Table 21

Projected Income statement

December 31, 2021-2025

2021 2022 2023 2024 2025

Sales 4,992,000 5,990,400 6,489,600 7,488,000 7,987,200

Cost of Goods Sold 919,232 925,891 949,693 956,534 981,034

Gross Income 4,072,768 5,064,509 5,539,907 6,531,466 7,006,166

Less: Expense

Pre-Operating 13,845

Salary Expense 717,600 717,600 739,128 739,128 761,301

Utilities Expense 60,000 60,600 61,206 61,818 62,436

Communication Expense 40,560 40,966 41,375 41,789 42,207

13th Month Pay 107,172 107,172 110,387 110,387 113,699

Insurance Expense 10,793 10,793 10,793 10,793 10,793

Depreciation Expense 15347 15347 15347 15347 15347

Repair and Maintenance 45,000 47,250 49,500 51,750 54,000

Supplies 7,150 7,508 7,883 8,278 8,691

Advertising expense 15,500 14,725 13,950 13,175 12,400

Benefits Contribution 141180 143880 148116 150816 155886

Total Expense 1,174,147 1,165,841 1,197,685 1,203,281 1,236,760

Net Income Before Tax 2,898,621 3,898,668 4,342,222 5,328,185 5,769,406

Less: Income Tax 869,586 11,609,601 1,302,667 1,598,455 1,730,822

Net Income 2,029,035 2,729,067 3,039,555 3,729,730 4,038,584