3 Income Statement

Exhibit 1
INCOME STATEMENT
For the Years Ended December 31
2015
2016
2017
(Sched.1)Sales
975,000.00
1,074,937.50
1,185,118.59
(Sched.2)Cost of Goods Sold
753,616.00
799,882.28
849,239.32
Gross Profit
Less: Operating Expenses
221,384.00
275,055.22
335,879.27
(Sched.5)Salaries and Wages

(Sched.6)Premiums and
Contribution
(Sched.7)Advertising Expense
(Sched.8)Communication Expense
156,000.00
160,680.00
165,500.40
14,131.20
6,000.00
1,000.00
14,131.20
5,100.00
1,030.00
14,131.20
5,202.00
1,060.90
1,000.00
1,020.00
1,040.40
178,131.20
43,252.80
-
181,961.20
93,094.02
4,464.10
186,934.90
148,944.37
14,288.87
43,252.80
88,629.92
134,655.50
(Sched.9)Transportation Expense
Total Operating Expense
Income Before Tax
(Sched.10)Income Tax
Net Income
Financial Data
18
Exhibit 4
BALANCE SHEET
As of Years Ended December 31
ASSETS
Current:
Cash
Total current assets
Non-current:
Property, Plant and equipment
Total Assets
2015
436,602.80
436,602.80
2016
477,582.72
477,582.72
2017
514,588.21
514,588.21
6,650.00
4,300.00
1,950.00
443,252.80
481,882.72
516,538.21
2016
2017
LIABILITIES AND OWNER'S EQUITY

Liabilities:
2015
Owner's Equity
443,252.80
481,882.72
516,538.21
Total Liabilities and Owner's Equity
443,252.80
481,882.72
516,538.21
19
Exhibit 2
STATEMENT OF CASH FLOW
Cash Flows from Operations

Cash Flows used in Investing Activities
Purchase of PPEs
Computation
5
Cash Flows from Financing Activities
Initial Investment
Project Cost
Withdrawals
45,602.80
Add: Cash, January 1

Cash, December 31
20
137,005.50
50,000.00
100,000.00
9,000.00
400,000.00
400,000.00
Net Increase(Decrease) in Cash
90,979.92
436,602.80
436,602.80
50,000.00
100,000.00
40,979.92
37,005.50
436,602.80
477,582.72
477,582.72
514,588.21
Exhibit 3
STATEMENT OF CHANGES IN OWNER'S EQUITY

Capital, January 1
Investments
Project Cost
Net Income
Exhibit 1
Total
Withdrawals
Capital, December 31
21
443,252.80
481,882.72
43,252.80
88,629.92
134,655.50
443,252.80
531,882.72
616,538.21
50,000.00
100,000.00
481,882.72
516,538.21
400,000.00
443,252.80
Periwinkle Pancake
Schedules
2014
2015
2016
Schedule 1; Sales
Sales in Units
Selling Price
Projected Sales
65,000.00
68,250.00
71,662.50
15.00
15.75
16.54
975,000.00
1,074,937.50
1,185,118.59
65,000.00
9
68,250.00
9.18
71,662.50
9.3636
585,000.00
626,535.00
671,018.99
3,024.00
3,114.72
3,208.16
12.00
36,288.00
12.00
37,376.64
12.00
38,497.94
2.00
2.00
2.00
72,576.00
74,753.28
76,995.88
Schedule 2: Cost of Goods Sold

Raw Materials
Raw Materials
Cost of Raw Materials
Total
Salaries of Service Crews
Salaries Per Month Per Employee
Number of Months per Year
Total Annual Salaries Per Employee
Number of Service Crews
Total Salaries of Service Crews
22
SSS Contribution
Monthly Employer's Share/Employee
Total Annual Employer's Share/Employee
Total Employer's Share
Monthly Employee's Share/Employee
Total Annual Employee's Share/Employee
Total Employee's Share
PhilHealth Contribution
23
222.00
222.00
222.00
12.00
2,664.00
12.00
2,664.00
12.00
2,664.00
2.00
2.00
2.00
5,328.00
5,328.00
5,328.00
100.00
100.00
100.00
12.00
1,200.00
12.00
1,200.00
12.00
1,200.00
2.00
2.00
2.00
2,400.00
2,400.00
2,400.00
87.50
87.50
87.50
12.00
1,050.00
12.00
1,050.00
12.00
1,050.00
2.00
2.00
2.00
2,100.00
2,100.00
2,100.00
87.50
87.50
87.50
12.00
1,050.00
12.00
1,050.00
12.00
1,050.00
2.00
2.00
2.00
2,100.00
2,100.00
2,100.00
Total Direct Labor

