Selling & Administrative Expenses

Mandatory Deductions (EE Share) ER Contributions

Employee New Holiday Night Withholding
Basic Pay Gross Pay SSS Philhealth HDMF Net Pay SSS Philhealth HDMF Total
COLA Pay Differential Tax
Server 1 21,135 3,120 7,680 3,263 24,255 - 509 193 100 23,454 1,017 193 100 1,310
Server 2 21,135 3,120 7,680 3,263 24,255 - 509 193 100 23,454 1,017 193 100 1,310
Server 3 21,135 3,120 7,680 3,263 24,255 - 509 193 100 23,454 1,017 193 100 1,310
Server 4 21,135 3,120 7,680 3,263 24,255 - 509 193 100 23,454 1,017 193 100 1,310
Server 5 21,135 3,120 7,680 3,263 24,255 - 509 193 100 23,454 1,017 193 100 1,310
Kitchen Staff 1 21,135 3,120 7,680 3,263 24,255 - 509 193 100 23,454 1,017 193 100 1,310
Kitchen Staff 2 21,135 3,120 7,680 3,263 24,255 - 509 193 100 23,454 1,017 193 100 1,310
Cashier 21,135 3,120 7,680 3,263 24,255 - 509 193 100 23,454 1,017 193 100 1,310
Total Monthly 169,080 24,960 61,440 26,104 194,040 - 4,070 1,540 800 187,630 8,139 1,540 800 10,479
X No. of months 13 13 - 12 12 12 12 12 12 12 12 12
Total Yearly 2,198,040 324,480 61,440 313,248 2,897,208 - 48,835 18,480 9,600 2,820,293 97,670 18,480 9,600 125,750

4.2 Financial Statements

4.2.1 Statement of Financial Position

1|Page
4.2.3 Statement of Cash Flows

CARLAS Co.
Projected Statement of Cash Flows
For the Years ended December 31, 2018 to 2023

Note 2018 2019 2020 2021 2022 2023

Cash flows from operating activities
Income before tax 27,116 867,610 1,503,573 1,933,800 2,494,876 3,063,550
Adjustments for:
Depreciation 18 68,774 165,058 165,058 165,058 165,058 165,058
Interest Expense
Decrease (increase) in
Inventory 2 (174,462) (256,957) (12,927) (13,147) (13,370) (13,598)
Office Supplies 3 (65) (145) (149) (153) (158) (163)
Store Supplies 4 (1,045) (2,581) (2,650) (2,727) (2,812) (2,900)

Increase (decrease) in
Accounts Payable 8 2,667 3,929 198 201 205 208
Utilities Payable 9 55,509 1,597 1,770 1,972 2,175 2,253
Salaries and Wages Payable 10 33,952 829 842 1,006 1,109 1,130
SSS Premiums Payable 10 37,062 - - - - -
Philhealth Premiums Payable 10 4,813 - - - - -
HDMF Premiums Payable 10 2,400 - - - - -
Employee Benefits Payable 10 1,000 - - - - -
VAT Payable 11 59,985 46,305 7,020 5,579 5,510 7,694
Cash generated from operations 117,706 825,645 1,662,735 2,091,591 2,652,592 3,223,232
Income Taxes Paid 12 (4,067) (195,212) (338,304) (435,105) (561,347) (689,299)
Net cash received (used) from operating activities 113,639 630,433 1,324,431 1,656,486 2,091,245 2,533,934

2|Page
Cash flows from investing activities
Purchase of property, plant, and equipment 5 (611,267) - - - - -
Purchase of intangible assets (6,480) - - - - -
Purchase of Leasehold Improvement 6 (581,438) - - - - -
Purchase of other non-current assets 7 (190,176) - - - - -
Refundable Deposit (500,000) - - - - -
Net cash received (used) from investing activities (1,889,361) - - - - -

Cash flows from financing activities

Partners' Contributions 2,817,173
Partners' Drawings (150,000) (900,000) (300,000) (400,000) (800,000) (1,100,000)
Net cash received (used) from financing activities 2,667,173 (900,000) (300,000) (400,000) (800,000) (1,100,000)

Net increase (decrease) in cash ₱ 891,451.44 -₱ 269,567.28 ₱ 1,024,431.09 ₱ 1,256,485.66 ₱ 1,291,245.32 ₱ 1,433,933.66
Cash balance at the beginning of the period - 891,451 621,884 1,646,315 2,902,801 4,194,046
Cash balance at the end of the period ₱ 891,451.44 ₱ 621,884.16 ₱ 1,646,315.25 ₱ 2,902,800.91 ₱ 4,194,046.23 ₱ 5,627,979.89

3|Page
4.2.4 Statement of Changes in Partner’s Equity

CARLAS Co.
Projected Statement of Changes in Partners' Equity
For the Years Ended December 31, 2018 to 2023

