1000000 360000

600000
120000
1720000 360000
1360000

360 360
400 20
760 380

360 4000000 inv in assoc 400000

-360 -240000 inv 160000
-400 3760000 gain on sale 240000
20
-380

50000 25000 25000 20000

3 3 2 2
a b c d
interest 2500 1250 1250 1000 6000 32333
salaries 5000 3000 8000 18333
inclusive 2500 6000 30667
distributio 5500 5500 3666 3667 18333 16667
collected 13000 32333
 d g
salary 120000 120000
interest 16000 8000 24000
bonus 20000 20000
reminder 93600 62400
total 249600 70400 320000
2nd yr beg 409600 150400

salry 120000
inte 40960 15040
bonus 8000
remainder 8000 8000 184000
total 176960 23040 200000
blance end 586560 173440
 3000 650 750 2020 600000
2000 2250 2500 -120,000
500 -1950 -250 2020 480000
4000 -100 -1750 -120000
300 850 1,16 1250 1:17 -180000
1000 2021 180000
100 -180000
800 2022 0 1:20
600
700
900
200
14100 1:02
 400 a. 262500
-120
280 b.250000
470 5250000
-155 1.05
-130 -285 5000000
465 1:24 250000

c.
.05(5250000 - b - t) 30 5250000 - b
4000000 100000 540000 500k
440000 350k
2400000
1700000 600k

200000 2020 year

300000 2020 year 2

240 200 300

360 150 240
50 540
1

1100000
700000
400000

cont price 1800000 1800000

cost inc 450000 1550000
est cost 1200000
total est 1650000 1550000
ex gp 150000 250000
comp % 0.272727 1
gp to date 40909.09 250000
gp prior -40909.09
gp currnt 40909.09 209090.9 250000

cont price 1800000 1800000

comp rate 0.272727 1
rev to date 490909.1 1800000
rev prior -490909
rev current 490909.1 1309091
cost of con 450000 1100000
gp 40909.09 209090.9 250000
f j v f j v
100 150 225 475 60 48 36
60 -70 10.4 3.84 16.6
160 150 155 465 5 5 5
75.4 56.84 57.6 75.4 56.84 57.6 189.84 proft
395.4 356.84 367.6 1119.84 654.84 cap total

cash 30
inv 15
bldg 40
mort -10
75

15 45
p l j a r
160 96 64
payment -200
bal 1710000 1485000 bonus -40 -10 -30
depre 45000 -135000 86 34
afda -360000 -110000
1395000 1240000 2635000
1581000
1054000
 100 12 ov 12 100 225 12 o 12 225
60 6 ov 12 30 70 3 o 12 -17.5
130 10.4 207.5 16.6

320
-200
-40
 9000000 9000000 9000000 850000 850000
c.cost 2760000 6300000 6800000 c.cost 200000 450000
est cost 4140000 700000 0 est cost 450000 190000
total est 6900000 7000000 6800000 total est 650000 640000
exp gp 2100000 2000000 2200000 exp gp 200000 210000
% of comp 0.4 0.9 1 % of comp 0.307692308 0.703125
gp date 840000 1800000 2200000 gp date 61538.46154 147656.3
less prio -840000 -1800000 less prio -61538.46
gp year 840000 960000 400000 gp year 61538.46154 86117.79

9000000 9000000 9000000 850000 850000

% of comp 0.4 0.9 1 % of comp 0.307692308 0.703125
rev date 3600000 8100000 9000000 rev date 261538.4615 597656.3
less rev -3600000 -8100000 less rev -261538
rev 3600000 4500000 900000 rev 261538.4615 336117.8
less cost -2760000 -3540000 -500000 less cost 200000 -250000
gp year 840000 960000 400000 gp year 461538.4615 86117.79

collection of balances
budget sales 50% cash 1st month 2nd month3rd monthTOTAL
apr 80 40
may 160 80 28
june 240 120 56 8
july 80 40 84 16 4 144
28 24 8
8 1.2
4

30 40 25
budget sales 20% cash in month 1st month 2nd monthTOTAL
jan 480000 96000 115200 211200
feb 520000 104000 124800 153600 382400
mar 560000 112000 134400 166400 96000 508800
apr 500000 100000 120000 179200 104000 503200
may 576000 115200 138240 160000 112000 525440
june 640000 128000 153600 184320 100000 565920
204800 115200

