January February March

(1) Cash Sales 1,378,000.00 2,204,800.00 3,858,400.00

(Less)
(2) Water and Light 126,709.00 126,709.00 126,709.00
(3) Communication 2,000.00 2,000.00 2,000.00
(4) Salaries and Wages 37,670.00 37,670.00 37,670.00
(5) Raw Materials (Contingency for food) 200.00 200.00 200.00
(6) Depreciation: Furnitures and Fixtures 178.39 178.39 178.39
(7) Depreciation: Machinery and Equipments 4,711.11 4,711.11 4,711.11
(8) Depreciation: Tool and Utensils 297.50 297.50 297.50
(9) Depreciation: Transportation Equipments 1,611.11 1,611.11 1,611.11
(10) Depreciation: Building and Building Equipments 64.31 64.31 64.31
(11) Depreciation: Office Equipments 536.81 536.81 536.81
(12) Advertising 300.00 300.00 300.00
(13) Transportation (For errands) 500.00 500.00 500.00
(14) Sales Tax 110,240.00 176,384.00 308,672.00

Total Expense 174,778.22 351,162.22 483,450.22

Taxable Income 1,203,221.78 1,853,637.78 3,374,949.78

 April May June July August September

3,858,400.00 4,409,600.00 4,960,800.00 5,512,000.00 5,512,000.00 3,307,200.00

126,709.00 126,709.00 126,709.00 126,709.00 126,709.00 126,709.00

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
37,670.00 37,670.00 37,670.00 37,670.00 37,670.00 37,670.00
200.00 200.00 200.00 200.00 200.00 200.00
178.39 178.39 178.39 178.39 178.39 178.39
4,711.11 4,711.11 4,711.11 4,711.11 4,711.11 4,711.11
297.50 297.50 297.50 297.50 297.50 297.50
1,611.11 1,611.11 1,611.11 1,611.11 1,611.11 1,611.11
64.31 64.31 64.31 64.31 64.31 64.31
536.81 536.81 536.81 536.81 536.81 536.81
300.00 300.00 300.00 300.00 300.00 300.00
500.00 500.00 500.00 500.00 500.00 500.00
308,672.00 352,768.00 396,864.00 440,960.00 440,960.00 264,576.00

483,450.22 527,546.22 571,642.22 615,738.22 615,738.22 439,354.22

3,374,949.78 3,882,053.78 4,389,157.78 4,896,261.78 4,896,261.78 2,867,845.78

October November December Year 1 Year 2 Year 3

3,858,400.00 5,512,000.00 5,512,000.00 49,883,600.00 50,881,272.00 51,898,897.44

126,709.00 126,709.00 126,709.00 1,520,508.00 1,550,918.16 1,581,936.52

2,000.00 2,000.00 2,000.00 24,000.00 24,000.00 24,000.00
37,670.00 37,670.00 37,670.00 452,040.00 462,242.40 485,282.52
200.00 200.00 200.00 2,400.00 2,400.00 2,400.00
178.39 178.39 178.39 2,140.67 2,140.67 2,140.67
4,711.11 4,711.11 4,711.11 56,533.33 56,533.33 56,533.33
297.50 297.50 297.50 3,570.00 3,570.00 3,570.00
1,611.11 1,611.11 1,611.11 19,333.33 19,333.33 19,333.33
64.31 64.31 64.31 771.67 771.67 771.67
536.81 536.81 536.81 6,441.67 6,441.67 6,441.67
300.00 300.00 300.00 3,600.00 3,600.00 3,600.00
500.00 500.00 500.00 6,000.00 6,000.00 6,000.00
308,672.00 440,960.00 440,960.00 3,990,688.00 4,389,756.80 4,828,732.48

483,450.22 615,738.22 615,738.22 6,088,026.67 6,527,708.03 7,020,742.19

3,374,949.78 4,896,261.78 4,896,261.78 43,795,573.33 44,353,563.97 44,878,155.25

 Notes in Income Statement: RICE on ME Business

It is assumed that the business will operate onJanuary 2020.

