Name of Sole Proprietor

Statement of Income
For the years ended December 2020, 2021, 2022, 2023, & 2024

Note 2020 2021 2022 2023 2024

Sales 1 1,300,244 1,365,257 1,433,519 1,505,195 1,580,455
Cost of Goods Sold 2 725,306 761,572 799,650 839,633 881,614
Gross Profit 574,938 603,685 633,869 665,563 698,841
Less: Expenses
Selling Expense 3 286,983 295,749 307,228 318,749 330,763
Administrative Expen 4 46,048 47,360 48,735 50,029 51,540
Profit Before Tax 241,907 260,577 277,906 296,784 316,537
Less: Income Tax (TRAIN LAW) - 2,115 5,581 9,357 13,307
Profit After Tax 241,907 258,461 272,325 287,427 303,230

Percentage Tax Payable 39,007 40,958 43,006 45,156 47,414

December PT 3,251 3,413 3,584 3,763 3,951
Quarterly Payable - 529 1,395 2,339 3,327
- 529 866 944 988
 Name of Sole Proprietor
Notes to Financial Statement
For the years ended December 2020, 2021, 2022, 2023, & 2024

Note 1 (Sales) 2020 2021 2022

7371 boxes per month x 12 x 14.70 1,300,244
1,365,257
Increased 5% in production every year x Selling 1,433,519
price

Note 2 (Cost of Sales) 2020 2021 2022

Direct Materials Used 557,928 585,824 615,116
Direct Labor 111,586 117,165 123,023
Factory Overhead 55,793 58,582 61,512
725,306 761,572 799,650

Note 3 (Selling Expenses) 2020 2021 2022

P Advertising Expense 4,650 4,650 4,650
P Repairs and Maintainance Expense 450 450 450
X Salary of Sales Rep 91,260 93,085 94,947
X Salary of Store Manager 122,850 128,993 135,442
SSS (Sales Rep) 6,188 6,188 6,630
HDMF 1,685 1,718 1,753
PHIC 1,650 1,650 1,650
SSS (Store Manager) 8,398 8,840 9,282
HDMF 2,268 2,381 2,500
PHIC 1,650 1,650 1,719
Rental Expense 36,000 37,800 39,690
Utility Expense (Electricty) 5,580 5,747 5,920
Depreciation Expense (Leasehold Improvement) 1,500 1,500 1,500
Depreciation Expense (Selling Equipment) 2,854 1,095 1,095
Total 286,983 295,749 307,228

Note 4 (Administrative Expenses) 2020 2021 2022

Office Supplies 3,522 3,522 3,522
P Permits and Licences 4,295 4,295 4,295
P Cleaning Supplies 2,010 2,010 2,010
Rent Expense 24,000 25,200 26,460
Utility Expense (Electricty) 3,720 3,832 3,947
Depreciation Expense (Leasehold Improvement) 1,000 1,000 1,000
P Depreciation Expense (Office Equipment) 5,800 5,800 5,800
P Depreciation Expense (Communication Unit) 220 220 220
X Depreciation Expense (Furniture and Fixture) 1,481 1,481 1,481
Total 46,048 47,360 48,735

Note 5 (Cash) 2020 2021 2022

Cash on hand 196,017 285,116 379,899
Cash in Bank 294,025 427,674 569,849
Total Cash 490,042 712,790 949,749

Note 6 ( Accounts Receivable) 2020 2021 2022

2020 Sales -
2021 Sales x 20% 273,051
2022 Sales x 20% 286,704
2023 Sales x 20%
2024 Sales x 20%

Note 6 (Property, Plant, & Equipment) 2020 2021 2022

Production Equipment 18,200
Less: Accumulated Depreciation 18,200
Carrying Amount -

Leasehold Improvement 25,000 25,000 25,000

Less: Accumulated Depreciation 5,000 10,000 15,000
Carrying Amount 20,000 15,000 10,000

Selling Equipment 8,259 8,259 8,259

Less: Accumulated Depreciation 2,854 3,949 5,044
Carrying Amount 5,405 4,310 3,215