2018 2019 2020 2021 2022 2023

Capital, Beginning
Benitez 469,528.90 447,692.46 398,913.59 524,330.43 683,273.75 841,009.31
Borral 469,528.90 447,692.46 398,913.59 524,330.43 683,273.75 841,009.31
Gacelo 469,528.90 447,692.46 398,913.59 524,330.43 683,273.75 841,009.31
Madrid 469,528.90 447,692.46 398,913.59 524,330.43 683,273.75 841,009.31
Mendoza 469,528.90 447,692.46 398,913.59 524,330.43 683,273.75 841,009.31
Samonte 469,528.90 447,692.46 398,913.59 524,330.43 683,273.75 841,009.31
Total 2,817,173.39 2,686,154.74 2,393,481.57 3,145,982.56 4,099,642.51 5,046,055.87

Add:
Share in Profit/ Loss:
Benitez 3,163.56 101,221.14 175,416.83 225,609.99 291,068.89 357,414.16
Borral 3,163.56 101,221.14 175,416.83 225,609.99 291,068.89 357,414.16
Gacelo 3,163.56 101,221.14 175,416.83 225,609.99 291,068.89 357,414.16
Madrid 3,163.56 101,221.14 175,416.83 225,609.99 291,068.89 357,414.16
Mendoza 3,163.56 101,221.14 175,416.83 225,609.99 291,068.89 357,414.16
Samonte 3,163.56 101,221.14 175,416.83 225,609.99 291,068.89 357,414.16
Total 18,981.35 607,326.83 1,052,500.99 1,353,659.95 1,746,413.36 2,144,484.96

Deduct:
Withdrawals
Benitez 25,000.00 150,000.00 50,000.00 66,666.67 133,333.33 183,333.33
Borral 25,000.00 150,000.00 50,000.00 66,666.67 133,333.33 183,333.33
Gacelo 25,000.00 150,000.00 50,000.00 66,666.67 133,333.33 183,333.33
Madrid 25,000.00 150,000.00 50,000.00 66,666.67 133,333.33 183,333.33
Mendoza 25,000.00 150,000.00 50,000.00 66,666.67 133,333.33 183,333.33
Samonte 25,000.00 150,000.00 50,000.00 66,666.67 133,333.33 183,333.33
Total 150,000.00 900,000.00 300,000.00 400,000.00 800,000.00 1,100,000.00

Capital, Ending
Benitez 447,692.46 398,913.59 524,330.43 683,273.75 841,009.31 1,015,090.14
Borral 447,692.46 398,913.59 524,330.43 683,273.75 841,009.31 1,015,090.14
Gacelo 447,692.46 398,913.59 524,330.43 683,273.75 841,009.31 1,015,090.14
Madrid 447,692.46 398,913.59 524,330.43 683,273.75 841,009.31 1,015,090.14
Mendoza 447,692.46 398,913.59 524,330.43 683,273.75 841,009.31 1,015,090.14
Samonte 447,692.46 398,913.59 524,330.43 683,273.75 841,009.31 1,015,090.14
Total 2,686,154.74 2,393,481.57 3,145,982.56 4,099,642.51 5,046,055.87 6,090,540.84