128000

budgeted cash collection in amrch for sales made in march

20% cash 112000
collection 134400
246400

budgeted cash receipts for month of april

20% cash 100000
collecteio 120000
from feb 104000
from mar 179200
503200
 850000 14000000 14000000 14000000 14000000
660000 cost inc 6500000 9800000 12200000 13900000
0 est cost 6800000 3900000 1900000
660000 total est 13300000 13700000 14100000 13900000
190000 exp gp 700000 300000 -100000 100000
1 % of comp 0.4887218045 0.715328467 0 1
190000 gp date 342105.263158 214598.5401 -100000 100000
-147656 less prio -342105.263 -214598.54015 100000
42343.75 gp year 342105.26316 -127506.723 -314598.54015 200000
cip 6842105.26316 3172493 2085401 14100000

850000
1 14000000 14000000 14000000 14000000
850000 cost inc 6500000 9800000 12200000 13900000
-597656 est cost 6800000 3900000 1900000
252343.8 13300000 13700000 14100000 13900000
-500000 700000 300000 -100000 100000
-247656
62000 0.2 12400
38500 0.2 7700
42000 0.15 6300
87000 0.2 17400
0.2 0
21000 0.2 4200

16000 0.1 1600

60000 0.2 12000
61600

130 58.4
58.4
62
62.5
50
362.9

80%

384000
416000
448000
400000
460800
512000
 1400000014000000 14000000 14000000
6500000 9800000 12200000 13900000
6800000 3900000 1900000
1330000013700000 14100000 13900000
700000 300000 -100000 100000
0.488721804511278 0.715328 0 1
342105.263157895 214598.5 -100000 100000
-342105 -214599 100000
342105.263157895 -127507 -314599 200000
6842105.2631579 3172493 2085401 14100000

tcc bonus tac

c 35 3.5 31.5
d 30 1.5 28.5
s 25 5 30 one third
90 90

5 0.8
3 0.8
2 0.8
2 14.25

5 3 2-
0.4 0.24 0.16 0.2 0.8
mit marx mart vince
capital before admission 95 80 60 235
invesment of v 80 80
bonus to old partners 5 3 2 -10 -10
purchase of marx by v
(15% 0f 80) -12
total 100 71 62 70 303

additional? 13.5 8.1 5.4 27

agreed capital 113.5 79.1 67.4 70 330
 0.4
0.24
0.16
0.2
1 mit 90 5 95
marx 80 3 83
mart 60 2 62
vince 80 -10 70
310 310
 BOOKS OF WILSON PUBLISHING COMPANY
DATE PARTICULARS DR CR DATE
8-Dec Consignment-out 250000 8-Dec
Merchandise on Consignment 250000
To record shipment of goods to consignee.

Consignment-out 2850
Freight out 2850
To record freight out on consigned goods.

31-Dec Cash 207600

Consignment out 89400
Consignment out 297000
To record remittance by consignee.

Consignment-out 56010
Consignment P&L 56010
To record profit in the period.

Merchandise on consignment 101260

Consignment-out 101260
To record cost of merchandised used.

price 4950
cost 2500
250000 297000 30 com
2850 packagin 850
89400 shipment 2000 5650
56010 paid by consigne 300

398260 297000 297000

101260 -250000
-2850
-300
-253150 -151890
-89100
56010
 150000
510
1200
180
cogs 151890
 BOOKS OF CORA BOOK STORE
PARTICULARS DR CR
Consignment-in 300
Cash 300
To record cartage paid.

Cash 297000
Consignment-in 297000
To record sale of merchandise.

Consignment-in 89100
Commission on Consignment Sales 89100
To record commission from sale.

Consignment - in 207600
Cash 207600
To record remittance to consignor.
 Wilson Pub Co.
250,000
2850
89400
297000
56010
398,260 297000
101,260

ACCOUNT SALES
Sales for the account of Wilson Publishing Company
Address:
Bleow please find account sales of 60 sets of Management Encyclopedia
Sold by
Cora Book Store
Date Explanation Amount
Sale of 60 sets of Management Encyclopedia
(4950 x 60) 297000
Expenses paid by consignee
Cartage 300
Commission 89100 89400
Amount to be remitted 207600
Sales Budget
Credit Sales 1st 2nd 3rd 4th
Q4 2021 300,000.00 120,000.00
1st 280,000.00 168,000.00 112,000.00
2nd 320,000.00 192,000.00 128,000.00
3rd 360,000.00 216,000.00 144,000.00
4th 352,000.00 211,200.00
Budgeted Sales 1,312,000.00 288,000.00 304,000.00 344,000.00 355,200.00

