ENTREP W5 Day 1-4

PRACTICE EXERCISE 1.
Identify the following. Read and analyze the statements.

a. Holding employees accountable at performance evaluation time ensures

targeted employee performance and goal completion. PERFORMANCE
APPRAISALS

b. An employees’ JOB DESCRIPTION should include their goals and should

be updated annually to reflect goal responsibilities.

c. The more people who have accountability for achieving goals, the more
streamlined the implementation becomes. EMPLOYEE GOALS

d. This is where the chain-of-command disseminates responsibilities

throughout the organization. DEPARTMENT GOALS

e. are written at the organizational level and involve high-level goals that the
organization as a whole is trying to accomplish. BUSINESS GOALS

f. The plan identifies the steps needed to achieve the organization’s mission.
STRATEGIC PLAN

g. It also determines the values and guiding principles that are used to make
business decisions. MISSION,VISION, AND VALUE

h. Departmental goals should be used to create ___________ so there is

shared responsibility for getting things done. EMPLOYEE GOALS
PRACTICE EXERCISE 2:

Business Establishment Owner Forms

BDO Unibank Nestor V. Tan Corporation

DMCI Holdings David Mendoza Consunji Corporation

BMW & Louis Vuitton Bayerische Motoren Werke

AG and Bernard Arnault Partnership

GoPro & Red Bull Woodman Labs and Partnership

Chalerm Yoovidhya

Marriott Hotels J. Willard Marriott Sole Proprietorship

Jollibee Foods Tony Tan Caktiong Corporation

WalMart Walton Family Sole Proprietorship

Legendary Pictures, Syncopy, and Christopher Nolan Emma Limited Partnership

Lynda Obst Production Thomas, Chris Hardwick and
Christopher Nolan

Semirara Mining and Power Isidro A. Consunji Corporation

Corporation

Universal Robina John Gokongwei Corporation

 Flow Chart
IMPLEMENTING
BUSINESS PLAN- INPUTS
TO SUCCESSFUL
EXECUTION
Visibility
Visibility is critical and often overlooked.
Leaders, teams and staff must have visibility of the
vision, goals, reasons for change and plans. They
should not be confined to documents in drawers or
on servers – get them up for people to see.
Alignment
Leadership, teams and individuals must be
aligned with the vision for the future, the case for
action, the decisions taken and the action that is
required for success. Successful implementation is
not possible without alignment.
Release Planning
Successful implementation usually requires
systematic release planning – planning and
Vision And Goals
Success starts with a compelling and clearly
articulated description of the TO-BE or future.
Specifically, it should describe what the services,
products, markets, customers, systems, resources,
processes, staff, skills and assets look like.
Case for Action
People and teams gravitate to what they know
and the AS-IS or way they have always worked. A
driving reasons and catalyst for change is essential
and it MUST get people motivated to act differently!
People need to know they have to change.
Roadmap
As with any journey to a new and unexplored
destination, a Roadmap or navigation system with
directions is imperative. The Roadmap provides an
efficient path to success and eliminates stress and
unnecessary detours.
 Stakeholder Management
Stakeholders, including customers, staff,
suppliers, board members, financiers and
contractors can be impacted through the
implementation of change. A stakeholder
Evaluation: management plan is important to ensure that
stakeholder needs are carefully assessed and
managed in a comprehensive and disciplined way.
IMPLEMENTING MY BUSINESS PLAN

Write an outline for business plan.Such as a

1 company mission statement, product or service
. description, customer profile, competitor analysis,
marketing, financial, staffing and legal concerns.
Conducting a research each section of business
2 plan and to find expert advice on each.
.

Meet with an accountant to review income and

3 expense numbers, budget, record keeping and
. taxes.

Create a dynamic business plan by providing

4 several scenarios to write an executive summary
. of the plan.

Implement the plan by starting at the beginning

5 and executing the various steps I’ve addressed in
. the plan.
 6 Regularly reviewing the business plan.
.
ENTREP W6 DAY
1

1. How will “Planning” as importance in record keeping help you if you are an owner of
a clothing Store?

Record keeping can help you to plan efficiently to your business and have a
record things that you’ve done and the next step you have to make. Moreover,
planning keeps you focused on the goals that are crucial for success and provides
guidelines for day-to-day operations and decisions. A good business plan gives you
goals to strive towards for the next month, year and beyond.

2. If you are applying for a business loan, how this records kept will help you?

With the records you have kept, it will be convenient to get a business loan form a
bank especially the records about proper financial statement. These records will be the
basis of banks to check your cash flow and income statements as well as the balance
sheet wherein they will check if you have the ability to repay the loan or not.In that
way, they can guarantee you in getting a loan from banks.

