SCHEDULE 8: SCHEDULE 1:

Notes payble - banks (2011) 2,807,000.00 Sales Budget

For 2011
LESS: Notes payable (2010) 3,006,000.00
Units Price per Unit Total Sales Revenue
ADD: Current long-term debt (2011) 942,000.00
Estimated sales 6,400.00 800.00 5,120,000.00
LESS: Current long term debt (2010) 758,000.00
Decrease in short-term borrowings -15,000.00 SCHEDULE 2:
Production Budget
SCHEDULE 9:
Long-term debt (2011) 10,529,500.00 Units to be sold 6,400.00
ADD: Desired ending inventory 1,000.00
LESS: Long-term debt (2010) 8,487,500.00
TOTAL 7,400.00
Increase in long-term borrowings 2,042,000.00
LESS: Beginning inventory 900.00
Units to be produced 6,500.00
SCHEDULE 10:
Deferred income taxes (2011) 421,500.00 SCHEDULE 3:
LESS: Deferred income taxes (2010) 317,500.00 Raw Materials Budget
Increase in deferred income taxes 104,000.00
Materials
R S
SCHEDULE 11: Units required for production
Accounts receivables (2011) 4,704,000.00 R (6500x 3) 19,500.00
LESS: Accounts receivable (2010) 4,383,500.00 S (6500 x 5) 32,500.00
LESS: Allowances of doubtful acc. -224,000.00 ADD: Desired ending inventory 1,300.00 4,600.00
Total units required 20,800.00 37,100.00
-208,500.00 15,000.00
LESS: Beginning inventory 2,200.00 4,000.00
Increase in accounts receivables 305,000.00
Units to be purchased 18,600.00 33,100.00
Units price x 10 x 30
SCHEDULE 12: TOTAL PURCHASES 186,000.00 993,000.00
Inventories (2011) 23,520,500.00
LESS: Inventories (2010) 18,384,500.00 SCHEDULE 4:
Increase in inventories 5,136,000.00 Direct Labor Budget
Number of units produced 6,500.00
Multiply by: Direct labor cost per unit 146.00
SCHEDULE 13: Total budgeted direct labor costs 949,000.00
Prepaid expense (2011) 256,000.00
LESS: Prepaid expense (2010) 379,500.00 SCHEDULE 5:
Decrease in prepaid expenses -123,500.00 Budgeted Manufacturing Overhead

SCHEDULE 14:
Variable overhead: units neede to produce 6,500.00
Accounts payable (2011) 7,147,000.00 Indirect Materials and supplies (@P5.85) 38,000.00
LESS: Accounts payable(2010) 3,795,500.00 Materials handling (@P9.07) 5,900.00
Increase in accounts payable 3,351,500.00 Other indirect labor (@P5.07) 33,000.00
TOTAL 13,000.00
Fixed manufacturing overhead
SCHEDULE 15:
Supervisor labor 175,000.00
Accrued liabilities (2011) 2,834,500.00 Maintenance and repairs 85,000.00
LESS: Accrued liabilities (2010) 2,656,500.00 Plant Administration 173,000.00
Increase in accrued liabilities 178,000.00 Utilities 87,000.00
Depreciation 280,000.00
Insurance 43,000.00
Property taxes 117,000.00
Others 54,000.00
TOTAL 1,001,000.00
TOTAL MANUFACTURING OVERHEAD 1,131,000.00
 EBC Enterprise SCHEDULE 1:
Statement of Cash Flows Accounts Receivable (net) 2010 4,383,500.00
ADD: Net Sales (2011) 107,800,000.00
2011 LESS: Accounts Receivable (net) 2011 4,704,000.00
Cash Flow from the Operating Activities - Direct Method Cash received from the customers 107,479,500.00
Cash received from the customers (1) 107,495,000.00
Interest received 211,000.00 SCHEDULE 2:
Cash paid to suppliers for inventory (cash disbursement - MINUS) (2) -66,466,500.00 Accounts payable (2010) 3,795,500.00
ADD: Purchases
Cash paid to employees (S&A expense) 16,332,000.00 Cost of goods sold (COGS) (2011) 64,682,000.00
Cash paid for other operating expenses (cash disbursement - MINUS) (3) -14,864,000.00 ADD: Inventories (2011) 23,520,500.00
Interest paid 1,292,500.00 LESS: Inventories (2010) 18,384,500.00 69,818,000.00
Taxes paid (cash disbursement- MINUS) (4) -3,739,000.00 LESS: Accounts Payable (2011) 7,147,000.00
Net cash provided (used) by operating activities 5,012,000.00 Cash paid to suppliers for inventory 66,466,500.00

