Comparative Income Statement and Retained Earnings

For the period ended December 31, 2010 and 2011

Service Income
Reimbursable Charges
Less: Cost of services
Shipping Cost
Rental Expense
Transportation and Gasoline
Depreciation Expense
Salaries, Wages and Benefits
Insurance Expense
Taxes and Licenses
Utilities Expense
Communication Expense
Supplies Expense
Repairs and Maintenance
Miscellaneous
Total Cost of Services
Gross Profit
Less: Operating Expenses
Salaries, Wages and Benefits
Rental Expense
Provision for Impairment losses
Depreciation Expense
Office Supplies
Communication Expense
Taxes and Licenses
Representation
Utilities Expense
Bank Charges
Insurance Expense
Transportation and travel expense
Gasoline and oil
Repairs and Maintenance
Miscellaneous Expense
Total Operating Expenses
Income before Tax
Provision for income tax
Net Income
Add: Interest Income
Total Comprehensive Income
Retained Earnings, beginning
Net Income
Retained Earnings, end

2011
8,544,850.37
44,591,602.83

2010
6,816,020.12
32,893,502.28

30,353,408.85
1,028,640.00
102,215.00
92,000.00
12,380,202.39
67,677.78
255,120.71
178,051.88
123,126.61
1,141,848.82
18,900.00
45,741,192.04
7,395,261.16

21,406,745.35
1,028,640.00
160,000.00
11,374,625.23
92,813.59
263,237.33
28,900.00
34,354,961.50
5,354,560.90

3,523,659.14
120,000.00
221,425.67
20,015.40
226,632.11
205,102.37
95,435.95
84,105.59
241,559.25
1,150.00
1,500.00
492,789.80
351,689.29
33,587.69
1,134,027.45
6,752,679.71
642,581.45
192,774.43
449,807.01
24,722.82
474,529.83

2,798,201.92
120,000.00
78,532.26
19,011.55
154,002.70
166,767.00
77,207.30
66,871.28
150,081.07
3,740.00
887,567.88
225,945.80
195,278.96
4,943,207.72
411,353.18
123,405.95
287,947.23
20,076.80
308,024.03

987,278.15
474,529.83
1,461,807.98

679,254.12
308,024.03
987,278.15

All VAT expenses + output taxx for d yr - Output tax last yr - input tax for d yr - input tax last yr

A. Value Added Tax

1) Output VAT declared during the year
Service Income per VAT Return
Service Income per FS
Difference

Sales per FS computation

Receivables, Service Income beginning
Add: Service Income, accrual
Total
Less: Receivables, Service Income ending
Collection from Customer 2011

920,701.41

Reimbursable Charges (Output VA

7,672,511.75
7,560,177.33
112,334.42

Reimbursable Charges per VAT Re

Reimbursable Charges per FS
Difference

680,041.84
8,544,850.37
9,224,892.21
1,664,714.88
7,560,177.33

Reimbursable Charges per FS Com

Receivables, Reimbursable Char
Add: Reimbursable Charges, acc
Total
Less: Receivables, Reimbursable
Reimbursable Charges, cash bas

2) Analysis of expense that will operate input tax

Cost of Services:
Shipping Cost
Transportation and Gasoline
Utilities Expense
Communication Expense
Supplies Expense
Repairs and Maintenance
Miscellaneous
Rental Expense
Operating Expense:
Transportation and travel expense
Gasoline and oil
Rental Expense
Office Supplies
Communication Expense
Representation
Utilities Expense
Insurance Expense
Repairs and Maintenance
Miscellaneous Expense
Total
VAT Rate
Input Tax per Financial Statement
Input Tax per FS
Input tax per VAT Return
Difference

30,353,408.85
102,215.00
255,120.71
178,051.88
123,126.61
1,141,848.82
18,900.00
1,028,640.00
492,789.80
351,689.29
120,000.00
226,632.11
205,102.37
84,105.59
241,559.25
1,500.00
33,587.69
1,134,027.45
36,092,305.42
12%
4,331,076.65
4,331,076.65
5,303,986.72
(972,910.07)

Expenses per FS
Expenses per VAT return
Difference

36,092,305.42
44,199,889.33
(8,107,583.91)

able Charges (Output VAT)

able Charges per VAT Return

able Charges per FS

able Charges per FS Computation:

bles, Reimbursable Charges Beginning
mbursable Charges, accrual

ceivables, Reimbursable Charges ending

sable Charges, cash basis

Reimbursable Charges (Output VAT)

4,689,879.95
39,082,332.92
38,431,605.10
650,727.82

3,246,571.00
44,591,602.83
47,838,173.83
9,406,568.73
38,431,605.10

Reimbursable Charges per VAT Return

Reimbursable Charges per FS
Difference

Reimbursable Charges per FS Computation

Receivables, Reimbursable Charges Begin
Add: Reimbursable Charges, accrual
Total
Less: Receivables, Reimbursable Charges
Reimbursable Charges, cash basis

Reimbursable Charges (Output

Reimbursable Charges per VAT

Reimbursable Charges per FS
Difference

Reimbursable Charges per FS C

Receivables, Reimbursable Ch
Add: Reimbursable Charges, a
Total
Less: Receivables, Reimbursa
Reimbursable Charges, cash b

able Charges (Output VAT)

4,689,879.95

able Charges per VAT Return

able Charges per FS

###########
###########
650,727.82

able Charges per FS Computation:

bles, Reimbursable Charges Beginning3,246,571.00
mbursable Charges, accrual
###########
###########
ceivables, Reimbursable Charges ending
9,406,568.73
sable Charges, cash basis
###########

Reimbursable Charges (Output VAT)

Reimbursable Charges per VAT Return
Reimbursable Charges per FS
Difference

Reimbursable Charges per FS Computation:

Receivables, Reimbursable Charges Beginning
Add: Reimbursable Charges, accrual

4,689,879.95
39,082,332.92
38,431,605.10
650,727.82

3,246,571.00
44,591,602.83
47,838,173.83
Less: Receivables, Reimbursable Charges ending 9,406,568.73
Reimbursable Charges, cash basis
38,431,605.10

Withholding Tax on Wages

Per Financial Statement
Salaries and Wages
SSS, Philhealth and Pag-ibig
13th month pay
Deminimis Benefit
Other Employees' Benefit
Retirement/ Separation Pay
Total
Per Alpha List
Non Taxable
13th month pay
De Minimis Benefits
SSS, Philhealth and Pag-ibig
Basic SMW per year
Taxable
Basic Salary
Total
Difference, Accrual

Cost of Services
Operating Expense
9,501,286.21
1,570,538.46
722,524.70
158,589.80
960,250.00
185,500.00
834,000.00
128,000.00
221,767.67
1,481,030.88
140,373.81
12,380,202.39
3,523,659.14

979,250.00
966,000.00
447,946.80
1,727,856.00
7,866,981.59
11,988,034.39
3,915,827.14

Difference, with adjustment for cash basis of SSS, Philhealth and Pag-ibig
3,904,954.14

Total
Accrual Basis
Cash Basis
11,071,824.67
881,114.50
870,241.50
1,145,750.00
962,000.00
1,702,798.55
140,373.81
15,903,861.53 15,892,988.53

Per Financial Statement

SSS, Philhealth, Pag-ibig Premium Payable, beg.
Add: SSS, Philhealth, Pag-ibig Expense
Total
Less: SSS, Philhealth, Pag-ibig Payable, end.
Actual payment

105,610.00
881,114.50
986,724.50
116,483.00
870,241.50
422,294.70