SOHRAB GARCIA PHOTOGRAPHY & ENTERPRISES

(Sohrab Garcia- Owner)

Deniega Bldg., Salog, Sorsogon City

STATEMENT OF COMPREHENSIVE INCOME

For the Year Ended December 31, 2019
(With Comparative Figures for 2018)

2018 2019

SALES P 25,750,563.24 P 22,243,140.54

LESS: COST OF SALES 21,793,547.13 18,150,356.61

GROSS INCOME P 3,957,016.11 P 4,092,783.93

LESS: OPERATING EXPENSES

Transportation Expenses P 669,334.45 P 689,128.52
Taxes and Licenses 83,666.81 75,300.00
Communication, Light and Water 418,334.04 549,156.25
Rental 209,167.00 219,625.35
Allowance 585,667.65 565,112.48
Bonus 543,834.25 571,025.96
Foods and Snacks Allowance 209,167.02 189,334.20
Depreciation 49,777.78 49,777.78
SSS and PhilHealth Contribution 209,167.02 219,625.37
Total P 2,978,116.02 P 3,128,085.91

NET INCOME P 978,900.09 P 964,698.02

Tax Due:
1st 800,000.00 130,000.00
next 164,698.02 49,409.40
Total 179,409.40
tax credits
2307 q1-q3 307,916.56
2307 q4 102,676.87
payments q1-q3 38,426.85 449,020.28
net Payable - 269,610.88
22,451,014.00
(898,702.92)
 SOHRAB GARCIA PHOTOGRAPHY & ENTERPRISES
(Sohrab Garcia- Owner)
Deniega Bldg., Salog, Sorsogon City

STATEMENT OF FINANCIAL POSITION

As of December 31, 2019
(With Comparative Figures for 2018)

2018 2019

ASSETS

CURRENT ASSETS:
Cash and Cash Equivalents P 1,143,101.21 P 1,084,055.27
Accounts Receivable 195,542.94 199,453.80
Tax Credit - 269,610.88
Total P 1,338,644.15 P 1,553,119.95

NON-CURRENT ASSETS:
Office Equipment P 1,100,000.00 P 1,100,000.00
Less: Accumulated Depreciation 302,222.23 352,000.01
Total P 797,777.77 P 747,999.99

TOTAL ASSETS P 2,136,421.92 P 2,301,119.94

LAIBILITIES AND OWNER'S EQUITY

OWNER'S EQUITY:
Sohrab Garcia Capital, Beginning P 2,157,521.83 P 2,136,421.92
Add: Net Income 978,900.09 964,698.02
Total P 3,136,421.92 P 3,101,119.94
Less: Drawings 1,000,000.00 800,000.00
Sohrab Garcia Capital, Ending P 2,136,421.92 P 2,301,119.94

TOTAL LIABILITIES AND OWNER'S EQUITY P 2,136,421.92 P 2,301,119.94

 SOHRAB GARCIA PHOTOGRAPHY & ENTERPRISES
(Sohrab Garcia- Owner)
Deniega Bldg., Salog, Sorsogon City

STATEMENT OF CASH FLOWS

For the Year Ended December 31, 2019
(With Comparative Figures for 2018)

2018 2019

CASH FROM OPERATION:

Net Income P 978,900.09 P 964,698.02
Adjustments:
Accounts Receivable 237,197.94 (3,910.86)
Tax Credit - (269,610.88)
Depreciation 49,777.78 49,777.78
Total P 1,265,875.81 P 740,954.06

CASH FLOW FROM INVESTING:

Purchase of Additional Equipment P - P -

CASH FLOW FROM FINANCING:

Drawings P (1,000,000.00) P (800,000.00)

NET CASH GENERATED (DISBURSED) P 265,875.81 P- 59,045.94

ADD: CASH BALANCE, Beginning 877,225.40 1,143,101.21

CASH BALANCE, Ending P 1,143,101.21 P 1,084,055.27

 SOHRAB GARCIA PHOTOGRAPHY & ENTERPRISES
(Sohrab Garcia- Owner)
Deniega Bldg., Salog, Sorsogon City

