Chapter 5 Financial Study Feasib

CHAPTER 5
FINANCIAL STUDY
A. Objectives
The Financial Study is conducted as the last step of determining the feasibility of the
study. Information gathered in the market, technical, and management studies are consolidated
in this study. This aims to achieve the following objectives:
1. To determine how profitable the business will be.
2. To provide financial statements for the number of years projected.
3. To provide supporting schedules to prove the correctness of the financial statements.
4. To recognize the effects of various factors such as inflation, demand and supply in the
ordinary course of business.
5. To ensure the effective and efficient usage of capital to meet operating needs and to
maximize the value of the business.
6. To prove financial evaluation measures of the performance of the business that will be
useful in economic decision making.
B. FINANCIAL ASSUMPTIONS
1. The service revenue is based on the services availed by the clients. The services availed
is based on the target demand gap of the business. The allocation of revenue to the
services is based on the results of the survey which is 47.12% for gold package, 33.97%
for silver package, and 18.91% for bronze package. Other income categories will be
calculated by getting the average of the respondents with regards to the demand gap.
Prices set will be constant for the next five years.
2. The cost of services includes the total cost of electrical and water for the year. It also
includes the wages of pet trainer, pet groomers and supervisors.
3. Wages are paid semi-monthly at the end of every month. They are paid for 6 days a
week. Yearly wages is estimated to increase by 5%. For projection purposes, all wages
expense for the year is considered paid in cash within the same year.
4. SSS Premium and PAG-IBIG Contributions, PhilHealth Premium Expenses are
expenses that are recorded in the books at the end of each month and paid at the 10 th
day of the following month.
5. Withholding tax is remitted on the 10th day of the following month withheld.
6. Fringe benefits is 14th month pay.
7. Depreciation expenses for are computed using the straight-line method with a 10%
salvage value based on cost.
8. Advertising expense is at PHP 22,469 for the first year and will decrease each year
depending on the use of advertisements.
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9. Office supplies and Grooming Supplies on hand are 10% of the office or grooming
supplies at the beginning of the year. Purchase of supplies is 5% higher than the supplies
expense.
10. Utilities expenses are electrical, water and telecommunications expense.
11. License and permit fees for the first year is computed in the legal aspect which is PHP
178,510.58. The yearly expense of renewal of the permits is estimated at PHP 48,370.35
which goes up by 5% per year due to inflation.
12. Miscellaneous expenses are composed of expenses such as cleaning expense and tools
that have minimal value. It is set to have a value of 86,604 for the first year which will
increase by 5% annually.
13. Repairs and maintenance will have a fixed value of 356,780.12.
14. The income tax rate used by the business is at 30%.
15. Annual income tax will be paid quarterly.
16. The Net Income will be shared equally by the six partners.
17. Partners are allowed a total drawing of PHP 600,000 yearly.
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C. Projected Financial Statements for the Number of Years Projected
Total Investment Cost

TLC Retirees’ Activity Center
January 1, 2016
Land & Building Acquisition 85,880,000.00

Office Equipment 710,174.00
TLC Equipment 673,254.00
Furniture and Fixtures 206,677.00
Office Supplies 11,879.90
TLC Supplies 135,195.00
Business Registration 178,510.58
Total Initial Cost 87,795,690.48
Cash Reserved for Operations 100,000.00
Total Project Cost 87,895,690.48
135
Projected Statement of Comprehensive Income
For the Year Ended December 31
2016 2017 2018 2019 2020
Revenue from Organized Physical Activities Sched A 3,211,031.25 4,112,741.25 5,056,391.25 6,039,360.00 7,061,647.50
Revenue from Organized Educational Activities 3,211,031.25 4,112,741.25 5,056,391.25 6,036,738.75 7,059,026.25
Revenue From Social Activities 385,937.50 494,375.00 607,500.00 725,625.00 848,437.50
Revenue from Other Activities Sched B 663,691.88 850,067.39 1,045,111.53 1,248,282.51 1,435,199.82
Total Sales 7,471,691.88 9,569,924.89 11,765,394.03 14,050,006.26 16,404,311.07
Cost of Sales 185,371.16 181,613.98 186,555.80 192,295.35 198,293.15
Gross Profit 7,286,320.72 9,388,310.91 11,578,838.23 13,857,710.91 16,206,017.94
Less: Operating Expenses
Salaries and Wages Sched C 1,837,584.00 1,933,571.52 2,030,261.76 2,131,778.88 2,238,359.04
EC Contributions Sched C 480.00 960.00 960.00 960.00 960.00
SSS Contributions Sched C 44,944.80 46,639.20 47,488.80 49,183.20 50,032.80
HDMF Sched C 9,600.00 9,600.00 9,600.00 9,600.00 9,600.00
PhilHealth Sched C 6,000.00 6,000.00 6,000.00 6,000.00 6,000.00
Fringe Benefits Sched C 153,132.00 161,130.96 169,188.48 177,648.24 186,529.92
Utilities Sched D 636,576.72 654,720.66 673,406.16 692,654.58 712,465.06
Licenses and Taxes Sched E 178,510.58 48,370.35 50,788.88 53,328.31 55,994.73
Depreciation Expense - Office Equipment Sched G 114,135.11 114,135.11 114,135.11 114,135.11 114,135.11
Depreciation Expense - Furnitures and Fixtures 16,607.97 16,607.97 16,607.97 16,607.97 16,607.97
Depreciation Expense - Building 1,839,600.00 1,839,600.00 1,839,600.00 1,839,600.00 1,839,600.00
Advertising Expense Sched H 22,460.00 16,695.00 13,130.78 11,019.44 10,595.69
Rep. & Mainte. Sched J - 356,780.12 356,780.12 356,780.12 356,780.12
Miscellaneous Exp. Sched K 86,604 90,934.20 95480.91 100,255.00 105,267.80
Total Expenses 4,946,235.18 5295745.09 5423428.97 5559550.85 5702928.24
Income before tax 2,340,085.54 4092565.82 6155409.26 8298160.06 10503089.70
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TLC Retirement Activity Center
Statement of Financial Position
Less: Income Tax For the Year Ended702,025.66
December 31 1227769.746 1846622.78 2489448.02 3150926.91
Net Income 2016
1,638,059.88 2017
2,864,796.07 2018
4,308,786.48 2019
5,808,712.04 2020
7,352,162.79
ASSETS
Current Assets:
Cash 4,432,575.16 9,293,006 15,679,779 23,591,779 32,066,475
Supplies Sched F 13,131.69 13,622.61 14,171.71 14,809.43 15,475.86
Non-current Assets
Equipments Sched L 1,053,882.49 872,156.41 691,240.33 509,919.25 328,598.17
Furniture and Fixtures Sched M 167,925.07 151,317.10 134,709.13 118,101.16 101,493.19
Land 45,000,000.00 45,000,000.00 45,000,000.00 45,000,000.00 45,000,000.00
Building 39,040,400.00 37,200,800.00 35,361,200.00 33,521,600.00 32,682,000.00
Total Assets 89,707,914.41 92,530,902.12 96,881,100.60 102,756,209.00 110,194,042.50
LIABILITIES AND EQUITY

Current Liabilities
Income Tax Payable Sched N 702,025.66 1227769.75 1846622.8 2489448.02 3150926.91
SSS Contribution Payable Sched C 5,512.00 5720.00 5,824.00 6,032.00 6,136.00
EC Contribution Sched C 40.00 80.00 80.00 80.00 80.00
PhilHealth Sched C 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
HDMF Sched C 1,600.00 1,600.00 1,600.00 1,600.00 1,600.00
Withholding Tax Sched C 4,780.00 5,295.00 5,842.00 6,411.00 7,016.00
VAT Payable Sched P 59,206.38 90,890.50 112,798.80 135,593.04 159,075.82
Total Liabilities 774,164.04 1,332,355.25 1,973,767.60 2,640,164.06 3,325,834.73
Equity
Bacosa, Capital Sched Q 14,822,291.73 15,199,757.74 15,817,888.83 16,686,007.50 17,811,367.97
Ervas, Capital Sched Q 14,822,291.73 15,199,757.74 15,817,888.83 16,686,007.50 17,811,367.97
Managuit, Capital Sched Q 14,822,291.73 15,199,757.74 15,817,888.83 16,686,007.50 17,811,367.97
Mendoza, Capital Sched Q 14,822,291.73 15,199,757.74 15,817,888.83 16,686,007.50 17,811,367.97
Reyes, Capital 14,822,291.73 15,199,757.74 15,817,888.83 16,686,007.50 17,811,367.97
Valencia, Capital Sched Q 14,822,291.73 15,199,757.74 15,817,888.83 16,686,007.50 17,811,367.97
Total Equity 88,933,750.36 91,198,546.43 94,907,333/00 100,116,045.00 106,868,207.80
Total Liabilities and Equity 89,707,914.41 92,530,902.12 96,881,100.60 102,756,209.00 110,194,042.50
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Projected Statement of Changes in Capital
2014 2015 2016 2017 2018
Capital, beginning 87,895,690.48 88,933,750.36 91,198,546.43 94,907,333.00 100,116,045.00
Add: Net Income After Tax 1,638,059.88 2,864,796.07 4,308,786.5 5,808,712.04 7,352,162.79
Less: Withdrawals 600,000.00 600,000 600,000 600,000 600,000
Capital, End 88,933,750.36 91,198,546.43 94,907,332.93 100,116,045.00 106,868,207.80
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Projected Statement of Cash Flows
2016 2016 2018 2019 2020
Cash Flows from Operating Activities
Cash Receipts from Organized Physical 3,596,355 4,606,270.20 5,663,158.20 6,764,083.20 7,909,045.20
Activities
Cash Receipts from Organized 3,596,355 4,606,270.20 5,663,158.20 6,761,147.40 7,906,109.40
Educational Acitivites
Cash Receipts From Organized Social 432,250 553,700 680,400 812,700 950,250
Activities
Cash Receipts from Other Activities 743,334.90 952,075.48 1,170,524.92 1,398,076.42 1,607,423.80
Total Receipts 8,368,294.90 10,718,315.88 13,177,241.32 15,736,007.02 18,372,828.40
Disbursements:
Purchase of Supplies 147,074.90 138,985.78 144,181.75 149,993.34 156,743.03
Salaries and Wages 1,796,004.80 1,890,676.08 1,986,420.16 2,086,565.56 2,192,059.38
SSS 60,632.00 62,920.00 64,064.00 66,352.00 67,496.00
EC 440.00 880.00 880.00 880.00 880.00
PhilHealth 11,000.000 11,000.000 11,000.00 11,000.00 11,000.00
HDMF 17,600.00 17,600.00 17,600.00 17,600.00 17,600.00
Fringe Benefits 153,132.00 161,130.96 169,188.48 177,648.24 186,529.92
Advertising 22,460.00 16,695.00 13,130.78 11,019.44 10,595.69
Repairs and Maintenance - 356,780.12 356,780.12 356,780.12 356,780.12
Utilities 636,576.72 654,720.66 673,406.16 692,654.58 712,465.06
Licenses and Taxes 178,510.58 48,370.35 50,788.88 53,328.31 55,994.73
SSS Contribution Payable 5,512.00 5,720.00 5,824.00 6,032.00
EC Contribution Payable 40.00 80.00 80.00 80.00
PhilHealth Payable 1,000.00 1,000.00 1,000.00 1,000.00
HDMF Payable 1,600.00 1,600.00 1,600.00 1,600.00
Withholding Tax Payable - 4,780.00 5,295.00 5,842.00 6,411.00
Cash Paid to Miscellaneous Expenses 86,604 90,934.20 95480.91 100,255.00 105,267.80
Cash Paid to VAT Payable 59,206.38 90,890.50 112,798.80 135,593.04
VAT Remittance 612,655.70 1033027.98 1275192 1530698.78 1749834
Income Taxes Paid 702025.66 1227769.57 1842087 2489448.02
Total Disbursements 3,761,305.22 5257885.17 6190468.31 7224007.17 8263409.79
Net Cash from Operating Activities 4,606,989.68 5460430.71 6986773.01 8511999.85 10109418.61
Cash Flows from Investing Activities