4|Page
Schedule 5 – Unit Price of Materials

Price/ Unit Input

2018 2019 2020 2021 2022 2023
Ingredients Unit (in Peso) Tax
Shrimp g ₱300.00 - 300 309 317 326 336 347
Parsley g 224.00 24 200 206 211 217 224 231
Butter g 62.00 7 55 57 58 60 62 64
Garlic g 114.00 12 102 105 108 111 114 118
Lemon soda L 34.50 4 31 32 33 33 35 36
Large shrimps g 500.00 - 500 515 528 544 561 578
Calamansi juice L 150.00 16 134 138 141 146 150 155
Cooking oil L 350.00 38 313 322 330 340 350 361
Egg pc 6.00 1 5 6 6 6 6 6
All-purpose flour g 54.00 6 48 50 51 52 54 56
Baking powder g 134.50 14 120 124 127 131 135 139
MSG g 147.50 16 132 136 139 143 148 152
Rice wine L 119.00 13 106 109 112 116 119 123
Sugar g 140.00 15 125 129 132 136 140 145
Radish g 59.00 6 53 54 56 57 59 61
Crabs pc 22.50 - 23 23 24 24 25 26
Potato g 132.00 14 118 121 125 128 132 136
Carrot g 110.00 12 98 101 104 107 110 114
Bread crumbs g 27.50 3 25 25 26 27 28 28
Onion g 97.00 10 87 89 91 94 97 100
Long green chili g 170.00 18 152 156 160 165 170 175
Tomato g 55.00 6 49 51 52 53 55 57
Garlic powder g 12.50 1 11 11 12 12 13 13
Large squids pc 350.00 - 350 360 370 380 392 405
Ground pork g 177.00 19 158 163 167 172 177 183
Celery g 135.00 14 121 124 127 131 135 139
Lemon pc 96.00 10 86 88 91 93 96 99
Soy sauce L 31.50 3 28 29 30 31 32 33
Squid g 250.00 - 250 257 264 272 280 289
Fish sauce L 34.50 4 31 32 33 33 35 36
Cilantro g 310.00 33 277 285 292 301 310 320
Cream dory fillet g 180.00 19 161 165 170 175 180 186
Vegetable oil L 244.50 26 218 225 231 237 245 252
Labahita pc 65.00 - 65 67 69 71 73 75
Cornstarch g 38.50 4 34 35 36 37 39 40
Pineapple juice L 84.50 9 75 78 80 82 85 87
Vinegar L 24.50 3 22 23 23 24 25 25
Margarine g 40.00 4 36 37 38 39 40 41
Cucumber g 65.00 7 58 60 61 63 65 67
Linguine g 98.50 11 88 90 93 96 99 102
Tuna flakes g 473.75 51 423 435 447 460 474 489
Olive oil L 125.50 13 112 115 118 122 126 130
Chili flakes g 34.50 4 31 32 33 33 35 36
Parmesan cheese g 222.00 24 198 204 209 215 222 229
Black olives g 89.50 10 80 82 84 87 90 92
Capers g 151.50 16 135 139 143 147 152 156
Cooked Rice g 50.00 5 45 46 47 49 50 52
Powdered Blue Lemonade g 218.00 23 195 200 206 212 218 225
Powdered Pink Lychee g 218.00 23 195 200 206 212 218 225
Powdered Green Cucumber g 218.00 23 195 200 206 212 218 225
Powdered Red Tea g 218.00 23 195 200 206 212 218 225
Purified Drinking Water L 30.00 3 27 28 28 29 30 31
Total 7,294 622 6,672 6,866 7,048 7,253 7,481 7,714

5|Page
Schedule 7 - Store Supplies

Store Unit 2018 2019 2020

Supplies Price Purchases Used End Beg. Purchases Used End Beg. Purchases Used End
Tissue Paper 14 4,305 3,875 431 431 10,631.63 9,568.47 1,493.66 1,494 10,914.43 9,822.99 2,585
Hand Soap 519 2,595 2,336 260 260 6,408.61 5,767.75 900.36 900 6,579.08 5,921.17 1,558
Thermal Paper 46 1,983 1,784 198 198 4,895.98 4,406.38 687.85 688 5,026.22 4,523.59 1,190
Table Napkin 33 2,494 2,244 249 249 6,158.57 5,542.71 865.23 865 6,322.38 5,690.14 1,497
Pen 5 60 54 6 6 149.10 134.19 20.95 21 153.07 137.76 36
Bond Paper 129 269 242 27 27 663.71 597.33 93.25 93 681.36 613.22 161
TOTAL 11,705 10,535 1,171 1,171 28,907.59 26,016.83 4,061.30 4,061 29,676.54 26,708.88 7,029
Input Vat 1,254 1,129 125 125 3,097 2,788 435 435 3,180 2,862 753
Net of Vat 10,451 9,406 1,045 1,045 25,810 23,229 3,626 3,626 26,497 23,847 6,276

2021 2022 2023

Beg. Purchases Used End Beg. Purchases Used End Beg. Purchases Used End.
2,585 11,232.26 10,109.03 3,708 3,708 11,584.32 10,425.89 4,867 4,867 11,945.90 10,751.31 6,061.35
1,558 6,770.66 6,093.60 2,235 2,235 6,982.88 6,284.60 2,934 2,934 7,200.84 6,480.76 3,653.71
1,190 5,172.58 4,655.32 1,708 1,708 5,334.71 4,801.24 2,241 2,241 5,501.22 4,951.10 2,791.32
1,497 6,506.49 5,855.84 2,148 2,148 6,710.43 6,039.39 2,819 2,819 6,919.88 6,227.89 3,511.15
36 157.53 141.77 52 52 162.46 146.22 68 68 167.53 150.78 85.01
161 701.20 631.08 232 232 723.18 650.86 304 304 745.75 671.18 378.39
7,029 30,540.72 27,486.65 10,083 10,083 31,497.99 28,348.19 13,233 13,233 32,481.13 29,233.01 16,480.93
753 3,272 2,945 1,080 1,080 3,375 3,037 1,418 1,418 3,480 3,132 1,765.81
6,276 27,268 24,542 9,003 9,003 28,123 25,311 11,815 11,815 29,001 26,101 14,715.12

