.29 36,824.89
577.50 606.38 636.69 668.53
210,000.00 210,000.00 210,000.00 210,000.00
100.00 100.00 100.00 100.00
7,710.00 7,710.00 7,710.00 7,710.00
20,107.20 20,724.96 21,210.72 21,833.76
279,881.15 280,885.21 281,762.28 282,781.75

415,376.64 419,530.41 423,725.71 427,962.97


3,000.00 3,000.00 3,000.00 3,000.00
34,614.72 34,960.87 35,310.48 35,663.58
44,880.00 44,880.00 47,520.00 47,520.00
9,600.00 9,600.00 9,600.00 9,600.00
16,615.07 16,781.22 16,949.03 17,118.52
1,644.35 1,675.61 1,693.85 1,710.94
3,947.05 4,022.08 4,065.86 4,106.87
529,677.83 534,450.18 541,864.92 546,682.87
809,558.98 815,335.39 823,627.20 829,464.62

Schedule 18
Depreciation Expense - Office
2018 2019 2020 2021
228.43 228.43 228.43 228.43
85.71 85.71 85.71 85.71
159.00 159.00 159.00 159.00
571.43 571.43 571.43 571.43
180.00 180.00 180.00 180.00
1,224.57 1,224.57 1,224.57 1,224.57
4,000.00 4,000.00 4,000.00 4,000.00
300.00 300.00 300.00 300.00
120.00 120.00 120.00 120.00
4,420.00 4,420.00 4,420.00 4,420.00
5,644.57 5,644.57 5,644.57 5,644.57

Schedule 19
Office Equipment, net (Book Value)
2018 2019 2020 2021
22,100.00 22,100.00 22,100.00 22,100.00
4,420.00 8,840.00 13,260.00 17,680.00
4,420.00 4,420.00 4,420.00 4,420.00
8,840.00 13,260.00 17,680.00 22,100.00
13,260.00 8,840.00 4,420.00 -

Schedule 20
Office Furniture and Fixtures (Book Value)
2018 2019 2020 2021
7,894.00 7,894.00 7,894.00 7,894.00
1,224.57 2,449.14 3,673.71 4,898.29
1,224.57 1,224.57 1,224.57 1,224.57
2,449.14 3,673.71 4,898.29 6,122.86
5,444.86 4,220.29 2,995.71 1,771.14

Schedule 21
Salaries Expense
2018 2019 2020 2021
8,653.68 8,740.22 8,827.62 8,915.90
12.00 12.00 12.00 12.00
103,844.16 104,882.60 105,931.43 106,990.74

8,653.68 8,740.22 8,827.62 8,915.90


12.00 12.00 12.00 12.00
103,844.16 104,882.60 105,931.43 106,990.74

8,653.68 8,740.22 8,827.62 8,915.90


12.00 12.00 12.00 12.00
103,844.16 104,882.60 105,931.43 106,990.74

8,653.68 8,740.22 8,827.62 8,915.90


12.00 12.00 12.00 12.00
103,844.16 104,882.60 105,931.43 106,990.74
415,376.64 419,530.41 423,725.71 427,962.97

Schedule 22
Retainer's Fees
2018 2019 2020 2021
3,000.00 3,000.00 3,000.00 3,000.00
3,000.00 3,000.00 3,000.00 3,000.00

Schedule 23
Office Supplies Expense
2018 2019 2020 2021
3,990.51 4,030.42 4,070.72 4,111.43
395.10 438.56 446.90 451.76
4,385.61 4,468.98 4,517.62 4,563.19
438.56 446.90 451.76 456.32
3,947.05 4,022.08 4,065.86 4,106.87
4,045.73 4,122.63 4,167.50 4,209.54
Schedule 24
Permits and Licenses
2018 2019 2020 2021
250.00 250.00 250.00 250.00
1,200.00 1,200.00 1,200.00 1,200.00
400.00 400.00 400.00 400.00
100.00 100.00 100.00 100.00
1,000.00 1,000.00 1,000.00 1,000.00
1,000.00 1,000.00 1,000.00 1,000.00
200.00 200.00 200.00 200.00
460.00 460.00 460.00 460.00
2,500.00 2,500.00 2,500.00 2,500.00
600.00 600.00 600.00 600.00
7,710.00 7,710.00 7,710.00 7,710.00

Schedule 25
Cleaning Supplies Expense
2018 2019 2020 2021
1,662.46 1,679.08 1,695.88 1,712.83
164.60 182.71 186.18 188.21
1,827.06 1,861.79 1,882.05 1,901.04
182.71 186.18 188.21 190.10
1,644.35 1,675.61 1,693.85 1,710.94
1,685.46 1,717.50 1,736.20 1,753.71
Schedule 26
SSS Contribution Expense
Total Monthly Multiplied by 12 Total Annual
Contribution Months Contribution Charge to MOH S and A

1,320.00 12 15,840.00 15,840.00


1,320.00 12 15,840.00 15,840.00
1,320.00 12 15,840.00 15,840.00
935.00 12 11,220.00 11,220.00
935.00 12 11,220.00 11,220.00
935.00 12 11,220.00 11,220.00
935.00 12 11,220.00 11,220.00

1,320.00 12 15,840.00 15,840.00


1,320.00 12 15,840.00 15,840.00
1,320.00 12 15,840.00 15,840.00
935.00 12 11,220.00 11,220.00
935.00 12 11,220.00 11,220.00
935.00 12 11,220.00 11,220.00
935.00 12 11,220.00 11,220.00
1,320.00 12 15,840.00 15,840.00
1,320.00 12 15,840.00 15,840.00
1,320.00 12 15,840.00 15,840.00
935.00 12 11,220.00 11,220.00
935.00 12 11,220.00 11,220.00
935.00 12 11,220.00 11,220.00
935.00 12 11,220.00 11,220.00

1,375.00 12 16,500.00 16,500.00


1,375.00 12 16,500.00 16,500.00
1,375.00 12 16,500.00 16,500.00
990.00 12 11,880.00 11,880.00
990.00 12 11,880.00 11,880.00
990.00 12 11,880.00 11,880.00
990.00 12 11,880.00 11,880.00

1,375.00 12 16,500.00 16,500.00


1,375.00 12 16,500.00 16,500.00
1,375.00 12 16,500.00 16,500.00
990.00 12 11,880.00 11,880.00
990.00 12 11,880.00 11,880.00
990.00 12 11,880.00 11,880.00
990.00 12 11,880.00 11,880.00

Schedule 27
Accrued SSS Contribution
2018 2019 2020 2021
7,700.00 7,700.00 7,700.00 8,085.00
92,400.00 92,400.00 97,020.00 97,020.00
100,100.00 100,100.00 104,720.00 105,105.00
7,700.00 7,700.00 7,700.00 8,085.00
84,700.00 84,700.00 88,935.00 88,935.00
7,700.00 7,700.00 8,085.00 8,085.00

Schedule 28
PhilHealth Contribution Expense
Total Monthly Multiplied by Total Annual Charge to MOH S and A
Contribution 12 Months Contribution
300.00 12 3,600.00 3,600.00
300.00 12 3,600.00 3,600.00
300.00 12 3,600.00 3,600.00
200.00 12 2,400.00 2,400.00
200.00 12 2,400.00 2,400.00
200.00 12 2,400.00 2,400.00
200.00 12 2,400.00 2,400.00

300.00 12 3,600.00 3,600.00


300.00 12 3,600.00 3,600.00
300.00 12 3,600.00 3,600.00
200.00 12 2,400.00 2,400.00
200.00 12 2,400.00 2,400.00
200.00 12 2,400.00 2,400.00
200.00 12 2,400.00 2,400.00

300.00 12 3,600.00 3,600.00


300.00 12 3,600.00 3,600.00
300.00 12 3,600.00 3,600.00
200.00 12 2,400.00 2,400.00
200.00 12 2,400.00 2,400.00
200.00 12 2,400.00 2,400.00
200.00 12 2,400.00 2,400.00

300.00 12 3,600.00 3,600.00


300.00 12 3,600.00 3,600.00
300.00 12 3,600.00 3,600.00
200.00 12 2,400.00 2,400.00
200.00 12 2,400.00 2,400.00
200.00 12 2,400.00 2,400.00
200.00 12 2,400.00 2,400.00
300.00 12 3,600.00 3,600.00
300.00 12 3,600.00 3,600.00
300.00 12 3,600.00 3,600.00
200.00 12 2,400.00 2,400.00
200.00 12 2,400.00 2,400.00
200.00 12 2,400.00 2,400.00
200.00 12 2,400.00 2,400.00

Schedule 29
Accrued PhilHealth Contribution
2018 2019 2020 2021
1,700.00 1,700.00 1,700.00 1,700.00
20,400.00 20,400.00 20,400.00 20,400.00
22,100.00 22,100.00 22,100.00 22,100.00
1,700.00 1,700.00 1,700.00 1,700.00
18,700.00 18,700.00 18,700.00 18,700.00
1,700.00 1,700.00 1,700.00 1,700.00

Schedule 30
Pag-ibig Contribution Expense
Total Monthly Multiplied by 12 Total Annual Charge to MOH S and A
Contribution months Contribution

480.00 12 5,760.00 5,760.00


480.00 12 5,760.00 5,760.00
480.00 12 5,760.00 5,760.00
342.72 12 4,112.64 4,112.64
342.72 12 4,112.64 4,112.64
342.72 12 4,112.64 4,112.64
342.72 12 4,112.64 4,112.64

484.80 12 5,817.60 5,817.60


484.80 12 5,817.60 5,817.60
484.80 12 5,817.60 5,817.60
346.15 12 4,153.77 4,153.77
346.15 12 4,153.77 4,153.77
346.15 12 4,153.77 4,153.77
346.15 12 4,153.77 4,153.77
489.65 12 5,875.78 5,875.78
489.65 12 5,875.78 5,875.78
489.65 12 5,875.78 5,875.78
349.61 12 4,195.30 4,195.30
349.61 12 4,195.30 4,195.30
349.61 12 4,195.30 4,195.30
349.61 12 4,195.30 4,195.30

494.54 12 5,934.53 5,934.53


494.54 12 5,934.53 5,934.53
494.54 12 5,934.53 5,934.53
353.10 12 4,237.26 4,237.26
353.10 12 4,237.26 4,237.26
353.10 12 4,237.26 4,237.26
353.10 12 4,237.26 4,237.26

499.49 12 5,993.88 5,993.88


499.49 12 5,993.88 5,993.88
499.49 12 5,993.88 5,993.88
356.64 12 4,279.63 4,279.63
356.64 12 4,279.63 4,279.63
356.64 12 4,279.63 4,279.63
356.64 12 4,279.63 4,279.63

Schedule 31
Accrued Pag-Ibig Contribution
2018 2019 2020 2021
2,810.88 2,838.99 2,867.38 2,896.05
34,067.87 34,408.54 34,752.63 35,100.16
36,878.75 37,247.53 37,620.01 37,996.21
2,810.88 2,838.99 2,867.38 2,896.05
31,228.88 31,541.16 31,856.58 32,175.15
2,838.99 2,867.38 2,896.05 2,925.01

Schedule 32
13th Month Pay
2018 2019 2020 2021
36,360.00 36,723.60 37,090.84 37,461.74
8,653.68 8,740.22 8,827.62 8,915.90
8,653.68 8,740.22 8,827.62 8,915.90
8,653.68 8,740.22 8,827.62 8,915.90
8,653.68 8,740.22 8,827.62 8,915.90
70,974.72 71,684.47 72,401.31 73,125.32

Schedule 33
Purchases
2018 2019 2020 2021
1,194,464.78 1,206,409.43 1,218,473.53 1,230,658.26
231,490.55 233,805.45 236,143.51 238,504.94
100.00 100.00 100.00 100.00
3,990.51 4,030.42 4,070.72 4,111.43
1,662.46 1,679.08 1,695.88 1,712.83

1,431,708.30 1,446,024.38 1,460,483.63 1,475,087.46

Schedule 34
VAT Payable
2018 2019 2020 2021

3,512,917.56 3,559,092.73 3,603,904.31 3,563,645.42


112% 112% 112% 112%
12% 12% 12% 12%
376,384.02 381,331.36 386,132.60 381,819.15

1,431,708.30 1,446,024.38 1,460,483.63 1,475,087.46


112% 112% 112% 112%
12% 12% 12% 12%
153,397.32 154,931.18 156,480.39 158,045.09

222,986.71 226,400.18 229,652.22 223,774.07

Schedule 35
Accrued Utilities Expense
2018 2019 2020 2021
4,199.00 4,240.99 4,283.40 4,326.23
50,891.88 51,400.80 51,914.81 52,433.95
55,090.88 55,641.79 56,198.21 56,760.18
4,199.00 4,240.99 4,283.40 4,326.23
46,650.89 47,117.40 47,588.58 48,064.45
4,240.99 4,283.40 4,326.23 4,369.50

Schedule 36
Withholding Tax
Withholding Total
Expense

943.13 11,317.56
943.13 11,317.56
943.13 11,317.56
406.46 4,877.52
406.46 4,877.52
406.46 4,877.52
406.46 4,877.52 53,462.76

966.65 11,599.80
966.65 11,599.80
966.65 11,599.80
418.90 5,026.80
418.90 5,026.80
418.90 5,026.80
418.90 5,026.80 54,906.60

990.41 11,884.92
990.41 11,884.92
990.41 11,884.92
431.77 5,181.24
431.77 5,181.24
431.77 5,181.24
431.77 5,181.24 56,379.72