Purchase of Land 45,000,000.00
Purchase of Building 40,880,000.00
Purchase of TLC Equipment 710,174.00
Purchase of Office Equipment 673,254.00
Purchase of Furnitures and Fixtures 206,677.00
Net Cash from Investing Activities (87,470,105)
Cash Flows from Financing Activities

Partners Capital Contribution 87,895,690.48
Partners Drawing 600,00.00 600,000.00 600,000.00 600,000.00 600,000.00
Net Cash from Financing Activities 87,295,690.48 (600,000)
Cash, Beginning 4,432,575 9,293,006 15,679,779 23,591,779
Cash, December 31 4,432,575.16 9,293,006 15,679,779 23,591,779 32,066,475
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D. Supporting Schedules
Schedule A
Sales Revenue
ORGANIZED PHYSICAL ACTIVITIES
Year Annual Demand Rate Gross Sales Tax Sales w/o

per Service Inclusion VAT
2016 Bronze 577.22 1,500.00 865,830.00 92,767.50 773,062.50
Silver 416.13 3,500.00 1,456,463.75 156,049.69 1,300,414.06
Gold 231.65 5,500.00 1,274,061.25 136,506.56 1,137,554.69
TOTAL 1,225.00 3,596,355.00 3,211,031.25
2017 Bronze 739.31 1,500.00 1,108,969.20 118,818.13 990,151.07
Silver 532.99 3,500.00 1,865,462.55 199,870.99 1,665,591.56
Gold 296.70 5,500.00 1,631,838.45 174,839.83 1,456,998.62
TOTAL 1,569.00 4,606,270.20 4,112,741.25
2018 Bronze 908.94 1,500.00 1,363,417.20 146,080.41 1,217,336.79
Silver 655.28 3,500.00 2,293,484.55 245,730.49 2,047,754.06
Gold 364.77 5,500.00 2,006,256.45 214,956.05 1,791,300.40
TOTAL 1,929.00 5,663,158.20 5,056,391.25
2019 Bronze 1,085.64 1,500.00 1,628,467.20 174,478.63 1,453,988.57
Silver 782.67 3,500.00 2,739,340.80 293,500.80 2,445,840.00
Gold 435.69 5,500.00 2,396,275.20 256,743.77 2,139,531.43
TOTAL 2,304.00 6,764,083.20 6,039,360.00
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2020 Bronze 1,269.41 1,500.00 1,904,119.20 204,012.77 1,700,106.43
Silver 915.15 3,500.00 3,203,031.30 343,181.93 2,859,849.38
Gold 509.44 5,500.00 2,801,894.70 300,203.00 2,501,691.70
TOTAL 2,694.00 7,909,045.20 7,061,647.50
ORGANIZED EDUCATIONAL ACTIVITIES
Year Annual Demand per Rate Gross Sales Tax Sales w/o VAT
Service Inclusion
2016 Bronze 577.22 1,500.00 865,830.00 92,767.50 773,062.50
Silver 416.13 3,500.00 1,456,463.75 156,049.69 1,300,414.06
Gold 231.65 5,500.00 1,274,061.25 136,506.56 1,137,554.69
TOTAL 1,225.00 3,596,355.00 3,211,031.25
2017 Bronze 739.31 1,500.00 1,108,969.20 118,818.13 990,151.07
Silver 532.99 3,500.00 1,865,462.55 199,870.99 1,665,591.56
Gold 296.70 5,500.00 1,631,838.45 174,839.83 1,456,998.62
TOTAL 1,569.00 4,606,270.20 4,112,741.25
2018 Bronze 908.94 1,500.00 1,363,417.20 146,080.41 1,217,336.79
Silver 655.28 3,500.00 2,293,484.55 245,730.49 2,047,754.06
Gold 364.77 5,500.00 2,006,256.45 214,956.05 1,791,300.40
TOTAL 1,929.00 5,663,158.20 5,056,391.25
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2019 Bronze 1085.17 1,500.00 1,627,760.40 174,402.90 1,453,357.50
Silver 782.33 3,500.00 2,738,151.85 293,373.41 2,444,778.44
Gold 435.50 5,500.00 2,395,235.15 256,632.34 2,138,602.81
TOTAL 2,303.00 6,761,147.40 6,036,738.75
2020 Bronze 1268.94 1,500.00 1,903,412.40 203,937.04 1,699,475.36
Silver 914.81 3,500.00 3,201,842.35 343,054.54 2,858,787.81
Gold 509.25 5,500.00 2,800,854.65 300,091.57 2,500,763.08
TOTAL 2,693.00 7,906,109.40 7,059,026.25
ORGANIZED SOCIAL ACTIVITIES
Annual Gross Tax

Rate Net Sales
Demand Sales Inclusion
2016 Board Games 222.30 350.00 77,805.00 8,336.25 69,468.75
Discussion Groups 506.35 350.00 177,222.50 18,988.13 158,234.38
Church Activities 506.35 350.00 177,222.50 18,988.13 158,234.38
Total 1,235.00 385,937.50
Annual Gross Tax

2017 Rate Net Sales
Board Games 284.76 350.00 99,666.00 10,678.50 88,987.50
Total 1,582.00 494,375.00
Annual Gross Tax

2018 Rate Net Sales
142
Board Games 349.92 350.00 122,472.00 13,122.00 109,350.00
Total 1,944.00 607,500.00
Annual Gross Tax

2019 Rate Net Sales
Board Games 417.96 350.00 146,286.00 15,673.50 130,612.50
Total 2,322.00 725,625.00
Annual Gross Tax

2020 Rate Net Sales
Board Games 488.70 350.00 171,045.00 18,326.25 152,718.75
Discussion Groups 1,113.15 350.00 389,602.50 41,743.13 347,859.38
Church Activities 1,113.15 350.00 389,602.50 41,743.13 347,859.38
Total 2,715.00 848,437.50
Schedule B
Other Sales Revenue
OTHER SERVICES
Annual Rate Gross Sales Tax Net Sales