SCHEDULE OF COST OF SALES

For the Year Ended December 31, 2019

Purchases P 12,146,192.82
Freight 1,002,060.91
Total Goods Available for Sale P 13,148,253.73
Add: Delivery Expenses 1,084,730.93
Direct labor 1,314,825.37
Overhead 2,602,546.58
Total Cost of Sales P 18,150,356.61
18,150,356.61

SCHEDULE OF TAXES AND LICENSES

For the Year Ended December 31, 2019

Annual Registration Fee P 500.00

Business & Other Taxes 83,166.81
Total P 83,666.81
Quarterly Income Tax
Sales Cost of Sale Expenses
1st 9,184,609.19 3,608,904.20 4,243,163.64
2nd 3,002,278.00 628,323.00 944,492.00
3rd 1,946,339.00 474,813.00 965,204.00

Monthly Value Added Tax

Sales Purchases 2306
January 2,336,861.64 1,388,639.77 56,634.83
February 686,746.56 270,599.58 29,699.28
March 8,240,722.58 5,184,393.20 261,633.80
April 60,752.87 48,982.57 0.00
May 1,035,678.20 515,804.69 54,756.78
June 2,680,605.60 1,469,797.34 123,362.27
July 0.00 0.00 0.00
August 981,906.94 562,842.23 45,790.18
September 1,737,713.49 894,694.82 88,115.34
October 72,552.68 63,621.88 0.00
November 1,067,408.03 576,506.40 56,993.54
December 2,042,191.95 1,170,310.34 102,676.87

total 20,943,140.54 12,146,192.82 819,662.89

Given data

Income Statement Accounts

January February March
Sales 2,336,861.64 686,746.56 8,240,722.58
Purchases 1,388,639.77 270,599.58 5,184,393.20
Supplies 71,022.29 121,752.49 101,460.41
Outside Services 34,504.76 59,151.01 49,292.51
Cost of Service 1,494,166.81 451,503.08 5,335,146.12
Gross Income 842,694.83 235,243.48 2,905,576.46
Transportation Expenses 115,729.02 35,608.93 178,044.64
Taxes and Licenses 5,736.00 8,976.00 7,480.00
Photography Supplies 259,238.69 79,765.75 398,828.76
Communication, Light and Water 46,530.02 79,765.75 66,471.46
Rental 27,696.44 27,696.44 27,696.44
Allowance 65,142.03 111,672.05 93,060.04
Bonus 112,336.77 34,565.16 172,825.80
Foods and Snacks Allowance 28,618.79 49,060.78 40,883.98
Depreciation 4,148.15 4,148.15 4,148.15
SSS and PhilHealth Contribution 27,696.44 27,696.44 27,696.44
Total Expenses 692,872.34 458,955.45 1,017,135.71
Net Income 149,822.48 (223,711.97) 1,888,440.75

Percentage 7% 12% 10%

% for Some expenses 13% 4% 20%

Financial Position
Assets January February March
Cash and Cash Equivalents
Accounts Receivable
Tax Credit
Office Equipment
Less: Accumulated Depreciation
TOTAL ASSETS

Liab & Equity

Liabilities
Beginning Capital
Net Income
Total
Drawings
Ending Capital
TOTAL LIAB & EQUITY
 Quarter Sales
2307 payment 1st 11,264,330.78
268,207.56 21,554.85 2nd 3,777,036.67
22,480.00 6,598.00 3rd 2,719,620.43
17,229.00 10,274.00 4th 3,182,152.66

payment
57,151.80
20,238.35
27,735.58
1,412.44
7,628.05
12,894.23
0.00
4,497.59
8,549.31
1,071.69
1,914.65
1,948.92