SCHEDULE 3:
Cash Flow from Investing Activities Advertising Expense 7,129,000.00
Purchase of property, plant and equipment (5) -7,050,000.00 Lease payments 6,529,000.00
Other investing activities (sale of other noncurrent asset) (ADD) (6) 147,500.00 Repairs and maintenance 1,507,000.00
Net cash provided (used) by investing activities -6,902,500.00 ADD: Accrued liabilities (2010) 2,656,500.00
LESS: Accrued liabilities (2011) 2,834,500.00
ADD: Prepaid expenses (2011) 256,000.00
LESS: Pepraid expenses (2010) 379,500.00
Cash flow from Financing Activities
Cash paid for other operating expenses 14,863,500.00
Sales of ordinary shares (cash receipt) (7) 128,000.00
Increase (decrease) in short-term borrowing (8) -15,000.00
SCHEDULE 4:
(includes current maturities of long term debt)
Deferred income tax (2010) 317,500.00
Additions to long-term borrowings (cash receipt) (9) 2,042,000.00 ADD: Income tax (2011) 3,843,000.00
Dividends paid -791,000.00
LESS: Deferred income tax (2011) 421,500.00
Net cash provided (used) by financing activities 1,364,000.00
Taxes Paid 3,739,000.00
Decrease in cash & market securities -526,500.00
Cash & Market securities balace, 2010 5,193,000.00
SCHEDULE 5:
Cash & Market securities balace, 2011 4,666,500.00
PPE (net) 2011 20,303,500.00
LESS: PPE (net) 2010 13,253,500.00
Cash flow from Operating activities- Indirect Method Increase in PPE 7,050,000.00
Net income 4,697,500.00
Noncash revenue and expense included in net income: SCHEDULE 6:
Depreciation 1,999,000.00 Other noncurrent assets (2011) 186,500.00
Deferred income taxes (10) 104,000.00 LESS: Other noncurrrent assets (2010) 334,000.00
Cash provided (used) by current assets and liabilities Decrease in other noncurrent assets -147,500.00
Accounts receivables increase -305,000.00
Inventories increase -5,136,000.00 SCHEDULE 7:
Prepaid expenses (decrease) 123,500.00 Ordinary shares (2011) 2,401,500.00
Accounts payable increase 3,351,500.00 LESS: Oridnary shares (2010) 2,297,000.00
Accrued liabilities increase 178,000.00 ADD: Share premium (2011) 478,500.00
Net cash provided (used) by operations 5,012,000.00 LESS: Share premium (2010) 455,000.00
Increase in sale of ordinary share 128,000.00
 Total marekting and administrative costs 1,500,000.00

