Financial Assumption

1 The business will adopt the calendar year operation starting 2019 of January.
2 Working days are 6 days in a week; 24 days in a month
3 The overall projected investment cost is PhP8,000,000.00
4 The number of years projected in the study is 10 years.
5 Fixed assets will be depreciated over their life span in accordance with depreciation table in the appendices with no residual value.
6 There will be increase in production output by 1% annually.
7 There will be increase in materials and salary by 2% annually.
8 Finish Good Ending Inventory is 10% of Cost of Goods Manufactured annually.
9 Useful life of 10 years for the office and factory equipment
10 Only 80% of Sales is on Cash Basis
11 Only 25% of Net Income after Tax is the Dividend.
endices with no residual value.
 MODERN FURNITURE CORPORATION
Project Cost

Description Annual Cost (Php)

Building Rental 3,500,000.00

Office Equipment 104,050.00
Furnitures and Fixtures 133,560.00
Vehicles- Delivery Truck 1,200,000.00
Other Equipment 21,000.00

Working Capital for 3 months 2,372,935.75

Raw Materials 1,411,200.00
Direct Labor 247,548.00
Indirect and Administrative Salary 673,715.30
Utillities 33,962.70
Office Supplies 6,509.75
Pre-operating Expense
Government Fees 30,000.00
Advertising 43,988.00
Cash Contingencies 594,466.25
Capital Investment 8,000,000.00
 MODERN FURNITURE CORPORATION
DIRECT MATERIALS

Items 2019 2020 2021 2022

Cushion 280.00 285.60 291.31 297.14

Mahogany 120.00 122.40 124.85 127.34
Marine Plywood 1,300.00 1,326.00 1,352.52 1,379.57
Good Lumber 180.00 183.60 187.27 191.02
Acacia 150.00 153.00 156.06 159.18
Pornika 850.00 867.00 884.34 902.03
Total 2,880.00 2,937.60 2,996.35 3,056.28
Units Produced 1,960 pcs 1,980 pcs 1,999 pcs 2,019 pcs
Total Direct Materials Cost 5,644,800.00 ### ### 6,171,819.21
URNITURE CORPORATION
RECT MATERIALS

2023 2024 2025 2026 2027 2028

303.08 309.14 315.33 321.63 328.06 334.63

129.89 132.49 135.14 137.84 140.60 143.41
1,407.16 1,435.31 1,464.01 1,493.29 1,523.16 1,553.62
194.84 198.73 202.71 206.76 210.90 215.12
162.36 165.61 168.92 172.30 175.75 179.26
920.07 938.47 957.24 976.38 995.91 1,015.83
3,117.40 3,179.75 3,243.35 3,308.21 3,374.38 3,441.87
2,040 pcs 2,060 pcs 2,081 pcs 2,101 pcs 2,122 pcs 2,144 pcs
6,358,208.15 ### 6,748,042.86 ### 7,161,779.13 ###
 MODERN F

Direct Labor Basic PhilHealth HDMF SSS

Production Operator 1 108,000.00 1,650.00 1,200.00 3,924.00

Production Operator 2 108,000.00 1,650.00 1,200.00 3,924.00
Production Operator 3 108,000.00 1,650.00 1,200.00 3,924.00
Production Operator 4 108,000.00 1,650.00 1,200.00 3,924.00
Production Operator 5 108,000.00 1,650.00 1,200.00 3,924.00
Production Operator 6 108,000.00 1,650.00 1,200.00 3,924.00
Production Operator 7 108,000.00 1,650.00 1,200.00 3,924.00
Production Operator 8 108,000.00 1,650.00 1,200.00 3,924.00
Total Direct Labor Costs 864,000.00 13,200.00 9,600.00 31,392.00
 MODERN FURNITURE CORPORATION
DIRECT LABOR