1,010.76 12,129.12
1,010.76 12,129.12
1,010.76 12,129.12
441.89 5,302.68
441.89 5,302.68
441.89 5,302.68
441.89 5,302.68 57,598.08
1,034.99 12,419.88
1,034.99 12,419.88
1,034.99 12,419.88
454.87 5,458.44
454.87 5,458.44
454.87 5,458.44
454.87 5,458.44 59,093.40

Schedule 37
Accrued Withholding Tax Payable
2018 2019 2020 2021
4,455.23 4,575.55 4,698.31 4,799.84
54,906.60 56,379.72 57,598.08 59,093.40
59,361.83 60,955.27 62,296.39 63,893.24
4,455.23 4,575.55 4,698.31 4,799.84
50,331.05 51,681.41 52,798.24 54,168.95
4,575.55 4,698.31 4,799.84 4,924.45

Schedule 38
Variable Cost
2018 2019 2020 2021
1,194,464.78 1,206,409.43 1,218,473.53 1,230,658.26

47,520.00 47,520.00 49,500.00 49,500.00


10,800.00 10,800.00 10,800.00 10,800.00
17,452.80 17,627.33 17,803.60 17,981.64
36,360.00 36,723.60 37,090.84 37,461.74
231,490.55 233,805.45 236,143.51 238,504.94
343,623.35 346,476.38 351,337.94 354,248.32

415,376.64 419,530.41 423,725.71 427,962.97


34,614.72 34,960.87 35,310.48 35,663.58
44,880.00 44,880.00 47,520.00 47,520.00
9,600.00 9,600.00 9,600.00 9,600.00
16,615.07 16,781.22 16,949.03 17,118.52
7,710.00 7,710.00 7,710.00 7,710.00
3,947.05 4,022.08 4,065.86 4,106.87
1,644.35 1,675.61 1,693.85 1,710.94
534,387.83 539,160.18 546,574.92 551,392.87
2,072,475.96 2,092,045.99 2,116,386.39 2,136,299.46

Schedule 39
Fixed Cost
2018 2019 2020 2021
436,320.00 440,683.20 445,090.03 449,540.93

2,450.43 2,450.43 2,450.43 2,450.43


15,150.00 15,301.50 15,454.52 15,609.06
210,000.00 210,000.00 210,000.00 210,000.00
34,799.40 35,654.76 36,387.36 37,259.64
525.00 551.25 578.81 607.75

262,924.83 263,957.94 264,871.12 265,926.88

5,644.57 5,644.57 5,644.57 5,644.57


35,741.88 36,099.30 36,460.29 36,824.89

577.50 606.38 636.69 668.53


210,000.00 210,000.00 210,000.00 210,000.00
100.00 100.00 100.00 100.00
3,000.00 3,000.00 3,000.00 3,000.00
20,107.20 20,724.96 21,210.72 21,833.76
275,171.15 276,175.21 277,052.28 278,071.75
974,415.98 980,816.34 987,013.43 993,539.57

Schedule 40
Loans Payable
2018 2019 2020 2021
200,000.00 150,000.00 100,000.00 50,000.00
50,000.00 50,000.00 50,000.00 50,000.00
150,000.00 100,000.00 50,000.00 -

Schedule 40
Loans Payable
4.99%
Running
Total Payment Balance

250,000.00
50,000.00 200,000.00
50,000.00 150,000.00
50,000.00 100,000.00
50,000.00 50,000.00
50,000.00 -

Schedule 41
Income Tax Expense
2018 2019 2020 2021
463,487.48 474,447.99 482,399.36 461,988.97
50,000.00 50,000.00 50,000.00 50,000.00
413,487.48 424,447.99 432,399.36 411,988.97
250,000.00 250,000.00 250,000.00 250,000.00
163,487.48 174,447.99 182,399.36 161,988.97
30% 30% 30% 30%
49,046.24 52,334.40 54,719.81 48,596.69
50,000.00 50,000.00 50,000.00 50,000.00
99,046.24 102,334.40 104,719.81 98,596.69

Schedule 42
Accrued Income Tax Payable
2018 2019 2020 2021
7,017.42 1,821.22 6,858.42 2,439.77
99,046.24 102,334.40 104,719.81 98,596.69
106,063.67 104,155.61 111,578.23 101,036.46
7,017.42 1,821.22 6,858.42 2,439.77
97,225.03 95,475.98 102,280.04 92,616.75
1,821.22 6,858.42 2,439.77 5,979.94
Schedule 17
Selling and Administrative Expenses
Schedule 2017 2018

reciation Expense - Office Furnit 18 1,224.57 1,224.57


reciation Expense - Office Equi 18 4,420.00 4,420.00
ties Expense 12 36,343.48 36,706.91
earch and Study Cost 9,125.00
air and Maintenance 15 569.80 598.29
13 215,250.00 215,250.00
ertising Expense 400.00 100.00
mits and Licenses 24 7,710.00 7,710.00

hholding Tax Expense 35 19,510.08 20,107.20


l Fixed Cost 288,327.65 279,881.15

21 411,264.00 415,376.64
22 3,000.00 3,000.00
h Month Pay 32 34,272.00 34,614.72
Contribution Expense 26 44,880.00 44,880.00
Health Contribution Expense 28 9,600.00 9,600.00
-ibig Contribution Expense 30 16,450.56 16,615.07
aning Supplies Expense 25 1,518.44 1,685.46
ce Supplies Expense 23 3,644.80 4,045.73
l Variable Cost 524,629.79 529,817.62
al Selling and Administrative Expense 812,957.44 809,698.77
36,706.91 37,073.98 37,444.72 37,819.17
2019 2020 2021

1,224.57 1,224.57 1,224.57


4,420.00 4,420.00 4,420.00
37,073.98 37,444.72 37,819.17

628.20 659.61 692.60


215,250.00 215,250.00 215,250.00
100.00 100.00 100.00
7,710.00 7,710.00 7,710.00

20,724.96 21,210.72 21,833.76


280,885.21 281,762.28 282,781.75

419,530.41 423,725.71 427,962.97


3,000.00 3,000.00 3,000.00
34,960.87 35,310.48 35,663.58
44,880.00 47,520.00 47,520.00
9,600.00 9,600.00 9,600.00
16,781.22 16,949.03 17,118.52
1,717.50 1,736.20 1,753.71
4,122.63 4,167.50 4,209.54
534,592.63 542,008.91 546,828.32
815,477.83 823,771.19 829,610.07
Schedule
Market Share
Selling Price per Unit 2
Projected Sales

Schedule
Cost of Raw Materials 4
Direct Labor 5
Manufacturing Overhead 6
Total
Units Produced
Cost per Unit
Mark up (40%)
Selling Price (Inclusive of VAT)

Schedule
Cost of Raw Materials 4
Direct Labor 5
Manufacturing Overhead 6
Total
Inventory Beginning
Total Goods Available for Sale
Inventory End
Cost of Goods Sold

Schedule
Items
9.5mm Marine Plywood
Mahogany Wood (2X2X12)
Mahogany Wood (1X2X12)
Hinges
Caster Wheels with brake
Caster Wheels
Desk Cable Tidy
Cup holder
Cost of Raw Materials
Schedule
Labor rate per year
No. of workers
Total Direct Labor

Schedule
Fixed Cost
Depreciation Expense - Production Equiment 7
Depreciation Expense - Production Furniture and Fixtures 7
Utilities Expense 12
Rent Expense 13
Withholding Tax Expense 35
Repairs and Maintenance 14
Production Tools Expense
Total Fixed Cost
Variable Cost
SSS Contribution Expense 26
PhilHealth Contribution Expense 28
PAG-IBIG Contribution 30
13th Month Pay 32
Indirect Materials 10
Total Variable Cost
Total

Items Unit Price Useful life


Telephone 1,500.00 5
Water Dispenser 600.00 5
Total Production Equipment
Table 1,200.00 7
Monobloc Chairs 795.00 5
Wall Fan 900.00 5
Water Dispenser 600.00 5
Total Production Furniture and Fixtures
Leasehold Improvement 7,000.00 5
Total Depreciation Expense
Original Cost
Accumulated Depreciation, Beginning
Depreciation Expense
Accumulated Depreciation, Ending
Book Value

Original Cost
Accumulated Depreciation, Beginning
Depreciation Expense
Accumulated Depreciation, Ending
Book Value

Items
Screw
Nails
Paint
Rugby
Corrugated Box
Styrofoam
Packaging Tape
Total

Advertising Expense

2017 2018
M.O Admin M.O
Electricity ### ### 12,120.00
Water 1,800.00 1,800.00 1,818.00
Mineral Water 1,200.00 1,200.00 1,212.00
Telecommunication ###
Total ### ### 15,150.00

2017 2018
M.O Admin M.O
Display Area ### ### 90,000.00
Warehouse ### ### 120,000.00
Total ### ### 210,000.00

Repair and maintenance


Total

Repair and maintenance


Total

Units Produced
Inventory, beginning
Cost of Goods Available for Sale
Cost of Goods Sold
Finished Goods Inventory, end

Units Produced in Peso


Inventory, beginning
Cost of Goods Available for Sale
Cost of Goods Sold
Finished Goods Inventory, end

Schedule
Fixed Cost
Depreciation Expense - Office Furniture and Fixtures 18
Depreciation Expense - Office Equipment 18
Utilities Expense 12
Research and Study Cost
Repair and Maintenance 15
Rent Expense 13
Advertising Expense
Permits and Licenses 24
Withholding Tax Expense 35
Total Fixed Cost
Variable Cost
Salaries 21
Retainer's Fees 22
13th Month Pay 32
SSS Contribution Expense 26
PhilHealth Contribution Expense 28
Pag-ibig Contribution Expense 30
Cleaning Supplies Expense 25
Office Supplies Expense 23
Total Variable Cost
Total Selling and Administrative Expense

Items Unit Price Useful life


Office Table 1,599.00 7
Office Chair 600.00 7
Monobloc Chairs 795.00 5
Sofa 4,000.00 7
Wall Fan 900.00 5
Total Furniture and Fixtures
Computer ### 5
Telephone 1,500.00 5
Water Dispenser 600.00 5
Total Equipment
Total Depreciation Expense

Original Cost
Accumulated Depreciation, Beginning
Depreciation Expense
Accumulated Depreciation, Ending
Book Value

Original Cost
Accumulated Depreciation, Beginning
Depreciation Expense
Accumulated Depreciation, Ending
Book Value

Salesperson
x no. of months
Total

Security Guard
x no. of months
Total

Delivery Man/ Utility Man


x no. of months
Total

Driver/ Utility Man


x no. of months
Total
TOTAL

Retainer's Fee
Total

Office Supplies
Supplies, Beginning
Total Supplies Available
Supplies, Ending
Office Supplies Expense

Barangay Clearance
Mayor's Permit
Sanitary Permit
Documentation Stamp
BIR Registration
DTI Registration
Fire Clearance
Documentation Stamp on Lease
LTO Registration
Business Permit
Total

Cleaning Supplies
Supplies, Beginning
Total Supplies Available
Supplies, Ending
Cleaning Supplies Expense

SSS C

Monthly Contribution
Employee
Monthly ER
Salary
2017
Worker (1) ### 884.00
Worker (2) ### 884.00
Worker (3) ### 884.00
Salesperson 8,568.00 626.20
Security Guard 8,568.00 626.20
Delivery man/ Utility man 8,568.00 626.20
Driver/ Utility man 8,568.00 626.20

2018
Worker (1) ### 884.00
Worker (2) ### 884.00
Worker (3) ### 884.00
Salesperson 8,653.68 626.20
Security Guard 8,653.68 626.20
Delivery man/ Utility man 8,653.68 626.20
Driver/ Utility man 8,653.68 626.20
2019
Worker (1) ### 884.00
Worker (2) ### 884.00
Worker (3) ### 884.00
Salesperson 8,740.22 626.20
Security Guard 8,740.22 626.20
Delivery man/ Utility man 8,740.22 626.20
Driver/ Utility man 8,740.22 626.20

2020
Worker (1) ### 920.80
Worker (2) ### 920.80
Worker (3) ### 920.80
Salesperson 8,827.62 663.00
Security Guard 8,827.62 663.00
Delivery man/ Utility man 8,827.62 663.00
Driver/ Utility man 8,827.62 663.00

2021
Worker (1) ### 920.80
Worker (2) ### 920.80
Worker (3) ### 920.80
Salesperson 8,915.90 663.00
Security Guard 8,915.90 663.00
Delivery man/ Utility man 8,915.90 663.00
Driver/ Utility man 8,915.90 663.00

Schedule
SSS Contribution, Beginning
SSS Contribution Expense 26
SSS Contribution Payable
Prior
Current
Accrued SSS Contribution Payable

PhilHealt

Employee Monthly Contribution


Monthly ER
Salary

2017
Worker (1) ### 150.00
Worker (2) ### 150.00
Worker (3) ### 150.00
Salesperson 8,568.00 100.00
Security Guard 8,568.00 100.00
Delivery man/ Utility man 8,568.00 100.00
Driver/ Utility man 8,568.00 100.00

2018
Worker (1) ### 150.00
Worker (2) ### 150.00
Worker (3) ### 150.00
Salesperson 8,653.68 100.00
Security Guard 8,653.68 100.00
Delivery man/ Utility man 8,653.68 100.00
Driver/ Utility man 8,653.68 100.00

2019
Worker (1) ### 150.00
Worker (2) ### 150.00
Worker (3) ### 150.00
Salesperson 8,740.22 100.00
Security Guard 8,740.22 100.00
Delivery man/ Utility man 8,740.22 100.00
Driver/ Utility man 8,740.22 100.00

