Manila * Cavite * Laguna * Cebu * Cagayan De Oro * Davao
Since 1977
MANAGEMENT SERVICES
MS 3409 – FINANCIAL STATEMENTS ANALYSIS
LECTURE NOTES
Financial analysis is designed to determine the relative
strengths and weaknesses of a company. Financial
analysis concentrates on financial statement analysis,
which highlights the key aspects of a firm’s
operations.
Financial statement analysis involves a study of the
relationships between income statement and balance
sheet accounts, how these relationships change over
time (trend analysis or horizontal analysis), and how a
particular firm compares with other firms in its
industry (bench-marking or vertical analysis).
Financial statements are used to help predict the
firm’s future earnings and dividends. From an
investor’s standpoint, predicting the future is what
financial statement analysis is all about. From
management’s standpoint, financial statement analysis
is useful both to help anticipate future conditions and,
more important, as a starting point for planning
actions that will influence the future course of events.
Three basic tools in financial statements analysis.
1. Horizontal Analysis or Trend Analysis. A capital is magnified, or “leveraged.”
technique for evaluating a series of financial
statement data over a period of time. Its purpose is
to determine the increase or decrease that has taken
place, expressed either an amount or a percentage.
2. Vertical Analysis or Common Size Analysis. It is
a technique for evaluating financial statement data
that expresses each item in a financial statement as
a percent of a base amount.
3. Ratio Analysis. This technique establishes
relationships among financial statement accounts
at given date or period of time. These ratios
analyze firm’s liquidity, the use of leverage, asset
management, cost control, profitability, growth,
and valuation.
A. Liquidity ratios are used to measure a firm’s
ability to meet its current obligations as they
come due. The current ratio measures the
extent to which current liabilities are covered
by current assets. It is the most commonly
used measure of short-term solvency. Acid-
test ratio is a more stringent measurement of
an entity’s liquidity.
B. Asset management ratios measure how
effectively a firm is managing its assets and
whether the level of those assets is properly
related to the level of operations as measured
by sales.
1. Inventory turnover ratio is used to
measure the velocity of inventory.
2. Days sales outstanding (DSO), also called
the “average collection period” (ACP), is
used to appraise accounts receivable. The
DSO represents the average length of time
that the firm must wait after making a sale
before receiving cash.
3. The fixed assets turnover ratio measures
how effectively the firm uses its plant and
equipment. A potential problem can exist
when interpreting the fixed assets turnover
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TRINIDAD
MAY 2023
ratio of a firm with older, lower-cost fixed
assets compared to one with recently
acquired, higher-cost fixed assets.
4. The total assets turnover ratio measures
the utilization, or turnover, of all the firm’s
assets.
C. Debt management ratios measure the extent
to which a firm is using debt financing, or
financial leverage, and the degree of safety
afforded to creditors. Financial leverage has
three important implications: (1) By raising
funds through debt, stockholders can maintain
control of a firm while limiting their
investment. (2) Creditors look to the equity,
or owner-supplied funds, to provide a margin
of safety, so if the stockholders have provided
only a small proportion of the total financing,
the firm’s risks are borne mainly by its
creditors. (3) If the firm earns more on
investments financed with borrowed funds than
it pays in interest, the return on the owners’
1. The debt ratio measures the percentage of
funds provided by creditors. Total debt
includes both current liabilities and long-
term debt. The lower the ratio, the greater
the protection afforded creditors in the
event of liquidation. Stockholders, on the
other hand, may want more leverage
because it magnifies expected earnings.
2. The times-interest-earned (TIE) ratio
measures the extent to which operating
income can decline before the firm is
unable to meet its annual interest costs.
This ratio has two shortcomings: (1)
Interest is not the only fixed financial
charge.
(2) EBIT does not represent all the cash
flow available to service debt, especially if
a firm has high depreciation and/or
amortization charges.
D. Profitability ratios show the combined effects
of liquidity, asset management, and debt on
operating results.
1. The profit margin on sales gives the profit
per peso of sales.
2. The basic earning power (BEP) ratio is
calculated by dividing earnings before
interest and taxes (EBIT) by total assets.
It shows the raw earning power of the
firm’s assets, before the influence of taxes
and leverage. It is useful for comparing
firms with different tax situations and
different degrees of financial leverage.
3. The return on total assets (ROA) measures