Demand Inclusion
2016 Hair Cut 157.17 200.00 31,433.50 3,367.88 28,065.63
Shampoo & Blow-dry 57.09 150.00 8,562.75 917.44 7,645.31
Iron/Curling 12.13 550.00 6,670.13 714.66 5,955.47
143
Regular Hot Oil 13.48 500.00 6,737.50 721.88 6,015.63
Organic Hot Oil 17.27 950.00 16,408.88 1,758.09 14,650.78
Hair Spa with Vials 5.76 1,450.00 8,348.38 894.47 7,453.91
Hair Spa with Cream 30.14 950.00 28,628.25 3,067.31 25,560.94
Powerdose 8.94 1,200.00 10,731.00 1,149.75 9,581.25
Keratheraphy Express 9.68 1,500.00 14,516.25 1,555.31 12,960.94
Keratheraphy Extreme 10.29 3,300.00 33,957.00 3,638.25 30,318.75
Traditional Perm 12.13 1,200.00 14,553.00 1,559.25 12,993.75
Hair Relax 6.37 2,200.00 14,014.00 1,501.50 12,512.50
Hair Rebond 19.23 3,800.00 73,083.50 7,830.38 65,253.13
Hair Color (roots) Deluxe 13.48 1,050.00 14,148.75 1,515.94 12,632.81
Hair Color (roots) Premium 17.27 1,250.00 21,590.63 2,313.28 19,277.34
Hair Color (full) Deluxe 32.71 1,450.00 47,425.88 5,081.34 42,344.53
Hair Color (full) Premium 5.76 1,550.00 8,924.13 956.16 7,967.97
Hair Highlights Deluxe 8.33 1,500.00 12,495.00 1,338.75 11,156.25
Hair Highlights Premium 12.13 2,000.00 24,255.00 2,598.75 21,656.25
Eye Makeup 12.13 600.00 7,276.50 779.63 6,496.88
Full Makeup 14.09 800.00 11,270.00 1,207.50 10,062.50
Hair and makeup 13.48 1,200.00 16,170.00 1,732.50 14,437.50
Eyebrow Threading 30.14 165.00 4,972.28 532.74 4,439.53
Eyebrow Waxing 12.13 210.00 2,546.78 272.87 2,273.91
Manicure 101.92 175.00 17,836.00 1,911.00 15,925.00
Foot Spa 101.31 350.00 35,457.63 3,799.03 31,658.59
Foot Reflex 126.30 350.00 44,204.13 4,736.16 39,467.97
Pedicure 96.90 210.00 20,348.48 2,180.19 18,168.28
Nail Art 41.04 150.00 6,155.63 659.53 5,496.09
Spa Massage 225.77 800.00 180,614.00 19,351.50 161,262.50
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Total 1,225.00 743,334.90 663,691.88
2017 Hair Cut 201.30 200.00 40,260.54 4,313.63 35,946.91
Shampoo & Blow-dry 73.12 150.00 10,967.31 1,175.07 9,792.24
Iron/Curling 15.53 550.00 8,543.21 915.34 7,627.86
Regular Hot Oil 17.26 500.00 8,629.50 924.59 7,704.91
Organic Hot Oil 22.12 950.00 21,016.76 2,251.80 18,764.96
Hair Spa with Vials 7.37 1,450.00 10,692.74 1,145.65 9,547.08
Powerdose 11.45 1,200.00 13,744.44 1,472.62 12,271.82
Hair Relax 8.16 2,200.00 17,949.36 1,923.15 16,026.21
Hair Rebond 24.63 3,800.00 93,606.54 10,029.27 83,577.27
Hair Color (full) Premium 7.37 1,550.00 11,430.17 1,224.66 10,205.50
Eye Makeup 15.53 600.00 9,319.86 998.56 8,321.30
Full Makeup 18.04 800.00 14,434.80 1,546.59 12,888.21
Hair and makeup 17.26 1,200.00 20,710.80 2,219.01 18,491.79
Eyebrow Waxing 15.53 210.00 3,261.95 349.49 2,912.46
Manicure 130.54 175.00 22,844.64 2,447.64 20,397.00
Foot Spa 129.76 350.00 45,414.71 4,865.86 40,548.84
145
Foot Reflex 161.76 350.00 56,617.37 6,066.15 50,551.22
Pedicure 124.11 210.00 26,062.66 2,792.43 23,270.23
Nail Art 52.56 150.00 7,884.23 844.74 7,039.49
Spa Massage 289.17 800.00 231,333.36 24,785.72 206,547.64
Total 1,569.00 952,075.48 850,067.39
2018 Hair Cut 247.49 200.00 49,498.14 5,303.37 44,194.77
Shampoo & Blow-dry 89.89 150.00 13,483.71 1,444.68 12,039.03
Iron/Curling 19.10 550.00 10,503.41 1,125.36 9,378.04
Regular Hot Oil 21.22 500.00 10,609.50 1,136.73 9,472.77
Organic Hot Oil 27.20 950.00 25,838.96 2,768.46 23,070.50
Powerdose 14.08 1,200.00 16,898.04 1,810.50 15,087.54
Hair Relax 10.03 2,200.00 22,067.76 2,364.40 19,703.36
Hair Rebond 30.29 3,800.00 115,084.14 12,330.44 102,753.70
Eye Makeup 19.10 600.00 11,458.26 1,227.67 10,230.59
Full Makeup 22.18 800.00 17,746.80 1,901.44 15,845.36
Hair and makeup 21.22 1,200.00 25,462.80 2,728.16 22,734.64
146
Eyebrow Waxing 19.10 210.00 4,010.39 429.68 3,580.71
Manicure 160.49 175.00 28,086.24 3,009.24 25,077.00
Foot Spa 159.53 350.00 55,834.91 5,982.31 49,852.59
Foot Reflex 198.88 350.00 69,607.97 7,458.00 62,149.97
Pedicure 152.58 210.00 32,042.62 3,433.14 28,609.48
Nail Art 64.62 150.00 9,693.23 1,038.56 8,654.67
Spa Massage 355.51 800.00 284,411.76 30,472.69 253,939.07
Total 1,929.00 1,170,524.92 1,045,111.53
2019 Hair Cut 295.60 200.00 59,120.64 6,334.35 52,786.29
Shampoo & Blow-dry 107.37 150.00 16,104.96 1,725.53 14,379.43
Iron/Curling 22.81 550.00 12,545.28 1,344.14 11,201.14
Regular Hot Oil 25.34 500.00 12,672.00 1,357.71 11,314.29
Organic Hot Oil 32.49 950.00 30,862.08 3,306.65 27,555.43
Powerdose 16.82 1,200.00 20,183.04 2,162.47 18,020.57
Hair Relax 11.98 2,200.00 26,357.76 2,824.05 23,533.71
Hair Rebond 36.17 3,800.00 137,456.64 14,727.50 122,729.14
147
Eye Makeup 22.81 600.00 13,685.76 1,466.33 12,219.43
Full Makeup 26.50 800.00 21,196.80 2,271.09 18,925.71
Hair and makeup 25.34 1,200.00 30,412.80 3,258.51 27,154.29
Eyebrow Threading 56.68 165.00 9,351.94 1,001.99 8,349.94
Eyebrow Waxing 22.81 210.00 4,790.02 513.22 4,276.80
Manicure 191.69 175.00 33,546.24 3,594.24 29,952.00
Foot Spa 190.54 350.00 66,689.28 7,145.28 59,544.00
Foot Reflex 237.54 350.00 83,139.84 8,907.84 74,232.00
Pedicure 182.25 210.00 38,271.74 4,100.54 34,171.20
Nail Art 77.18 150.00 11,577.60 1,240.46 10,337.14
Spa Massage 424.63 800.00 339,701.76 36,396.62 303,305.14
Total 2,304.00 1,398,076.42 1,248,282.51
2020 Hair Cut 339.87 200.00 67,973.34 7,282.86 60,690.48
Shampoo & Blow-dry 123.44 150.00 18,516.51 1,983.91 16,532.60
Iron/Curling 26.23 550.00 14,423.81 1,545.41 12,878.40
Regular Hot Oil 29.14 500.00 14,569.50 1,561.02 13,008.48
Organic Hot Oil 37.35 950.00 35,483.36 3,801.79 31,681.57
Powerdose 19.34 1,200.00 23,205.24 2,486.28 20,718.96
Hair Relax 13.77 2,200.00 30,304.56 3,246.92 27,057.64
Hair Rebond 41.59 3,800.00 158,039.34 16,932.79 141,106.55
148
Eye Makeup 26.23 600.00 15,735.06 1,685.90 14,049.16
Full Makeup 30.46 800.00 24,370.80 2,611.16 21,759.64
Hair and makeup 29.14 1,200.00 34,966.80 3,746.44 31,220.36
Eyebrow Threading 65.17 165.00 10,752.29 1,152.03 9,600.26
Eyebrow Waxing 26.23 210.00 5,507.27 590.06 4,917.21
Manicure 220.40 175.00 38,569.44 4,132.44 34,437.00
Foot Spa 219.07 350.00 76,675.31 8,215.21 68,460.09
Foot Reflex 273.11 350.00 95,589.17 10,241.70 85,347.47
Pedicure 209.54 210.00 44,002.54 4,714.56 39,287.98
Nail Art 88.74 150.00 13,311.23 1,426.20 11,885.02
Spa Massage 488.21 800.00 390,568.56 41,846.63 348,721.93
Total 2,649.00 1,607,423.80 1,435,199.82
149
150
Schedule C
Labor Cost
Gross Salaries of Employees
2016
Position No. of Personnel Compensation per Monthly Compensation Annual Compensation
Needed Employee
General Manager 1 600/day 14,400.00 172,800.00
Assisstant Manager 1 500/day 12,000.00 144,000.00
Physician 1 600/day 14,400.00 172,800.00
Maintenance and Repair 2 466/day 22,368.00 268,416.00
Crew
Service Crew 2 466/day 22,368.00 268,416.00
Receptionist 2 466/day 22,368.00 268,416.00
Security Gurad 3 466/day 33,552.00 402,624.00
2017
Needed Employee
General Manager 1 630/day 15,120.00 181,440.00
Assisstant Manager 1 525/day 12,600.00 151,200.00
Physician 1 630/day 15,120.00 181,440.00
Maintenance and Repair 2 489.31/day 23,486.88 281,842.56
Crew
Service Crew 2 489.31/day 23,486.88 281,842.56
151
Receptionist 2 489.31/day 23,486.88 281,842.56
Security Guard 3 489.31/day 35,230.32 422,763.84
2018
Needed Employee
General Manager 1 661.50/day 15,876.00 190,512.00
Assisstant Manager 1 551.25/day 13,230.00 158,760.00
Physician 1 661.50/day 15,876.00 190,512.00
Crew
Service Crew 2 513.78/day 24,661.44 295,937.28
2019
Needed Employee
Physician 1 694.58/day 16,669.92 200,039.04
Crew
Service Crew 2 539.47/day 25,894.56 310,734.72
2020
Needed Employee
152
Physician 1 729.31/day 17,503.44 210,041.28
Crew
Service Crew 2 566.44/day 27,189.12 326,269.44
EMPLOYEES
2016
PERS ONNEL S TATUS MONTHLY ANNUAL SSS PHILHEALTH HDMF WITHHOLDING NET PAY Fringe Annual
S ALARY S ALARY TAX Benefits Payment for
S alaries
General Manager S 14,400.00 172,800.00 5799.6 1500 2400 1426.67 161,673.73 14400.00 176,073.73
Assistant Manager S 12,000.00 144,000.00 4,800 1500 2400 963.33 134,336.67 12,000.00 146,336.67
Trainers S 12,000.00 144,000.00 4,800 1500 2400 963.33 134,336.67 12,000.00 146,336.67
Physician S 14,400.00 172,800.00 5799.6 1500 2400 1426.67 161,673.73 14,400.00 176,073.73
Maintenance and S 11,148.00 133,776.00 0 0 0 0 11,148.00 144,924.00