2020
Worker (1) ### 150.00
Worker (2) ### 150.00
Worker (3) ### 150.00
Salesperson 8,827.62 100.00
Security Guard 8,827.62 100.00
Delivery man/ Utility man 8,827.62 100.00
Driver/ Utility man 8,827.62 100.00

2021
Worker (1) ### 150.00
Worker (2) ### 150.00
Worker (3) ### 150.00
Salesperson 8,915.90 100.00
Security Guard 8,915.90 100.00
Delivery man/ Utility man 8,915.90 100.00
Driver/ Utility man 8,915.90 100.00

Schedule
PhilHealth Contribution, Beginning
PhilHealth Contribution Expense 28
PhilHealth Contribution Payable
Prior
Current
Accrued PhilHealth Contribution Payable

Pag-ibig

Monthly Contribution

Monthly
Employee ER
Salary

2017 ### 240.00


Worker (1) ### 240.00
Worker (2) ### 240.00
Worker (3) 8,568.00 171.36
Salesperson 8,568.00 171.36
Security Guard 8,568.00 171.36
Delivery man/ Utility man 8,568.00 171.36
Driver/ Utility man

2018 ### 242.40


Worker (1) ### 242.40
Worker (2) ### 242.40
Worker (3) 8,653.68 173.07
Salesperson 8,653.68 173.07
Security Guard 8,653.68 173.07
Delivery man/ Utility man 8,653.68 173.07
Driver/ Utility man
2019 ### 244.82
Worker (1) ### 244.82
Worker (2) ### 244.82
Worker (3) 8,740.22 174.80
Salesperson 8,740.22 174.80
Security Guard 8,740.22 174.80
Delivery man/ Utility man 8,740.22 174.80
Driver/ Utility man

2020 ### 247.27


Worker (1) ### 247.27
Worker (2) ### 247.27
Worker (3) 8,827.62 176.55
Salesperson 8,827.62 176.55
Security Guard 8,827.62 176.55
Delivery man/ Utility man 8,827.62 176.55
Driver/ Utility man

2021
Worker (1) ### 249.74
Worker (2) ### 249.74
Worker (3) ### 249.74
Salesperson 8,915.90 178.32
Security Guard 8,915.90 178.32
Delivery man/ Utility man 8,915.90 178.32
Driver/ Utility man 8,915.90 178.32

Schedule
Pag-ibig Contribution, Beginning
Pag-ibig Contribution Expense 30
Pag-ibig Contribution Payable
Prior
Current
Accrued Pag-ibig Contribution Payable

Workers (3)
Salesperson
Security Guard
Driver/ Utility Man
Delivery Man/ Utility Man
Total

Cost of Raw Materials


Indirect Materials
Advertising Expenses
Office Supplies
Cleaning Supplies
Project Feasibility Cost
Office Furniture and Fixtures
Office Equipment
Production Equipment
Production Furniture and Fixtures
Production Tools
Delivery Truck
Total

Schedule
OUTPUT VAT
Sales 1
Vat Percentage

Output Vat
Less: Input Vat
Purchases 32

Input Vat

VAT PAYABLE

Schedule
Utilities, Beginning
Utilities Expense
Utilities Payable
Prior
Current
Accrued Utilities Expense

Sche
Withh
MonthlySalary Deduction
Salary
2017
Worker (1) ### 826.00
Worker (2) ### 826.00
Worker (3) ### 826.00
Salesperson 8,568.00 580.16
Security Guard 8,568.00 580.16
Delivery man/ Utility man 8,568.00 580.16
Driver/ Utility man 8,568.00 580.16

2018
Worker (1) ### 828.40
Worker (2) ### 828.40
Worker (3) ### 828.40
Salesperson 8,653.68 581.87
Security Guard 8,653.68 581.87
Delivery man/ Utility man 8,653.68 581.87
Driver/ Utility man 8,653.68 581.87

2019
Worker (1) ### 830.82
Worker (2) ### 830.82
Worker (3) ### 830.82
Salesperson 8,740.22 583.60
Security Guard 8,740.22 583.60
Delivery man/ Utility man 8,740.22 583.60
Driver/ Utility man 8,740.22 583.60

2020
Worker (1) ### 851.47
Worker (2) ### 851.47
Worker (3) ### 851.47
Salesperson 8,827.62 603.55
Security Guard 8,827.62 603.55
Delivery man/ Utility man 8,827.62 603.55
Driver/ Utility man 8,827.62 603.55
2021
Worker (1) ### 853.94
Worker (2) ### 853.94
Worker (3) ### 853.94
Salesperson 8,915.90 605.32
Security Guard 8,915.90 605.32
Delivery man/ Utility man 8,915.90 605.32
Driver/ Utility man 8,915.90 605.32

Withholding Tax, Beginning


Withholdiing Tax Expense
Withholding Tax Payable
Prior
Current
Accrued Withholding Tax Payable

Schedule
Direct Materials 4
Production Overhead
SSS Contribution Expense 26
PhilHealth Contribution Expense 28
PAG-IBIG Contribution Expense 30
13th Month Pay 32
Indirect Materials 10
Total
Selling and Administrative Expense
Salaries Expense 21
13th Month Pay 32
SSS Contribution Expense 26
PhilHealth Contribution Expense 28
PAG-IBIG Contribution Expense 30
Permits and Licenses 24
Office Supplies 23
Cleaning Supplies 25
Total
Total Variable Cost
Schedule
Direct Labor 5
Manufacturing Overhead
Deprecation Expense 7
Utilities Expense 12
Rent Expense 13
Withholding Tax Expense 35
Repair and Maintenance 14
Production Tools Expense
Total
Selling and Administrative Expenses
Deprecation Expense 18
Utilities Expense 12
Project Feasibility Cost
Repair and Maintenance 15
Rent Expense 13
Advertising Expense 11
Retainer's Fee 22
Withholding Tax Expense 36
Total
TOTAL FIXED COST

Loans Payable
Less: Short Term Portion
Long-term Portion of Loans Payable

Payment on
Date Notes
Payable

1 47,623.58
2 47,623.58
3 47,623.58
4 47,623.58
5 47,623.58
Income before tax
Less: Basic Personal Exemption
Taxable Income
Less: Income Bracket
Excess of bracket
Mulitply by Percentage available
Additional tax Due
Add: Basic Tax Due
Income Tax Due

Schedule
Income Tax, Beginning
Income Tax Expense 41
Income Tax Payable
Prior
Current
Accrued Income Tax Payable
Schedule 1
Projected Sales
2017 2018 2019 2020 2021
700 735 738 740 740
4,836.36 4,779.48 4,822.62 4,870.14 4,815.74
3,385,449.36 3,512,917.56 3,559,092.73 3,603,904.31 3,563,645.42

Schedule 2
Selling Price
2017 2018 2019 2020 2021
1,182,638.40 1,194,464.78 1,206,409.43 1,218,473.53 1,230,658.26
432,000.00 436,320.00 440,683.20 445,090.03 449,540.93
606,137.42 606,548.17 610,434.32 616,209.06 620,175.20
2,220,775.82 2,237,332.96 2,257,526.95 2,279,772.62 2,300,374.40
720 734 734 734 749
3,084.41 3,048.14 3,075.65 3,105.96 3,071.26
4,318.18 4,267.39 4,305.91 4,348.34 4,299.77
4,836.36 4,779.48 4,822.62 4,870.14 4,815.74

Schedule 3
Cost of Goods Sold
2017 2018 2019 2020 2021
1,182,638.40 1,194,464.78 1,206,409.43 1,218,473.53 1,230,658.26
432,000.00 436,320.00 440,683.20 445,090.03 449,540.93
606,137.42 606,548.17 610,434.32 616,209.06 620,175.20
2,220,775.82 2,237,332.96 2,257,526.95 2,279,772.62 2,300,374.40
61,688.22 58,640.08 46,337.48 27,701.74
2,220,775.82 2,299,021.18 2,316,167.03 2,326,110.10 2,328,076.13
61,688.22 58,640.08 46,337.48 27,701.74 55,343.08
2,159,087.60 2,240,381.10 2,269,829.55 2,298,408.36 2,272,733.05

Schedule 4
Cost of Raw Materials
2017 2018 2019 2020 2021

483,000.00 487,830.00 492,708.30 497,635.38 502,611.74


44,640.00 45,086.40 45,537.26 45,992.64 46,452.56
9,072.00 9,162.72 9,254.35 9,346.89 9,440.36
192,441.60 194,366.02 196,309.68 198,272.77 200,255.50
132,480.00 133,804.80 135,142.85 136,494.28 137,859.22
221,760.00 223,977.60 226,217.38 228,479.55 230,764.35
35,640.00 35,996.40 36,356.36 36,719.93 37,087.13
63,604.80 64,240.85 64,883.26 65,532.09 66,187.41
1,182,638.40 1,194,464.78 1,206,409.43 1,218,473.53 1,230,658.26
Schedule 5
Direct Labor
2017 2018 2019 2020 2021
144,000.00 145,440.00 146,894.40 148,363.34 149,846.98
3 3 3 3 3
432,000.00 436,320.00 440,683.20 445,090.03 449,540.93

Schedule 6
Manufacturing Overhead
2017 2018 2019 2020 2021

420.00 420.00 420.00 420.00 420.00


2,030.43 2,030.43 2,030.43 2,030.43 2,030.43
15,000.00 15,150.00 15,301.50 15,454.52 15,609.06
210,000.00 210,000.00 210,000.00 210,000.00 210,000.00
33,952.68 34,799.40 35,654.76 36,387.36 37,259.64
500.00 525.00 551.25 578.81 607.75
3,435.75
265,338.86 262,924.83 263,957.94 264,871.12 265,926.88

47,520.00 47,520.00 47,520.00 49,500.00 49,500.00


10,800.00 10,800.00 10,800.00 10,800.00 10,800.00
17,280.00 17,452.80 17,627.33 17,803.60 17,981.64
36,000.00 36,360.00 36,723.60 37,090.84 37,461.74
229,198.56 231,490.55 233,805.45 236,143.51 238,504.94
340,798.56 343,623.35 346,476.38 351,337.94 354,248.32
606,137.42 606,548.17 610,434.32 616,209.06 620,175.20

Schedule 7
Depreciation Expenses - Production
2017 2018 2019 2020 2021
300.00 300.00 300.00 300.00 300.00
120.00 120.00 120.00 120.00 120.00
420.00 420.00 420.00 420.00 420.00
171.43 171.43 171.43 171.43 171.43
159.00 159.00 159.00 159.00 159.00
180.00 180.00 180.00 180.00 180.00
120.00 120.00 120.00 120.00 120.00
630.43 630.43 630.43 630.43 630.43
1,400.00 1,400.00 1,400.00 1,400.00 1,400.00
2,450.43 2,450.43 2,450.43 2,450.43 2,450.43

Schedule 8
Production Equipment, net (Book Value)
2017 2018 2019 2020 2021
2,100.00 2,100.00 2,100.00 2,100.00 2,100.00
420.00 840.00 1,260.00 1,680.00
420.00 420.00 420.00 420.00 420.00
420.00 840.00 1,260.00 1,680.00 2,100.00
1,680.00 1,260.00 840.00 420.00 -

Schedule 9
Production Furniture and Fixtures (Book Value)
2017 2018 2019 2020 2021
3,495.00 3,495.00 3,495.00 3,495.00 3,495.00
630.43 1,260.86 1,891.29 2,521.71
630.43 630.43 630.43 630.43 630.43
630.43 1,260.86 1,891.29 2,521.71 3,152.14
2,864.57 2,234.14 1,603.71 973.29 342.86

Schedule 10
Indirect Materials
2017 2018 2019 2020 2021
2,710.56 2,737.67 2,765.04 2,792.69 2,820.62
4,968.00 5,017.68 5,067.86 5,118.54 5,169.72
108,000.00 109,080.00 110,170.80 111,272.51 112,385.23
8,400.00 8,484.00 8,568.84 8,654.53 8,741.07
30,240.00 30,542.40 30,847.82 31,156.30 31,467.87
71,280.00 71,992.80 72,712.73 73,439.86 74,174.25
3,600.00 3,636.00 3,672.36 3,709.08 3,746.17
229,198.56 231,490.55 233,805.45 236,143.51 238,504.94

Schedule 11
Advertising Expense
2017 2018 2019 2020 2021
400.00 100.00 100.00 100.00 100.00

Schedule 12
Utilities Expense
2018 2019 2020 2021
Admin M.O Admin M.O Admin M.O Admin
12,120.00 12,241.20 12,241.20 12,363.61 12,363.61 ### ###
1,818.00 1,836.18 1,836.18 1,854.54 1,854.54 1,873.09 1,873.09
1,212.00 1,224.12 1,224.12 1,236.36 1,236.36 1,248.72 1,248.72
20,591.88 20,797.80 21,005.78 ###
35,741.88 15,301.50 36,099.30 15,454.52 36,460.29 ### ###

Schedule 13
Rent Expense
2018 2019 2020 2021
Admin M.O Admin M.O Admin M.O Admin
90,000.00 90,000.00 90,000.00 90,000.00 90,000.00 ### ###
120,000.00 120,000.00 120,000.00 120,000.00 120,000.00 ### ###
210,000.00 210,000.00 210,000.00 210,000.00 210,000.00 ### ###

Schedule 14
Repairs and Maintenance (Production)
2017 2018 2019 2020 2021
500.00 525.00 551.25 578.81 607.75
500.00 525.00 551.25 578.81 607.75

Schedule 15
Repairs and Maintenance (Office)
2017 2018 2019 2020 2021
550.00 577.50 606.38 636.69 668.53
550.00 577.50 606.38 636.69 668.53