1.00
total sales 300,000.00
0.60
actual 180,000.00

Accounts Receivable 12/31 120,000.00

Divide: Remaining portion 0.40
Actual sales 300,000.00

Inv -beg 44,000.00 56,000.00 52,000.00 60,000.00 212,000.00

Cost of production 192,000.00 200,000.00 224,000.00 200,000.00 816,000.00
COGM 236,000.00 256,000.00 276,000.00 260,000.00 1,028,000.00
Inv - end 56,000.00 52,000.00 60,000.00 48,000.00 216,000.00
COGS 180,000.00 204,000.00 216,000.00 212,000.00 812,000.00

1st 2nd 3rd 4th Total

Production Cost 192,000.00 200,000.00 224,000.00 200,000.00 816,000.00
Less: Depreciation (44,000.00) (44,000.00) (44,000.00) (44,000.00) (176,000.00)
Total 148,000.00 156,000.00 180,000.00 156,000.00 640,000.00
Operating Expenses 64,000.00 68,000.00 72,000.00 76,000.00 280,000.00
Less: Depreciation (12,000.00) (12,000.00) (12,000.00) (12,000.00) (48,000.00)
Budgeted cash disburseme 200,000.00 212,000.00 240,000.00 220,000.00 872,000.00

Sales Budget
Balance 1st 2nd 3rd 4th

1st 2nd 3rd 4th Total

Cash Balance, Beg 76,000.00 152,000.00 212,480.00 301,120.00 741,600.00
Add: Cash receipts 288,000.00 304,000.00 344,000.00 355,200.00 1,291,200.00
Total Cash 364,000.00 456,000.00 556,480.00 656,320.00 2,032,800.00
Less: Cash Payments
Production Costs (148,000.00) (156,000.00) (180,000.00) (156,000.00) (640,000.00)
Operating Expenses (52,000.00) (56,000.00) (60,000.00) (64,000.00) (232,000.00)
Dividends (20,000.00) (20,000.00) (40,000.00)
Income Tax (32%) (12,000.00) (11,520.00) (15,360.00) (23,040.00) (61,920.00)
Cash Balance, End 152,000.00 212,480.00 301,120.00 393,280.00 1,058,880.00

1st 2nd 3rd 4th Total

Budgeted Sales 280,000.00 320,000.00 360,000.00 352,000.00 1,312,000.00
Less: Budgeted COGS (180,000.00) (204,000.00) (216,000.00) (212,000.00) (812,000.00)
Operating Expenses (64,000.00) (68,000.00) (72,000.00) (76,000.00) (280,000.00)
Budgeted Net Profit Before 36,000.00 48,000.00 72,000.00 64,000.00 220,000.00
Less: Income Tax (11,520.00) (15,360.00) (23,040.00) (20,480.00) (70,400.00)
Budgeted Profit after Tax 24,480.00 32,640.00 48,960.00 43,520.00 149,600.00
Less: Dividends (20,000.00) (20,000.00) (40,000.00)
Profit Transferred to Ret. E 24,480.00 12,640.00 48,960.00 23,520.00 109,600.00
Total
420,000.00
560,000.00
640,000.00
720,000.00
563,200.00
###

Total
 Elliana Inc.
Statement of Financial Position
Dec

Assets Amount Liabilitites Amount

Cash 393,280.00 Income Tax Payable 20,480.00
Accounts Receivable 140,800.00
Inventory 48,000.00 Total Liabilities 20,480.00
Plant & Equipment 356,000.00
Shareholder's Equity
Share Capital 640,000.00
Retained Earnings 277,600.00

Total Shareholder's Equity 917,600.00

Total Assets 938,080.00 Total Liabilities & Equity 938,080.00

q 312,500.00
r 125,000.00
s 62,500.00
x 187,500.00
687,500.00
500,000.00

462,500.00
225,000.00
312,500.00

500,000.00
(150,000.00)
(750,000.00)
(400,000.00)

875,000.00
(160,000.00)
715,000.00
cont cost squeeze 8,000,000.00
cost incurred 1,500,000.00
total est cost 6,000,000.00
POC 25%
exp gp 2,000,000.00
gp to date 500,000.00
less previous -
profit 500,000.00

cont cost 8,000,000.00

POC 20x2 75%
sagot 6,000,000.00

8,000,000.00
0.25
2,000,000.00
(1,500,000.00)
500,000.00

book ni a
initial 2,000,000.00
share in profit 2018 600,000.00
balance 2018 2,480,000.00

2,019.00 2,320,000.00
asset liab
25,000.00

-
(25,000.00)
(475,000.00)
(500,000.00)
cr 70.00
c bal 3.50
sal 4.00
int 0.18
0.53
4.70
 j k l
180.00 240.00 70.00

gain 11.20 16.80 28.00 56.00

191.20 256.80 98.00 546.00

cash oa liab j k
50.00 500.00 60.00 180.00 240.00
66.00

225,000.00 `.225
0.15
375,000.00 `.375
62,500.00 250,000.00 0.25
312,500.00 1,000,000.00