6|Page
Schedule 8 – Office Supplies

Unit 2018 2019 2020

Office Supplies
Price Purchases Used End Beg. Purchases Used End Beg. Purchases Used End
Pen 5 24.15 21.74 2 2 59.64 53.68 8 8 61.23 55.10 15
Brown Envelope 1 29.17 26.25 3 3 72.03 64.83 10 10 73.95 66.55 18
Paper Clips 40 39.75 35.78 4 4 40.90 36.81 8 8 41.99 37.79 12
Binder Clip 42 35.00 31.50 4 4 86.44 77.79 12 12 88.74 79.86 21
Pencil 6 31.70 28.53 3 3 78.29 70.46 11 11 80.37 72.33 19
Highlighter 30 148.75 133.88 15 15 367.35 330.62 52 52 377.12 339.41 89
Bond Paper 129 161.25 145.13 16 16 398.22 358.40 56 56 408.82 367.93 97
Puncher 300 300.00 300.00 - - - - - - - - -
Tape Dispenser 80 80.00 80.00 - - - - - - - - -
Stapler 120 120.00 120.00 - - - - - - - - -
Staple Wire 50 125.00 112.50 13 13 308.70 277.83 43 43 316.91 285.22 75
Fastener 85 84.75 76.28 8 8 87.21 78.49 17 17 89.53 80.57 26
Scotch Tape 10 25.00 22.50 3 3 61.74 55.57 9 9 63.38 57.04 15
Ink 1,520 1,520.00 1,520.00 - - 1,564.08 1,564.08 - - 1,605.68 1,605.68 -
Folder 3 25.00 22.50 3 3 61.74 55.57 9 9 63.38 57.04 15
Scissor 75 150.00 150.00 - - - - - - - - -
Paper Cutter 650 650.00 650.00 - - - - - - - - -
TOTAL 3,549.52 3,476.57 73 73 3,186.34 3,024.11 235 235 3,271.10 3,104.56 402
Input Vat 380 372 8 8 341 324 25 25 350 333 43
Net of Vat 3,169 3,104 65 65 2,845 2,700 210 210 2,921 2,772 359

7|Page
 2021 2022 2023
Beg. Purchases Used End Beg. Purchases Used End Beg. Purchases Used End
15 63.01 56.71 21 21 64.99 58.49 27 27 67.01 60.31 34.00
18 76.10 68.49 25 25 78.48 70.64 33 33 80.93 72.84 41.07
12 43.21 38.89 17 17 44.57 40.11 21 21 45.96 41.36 25.64
21 91.32 82.19 30 30 94.18 84.76 40 40 97.12 87.41 49.28
19 82.71 74.44 27 27 85.30 76.77 36 36 87.96 79.17 44.63
89 388.11 349.30 128 128 400.27 360.24 168 168 412.76 371.49 209.44
97 420.72 378.65 139 139 433.91 390.52 182 182 447.45 402.71 227.04
- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -
75 326.14 293.53 108 108 336.36 302.73 141 141 346.86 312.18 176.00
26 92.13 82.92 35 35 95.02 85.52 45 45 97.99 88.19 54.66
15 65.23 58.71 22 22 67.27 60.55 28 28 69.37 62.44 35.20
- 1,652.44 1,652.44 - - 1,704.24 1,704.24 - - 1,757.43 1,757.43 -
15 65.23 58.71 22 22 67.27 60.55 28 28 69.37 62.44 35.20
- - - - - - - - - - - -
- - - - - - - - - - - -
402 3,366.35 3,194.96 573 573 3,471.87 3,295.10 750 750 3,580.23 3,397.95 932.15
43 361 342 61 61 372 353 80 80 384 364 100
359 3,006 2,853 512 512 3,100 2,942 670 670 3,197 3,034 832