Salaries of Service Crews
Employer's Share for SSS
72,576.00
5,328.00
74,753.28
5,328.00
76,995.88
5,328.00
2,100.00
2,100.00
2,100.00
80,004.00
82,181.28
84,423.88
Utilities
Monthly Electricity Bills
1,050.00
1,081.50
1,113.95
Monthly Water Bills

Total Monthly Utilities
12.00
1,062.00
12.00
1,093.50
12.00
1,125.95
12.00
12.00
12.00
Total Utilities
12,744.00
13,122.00
13,511.34
Building Rentals
Monthly Rentals
6,000.00
6,180.00
6,365.40
12.00
12.00
12.00
72,000.00
74,160.00
76,384.80
800.00
225.00
125.00
123.00
245.00
816.00
225.00
125.00
123.00
245.00
832.32
225.00
125.00
123.00
245.00
1,518.00
1,534.00
1,550.32
Employer's Share for PhilHealth

Total Building Rentals
Production tools
Frying Pan
Spatula
Plates
Measuring Cap
Measuring Spoon
Total
24
Depreciation Expense
Gas stove
Water Dispenser
Blender
Total
Cost of Goods Sold
Raw Materials
Direct Labor
FOH
Total Cost of Goods Sold
750.00
600.00
1,000.00
2,350.00
750.00
600.00
1,000.00
2,350.00
750.00
600.00
1,000.00
2,350.00
585,000.00
80,004.00
88,612.00
753,616.00
626,535.00
82,181.28
91,166.00
799,882.28
671,018.99
84,423.88
93,796.46
849,239.32
Schedule 3: Depreciation Schedule

Fixed Assets
Gas stove
Water Dispenser
Blender
Totals
Costs
3,000.00
3,000.00
3,000.00
9,000.00
Schedule 4: Fixed Asset

Cost (see computation 5)
Accumulated Depreciation-beg
Add: Depreciation Expense (see computation 5)
Accumulated Depreciation-end
Carrying Amount
9,000.00
2,350.00
2,350.00
6,650.00
25
Depreciable
Amount
3,000.00
3,000.00
3,000.00
9,000.00
2,350.00
2,350.00
4,700.00
4,300.00
Estimated
Useful Life
4
5
3
9,000.00
4,700.00
2,350.00
7,050.00
1,950.00
Annual
Depreciation
750.00
600.00
1,000.00
2,350.00
Schedule 5: Salaries and Wages

Number of Managers
Total Salaries of Managers
Number of Managers

Number of Managers

26
6,500.00
12
78,000.00
2
156,000.00
6,695.00
12
80,340.00
2
160,680.00
6,895.85
12
82,750.20
2
165,500.40
488.80
488.80
488.80
12.00
5,865.60
12.00
5,865.60
12.00
5,865.60
2.00
2.00
2.00
11,731.20
11,731.20
11,731.20
236.20
236.20
236.20
12.00
2,834.40
12.00
2,834.40
12.00
2,834.40
2.00
2.00
2.00
5,668.80
5,668.80
5,668.80
100.00
100.00
100.00
12.00
1,200.00
12.00
1,200.00
12.00
1,200.00
2.00
2.00
2.00
2,400.00
2,400.00
2,400.00
Monthly
Employee's
Share/Employee
100.00
100.00
100.00
12.00
1,200.00
12.00
1,200.00
12.00
1,200.00
2.00
2.00
2.00
2,400.00
2,400.00
2,400.00
11,731.20
2,400.00
11,731.20
2,400.00
11,731.20
2,400.00
14,131.20
14,131.20
14,131.20
Radio advertisement
Flyres
5,000.00
1,000.00
5,100.00
-
5,202.00
-
Total
6,000.00
5,100.00
5,202.00
1,000.00
1,030.00
1,060.90