3.Local City Government has regular inspection of establishment in their localities, how
are these records help you during inspection?

These records will be shown to inspector and will serve as your legal compliance
that will provide safety to your business and employees especially to the food sector of
business. Moreover, keeping records about the inspection is important. Past inspection
records show what has been previously identified. They also show what an earlier
inspection team concentrated on and what areas it did not inspect. It reports to help look
for issues, and then determine whether recommendations were implemented.
Assessment:
Haliya Corporation
FILES/ RECORD TO KEEP IMPORTANCE OF KEEPING THE
RECORD/FILE
It is a document that represents proof of a
Receipts financial transaction. Receipts are issued in
business-to-business dealings as well as stock
market transactions. Receipts are also necessary
for tax purposes as proof of certain expenses.
This file is important as part of legal
Permits and Licenses compliance in operating a business. This file
will serves as your proof in operating your
business.

Payroll Records It is important for your legal obligations to

your employees. It keeps the information which
are the tax information, wage, and employess. It
can help to avoid litigation.

Invoices This provide a business and its client with a

Bank Statements
Deposit information (cash and credit sales)
record of sale.An invoice offers verification, in
writing, of the payment agreement between your
business and its client.
This is important to verify the credit and
debit activity. Also bank, credit card and
investment account statements provide a wealth
of information when you're filing your taxes.
The deposit information serves as proof that
the bank acknowledged receiving the funds
from the customer and any transaction.
 ENTREP W6 DAY 2
Activity 1:
Directions: Take some time to research and list the systems and software that matches
your business type and size.. Consider factors such as
- Point of sales system integration
- Inventory tracking
- Online options
- Multiple Users

Business Name: Haliya Corporation

Systems Applicable:
1. Payroll Business System:
A payroll system consists of all forms, procedures, files, equipment’s, personnel, and
computer support necessary to completely process the payment of employees. A payroll
system fully handles all tax deductions, personal deductions, and the update of payroll data
related to each employee.
2. Personnel Business System:
Personnel system describes varied aspects of an organisation’s work force. The outputs
generated by personnel systems are frequently used in compiling central & state labor power
reports. 
3.Inventory System:
Inventory system monitors the status of items held in an inventory. These systems report on
the quantities of goods on hand, as well as when items should be purchased to replenish stock
and what critical items are needed. 
4.Computer Systems
While most businesses will need to maintain some form of paper-based record keeping,
computer-based systems are becoming the norm. It will allows us to store our files ithrough
online which can be access easily.

Software for Business:

1. Word processing programs
A word processor (WP) is a device or computer program that provides for input,
editing, formatting, and output of text.
2. Accounts Software
A computer program that assists accountants in recording and reporting a firm's
financial transactions.
3. Billing Software
Designed to handle time and billing tracking as well as invoicing customers for
services and products.
4. Payroll Software
An on-premises or cloud-based solution that manages, maintains, and automates
payments to employees.
5. Database Software
Designed to create databases and to store, manage, change, search, and extract the
information contained within them.
6. Email and Spreadsheet
- Email. Most email services allow you to create files as you would for paper
systems, for keeping your email. The main advantage of webmail over the use of a
desktop email client is the ability to send and receive email wherever there is an
internet and web browser, on the other hand, its advantage is also its disadvantage as
there is need to be connected to the internet while using it.
- Spreadsheets Spreadsheet software is commonly used in business to track
information about clients, inventory, sales, employee time sheets, and much more. A
spreadsheet is a computer application that simulates a paper accounting worksheet.
Assessment:
1. How would you characterized a simple paper file folders as a record keeping tool?
a. Simple, but acceptable for a start-up business
b. Simple but insignificant particularly for a start-up business.
c. Computer system is better in all cases, as long as it is affordable.
d. Better to start the process of records keeping with cloud computing
2. Which factors to consider when purchasing accounting softwares? Select all that
apply
a. Reduced errors
b. Faster calculation
c. Better organization
d. None of the above
3. Which is commonly used to track information about clients such as sales,
inventory, employee timecards
a. Spreadsheets
b. Payroll System
c. Email Programs
d. File hosting system
4. What timeframe is appropriate for starting a record system?
a. Within the first year
b. As soon as possible
c. Within six months of the start-up
d. Before the due of the first task filing
5. It is best to kept ALL records for exactly 8 years
 a. True
b. False
c. Maybe
d. All of the above
ENTREP WEEK 6 DAY 3-4
Directions: Read the following facts and answer the questions
1. The bag that you bought for P 120.00 was sold for P145.00.
GP=P25.00
What was your gross Profit?