the return on all the firm’s assets after
interest and taxes.
4. The return on common equity (ROE)
measures the rate of return on the
stockholders’ investment. Stockholders
invest to get a return on their money, and this
MS.3409
EXCEL PROFESSIONAL SERVICES, INC.
ratio tells how well they are doing in an
accounting sense.
E. Market value ratios relate the firm’s stock price
to its earnings, cash flow, and book value per
share, and thus give management an
indication of what investors think of the
company’s past performance and future
prospects. If the liquidity, asset management,
debt management, and profitability ratios all
look good, then the market value ratios will be
high, and the stock price will probably be as
high as can be expected.
1. The price/earnings (P/E) ratio shows how
much investors are willing to pay per peso
of reported profits. P/E ratios are higher
for firms with strong growth prospects,
other things held constant, but they are
lower for riskier firms.
2. The price/cash flow ratio is the ratio of
price per share divided by cash flow per
share. It shows the peso amount investors
will pay for P1 of cash flow.
3. The market/book (M/B) ratio, calculated as
market price per share divided by book
value per share, gives another indication of
how investors regard the company.
The Extended Du Pont Equation shows how return on
equity is affected by assets turnover, profit margin,
and leverage. The profit margin times the total assets
turnover is called the Du Pont Equation. This equation
gives the rate of return on assets (ROA):
The ROA times the equity multiplier (total assets
divided by common equity) yields the return on equity
(ROE). This equation is referred to as the Extended
Du Pont Equation:
Benchmarking is the process of comparing the ratios
of a particular company with those of a smaller group
of “benchmark” companies, rather than with the entire
industry.
Benchmarking makes it easy for a firm to see exactly
where the company stands relative to its competition.
Inherent problems and limitations
1. Ratios are often not useful for analyzing the
operations of large firms that operate in many
different industries because comparative ratios are
not meaningful.
2. Inflation affects depreciation charges, inventory
costs, and therefore, the value of both balance
sheet items and net income. For this reason, the
analysis of a firm over time, or a comparative
analysis of firms of different ages, can be mis-
leading.
3. Ratios may be distorted by seasonal factors, or
manipulated by management to give the
impression of a sound financial condition (window
dressing techniques).
4. Different operating policies and accounting
practices, such as the decision to lease rather than
to buy equipment, can distort comparisons.
SUMMARY OF FINANCIAL RATIOS
Liquidity
1. Current ratio = Total Current Assets/ Total
Current Liabilities
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Significance: Tests the ability of a firm to meet its
currently maturing obligations through the use of
current assets
2. Acid-test ratio = Total Liquid Assets/ Total Current
Liabilities
Significance: A stringent test of a firm’s ability to
pay current liabilities
3. (Cash ratio: Cash + Marketable
securities)/Current liabilities
Significance: Test the ability of a firm to meet its
current obligation in the strictest manner
4. Accounts Receivable Turnover = Net Credit Sales/
Ave. Accts Receivable
Significance: Tests the efficiency of credit and
collection policies. Evaluates the quality of
accounts receivable
5. Average Collection Period = Accounts
Receivable/Average Daily Credit Sales
6. Inventory Turnover = Cost of goods sold/ Ave.
Inventory
Significance: Measures the efficiency in managing
inventory
7. Working Capital Turnover = Net Sales/ Ave.
Working Capital
Significance: Evaluates adequacy and effectiveness
in the use of working capital
8. Asset Turnover = Net Sales/Ave Total Assets
Significance: Measures the efficiency of managing
assets
Debt Management (Solvency) Ratios
8. Debt Ratio = Total Liabilities/Total Assets
Significance: Shows proportion of all assets that
are financed with debt
9. Equity Ratio = Total Owners’ Equity/Total Assets
Significance: Shows proportion of assets provided
by owners
10. Debt to Equity Ratio = Total Liabilities/Total
Owners’ Equity
Significance: Measures the debt relative to
amount of owners’ equity
11. Book Value per Share = Total Common
Equity/Number of Common Shares Outstanding
Significance: Measures recoverable amount in
case of liquidation assuming assets are realized
at their book values
12. Times Interest Earned = EBIT/Annual Interest
Expense
Significance: Measures how many times interest
expense is covered by operating profit
Profitability
13. Gross Margin ratio = Gross Profit/Net Sales
Significance: Measures profitability after covering
cost of product sold
14. Operating Profit Margin = Operating Profit/Net
Sales
Significance: Measures profit generated after
covering operating expense
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EXCEL PROFESSIONAL SERVICES, INC.