SCHEDULE 8:
Budgeted Statement of Cost of Sales Gilbert Manufacturing Company
Cash Budget
Beginning work in process inventory
Manufacturing costs For the Budget Year Ending December 31, 2011
Direct Materials
Beginning inventory Cash balance, January 1 150,000.00
(2200 R @ P10) + (4000 S @P30) 142,000.00
ADD: Estimated Receipts
Purchases (Schedule 3) 1,179,000.00
Total 1,321,000.00 Collections from customers 5,185,000.00
LESS: Ending Inventory Sales of Assets 25,000.00
(1,300 R @ P10) +(4,600 S @P30) 151,000.00 Total 5,210,000.00
Total direct materials cost 1,170,000.00
Total Cash Available 5,360,000.00
Direct Labor cost (6,500 @P146) 949,000.00
Manufacturing overhead (Schedule 5) 1,131,000.00 LESS: Estimated disbursements
Total manufacturing cost 3,250,000.00 Payments for Material Purchases 1,164,000.00
LESS: Ending work in process inventory - Direct Labor 949,000.00
Cost of goods manufactured 3,250,000.00
Manufacturing overhead 851,000.00
ADD: Beginning finished goods inventory
(900 @ P500) 450,000.00 Marketing & Administrative Expense 1,458,000.00
Total available for sale 3,700,000.00 Payments for Income Tax 252,000.00
LESS: Ending finished good inventory Dividends 140,000.00
(1,00 @ P500) 500,000.00
Reduction in long-term debt 83,000.00
COST OF SALES 3,200,000.00
Acquisition of New Assets 320,000.00
SCHEDULE 7: Total disbursements 5,217,000.00
Budgeted Marketing and Administrative Costs Cash balance, December 31 143,000.00

Variable marekting costs

Sales commission (6,400 @ P40.625) 260,000.00
Others (6,400 @ P16.25) 104,000.00
Total 364,000.00
Fixed marketing costs
Sales salaries 100,000.00
Advertising 193,000.00
Others 78,000.00
Total 371,000.00
Total marketing costs 735,000.00
Administrative costs (all fixed)
Administrative salaries 254,000.00
data processing services 103,000.00
Legal and other professional fees 180,000.00
Depreciation- building, furniture, and equipment 94,000.00
Taxes - other income 108,000.00
Others 26,000.00
Total 765,000.00
Total marekting and administrative costs 1,500,000.00

SCHEDULE 8:
Gilbert Manufacturing Company
Cash Budget
For the Budget Year Ending December 31, 2011
 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Statement of Fin'l Position
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash 72,000 72,000 72,000
Accounts receivable 136,000 136,000 136,000
Office supplies 42,000 1) 17,000 25,000 25,000
Merchandise inventory 598,000 598,000 598,000 723,000 723,000
Prepaid advertising 75,000 2) 25,000 50,000 50,000
Land 400,000 400,000 400,000
Office building 1,600,000 1,600,000 1,600,000
Accum depreciation-OB 100,000 4) 15,000 115,000 115,000
Office equipment 570,000 570,000 570,000
Accum depreciation-OE 150,000 4) 20,000 170,000 170,000
Accounts payable 74,000 74,000 74,000
Notes payable, due in 2 yrs 200,000 200,000 200,000
Mortgage payable 1,100,000 1,100,000 1,100,000
Sousa, capital 1,510,000 1,510,000 1,510,000
Sousa, withdrawals 200,000 200,000 200,000
Sales 4,600,000 4,600,000 4,600,000
Sales discounts 161,000 161,000 161,000
Sales returns and allow 187,000 187,000 187,000
Purchases 2,643,000 2,643,000 2,643,000
Tramsportation in 72,000 72,000 72,000
Purchase discounts 172,000 172,000 172,000
Purchase returns and allow 133,000 133,000 133,000
Salaries expense 862,000 3) 21,000 883,000 883,000
Insurance expense 25,000 25,000 25,000
Travel expenses 188,000 188,000 188,000
Interest expense 208,000 208,000 208,000
Total 8,039,000 8,039,000