Schedule 16
Finished Goods Inventory, end (in Units)
2017 2018 2019 2020 2021
720.00 734.00 734.00 734.00 749.00
20.00 19.00 15.00 9.00
720.00 754.00 753.00 749.00 758.00
700.00 735.00 738.00 740.00 740.00
20.00 19.00 15.00 9.00 18.00

Schedule 16.1
Finished Goods Inventory, end (in Peso)
2017 2018 2019 2020 2021
2,220,775.82 2,237,332.96 2,257,526.95 2,279,772.62 2,300,374.40
61,688.22 58,640.08 46,337.48 27,701.74
2,220,775.82 2,299,021.18 2,316,167.03 2,326,110.10 2,328,076.13
2,159,087.60 2,240,381.10 2,269,829.55 2,298,408.36 2,272,733.05
61,688.22 58,640.08 46,337.48 27,701.74 55,343.08

Schedule 17
Selling and Administrative Expenses
2017 2018 2019 2020 2021

1,224.57 1,224.57 1,224.57 1,224.57 1,224.57


4,420.00 4,420.00 4,420.00 4,420.00 4,420.00
35,388.00 35,741.88 36,099.30 36,460.29 36,824.89
9,125.00
550.00 577.50 606.38 636.69 668.53
210,000.00 210,000.00 210,000.00 210,000.00 210,000.00
400.00 100.00 100.00 100.00 100.00
7,710.00 7,710.00 7,710.00 7,710.00 7,710.00
19,510.08 20,107.20 20,724.96 21,210.72 21,833.76
288,327.65 279,881.15 280,885.21 281,762.28 282,781.75

411,264.00 415,376.64 419,530.41 423,725.71 427,962.97


3,000.00 3,000.00 3,000.00 3,000.00 3,000.00
34,272.00 34,614.72 34,960.87 35,310.48 35,663.58
44,880.00 44,880.00 44,880.00 47,520.00 47,520.00
9,600.00 9,600.00 9,600.00 9,600.00 9,600.00
16,450.56 16,615.07 16,781.22 16,949.03 17,118.52
1,481.40 1,644.35 1,675.61 1,693.85 1,710.94
3,555.90 3,947.05 4,022.08 4,065.86 4,106.87
524,503.86 529,677.83 534,450.18 541,864.92 546,682.87
812,831.51 809,558.98 815,335.39 823,627.20 829,464.62

Schedule 18
Depreciation Expense - Office
2017 2018 2019 2020 2021
228.43 228.43 228.43 228.43 228.43
85.71 85.71 85.71 85.71 85.71
159.00 159.00 159.00 159.00 159.00
571.43 571.43 571.43 571.43 571.43
180.00 180.00 180.00 180.00 180.00
1,224.57 1,224.57 1,224.57 1,224.57 1,224.57
4,000.00 4,000.00 4,000.00 4,000.00 4,000.00
300.00 300.00 300.00 300.00 300.00
120.00 120.00 120.00 120.00 120.00
4,420.00 4,420.00 4,420.00 4,420.00 4,420.00
5,644.57 5,644.57 5,644.57 5,644.57 5,644.57

Schedule 19
Office Equipment, net (Book Value)
2017 2018 2019 2020 2021
22,100.00 22,100.00 22,100.00 22,100.00 22,100.00
4,420.00 8,840.00 13,260.00 17,680.00
4,420.00 4,420.00 4,420.00 4,420.00 4,420.00
4,420.00 8,840.00 13,260.00 17,680.00 22,100.00
17,680.00 13,260.00 8,840.00 4,420.00 -

Schedule 20
Office Furniture and Fixtures (Book Value)
2017 2018 2019 2020 2021
7,894.00 7,894.00 7,894.00 7,894.00 7,894.00
1,224.57 2,449.14 3,673.71 4,898.29
1,224.57 1,224.57 1,224.57 1,224.57 1,224.57
1,224.57 2,449.14 3,673.71 4,898.29 6,122.86
6,669.43 5,444.86 4,220.29 2,995.71 1,771.14

Schedule 21
Salaries Expense
2017 2018 2019 2020 2021
8,568.00 8,653.68 8,740.22 8,827.62 8,915.90
12.00 12.00 12.00 12.00 12.00
102,816.00 103,844.16 104,882.60 105,931.43 106,990.74

8,568.00 8,653.68 8,740.22 8,827.62 8,915.90


12.00 12.00 12.00 12.00 12.00
102,816.00 103,844.16 104,882.60 105,931.43 106,990.74

8,568.00 8,653.68 8,740.22 8,827.62 8,915.90


12.00 12.00 12.00 12.00 12.00
102,816.00 103,844.16 104,882.60 105,931.43 106,990.74

8,568.00 8,653.68 8,740.22 8,827.62 8,915.90


12.00 12.00 12.00 12.00 12.00
102,816.00 103,844.16 104,882.60 105,931.43 106,990.74
411,264.00 415,376.64 419,530.41 423,725.71 427,962.97

Schedule 22
Retainer's Fees
2017 2018 2019 2020 2021
3,000.00 3,000.00 3,000.00 3,000.00 3,000.00
3,000.00 3,000.00 3,000.00 3,000.00 3,000.00

Schedule 23
Office Supplies Expense
2017 2018 2019 2020 2021
3,951.00 3,990.51 4,030.42 4,070.72 4,111.43
395.10 438.56 446.90 451.76
3,951.00 4,385.61 4,468.98 4,517.62 4,563.19
395.10 438.56 446.90 451.76 456.32
3,555.90 3,947.05 4,022.08 4,065.86 4,106.87

Schedule 24
Permits and Licenses
2017 2018 2019 2020 2021
250.00 250.00 250.00 250.00 250.00
1,200.00 1,200.00 1,200.00 1,200.00 1,200.00
400.00 400.00 400.00 400.00 400.00
100.00 100.00 100.00 100.00 100.00
1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
200.00 200.00 200.00 200.00 200.00
460.00 460.00 460.00 460.00 460.00
2,500.00 2,500.00 2,500.00 2,500.00 2,500.00
600.00 600.00 600.00 600.00 600.00
7,710.00 7,710.00 7,710.00 7,710.00 7,710.00

Schedule 25
Cleaning Supplies Expense
2017 2018 2019 2020 2021
1,646.00 1,662.46 1,679.08 1,695.88 1,712.83
164.60 182.71 186.18 188.21
1,646.00 1,827.06 1,861.79 1,882.05 1,901.04
164.60 182.71 186.18 188.21 190.10
1,481.40 1,644.35 1,675.61 1,693.85 1,710.94

Schedule 26
SSS Contribution Expense

onthly Contribution Total Monthly Multiplied by Total Annual


Contribution 12 Months Contribution Charge to MOH S and A

EE

436.00 1,320.00 12 15,840.00 15,840.00


436.00 1,320.00 12 15,840.00 15,840.00
436.00 1,320.00 12 15,840.00 15,840.00
308.80 935.00 12 11,220.00 ###
308.80 935.00 12 11,220.00 ###
308.80 935.00 12 11,220.00 ###
308.80 935.00 12 11,220.00 ###

436.00 1,320.00 12 15,840.00 15,840.00


436.00 1,320.00 12 15,840.00 15,840.00
436.00 1,320.00 12 15,840.00 15,840.00
308.80 935.00 12 11,220.00 ###
308.80 935.00 12 11,220.00 ###
308.80 935.00 12 11,220.00 ###
308.80 935.00 12 11,220.00 ###
436.00 1,320.00 12 15,840.00 15,840.00
436.00 1,320.00 12 15,840.00 15,840.00
436.00 1,320.00 12 15,840.00 15,840.00
308.80 935.00 12 11,220.00 ###
308.80 935.00 12 11,220.00 ###
308.80 935.00 12 11,220.00 ###
308.80 935.00 12 11,220.00 ###

454.20 1,375.00 12 16,500.00 16,500.00


454.20 1,375.00 12 16,500.00 16,500.00
454.20 1,375.00 12 16,500.00 16,500.00
327.00 990.00 12 11,880.00 ###
327.00 990.00 12 11,880.00 ###
327.00 990.00 12 11,880.00 ###
327.00 990.00 12 11,880.00 ###

454.20 1,375.00 12 16,500.00 16,500.00


454.20 1,375.00 12 16,500.00 16,500.00
454.20 1,375.00 12 16,500.00 16,500.00
327.00 990.00 12 11,880.00 ###
327.00 990.00 12 11,880.00 ###
327.00 990.00 12 11,880.00 ###
327.00 990.00 12 11,880.00 ###

Schedule 27
Accrued SSS Contribution
2017 2018 2019 2020 2021
7,700.00 7,700.00 7,700.00 8,085.00
92,400.00 92,400.00 92,400.00 97,020.00 97,020.00
92,400.00 100,100.00 100,100.00 104,720.00 105,105.00
7,700.00 7,700.00 7,700.00 8,085.00
84,700.00 84,700.00 84,700.00 88,935.00 88,935.00
7,700.00 7,700.00 7,700.00 8,085.00 8,085.00

Schedule 28
PhilHealth Contribution Expense

Total Monthly Multiplied by Total Annual Charge to


hly Contribution S and A
Contribution 12 Months Contribution MOH
EE

150.00 300.00 12 3,600.00 3,600.00


150.00 300.00 12 3,600.00 3,600.00
150.00 300.00 12 3,600.00 3,600.00
100.00 200.00 12 2,400.00 2,400.00
100.00 200.00 12 2,400.00 2,400.00
100.00 200.00 12 2,400.00 2,400.00
100.00 200.00 12 2,400.00 2,400.00

150.00 300.00 12 3,600.00 3,600.00


150.00 300.00 12 3,600.00 3,600.00
150.00 300.00 12 3,600.00 3,600.00
100.00 200.00 12 2,400.00 2,400.00
100.00 200.00 12 2,400.00 2,400.00
100.00 200.00 12 2,400.00 2,400.00
100.00 200.00 12 2,400.00 2,400.00

150.00 300.00 12 3,600.00 3,600.00


150.00 300.00 12 3,600.00 3,600.00
150.00 300.00 12 3,600.00 3,600.00
100.00 200.00 12 2,400.00 2,400.00
100.00 200.00 12 2,400.00 2,400.00
100.00 200.00 12 2,400.00 2,400.00
100.00 200.00 12 2,400.00 2,400.00

150.00 300.00 12 3,600.00 3,600.00


150.00 300.00 12 3,600.00 3,600.00
150.00 300.00 12 3,600.00 3,600.00
100.00 200.00 12 2,400.00 2,400.00
100.00 200.00 12 2,400.00 2,400.00
100.00 200.00 12 2,400.00 2,400.00
100.00 200.00 12 2,400.00 2,400.00

150.00 300.00 12 3,600.00 3,600.00


150.00 300.00 12 3,600.00 3,600.00
150.00 300.00 12 3,600.00 3,600.00
100.00 200.00 12 2,400.00 2,400.00
100.00 200.00 12 2,400.00 2,400.00
100.00 200.00 12 2,400.00 2,400.00
100.00 200.00 12 2,400.00 2,400.00

Schedule 29
Accrued PhilHealth Contribution
2017 2018 2019 2020 2021
1,700.00 1,700.00 1,700.00 1,700.00
20,400.00 20,400.00 20,400.00 20,400.00 20,400.00
20,400.00 22,100.00 22,100.00 22,100.00 22,100.00
1,700.00 1,700.00 1,700.00 1,700.00
18,700.00 18,700.00 18,700.00 18,700.00 18,700.00
1,700.00 1,700.00 1,700.00 1,700.00 1,700.00

Schedule 30
Pag-ibig Contribution Expense

Total Monthly Multiplied by Total Annual


Monthly Contribution Contribution 12 months Contribution Charge to MOH S and A

EE

240.00 480.00 12 5,760.00 5,760.00


240.00 480.00 12 5,760.00 5,760.00
240.00 480.00 12 5,760.00 5,760.00
171.36 342.72 12 4,112.64 4,112.64
171.36 342.72 12 4,112.64 4,112.64
171.36 342.72 12 4,112.64 4,112.64
171.36 342.72 12 4,112.64 4,112.64

242.40 484.80 12 5,817.60 5,817.60


242.40 484.80 12 5,817.60 5,817.60
242.40 484.80 12 5,817.60 5,817.60
173.07 346.15 12 4,153.77 4,153.77
173.07 346.15 12 4,153.77 4,153.77
173.07 346.15 12 4,153.77 4,153.77
173.07 346.15 12 4,153.77 4,153.77
244.82 489.65 12 5,875.78 5,875.78
244.82 489.65 12 5,875.78 5,875.78
244.82 489.65 12 5,875.78 5,875.78
174.80 349.61 12 4,195.30 4,195.30
174.80 349.61 12 4,195.30 4,195.30
174.80 349.61 12 4,195.30 4,195.30
174.80 349.61 12 4,195.30 4,195.30

247.27 494.54 12 5,934.53 5,934.53


247.27 494.54 12 5,934.53 5,934.53
247.27 494.54 12 5,934.53 5,934.53
176.55 353.10 12 4,237.26 4,237.26
176.55 353.10 12 4,237.26 4,237.26
176.55 353.10 12 4,237.26 4,237.26
176.55 353.10 12 4,237.26 4,237.26

249.74 499.49 12 5,993.88 5,993.88


249.74 499.49 12 5,993.88 5,993.88
249.74 499.49 12 5,993.88 5,993.88
178.32 356.64 12 4,279.63 4,279.63
178.32 356.64 12 4,279.63 4,279.63
178.32 356.64 12 4,279.63 4,279.63
178.32 356.64 12 4,279.63 4,279.63