15. Net Margin = Net Profit/Net Sales BALANCE SHEET

Significance: Measures profit after covering all ASSETS
expenses Cash P 2,000
Accounts receivable 12,000
16. Return on Assets = Net Operating Profit/Average Inventory 14,000
Total Assets Current Assets P28,000
Significance: Measures overall efficiency in Gross Fixed assets P27,000
generating profits through the use of assets Accumulated depreciation (16,000)
Net fixed assets 11,000
17. Return on Equity = Net Income/Stockholders’ Total assets P39,000
Equity LIABILITIES
Significance: Measures rate of return on resources Accounts payable P 3,000
provided by owner/stockholders Accruals 1,000
Current Liabilities P 4,000
18. Price/Earnings Ratio = Market price per Long term Debt 10,000
Share/Earnings per Share Equity 25,000
Measures relationship between the price of Total liabilities & equity P39,000
common shares in the open market and profit
earned on a per share basis INCOME STATEMENT
Sales P100,000
19. Dividend Yield = Dividend per Share/ Market Value COGS 80,000
per Share Gross Margin P 20,000
Significance: Shows the rate earned by Cash Expenses 8,000
stockholders from dividends based on current price Depreciation 1,600
of the stock 9,600
EBIT P 10,400
20. Payout Ratio = Dividend per Share/Earnings per Interest 800
Share EBT P 9,600
Significance: Shows percentage of earnings paid Tax 2,600
to stockholders Net Income P 7,000

STRAIGHT PROBLEMS Requirements: Compute the following for Gray

Corporation:
PROBLEM NO. 1. 1. Current Ratio
Listed below “LIST A” are specific ratios. In LIST B are 2. Quick Ratio
business transactions. 3. Average Collection Period (ACP)
4. Inventory Turnover
LIST A - Ratios 5. Fixed Asset Turnover
a. Earnings per share 6. Total Asset Turnover
b. Dividend yield 7. Debt Ratio
c. Earnings per share 8. Debt to Equity ratio
d. Net profit margin 9. Times Interest Earned (TIE)
e. Book value per share 10. Cash Coverage
f. Return on equity 11. Return on Sales (ROS)
g. Book value per share 12. Return on Assets (ROA)
h. Return on assets 13. Return on Equity (ROE)
14. Price Earnings Ratio (P/E)
LIST B - Transactions 15. Market to Book Value Ratio
a. Issued a stock dividend.
b. High earnings causes a substantial rise in market PROBLEM NO. 3.
price of the common stock. The following data are from Sharon Stone, Inc., financial
c. Collect accounts receivable. statements. The firm manufactures home decorative
d. Experienced a substantial rise in cost of goods material. Sales (all credit) were P60 million.
sold. Sales to total assets 3.0 times
e. The firm experiences a net loss. Total debt to total assets 40 percent
f. The firm has a 10% increase in profit. Current ratio 2.0 times
g. The firm has a 2-for-1 stock split. Inventory turnover 10.0 times
h. Net income increases 20%. Average collection period 18.0 days
Fixed asset turnover 7.5 times
Requirement: Indicate the effect of this transaction on
the given ratio. Use + for increase, - for decrease, and 0 Requirements: Compute the balance or amount for the
for no effect. following:
1. Cash
PROBLEM NO. 2. 2. Accounts receivable
Gray Corporation's financial statements for the last 3. Inventory
year are shown below. All figures are in thousands 4. Fixed assets
(P000). The firm paid a P1,000 dividend to its 5. Current liabilities
stockholders during the year. Two million shares of 6. Long-term debt
stock are outstanding. The stock is currently trading 7. Equity
at a price of P50. There were no sales of new stock.
Lease payments totaling P400 are included in cost and
expense.

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 EXCEL PROFESSIONAL SERVICES, INC.