Repair Crew 133,776.00
Maintenance and S 11,148.00 133,776.00 0 0 0 0 133,776.00 11,148.00 144,924.00

Repair Crew
S ervice Crew S 11,148.00 133,776.00 0 0 0 0 133,776.00 11,148.00 144,924.00
S ervice Crew S 11,148.00 133,776.00 0 0 0 0 133,776.00 11,148.00 144,924.00
Receptionist S 11,148.00 133,776.00 0 0 0 0 133,776.00 11,148.00 144,924.00
153
Receptionist S 11,148.00 133,776.00 0 0 0 0 133,776.00 11,148.00 144,924.00
S ecurity Guard S 11,148.00 133,776.00 0 0 0 0 133,776.00 11,148.00 144,924.00
S ecurity Guard S 11,148.00 133,776.00 0 0 0 0 133,776.00 11,148.00 144,924.00
S ecurity Guard S 11,148.00 133,776.00 0 0 0 0 133,776.00 11,148.00 144,924.00
Total 153,132.00 1,837,584.00 21199.2 6000 9600 4,780.00 1,796,004.80 153,132.00 1,949,136.80
2017
S alaries
General Manager S 15,120.00 181,440.00 6,000 1,500 2400 1,567.33 169,972.67 15,120.00 185,092.67
Assistant Manager S 12,600.00 151,200.00 5,000.4 1,500 2400 1,079.99 141,219.61 12,600.00 153,819.61
Trainers S 12,600.00 151,200.00 5,000.4 1,500 2400 1,079.99 141,219.61 12,600.00 153,819.61
Physician S 15,120.00 181,440.00 6,000 1,500 2400 1,567.33 169,972.67 15,120.00 185,092.67

Repair Crew

Repair Crew
S ervice Crew S 11,743.44 140,921.28 0 0 0 0 140,921.28 11,743.44 152,664.72
S ervice Crew S 11,743.44 140,921.28 0 0 0 0 140,921.28 11,743.44 152,664.72
Receptionist S 11,743.44 140,921.28 0 0 0 0 140,921.28 11,743.44 152,664.72
Receptionist S 11,743.44 140,921.28 0 0 0 0 140,921.28 11,743.44 152,664.72
154
S ecurity Guard S 11,743.44 140,921.28 0 0 0 0 140,921.28 11,743.44 152,664.72
S ecurity Guard S 11,743.44 140,921.28 0 0 0 0 140,921.28 11,743.44 152,664.72
S ecurity Guard S 11,743.44 140,921.28 0 0 0 0 140,921.28 11,743.44 152,664.72
Total 161,130.96 1,933,571.52 22000.8 6000 9600 5,294.64 1,890,676.08 161,130.96 2,051,807.04
2018
S alaries
General Manager S 15,876.00 190,512.00 6000 1,500 2400 1718.53 178,893.47 15,876.00 194,769.47
Assistant Manager S 13,230.00 158,760.00 5199.6 1,500 2400 1,202.67 148,457.73 13,230.00 161,687.73
Trainers S 13,230.00 158,760.00 5199.6 1,500 2400 1,202.67 148,457.73 13,230.00 161,687.73
Physician S 15,876.00 190,512.00 6000 1,500 2400 1718.53 178,893.47 15,876.00 194,769.47

Repair Crew

Repair Crew
S ervice Crew S 12,330.72 190,512.00 0 0 0 0 147,968.64 12,330.72 160,299.36
S ervice Crew S 12,330.72 147,968.64 0 0 0 0 147,968.64 12,330.72 160,299.36
Receptionist S 12,330.72 147,968.64 0 0 0 0 147,968.64 12,330.72 160,299.36
Receptionist S 12,330.72 147,968.64 0 0 0 0 147,968.64 12,330.72 160,299.36
S ecurity Guard S 12,330.72 147,968.64 0 0 0 0 147,968.64 12,330.72 160,299.36
155
S ecurity Guard S 12,330.72 147,968.64 0 0 0 0 147,968.64 12,330.72 160,299.36
S ecurity Guard S 12,330.72 147,968.64 0 0 0 0 147,968.64 12,330.72 160,299.36
Total 169,188.48 2,126,139.84 22399.2 6000 9600 5,842.40 1,986,420.16 169,188.48 2,155,608.64
2019
S alaries
General Manager S 16,669.92 200,039.04 6000 1,500 2400 1877.98 188,261.06 16,669.92 204,930.98
Assistant Manager S 13,891.44 166,697.28 5600.4 1,500 2400 1328.28 155,868.6 13,891.44 169,760.04
Trainers S 13,891.44 166,697.28 5600.4 1,500 2400 1328.28 155,868.6 13,891.44 169,760.04
Physician S 16,669.92 200,039.04 6000 1,500 2400 1877.98 188,261.06 16,669.92 204,930.98

Repair Crew

Repair Crew
S ervice Crew S 12,947.28 155,367.36 0 0 0 0 155,367.36 12,947.28 168,314.64
S ervice Crew S 12,947.28 155,367.36 0 0 0 0 155,367.36 12,947.28 168,314.64
Receptionist S 12,947.28 155,367.36 0 0 0 0 155,367.36 12,947.28 168,314.64
Receptionist S 12,947.28 155,367.36 0 0 0 0 155,367.36 12,947.28 168,314.64
S ecurity Guard S 12,947.28 155,367.36 0 0 0 0 155,367.36 12,947.28 168,314.64
S ecurity Guard S 12,947.28 155,367.36 0 0 0 0 155,367.36 12,947.28 168,314.64
S ecurity Guard S 12,947.28 155,367.36 0 0 0 0 155,367.36 12,947.28 168,314.64
156
Total 177,648.24 2,131,778.88 23200.8 6000 9600 6,412.52 2,086,565.56 177,648.24 2,264,213.80
2020
PERSONNEL STATUS MONTHLY ANNUAL SSS PHILHEALTH HDMF WITHHOLDING NET PAY Fringe Annual
SALARY SALARY TAX Benefits Payment for
Salaries
General S 17,503.44 210,041.28 6000 1,500 2400 2,086.36 198,054.92 17,503.44 215,558.36
Manager
Assistant S 14,586.00 175,032.00 5799.6 1,500 2400 1,463.87 163,868.53 14,586.00 178,454.53
Manager
Trainers S 14,586.00 175,032.00 5799.6 1,500 2400 1,463.87 163,868.53 14,586.00 178,454.53
Physician S 17,503.44 210,041.28 6000 1,500 2400 2,086.36 198,054.92 17,503.44 215,558.36
Maintenance S 13,594.56 163,134.72 0 0 0 0 163,134.72 13,594.56 176,729.28

and Repair
Crew
Maintenance S 13,594.56 163,134.72 0 0 0 0 163,134.72 13,594.56 176,729.28

and Repair
Crew
Service Crew S 13,594.56 163,134.72 0 0 0 0 163,134.72 13,594.56 176,729.28
Service Crew S 13,594.56 163,134.72 0 0 0 0 163,134.72 13,594.56 176,729.28
Receptionist S 13,594.56 163,134.72 0 0 0 0 163,134.72 13,594.56 176,729.28
Receptionist S 13,594.56 163,134.72 0 0 0 0 163,134.72 13,594.56 176,729.28
157
Security Guard S 13,594.56 163,134.72 0 0 0 0 163,134.72 13,594.56 176,729.28
Security Guard S 13,594.56 163,134.72 0 0 0 0 163,134.72 13,594.56 176,729.28
Security Guard S 13,594.56 163,134.72 0 0 0 0 163,134.72 13,594.56 176,729.28
Total 186,529.92 2,238,359.04 23599.2 6000 9600 7,100.46 2,192,059.38 186,529.92 2,378,589.30
Employer Contributions
2016
PERSONNEL STATUS MONTHLY ANNUAL SSS PHILHEALTH HDMF TOTAL EMPLOYER

SALARY SALARY EC ER CONTRIBUTIONS
General S 14,400.00 172,800.00 120.00 12,296.40 1,500.00 2400.00 16,316.40
Manager
Assistant S 12,000.00 144,000.00 120.00 10,176.00 1,500.00 2400.00 14,196.00

Manager
Trainers S 12,000.00 144,000.00 120.00 10,176.00 1,500.00 2400.00 14,196.00
Physician S 14,400.00 172,800.00 12,296.40 1,500.00 2400.00 16,316.40

120.00
158
Maintenance S 11,148.00 133,776.00 - - - - -
and Repair
Crew
Maintenance S 11,148.00 133,776.00 - - - - -

and Repair
Crew
Service Crew S 11,148.00 133,776.00 - - - - -
Service Crew S 11,148.00 133,776.00 - - - - -
Receptionist S 11,148.00 133,776.00 - - - - -
Receptionist S 11,148.00 133,776.00 - - - - -
Security Guard S 11,148.00 133,776.00 - - - - -
Security Guard S 11,148.00 133,776.00 - - - - -
Security Guard S 11,148.00 133,776.00 - - - - -
Total 153,132.00 1,837,584.00 480 44,944.80 6 9600 61,024.80

,
0
0
0
.
0
0
159
2017
General S 15,120.00 181,440.00 360.00 12,720.00 1,500.00 2400.00 16,980.00
Manager
Assistant S 12,600.00 151,200.00 120.00 10,599.6 1,500.00 2400.00 14,619.60

Manager
Trainers S 12,600.00 151,200.00 120.00 10,599.6 1,500.00 2400.00 14,619.60
Physician S 15,120.00 181,440.00 360.00 12,720.00 2400.00 16,980.00