2. You bought a plain Polo Shirt for P 399.00.

The Iron-on print/letters that you put on the shirt Cost of Plain Shirt = P399.00
Cost you P 250.00. How much should you sell the
Shirt for to earn a profit of P 400.00? Additional Cost of Print = P250.00

Cost of Shirt = P649.00

Profit = P400.00

Selling Price = P1,049.00

3. When you tried to sell the Polo-shirt at your selling price,

Nobody wanted to buy it! So you sold it for P 500. Cost of Shirt for Sale= P1,049.00
Did you have Profit or Loss?
Amount Paid to you = P500.00

Difference = P549.00

Profit or Loss = Loss -P549.00

Assessment
Directions: Answer the following questions.
1. Patrick makes gift bags and spends P 85.00 on sweets and decorations. He sells them for 100. If
Patrick sells 15 bags, does he make Profit or Loss? Show your computation
 Total Profit/Sales: P1,000.00 x 15= P1,500.00
Income - P1,500.00
Less Expenses: P1,275.00
PROFIT P225.00
Patrick made a profit of P225.00 pesos by selling 15 gift bags.

2. Frenzy buys 3 cases of juices for P 300.00. There are 12 bottles in each case. They sold all the
bottles for P 30.00 each. Do they make profit? Show your computation

Total Profit/Sales: P30.00 x 36 = P1,080.00

Income - P1,080.00
Less Expenses: P900.00
PROFIT P180.00
Frenzy made a profit of P180.00 by selling the 3 cases of juice that contains 36 bottles over all.
3. The Automaker Shop purchased 450 car bulbs for their shop at P 15.00 each. While on their way
back to the shop, 90 bulbs broke and damaged. They were able to sell the remaining bulbs at
P18.00 each. Find overall profit/loss.

Undamaged Bulbs: 450 – 90 = 360 bulbs

Total Profit/ Sales out of undamaged bulbs: P18.00 x 360 = P6,480.00
Expected Sales/ Expenses: P15.00 x 450= P6,750.00
Income - P6,480.00
Less Expenses: P6,750.00
LOSS - P270.00
The Automaker Shop Loss P270.00 because of damaged 90 bulbs.

4. Winfred purchased a car for P80,000 for resell. He spent P 5,000 on repair and P1,000 for
transportation. We was able to sell it with 25% PROFIT. At what price did he sell the car?

Cost of Car: P80,000.00

Additional Cost of Car: P6,000.00
Cost of Car: P86,000.00
Profit: P21,500.00
Selling Price: P107,500.00
 Computation:
Expenses: P80,000.00 + P6,000.00 = P86,000.000
Selling Price: P86,000.00 x 25% = P21,500.00
P21,500.00 + P86,000.00= P107,500.00
Wilfred will sell the car in the amount of P107,500.00 with accumulated profit of P21,500.00.

5. Use the data below to answer the data needed in the box
Shake it Up Milkshake:
Milk shake sale price : P 130 Sales Turn-over = P4,000
Cost to Make per shake : 30/shake
Monthly Sales: 4000
Monthly Expenses: Cost of Sales = P900
Gas P2,000
Rent P 5,500 Difference= P3,100
Electricity P 1,000
Total Expenses = P8500

PROFIT/LOSS = -P5,400

ENTREP W7 D1-2
WHAT I CAN DO:

1.Jollibee Corporation generated revenues amounting toPhp100,000for the 1st quarter of

its operation, P130,000 for 2nd quarter and P110,000 and P150,000 for 3rd and 4th
quarter respectively. Expenses for the year totaled of Php 216,000.How much is the
company’s net income for the year?

Revenues
1st Quarter P100,000.00
2nd Quarter P130,000.00
3rd Quarter P110,000.00
 4th Quarter P150,000.00
Total Revenues P490,000.00
Less Expenses P216,000.00
Net Income P274,000.00
2.At the end of thefirst month of operations for CarlaLaubdryService Company, the
business had thefollowing accounts: Cash, Php20,000;Land and Building Php300,000;
Machineries, Php15,000 and Accounts Payable Php3500,000. By the end of the month,
Jackson's had earned Php30,000 of Revenues, incurred worthPhp 3,000 of Utilities
Expenses and Php11,000of Salaries Expenses. Calculate the net income to be reportedby
the company for this firstmonth.
Your answer:
Revenues P30,000

Expenses

Utilities Expenses P3,000

Salaries Expenses P11,000

Total Expenses P14,000

Net Income P16,000

3.During September,Aling Mami Sari-saristore had thefollowing transactions involving

revenue and expenses. PaidPhp4,500 for rent, Sold merchandise for cash for
Php25,000,Paid Php1,000for telephone service,Paid her delivery employee of Php
6,000,Gasoline and maintenanace expense P1,500, Paid Meralco and water
billsPhp3,500, Gain other Income from business Php1,800. Did thefirm earn a net
income or incur a net loss for the period?What was the amount?