PROBLEM NO. 4. The total dividend on common stock was

The following ratios and other data pertain to the P480,000. What is the Camper Company's
financial statements of the Bulacan Company for the dividend yield ratio for the year?
year then ended.
Current ratio 1.75 to 1 7. Whitney Company has a times interest earned
Acid-test ratio 1.27 to 1 ratio of 3.0. The company's tax rate is 40% and its
Working capital P33,000 interest expense is P21,000. Compute the
Fixed assets to stockholders’ equity ratio 0.625 to 1 company's after-tax net income.
Inventory turnover (based on cost of
closing inventory) 4X 8. Russell Securities has P100 million in total assets
Gross profit percentage 40% and its corporate tax rate is 40 percent. The
Earnings per share P0.50 company recently reported that its basic earning
Average age of outstanding accounts power (BEP) ratio was 15 percent and its return on
receivable (based on calendar year of 365 assets (ROA) was 9 percent. What was the
days) 73 days company’s interest expense?
Capital stock outstanding; 20,000 no par 20,000
no par 9. Culver Inc. has earnings after interest but before
Earnings for the year as a percentage of taxes of P300. The company’s times interest
capital stock 25% earned ratio is 7.00. Calculate the company’s
The company has no prepaid expenses, deferred, interest charges.
intangible assets or long-term liabilities.
PROBLEM NO. 6.
Requirement: Reconstruct in as much detail as is Shaker Corporation experienced a fire on December 31,
possible the company’s balance sheet and income 2022, in which its financial records were partially
statement for the year. destroyed. It has been able to salvage some of the
records and has ascertained the following balances:
PROBLEM NO. 5. 12/31/2022 12/31/2021
Answer each of the following questions independently. Cash P 300,000 P100,000
1. How much cash does Gray Computer Co. have if Receivables (net) 720,500 1,260,000
the firm has a current ratio of 2.5, a quick ratio of Inventory 2,000,000 1,800,000
1.2, and current liabilities of P12,000? Gray's Accounts payable 500,000 900,000
credit sales are P98,000 and its average collection Notes payable 300,000 600,000
period is 40 days. (Assume 365 days per year.) Common stock, P100 par 4,000,000 4,000,000
Retained earnings 1,135,000 1,010,000
2. Net sales for the year were P720,000, cost of
goods sold, operating expenses and income tax, Additional information:
P655,200. Asset turnover during the year was 1.8 1. The inventory turnover is 3.6 times
times. Compute the return on assets. 2. The return on common stockholders’ equity is
22%. The company had no additional paid in
3. Return on assets, 15%; Asset turnover, 1.5 times; capital.
Net income, P600,000. How much were net sales 3. The receivables turnover is 9.4 times
and net profit margin? 4. The return on assets is 20%
5. Total assets as at December 31, 2021, were
4. Stern Company has 100,000 shares of common P6,050,000.
stock and 20,000 shares of preferred stock
outstanding. There was no change in the number Requirements: Compute the following:
of common or preferred shares outstanding during 1. Cost of goods sold for 2022
the year. Preferred stockholders received 2. Net income for 2022
dividends totaling P140,000 during the year. 3. Total assets as at December 31, 2022
Common stockholders received dividends totaling
P210,000. If the dividend payout ratio was 70%, PROBLEM NO. 7.
how much is the net income? The Pioneer Company’s partial income statements
indicate the following data:
5. The market price per share of Fallen Co. stock at 2022 2021
the beginning of the year was P60.00 and at the Net sales 1,680,000 1,500,000
end of the year was P72.00. Net income for the Cost of goods sold 1,200,000 1,125,000
year was P48,000. Dividends to the preferred Gross profit P 480,000 P375,0000
stockholders for the year totaled P12,000, and Units sold 80,000 75,000
dividends of P2.50 per share were paid on the
6,000 shares of common stock outstanding during Requirement: Prepare an analysis of gross profit
the year. What is the price-earnings ratio at year variation for Pioneer Company.
end?
PROBLEM NO. 8.
6. Camper Company has 40,000 shares of common The gross profit statements for 2022 and 2021 of Mimi
stock outstanding. The following data pertain to Company follow:
these shares for the most recent year: 2022 2021
Price originally issued P25 per share Sales P189,000 P120,000
Book value, December 31 P40 per share Cost of sales 135,000 100,000
Market value, January 1 P50 per share Gross profit P 54,000 P 20,000
Market value, December 31 P60 per share