Furniture and Fixtures 7,112 7,112 7,112

Less: Accumulated Depreciation 1,481 2,962 4,443
Carrying Amount 5,631 4,150 2,669

Office Equipment 29,000 29,000 29,000

Less: Accumulated Depreciation 5,800 11,600 17,400
Carrying Amount 23,200 17,400 11,600

Communication Unit 1,100 1,100 1,100

Less: Accumulated Depreciation 220 440 660
Carrying Amount 880 660 440

Property, Plant, & Equipment 55,116 41,520 27,924

Note 7 (Percentage Tax Payable) 2020 2021 2022

Sales 1,300,244 1,365,257 1,433,519
Multiply: 3% 0.03 0.03 0.03
Percentage Tax (Yearly) 39,007 40,958 43,006
Divide by: 12 months 12 12 12
Percentage Tax Payable 3,251 3,413 3,584

Note 8 (Income Tax Payable) 2020 2021 2022

Income Tax Annually - 2,115 5,581
Divide by: Quarterly 4 4 4
- 529 1,395
t
22, 2023, & 2024

2023 2024

1,505,195
1,580,455

2023 2024
645,871 678,165
129,174 135,633
64,587 67,816
839,633 881,614

2023 2024
4,650 4,650
450 450
96,846 98,783
142,214 149,325
6,630 6,630
1,788 1,824
1,650 1,650
9,724 10,166
2,625 2,757
1,805 1,895
41,675 43,758
6,097 6,280
1,500 1,500
1,095 1,095
318,749 330,763

2023 2024
3,522 3,522
4,295 4,295
2,010 2,010
27,783 29,172
4,065 4,187
1,000 1,000
5,800 5,800
220 220
1,334 1,334
50,029 51,540

2023 2024
456,616 461,405
 684,924 692,107
1,141,541 1,153,512

2023 2024

301,039
316,091

2023 2024

25,000 25,000
20,000 25,000
5,000 -

8,259 8,259
6,139 7,234
2,120 1,025

7,112 7,112
5,777 7,112
1,335 0

29,000 29,000
23,200 29,000
5,800 -

1,100 1,100
880 1,100
220 -

14,475 1,025

2023 2024
1,505,195 1,580,455
0.03 0.03
45,156 47,414
12 12
3,763 3,951

2023 2024
9,357 13,307
4 4
2,339 3,327
 Name of Sole Proprietor
Statement of Financial Position
For the years ended December 2020, 2021, 2022, 2023, & 2024

ASSETS: Note
Current Assets
Cash 5 490,042 712,790 949,749 1,141,541 1,153,512
Accounts Receivable 6 - - - 60,208 316,091
Total Current Assets 490,042 712,790 949,749 1,201,748 1,469,603

Non-Current Assets
Property, Plant, Equ 7 55,116 41,520 27,924 14,475 1,025
Total Assets 545,158 754,310 977,673 1,216,223 1,470,628

Liabilities & Owners Equity

Percentage Tax Payab 8 3,251 3,413 3,584 3,763 3,951
Income Tax Payable 9 - 529 1,395 2,339 3,327
Total Liabilities 3,251 3,942 4,979 6,102 7,278

X, Capital SOCE 541,907 750,368 972,693 1,210,121 1,463,350

Total Liabilities and Owners Equ 545,158 754,310 977,673 1,216,223 1,470,628
- - - - -
 Name of Sole Proprietor
Statement of Cash Flows
For the years ended December 2020, 2021, 2022, 2023, & 2024

2020 2021 2022 2023

Cash flow from operating activities
Income after Tax 241,907 258,461 272,325 287,427
Depreciation 33,555 13,596 13,596 13,449
Increase in Accounts Receivable - - - 60,208
Increase in Percentage Tax Payable 3,251 163 171 179
Increase in Income Tax Payable - 529 866 944
Net Cash Inflow (Outflow) from Operating 278,713 272,749 286,958 241,792

Cash flow from investing activities

Leasehold Improvements 25,000 - - -
Operational Equipemnt 8,259 - - -
Furniture and Fixtures 7,112 - - -
Office Equipment 29,000 - - -
Communication Unit 1,100 - - -
Production Equipment 18,200
Net Cash Inflow (Outflow) from Investing A- 88,671 - - -