13th Month 2019 2020 2021 2022 2023 2024

9,000.00 123,774.00 126,249.48 128,774.47 131,349.96 133,976.96 136,656.50

9,000.00 123,774.00 126,249.48 128,774.47 131,349.96 133,976.96 136,656.50
9,000.00 123,774.00 126,249.48 128,774.47 131,349.96 133,976.96 136,656.50
9,000.00 123,774.00 126,249.48 128,774.47 131,349.96 133,976.96 136,656.50
9,000.00 123,774.00 126,249.48 128,774.47 131,349.96 133,976.96 136,656.50
9,000.00 123,774.00 126,249.48 128,774.47 131,349.96 133,976.96 136,656.50
9,000.00 123,774.00 126,249.48 128,774.47 131,349.96 133,976.96 136,656.50
9,000.00 123,774.00 126,249.48 128,774.47 131,349.96 133,976.96 136,656.50
72,000.00 990,192.00 ### ### 1,050,799.67 1,071,815.67 ###
 2025 2026 2027 2028

139,389.63 142,177.42 145,020.97 147,921.39

139,389.63 142,177.42 145,020.97 147,921.39
139,389.63 142,177.42 145,020.97 147,921.39
139,389.63 142,177.42 145,020.97 147,921.39
139,389.63 142,177.42 145,020.97 147,921.39
139,389.63 142,177.42 145,020.97 147,921.39
139,389.63 142,177.42 145,020.97 147,921.39
139,389.63 142,177.42 145,020.97 147,921.39
1,115,117.02 ### 1,160,167.75 ###
 MODERN F
FAC

Facto

Indirect Labor Basic PhilHealth HDMF SSS

Production Supervisor 240,000.00 3,300.00 1,200.00 6,975.60

Quality Control 1 144,000.00 1,980.00 1,200.00 5,232.00
Quality Control 2 144,000.00 1,980.00 1,200.00 5,232.00
Janitor 1 96,000.00 1,650.00 1,200.00 3,488.40
Janitor 2 96,000.00 1,650.00 1,200.00 3,488.40
Total Indirect Labor Costs 720,000.00 10,560.00 6,000.00 24,416.40

Factory Overhead- Indirect Materials

Items 2019 2020 2021 2022

Screws 30.00 30.60 31.21 31.84

Nails 20.00 20.40 20.81 21.22
Wood Glue 59.00 60.18 61.38 62.61
Varnish 100.00 102.00 104.04 106.12
Paint 80.00 81.60 83.23 84.90
Sandpaper 15.00 15.30 15.61 15.92
Total 304.00 310.08 316.28 322.61
Units Produced 1,960 pcs 1,980 pcs 1,999 pcs 2,019 pcs
Total Indirect Materials Costs 595,840.00 613,834.37 632,372.17 651,469.81

Other Manufacturing Cos

Factory Tools/Equipmen

Items Qty. Amount 2019 2020

Claw Hammer 8 170.00 1,360.00 1,387.20

Tape Measure 8 139.00 1,112.00 1,134.24
Chisel 8 239.00 1,912.00 1,950.24
Level Measuring Tool 8 300.00 2,400.00 2,448.00
Block Plane 8 160.00 1,280.00 1,305.60
Rip Saw 8 289.00 2,312.00 2,358.24
Grinder 8 765.00 6,120.00 6,242.40
Screw Driver 8 589.00 4,712.00 4,806.24
Layout Square 8 225.00 1,800.00 1,836.00
Total 2,876.00 23,008.00 23,468.16
Factory Utilities

Items 2019 2020

Electricity Bill 123,850.80 126,327.82

Water Bill 12,000.00 12,240.00
Total 135,850.80 138,567.82
Factory Rent

Items 2019 2020

Rent Expense 720,000.00 734,400.00

Total 720,000.00 734,400.00

TOTAL FACTORY OVERHEAD

Factory Overhead 2019 2020 2021 2022

Indirect Labor 820,976.40 837,395.93 854,143.85 871,226.72

Indirect Materials 595,840.00 613,834.37 632,372.17 651,469.81
Factory Tools/Equipment 23,008.00 23,468.16 23,937.52 24,416.27
Factory Utilities 135,850.80 138,567.82 141,339.17 144,165.96
Factory Rent 720,000.00 734,400.00 749,088.00 764,069.76
Total Factory Overhead 2,295,675.20 2,347,666.27 2,400,880.71 ###
 MODERN FURNITURE CORPORATION
FACTORY OVERHEAD