Schedule 6: Premium and Contribution
SSS
Philhealth
Total
Schedule 7: Advertising Expense
Schedule 8: Communication Expense

Total
27
Schedule 9 : Transportation Expense

Total
1,000.00
1,020.00
1,040.40
Net Income Before Tax
43,252.80
93,094.02
148,944.37
Less: Personal Exemption
50,000.00
50,000.00
50,000.00
Taxable Income
(6,747.20)
43,094.02
98,944.37
In Excess of
30,000.00
70,000.00
Taxable Income
13,094.02
28,944.37
Schedule 10: Income Tax
Tax Rate
28
15%
20%
Tax due
1,964.10
5,788.87
Tax due
2,500.00
8,500.00
Income Tax
4,464.10
14,288.87
Profitability Sustainability Ratios

Sales Growth (Shakes)
Current Period Sales
Previous Period Sales
Difference
Previous Period Sales
975,000.00
-
1,074,937.50
975,000.00
1,185,118.59
1,074,937.50
975,000.00
-
99,937.50
975,000.00
10.25
%
110,181.09
1,074,937.50
221,384.00
975,000.00
22.71
%
275,055.22
1,074,937.50
25.59
%
335,879.27
1,185,118.59
28.34
%
178,131.20
1,131,000.00
15.75
%
181,961.20
1,235,617.50
14.73
%
186,934.90
1,350,618.99
13.84
%
178,131.20
221,626.40
80.37
%
181,961.20
462,567.76
39.34
%
186,934.90
499,210.47
37.45
%
178,131.20
181,961.20
186,934.90
N/A
10.25%
Gross Profit Margin (Shakes)

Gross Profit
Total Sales
Net Profit Margin

Net Profit
Total Sales
Return on Assets
Net Profit
Average Total Assets
Return on Owner's Equity

Net Profit
29
Average Total Owner's Equity
221,626.40
80.37
%
462,567.76
39.34
%
499,210.47
37.45%
Operational Efficiency Ratio

Operating Expense Ratio
Operating Expense
Total Revenue
1,000.00
1,131,000.00
0.09%
1,020.00
1,235,617.50
0.08%
1,040.40
1,350,618.99
0.08%
1,131,000.00
221,626.40
5.10
1,235,617.50
462,567.76
2.67
1,350,618.99
499,210.47
2.71
1,131,000.00
3,325.00
340.15
196,092.40
5,475.00
35.82
201,066.10
3,125.00
64.34
Total Asset Turnover

Revenue
Average Total Assets
Fixed Asset Turnover

Revenue
Average Fixed Assets
30
31

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3 Income Statement

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Exhibit 1

(Sched.2)Cost of Goods Sold

(Sched.5)Salaries and Wages

LIABILITIES AND OWNER'S EQUITY

Total Liabilities and Owner's Equity

Cash Flows from Operations

Add: Cash, January 1

Net Increase(Decrease) in Cash

STATEMENT OF CHANGES IN OWNER'S EQUITY

Schedule 2: Cost of Goods Sold

Total Direct Labor

Monthly Water Bills

Employer's Share for PhilHealth

Number of Months per Year

Number of Months per Year

Schedule 3: Depreciation Schedule

Schedule 4: Fixed Asset

Schedule 5: Salaries and Wages

Monthly Employee's Share/Employee

Monthly Employer's Share/Employee

Number of Service Crews

Schedule 7: Advertising Expense

Schedule 8: Communication Expense

Schedule 9 : Transportation Expense

Net Income Before Tax

Less: Personal Exemption

Schedule 10: Income Tax

Profitability Sustainability Ratios

Gross Profit Margin (Shakes)

Net Profit Margin

Return on Owner's Equity

Average Total Owner's Equity

Operational Efficiency Ratio

Total Asset Turnover

Fixed Asset Turnover

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