Office supplies expense 1) 17,000 17,000 17,000

Advertising expense 2) 25,000 25,000 25,000
Salaries payable 3) 21,000 21,000 21,000
Depreciation expense-OB 4) 15,000 15,000 15,000
Depreciation expense-OE 4) 20,000 20,000 20,000
98,000 98,000 8,095,000 8,095,000 5,042,000 5,628,000 3,776,000 3,190,000
586,000 586,000
5,628,000 5,628,000 3,776,000 3,776,000
 Christine Sousa Bags
Income Statement Christine Sousa Bags
For the year ended December 31, 2019 Statement of Changes in Owners' Equity
December 31, 2019
Gross sales 4,600,000
Less: Sales discounts 161,000
Sales returns and allowances 187,000 348,000 Sousa, capital, January 1, 2019 1,510,000
Net sales 4,252,000 Add: Net income for the period 410,200
Less: Cost of goods sold:
Merchandise inventory, Jan 1 598,000
Total 1,920,200
Add: Net purchases Less: Sousa, withdrawals 200,000
Gross purchases 2,643,000 Sousa, capital, December 31, 2019 1,720,200
Add: Transportation in 72,000
Total 2,715,000
Less: Purchase discounts 172,000
PRA 133,000 305,000 2,410,000
Total cost of goods availale for sale 3,008,000
Less: Merchandise inventory, December 31 723,000 2,285,000
Gross profit 1,967,000
Less: Operating expenses (1) 1,173,000
Operating income 794,000
Less: Finance cost 208,000
Income before tax 586,000
Less: Tax provision (30%) 175,800
Net income 410,200

Christine Sousa Bags

Statement of Financial Position
As of December 31, 2019
ASSETS LIABILITIES AND OWNERS' EQUITY
Current Assets: Current Liabilities:
Cash and cash equivalents 72,000 Trade and other payables (3) 270,800
Trade and other receivables 136,000
Office supplies 25,000 Noncurrent Liabilities:
Merchandise inventory 723,000 Notes payable, 2 years 200,000
Prepaid expenses 50,000 Mortgage payable 1,100,000
Total currebt assets 1,006,000 Total Liabilities 1,570,800

Noncurrent Assets: Owners' Equity:

Property, plant and equipment, net (2) 2,285,000 Sousa, capital 1,720,200

TOTAL ASSETS 3,291,000 TOTAL LIABILITIES AND OWNERS' EQUITY 3,291,000

 EBC Enterprises Inc.,
Statement of Financial Position HORIZONTAL ANALYSIS VERTICAL ANALYSIS
December 31, 2011 and 2010

2011 2010 Amount Change Percentage Change 2011 common size 2010 common size
ASSETS
Current Assets
Cash and cash equivalents 2,030,500.00 1,191,000.00 839,500.00 70.49% 4.26% 3.14%
Marketable Securities 2,636,000.00 4,002,000.00 320,500.00 7.31% 9.87% 11.55%
Trade and other receivables (net) 4,704,000.00 4,383,500.00 - 15,500.00 7.43% -0.47% -0.55%
Allowance for doubtful accounts -224,000.00 -208,500.00 5,136,000.00 27.94% 49.36% 48.44%
Inventories 23,520,500.00 18,384,500.00 - 123,500.00 -32.54% 0.54% 1.00%
Prepaid expenses 256,000.00 379,500.00 - 1,366,000.00 -34.13% 5.53% 10.54%
Total current assets 32,923,000.00 28,132,000.00 - 28,132,000.00 -100.00% 0.00% 74.12%
Noncurrent assets
Property, plant and equipment (net) (1) 14,539,500.00 9,488,500.00 5,051,000.00 53.23% 30.51% 25.00%
Other assets 186,500.00 334,000.00 - 147,500.00 -44.16% 0.39% 0.88%
Total Assets 47,649,000.00 37,954,500.00 9,694,500.00 25.54% 100.00% 100.00%