Factory Overhead- Indirect Labor

13th Month 2019 2020 2021 2022 2023 2024

20,000.00 271,475.60 276,905.11 282,443.21 288,092.08 293,853.92 299,731.00

12,000.00 164,412.00 167,700.24 171,054.24 174,475.33 177,964.84 181,524.13
12,000.00 164,412.00 167,700.24 171,054.24 174,475.33 177,964.84 181,524.13
8,000.00 110,338.40 112,545.17 114,796.07 117,091.99 119,433.83 121,822.51
8,000.00 110,338.40 112,545.17 114,796.07 117,091.99 119,433.83 121,822.51
60,000.00 820,976.40 837,395.93 854,143.85 871,226.72 888,651.26 906,424.28

Overhead- Indirect Materials

2023 2024 2025 2026 2027 2028

32.47 33.12 33.78 34.46 35.15 35.85

21.65 22.08 22.52 22.97 23.43 23.90
63.86 65.14 66.44 67.77 69.13 70.51
108.24 110.41 112.62 114.87 117.17 119.51
86.59 88.33 90.09 91.89 93.73 95.61
16.24 16.56 16.89 17.23 17.57 17.93
329.06 335.64 342.35 349.20 356.18 363.31
2,040 pcs 2,060 pcs 2,081 pcs 2,101 pcs 2,122 pcs 2,144 pcs
671,144.19 691,412.75 712,293.41 733,804.67 755,965.58 778,795.74

Other Manufacturing Costs

Factory Tools/Equipment

2021 2022 2023 2024 2025 2026 2027

1,414.94 1,443.24 1,472.11 1,501.55 1,531.58 1,562.21 1,593.46

1,156.92 1,180.06 1,203.66 1,227.74 1,252.29 1,277.34 1,302.89
1,989.24 2,029.03 2,069.61 2,111.00 2,153.22 2,196.29 2,240.21
2,496.96 2,546.90 2,597.84 2,649.79 2,702.79 2,756.85 2,811.98
1,331.71 1,358.35 1,385.51 1,413.22 1,441.49 1,470.32 1,499.72
2,405.40 2,453.51 2,502.58 2,552.63 2,603.69 2,655.76 2,708.88
 6,367.25 6,494.59 6,624.48 6,756.97 6,892.11 7,029.96 7,170.56
4,902.36 5,000.41 5,100.42 5,202.43 5,306.48 5,412.61 5,520.86
1,872.72 1,910.17 1,948.38 1,987.35 2,027.09 2,067.63 2,108.99
23,937.52 24,416.27 24,904.60 25,402.69 25,910.74 26,428.96 26,957.54
Factory Utilities

2021 2022 2023 2024 2025 2026 2027

128,854.37 131,431.46 134,060.09 136,741.29 139,476.12 142,265.64 145,110.95

12,484.80 12,734.50 12,989.19 13,248.97 13,513.95 13,784.23 14,059.91
141,339.17 144,165.96 147,049.27 149,990.26 152,990.07 156,049.87 159,170.86
Factory Rent

2021 2022 2023 2024 2025 2026 2027

749,088.00 764,069.76 779,351.16 794,938.18 810,836.94 827,053.68 843,594.75

749,088.00 764,069.76 779,351.16 794,938.18 810,836.94 827,053.68 843,594.75

L FACTORY OVERHEAD

2023 2024 2025 2026 2027 2028

888,651.26 906,424.28 924,552.77 943,043.82 961,904.70 981,142.79

671,144.19 691,412.75 712,293.41 733,804.67 755,965.58 778,795.74
24,904.60 25,402.69 25,910.74 26,428.96 26,957.54 27,496.69
147,049.27 149,990.26 152,990.07 156,049.87 159,170.86 162,354.28
779,351.16 794,938.18 810,836.94 827,053.68 843,594.75 860,466.65
2,511,100.48 ### ### ### 2,747,593.43 2,810,256.15
 2025 2026 2027 2028

305,725.62 311,840.13 318,076.93 324,438.47

185,154.62 188,857.71 192,634.86 196,487.56
185,154.62 188,857.71 192,634.86 196,487.56
124,258.96 126,744.14 129,279.02 131,864.60
124,258.96 126,744.14 129,279.02 131,864.60
924,552.77 943,043.82 961,904.70 981,142.79

2028

1,625.33
1,328.94
2,285.02
2,868.22
1,529.72
2,763.05
 7,313.97
5,631.28
2,151.17
27,496.69