Schedule 31
Accrued Pag-Ibig Contribution
2017 2018 2019 2020 2021
2,810.88 2,838.99 2,867.38 2,896.05
33,730.56 34,067.87 34,408.54 34,752.63 35,100.16
33,730.56 36,878.75 37,247.53 37,620.01 37,996.21
2,810.88 2,838.99 2,867.38 2,896.05
30,919.68 31,228.88 31,541.16 31,856.58 32,175.15
2,810.88 2,838.99 2,867.38 2,896.05 2,925.01

Schedule 32
13th Month Pay
2017 2018 2019 2020 2021
36,000.00 36,360.00 36,723.60 37,090.84 37,461.74
8,568.00 8,653.68 8,740.22 8,827.62 8,915.90
8,568.00 8,653.68 8,740.22 8,827.62 8,915.90
8,568.00 8,653.68 8,740.22 8,827.62 8,915.90
8,568.00 8,653.68 8,740.22 8,827.62 8,915.90
70,272.00 70,974.72 71,684.47 72,401.31 73,125.32

Schedule 33
Purchases
2017 2018 2019 2020 2021
1,182,638.40 1,194,464.78 1,206,409.43 1,218,473.53 1,230,658.26
229,198.56 231,490.55 233,805.45 236,143.51 238,504.94
400.00 100.00 100.00 100.00 100.00
3,951.00 3,990.51 4,030.42 4,070.72 4,111.43
1,646.00 1,662.46 1,679.08 1,695.88 1,712.83
9,125.00
7,894.00
22,100.00
2,100.00
3,495.00
3,435.75
150,000.00
1,615,983.71 1,431,708.30 1,446,024.38 1,460,483.63 1,475,087.46

Schedule 34
VAT Payable
2017 2018 2019 2020 2021

3,385,449.36 3,512,917.56 3,559,092.73 3,603,904.31 3,563,645.42


112% 112% 112% 112% 112%
12% 12% 12% 12% 12%
362,726.72 376,384.02 381,331.36 386,132.60 381,819.15

1,615,983.71 1,431,708.30 1,446,024.38 1,460,483.63 1,475,087.46


112% 112% 112% 112% 112%
12% 12% 12% 12% 12%
173,141.11 153,397.32 154,931.18 156,480.39 158,045.09

189,585.61 222,986.71 226,400.18 229,652.22 223,774.07

Schedule 35
Accrued Utilities Expense
2017 2018 2019 2020 2021
4,199.00 4,240.99 4,283.40 4,326.23
50,388.00 50,891.88 51,400.80 51,914.81 52,433.95
50,388.00 55,090.88 55,641.79 56,198.21 56,760.18
4,199.00 4,240.99 4,283.40 4,326.23
46,189.00 46,650.89 47,117.40 47,588.58 48,064.45
4,199.00 4,240.99 4,283.40 4,326.23 4,369.50

Schedule 36
Withholding Tax
Taxable Withholding Total
Income Expense

11,174.00 943.13 11,317.56


11,174.00 943.13 11,317.56
11,174.00 943.13 11,317.56
7,987.84 406.46 4,877.52
7,987.84 406.46 4,877.52
7,987.84 406.46 4,877.52
7,987.84 406.46 4,877.52 53,462.76

11,291.60 966.65 11,599.80


11,291.60 966.65 11,599.80
11,291.60 966.65 11,599.80
8,071.81 418.90 5,026.80
8,071.81 418.90 5,026.80
8,071.81 418.90 5,026.80
8,071.81 418.90 5,026.80 54,906.60

11,410.38 990.41 11,884.92


11,410.38 990.41 11,884.92
11,410.38 990.41 11,884.92
8,156.61 431.77 5,181.24
8,156.61 431.77 5,181.24
8,156.61 431.77 5,181.24
8,156.61 431.77 5,181.24 56,379.72

11,512.14 1,010.76 12,129.12


11,512.14 1,010.76 12,129.12
11,512.14 1,010.76 12,129.12
8,224.07 441.89 5,302.68
8,224.07 441.89 5,302.68
8,224.07 441.89 5,302.68
8,224.07 441.89 5,302.68 57,598.08
11,633.31 1,034.99 12,419.88
11,633.31 1,034.99 12,419.88
11,633.31 1,034.99 12,419.88
8,310.58 454.87 5,458.44
8,310.58 454.87 5,458.44
8,310.58 454.87 5,458.44
8,310.58 454.87 5,458.44 59,093.40

Schedule 37
Accrued Withholding Tax Payable
2017 2018 2019 2020 2021
4,455.23 4,575.55 4,698.31 4,799.84
53,462.76 54,906.60 56,379.72 57,598.08 59,093.40
53,462.76 59,361.83 60,955.27 62,296.39 63,893.24
4,455.23 4,575.55 4,698.31 4,799.84
49,007.53 50,331.05 51,681.41 52,798.24 54,168.95
4,455.23 4,575.55 4,698.31 4,799.84 4,924.45

Schedule 38
Variable Cost
2017 2018 2019 2020 2021
1,182,638.40 1,194,464.78 1,206,409.43 1,218,473.53 1,230,658.26

47,520.00 47,520.00 47,520.00 49,500.00 49,500.00


10,800.00 10,800.00 10,800.00 10,800.00 10,800.00
17,280.00 17,452.80 17,627.33 17,803.60 17,981.64
36,000.00 36,360.00 36,723.60 37,090.84 37,461.74
229,198.56 231,490.55 233,805.45 236,143.51 238,504.94
340,798.56 343,623.35 346,476.38 351,337.94 354,248.32

411,264.00 415,376.64 419,530.41 423,725.71 427,962.97


34,272.00 34,614.72 34,960.87 35,310.48 35,663.58
44,880.00 44,880.00 44,880.00 47,520.00 47,520.00
9,600.00 9,600.00 9,600.00 9,600.00 9,600.00
16,450.56 16,615.07 16,781.22 16,949.03 17,118.52
7,710.00 7,710.00 7,710.00 7,710.00 7,710.00
3,555.90 3,947.05 4,022.08 4,065.86 4,106.87
1,481.40 1,644.35 1,675.61 1,693.85 1,710.94
529,213.86 534,387.83 539,160.18 546,574.92 551,392.87
2,052,650.82 2,072,475.96 2,092,045.99 2,116,386.39 2,136,299.46

Schedule 39
Fixed Cost
2017 2018 2019 2020 2021
432,000.00 436,320.00 440,683.20 445,090.03 449,540.93

2,450.43 2,450.43 2,450.43 2,450.43 2,450.43


15,000.00 15,150.00 15,301.50 15,454.52 15,609.06
210,000.00 210,000.00 210,000.00 210,000.00 210,000.00
33,952.68 34,799.40 35,654.76 36,387.36 37,259.64
500.00 525.00 551.25 578.81 607.75
3,435.75
265,338.86 262,924.83 263,957.94 264,871.12 265,926.88

5,644.57 5,644.57 5,644.57 5,644.57 5,644.57


35,388.00 35,741.88 36,099.30 36,460.29 36,824.89
9,125.00
550.00 577.50 606.38 636.69 668.53
210,000.00 210,000.00 210,000.00 210,000.00 210,000.00
400.00 100.00 100.00 100.00 100.00
3,000.00 3,000.00 3,000.00 3,000.00 3,000.00
19,510.08 20,107.20 20,724.96 21,210.72 21,833.76
283,617.65 275,171.15 276,175.21 277,052.28 278,071.75
980,956.51 974,415.98 980,816.34 987,013.43 993,539.57

Schedule 40
Loans Payable
2017 2018 2019 2020 2021
250,000.00 200,000.00 150,000.00 100,000.00 50,000.00
50,000.00 50,000.00 50,000.00 50,000.00 50,000.00
200,000.00 150,000.00 100,000.00 50,000.00 -

Schedule 40
Loans Payable
4.99%

Interest Running
Total Payment
Expense Balance

250,000.00
2,376.42 50,000.00 200,000.00
2,376.42 50,000.00 150,000.00
2,376.42 50,000.00 100,000.00
2,376.42 50,000.00 50,000.00
2,376.42 50,000.00 -

Schedule 41
Income Tax Expense
2017 2018 2019 2020 2021
414,030.25 463,487.48 474,447.99 482,399.36 461,988.97
50,000.00 50,000.00 50,000.00 50,000.00 50,000.00
364,030.25 413,487.48 424,447.99 432,399.36 411,988.97
250,000.00 250,000.00 250,000.00 250,000.00 250,000.00
114,030.25 163,487.48 174,447.99 182,399.36 161,988.97
30% 30% 30% 30% 30%
34,209.07 49,046.24 52,334.40 54,719.81 48,596.69
50,000.00 50,000.00 50,000.00 50,000.00 50,000.00
84,209.07 99,046.24 102,334.40 104,719.81 98,596.69

Schedule 42
Accrued Income Tax Payable
2017 2018 2019 2020 2021
7,017.42 1,821.22 6,858.42 2,439.77
84,209.07 99,046.24 102,334.40 104,719.81 98,596.69
84,209.07 106,063.67 104,155.61 111,578.23 101,036.46
7,017.42 1,821.22 6,858.42 2,439.77
77,191.65 97,225.03 95,475.98 102,280.04 92,616.75
7,017.42 1,821.22 6,858.42 2,439.77 5,979.94
Space Furniture
Projected Statement of Comprehensive Income
For the Year Ended December 31 2017-2021
2017 2018 2019 2020
Projected Sales 3,099,524.79 2,792,936.50 2,523,217.64 2,268,840.34
Less: Cost of Goods Sold 1,718,902.39 1,619,281.37 1,532,566.60 1,457,374.32
Gross Profit 1,380,622.40 1,173,655.14 990,651.05 811,466.02
Less: Selling and Administrative Expense 800,611.26 796,155.52 801,786.18 809,929.63
Operating Income 580,011.14 377,499.61 188,864.87 1,536.39
Add: Other Income 500.00 510.00 520.20 530.60
Income before Tax 580,511.14 378,009.61 189,385.07 2,066.99
Less: Income Tax 134,763.56 73,402.88 22,377.01 (2,396.65)
Net Income after Tax 445,747.57 304,606.73 167,008.05 4,463.64
Less: Interest Expense 3,000.00 2,400.00 1,800.00 1,200.00
Net Income after Interest Expense 442,747.57 302,206.73 165,208.05 3,263.64

Space Furniture
Projected Statement of Cash Flows
For the Year Ended December 2017-2021

2017 2018
Cash Flow for Operating Activities
Net Income 442,747.57 302,206.73
Add: Depreciation 8,095.00 8,095.00
(Increase) Decrease
Finish Goods Inventory, end (267,630.07) (251,118.50)
Prepaid Supplies (5,037.30) (554.10)
Accrued Withholding Tax Payable 4,455.23 120.32
Accrued SSS Payable 7,700.00 -
Accrued PhilHealth Payable 1,700.00 -
Accrued Pag-Ibig Payable 2,810.88 28.11
Accrued Income Tax Payable 11,230.30 (5,113.39)
Accrued VAT Payable 14,995.25 89.05
Accrued Utilities Payable 2,499.00 24.99
Interest Payable 3,000.00 (600.00)
Net Cash Provided (used) by operating activity 226,565.86 53,178.21
Cash Flow from Investing Activities
Acquisition of Product Equipment (2,100.00)
Acquisition of Product Furniture and Fixture (3,495.00)
Acquisition of Office Equipment (22,100.00)
Acquisition of Office Furniture and Fixture (7,894.00)

Leasehold Improvement (7,000.00)


Net Cash Provided (used) by investing activity (42,589.00)
Cash flow from Financing Activity
Owner's Investment 429,390.30
Additional Investment (Loan from Bank) 250,000.00
Payment for Loan (50,000.00)
Withdrawal (50,000.00) (50,000.00)
Net Cash Provided (used) by financing activity 629,390.30 (100,000.00)
Net Increase (Decrease) in Cash 813,367.16 (46,821.79)
Add: Cash Beginning Balance 813,367.16
Cash, Ending Balance 813,367.16 766,545.37

Space Furniture
Projected Statement of Financial Position
As of December 31, 2017-2021

2017 2018
ASSETS
Current Assets
Cash 813,367.16 766,545.37
Inventory 267,630.07 518,748.57
Prepaid Supplies 5,037.30 5,591.40
Total Current Assets 1,086,034.53 1,290,885.34
Non-Current Assets
Production Equipment, net 1,680.00 1,260.00
Production Furniture and Fixture, net 2,864.57 2,234.14
Office Equipment, net 17,680.00 13,260.00
Office Furniture and Fixture, net 6,669.43 5,444.86

Leasehold Improvement, net 5,600.00 4,200.00


Total Non-Current Assets 34,494.00 26,399.00
Total Assets 1,120,528.53 1,317,284.34
LIABILITIES AND OWNER's EQUITY
Current Liabilities
Interest Payable 3,000.00 2,400.00
Accrued Withholding Tax Payable 4,455.23 4,575.55
Accrued SSS Payable 7,700.00 7,700.00
Accrued PhilHealth Payable 1,700.00 1,700.00
Accrued Pag-Ibig Payable 2,810.88 2,838.99
Accrued Income Tax Payable 11,230.30 6,116.91
Loans Payable 50,000.00 50,000.00
Accrued VAT Payable 14,995.25 15,084.30
Accrued Utilities Payable 2,499.00 2,523.99
Total Current Liabilities 98,390.65 92,939.73
Non-Current Liability
Loans Payable 200,000.00 150,000.00
Total Liabilities 298,390.65 242,939.73
Owner's Equity
Owner's Equity, Beg. 429,390.30 822,137.87
Net Income 442,747.57 302,206.73
Withdrawals (50,000.00) (50,000.00)
Total Owner's Equity 822,137.87 1,074,344.60
Total Liabilities and Owner's Equity 1,120,528.53 1,317,284.34