1,500.00
Maintenance S 11,743.44 140,921.28 - - - - -
and Repair
Crew
Maintenance S 11,743.44 140,921.28 - - - - -

and Repair
Crew
Service Crew S 11,743.44 140,921.28 - - - - -
Service Crew S 11,743.44 140,921.28 - - - - -
Receptionist S 11,743.44 140,921.28 - - - - -
Receptionist S 11,743.44 140,921.28 - - - - -
Security Guard S 11,743.44 140,921.28 - - - - -
Security Guard S 11,743.44 140,921.28 - - - - -
Security Guard S 11,743.44 140,921.28 - - - - -
160
Total 227,424.96 3,867,143.04 960 46,639.20 6,000.00 9600 63,199.20
2018
General S 15,876.00 190,512.00 360.00 12,720.00 1,500.00 2,400.00 16,980.00
Manager
Assistant S 13,230.00 158,760.00 120.00 11,024.4 1,500.00 2,400.00 15,044.40

Manager
Trainers S 13,230.00 158,760.00 120.00 11,024.4 1,500.00 2,400.00 15,044.40
Physician S 15,876.00 190,512.00 12,720.00 1,500.00 2,400.00 16,980.00

360.00
Maintenance S 12,330.72 190,512.00 - - - - -
and Repair
Crew
Maintenance S 12,330.72 158,760.00 - - - - -

and Repair
Crew
Service Crew S 12,330.72 190,512.00 - - - - -
Service Crew S 12,330.72 147,968.64 - - - - -
Receptionist S 12,330.72 147,968.64 - - - - -
Receptionist S 12,330.72 147,968.64 - - - - -
Security Guard S 12,330.72 147,968.64 - - - - -
Security Guard S 12,330.72 147,968.64 - - - - -
161
Security Guard S 12,330.72 147,968.64 - - - - -
Total 169,188.48 2,126,139.84 960 47,488.80 6,000.00 9600 64,048.80
2019
General S 16,669.92 200,039.04 1,500.00 2,400.00 16,980.00
Manager 360.00 12,720.00
Assistant S 13,891.44 166,697.28 120.00 11,871.6 1,500.00 2,400.00 15,891.60

Manager
Trainers S 13,891.44 166,697.28 120.00 11,871.6 1,500.00 2,400.00 15,891.60
Physician S 16,669.92 200,039.04 360.00 1,500.00 2,400.00 16,980.00

12,720.00
Maintenance S 12,947.28 155,367.36 - - - - -
and Repair
Crew
Maintenance S 12,947.28 155,367.36 - - - - -

and Repair
Crew
Service Crew S 12,947.28 155,367.36 - - - - -
Service Crew S 12,947.28 155,367.36 - - - - -
Receptionist S 12,947.28 155,367.36 - - - - -
Receptionist S 12,947.28 155,367.36
Security Guard S 12,947.28 155,367.36
162
Security Guard S 12,947.28 155,367.36
Security Guard S 12,947.28 155,367.36
Total 177,648.24 2,131,778.88 960 49,183.20 6,000.00 9600 65,743.20
2020
General S 17,503.44 210,041.28 360 12720 1,500 2,400.00 16,980.00
Manager
Assistant S 14,586.00 175,032.00 120 12,296.4 1,500 2,400.00 16,316.40

Manager
Trainers S 14,586.00 175,032.00 120 12,296.4 1,500 2,400.00 16,316.40
Physician S 17,503.44 210,041.28 360 12720 1,500 2,400.00 16,980.00
Maintenance S 13,594.56 163,134.72 - - - -

and Repair -
Crew
163
Maintenance S 13,594.56 163,134.72 - - - - -
and Repair
Crew
Service Crew S 13,594.56 163,134.72 - - - - -
Service Crew S 13,594.56 163,134.72 - - - - -
Receptionist S 13,594.56 163,134.72 - - - - -
Receptionist S 13,594.56 163,134.72
Security Guard S 13,594.56 163,134.72
Security Guard S 13,594.56 163,134.72
Security Guard S 13,594.56 163,134.72
Total 186,529.92 2,238,359.04 960 50,032.80 6,000.00 9600 66,592.80
164
TOTAL EMPLOYER CONTRIBUTIONS
ER Contributions 2016 2017 2018 2019 2020
SSS 44,944.80 46,639.20 47,488.80 49,183.20 50,032.80
EC 480.00 960 960 960 960
PHILHEALTH 6,000.00 6,000.00 6,000.00 6,000.00 6,000.00
HDMF 9600 9600 9600 9600 9600
TOTAL ER Contributions 61,024.80 63,199.20 64,048.80 65,743.20 66,592.80
165
Fringe Benefits
2016 2017 2018

PERSONNEL STATUS 13th Month Pay PERSONNEL STATUS 13th Month Pay PERSONNEL STATUS 13th Month Pay
General S 14,400.00 General S 15,120.00 General S 15,876.00
Manager Manager Manager
Assistant S 12,000.00 Assistant S 12,600.00 Assistant S 13,230.00

Manager Manager Manager
Trainers S 12,000.00 Trainers S 12,600.00 Trainers S 13,230.00
Physician S 14,400.00 Physician S 15,120.00 Physician S 15,876.00

Maintenance S 11,148.00 Maintenance S 11,743.44 Maintenance S 12,330.72
and Repair and Repair and Repair
Crew Crew Crew
Maintenance S 11,148.00 Maintenance S 11,743.44 Maintenance S 12,330.72
and Repair and Repair and Repair
Crew Crew Crew
Service Crew S 11,148.00 Service Crew S 11,743.44 Service Crew S 12,330.72
Service Crew S 11,148.00 Service Crew S 11,743.44 Service Crew S 12,330.72
Receptionist S 11,148.00 Receptionist S 11,743.44 S
Receptionist 12,330.72
Receptionist S 11,148.00 Receptionist S 11,743.44 S
Receptionist 12,330.72
Security S 11,148.00 Security S 11,743.44 S
Security 12,330.72
Guard Guard Guard
Security S 11,148.00 Security S 11,743.44 S
Security 12,330.72
Guard Guard Guard
166
Security S 11,148.00 Security S 11,743.44 Security S 12,330.72
Guard 2019 Guard 2020Guard
PERSONNEL STATUS 13th Month Pay PERSONNEL STATUS 13th Month Pay
Total General Manager S 153,132.00 16,669.92
Total 161,130.96
General Manager S Total 17,503.44 169,188.48
Assistant S 13,891.44 Assistant S 14,586.00

Manager Manager
Trainers S 13,891.44 Trainers S 14,586.00
Physician S 16,669.92 Physician S 17,503.44
Maintenance and S 12,947.28 Maintenance and S 13,594.56

Repair Crew Repair Crew
Maintenance and S 12,947.28 Maintenance and S 13,594.56

Repair Crew Repair Crew
Service Crew S 12,947.28 Service Crew S 13,594.56
Service Crew S 12,947.28 Service Crew S 13,594.56
Receptionist S 12,947.28 Receptionist S 13,594.56
Receptionist S 12,947.28 Receptionist S 13,594.56
Security Guard S 12,947.28 Security Guard S 13,594.56

Total 177,648.24 Total 186,529.92
167
168
Monthly Withholding Tax Payable
2016
General Assistant Trainer Physician
manager Manager
Monthly Gross 14,400.00 12,000.00 12,000.00 14,400.00
Compensation
Less; Deductions 808.3 725 725 808.3
Net Taxable Income 13,591.70 11,275.00 11,275.00 13,591.70
Less: Exemption 10,000 10,000 10,000 10,000
Tax Base 3,591.70 1,275.00 1,275.00 3,591.70
% computation .2 .2 .2 .2
Gross Tax Due 718.34 255 255 718.34
Add: Basic Withholding 708.33 708.33 708.33 708.33
Tax
Withholding Tax Due 1426.67 963.33 963.33 1426.67
2017
manager Manager
Monthly Gross 15,120.00 12,600.00 12,600.00 15,120.00
Compensation
Less; Deductions 825 741.7 741.7 825
Less: Exemption 10,000 10,000 10,000 10,000
Tax Base 4,295.00 1,858.30 1,858.30 4,295.00
Gross Tax Due 859 371.66 371.66 859
Tax
2018
manager Manager
Monthly Gross 15,876.00 13,230.00 13,230.00 15,876.00
Compensation
Less; Deductions 825 758.3 758.3 825
Less: Exemption 10,000 10,000 10,000 10,000
Tax Base 5,051.00 2,471.70 2,471.70 5,051.00
169
Gross Tax Due 1010.2 494.34 494.34 1010.2
Tax
2019
manager Manager
Monthly Gross 16,669.92 13,891.44 13,891.44 16,669.92
Compensation
Less; Deductions 825 791.7 791.7 825
Less: Exemption 15,833 10,000 10,000 15,833
Tax Base 11.92 3,099.74 3,099.74 11.92
Gross Tax Due 2.384 619.948 619.948 2.384
Add: Basic Withholding 1875 708.33 708.33 1875
Tax
2020
manager Manager
Monthly Gross 17,503.44 14,586.00 14,586.00 17,503.44
Compensation
Less; Deductions 825 808.3 808.3 825
Less: Exemption 15,833 10,000 10,000 15,833
Tax Base 845.44 3,777.70 3,777.70 845.44
Gross Tax Due 169.088 755.54 755.54 169.088
Add: Basic Withholding 1875 708.33 708.33 1875
Tax
170
Remittances
SSS
2016 2017 2018 2019 2020
Employee 21199.2 22000.8 22399.2 23200.8 23599.2
Employer 44,944.80 46,639.20 47,488.80 49,183.20 50,032.80
TOTAL 66144 68640 69888 72384 73632
Paid (11 months) 60632 62920 64064 66352 67496
Payable 5512 5720 5824 6032 6136
EC
2014 2015 2016 2017 2018
Employer 480 960 960 960 960
Paid (11 months) 440 880 880 880 880
Payable 40 80 80 80 80
PHILHEALTH
2014 2015 2016 2017 2018
Employee 6,000 6,000 6,000 6,000 6,000
Employer 6,000 6,000 6,000 6,000 6,000
TOTAL 12000 12000 12000 12000 12000
Paid (11 months) 11000 11000 11000 11000 11000
Payable 1000 1000 1000 1000 1000
171
HDMF
2016 2017 2018 2019 2020
Employee 9600 9600 9600 9600 9600
Employer 9600 9600 9600 9600 9600
TOTAL 19,200 19,200 19,200 19,200 19,200
Paid (11 months) 17,600.00 17,600.00 17,600.00 17,600.00 17,600.00
Payable 1,600.00 1,600.00 1,600.00 1,600.00 1,600.00
Withholding Tax
2016 2017 2018 2019 2020
Employer 57,360 63,535.68 70,108.8 76,935.84 84,191.04
Paid (11 months) 52580 58241.04 64266.4 70524.52 77175.12
Payable 4,780 5,295 5,842 6,411 7,016
Schedule D
Utilities
Projected Utilities Expense
Utilities 2016 2016 2017 2018 2019
Electrical 600,933.00 618,960.99 637,529.82 656,655.75 676,355.38
Water 11,667.72 11,783.67 11,900.34 12,022.83 12,133.68
Telephone and 23,976.00 23,976.00 23,976.00 23,976.00 23,976.00