2028

148,013.17
14,341.11
162,354.28

2028

860,466.65
860,466.65
 MODERN FURNITURE CORPORATION
PROJECTED TOTAL MANUFACTURING COSTS
For the Years Ending 2019 to 2028

TOTAL MANUFACTURING COSTS

2019 2020 2021 2022
Direct Materials 5,644,800.00 5,815,272.96 5,990,894.20 6,171,819.21
Direct Labor 990,192.00 1,009,995.84 1,030,195.76 1,050,799.67
Factory Overhead 2,295,675.20 2,347,666.27 2,400,880.71 2,455,348.52
Total Manufacturing Costs 8,930,667.20 9,172,935.07 ### 9,677,967.40
Output 1,960 pcs 1,980 pcs 1,999 pcs 2,019 pcs
Cost per Unit 4,556.46 4,633.73 4,712.41 4,792.52
40% Mark Up 140% 142% 144% 146%
Price per Unit 6,379.05 6,579.90 6,785.87 6,997.08
12% VAT 112% 112% 112% 112%
Market Price VAT Included 7,144.53 7,369.49 7,600.17 7,836.73

Year 2019 2020 2021 2022

Unit Sold 1764 1958 1995 2017
12% VAT 765.49 789.59 814.30 839.65
VAT Payable 1,350,316.88 1,546,044.62 ### 1,693,553.85
 FURNITURE CORPORATION
TOTAL MANUFACTURING COSTS
Years Ending 2019 to 2028

OTAL MANUFACTURING COSTS

2023 2024 2025 2026 2027 2028
6,358,208.15 6,550,226.03 6,748,042.86 6,951,833.76 7,161,779.13 7,378,064.86
1,071,815.67 1,093,251.98 1,115,117.02 1,137,419.36 1,160,167.75 1,183,371.10
2,511,100.48 2,568,168.16 2,626,583.93 2,686,381.01 2,747,593.43 2,810,256.15
9,941,124.29 ### 10,489,743.81 10,775,634.12 11,069,540.31 11,371,692.12
2,040 pcs 2,060 pcs 2,081 pcs 2,101 pcs 2,122 pcs 2,144 pcs
4,874.09 4,957.16 5,041.74 5,127.87 5,215.58 5,304.89
148% 150% 152% 154% 156% 158%
7,213.66 7,435.74 7,663.45 7,896.92 8,136.30 8,381.73
112% 112% 112% 112% 112% 112%
8,079.30 8,328.03 8,583.06 8,844.55 9,112.66 9,387.54

2023 2024 2025 2026 2027 2028

2037 2058 2078 2099 2120 2141
865.64 892.29 919.61 947.63 976.36 1,005.81
1,763,586.74 1,836,074.70 1,911,226.53 1,989,148.88 2,069,940.78 2,153,703.51
 MODERN F
PROJECTE
For the Y

2019 2020
Direct Materials 5,644,800.00 5,815,272.96
Direct Labor 990,192.00 1,009,995.84
FOH 2,295,675.20 2,347,666.27
Total Manufacturing Cost 8,930,667.20 9,172,935.07
WIP, Beg - -
WIP, End - -
Cost of Goods Manufactured 8,930,667.20 9,172,935.07
FG, Beg - 893,066.72
FG, End 10% 893,066.72 917,293.51
Cost of Good Sold 8,037,600.48 9,148,708.28

Year 2019 2020

1% 1,960 1,980
Add: FG, Beg 196
Less:FG, End (10%) 196 218
Unit Sold 1,764 1,958
 MODERN FURNITURE CORPORATION
PROJECTED COST OF GOODS SOLD
For the Years Ending 2019 to 2028

2021 2022 2023 2024 2025

5,990,894.20 6,171,819.21 6,358,208.15 6,550,226.03 6,748,042.86
1,030,195.76 1,050,799.67 1,071,815.67 1,093,251.98 1,115,117.02
2,400,880.71 2,455,348.52 2,511,100.48 2,568,168.16 2,626,583.93
9,421,970.67 9,677,967.40 9,941,124.29 10,211,646.17 10,489,743.81
- - - - -
- - - - -
9,421,970.67 9,677,967.40 9,941,124.29 10,211,646.17 10,489,743.81
917,293.51 942,197.07 967,796.74 994,112.43 1,021,164.62
942,197.07 967,796.74 994,112.43 1,021,164.62 1,048,974.38
9,397,067.11 9,652,367.73 9,914,808.60 10,184,593.99 10,461,934.05