8|Page
Schedule 9 – Utilities Expense

Electric Utilities Qty 2018 2019 2020 2021 2022 2023

Electric deep fryer 1 20,794.75 52,227.75 54,528.50 57,070.35 59,859.76 62,777.53
Electric Stove 3 65,850.05 165,387.87 172,673.57 180,722.76 189,555.92 198,795.52
Point of Sale Machine 1 2,079.48 5,135.47 5,272.08 5,425.60 5,595.66 5,770.31
Desktop 1 173.29 427.96 439.34 452.13 466.30 480.86
Printer 1 346.58 855.91 878.68 904.27 932.61 961.72
Biometrics 1 14.44 35.66 36.61 37.68 38.86 40.07
CCTV camera 1 1,039.74 2,567.74 2,636.04 2,712.80 2,797.83 2,885.16
Kitchen Exhaust Fan 3 7,538.10 18,616.09 19,111.27 19,667.79 20,284.26 20,917.39
Standing Air conditioner 2 58,918.46 145,505.04 149,375.47 153,725.29 158,543.65 163,492.24
Fire alarm switch call point 2 8,317.90 20,541.89 21,088.30 21,702.39 22,382.63 23,081.26
Smoke and heat detector 3 103.97 256.77 263.60 271.28 279.78 288.52
Refrigerator 1 38,123.71 94,150.32 96,654.72 99,469.30 102,587.07 105,789.10
Chest Freezer 1 41,589.50 102,709.44 105,441.51 108,511.97 111,913.17 115,406.29
UV Lights 10 2,079.48 5,135.47 5,272.08 5,425.60 5,595.66 5,770.31
LED Neon Lights 10 2,079.48 5,135.47 5,272.08 5,425.60 5,595.66 5,770.31
LED Light 15 1,819.54 4,493.54 4,613.07 4,747.40 4,896.20 5,049.03
LED Round Center Table 14 646.95 1,597.70 1,640.20 1,687.96 1,740.87 1,795.21
LED Curved Bench 44 2,033.26 5,021.35 5,154.92 5,305.03 5,471.31 5,642.09
LED 40" Cube Chair 10 462.11 1,141.22 1,171.57 1,205.69 1,243.48 1,282.29
LED Curved Bar Set 1 46.21 114.12 117.16 120.57 124.35 128.23
LED Rectangular Table 13 600.74 1,483.58 1,523.04 1,567.40 1,616.52 1,666.98
LED Reconnecting Sofa Chair 45 2,079.48 5,135.47 5,272.08 5,425.60 5,595.66 5,770.31
TOTAL 258,755.21 639,694.83 660,455.88 683,605.44 709,139.22 735,583.74

9|Page
 Water Utilities 2018 2019 2020 2021 2022 2023
Kitchen sink 3,304.96 8,300.69 8,666.35 9,070.33 9,513.66 9,977.39
Restrooms 989.89 2,486.20 2,595.72 2,710.07 2,829.45 2,954.09
TOTAL 4,294.85 10,786.88 11,262.07 11,780.40 12,343.11 12,931.48

2018 2019 2020 2021 2022 2023

Telephone & Internet 14,495.00 34,788.00 34,788.00 34,788.00 34,788.00 34,788.00

Utilities % 2018 2019 2020 2021 2022 2023

Electric Stove 100 65,850.05 162,623.28 166,949.06 171,810.61 177,195.85 182,726.62
Electric Deep Fryer 100 20,794.75 51,354.72 52,720.76 54,255.98 55,956.58 57,703.14
Kitchen Exhaust Fan 100 7,538.10 18,616.09 19,111.27 19,667.79 20,284.26 20,917.39
Chest Freezer 100 41,589.50 102,709.44 105,441.51 108,511.97 111,913.17 115,406.29
LED Light 100 606.51 1,497.85 1,537.69 1,582.47 1,632.07 1,683.01
Refrigerator 100 38,123.71 94,150.32 96,654.72 99,469.30 102,587.07 105,789.10
Standing Aircon 13 7,688.86 18,988.41 19,493.50 20,061.15 20,689.95 21,335.74
Fire alarm switch call 13 1,085.49 2,680.72 2,752.02 2,832.16 2,920.93 3,012.10
Smoke and heat detector 13 13.57 33.51 34.40 35.40 36.51 37.65
Biometrics 13 1.88 4.65 4.78 4.92 5.07 5.23
CCTV Camera 13 135.69 335.09 344.00 354.02 365.12 376.51
Kitchen sink 100 3,084.63 7,617.80 7,820.43 8,048.16 8,300.43 8,559.51
TOTAL 186,512.74 460,611.86 472,864.14 486,633.94 501,887.00 517,552.30
Less: Input VAT 19,983.51 49,351.27 50,664.02 52,139.35 53,773.61 55,452.03
Production Utilities (net of VAT) 166,529.23 411,260.59 422,200.13 434,494.59 448,113.39 462,100.27

10 | P a g e
Schedule 10 – Salaries & Wages

Direct Labor
Mandatory Deductions (EE Share) ER Contributions
Employee Basic New Holiday Night Withholding
Gross Pay SSS Philhealth HDMF Net Pay SSS Philhealth HDMF Total
Pay COLA Pay Differential Tax
Chef 35,180 3,120 12,115 5,185 38,300 - 581 289 100 37,330 1,163 289 100 93,901
A. Chef 1 29,392 3,120 8,077 3,435 32,512 - 509 193 100 31,711 1,017 193 100 1,310
A. Chef 2 29,392 3,120 8,077 3,435 32,512 - 509 193 100 31,711 1,017 193 100 1,310
A. Chef 3 29,392 3,120 8,077 3,435 32,512 - 509 193 100 31,711 1,017 193 100 1,310
Total Monthly 123,356 12,480 36,346 172,182 135,836 - 2,107 866 400 132,463 4,215 866 400 97,831
X No. of months 13 13 - 12 12 12 12 12 12 12 12 12
Total Yearly 1,603,632 162,240 36,346 2,066,189 3,868,407 - 25,289 10,395 4,800 3,827,923 50,578 10,395 4,800 1,173,966

