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Annual Financial Overview for College

1) The document presents tables of projected expenses from Year 1 to Year 5 for Cagayan Valley Computer and Information Technology College. Expenses include cost of sales, salaries and wages, SSS/Pag-Ibig/Philhealth contributions, 13th month pay, repairs and maintenance, office supplies, utilities, rent, regulatory fees, janitorial services, and miscellaneous costs. 2) It also includes a table projecting income tax expenses, calculating taxable income after exemptions and taxes due for income levels up to 140,000 and over 140,000. 3) The tables provide specific expense projections for each line item for planning purposes over the 5 year period.

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Sheena Rio
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12 views14 pages

Annual Financial Overview for College

1) The document presents tables of projected expenses from Year 1 to Year 5 for Cagayan Valley Computer and Information Technology College. Expenses include cost of sales, salaries and wages, SSS/Pag-Ibig/Philhealth contributions, 13th month pay, repairs and maintenance, office supplies, utilities, rent, regulatory fees, janitorial services, and miscellaneous costs. 2) It also includes a table projecting income tax expenses, calculating taxable income after exemptions and taxes due for income levels up to 140,000 and over 140,000. 3) The tables provide specific expense projections for each line item for planning purposes over the 5 year period.

Uploaded by

Sheena Rio
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd

Cagayan Valley Computer and Information Technology College, Inc.

#28 Carreon Street, Centro East, Santiago City, Isabela, Philippines


Deparment of Accountancy

a. Cost of Sales
Table 26

Year 1 Year 2 Year 3 Year 4


Demand (Copies) 808,344 857,249 909,112 964,114
Cost per unit* 0.13 ### 0.13 0.13
TOTAL 105,084.72 111,442.35 118,184.61 125,334.78
*Toner =700/67362
Bond Paper =(0.11+0.131)/2
Total

b. Salaries and Wages


Table 27

Year 1 Year 2 Year 3 Year 4


Wages
86,400 86,400 86,400 86,400
(7,200.00/month)

c. SSS/Pag-Ibig/Philhealth
Table 28

Year 1 Year 2 Year 3 Year 4


SSS (525.70/month) 6,308.40 6,308.40 6,308.40 6,308.40
Pag-Ibig
1,728.00 1,728.00 1,728.00 1,728.00
(144.00/month)
Philhealth
1,200.00 1,200.00 1,200.00 1,200.00
(100.00/month)
Cagayan Valley Computer and Information Technology College, Inc.
#28 Carreon Street, Centro East, Santiago City, Isabela, Philippines
Deparment of Accountancy

d. 13th Month Pay


Table 29

Year 1 Year 2 Year 3 Year 4


13th Month Pay 7,200.00 7,200.00 7,200.00 7,200.00
Cash Gift 5,000.00 5,000.00 5,000.00 5,000.00
Total 12,200.00 12,200.00 12,200.00 12,200.00

e. Repairs and Maintenance


Table 30

Year 1 Year 2 Year 3 Year 4


Technician's Fee
0 4,000.00 4,000.00 4,400.00
(1,000.00/3mos.)
Increase by 0 0 1.10 110.00%
Total 0 4,000.00 4,400.00 4,840.00

f. Office Supplies
Table 31

Year 1 Year 2 Year 3 Year 4


Stapler Wire
(25.00x5boxes/ 1,500.00 1,500.00 1,500.00 1,500.00
month)
Cagayan Valley Computer and Information Technology College, Inc.
#28 Carreon Street, Centro East, Santiago City, Isabela, Philippines
Deparment of Accountancy

g. Utilities Expense
Table 32

Year 1 Year 2 Year 3 Year 4


Electricity
18,000.00 18,000.00 18,000.00 18,000.00
(1,500/month)
6,240.00 6,240.00 6,240.00 6,240.00
Water (520.00/month

h. Office Rent
Table 33

Year 1 Year 2 Year 3 Year 4


Rent Expense
96,000.00 96,000.00 96,000.00 96,000.00
(8,000.00/month)

i. Regulatory Fees
Table 34

Year 1 Year 2 Year 3 Year 4


Mayor's Business Permit
2,500.00 2,500.00 2,500.00 2,500.00
(2,500.00/year)
BIR Registration Fee
500.00 500.00 500.00 500.00
(500.00/year)
Barangay Clearance
100.00 100.00 100.00 100.00
(100.00/year)
Notary (200.00/year) 200.00 200.00 200.00 200.00
Sppecial Books of
250.00 250.00 250.00 250.00
Account (250.00/year)

Cagayan Valley Computer and Information Technology College, Inc.