Space Furniture
Statement of Changes in Owner's Equity
For the Year Ended December 31 2017-2020
2017 2018 2019 2020
Owner's Equity Beginning 429,390.30 822,137.87 1,074,344.60 1,189,552.66
Net Income 442,747.57 302,206.73 165,208.05 3,263.64
Total 872,137.87 1,124,344.60 1,239,552.66 1,192,816.30
Permanent Drawing (50,000.00) (50,000.00) (50,000.00) (50,000.00)
Owner's Equity Ending 822,137.87 1,074,344.60 1,189,552.66 1,142,816.30
SCENARIO 1
Space Furniture
Projected Statement of Comprehensiv
For the Year Ended December 31 201
2021 2017
2,498,244.27 Projected Sales 2,945,294.83
1,538,327.75 Less: Cost of Goods Sold 1,633,371.13
959,916.52 Gross Profit 1,311,923.69
815,616.01 Less: Selling and Administrative Expens 830,611.26
144,300.51 Operating Income 481,312.43
541.22 Add: Other Income 500.00
144,841.72 Income before Interest Expense 481,812.43
13,468.34 Less: Interest Expense 3,000.00
131,373.38 Net Income after Interest Expense 478,812.43
600.00 Less: Income Tax due 103,643.73
130,773.38 Net Income after Tax 375,168.70

Space Furniture
Projected Statement of Cash Flows
For the Year Ended December 2017-2

2019 2020 2021


Cash Flow for Operating Activities
165,208.05 3,263.64 130,773.38 Net Income
8,095.00 8,095.00 8,095.00 Add: Depreciation
(Increase) Decrease
(236,713.26) (224,211.43) (236,429.61) Finish Goods Inventory, end
(106.29) (62.01) (58.10) Prepaid Supplies
122.76 101.53 124.61 Accrued Withholding Tax Payable
- 385.00 - Accrued SSS Payable
- - - Accrued PhilHealth Payable
28.39 28.67 28.96 Accrued Pag-Ibig Payable
(4,252.16) (2,064.47) 1,322.08 Accrued Income Tax Payable
(1,456.51) (1,422.41) 1,266.18 Accrued Vat Payable
25.24 25.49 25.75 Accrued Utilities Payable
(600.00) (600.00) (600.00) Interest Payable
(69,648.77) (216,460.99) (95,451.76) Net Cash Provided (used) by operating activity
Cash Flow from Investing Activities
Acquisition of Product Equipment
Acquisition of Product Furniture and Fixture
Acquisition of Office Equipment
Acquisition of Office Furniture and Fixture
Acquisition of Delivery Truck
Leasehold Improvement
Net Cash Provided (used) by investing activity
Cash flow from Financing Activity
Owner's Investment
Additional Investment (Loan from Bank)
(50,000.00) (50,000.00) (50,000.00) Payment for Loan
(50,000.00) (50,000.00) (50,000.00) Withdrawal
(100,000.00) (100,000.00) (100,000.00) Net Cash Provided (used) by financing activity
(169,648.77) (316,460.99) (195,451.76) Net Increase (Decrease) in Cash
766,545.37 596,896.60 280,435.61 Add: Cash Beginning Balance
596,896.60 280,435.61 84,983.85 Cash, Ending Balance

Space Furniture
Projected Statement of Financial Pos
As of December 31, 2017-2021

2019 2020 2021


ASSETS
Current Assets
596,896.60 280,435.61 84,983.85 Cash
755,461.82 979,673.26 1,216,102.87 Inventory
5,697.69 5,759.70 5,817.81 Prepaid Supplies
1,358,056.11 1,265,868.57 1,306,904.53 Total Current Assets
Non-Current Assets
840.00 420.00 - Production Equipment, net
1,603.71 973.29 342.86 Production Furniture and Fixture, net
8,840.00 4,420.00 - Office Equipment, net
4,220.29 2,995.71 1,771.14 Office Furniture and Fixture, net
Delivery Truck
2,800.00 1,400.00 - Leasehold Improvement, net
18,304.00 10,209.00 2,114.00 Total Non-Current Assets
1,376,360.11 1,276,077.57 1,309,018.53 Total Assets
LIABILITIES AND OWNER's EQUITY
Current Liabilities
1,800.00 1,200.00 600.00 Interest Payable
4,698.31 4,799.84 4,924.45 Accrued Withholding Tax Payable
7,700.00 8,085.00 8,085.00 Accrued SSS Payable
1,700.00 1,700.00 1,700.00 Accrued PhilHealth Payable
2,867.38 2,896.05 2,925.01 Accrued Pag-Ibig Payable
1,864.75 (199.72) 1,122.36 Accrued Income Tax Payable
50,000.00 50,000.00 50,000.00 Loans Payable
13,627.79 12,205.38 13,471.55 Accrued VAT Payable
2,549.23 2,574.72 2,600.47 Accrued Utilities Payable
86,807.46 83,261.27 85,428.85 Total Current Liabilities
Non-Current Liability
100,000.00 50,000.00 - Loans Payable
186,807.46 133,261.27 85,428.85 Total Liabilities
Owner's Equity
1,074,344.60 1,189,552.66 1,142,816.30 Owner's Equity, Beg.
165,208.05 3,263.64 130,773.38 Net Income
(50,000.00) (50,000.00) (50,000.00) Withdrawals
1,189,552.66 1,142,816.30 1,223,589.68 Total Owner's Equity
1,376,360.11 1,276,077.57 1,309,018.53 Total Liabilities and Owner's Equity

Space Furniture
Statement of Changes in Owner's Equ
For the Year Ended December 31 201
2017
Owner's Equity Beginning 429,390.30
Net Income 375,168.70
2021 Total 804,559.00
1,142,816.30 Permanent Drawing (50,000.00)
130,773.38 Owner's Equity Ending 754,559.00
1,273,589.68
(50,000.00)
1,223,589.68
NARIO 1
d Statement of Comprehensive Income
Year Ended December 31 2017-2021
2018 2019 2020 2021
2,653,538.60 2,398,305.88 2,154,151.71 2,373,581.39
1,538,461.62 1,456,696.96 1,383,704.85 1,461,564.89
1,115,076.98 941,608.92 770,446.86 912,016.49
826,155.52 831,786.18 839,929.63 845,616.01
288,921.46 109,822.74 (69,482.77) 66,400.48
510.00 520.20 530.60 541.22
289,431.46 110,342.94 (68,952.17) 66,941.70
2,400.00 1,800.00 1,200.00 600.00
287,031.46 108,542.94 (70,152.17) 66,341.70
46,757.87 6,781.44 - 1,134.17
240,273.60 101,761.50 (70,152.17) 65,207.53

d Statement of Cash Flows


Year Ended December 2017-2021

2017 2018 2019 2020 2021

375,168.70 240,273.60 101,761.50 (70,152.17) 65,207.53


38,095.00 38,095.00 38,095.00 38,095.00 38,095.00

(353,161.33) (331,938.25) (312,582.89) (297,880.91) (313,192.48)


(5,037.30) (554.10) (106.29) (62.01) (58.10)
4,455.23 120.32 122.76 101.53 124.61
7,700.00 - - 385.00 -
1,700.00 - - - -
2,810.88 28.11 28.39 28.67 28.96
8,636.98 (4,740.49) (3,331.37) (565.12) 94.51
13,618.19 221.48 (1,327.17) (1,331.13) 1,177.12
2,499.00 24.99 25.24 25.49 25.75
3,000.00 (600.00) (600.00) (600.00) (600.00)
99,485.36 (59,069.34) (177,914.83) (331,955.64) (209,097.10)

(2,100.00)
niture and Fixture (3,495.00)
(22,100.00)
ture and Fixture (7,894.00)
(150,000.00)
(7,000.00)
(192,589.00)

429,390.30
an from Bank) 250,000.00
(50,000.00) (50,000.00) (50,000.00) (50,000.00)
(50,000.00) (50,000.00) (50,000.00) (50,000.00) (50,000.00)
629,390.30 (100,000.00) (100,000.00) (100,000.00) (100,000.00)
536,286.66 (159,069.34) (277,914.83) (431,955.64) (309,097.10)
536,286.66 377,217.32 99,302.49 (332,653.16)
536,286.66 377,217.32 99,302.49 (332,653.16) (641,750.25)

ed Statement of Financial Position


ecember 31, 2017-2021

2017 2018 2019 2020 2021

536,286.66 377,217.32 99,302.49 (332,653.16) (641,750.25)


353,161.33 685,099.57 997,682.46 1,295,563.37 1,608,755.85
5,037.30 5,591.40 5,697.69 5,759.70 5,817.81
894,485.28 1,067,908.29 1,102,682.64 968,669.92 972,823.40

1,680.00 1,260.00 840.00 420.00 -


Fixture, net 2,864.57 2,234.14 1,603.71 973.29 342.86
17,680.00 13,260.00 8,840.00 4,420.00 -
6,669.43 5,444.86 4,220.29 2,995.71 1,771.14
120,000.00 90,000.00 60,000.00 30,000.00 -
5,600.00 4,200.00 2,800.00 1,400.00 -
154,494.00 116,399.00 78,304.00 40,209.00 2,114.00
1,048,979.28 1,184,307.29 1,180,986.64 1,008,878.92 974,937.40

3,000.00 2,400.00 1,800.00 1,200.00 600.00


4,455.23 4,575.55 4,698.31 4,799.84 4,924.45
7,700.00 7,700.00 7,700.00 8,085.00 8,085.00
1,700.00 1,700.00 1,700.00 1,700.00 1,700.00
2,810.88 2,838.99 2,867.38 2,896.05 2,925.01
8,636.98 3,896.49 565.12 - 94.51
50,000.00 50,000.00 50,000.00 50,000.00 50,000.00
13,618.19 13,839.67 12,512.50 11,181.37 12,358.49
2,499.00 2,523.99 2,549.23 2,574.72 2,600.47
94,420.28 89,474.69 84,392.54 82,436.99 83,287.94

200,000.00 150,000.00 100,000.00 50,000.00 -


294,420.28 239,474.69 184,392.54 132,436.99 83,287.94

429,390.30 754,559.00 944,832.60 996,594.10 876,441.93


375,168.70 240,273.60 101,761.50 (70,152.17) 65,207.53
(50,000.00) (50,000.00) (50,000.00) (50,000.00) (50,000.00)
754,559.00 944,832.60 996,594.10 876,441.93 891,649.46
1,048,979.28 1,184,307.29 1,180,986.64 1,008,878.92 974,937.40

- - - - -

nt of Changes in Owner's Equity


Year Ended December 31 2017-2020
2018 2019 2020 2021
754,559.00 944,832.60 996,594.10 876,441.93
240,273.60 101,761.50 (70,152.17) 65,207.53
994,832.60 1,046,594.10 926,441.93 941,649.46
(50,000.00) (50,000.00) (50,000.00) (50,000.00)
944,832.60 996,594.10 876,441.93 891,649.46
Schedule 43
Income Tax Expense
2017 2018 2019 2020
Income before tax 478,812.43 287,031.46 108,542.94 (70,152.17)
Less: Basic Personal Exemption 50,000.00 50,000.00 50,000.00 50,000.00
Taxable Income 428,812.43 237,031.46 58,542.94 (120,152.17)
Less: Income Bracket 250,000.00 140,000.00 30,000.00
Excess of bracket 178,812.43 97,031.46 28,542.94 (120,152.17)
Mulitply by Percentage available 30% 25% 15%
Additional tax Due 53,643.73 24,257.87 4,281.44 -
Add: Basic Tax Due 50,000.00 22,500.00 2,500.00
Income Tax Due 103,643.73 46,757.87 6,781.44 -

Schedule 34
VAT Payable
Schedule 2017 2018 2019 2020
OUTPUT VAT
Sales 1 2,945,294.83 2,653,538.60 2,398,305.88 2,154,151.71
Vat Percentage 112% 112% 112% 112%
12% 12% 12% 12%
Output Vat 315,567.30 284,307.71 256,961.34 230,801.97
Less: Input Vat
Purchases 33 1,420,057.10 1,103,495.13 996,905.40 901,838.21
1.12 1.12 1.12 1.12
0.12 0.12 0.12 0.12
Input Vat 152,148.98 118,231.62 106,811.29 96,625.52

TOTAL VAT PAYABLE 163,418.33 166,076.09 150,150.05 134,176.45


2,657.76 (15,926.04) (15,973.60)

Schedule 16.1
Finished Goods Inventory, end (in Peso)
2017 2018 2019 2020
Units Produced in Peso 1,986,532.46 1,870,399.87 1,769,279.85 1,681,585.76
Inventory, beginning 353,161.33 685,099.57 997,682.46
Cost of Goods Available for Sale 1,986,532.46 2,223,561.19 2,454,379.43 2,679,268.22
Cost of Goods Sold (annual demand) 1,633,371.13 1,538,461.62 1,456,696.96 1,383,704.85
Finished Goods Inventory, end 353,161.33 685,099.57 997,682.46 1,295,563.37
331,938.25 312,582.89 297,880.91
Finished Goods Inventory, end (in Units)
2017 2018 2019 2020
Units Produced 720 648 583 525
Inventory, beginning 97 184 262
Cost of Goods Available for Sale 720 745 767 787
Cost of Goods Sold (annual Demand) 592 533 480 432
Finished Goods Inventory, end 128 212 287 355