Internet
172
Annual 636,576.72 654,720.66 673,406.16 692,654.58 712,465.06
Utilities
Expense
Equipment Qty Wattage (kW) Hrs Commercial Daily Cost Annual Cost
/day Rate per kWh
LED bulbs 22 0.020 3 10.10 13.33 3999.00
LED bulbs 19 0.020 12 10.10 46.06 13,818.00
LED bulbs 6 0.020 12 10.10 14.54 4,362.00
Air conditioner 8 0.600 12 10.10 581.76 174,528.00
Electric Fan 8 0.024 8 10.10 15.51 4,653.00
CCTV 12 0.135 24 10.10 392.69 117,807.00
Office Computers 8 0.225 12 10.10 218.16 65,448.00
Vacuum 1 1.100 4 10.10 44.44 13,332.00
Printer 1 0.175 12 10.10 21.21 6,363.00
Television 20” 4 0.156 12 10.10 75.63 22,689.00
Television 60” 1 0.474 4 10.10 19.15 5,745.00
Wii 1 0.018 4 10.10 0.73 219.00
Home Theatre 1 0.474 4 10.10 19.15 5,745.00
Water Dispenser 3 0.040 12 10.10 14.54 4,362.00
Microphone 3 0.200 4 10.10 24.24 7,272.00
Speakers 2 0.400 4 10.10 32.32 9,696.00
Treadmill 6 0.605 4 10.10 146.65 43,995.00
ANNUAL ELECTRICITY EXPENSE
Equipment Qty. Wattage Hrs./ Commercial Daily Cost Annual Cost

Day Rate per
(kW) kWh
Refrigerator 1 0.700 24 10.10 169.68 50,904.00
173
Blower 2 1.800 4 10.10 145.44 43,632.00
Curling Iron 1 0.040 4 10.10 1.62 486.00
Foot Spa Machine 2 0.060 4 10.10 4.85 1,455.00
Hair Straightner 1 0.035 4 10.10 1.41 423.00
Total 5.65199 2,003.11 600,933.00
Projected Annual Electricity Consumption
2016 600,933.00
2017 618,960.99
2018 637,529.82
2019 656,655.71
2020 676,355.38
Projected Annual Water Consumption
Year Consumption in Annual Environmental Vat Annual Water

m3per month Basic Charge Consumption
Charge Cost
2016 20 8,680.80 1,736.80 1,250.12 11,667.72
2017 20.20 8,767.61 1,753.52 1,262.54 11,783.67
2018 20.40 8,854.42 1,770.88 1,275.04 11,900.34
2019 20.61 8,945.56 1,789.11 1,288.16 12,022.83
2020 20.80 9,028.03 1,805.61 1,300.04 12,133.68
Subscription Plan Monthly Bill Annual Cost
SMARTbro Plan 999 999 11,988.00
Telephone Bill 999 11,988.00

Total 1,998.00 23,976.00
174
Projected Annual Telecommunication Expense
2016 23,976.00
2017 23,976.00
2018 23,976.00
2019 23,976.00
2020 23,976.00
Schedule E
Licenses & Taxes
SEC Fees 2,660

BIR Fees 615
Mayor's Permit 43,067
Barangay 1,000
Clearance
Community Tax 500
TOTAL 47,842
Schedule F
Supplies
Purchase Schedule 2016 2017 2018 2019 2020

Total Supplies for year 2016 147,074.90
Supplies used last year(90%) 132367.41 137,315.95 142,850.80 149,279.08
Multiply: 1+ inflation rate 1.05 1.05 1.05 1.05
Purchases 147,074.90 138,985.78 144,181.75 149,993.34 156,743.03
Multiply: 100/112 100/112 100/112 100/112 100/112
Purchases(VAT Exclusive) 131,316.88 123,094.45 128,733.70 133,922.62 139,949.13
Expense Schedule 2016 2017 2018 2019 2020

Beginning Balance 13,131.69 13,622.61 14,171.71 14,809.43
Purchases 131,316.88 123,094.45 128,094.45 133,922.62 139,949.13
Total Supplies 131,316.88 136,226.14 141,717.06 148,094.33 154,758.56
Multiply:
Percentage of Supplies Used 90% 90% 90% 90% 90%
Supplies Expense 118,185.19 122,603.53 127,545.35 133,284.90 139,282.70
Ending Inventory
Schedule 2016 2017 2018 2019 2020
Beginning Balance 13,131.69 13,622.61 14,171.71 14,809.43
175
Purchases 131,316.88 123,094.45 128,094.45 133,922.62 139,949.13
Total Supplies 131,316.88 136,226.14 141,717.06 148,094.33 154,758.56
Supplies Expense 118,185.19 122,603.53 127,545.35 133,284.90 139,282.70
Ending Inventory 13,131.69 13,622.61 14,171.71 14,809.43 15,475.86
Schedule G
Depreciation
Office Equipments,Salon Equipments,Cleaning Equipment,Ente rtainment Equipment

Year Annual Depreciation Accumulated Depreciation Current Value
0 Aquisition Cost 779,475
1 140,305.51 140,305.51 639169.49
2 140,305.51 280,611.02 498863.98
3 140,305.51 420,916.53 358558.47
4 140,305.51 561,222.04 218252.96
5 140,305.51 701,527.55 77947.45
Medical Equipment,Audio Musical,Sports Equipment,Kitchen

0 Aquisition Cost 455,728.57
1 41,015.57 41,015.57 414713
2 41,015.57 82,031.14 373697.43
3 41,015.57 123,046.71 332681.86
4 41,015.57 164,062.28 291666.29
5 41,015.57 205,077.85 250650.72
Furnitures
Year Annual Accumulated Depreciation Current
Depreciation Value
0 Aquisition Cost
184,533.04
1 16,607.97 16,607.97 167,925.07
2 16,607.97 33,215.94 151,317.10
3 16,607.97 49,823.91 134,709.13
4 16,607.97 66,431.88 118,101.16
5 16,607.97 83,039.85 101,493.19
176
Total Depreciation per
Year
Equipment 181,321.08
Furnitures & Fixtures 16,607.97
Total Depreciation per 197,929.05
Year
Building
0 Aquisition Cost 40,880,000
1 1,839,600.00 1,839,600.00 39,040,400.0
2 1,839,600.00 3,679,200.0 37,200,800.0
3 1,839,600.00 5,518,800.0 35,361,200.0
4 1,839,600.00 7,358,400.0 33,521,600.0
5 1,839,600.00 9,198,000.00 31,682,000.0
Yearly Building Depreciation 1,839,600.00
Schedule H
Advertising Expense
Advertising Expense 2016 2017 2018 2019 2020
Promotional Banners 6,300.00 3150 - - -
Tarpaulin (12ft)- 360.00 - - - -

Entrance
Tarpaulin Banner 300.00 - - - -
Handout flyers 3,000.00 1,575.00 1,653.75 - -
Subscription forms 3,000.00 2,835.00 2,679.08 2,531.73 2,392.48
Brochures 8,000.00 7,560.00 7,144.20 6,751.27 6,379.95
Fan 1,500.00 1,575.00 1,653.75 1,736.44 1,823.26
TOTAL 22,460.00 16,695.00 13,130.78 11,019.44 10,595.69
177
Schedule I
Repairs and Maintenance
Depreciation 1,997,968.65
Multiply: Allowance for Repairs and 5%
Maintenance
Repairs and Maintenance(VAT Included) 99898.4325
Multiply: 100/112
Repairs and Maintenance(VAT Excluded) 8,836.12
Multiply: quarters in a year 4
Annual Repair and Maintenance 356,780.12
Schedule J
Miscellaneous Expense
Miscellaneous Expense
Quantity Unit Cost Total Cost
Receipts Printing 10 250.00 2,500.00
Name Plate 16 25.00 400.00
Uniform 32 120.00 3,840.00
Sign for Restrooms 8 40.00 320.00
Sign for Open or Close 1 65.00 65.00
Sign for No Smoking 3 35.00 105.00
Sign for Wet Floor 3 300.00 900.00
Sign for Fire Exit 1 40.00 40.00
Detergent 96 90.00 8,640.00
Bleach 192 80.00 15,360.00
Dishwashing Liquid 25 50.00 1,250.00
Air Freshners 192 100.00 19,200.00
Bygon 144 200.00 28,800.00
Candles 1728 3.00 5,184.00
TOTAL 86,604.00
2016 2017 2018 2019 2020

