NOEL B.

TUTOR
STATEMENT OF FINANCIAL POSITION
AS OF DECEMBER 31, 2023
(AMOUNTS IN PESO)

2023 2022
ASSETS

Current:
Cash 183,800.00 166,458.00
Mdse. Inventory End 3,500,000.00 2,221,089.00
Total 3,683,800.00 2,387,547.00

Non-Current
Property & Equipt (net) 2,396,666.00 2,483,333.00
Total Non-Current 2,396,666.00 2,483,333.00

TOTAL ASSETS 6,080,466.00 4,870,880.00

LIABILITIES & EQUITY

Current Liabilities
Income Tax Payable 2,119.00 1,683.00
VAT Payable 28,981.65 1,907.00
Accounts Payable 1,299,350.35 718,675.00
Total Liabilities 1,330,451.00 722,265.00

Owner's Equity
Noel B. Tutor Capital Beginning 4,148,615.00 3,829,731.00
Add: Net Income 701,400.00 418,884.00
Total 4,850,015.00 4,248,615.00
Less: Drawings 100,000.00 100,000.00
Noel B. Tutor Capital End 4,750,015.00 4,148,615.00
Total Equity 4,750,015.00 4,148,615.00
Total Liabilities & Owner's Equity 6,080,466.00 4,870,880.00
 NOEL B. TUTOR
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED DECEMBER 31, 2023
(AMOUNTS IN PESO)

NOTES 2023 2022

SALES 36,457,266.32 17,577,559.00

Less: Cost of Sales

Inventory Beginning 2,221,089.00 649,916.00
Add: Net Purchases 34,997,687.56 17,185,268.00
Total 37,218,776.56 17,835,184.00
Less: Inventory End 3,500,000.00 2,221,089.00

Cost of Sales 33,718,776.56 15,614,095.00

Gross Profit 2,738,489.76 1,963,464.00

Less: Operating Expenses

Power, Light & Water 173,131.26 90,680.00
Salaries & Wages 1,089,810.00 788,794.00
SSS, Philhealth & Pag-ibig 106,560.00 74,580.00
Gasoline & Oil 340,895.00 219,670.00
Taxes & Licenses 25,526.50 25,722.00
Communication 8,000.00 6,103.00
Repairs & Maintenance 102,700.00 105,260.00
Travel Expense 100,810.00
Depreciation 86,667.00 86,667.00
TOTAL 1,933,289.76 1,498,286.00

NET INCOME 805,200.00 465,178.00

Tax Due 103,800.00 46,295.00

NET INCOME AFTER TAX 701,400.00 418,883.00

-
 NOEL B. TUTOR
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED DECEMBER 31, 2023
(AMOUNTS IN PESO)

2023 2022

Cash flows from operating activities

Profit or Loss 701,400.00 418,883.61

Adjustments to arrive at net cash

Depreciation 86,667.00 86,667.00
(Increase) Decrease in Mdse, Inventory (1,278,911.00) (1,571,173.00)
Increase (decrease) in Current Payables 608,186.00 425,390.25
Net Cash provided by Operating Activities 117,342.00 (640,232.14)

Investment (Withdrawal) (100,000.00) (100,000.00)

Net Cash provided by Investing Activity (300,000.00)

Cash Flow from Financing Activities

Investment (withdrawal)
Net Cash provided by Financing Activities

Net Increase/Decrease in Cash 17,342.00 (740,232.14)

Cash at Beginning of year 166,458.00 906,690.00
CASH AT END OF YEAR 183,800.00 166,457.86
NOEL B. TUTOR
INCOME TAX SUMMARY

NET INCOME TAX DUE TAX CREDIT NET

1st qtr 215,000.00

2nd qtr 125,720.00 13,608.00 12,800.00 808.00
3rd qtr 215,085.00 40,053.00 39,603.00 450.00
Sub-total 555,805.00 53,661.00 52,403.00 1,258.00
4th qtr 249,395.00 48,020.04 2,119.00
GRAND TOTAL 805,200.00 53,661.00 100,423.04 3,377.00

Purchases

Gross Output Net

Goods 39,197,410.07 4,199,722.51 34,997,687.56

Gasoline 381,802.40 40,907.40 340,895.00

39,579,212.47 4,240,629.91 35,338,582.56

 2023 2022
Cost
Temporary Structures 1 400,000.00 400,000.00
Temporary Structures 2 300,000.00 300,000.00
Land Improvements 1 700,000.00 700,000.00
Land Improvements 2 600,000.00 600,000.00
Delivery Equipment 550,000.00 550,000.00
Tools and Other Equipment 100,000.00 100,000.00
Furniture and Fixtures 50,000.00 50,000.00
2,700,000.00 2,700,000.00
Accumulated Depreciation
Temporary Structures 1 70,000.00 50,000.00 20,000.00
Temporary Structures 2 52,500.00 37,500.00 15,000.00
Delivery Equipment 128,333.34 91,666.67 36,666.67
Tools and Other Equipment 35,000.00 25,000.00 10,000.00
Furniture and Fixtures 17,500.00 12,500.00 5,000.00
86,666.67
303,333.34 216,666.67
Net Book Value 2,396,666.66 2,483,333.33

2023 2022
LGU Fees and other permits 24,921.50 25,117.00
Community Tax Certificate 105 105
BIR Annual Registration Fee 500 500
Total 25,526.50 25,722.00

Taxable Income 805,200.00

Income tax for the first 800,000.00 102,500.00

Excess of 800,000 multiplied by 25% 1,300.00
Income tax due 103,800.00
Less:
Income Tax Paid for the first 3 quarters 1,258.00
Creditable Tax withheld for the first 3 quarters 52,403.00
Creditable Tax withheld for the fourth quarter 48,020.04
Income tax still due 2,119