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EXCEL PROFESSIONAL SERVICES, INC.
Requirements:
1. Assume the unit cost decreased by 20% at the start
of 2022. What are the percentage changes in unit
selling price and units sold?
2. Assume that unit sales price increased by 25% at
the start of 2022. What are the percentage changes
in unit cost and units sold?
3. Assume the quantity sold increased by 10% in 2022
compared to 2021. What are the percentage
changes in unit selling price and unit cost?
MULTIPLE CHOICE QUESTIONS
1. The receivable turnover and inventory turnover
ratios are used to analyze
a. leverage. c. profitability.
b. long-term solvency. d. liquidity.
2. Silica Company has a current ratio of 2 to 1. This
ratio would increase if
a. The company wrote off an uncollectible
account.
b. The company purchased inventory on open
account.
c. The company sold merchandise on open
account that earned a normal gross margin.
d. A previously declared stock dividend was
distributed.
3. A common-size statement is helpful:
a. for determining the next investment that the
company should make.
b. for considering whether to buy or sell assets.
c. in comparing companies of different sizes.
d. for figuring out how assets are allocated.
4. A company with a current ratio of 2.4 times will
see that ratio decrease when the company
a. pays a large current liability.
b. declares a 10 percent stock dividend on its
common stock.
c. borrows cash by issuing a short-term note
payable.
d. converts a short-term liability to a long-term
liability.
5. A high receivable turnover indicates that
a. many customers are defaulting on their debts.
b. a large proportion of the company's sales is on
credit.
c. the company's inventory is moving very
quickly.
d. customers are making payments very quickly.
6. Which of the following correctly defines the
relationship between profit margin and asset
turnover?
a. Return on asset using the DuPont model is
calculated by subtracting asset turnover from
profit margin.
b. Return on asset using the DuPont model is
calculated by multiplying profit margin times
asset turnover.
c. There is no relationship between profit margin
and asset turnover.
d. ROA using the DuPont model is calculated by
dividing profit margin by asset turnover.
7. Liquidity is of most interest to
A. short-term creditors.
B. bondholders.
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C. stockholders.
D. banks holding the company’s 10-year notes.
8. Which of the following ratios measures long-term
solvency?
A. Acid-test ratio
B. Receivables turnover
C. Debt to total assets
D. Current ratio
9. Your firm received a P1 million purchase order on
the last day of its fiscal year, which it
immediately filled with P600,000 of inventory.
The customer paid P250,000 in cash and your
firm invoiced the customer for the balance. Based
on this information, which of the following
statements is true?
a. The firm’s current ratio will remain unchanged.
b. The firm’s current ratio will increase.
c. The firm’s current ratio will decrease.
d. The firm’s quick (acid test) ratio will decrease.
10. An increase in a company’s current ratio
accompanied by a decrease in its acid-test (quick)
ratio could be a warning that the company is
a. depleting its inventories
b. having trouble collecting its receivables
c. tightening its credit policies
d. carrying excessive inventory
11. Which of the following statements is most
correct?
a. firms with relatively low debt ratios have
higher expected returns when the business is
good.
b. firms with relatively low debt ratios are
exposed to risk of loss when the business is
poor.
c. firms with relatively high debt ratios have
higher expected returns when the business is
bad.
d. firms with relatively high debt ratios have
higher expected returns when the business is
good.
12. The issuance of serial bonds in exchange for an
office building, with the first installment of the
bonds due end of the year:
a. Decreases net working capital.
b. Decreases the current ratio.
c. Decreases the quick ratio.
d. Affects all of the answers as indicated.
13. The board of directors of Contemporary Company
was unhappy with the current return on common
equity. Though the return on sales (profit
margin) was impressively good at 12.5 percent,
the asset turnover was only 0.75. The present
debt ratio is 0.40.
Atty. Tristan, the vice-president of corporate
planning, presented a proposal as follows:
• Profit margin should be raised to 15 percent.
• The new capital structure will be revised by
raising debt component.
• The asset turnover will be maintained at 0.75.
The proposed adjustment is estimated to raise
return on equity by 50 percent.
What debt ratio did Atty. Tristan propose in order
to raise the return on equity (ROE) to 150 percent
of the present level?
a. 0.52 c. 0.68
b. 0.61 d. 0.72
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EXCEL PROFESSIONAL SERVICES, INC.