145,042.61

Month/Quarter
Quarter 1 April May June Quarter 2
11,264,330.78 60,752.87 1,035,678.20 2,680,605.60 3,777,036.67
6,843,632.55 48,982.57 515,804.69 1,469,797.34 2,034,584.60
294,235.20 50,730.21 60,876.25 40,584.16 152,190.62
142,948.27 24,646.25 29,575.50 19,717.00 73,938.76
7,280,816.02 124,359.03 606,256.44 1,530,098.51 2,260,713.98
3,983,514.76 (63,606.16) 429,421.76 1,150,507.09 1,516,322.69
329,382.58 26,706.70 53,413.39 133,533.48 213,653.57
22,192.00 3,740.00 4,488.00 2,992.00 11,220.00
737,833.20 59,824.31 119,648.63 299,121.57 478,594.51
192,767.23 33,235.73 39,882.88 26,588.58 99,707.19
83,089.32 27,696.44 27,696.44 27,696.44 83,089.32
269,874.12 46,530.02 55,836.03 37,224.02 139,590.06
319,727.72 25,923.87 51,847.74 129,619.35 207,390.95
118,563.55 20,441.99 24,530.39 16,353.59 61,325.97
12,444.45 4,148.15 4,148.15 4,148.15 12,444.45
 83,089.32 27,696.44 27,696.44 27,696.44 83,089.32
2,168,963.50 275,943.65 409,188.08 704,973.62 1,390,105.34
1,814,551.26 (339,549.81) 20,233.68 445,533.48 126,217.34

5% 6% 4%
3% 6% 15%
100%

Balance as of
April May June July August
h/Quarter
July August September Quarter 3 October
- 981,906.94 1,737,713.49 2,719,620.43 72,552.68
- 562,842.23 894,694.82 1,457,537.05 63,621.88
30,438.12 131,898.54 91,314.37 253,651.03 111,606.45
14,787.75 64,080.26 44,363.26 123,231.27 54,221.76
45,225.88 758,821.03 1,030,372.45 1,834,419.35 229,450.09
(45,225.88) 223,085.91 707,341.04 885,201.08 (156,897.41)
26,706.70 44,511.16 80,120.09 151,337.94 26,706.70
2,244.00 9,724.00 6,732.00 18,700.00 8,228.00
59,824.31 99,707.19 179,472.94 339,004.44 59,824.31
19,941.44 86,412.90 59,824.31 166,178.65 73,118.61
27,696.44 27,696.44 27,696.44 83,089.32 27,696.44
27,918.01 120,978.06 83,754.04 232,650.11 102,366.05
25,923.87 43,206.45 77,771.61 146,901.93 25,923.87
12,265.19 53,149.18 36,795.58 102,209.96 44,972.38
4,148.15 4,148.15 4,148.15 12,444.45 4,148.15
 27,696.44 27,696.44 27,696.44 83,089.32 27,696.44
234,364.55 517,229.96 584,011.60 1,335,606.11 400,680.94
(279,590.43) (294,144.04) 123,329.44 (450,405.03) (557,578.35)

3% 13% 9% 0.11
3% 5% 9% 0.03

September October November December

November December Quarter 4 Annual
1,067,408.03 2,042,191.95 3,182,152.66 20,943,140.54
576,506.40 1,170,310.34 1,810,438.62 12,146,192.82
81,168.33 121,752.49 314,527.28 1,014,604.12
39,434.01 59,151.01 152,806.77 492,925.08
697,108.74 1,351,213.84 2,277,772.67 13,653,722.02
370,299.29 690,978.11 904,379.99 7,289,418.52
71,217.86 97,924.55 195,849.10 890,223.20
5,984.00 8,976.00 23,188.00 75,300.00
159,531.50 219,355.82 438,711.63 1,994,143.78
53,177.17 79,765.75 206,061.53 664,714.60
27,696.44 27,696.44 83,089.32 332,357.27
74,448.03 111,672.05 288,486.13 930,600.43
69,130.32 95,054.19 190,108.37 864,128.98
32,707.19 49,060.78 126,740.35 408,839.83
4,148.15 4,148.15 12,444.45 49,777.78
 27,696.44 27,696.44 83,089.32 332,357.30
525,737.09 721,350.17 1,647,768.20 6,542,443.16
(155,437.80) (30,372.06) (743,388.22) 746,975.36

8% 12% 100%
8% 11%