Selling & Administrative Expenses

Mandatory Deductions (EE Share) ER Contributions
Employee New Holiday Night Withholding
Basic Pay Gross Pay SSS Philhealth HDMF Net Pay SSS Philhealth HDMF Total
COLA Pay Differential Tax
Server 1 21,135 3,120 7,680 3,263 24,255 - 509 193 100 23,454 1,017 193 100 1,310
Server 2 21,135 3,120 7,680 3,263 24,255 - 509 193 100 23,454 1,017 193 100 1,310
Server 3 21,135 3,120 7,680 3,263 24,255 - 509 193 100 23,454 1,017 193 100 1,310
Server 4 21,135 3,120 7,680 3,263 24,255 - 509 193 100 23,454 1,017 193 100 1,310
Server 5 21,135 3,120 7,680 3,263 24,255 - 509 193 100 23,454 1,017 193 100 1,310
Server 6 21,135 3,120 7,680 3,263 24,255 - 509 193 100 23,454 1,017 193 100 1,310
Server 7 21,135 3,120 7,680 3,263 24,255 - 509 193 100 23,454 1,017 193 100 1,310
Cashier 21,135 3,120 7,680 3,263 24,255 - 509 193 100 23,454 1,017 193 100 1,310
Total Monthly 169,080 24,960 61,440 26,104 194,040 - 4,070 1,540 800 187,630 8,139 1,540 800 10,479
X No. of months 13 13 - 12 12 12 12 12 12 12 12 12
Total Yearly 2,198,040 324,480 61,440 313,248 2,897,208 - 48,835 18,480 9,600 2,820,293 97,670 18,480 9,600 125,750

11 | P a g e
4.4.2 Horizontal Analysis is the study of percentage changes in

comparative statements. Year-to-year comparisons for the same company

are useful especially if reported changes are expressed in percentages.

CARLAS Co.
Horizontal Analysis of Statement of Financial Position
As of December 2019 - 2023

Note 2019 2020 2021 2022 2023

Assets
Current Assets
Cash 100% 264.73% 466.78% 674.41% 904.99%
Inventory 100% 103.00% 106.04% 109.14% 112.29%
Office Supplies 100% 170.82% 243.69% 318.85% 396.36%
Store Supplies 100% 173.07% 248.27% 325.83% 405.80%
Marketable Securities - - - - -
Total Current Assets 100% 198.39% 318.77% 442.46% 579.68%
Non-Current Assets
Property, Plant and Equipment (net) 100% 81.94% 63.88% 45.83% 27.77%
Leasehold Improvements (net) 100% 88.35% 76.70% 65.05% 53.40%
Deposit for Rent 100% 100.00% 100.00% 100.00% 100.00%
Intangible Assets 100% 100.00% 100.00% 100.00% 100.00%
Other Non-Current Assets (net) 100% 88.35% 76.70% 65.05% 53.40%
Total Non-Current Assets 100% 90.03% 80.06% 70.09% 60.12%
TOTAL ASSETS 100% 132.26% 173.08% 215.20% 262.59%

LIABILITIES AND PARTNER'S EQUITY

Current Liabilities
Accounts Payable 100% 103.00% 106.06% 109.16% 112.32%
Utilities Payable 100% 103.10% 106.55% 110.36% 114.31%
Salaries and Wages Payable 100% 102.42% 105.31% 108.50% 111.75%
SSS Premiums Payable 100% 100.00% 100.00% 100.00% 100.00%
Philhealth Premiums Payable 100% 100.00% 100.00% 100.00% 100.00%
HDMF Premiums Payable 100% 100.00% 100.00% 100.00% 100.00%
Withholding Tax Payable 100% 100.00% 100.00% 100.00% 100.00%
Interest Payable - 0.00% 0.00% 0.00% 0.00%
VAT Payable 100% 106.60% 111.85% 117.04% 124.28%
Income Tax Payable 100% 263.11% 472.88% 743.52% 1075.85%
Total Current Liabilities 100% 138.41% 186.59% 248.03% 323.56%
Total Liabilities 100% 138.41% 186.59% 248.03% 323.56%

Partners' Equity
Benitez, Capital 100% 131.44% 171.28% 210.82% 254.46%
Borral, Capital 100% 131.44% 171.28% 210.82% 254.46%
Gacelo, Capital 100% 131.44% 171.28% 210.82% 254.46%
Madrid, Capital 100% 131.44% 171.28% 210.82% 254.46%
Mendoza, Capital 100% 131.44% 171.28% 210.82% 254.46%
Samonte, Capital 100% 131.44% 171.28% 210.82% 254.46%
Total Partners' Equity 100% 131.44% 171.28% 210.82% 254.46%
TOTAL LIABILITIES AND PARTNER'S EQUITY 100% 132.26% 173.08% 215.20% 262.59%