#28 Carreon Street, Centro East, Santiago City, Isabela, Philippines
Deparment of Accountancy

DTI Registration Fee


250.00 0 0 0
(250.00/5years)
Total 3,800.00 3,550.00 3,550.00 3,550.00

j. Janitorial Expense
Table 35

Year 1 Year 2 Year 3 Year 4


Soft Broom
(50.00/3months) 200.00 200.00 200.00 200.00
Feather Duster
(30.00/3months) 120.00 120.00 120.00 120.00
Dustpan
(50.00/3months) 200.00 200.00 200.00 200.00
Total 520.00 520.00 520.00 520.00

k. Miscallenous Expense
Table 36

Year 1 Year 2 Year 3 Year 4


Doormat
(100x2pcs/3months) 800.00 800.00 800.00 800.00
Waste Basket
(70x2pcs/3months) 560.00 560.00 560.00 560.00
Total 1360.00 1360.00 1360.00 1360.00
Cagayan Valley Computer and Information Technology College, Inc.
#28 Carreon Street, Centro East, Santiago City, Isabela, Philippines
Deparment of Accountancy

l. Income Tax Expense


Table 37

Year 1 Year 2 Year 3 Year 4


Taxable Income - - - -
Less: Personal Exemption 50,000.00 ### 50,000.00 50,000.00
Net Taxable Income (50,000.00) (50,000.00) (50,000.00) (50,000.00)

Income Tax Due


P70,000.00 - 8,500.00 8,500.00
In excess of P70,000.00 - (24,000.00) (24,000.00)

P140,000.00 22,500.00
In excess of P140,000.00 (47,500.00)
Total Tax due - (15,500.00) (15,500.00) (25,000.00)
College, Inc.
ilippines

Year 5
1,022,443
0.13
132,917.53
0.01
0.121
0.13

Year 5

86,400

Year 5
6,308.40

1,728.00

1,200.00
College, Inc.
ilippines

Year 5
7,200.00
5,000.00
12,200.00

Year 5

4,840.00

110.00%
5,324.00

Year 5

1,500.00
College, Inc.
ilippines

Year 5

18,000.00

6,240.00

Year 5

96,000.00

Year 5

2,500.00

500.00

100.00
200.00
250.00

College, Inc.
ilippines

0
3,550.00

Year 5

200.00

120.00

200.00
520.00

Year 5

800.00

560.00
1360.00
College, Inc.
ilippines

Year 5
-
50,000.00
(50,000.00)

22,500.00
(47,500.00)
(25,000.00)
Cagayan Valley Computer and Information Technology College, Inc.
#28 Carreon Street, Centro East, Santiago City, Isabela, Philippines
Deparment of Accountancy

m. Schedule of Annual Dreciation/Amortization and Net Book Value

Table 38

NET BOOK VALUE

USEFUL
ITEMS COST (a) ANNUAL DEP'N Year 1 (a-c) Year 2 (a-c) Year 3 (a-c)
LIFE (b)
(ab)=(c)
Xerox machine 50,000.00 10 5,000.00 45,000.00 40,000.00 35,000.00
Wooden Table 5,000.00 7 714.29 4,285.71 4,285.71 3,571.43
Wooden Chair 2,500.00 7 357.14 2,142.86 2,142.86 1,785.71
Office Table 3,500.00 7 500.00 3,000.00 3,000.00 2,500.00
Monoblock Chair 500.00 5 100.00 400.00 300.00 200.00
Fire Extinguisher 2,500.00 5 500.00 2,000.00 2,000.00 1,500.00
TOTAL 64,000.00 7,171.43 56,828.57 51,728.57 44,557.14
c.

OOK VALUE

Year 4 (a-
Year 5 (a-c)
c)

30,000.00 25,000.00
2,857.14 2,142.86
1,428.57 1,071.43
2,000.00 1,500.00
100.00 -
1,000.00 500.00
37,385.71 30,214.29
Cagayan Valley Computer and Information Technology College, Inc.
#28 Carreon Street, Centro East, Santiago City, Isabela, Philippines
Deparment of Accountancy
g. Utilities Expense
Table 32

Year 1 Year 2 Year 3 Year 4 Year 5


Electrici
ty ### ### ### ### ###
(1,500/
month)

Water 6,240.00 6,240.00 6,240.00 6,240.00 6,240.00


(520.0
0/month

h. Office Rent
Table 33

Year 1 Year 2 Year 3 Year 4 Year 5

Rent
Expense ### ### ### ### ###
(8,000.0
0/month)

i. Regulatory Fees
Table 34

Year 1 Year 2 Year 3 Year 4 Year 5


Mayor's
Business
Permit 2,500.00 2,500.00 2,500.00 2,500.00 2,500.00
(2,500.
00/year)

BIR
Registrat
ion Fee 500.00 500.00 500.00 500.00 500.00
(500.00
/year)
Baranga
y
Clearanc
e 100.00 100.00 100.00 100.00 100.00
(100.00
/year)
Notary
(200.00 200.00 200.00 200.00 200.00 200.00
/year)

Sppecial
Books of
Account 250.00 250.00 250.00 250.00 250.00
(250.00
/year)

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