Schedule 2017 2018 2019 2020


Cost of Raw Material 4 999,165.60 899,249.04 809,046.59 728,558.25
Direct Labor 5 432,000.00 436,320.00 440,683.20 445,090.03
Manufacturing Overh 6 555,366.86 534,830.83 519,550.06 507,937.47
Total 1,986,532.46 1,870,399.87 1,769,279.85 1,681,585.76
Units Produced 720 648 583 525
Cost per Unit 2,759.07 2,886.42 3,034.79 3,203.02
Mark up 61% 54% 47% 39%
4,442.11 4,445.09 4,461.13 4,452.20
Selling Price (Inclusive of VAT) 4,975.16 4,978.50 4,996.47 4,986.46

Schedule 42
Accrued Income Tax Payable
Schedule 2017 2018 2019 2020
Income Tax, Beginning 8,636.98 3,896.49 565.12
Income Tax Expense 41 103,643.73 46,757.87 6,781.44 -
Income Tax Payable 103,643.73 55,394.84 10,677.93 565.12
Prior 8,636.98 3,896.49 565.12
Current 95,006.75 42,861.38 6,216.32 -
Accrued Income Tax Payable 8,636.98 3,896.49 565.12 -
(4,740.49) (3,331.37) (565.12)
8,636.98 3,896.49 565.12 -
2021 Accrued Income Tax Payable
66,341.70 Sched 2017 2018
50,000.00 Income Tax, Beginning 8,636.98
16,341.70 Income Tax Expense 48 103,643.73 46,757.87
10,000.00 Income Tax Payable 103,643.73 55,394.84
6,341.70 Prior 8,636.98
10% Current 95,006.75 42,861.38
634.17 Accrued Income Tax Payable 8,636.98 3,896.49
500.00 (4,740.49)
1,134.17 8,636.98 3,896.49

Schedule 36
2021 Accrued VAT Payable
Sched 2017 2018
2,373,581.39 VAT Payable, Beginning 13,618.19
112% VAT 163,418.33 166,076.09
12% VAT Payable 163,418.33 179,694.28
254,312.29 Prior 13,618.19
Current 149,800.13 152,236.41
989,430.45 VAT Payable, End 13,618.19 13,839.67
1.12 221.48
0.12
106,010.41

148,301.89
14,125.44

2021
1,774,757.37
1,295,563.37
3,070,320.74
1,461,564.89
1,608,755.85
313,192.48
2021
578
332
910
476
434

2021
802,107.94
449,540.93
523,108.50
1,774,757.37
578
3,070.51
45%
4,452.25
4,986.52

2021
-
1,134.17
1,134.17
-
1,039.66
94.51
94.51
94.51
2019 2020 2021
3,896.49 565.12 -
6,781.44 - 1,134.17
10,677.93 565.12 1,134.17
3,896.49 565.12 -
6,216.32 - 1,039.66
565.12 - 94.51
(3,331.37) (565.12) 94.51
565.12 - 94.51

2019 2020 2021


13,839.67 12,512.50 11,181.37
150,150.05 134,176.45 148,301.89
163,989.73 146,688.95 159,483.26
13,839.67 12,512.50 11,181.37
137,637.55 122,995.08 135,943.40
12,512.50 11,181.37 12,358.49
(1,327.17) (1,331.13) 1,177.12
Space Furniture
Projected Statement of Comprehensive Income
For the Year Ended December 31 2017-2021
2017 2018 2019 2020
Projected Sales 3,385,449.36 3,512,917.56 3,559,092.73 3,603,904.31
Less: Cost of Goods Sold 2,159,087.60 2,240,381.10 2,269,829.55 2,298,408.36
Gross Profit 1,226,361.76 1,272,536.46 1,289,263.18 1,305,495.95
Less: Selling and Administrative E 812,732.51 809,459.98 815,236.39 823,528.20
Operating Income 413,629.25 463,076.48 474,026.79 481,967.75
Add: Other Income 500.00 510.00 520.20 530.60
Income before Tax 414,129.25 463,586.48 474,546.99 482,498.36
Less: Income Tax 84,238.77 99,075.94 102,364.10 104,749.51
Net Income after Tax 329,890.47 364,510.53 372,182.90 377,748.85
Less: Interest Expense 3,000.00 2,400.00 1,800.00 1,200.00
Net Income after Interest Expense 326,890.47 362,110.53 370,382.90 376,548.85

Space Furniture
Projected Statement of Cash Flows
For the Year Ended December 2017-2021

2017 2018
Cash Flow for Operating Activities
Net Income 326,890.47 362,110.53
Add: Depreciation 8,095.00 8,095.00
(Increase) Decrease
Finish Goods Inventory, end (61,688.22) 3,048.14
Prepaid Supplies (5,037.30) (554.10)
Accrued Withholding Tax Payable 4,455.23 120.32
Accrued SSS Payable 7,700.00 -
Accrued PhilHealth Payable 1,700.00 -
Accrued Pag-Ibig Payable 2,810.88 28.11
Accrued Income Tax Payable 7,019.90 1,236.43
Vat Payable 189,585.61 33,401.10
Accrued Utilities Payable 4,199.00 41.99
Interest Payable 3,000.00 (600.00)
Net Cash Provided (used) by operating activity 488,730.57 406,927.52
Cash Flow from Investing Activities
Acquisition of Product Equipment (2,100.00)
Acquisition of Product Furniture and Fixture (3,495.00)
Acquisition of Office Equipment (22,100.00)
Acquisition of Office Furniture and Fixture (7,894.00)
Leasehold Improvement (7,000.00)
Net Cash Provided (used) by investing activity (42,589.00)
Cash flow from Financing Activity
Owner's Investment 450,010.58
Additional Investment (Loan from Bank) 250,000.00
Payment for Loan (50,000.00)
Withdrawal (50,000.00) (50,000.00)
Net Cash Provided (used) by financing activity 650,010.58 (100,000.00)
Net Increase (Decrease) in Cash 1,096,152.15 306,927.52
Add: Cash Beginning Balance 1,096,152.15
Cash, Ending Balance 1,096,152.15 1,403,079.67

Space Furniture
Projected Statement of Financial Position
As of December 31, 2017-2021

2017 2018
ASSETS
Current Assets
Cash 1,096,152.15 1,403,079.67
Inventory 61,688.22 58,640.08
Prepaid Supplies 5,037.30 5,591.40
Total Current Assets 1,162,877.67 1,467,311.15
Non-Current Assets
Production Equipment, net 1,680.00 1,260.00
Production Furniture and Fixture, net 2,864.57 2,234.14
Office Equipment, net 17,680.00 13,260.00
Office Furniture and Fixture, net 6,669.43 5,444.86
Leasehold Improvement, net 5,600.00 4,200.00
Total Non-Current Assets 34,494.00 26,399.00
Total Assets 1,197,371.67 1,493,710.15
LIABILITIES AND OWNER's EQUITY
Current Liabilities
Interest Payable 3,000.00 2,400.00
Accrued Withholding Tax Payable 4,455.23 4,575.55
Accrued SSS Payable 7,700.00 7,700.00
Accrued PhilHealth Payable 1,700.00 1,700.00
Accrued Pag-Ibig Payable 2,810.88 2,838.99
Accrued Income Tax Payable 7,019.90 8,256.33
Loans Payable 50,000.00 50,000.00
Vat Payable 189,585.61 222,986.71
Accrued Utilities Payable 4,199.00 4,240.99
Total Current Liabilities 270,470.61 304,698.56
Non-Current Liability
Loans Payable 200,000.00 150,000.00
Total Liabilities 470,470.61 454,698.56
Owner's Equity
Owner's Equity, Beg. 450,010.58 726,901.05
Net Income 326,890.47 362,110.53
Withdrawals (50,000.00) (50,000.00)
Total Owner's Equity 726,901.05 1,039,011.59
Total Liabilities and Owner's Equity 1,197,371.67 1,493,710.15

Space Furniture
Statement of Changes in Owner's Equity
For the Year Ended December 31 2017-2020

2017 2018 2019 2020

Owner's Equity Beginning 450,010.58 726,901.05 1,039,011.59 1,359,394.48


Net Income 326,890.47 362,110.53 370,382.90 376,548.85
Total 776,901.05 1,089,011.59 1,409,394.48 1,735,943.33
Permanent Drawing (50,000.00) (50,000.00) (50,000.00) (50,000.00)
Owner's Equity Ending 726,901.05 1,039,011.59 1,359,394.48 1,685,943.33
SCENARIO 2
SCENARIO 2 Space Furniture
Projected Statement of Comprehensive Income
For the Year Ended December 31 2017-2021
2021 2017 2018 2019
3,563,645.42 Projected Sales 3,485,268.40 3,616,675.25 3,664,234.16
2,272,733.05 Less: Cost of Goods Sold 2,222,747.70 2,306,553.10 2,336,884.03
1,290,912.37 Gross Profit 1,262,520.69 1,310,122.16 1,327,350.13
829,365.62 Less: Selling and Administrative 819,083.72 815,835.59 821,625.34
461,546.75 Operating Income 443,436.97 494,286.57 505,724.79
541.22 Add: Other Income 500.00 510.00 520.20
462,087.97 Income before Tax 443,936.97 494,796.57 506,244.99
98,626.39 Less: Income Tax 93,181.09 108,438.97 111,873.50
363,461.58 Net Income after Tax 350,755.88 386,357.60 394,371.49
600.00 Less: Interest Expense 3,000.00 2,400.00 1,800.00
362,861.58 Net Income after Interest Expen 347,755.88 383,957.60 392,571.49

Space Furniture
Projected Statement of Cash Flows
For the Year Ended December 2017-2021

2017
2019
Cash Flow for Operating Activities
Net Income 347,755.88
370,382.90 Add: Depreciation 8,095.00
8,095.00 (Increase) Decrease
Finish Goods Inventory, end (63,507.08)
12,302.60 Prepaid Supplies (5,163.23)
(106.29) Accrued Withholding Tax Payable 4,455.23
122.76 Accrued SSS Payable 7,700.00
- Accrued PhilHealth Payable 1,700.00
- Accrued Pag-Ibig Payable 2,810.88
28.39 Accrued Income Tax Payable 7,765.09
274.01 Vat Payable 197,159.20
3,413.47 Accrued Utilities Payable 4,312.37
42.41 Interest Payable 3,000.00
(600.00) Net Cash Provided (used) by operating activity 516,083.34
393,955.25 Cash Flow from Investing Activities
Acquisition of Product Equipment (2,100.00)
Acquisition of Product Furniture and Fixture (3,495.00)
Acquisition of Office Equipment (22,100.00)
Acquisition of Office Furniture and Fixture (7,894.00)
Leasehold Improvement (7,000.00)
Net Cash Provided (used) by investing activity (42,589.00)
Cash flow from Financing Activity
Owner's Investment 450,010.58
Additional Investment (Loan from Bank) 250,000.00
Payment for Loan
(50,000.00) Withdrawal (50,000.00)
(50,000.00) Net Cash Provided (used) by financing activity 650,010.58
(100,000.00) Net Increase (Decrease) in Cash 1,123,504.92
293,955.25 Add: Cash Beginning Balance
1,403,079.67 Cash, Ending Balance 1,123,504.92
1,697,034.92

Space Furniture
Projected Statement of Financial Position
As of December 31, 2017-2021

2017
2019 ASSETS
Current Assets
Cash 1,123,504.92
1,697,034.92 Inventory 63,507.08
46,337.48 Prepaid Supplies 5,163.23
5,697.69 Total Current Assets 1,192,175.23
1,749,070.09 Non-Current Assets
Production Equipment, net 1,680.00
840.00 Production Furniture and Fixture, net 2,864.57
1,603.71 Office Equipment, net 17,680.00
8,840.00 Office Furniture and Fixture, net 6,669.43
4,220.29 Leasehold Improvement, net 5,600.00
2,800.00 Total Non-Current Assets 34,494.00
18,304.00 Total Assets 1,226,669.23
1,767,374.09 LIABILITIES AND OWNER's EQUITY
Current Liabilities
Interest Payable 3,000.00
1,800.00 Accrued Withholding Tax Payable 4,455.23
4,698.31 Accrued SSS Payable 7,700.00
7,700.00 Accrued PhilHealth Payable 1,700.00
1,700.00 Accrued Pag-Ibig Payable 2,810.88
2,867.38 Accrued Income Tax Payable 7,765.09
8,530.34 Loans Payable 50,000.00
50,000.00 Vat Payable 197,159.20
226,400.18 Accrued Utilities Payable 4,312.37
4,283.40 Total Current Liabilities 278,902.77
307,979.61 Non-Current Liability
Loans Payable 200,000.00
100,000.00 Total Liabilities 478,902.77
407,979.61 Owner's Equity
Owner's Equity, Beg. 450,010.58
1,039,011.59 Net Income 347,755.88
370,382.90 Withdrawals (50,000.00)
(50,000.00) Total Owner's Equity 747,766.46
1,359,394.48 Total Liabilities and Owner's Equity 1,226,669.23
1,767,374.09
-