2021 2022 2023 2024 2025

1,999 2,019 2,040 2,060 2,081
218 222 224 226 229
222 224 226 229 231
1,995 2,017 2,037 2,058 2,078
 2026 2027 2028
6,951,833.76 7,161,779.13 7,378,064.86
1,137,419.36 1,160,167.75 1,183,371.10
2,686,381.01 2,747,593.43 2,810,256.15
10,775,634.12 11,069,540.31 11,371,692.12
- - -
- - -
10,775,634.12 11,069,540.31 11,371,692.12
1,048,974.38 1,077,563.41 1,106,954.03
1,077,563.41 1,106,954.03 1,137,169.21
10,747,045.09 11,040,149.69 11,341,476.94

2026 2027 2028

2,101 2,122 2,144
231 233 236
233 236 238
2,099 2,120 2,141
 Office Salary Basic PhilHealth HDMF SSS

General Manager 300,000.00 4,125.00 1,200.00 6,975.60

Secretary 120,000.00 1,500.00 1,200.00 4,359.60
Accountant 180,000.00 2,475.00 1,200.00 6,540.00
Sales Representative 120,000.00 1,500.00 1,200.00 4,359.60
Marketing Staff 120,000.00 1,500.00 1,200.00 4,359.60
Purchasing Staff 120,000.00 1,500.00 1,200.00 4,359.60
HR Personnel 120,000.00 1,500.00 1,200.00 4,359.60
Warehouse Personnel 1 108,000.00 1,650.00 1,200.00 3,924.00
Driver 108,000.00 1,650.00 1,200.00 3,924.00
Security Guard 1 102,000.00 1,650.00 1,200.00 3,705.60
Security Guard 2 102,000.00 1,650.00 1,200.00 3,705.60
Nurse 144,000.00 1,980.00 1,200.00 5,232.00
Total 1,644,000.00 22,680.00 14,400.00 55,804.80

Items Quantity Unit Unit Cost 2019

Short Bond Paper 10 ream 200.00 2,000.00

Long Bond Paper 5 ream 200.00 1,000.00
Short Folder 100 pcs 3.00 300.00
Long Folder 100 pcs 4.00 400.00
Short Plastic Envelope 100 pcs 10.00 1,000.00
Long Plastic Envelope 100 pcs 12.00 1,200.00
Pencils 10 boxes 90.00 900.00
Ballpens 6 boxes 350.00 2,100.00
Staple Wires 20 boxes 30.00 600.00
Marker 20 pcs 35.00 700.00
Log Books 15 pcs 60.00 900.00
Puncher 3 pcs 100.00 300.00
Stapler 7 pcs 30.00 210.00
Tape Dispenser 3 pcs 78.00 234.00
Scissors 3 pcs 20.00 60.00
White Board 2 pcs 480.00 960.00
Trash Bin 4 pcs 200.00 800.00
Delivery Receipt Form 5 boxes 120.00 600.00
Printer Colored Ink 5 boxes 450.00 2,250.00
Printer Black Ink 10 boxes 350.00 3,500.00
Tape 15 pcs 15.00 225.00
File Box 9 boxes 450.00 4,050.00
Book Stand (Small) 7 pcs 250.00 1,750.00
Total 26,039.00

Advertising and Promotion Expense

Items 2019 2020 2021 2022

Telephone and Internet Expense 28,988.00 23,988.00 23,988.00 23,988.00

Other Expenses for Advertisement and
15,000.00 5,000.00 5,000.00 5,000.00
Promotion
Total 43,988.00 28,988.00 28,988.00 28,988.00