Cash flow from financing activities

Cash investment 300,000 - - -
Withdrawals - 50,000 50,000 50,000
Net Cash Inflow (Outflow) from Financing 300,000 50,000 50,000 50,000

Net Increase or Decrease in Cash 490,042 222,749 236,958 191,792

Cash balance beg - 490,042 712,790 949,749
Cash Balance Ending 490,042 712,790 949,749 1,141,541
, & 2024

2024

303,230
13,449
255,883
188
988
61,971

-
-
-
-
-

-
50,000
50,000

11,971
1,141,541
1,153,512
Leasehold Improvement 25,000
Production Equipment 18,200
Selling Equipment 8,259
Furniture and Fixtures 7,112
Office Equipment 29,000
Communication Unit 1,140
Rent Expense (10000 x 3) 30,000
Business Permit and Licenses 4,295
Raw Materials for the Three Mo 139,482
Advertising Expense 4,650
Operational Supplies 10,566
Cleaning Supplies 6,030
Total 283,734
Cash Provision 300,000
 Name of Sole Proprietor
Statement of Changes in Owner Equity
For the years ended December 2020, 2021, 2022, 2023, & 2024

X, Beginning Capital 300,000 541,907 750,368 972,693 1,210,121

Add Income 241,907 258,461 272,325 287,427 303,230
Less: Withdrawals 50,000 50,000 50,000 50,000
X, Ending Capital 541,907 750,368 972,693 1,210,121 1,463,350
 Name of Sole Proprietorship
Test of Liquidity

CURRENT RATIO 2019 2020 2021

Current Assets 490,042 712,790 949,749
Divide by: Current Liabilities 3,251 3,942 4,979
CURRENT RATIO 150.75 180.82 190.75

QUICK RATIO
Quick Assets 490,042 712,790 949,749
Divide by: Current Liabilities 3,251 3,942 4,979
QUICK RATIO 150.75 180.82 190.75

WORKING CAPITAL TO TOTAL ASSETS RATIO

Working Capital 486,791 708,848 944,769
Divide by: Total Assets 545,158 754,310 977,673
WORKING CAPITAL TO TOTAL ASSETS RATIO 0.89 0.94 0.97

Name of Sole Proprietorship

Test of Profitability
GROSS PROFIT MARGIN
Gross Profit 574,938 603,685 633,869
Divide by: Net Sales 1,300,244 1,365,257 1,433,519
GROSS PROFIT MARGIN 0.44 0.44 0.44

RETURN ON TOTAL ASSETS

Net Profit 241,907 258,461 272,325
Divided by: Average Total Asssets 545,158 649,734 865,991
RETURN ON TOTAL ASSETS 0.44 0.40 0.31

RETURN ON EQUITY
Net Profit 241,907 258,461 272,325
Divided by: Average Equity 541,907 646,138 861,531
RETURN ON EQUITY 0.45 0.40 0.32

NET PROFIT MARGIN

Net Profit 241,907 258,461 272,325
Divided by: Net Sales 1,300,244 1,365,257 1,433,519
NET PROFIT MARGIN 0.19 0.19 0.19

RETURN ON AVERAGE CURRENT RATIO

Net Income 241,907 258,461 272,325
Divided by: Average Current Assets 490,042 601,416 831,269
RETURN ON AVERAGE CURRENT RATIO 0.49 0.43 0.33
 2022 2023
1,201,748 1,469,603
6,102 7,278
196.94 201.92

1,201,748 1,469,603
6,102 7,278
196.94 201.92

1,195,646 1,462,325
1,216,223 1,470,628
0.98 0.99

665,563 698,841
1,505,195 1,580,455
0.44 0.44

287,427 303,230
1,096,948 1,343,426
0.26 0.23

287,427 303,230
1,091,407 1,336,736
0.26 0.23

287,427 303,230
1,505,195 1,580,455
0.19 0.19

287,427 303,230
1,075,748 1,335,676
0.27 0.23