179,687.50

375,000.00 250,000.00
(40,000.00) (200,000.00)
335,000.00 50,000.00
 (6M+2M) 8,000,000.00
5,400,000.00 1.5M + 3.9M
7,200,000.00
75%
(500k / 25%)

8,000,000.00
0.75
6,000,000.00
(2,000,000.00) 2 for cash 3,000.00
4,000,000.00 1 na 25% 450.00
(3,900,000.00) total 3,450.00
100,000.00 comm (450.00)
comm (67.50)

(320.00)
2,612.50
book ni a
120,000.00 share in div 300k

160,000.00 share in loss 2019 400k

z 13,800.00 28,700.00 x
y 11,050.00 8,500.00 x
x 480.00
x 3,350.00
x 450.00
975.00 y
29,130.00 38,175.00
9,045.00

x y
 480.00 11,050.00 (975.00)
3,350.00 2,713.50 (2,713.50)
450.00 4,522.50 (3,688.50)
7,361.50
4,280.00
(242.50) 242.50

nal lou gee

175,000.00 125,000.00 175,000.00 475,000.00
150,000.00 100,000.00 250,000.00 500,000.00
25,000.00 25,000.00 (75,000.00) (25,000.00)
(45,000.00) (30,000.00) 75,000.00 -
(20,000.00) (5,000.00) - (25,000.00)
20,000.00 5,000.00 25,000.00

500,000.00
 tot
30.00
1.50 5.00
4.00
0.08 0.25
0.23 0.75
 50.00
56.00
(60.00)
546.00

l
70.00

jm jc jl
76,875.00 62,812.50 67,500.00
(15,000.00) (5,625.00)
18,750.00
61,875.00 57,187.50 86,250.00
alloc of loss 69,176.70 230,589.00
Total 39,555.30 98,888.25 59,332.95 197,776.50
liab 18,750.00 46,875.00 28,125.00 93,750.00

32,812.50 payment 20,805.30 52,013.25 31,207.95

230,589.00
(93,750.00)
104,026.50

sale
less ca of a (266,250.00)
loss on sale
197,776.50
sales 150,000 sales
other revenues 10,000 other revenues
less: variable expenses less: variable expenses
dm 30,000 dm 65,000
dl 20,000 dl 40,000
vfoh 5,000 vfoh 15,000
v s&a 15,000 (70,000) v s&a 30,000
contribution margin 90,000 contribution margin

contribution margin
less: cont fixed cost
controllable margin
less: uncontrollable
segment margin
less: allocated exp
profit

Name of business
Name and position Performance Report
Date

Controllable Costs Actual Budget Variance U (F)

xx xx xx xx F or U
xx xx xx xx F or U
Total Controllable Costs xxx xxx xxx F or U

Non-controllable Costs
xx xx xx xx F or U
xx xx xx xx F or U
Total Non-controllable Costs xxx xxx xxx F or U
Total Costs xxxx xxxx xxxx F or U

num 1
Gross Income
Philippines 1,250,000
China 800,000 2,050,000
Less: Deductions
Philippines (945,000)
China (540,000) (1,485,000)
Taxable Income 565,000

Taxable Income 565,000

Multiply: RCIT Rate 20%
RCIT due 113,000

num 2
Gross Income - Philippines 1,250,000
Less: Deductions - Philippines (945,000)
Taxable Income 305,000

Taxable Income 305,000

Multiply: RCIT Rate 25%
RCIT due 76,250

num 3
Gross Income - Philippines 1,250,000
Multiply: Final Tax Rate 25%
RCIT due 312,500

Problem 2
RCIT
Tuition fees 850,000
Rental Income 150,000
Total Gross Income 1,000,000
Less: School Related Expenses (820,000)
Taxable Income 180,000
Multiply: RCIT rate 10%
RCIT due 18,000

MCIT
Total Gross Income 1,000,000
Multiply: MCIT rate 1%
MCIT due 10,000

Income Tax Due - RCIT (higher) 18,000

Less: CWT on rental income (7,500)
Income Tax still due 10,500
Problem 3

1st 2nd 3rd 4th Total

MCIT 80,000 250,000 100,000 100,000 530,000
RCIT 100,000 120,000 250,000 200,000 670,000
Excess MCIT prior year 30,000
Excess CWT prior year 10,000
CWT 20,000 30,000 40,000 35,000 125,000

