PRODUCTION BUDGET

2021 2022
Sales in Units 5,000,000 100% 5,750,000 100%
Add: Ending Inventory 250,000 5% 287,500 5%
Total units required 5,250,000 6,037,500.00
Less: Beg. Inventory 200,000 250,000.00
Units to produce 5,050,000.00 5,787,500.00

CASH BUDGET

Cash Sales 60,000.00

Credit Sales 190,000.00
October Total Sales 250,000.00

October November
CASH INFLOWS

Beg. Cash Balance 8,000

Cash Sales 60,000
Credit Sales:
September 72,000
October (190k*.50) 95,000
October (190k*.50) 95,000.00
receipts from loans 18,000
Total Receipts 253,000.00 95,000

CASH OUTFLOWS
Inventory Purchases
September 90,000.00
October (200000*.40) 80,000.00
October (200000*.60) 120,000
Operating Expenses 51,000.00
Payment of Notes Payable 15,000.00
Interest Expense 500.00
Purchase of New Equipment 9,000.00
Total Payments 245,500.00 120,000
Net Receipts 7,500.00
BRIGHT FUTURE COMPANY
STATEMENTS OF FINANCIAL POSITION
For the month ended October 2021
(in $)

Notes October
ASSETS

Current Assets
Cash 1 7,500.00
Accounts Receivable 95,000.00
Inventory 2 40,000.00
Total Current Assets 142,500.00

Non Current Assets

Property and Equipment 3 507,000.00
Total Noncurrent Assets 507,000.00

TOTAL ASSETS 649,500.00

LIABILITIES AND EQUITY

Liabilities
Trade and Other Payables 4 120,000.00
Notes Payable 18,000.00
Total Liabilities 138,000.00

Equity 5 511,500.00
Rey Ricader
TOTAL LIABILITIES AND EQUITY 649,500.00
-
See accompanying Notes to Financial Statements

XXX
STATEMENTS OF INCOME
For the Year Ended December 31
(in Php)

Notes October

Revenue 6 250,000.00 100%

Cost of Sales 3,7 190,000.00 76%

Gross Income 60,000.00 24%

Other Operating Expenses 3,8,9 53,500.00 21%

Income Before Tax 6,500.00 3%

See accompanying Notes to Financial Statements

September

8,000.00
72,000.00
30,000.00
110,000.00

500,000.00
500,000.00

610,000.00

90,000.00
15,000.00
105,000.00

505,000.00

610,000.00

September

-
-

-
XXX
NOTES TO FINANCIAL STATEMENTS
(in Php)

TOTAL ASSETS

CURRENT ASSET
This account consists of:
Oct.30,2021 Sept.30, 2021
1 Cash on Hand and in Banks 7,500.00 8,000.00
2 Accounts Receivables 95,000.00 72,000.00
3 Inventory 40,000.00 30,000.00

TOTAL CURRENT ASSET 142,500.00 110,000.00

NON CURRENT ASSET

3. PROPERTY AND EQUIPMENT

Property and Equipment consists of the following:

Oct.30,2021 Sept.30, 2021

Building and Equipment 500,000.00 500,000.00

New Equipment 9,000.00
Total Cost - - 509,000.00 500,000.00
Depreciation Expense 2,000
Building and Equipment
New Equipment -
Total Accumulated Depreciation - - 2,000.00 -
Total Carrying Amount - 507,000 500,000.00

4. TOTAL LIABILITIES

This accounts consists of:

Oct.30,2021 Sept.30, 2021
Trade & Other Payables 120,000.00 90,000.00
Notes Payables 18,000.00 15,000.00

Total Liablilites 138,000.00 105,000.00

5. EQUITY

This account consists of:

Oct.30,2021 Sept.30, 2021
Capital Beginning 505,000.00 505,000.00
Add: Net Income 6,500.00
TOTAL 511,500.00 505,000.00
Less: Drawing/s
Capital , End 511,500.00 505,000.00
Equity includes capital and cumulative earnings for prior to present period less drawings.

6. REVENUE
This account consists of:
 Note October September
Sales 9 250,000
Total Revenue 250,000 -
Revenue is generated mainly from service income.

7. COST OF SALES

This accounts consists of:

Note October September
Beg. Inventory 30,000.00
Add: Purchases 200,000.00
Total Goods Available for Sale 230,000.00
End. Inventory 40,000.00
Cost of Sales 190,000.00 -

OTHER OPERATING EXPENSES

Notes October September

Operating Expenses 9 51,000.00
Depreciation Expense 3 2,000.00
Interest Expense 500.00
Total Other Operating Expenses 53,500.00 -
ESTELITA P. GARCIA
VAT 2014

SALES PURCHASES AND EXPENSES CARRIED TOTAL (CREDITABLE)

OUTPUT TAX INPUT TAX
MONTH INCOME TOTAL PURCHASES EXPENSES TOTAL OVER INPUT TAX VAT PAYABLE
(a) (b) (c) (b+c=d) (a-d)
JAN 542,891.09 542,891.09 65,146.93 221,312.49 16,918.92 238,231.41 28,587.77 36,559.16
FEB 980,143.04 980,143.04 117,617.16 69,471.39 14,996.50 84,467.89 10,136.15 107,481.02
MAR 523,744.99 523,744.99 62,849.40 104,431.62 20,376.16 124,807.78 14,976.93 47,872.47
SUB-TOTAL 2,046,779.12 2,046,779.12 245,613.49 395,215.50 52,291.58 447,507.08 53,700.85 191,912.64

APR 405,410.67 405,410.67 48,649.28 63,025.99 16,249.66 79,275.65 9,513.08 39,136.20

MAY 627,266.52 627,266.52 75,271.98 138,344.15 21,208.67 159,552.82 19,146.34 56,125.64
JUNE 366,799.99 366,799.99 44,016.00 90,163.00 20,951.33 111,114.33 13,333.72 30,682.28
SUB-TOTAL 1,399,477.18 1,399,477.18 167,937.26 291,533.14 58,409.66 349,942.80 41,993.14 125,944.13

JULY 452,282.28 452,282.28 54,273.87 113,586.13 21,875.83 135,461.96 16,255.44 38,018.44

AUGUST 453,116.09 453,116.09 54,373.93 91,504.13 21,174.50 112,678.63 13,521.44 40,852.50
SEPTEMBER 418,348.21 418,348.21 50,201.79 143,668.42 3,992.00 147,660.42 17,719.25 32,482.53
1,323,746.58 1,323,746.58 158,849.59 348,758.67 47,042.33 395,801.00 47,496.12 - - 111,353.47

october 530,509.08 530,509.08 63,661.09 197,298.20 3,825.00 201,123.20 24,134.78 39,526.31

november 410,769.72 410,769.72 49,292.37 98,986.04 8,181.58 107,167.63 12,860.12 36,432.25
december 327,445.67 327,445.67 39,293.48 52,643.62 4,062.50 56,706.12 6,804.73 32,488.75
1,268,724.47 1,268,724.47 152,246.94 348,927.86 16,069.08 364,996.94 43,799.63 - - 108,447.30
TOTAL 6,038,727.34 6,038,727.34 724,647.28 1,384,435.17 173,812.65 1,558,247.82 186,989.74 - - 537,657.54