Miscellaneous Expense 86,604.00 86,604.00 90,934.20 95,480.91 100,255.00
Multiply:
1+ Inflation Rate 1.05 1.05 1.05 1.05
Total 86,604 90,934.2 95,480.91 100,255.00 105,267.80
178
Schedule K
Equipments
Office Medical Audio Sport Kitchen Beauty Cleaning Entertainment Total Cost of
equipment Equipment Musical Equipment Equipment Equipment Equipment Equipment Equipment
Acquisition Cost
710,174.00 11,947.00 80,478.00 180,137.00 237,854.00 69,440.00 5,398.00 88,000.00 1,383,428.00
Multiply 100/112 100/112 100/112 100/112 100/112 100/112 100/112 100/112 100/112
Cost of Equipment (VAT 634,083.93 10,666.96 71,855.36 160,836.61 212,369.64 62,000.00 4,819.64 78,571.43 1,235,203.57
exclusive)
Accumulated Depreciation 114,135.11 960.03 6,466.98 14,475.29 19,113.27 11,160.00 867.54 14,142.86 181,321.08
Book Value, December 31, 519,948.82 9,706.93 65,388.38 146,361.32 193,256.37 50,840.00 3,952.10 64,428.57 1,053,882.49
2016
Book Value, December 31, 405,813.71 8,746.90 58,921.40 131,886.03 174,143.10 39,680.00 3,084.56 50,285.71 872,561.41
2017
Book Value, December 31,
2018 291,678.60 7,786.87 52,454.42 117,410.74 155,029.83 28,520.00 2,217.02 36,142.85 691,240.33
2019 177,543.49 6,826.84 45,987.44 102,935.45 135,916.56 17,360.00 1,349.48 21,999.99 509,919.25
2020 63,408.38 5,866.81 39,520.46 88,460.16 116,803.29 6,200.00 481.94 7,857.13 328,598.17
179
Schedule L
Furnitures and Fixtures
2016 2017 2018 2019 2020

Total Cost of Equipment
206,677.00
Multiply 100/112
Cost of Equipment (VAT
Exclusive) 184,533.04 184,533.04 184,533.04 184,533.04 184,533.04
Accumulated Depreciation 16,607.97 33215.94 49823.91 66431.88 83039.85
Book Value, December 31, 167,925.07 151,317.10 134,709.13 118,101.16 101,493.19
Scheddule M
VAT Payable
Revenue from Organized Physical Sched 3,211,031.25 4,112,741.25 5,056,391.25 6039360 7,061,647.50
Activities A
Revenue from Organized Educational 3211031.25 4112741.25 5056391.25 6036738.75 7059026.25
Activities
Revenue From Social Activities 385937.5 494375 607500 725625 848437.5
Revenue from Other Activities 663691.88 850067.39 1045111.53 1248282.51 1435199.82
OUTPUT VAT
Revenue from Organized Physical Sched 385,323.75 493,528.95 606,766.95 724,723.20 847,397.70
Activities A
180
Revenue from Organized Educational 385,323.75 493,528.95 606,766.95 724,408.65 847,083.15
Activities
Revenue From Social Activities 46,312.50 59,325.00 72,900.00 87,075.00 101,812.50
Revenue from Other Activities 79,643.03 102,008.09 125,413.38 149,793.90 172,223.98
TOTAL 896603.0256 1148390.987 1411847.284 1686000.751 1968517.328
INPUT VAT
Supplies 15,758.03 14,891.33 15,448.04 16,070.72 16,793.90
Furnitures and Fixtures 22,143.96
Equipment 148,224.43
Repairs and Maintenance - 42,813.61 42,813.61 42,813.61 42,813.61
TOTAL 283,947.33 57704.94 58261.65 58884.33 59607.51
Net Tax 612655.6956 1090686.047 1353585.634 1627116.421 1908909.818

Remittance 561601.0543 999795.5429 1240786.831 1491523.386 1749834
Vat Payable 51054.6413 90890.5039 112798.8028 135593.0351 159075.8182
Schedule N
Changes in Partners Capital
2016 2017 2018 2019 2020
Capital, beginning 87,895,690.48 88,933,750.36 91,198,546.43 94,907,333.00 100,116,045.00
Add: Net Income After Tax 1,638,059.88 2,864,796.07 4,308,786.5 5,808,712.04 7,352,162.79
Less: Withdrawals 600,000.00 600,000 600,000 600,000 600,000
181
Capital, End 88,933,750.36 91,198,546.43 94,907,332.93 100,116,045.00 106,868,207.80
182
A. Financial Evaluation Measures
 Return on Investment
Return on investment is an important indicator because it allows you to evaluate the profit the
business will earn if they invest it in the business. It is computed using the following formula:
Net Income after Tax
ROI =
Average Assets
2016 2017 2018 2019 2020
1,638,059.88 2,864,796.07 4,308,786.48 5,808,712.04 7,352,162.79
89,707,914.41 91,119,408.27 94,706,001.36 99,818,654.80 106,475,125.80
= 1.83% = 3.14% = 4.55% = 5.82% = 6.91%
Analysis:
TLC had a 1.83% ROI in the first year which means that it has earn .183 cents on each peso tied
up in the business. For the next five years, it is expected that the return per peso of TLC will have an
increase in the productivity of the assets by generating more income. On the other hand, increasing return
on investment means that it could attract possible competitors to participate in the said market.
 Turnovers
a. Fixed Assets Turnover
This measure determines the number of times investments in fixed assets are reinvested in sales.
It is computed using the following formula:
Sales
Fixed Asset Turnover =
Net Fixed Assets
2016 2017 2018 2019 2020
9,569,924.89 11,765,394.03 14,050,006.26 16,404,311.07
7,471,691.88 83,224,273.51 81,187,149.46 79,149,620.41 78,112,091.36
183
85,262,207.56
= 0.11 = 0.14 = 0.18 = 0.21
= 0.09
Analysis:
Based on the figures above, it showed that the company is expected to be efficient every . It yields
an increasing manner of fixed asset utilization because of its increasing fixed asset turnover yearly.
b. Total Asset Turnover

Total asset turnover determines whether a business enterprise is efficiently employing its total
assets to obtain sales revenue. It is computed using the following formula:
Sales
Total asset turnover =
Total Assets
2016 2017 2018 2019 2020
7,471,691.88 9,569,924.89 11,765,394.03 14,050,006.26 16,404,311.07
89,707,914.41 92,530,902.12 96,881,100.60 102,756,209.00 110,194,042.50
= 0.08 = 0.10 = 0.12 = 0.14 = 0.15
Analysis:
Figures showed that TLC had an increasing total asset turnover . It means that TLC had
implemented reasonable measures to obtain sufficient sales over the 5-year time period.
 Liquidity Ratios
These are the ratios that show the relationship of the company’s cash and other current assets to
its current liabilities.
a. Net Working Capital

It is used to determine the current assets available for operations. It is computed using the
following formula:
184
Net Working Capital = Current Assets − Current Liabilities
Year Current Assets Current Liabilities Net Working Capital
2016 4,445,706.85 774,164.04 3,671,542.81
2017 9,306,628.61 1,332,355.25 7,974,273.36
2018 15,693,950.71 1,973,767.60 13,720,183.11
2019 23,606,588.59 2,640,164.06 20,966,424.53
2020 32,081,951.14 3,325,834.73 28,756,166.41
Analysis:
Table above showed that there is a large amount of current assets available for the operations.
However, it can be observed that working capital is increasing from the start because of an increase on its
current assets every year while current liabilities are increasing in a minimal manner.
b. Current Asset Ratio

This measure determines the adequacy of working capital or the ability to meet current obligations.
The higher the ratio, the more capable the company is in paying its obligations. It is solve using the
following formula:
Current Asset
Current Asset Ratio =
Current Liabilities
Year Current Assets Current Liabilities Current Asset Ratio
2016 4,445,706.85 774,164.04 5.74
2017 9,306,628.61 1,332,355.25 6.99
2018 15,693,950.71 1,973,767.60 7.95
2019 23,606,588.59 2,640,164.06 8.94
2020 32,081,951.14 3,325,834.73 9.65
Analysis
185
Table above showed that current asset ratio of TLC is high and there is a recognizable increase on
the ratio. The current asset ratio throughout the 5-year period is above 1 ,thus the business is able to meet
all its current obligations.
c. Quick Test Ratio

Quick or acid test ratio is a more stringent test of ability to pay current obligations as they come
due. It is solved using the following formula:
Quick Assets
Quick Test Ratio =
Current Liabilities
Year Current Assets Current Liabilities Quick Asset Ratio
2016 4,445,706.85 774,164.04 5.74
2017 9,306,628.61 1,332,355.25 6.99
2018 15,693,950.71 1,973,767.60 7.95
2019 23,606,588.59 2,640,164.06 8.94
2020 32,081,951.14 3,325,834.73 9.65
Analysis
Table above showed that current asset ratio of TLC is high and there is a recognizable increase on
the ratio. The current asset ratio throughout the 5-year period is above 1 ,thus the business is able to
meet all its current obligations.
 Profitability Ratios
These ratios would show the net result of the policies and decisions the management did in the
current period.
a. Net Profit Margin on Sales

Net profit margin shows the earnings generated from revenue and is a key indicator of operating
performance. It is computed using the following formula:
Net Income
Net Profit Margin =
Sales
186
Year Net Income Sales Profit Margin on Sales
2016 1,638,059.88 7,471,691.88 0.2192
2017 2.864,796.07 9,569,924.89 0.2994
2018 4,308,786.48 11,765,394.03 0.3662
2019 5,808,712.04 14,050,006.26 0.4134
2020 7,352,162.79 16,404,311.07 0.4482
Analysis:
Table showed that the profit margin on sales is increasing, which means that the business has an
increasing trend in the earning power.
b. Return on Equity
This measures the rate of return on the partners’ investment. It is computed using the following
formula:
Net Income
ROE =
Equity
Year Net Income Equity Return on Equity
2016 1,638,059.88 88,933,750.36 0.0184
2017 2,864,796.07 91,198,546,43 0.0314
2018 4,308,786.48 94,907,332.93 0.0454
2019 5,808,712.04 100,116,045.00 0.0580
2020 7,352,162.79 106,868,207.80 0.0688
Analysis:
Table showed that the return on every peso investment of the partners is increasing every year
because of the increase in net income and equity.
c. Basic Earning Power
187
This ratio indicates the ability of the firm’s assets to generate operating income. It is computed
using the following formula:
Earnings before interest and Taxes
EBIT =
Average Total Assets
Year EBIT Average Total Profit Margin on Sales