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 CARLAS Co.
Horizontal Analysis of Statement of Comprehensive Income
For the years ended December 31, 2019 - 2023

2019 2020 2021 2022 2023

Sales 100% 105.87% 110.99% 116.85% 122.87%
Less: Cost of Goods Sold 100% 102.80% 105.76% 108.85% 111.99%
Gross Profit 100% 112.75% 122.73% 134.83% 147.35%
Less: Total Operating Expenses
Selling and Marketing Expenses
Salaries and Wages Expense 100% 102.42% 105.31% 108.50% 111.75%
Employee Benefits Expense 100% 101.02% 102.06% 103.11% 104.18%
SSS Premium Expense 100% 102.42% 105.31% 108.50% 111.75%
Philhealth Premiums Expense 100% 102.42% 105.31% 108.50% 111.75%
HDMF Premiums Expense 100% 102.42% 105.31% 108.50% 111.75%
Advertising Expense 100% 100.00% 100.00% 100.00% 100.00%
Rent Expense 100% 100.00% 100.00% 100.00% 100.00%
Utilities Expense 100% 104.00% 108.40% 113.23% 118.29%
Store Supplies Expense 100% 102.66% 105.65% 108.96% 112.36%
Depreciation Expense 100% 100.00% 100.00% 100.00% 100.00%
Repairs and Maintenance Expense 100% 45.54% 45.54% 45.54% 45.54%
Miscellaneous Expenses 100% 102.66% 143.18% 108.96% 112.36%

General and Administrative Expenses

Rent Expense 100% 100.00% 100.00% 100.00% 100.00%
Utilities Expense 100% 104.00% 108.40% 113.23% 118.29%
Office Supplies Expense 100% 102.66% 105.65% 108.96% 112.36%
Permits and Licenses 100% 100.00% 100.00% 100.00% 100.00%
Pre-Operating Costs 100% 0.00% 0.00% 0.00% 0.00%
Professional Fee 100% 100.00% 100.00% 100.00% 100.00%
Depreciation Expense 100% 100.00% 100.00% 100.00% 100.00%
Repairs and Maintenance Expense 100% 45.54% 45.54% 45.54% 45.54%
Miscellaneous Expenses 100% 102.66% 143.18% 108.96% 112.36%
Total Operating Expenses 100% 101.26% 103.71% 105.83% 108.28%
Operating Income (Loss) 100% 173.30% 222.89% 287.56% 353.10%
Less: Interest Expense - - - - -
Net Income Before Tax 100% 173.30% 222.89% 287.56% 353.10%
Less: Income Tax 100% 173.30% 222.89% 287.56% 353.10%
Net Income After Tax 100% 173.30% 222.89% 287.56% 353.10%

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4.4.3 Vertical Analysis is the preparation of common size financial

statements. Common-size financial statements translate amounts to

percentages which indicate the relative size of an item in proportion to the

whole. Line items on the statement of comprehensive income are

expressed as percentage of sales, while items on the statement of

financial position are expressed as percentage of total assets and total

liabilities and equity.

CARLAS Co.
Projected Common Size of Statement of Comprehensive Income
For the years ended December 31, 2019 - 2023

2019 2020 2021 2022 2023

Sales 100.00% 100.00% 100.00% 100.00% 100.00%
Less: Cost of Goods Sold 69.21% 67.21% 65.95% 64.47% 63.08%
Gross Profit 30.79% 32.79% 34.05% 35.53% 36.92%
Less: Total Operating Expenses 0.00% 0.00% 0.00% 0.00% 0.00%
Selling and Marketing Expenses 0.00% 0.00% 0.00% 0.00% 0.00%
Salaries and Wages Expense 16.41% 15.87% 15.57% 15.24% 14.92%
Employee Benefits Expense 0.75% 0.72% 0.69% 0.66% 0.64%
SSS Premium Expense 0.55% 0.54% 0.52% 0.51% 0.50%
Philhealth Premiums Expense 0.10% 0.10% 0.10% 0.10% 0.10%
HDMF Premiums Expense 0.05% 0.05% 0.05% 0.05% 0.05%
Advertising Expense 0.03% 0.02% 0.02% 0.02% 0.02%
Rent Expense 4.97% 4.70% 4.48% 4.26% 4.05%
Utilities Expense 0.80% 0.78% 0.78% 0.77% 0.77%
Store Supplies Expense 0.13% 0.13% 0.13% 0.12% 0.12%
Depreciation Expense 0.68% 0.64% 0.61% 0.58% 0.55%
Repairs and Maintenance Expense 0.19% 0.08% 0.08% 0.08% 0.07%
Miscellaneous Expenses 0.13% 0.13% 0.17% 0.12% 0.12%