14. A firm has a debt/equity ratio of 50 percent. company’s bond covenants require it to maintain
Currently, it has interest expense of P500,000 on a current ratio that is greater than or equal to
P5,000,000 of total debt outstanding. Its tax rate 1.5. What is the maximum amount that the
is 40 percent. If the firm’s ROA is 6 percent, by company can increase its inventory before it is
how many percentage points is the firm’s ROE restricted by these covenants?
greater than its ROA? a. P0.50 million c. P1.33 million
a. 3.0% c. 7.4% b. P1.00 million d. P1.66 million
b. 5.2% d. 9.0%
21. A fire has destroyed a large percentage of the
15. A firm has sales of P1,640, net income of P135, financial records of the Carter Company. You
net fixed assets of P1,200, and current assets of have the task of piecing together information in
P530. The firm has P280 in inventory. What is the order to release a financial report. You have
common-size statement value of inventory? found the return on equity to be 18 percent. If
a. 15.01 percent c. 16.18 percent sales were P4 million, the debt ratio was 0.40,
b. 15.68 percent d. 30.42 percent and total liabilities were P2 million, what would be
the return on assets (ROA)?
16. Given the following data for total sales (P’000): a. 10.80%
Year Peso sales b. 0.80%
2019 P50,000 c. 1.25%
2020 55,000 d. 12.60%
2021 56,000
2022 53,000 Use the following information for the next two questions.
A table showing trend percentages for 2019 – The current assets of Mayon Enterprise consists of
2022, respectively, using 2019 as the base year cash, accounts receivable, and inventory. The
would reveal: following information is available:
a. 100%; 110%; 102%; and 95% Credit sales 75% of total sales
b. 100%; 10%; 2%; and (5%) Inventory turnover 5 times
c. 100%; 110%; 112%; and 106% Working capital P1,120,000
d. 94%; 104%; 106%; and 100% Current ratio 2 to 1
Quick ratio 1.25 to 1
17. Nelson Company's current liabilities are P50,000, Average Collection period 42 days
its long-term liabilities are P150,000, and its Working days 360
working capital is P80,000. If Nelson Company's 22. The estimated inventory amount is:
debt-to-equity ratio is 0.32, its total long-term a. 840,000 c. 720,000
assets must equal: b. 600,000 d. 550,000
a. P625,000 c. P825,000
b. P745,000 d. P695,000 23. The estimated costs of goods sold is:
a. 840,000 c. 6,000,000
18. Info Technics Inc. has an equity multiplier of b. 720,000 d. 4,200,000
2.75. The company’s assets are financed with
some combination of long-term debt and common Use the following information for the next two questions.
equity. What is the company’s debt ratio? 2022 2021
a. 25.00% c. 36.36% Net sales P5,520,000 P4,000,000
b. 52.48% d. 63.64% Cost of goods sold 3,795,000 3,000,000
Gross profit P1,725,000 P1,000,000
19. Adventure Corporation was organized on January
1 with the following capital structure: 24. Assume that the selling price increased by 20
10% cumulative preferred stock, par and percent effective January 1, 2022. What is the
liquidation value of P100; authorized, amount of increase in sales due to change in
issued and outstanding 2,000 shares P200,000 selling price and units sold, respectively?
Common stock, par value, P5; authorized a. P920,000 and P600,000
40,000 shares; Issued and outstanding b. P1,104,000 and P416,000
20,000 shares 100,000 c. P720,000 and P800,000
Adventure’s net income for the first year ended d. P(1,380,000) and P2,900,000
December 31 was P1,880,000, but no dividends
were declared. How much was Adventure’s book 25. Independent of the preceding question, assuming
value per common share at December 31? that the cost price per unit decreased by 4
a. P90 c. P98 percent effective January 1, 2022. How much
b. P99 d. P120 were the change in sales due to change in
quantity sold and change in cost of goods sold
20. Iken Berry Farms has P5 million in current assets, due to change in unit cost?
P3 million in current liabilities, and its initial Change in Sales Due Change in Cost of
inventory level is P1 million. The company plans to Change in Goods Sold Due to
to increase its inventory, and it will raise Quantity Change in Unit Cost
additional short-term debt (that will show up as a. P1,270,800 increase P158,125 decrease
notes payable on the balance sheet) to purchase b. P249,200 increase P953,125 decrease
the inventory. Assume that the value of the c. P1,262,400 increase P151,800 decrease
remaining current assets will not change. The d. P1,262,400 increase P953,125 decrease

“I’m not telling you it is going to be easy — I’m telling you it’s going to be worth it” Art Williams
– end -

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