Space Furniture
Statement of Changes in Owner's Equity
For the Year Ended December 31 2017-2020
2017 2018 2019
2021 Owner's Equity Beginning 450,010.58 747,766.46 1,081,724.06
Net Income 347,755.88 383,957.60 392,571.49
1,685,943.33 Total 797,766.46 1,131,724.06 1,474,295.55
362,861.58 Permanent Drawing (50,000.00) (50,000.00) (50,000.00)
2,048,804.91 Owner's Equity Ending 747,766.46 1,081,724.06 1,424,295.55
(50,000.00)
1,998,804.91
2020 2021
3,710,303.20 3,668,876.14
2,366,264.80 2,339,844.48
1,344,038.40 1,329,031.66
829,929.54 835,779.41
514,108.87 493,252.25
530.60 541.22
514,639.47 493,793.47
114,391.84 108,138.04
400,247.63 385,655.43
1,200.00 600.00
399,047.63 385,055.43

2018 2019 2020 2021

383,957.60 392,571.49 399,047.63 385,055.43


8,095.00 8,095.00 8,095.00 8,095.00

3,138.17 12,666.04 19,185.93 (28,457.57)


(567.96) (108.94) (63.56) (59.55)
120.32 122.76 101.53 124.61
- - 385.00 -
- - - -
28.11 28.39 28.67 28.96
1,271.49 286.21 209.86 (521.15)
33,736.57 3,524.12 3,353.76 (6,036.15)
43.12 43.56 43.99 44.43
(600.00) (600.00) (600.00) (600.00)
429,222.42 416,628.62 429,787.81 357,674.01
(50,000.00) (50,000.00) (50,000.00) (50,000.00)
(50,000.00) (50,000.00) (50,000.00) (50,000.00)
(100,000.00) (100,000.00) (100,000.00) (100,000.00)
329,222.42 316,628.62 329,787.81 257,674.01
1,123,504.92 1,452,727.34 1,769,355.96 2,099,143.77
1,452,727.34 1,769,355.96 2,099,143.77 2,356,817.78

2018 2019 2020 2021

1,452,727.34 1,769,355.96 2,099,143.77 2,356,817.78


60,368.91 47,702.87 28,516.94 56,974.51
5,731.19 5,840.13 5,903.70 5,963.25
1,518,827.44 1,822,898.97 2,133,564.41 2,419,755.54

1,260.00 840.00 420.00 -


2,234.14 1,603.71 973.29 342.86
13,260.00 8,840.00 4,420.00 -
5,444.86 4,220.29 2,995.71 1,771.14
4,200.00 2,800.00 1,400.00 -
26,399.00 18,304.00 10,209.00 2,114.00
1,545,226.44 1,841,202.97 2,143,773.41 2,421,869.54

2,400.00 1,800.00 1,200.00 600.00


4,575.55 4,698.31 4,799.84 4,924.45
7,700.00 7,700.00 8,085.00 8,085.00
1,700.00 1,700.00 1,700.00 1,700.00
2,838.99 2,867.38 2,896.05 2,925.01
9,036.58 9,322.79 9,532.65 9,011.50
50,000.00 50,000.00 50,000.00 50,000.00
230,895.76 234,419.88 237,773.64 231,737.49
4,355.50 4,399.05 4,443.04 4,487.47
313,502.38 316,907.41 320,430.23 313,470.93
150,000.00 100,000.00 50,000.00 -
463,502.38 416,907.41 370,430.23 313,470.93

747,766.46 1,081,724.06 1,424,295.55 1,773,343.18


383,957.60 392,571.49 399,047.63 385,055.43
(50,000.00) (50,000.00) (50,000.00) (50,000.00)
1,081,724.06 1,424,295.55 1,773,343.18 2,108,398.61
1,545,226.44 1,841,202.97 2,143,773.41 2,421,869.54

- - - -

2020 2021
1,424,295.55 1,773,343.18
399,047.63 385,055.43
1,823,343.18 2,158,398.61
(50,000.00) (50,000.00)
1,773,343.18 2,108,398.61
SCENARIO 3 Space Furniture
Projected Statement of Comprehensive Income
For the Year Ended December 31 2017-2021
2017 2018 2019 2020 2021
Projected Sales 3,311,004.98 3,435,841.49 3,481,022.46 3,524,788.04 3,485,432.33
Less: Cost of Goods S 2,222,747.70 2,306,553.10 2,336,884.03 2,366,264.80 2,339,844.48
Gross Profit 1,088,257.27 1,129,288.40 1,144,138.42 1,158,523.24 1,145,587.86
Less: Selling and Adm 819,083.72 815,835.59 821,625.34 829,929.54 835,779.41
Operating Income 269,173.55 313,452.81 322,513.08 328,593.71 309,808.45
Add: Other Income 500.00 510.00 520.20 530.60 541.22
Income before Tax 269,673.55 313,962.81 323,033.28 329,124.31 310,349.66
Less: Income Tax 42,418.39 54,188.84 56,909.98 58,737.29 53,104.90
Net Income after Tax 227,255.17 259,773.96 266,123.30 270,387.02 257,244.76
Less: Interest Expens 3,000.00 2,400.00 1,800.00 1,200.00 600.00
Net Income after Inte 224,255.17 257,373.96 264,323.30 269,187.02 256,644.76

Space Furniture
Projected Statement of Cash Flows
For the Year Ended December 2017-2021

2017 2018 2019


Cash Flow for Operating Activities
Net Income 224,255.17 257,373.96 264,323.30
Add: Depreciation 8,095.00 8,095.00 8,095.00
(Increase) Decrease
Finish Goods Inventory, end (63,507.08) 3,138.17 12,666.04
Prepaid Supplies (5,163.23) (567.96) (108.94)
Accrued Withholding Tax Payable 4,455.23 120.32 122.76
Accrued SSS Payable 7,700.00 - -
Accrued PhilHealth Payable 1,700.00 - -
Accrued Pag-Ibig Payable 2,810.88 28.11 28.39
Accrued Income Tax Payable 3,534.87 980.87 226.76
Vat Payable 178,488.12 33,032.60 3,269.34
Accrued Utilities Payable 4,312.37 43.12 43.56
Interest Payable 3,000.00 (600.00) (600.00)
Net Cash Provided (used) by operating activity 369,681.32 301,644.20 288,066.20
Cash Flow from Investing Activities
Acquisition of Product Equipment (2,100.00)
Acquisition of Product Furniture and Fixtur (3,495.00)
Acquisition of Office Equipment (22,100.00)
Acquisition of Office Furniture and Fixture (7,894.00)
Leasehold Improvement (7,000.00)
Net Cash Provided (used) by investing activity (42,589.00)
Cash flow from Financing Activity
Owner's Investment 450,010.58
Additional Investment (Loan from Bank) 250,000.00
Payment for Loan (50,000.00) (50,000.00)
Withdrawal (50,000.00) (50,000.00) (50,000.00)
Net Cash Provided (used) by financing activity 650,010.58 (100,000.00) (100,000.00)
Net Increase (Decrease) in Cash 977,102.90 201,644.20 188,066.20
Add: Cash Beginning Balance 977,102.90 1,178,747.10
Cash, Ending Balance 977,102.90 1,178,747.10 1,366,813.30

Space Furniture
Projected Statement of Financial Position
As of December 31, 2017-2021

2017 2018 2019


ASSETS
Current Assets
Cash 977,102.90 1,178,747.10 1,366,813.30
Inventory 63,507.08 60,368.91 47,702.87
Prepaid Supplies 5,163.23 5,731.19 5,840.13
Total Current Assets 1,045,773.21 1,244,847.20 1,420,356.30
Non-Current Assets
Production Equipment, net 1,680.00 1,260.00 840.00
Production Furniture and Fixture, net 2,864.57 2,234.14 1,603.71
Office Equipment, net 17,680.00 13,260.00 8,840.00
Office Furniture and Fixture, net 6,669.43 5,444.86 4,220.29
Leasehold Improvement, net 5,600.00 4,200.00 2,800.00
Total Non-Current Assets 34,494.00 26,399.00 18,304.00
Total Assets 1,080,267.21 1,271,246.20 1,438,660.30
LIABILITIES AND OWNER's EQUITY
Current Liabilities
Interest Payable 3,000.00 2,400.00 1,800.00
Accrued Withholding Tax Payable 4,455.23 4,575.55 4,698.31
Accrued SSS Payable 7,700.00 7,700.00 7,700.00
Accrued PhilHealth Payable 1,700.00 1,700.00 1,700.00
Accrued Pag-Ibig Payable 2,810.88 2,838.99 2,867.38
Accrued Income Tax Payable 3,534.87 4,515.74 4,742.50
Loans Payable 50,000.00 50,000.00 50,000.00
Vat Payable 178,488.12 211,520.72 214,790.06
Accrued Utilities Payable 4,312.37 4,355.50 4,399.05
Total Current Liabilities 256,001.46 289,606.49 292,697.30
Non-Current Liability
Loans Payable 200,000.00 150,000.00 100,000.00
Total Liabilities 456,001.46 439,606.49 392,697.30
Owner's Equity
Owner's Equity, Beg. 450,010.58 624,265.75 831,639.71
Net Income 224,255.17 257,373.96 264,323.30
Withdrawals (50,000.00) (50,000.00) (50,000.00)
Total Owner's Equity 624,265.75 831,639.71 1,045,963.01
Total Liabilities and Owner's Equity 1,080,267.21 1,271,246.20 1,438,660.30

- - -

Space Furniture
Statement of Changes in Owner's Equity
For the Year Ended December 31 2017-2020
2017 2018 2019 2020 2021
Owner's Equity Begin 450,010.58 624,265.75 831,639.71 1,045,963.01 1,265,150.02
Net Income 224,255.17 257,373.96 264,323.30 269,187.02 256,644.76
Total 674,265.75 881,639.71 1,095,963.01 1,315,150.02 1,521,794.79
Permanent Drawing (50,000.00) (50,000.00) (50,000.00) (50,000.00) (50,000.00)
Owner's Equity Endin 624,265.75 831,639.71 1,045,963.01 1,265,150.02 1,471,794.79
Schedule 43
Income Tax Expense
2017 2018 2019
Income before tax 269,673.55 313,962.81 323,033.28
Less: Basic Personal Exemption 50,000.00 50,000.00 50,000.00
Taxable Income 219,673.55 263,962.81 273,033.28
Less: Income Bracket 140,000.00 250,000.00 250,000.00
Excess of bracket 79,673.55 13,962.81 23,033.28
Mulitply by Percentage available 25% 30% 30%
Additional tax Due 19,918.39 4,188.84 6,909.98
Add: Basic Tax Due 22,500.00 50,000.00 50,000.00
Income Tax Due 42,418.39 54,188.84 56,909.98

2020 2021 Schedule 42


Accrued Income Tax Payable
269,187.02 256,644.76 Schedule 2017
8,095.00 8,095.00 Income Tax, Beginning
Income Tax Expense 41 42,418.39
19,185.93 (28,457.57) Income Tax Payable 42,418.39
(63.56) (59.55) Prior
101.53 124.61 Current 38,883.52
385.00 - Accrued Income Tax Payable 3,534.87
- -
28.67 28.96 3,534.87
152.28 (469.37)
3,106.96 (5,814.22) VAT Payable
43.99 44.43 Schedule 2017
(600.00) (600.00) OUTPUT VAT
299,622.81 229,537.06 Sales 1 3,311,004.98
Vat Percentage 112%
12%
Output Vat 354,750.53
Less: Input Vat
Purchases 33 1,645,115.90
112%
12%
Input Vat 176,262.42
TOTAL VAT PAYABLE 178,488.12
(50,000.00) (50,000.00)
(50,000.00) (50,000.00)
(100,000.00) (100,000.00)
199,622.81 129,537.06
1,366,813.30 1,566,436.11
1,566,436.11 1,695,973.17

2020 2021

1,566,436.11 1,695,973.17
28,516.94 56,974.51
5,903.70 5,963.25
1,600,856.75 1,758,910.93

420.00 -
973.29 342.86
4,420.00 -
2,995.71 1,771.14
1,400.00 -
10,209.00 2,114.00
1,611,065.75 1,761,024.93

1,200.00 600.00
4,799.84 4,924.45
8,085.00 8,085.00
1,700.00 1,700.00
2,896.05 2,925.01
4,894.77 4,425.41
50,000.00 50,000.00
217,897.02 212,082.80
4,443.04 4,487.47
295,915.72 289,230.14

50,000.00 -
345,915.72 289,230.14
1,045,963.01 1,265,150.02
269,187.02 256,644.76
(50,000.00) (50,000.00)
1,265,150.02 1,471,794.79
1,611,065.75 1,761,024.93

- -
2020 2021
329,124.31 310,349.66
50,000.00 50,000.00
279,124.31 260,349.66
250,000.00 250,000.00
29,124.31 10,349.66
30% 30%
8,737.29 3,104.90
50,000.00 50,000.00
58,737.29 53,104.90

ued Income Tax Payable


2018 2019 2020 2021
3,534.87 4,515.74 4,742.50 4,894.77
54,188.84 56,909.98 58,737.29 53,104.90
57,723.71 61,425.72 63,479.79 57,999.67
3,534.87 4,515.74 4,742.50 4,894.77
49,673.10 52,167.49 53,842.52 48,679.49
4,515.74 4,742.50 4,894.77 4,425.41
980.87 226.76 152.28 (469.37)
4,515.74 4,742.50 4,894.77 4,425.41

2018 2019 2020 2021

3,435,841.49 3,481,022.46 3,524,788.04 3,485,432.33


112% 112% 112% 112%
12% 12% 12% 12%
368,125.87 372,966.69 377,655.86 373,439.18

1,461,648.14 1,476,315.25 1,491,082.57 1,505,992.91


112% 112% 112% 112%
12% 12% 12% 12%
156,605.16 158,176.63 159,758.85 161,356.38
211,520.72 214,790.06 217,897.02 212,082.80
33,032.60 3,269.34 3,106.96 (5,814.22)