(1) Cash Sales

Month Sales
January 1,378,000.00
February 2,204,800.00
March 3,858,400.00
April 3,858,400.00
May 4,409,600.00
June 4,960,800.00
July 5,512,000.00
August 5,512,000.00
September 3,307,200.00
October 3,858,400.00
November 5,512,000.00
December 5,512,000.00
Total
Year 1 49,883,600.00
Year 2 50,881,272.00
Year 3 51,898,897.44

*The Company assumes that there will be a 2% increase in sales for year 2 and
3.The annual increase percentage in sale is based on the assumption that the
demand of the product will increase also.
(2) Water and Electricity

49,883,600.00 4,156,966.67
Monthly average
Month sales Electricity @3%
January 4,156,966.67 124,709.00
February 4,156,966.67 124,709.00
March 4,156,966.67 124,709.00
April 4,156,966.67 124,709.00
May 4,156,966.67 124,709.00
June 4,156,966.67 124,709.00
July 4,156,966.67 124,709.00
August 4,156,966.67 124,709.00
September 4,156,966.67 124,709.00
October 4,156,966.67 124,709.00
November 4,156,966.67 124,709.00
December 4,156,966.67 124,709.00
Total 41,569,666.67 1,496,508.00

Month Water
January 2,000.00
 February 2,000.00
March 2,000.00
April 2,000.00
May 2,000.00 Assume that there will be increase 2% increase in Lig
June 2,000.00
July 2,000.00
August 2,000.00
September 2,000.00
October 2,000.00
November 2,000.00
December 2,000.00
Total 24,000.00 Year 1
Total electricity and water for 12 months: 1,520,508.00
Total electricity and water for the first 3 months: 380,127.00
MONTHLY ELECTRICITY AND WATER 126,709.00

(3) Communication 2,000.00

(4) Salries and wages

Year 1

no of days in Monthly SSS

Wages Per Day
a month Gross pay
EE
Owner 382.12 26.17 10,000 400.00
Worker 1 305.69 26.17 8,000 320.00
Worker 2 305.69 26.17 8,000 320.00
Worker 3 305.69 26.17 8,000 320.00
Total Monthly Salary Expense

Year 2 Salaries increased by 2% compared to the year 1 rate

no of days in Monthly SSS

Wages Per Day
a month Gross pay
EE
Owner 389.76 26.17 10,200.00 420.00
Worker 1 311.81 26.17 8,160.00 340.00
Worker 2 311.81 26.17 8,160.00 340.00
Worker 3 311.81 26.17 8,160.00 340.00
 Total Monthly Salary Expense

Year 3 Salaries increased by 5% (Based from year 2)

no of days in Monthly SSS

Wages Per Day
a month Gross pay
EE
Owner 409.25 26.17 10,710.00 440.00
Worker 1 327.40 26.17 8,568.00 360.00
Worker 2 327.40 26.17 8,568.00 360.00
Worker 3 327.40 26.17 8,568.00 360.00
Total Monthly Salary Expense

(5) Raw Materials 200 Monthly

Since the worker giving their best, the owner provided a 200 allowance for food

(6) Depreciation: Furnitures and Fixtures

Carrying
Depreciation Depreciation Amount of Depreciation
Year
Percentage Per Year Furniture Per Month
and Fixtures

Beginning Balance 6,422.00

1 33% 2,140.67 4,281.33 178.39
2 33% 2,140.67 2,140.67 178.39
3 33% 2,140.67 - 178.39

(7) Depreciation: Machinery and Equipments

Carrying
Amount of
Depreciation Depreciation Depreciation
Year Machinery
Percentage Per Year Per Month
and
Equipment
Beginning Balance 169,600.00
1 33% 56,533.33 113,066.67 4,711.11
2 33% 56,533.33 56,533.33 4,711.11
3 33% 56,533.33 - 4,711.11

(8) Depreciation: Tool and Utensils

 Carrying
Depreciation Depreciation Amount of Depreciation
Year
Percentage Per Year Tools and Per Month
Utensils
Beginning Balance 10,710.00
1 33% 3,570.00 7,140.00 297.50
2 33% 3,570.00 3,570.00 297.50
3 33% 3,570.00 - 297.50

(9) Depreciation: Transportation Equipments

Carrying
Amount of
Depreciation Depreciation Depreciation
Year Transportati
Percentage Per Year Per Month
on
Equipment
Beginning Balance 58,000.00
1 33% 19,333.33 38,666.67 1,611.11
2 33% 19,333.33 19,333.33 1,611.11
3 33% 19,333.33 - 1,611.11

(10) Depreciation: Building and Building Equipments

Carrying
Amount of
Depreciation Depreciation Building and Depreciation
Year
Percentage Per Year Building Per Month
Improvement
s