LIABILITIES AND OWNER'S EQUITY

Current liabilities
3,529,500.00 54.70% 20.95% 17.00%
Trade and other payables (2) 9,981,500.00 6,452,000.00
- 199,000.00 -6.62% 5.89% 7.92%
Notes payable- banks 2,807,000.00 3,006,000.00
184,000.00 24.27% 1.98% 2.00%
Current maturities of long-term debt 942,000.00 758,000.00
Total current liabilities 13,730,500.00 10,216,000.00
3,514,500.00 34.40% 28.82% 26.92%
0.00% 0.00%
Noncurrent liabilities
104,000.00 32.76% 0.88% 0.84%
Deferrred Income Taxes 421,500.00 317,500.00
2,042,000.00 24.06% 22.10% 22.36%
Long term debt 10,529,500.00 8,487,500.00
5,660,500.00 29.76% 51.80% 50.12%
Toital liabilities 24,681,500.00 19,021,000.00
0.00% 0.00%
Shareholder's Equity
104,500.00 4.55% 5.04% 6.05%
Ordinary shares 2,401,500.00 2,297,000.00
23,500.00 5.16% 1.00% 1.20%
Additional paid-in capital 478,500.00 455,000.00
3,906,000.00 24.14% 42.16% 42.63%
Retained Earnings 20,087,500.00 16,181,500.00
4,034,000.00 21.31% 48.20% 49.88%
Total shareholder's equity 22,967,500.00 18,933,500.00
9,694,500.00 25.54% 100.00% 100.00%
Total liabilities and shareholder's equity 47,649,000.00 37,954,500.00
 EBC Enterprises Inc.,
Income Statement HORIZONTAL ANALYSIS VERTICAL ANALYSIS
For the year ended December 31, 2011, 2010 and 2009

2011 2010 2009 Amount Change Percantage Change 2011 common size 2010 common size

Net sales 107,800,000.00 76,500,000.00 70,350,000.00 31,300,000.00 40.92% 100.00% 100.00%

Cost of goods sold 64,682,000.00 45,939,500.00 40,803,000.00 18,742,500.00 40.80% 60.00% 60.05%
Gross profit 43,118,000.00 30,560,500.00 29,547,000.00 12,557,500.00 41.09% 40.00% 39.95%
Operating expenses
Selling and administrative expenses 16,332,000.00 13,191,000.00 12,749,000.00 3,141,000.00 23.81% 15.15% 17.24%
Advertising 7,129,000.00 5,396,000.00 4,770,500.00 1,733,000.00 32.12% 6.61% 7.05%
Lease payments 6,529,000.00 3,555,500.00 3,633,500.00 2,973,500.00 83.63% 6.06% 4.65%
Depreciation and ammortization 1,999,000.00 1,492,000.00 1,250,500.00 507,000.00 33.98% 1.85% 1.95%
Repairs and maintenance 1,507,000.00 1,023,000.00 1,515,500.00 484,000.00 47.31% 1.40% 1.34%
Total 33,496,000.00 24,657,500.00 23,919,000.00 8,838,500.00 35.85% 31.07% 32.23%
Operating income 9,622,000.00 5,903,000.00 5,628,000.00 3,719,000.00 63.00% 8.93% 7.72%
Other income
Interest income 211,000.00 419,000.00 369,000.00 - 208,000.00 -49.64% 0.20% 0.55%
Finance cost (interest expense) 1,292,500.00 1,138,500.00 637,000.00 154,000.00 13.53% 1.20% 1.49%
Earnings before income taxes 8,540,500.00 5,183,500.00 5,360,000.00 3,357,000.00 64.76% 7.92% 6.78%
Income taxes 3,843,000.00 2,228,500.00 2,412,000.00 1,614,500.00 72.45% 3.56% 2.91%
Net Income after income taxes 4,697,500.00 2,955,000.00 2,948,000.00 1,742,500.00 58.97% 4.36% 3.86%

Earnings per common share 2.00 1.29 1.33

EBC Enterprises Inc.,

Statement of Retained Earnings
For the year ended December 31, 2011, 2010 and 2009
Retained earnings at beginning of year 16,181,500.00 14,157,500.00 12,130,000.00
Net Income after taxes 4,697,000.00 2,955,000.00 2,948,000.00
Cash dividends (2011-0.33/ share; 2010-0.41/ share -791,000.00 -931,000.00 -920,500.00
Retained earnings at the end of year 20,087,500.00 16,181,500.00 14,157,500.00