Assets
2016 2,340,085.54 89,707,914.41 0.0261
2017 4,092,565.82 91,119,408.27 0.0449
2018 6,155,409.26 94,706,001.36 0.0650
2019 8,298,160.06 99,818,654.80 0.0831
2020 10,503,089.70 106,475,125.80 0.0986
Analysis:
Table showed that the raw earning power of the firm’s assets before the influence of taxes and
leverage is increasing during the 5-year period due to increasing income and assets of the business.
 Breakeven Analysis
Breakeven point is the point at which total sales will just cover total costs – no profit
Fixed Costs
Breakeven point =
Sales net of Variable Costs
Physical Activities
Year Fixed Costs* Sales Revenue Variable Cost* Breakeven Point
2016 649,481.00 3,211,031.25 861,282.81 16,358.74
2017 716,116.07 4,112,741.25 85.92 13,161.62
2018 718,341.62 5,056,391.25 84.91 13,441.47
2019 719,103.45 6,039,360.00 83.85 13,818.79
2020 719,903.38 7,061,647.50 82.76 14,221.39
Educational Activities
188
2016 649,481.00 3,211,031.25 86.89 16,358.74
2017 716,116.07 4,112,741.25 85.92 13,161.62
2018 718,341.62 5,056,391.25 84.91 13,441.47
2019 719,103.45 6,039,360.00 83.85 13,818.79
2020 719,903.38 7,061,647.50 82.76 14,221.39
Social Activities
2016 198,642.31 385,937.50 86.89 16,358.74
2017 234,368.32 494,375.00 85.92 13,161.62
2018 234,368.32 607,500.00 84.91 13,441.47
2019 234,368.32 725,625.00 83.85 13,818.79
2020 234,368.32 848,437.50 82.76 14,221.39
Physical Activities
2016 649,481.00 3,211,031.25 861,282.81 0.28
2017 716,116.07 4,112,741.25 895,228.99 0.22
2018 718,341.62 5,056,391.25 933,750.30 0.17
2019 719,103.45 6,039,360.00 974,062.17 0.14
2020 719,903.38 7,061,647.50 1,016,617.33 0.12
Educational Activities
2016 649,481.00 3,211,031.25 896,738.37 0.28

2017 716,116.07 4,112,741.25 929,010.05 0.22
2018 718,341.62 5,056,391.25 972,013.91 0.18
2019 719,103.45 6,039,360.00 1,012,325.78 0.14
2020 719,903.38 7,061,647.50 1,058,402.14 0.12
Social Activities
189
2016 198,642.31 385,937.50 287,094.27 2.01

2017 234,368.32 494,375.00 298,409.67 1.20
2018 234,368.32 607,500.00 311,250.10 0.79
2019 234,368.32 725,625.00 324,687.39 0.58
2020 234,368.32 848,437.50 338,872.45 0.46
Other Activities
2016 649,481.00 663,691.88 921,557.26 -2.52
2017 716,116.07 850,067.39 952,656.79 -6.98
2018 718,341.62 1,045,111.53 995,798.43 14.57
2019 719,103.45 1,248,282.51 1,039,110.30 3.44
2020 719,903.38 1,435,199.82 1,087,651.51 2.07
 90 % of the total fixed costs and variable costs are attributable to Physical Activities
,Educational Activities and Other Activities. 10% is attributable to Social Activities.
 Capital budgeting evaluation measure

a. Payback Period
The payback period is the length of time it will take the business enterprise to recover its initial
investment.
Net Cash Inflows*
Year Initial Investment Each Year Cumulative
0 -87,895,690.48 0 -87,895,690.48
2016 3,608,402.96 3,608,402.96
2017 4,835,139.15 8,443,542.11
2018 6,279,129.56 14,722,671.67
2019 7,779,055.12 22,501,726.79
2020 9,322,505.87 31,824,232.66
*computation of net cash inflows = income after tax + depreciation
190
Year Net Income After Tax Depreciation Net Cash Inflows
2016 1,638,059.88 1,970,343.08 3,608,402.96
2017 2,864,796.07 1,970,343.08 4,835,139.15
2018 4,308,786.48 1,970,343.08 6,279,129.56
2019 5,808,712.04 1,970,343.08 7,779,055.12
2020 7,352,162.79 1,970,343.08 9,322,505.87
After 5 years of operations,36.21 % of the initial investment has been paid back aside from the
total of Php 3,000,000 drawings of the partners.
b. Profitability index
Present value of cash inflows

Profitability index =
initial investment
Year Net Cash Inflows PVIF at 12% PV of Net Cash Inflows
2016 4,606,989.68 0.8929 4,113,581.09
2017 5,460,430.71 0.7972 4,353,055.36
2018 6,986,773.01 0.7118 4,973,185.03
2019 8,511,999.85 0.6355 5,409,375.91
2020 10,109,418.61 0.5674 5,736,084.11
Total 24,585,281.50
24,585281.50
Profitability index =
87,895,690.48
Profitability index = 0.28
From the capital budgeting evaluation measures presented, it can be assumed to conclude that this
business must be pursued.
191

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CHAPTER 5

Total Investment Cost

Land & Building Acquisition 85,880,000.00

LIABILITIES AND EQUITY

Projected Statement of Changes in Capital

For the Year Ended December 31

2014 2015 2016 2017 2018

Capital, beginning 87,895,690.48 88,933,750.36 91,198,546.43 94,907,333.00 100,116,045.00

Less: Withdrawals 600,000.00 600,000 600,000 600,000 600,000

Capital, End 88,933,750.36 91,198,546.43 94,907,332.93 100,116,045.00 106,868,207.80

Cash Flows from Investing Activities

Cash Flows from Financing Activities

ORGANIZED PHYSICAL ACTIVITIES

Year Annual Demand Rate Gross Sales Tax Sales w/o

2016 Bronze 577.22 1,500.00 865,830.00 92,767.50 773,062.50

Silver 416.13 3,500.00 1,456,463.75 156,049.69 1,300,414.06

Gold 231.65 5,500.00 1,274,061.25 136,506.56 1,137,554.69

TOTAL 1,225.00 3,596,355.00 3,211,031.25

2017 Bronze 739.31 1,500.00 1,108,969.20 118,818.13 990,151.07

Silver 532.99 3,500.00 1,865,462.55 199,870.99 1,665,591.56

Gold 296.70 5,500.00 1,631,838.45 174,839.83 1,456,998.62

TOTAL 1,569.00 4,606,270.20 4,112,741.25

2018 Bronze 908.94 1,500.00 1,363,417.20 146,080.41 1,217,336.79

Silver 655.28 3,500.00 2,293,484.55 245,730.49 2,047,754.06

Gold 364.77 5,500.00 2,006,256.45 214,956.05 1,791,300.40

TOTAL 1,929.00 5,663,158.20 5,056,391.25

2019 Bronze 1,085.64 1,500.00 1,628,467.20 174,478.63 1,453,988.57

Silver 782.67 3,500.00 2,739,340.80 293,500.80 2,445,840.00

Gold 435.69 5,500.00 2,396,275.20 256,743.77 2,139,531.43

TOTAL 2,304.00 6,764,083.20 6,039,360.00

Silver 915.15 3,500.00 3,203,031.30 343,181.93 2,859,849.38

Gold 509.44 5,500.00 2,801,894.70 300,203.00 2,501,691.70

TOTAL 2,694.00 7,909,045.20 7,061,647.50

ORGANIZED EDUCATIONAL ACTIVITIES

2016 Bronze 577.22 1,500.00 865,830.00 92,767.50 773,062.50

Silver 416.13 3,500.00 1,456,463.75 156,049.69 1,300,414.06

Gold 231.65 5,500.00 1,274,061.25 136,506.56 1,137,554.69

TOTAL 1,225.00 3,596,355.00 3,211,031.25

2017 Bronze 739.31 1,500.00 1,108,969.20 118,818.13 990,151.07

Silver 532.99 3,500.00 1,865,462.55 199,870.99 1,665,591.56

Gold 296.70 5,500.00 1,631,838.45 174,839.83 1,456,998.62

TOTAL 1,569.00 4,606,270.20 4,112,741.25

2018 Bronze 908.94 1,500.00 1,363,417.20 146,080.41 1,217,336.79

Silver 655.28 3,500.00 2,293,484.55 245,730.49 2,047,754.06

Gold 364.77 5,500.00 2,006,256.45 214,956.05 1,791,300.40

TOTAL 1,929.00 5,663,158.20 5,056,391.25

Silver 782.33 3,500.00 2,738,151.85 293,373.41 2,444,778.44

Gold 435.50 5,500.00 2,395,235.15 256,632.34 2,138,602.81

TOTAL 2,303.00 6,761,147.40 6,036,738.75

2020 Bronze 1268.94 1,500.00 1,903,412.40 203,937.04 1,699,475.36

Silver 914.81 3,500.00 3,201,842.35 343,054.54 2,858,787.81

Gold 509.25 5,500.00 2,800,854.65 300,091.57 2,500,763.08

TOTAL 2,693.00 7,906,109.40 7,059,026.25

ORGANIZED SOCIAL ACTIVITIES

Annual Gross Tax

2016 Board Games 222.30 350.00 77,805.00 8,336.25 69,468.75

Discussion Groups 506.35 350.00 177,222.50 18,988.13 158,234.38

Church Activities 506.35 350.00 177,222.50 18,988.13 158,234.38

Total 1,235.00 385,937.50

Annual Gross Tax

Board Games 284.76 350.00 99,666.00 10,678.50 88,987.50

Discussion Groups 648.62 350.00 227,017.00 24,323.25 202,693.75

Church Activities 648.62 350.00 227,017.00 24,323.25 202,693.75