Beginning Balance 2,315.00

1 33% 771.67 1,543.33 64.31
2 33% 771.67 771.67 64.31
3 33% 771.67 - 64.31

(11) Depreciation: Office Equipments

Carrying
Depreciation Depreciation Amount of Depreciation
Year
Percentage Per Year Office Per Month
Equipment
Beginning Balance 19,325.00
1 33% 6,441.67 12,883.33 536.81
2 33% 6,441.67 6,441.67 536.81
3 33% 6,441.67 - 536.81
(12) Advertising 300.00

Year 1 3,600.00

This is assumed to be 300 per month

(13) Transportation 6,000.00 for 1 year

Assumed to be 500 per month 500.00

This will only be a contigency amount if certain cases arise.

(14) Sales Tax

YEAR 1 SALES TAX 3,990,688.00

Cost of Sales
Month Sales
Tax at 8%
January 1,378,000.00 110,240.00
February 2,204,800.00 176,384.00
March 3,858,400.00 308,672.00
April 3,858,400.00 308,672.00
May 4,409,600.00 352,768.00
June 4,960,800.00 396,864.00
July 5,512,000.00 440,960.00
August 5,512,000.00 440,960.00
September 3,307,200.00 264,576.00
October 3,858,400.00 308,672.00
November 5,512,000.00 440,960.00
December 5,512,000.00 440,960.00
Tota Sales 49,883,600.00

YEAR 2 and 3 SALES TAX assumed that there will be increase of sale of 2% as for the year 2 & 3 also with

YEAR 2 50,881,272.00 4,389,756.80

YEAR 3 51,898,897.44 4,828,732.48
TOTAL SALES FOR 3 YEARS TOTAL TAX FOR 3 YEARS
152,663,769.44 17,199,865.28
will be increase 2% increase in Light and Wate from the previous year

Year 2 Year 3
1,550,918.16 1,581,936.52

Total Take home

SSS Philhealth Pag-ibig
Deduction pay of
ER EE ER EE ER employees
810.00 150.00 150.00 100.00 100.00 650.00 9,350.00
650.00 120.00 120.00 100.00 100.00 540.00 7,460.00
650.00 120.00 120.00 100.00 100.00 540.00 7,460.00
650.00 120.00 120.00 100.00 100.00 540.00 7,460.00

Total Take home

SSS Philhealth Pag-ibig
Deduction pay of
ER EE ER EE ER employees
850.00 153.00 153.00 100.00 100.00 673.00 9,527.00
690.00 122.40 122.40 100.00 100.00 562.40 7,597.60
690.00 122.40 122.40 100.00 100.00 562.40 7,597.60
690.00 122.40 122.40 100.00 100.00 562.40 7,597.60
 Total Take home
SSS Philhealth Pag-ibig
Deduction pay of
ER EE ER EE ER employees
890.00 160.65 160.65 100.00 100.00 700.65 10,009.35
730.00 128.52 128.52 100.00 100.00 588.52 7,979.48
730.00 128.52 128.52 100.00 100.00 588.52 7,979.48
730.00 128.52 128.52 100.00 100.00 588.52 7,979.48
2% as for the year 2 & 3 also with increased of Tax to 10%
 Overtime Pay in Monthly
T. Employers Annual (x12
excess of 8hrs of Total Labor
Contribution mos.)
work (12hrs) Cost
1,060.00 - - 11,060.00 132,720.00
870.00 - - 8,870.00 106,440.00
870.00 - - 8,870.00 106,440.00
870.00 - - 8,870.00 106,440.00
37,670.00 452,040.00

Overtime Pay in Monthly

T. Employers Annual (x12
excess of 8hrs of Total Labor
Contribution mos.)
work (12hrs) Cost
1,103.00 - - 11,303.00 135,636.00
912.40 - - 9,072.40 108,868.80
912.40 - - 9,072.40 108,868.80
912.40 - - 9,072.40 108,868.80
 38,520.20 462,242.40

Overtime Pay in Monthly

T. Employers
excess of 8hrs of Total Labor Annual (x12
Contribution
work (12hrs) Cost mos.)
1,150.65 - - 11,860.65 142,327.80
958.52 - - 9,526.52 114,318.24
958.52 - - 9,526.52 114,318.24
958.52 - - 9,526.52 114,318.24
40,440.21 485,282.52