Revenues

Sold Merchandise P25,000

Income from Business P1,800

 Total Revenues P26,800

Expenses/ Loss
Rent P4,500
Telephone Service P1,000
Staff Salary P6,000
Gasoline and Maintenance P1,500
Utility bills P3,500
Total Expenses/ Loss P16,500

Net Income P10,300

The firm earn a net income of P10,300.00

Evaluation:
1.Enumerate steps on how to prepare an Income Statement
Step1 :Gather the necessary information
Step2:Start by making the heading
Step4:Report all expense accounts
Step5:Compute for the net income.

2.How an Income Statement play a major role in the success of the business or entity?
Income statement helps the business to determine the effectivitiy of the cash flow
wherein it identifies the profit, loss, and revenues generated by the business. It shows if
the business is failing or heading to success. Income statement is one of the three major
financial statements that small businesses prepare to report on their financial
performance, along with the balance sheet and the cash flow statement. An income
statement doesn’t just show the total profit or loss a company generates, it also shows the
costs associated with earning that revenue. An income statement is also referred to as a
profit and loss statement.

ENTREP W7 DAY 3 -4
1.If assets are Php27,500 and owner's equity is Php15,000, liabilities
are___________________.
Your answer:
Liabilities= Assets – Owner’s Equity
Assets – P27,500.00
Owner’s Equity P15,000.00
LIABILITIES P12,500
2.If during the year total assets increase by Php75,000 and total liabilities decrease by
Php16,000,by how much did owner's equity increase/decrease?
Your answer:
Owner’s Equity=Assets – Liabilities
= P75,000 – P16,000
Owner’s Equity = P59,000
3.At the end of the first month of operations for Juana’sDelivery Service, the business
had the following accounts:Accounts Receivable, Php1,200; Prepaid Insurance, Php500;
Equipment, Php36,200 and Cash, Php40,650.On the same date, Juana owed the
following creditors:Nena’s Supply Company, Php12,000 (due in 6 months); Maria’s
Equipment, Php9,500(dueafter 2 years).How much was the Owner’s Equity of Juana’s
Delivery Services? ___________

Assets
Cash P40,650.00
Account Receivable P1,200.00
Prepaid Insurance P500.00
Equipment P36,200
Total Asset P78,550

P78,550
Owner’s Equity=Assets- Liabilities - P21,500

Owner’s Equity= P57,050

Liabilities:
Nena’s Supply P12,000
Company (due in 6 months)
Maria’s Equipment (due after 2 years) P9,500

Total Liabilities P21,500

4.At the end of the first month of operationsf or Jun-jun Water Delivery Services, the
business had the following accounts: Cash, Php12,000; Prepaid rent,
Php1500;Equipment, Php30,200and Machineries, Php350,000 and notes receivable due
in 2 months worthP5,000. How muchwas thecurrent assets of the Jun-jun Water Deliver
Services?
Your answer:
Current Assets
Cash P12,000

Prepaid Rent P1500

Notes Receivable P5,000
Total Current Asset P18,500

Evaluation:
Prepare a Statement of Financial Position of Mai-mai Cafeteria for the month of
December 2020, using the following accounts.
Cash– Php37,600
Prepaid rent- Php9,000
Loans Payable for 15months–Php50,000
Accounts Receivable – Php2,500
Notes Payable (8monthsterm)- Php20,000
Supplies – Php10,300
Equipment– Php22,000
Owner’sequity– Php 10,000
Accounts Payable –Php1,400
Utilities Expense -Php3,000
Salary expense - Php6,000 Sales- Php7,600
Note:Use separate sheet of paper or a journal paper
 MAI-MAI Cafeteria
Statement of Financial Position
For the month of December 2020

ASSETS LIABILITIES
Current Assets Current Liabilities

Cash P37,600 Accounts Payable P1,400

Account Receivable P2500 Notes Payable (8 P20,000

months term)
Total Current P21,400
Prepaid Rent P9,000 Liabilities
Non-current Liabilities
Supplies P10,300
Loans Payable P50,000
(15months)
Total Current Assets P59,400
Total Non- P50,000
Non-current Assets current
Liabilities
Equipment P22,000

Total Non-current P22,000 Total Liabilities P71,400

Assets

Owner’s Equity P10,000

TOTAL ASSETS: P 81,400

TOTAL OWNER’S EQUITY AND

LIABILITIES: P81,400