1st 2nd 3rd Annual

Income Tax due 100,000 330,000 470,000 670,000
Less: Tax credits
Excess MCIT prior year (30,000) (30,000) (30,000)
Excess CWT prior year (10,000) (10,000) (10,000) (10,000)
1st qtr CWT (20,000) (20,000) (20,000) (20,000)
2nd qtr CWT (30,000) (30,000) (30,000)
3rd qtr CWT (40,000) (40,000)
4th qtr CWT (35,000)
1st qtr tax payments (40,000) (40,000) (40,000)
2nd qtr tax payments (230,000) (230,000)
3rd qtr tax payments (70,000)
Total Tax Credit (60,000) (100,000) (400,000) (505,000)
Income Tax payable 40,000 230,000 70,000 165,000

Problem 4

Gross Sales 8,876,400

Les: Sales Discount (150,000)
Net Sales 8,726,400
Less: Cost of Sales (3,450,865)
Gross Income from Operations 5,275,535

Gross Income from Operations 5,275,535

Other Income 2,150,070
Total Gross Income 7,425,605

Total Gross Income 7,425,605

Less: Operating Expenses (6,827,700)
Taxable Income 597,905

Taxable Income 597,905

Multiply: Tax Rate 20%
Normal Tax 2022 119,581.00
Total Gross Income 7,425,605
Multiply: MCIT 1%
MCIT 2022 74,256

Income Tax Due 119,581

Income Tax Due 119,581

Less:
CWT (56,980)
Income Tax paid (61,849)
Excess MCIT (42,378)
Income Tax still due 2022 (41,626)

Final Tax on: Amount Tax Rate Total

Interest Income 35,162 20% 7,032.40
Dividends Tax Exempt
Sales on real property 6,301,200 6% 378,072

Problem 5
1st 2nd
MCIT 8,000 25,000
RCIT 10,000 12,000
CWT 2,000 3,000
Excess MCIT prior year 3,000
Excess CWT prior year 1,000

1st 2nd
Income Tax due 10,000 33,000
Less: Tax credits
Excess MCIT prior year (3,000)
Excess CWT prior year (1,000) (1,000)
1st qtr CWT (2,000) (2,000)
2nd qtr CWT (3,000)
1st qtr tax payment (4,000)
Total Tax Credit (6,000) (10,000)
Income Tax Payable 4,000 23,000

MCIT - 2nd qtr 25,000

Divide: MCIT Rate 1%
Gross Profit - 2nd Quarter 2,500,000

Total RCIT (10,000 + 12,000) 22,000

Multiply: RCIT rate 25%
Total Taxable Normal Income for 2 5,500

No excess MCIT claimed. The 2nd quarter uses MCIT rate.

Problem 6

2021 2022
Gross Income 3,400,000 3,960,000
Less:
Expenses (3,800,000) (3,100,000)
Royalties (340,000)
Dividends (56,000)
Net Income (Loss) (400,000) 464,000

1
Gross Income - 2021 3,400,000
Multiply: MCIT Rate 1%
Income Tax Payable 2021 34,000

2
NOLCO 2021 (400,000)

3
Gross Income - 2022 3,960,000
Less: Deductions
Expenses (3,100,000)
NOLCO - 2021 (400,000)
Taxable Net Income 2022 460,000

4
RCIT (460,000 x 20%) 92,000
MCIT (3,960,000 x 1%) 39,600
Total Income Tax due 2022 92,000

5
Income Tax Due 92,000
Less: Excess MCIT prior year (34,000)
Total Income Tax Payable - 2022 58,000

PROBLEM 7: VONGOLA COMPANY

1st 2nd 3rd Annual
Sales 180,000 405,000 675,000 1,080,000
Less: Cost of Goods Sold (45,000) (108,000) (166,500) (270,000)
Gross Income from Operation 135,000 297,000 508,500 810,000
Dividend from resident corp. 1,800 3,600 5,400 7,200
Rent Income 7,200 14,400 21,600 28,800
Total Gross Income 144,000 315,000 535,500 846,000
Less: Allowance Deductions
Municipal taxes (4,500) (9,000) (13,000) (18,000)
Business Expenses (108,000) (234,000) (396,000) (657,000)
Taxable Income 31,500 72,000 126,500 171,000
Multiply: RCIT Rate 20% 20% 20% 20%
Income Tax Payable 6,300 14,400 25,300 34,200
Less: Income Tax - previous qtr. (6,300) (14,400) (25,300)
Income Tax Due 6,300 8,100 10,900 8,900
400,000
15,000

(150,000)
265,000

265,000
(25,000)
240,000
(60,000)
180,000
(20,000)
160,000