General and Administrative Expenses 0.00% 0.00% 0.00% 0.00% 0.00%

Rent Expense 0.30% 0.29% 0.27% 0.26% 0.25%
Utilities Expense 0.34% 0.33% 0.33% 0.33% 0.33%
Office Supplies Expense 0.02% 0.01% 0.01% 0.01% 0.01%
Permits and Licenses 0.14% 0.13% 0.12% 0.12% 0.11%
Pre-Operating Costs 0.00% 0.00% 0.00% 0.00% 0.00%
Professional Fee 0.08% 0.08% 0.08% 0.07% 0.07%
Depreciation Expense 0.05% 0.05% 0.05% 0.04% 0.04%
Repairs and Maintenance Expense 0.08% 0.04% 0.03% 0.03% 0.03%
Miscellaneous Expenses 0.06% 0.06% 0.07% 0.05% 0.05%
Total Operating Expenses 25.88% 24.75% 24.18% 23.44% 22.80%
Operating Income (Loss) 4.91% 8.04% 9.87% 12.09% 14.12%
Less: Interest Expense 0.00% 0.00% 0.00% 0.00% 0.00%
Net Income Before Tax 4.91% 8.04% 9.87% 12.09% 14.12%
Less: Income Tax 1.47% 2.41% 2.96% 3.63% 4.24%
Net Income After Tax 3.44% 5.63% 6.91% 8.46% 9.88%

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 CARLAS Co.
Projected Common Size of Statement of Financial Position
As of December 2019-2023

2019 2020 2021 2022 2023

ASSETS
Current Assets
Cash 22.93% 45.89% 61.82% 71.84% 79.01%
Inventory 15.90% 12.39% 15.76% 8.07% 6.80%
Office Supplies 0.01% 0.01% 0.02% 0.01% 0.01%
Store Supplies 0.13% 0.17% 0.31% 0.20% 0.21%
Marketable Securities 0.00% 0.00% 0.00% 0.00% 0.00%
Total Current Assets 38.97% 58.46% 71.77% 80.12% 86.03%
Non-Current Assets
Property, Plant and Equipment (net) 17.94% 11.12% 6.62% 3.82% 1.90%
Leasehold Improvements (net) 18.40% 12.29% 8.15% 5.56% 3.74%
Deposit for Rent 18.43% 13.94% 10.65% 8.56% 7.02%
Intangible Assets 0.24% 0.18% 0.14% 0.11% 0.09%
Other Non-Current Assets (net) 6.02% 4.02% 2.67% 1.82% 1.22%
Total Non-Current Assets 61.03% 41.54% 28.23% 19.88% 13.97%
TOTAL ASSETS 100% 100% 100% 100% 100%

LIABILITIES AND PARTNER'S EQUITY

Current Liabilities
Accounts Payable 0.24% 0.19% 0.15% 0.12% 0.10%
Utilities Payable 2.11% 1.64% 1.30% 1.08% 0.92%
Salaries and Wages Payable 1.28% 0.99% 0.78% 0.65% 0.55%
SSS Premiums Payable 1.37% 1.03% 0.79% 0.63% 0.52%
Philhealth Premiums Payable 0.18% 0.13% 0.10% 0.08% 0.07%
HDMF Premiums Payable 0.09% 0.07% 0.05% 0.04% 0.03%
Withholding Tax Payable 0.04% 0.03% 0.02% 0.02% 0.01%
Interest Payable 0.00% 0.00% 0.00% 0.00% 0.00%
VAT Payable 3.92% 3.16% 2.53% 2.13% 1.85%
Income Tax Payable 2.55% 5.07% 6.96% 8.81% 10.44%
Total Current Liabilities 11.77% 12.31% 12.68% 13.56% 14.50%
Total Liabilities 11.77% 12.31% 12.68% 13.56% 14.50%

Partners' Equity
Benitez, Capital 14.71% 14.61% 14.55% 14.41% 14.25%
Borral, Capital 14.71% 14.61% 14.55% 14.41% 14.25%
Gacelo, Capital 14.71% 14.61% 14.55% 14.41% 14.25%
Madrid, Capital 14.71% 14.61% 14.55% 14.41% 14.25%
Mendoza, Capital 14.71% 14.61% 14.55% 14.41% 14.25%
Samonte, Capital 14.71% 14.61% 14.55% 14.41% 14.25%
Total Partners' Equity 88.23% 87.69% 87.32% 86.44% 85.50%
TOTAL LIABILITIES AND PARTNER'S EQUITY 100% 100% 100% 100% 100%

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