Government Fees Expense

Items 2019 2020 2021 2022

Government Fees 30,000.00 12,000.00 12,000.00 12,000.00

Total 30,000.00 12,000.00 12,000.00 12,000.00

Lawyer's Fee

Items 2019 2020 2021 2022

Lawyer's Fees 150,000.00 100,000.00 100,000.00 100,000.00

Total 150,000.00 100,000.00 100,000.00 100,000.00

Items Unit Cost Quantity Total Cost Useful Life

Calculator 810.00 5 4,050.00 5

Desktop Computer 12,000.00 6 72,000.00 10
Ceiling Fan 900.00 6 5,400.00 5
Air Conditioner 13,000.00 6 78,000.00 8
Fire Extinguisher 3,500.00 6 21,000.00 8
Exhaust Fan 1,800.00 10 18,000.00 5
Printer 4,000.00 4 16,000.00 4
Office Chairs 350.00 10 3,500.00 10
Office Tables 1,000.00 10 10,000.00 10
Production Table 1,200.00 10 12,000.00 10
Waiting Chair 333.00 20 6,660.00 3
Projector 12,000.00 1 12,000.00 8
Delivery Truck 1,200,000.00 1 1,200,000.00 25
Total 1,250,893.00 1,458,610.00

TOTAL SELLING AND ADMINISTRATIVE EXPE

Items 2019 2020 2021 2022

Office Salary 1,873,884.80 1,911,362.50 1,949,589.75 1,988,581.54

Office Supplies 26,039.00 26,559.78 27,090.98 27,632.80
Advertising and Promotion Expense 43,988.00 28,988.00 28,988.00 28,988.00
Government Fees 30,000.00 12,000.00 12,000.00 12,000.00
Lawyer's Fees 150,000.00 100,000.00 100,000.00 100,000.00
Depreciation Expense 83,335.00 83,335.00 83,335.00 81,115.00
Total 2,207,246.80 2,162,245.28 2,201,003.72 2,238,317.34
 MODERN FURNITURE CORPORATION
SELLING AND ADMINISTRATIVE EXPENSES

Office Salary

13th Month 2019 2020 2021 2022 2023

25,000.00 337,300.60 344,046.61 350,927.54 357,946.10 365,105.02

10,000.00 137,059.60 139,800.79 142,596.81 145,448.74 148,357.72
15,000.00 205,215.00 209,319.30 213,505.69 217,775.80 222,131.32
10,000.00 137,059.60 139,800.79 142,596.81 145,448.74 148,357.72
10,000.00 137,059.60 139,800.79 142,596.81 145,448.74 148,357.72
10,000.00 137,059.60 139,800.79 142,596.81 145,448.74 148,357.72
10,000.00 137,059.60 139,800.79 142,596.81 145,448.74 148,357.72
9,000.00 123,774.00 126,249.48 128,774.47 131,349.96 133,976.96
9,000.00 123,774.00 126,249.48 128,774.47 131,349.96 133,976.96
8,500.00 117,055.60 119,396.71 121,784.65 124,220.34 126,704.75
8,500.00 117,055.60 119,396.71 121,784.65 124,220.34 126,704.75
12,000.00 164,412.00 167,700.24 171,054.24 174,475.33 177,964.84
137,000.00 1,873,884.80 1,911,362.50 1,949,589.75 1,988,581.54 2,028,353.17

Office Supplies

2020 2021 2022 2023 2024 2025

2,040.00 2,080.80 2,122.42 2,164.86 2,208.16 2,252.32

1,020.00 1,040.40 1,061.21 1,082.43 1,104.08 1,126.16
306.00 312.12 318.36 324.73 331.22 337.85
408.00 416.16 424.48 432.97 441.63 450.46
1,020.00 1,040.40 1,061.21 1,082.43 1,104.08 1,126.16
1,224.00 1,248.48 1,273.45 1,298.92 1,324.90 1,351.39
918.00 936.36 955.09 974.19 993.67 1,013.55
2,142.00 2,184.84 2,228.54 2,273.11 2,318.57 2,364.94
612.00 624.24 636.72 649.46 662.45 675.70
714.00 728.28 742.85 757.70 772.86 788.31
918.00 936.36 955.09 974.19 993.67 1,013.55
306.00 312.12 318.36 324.73 331.22 337.85
214.20 218.48 222.85 227.31 231.86 236.49
238.68 243.45 248.32 253.29 258.35 263.52
 61.20 62.42 63.67 64.95 66.24 67.57
979.20 998.78 1,018.76 1,039.13 1,059.92 1,081.12
816.00 832.32 848.97 865.95 883.26 900.93
612.00 624.24 636.72 649.46 662.45 675.70
2,295.00 2,340.90 2,387.72 2,435.47 2,484.18 2,533.87
3,570.00 3,641.40 3,714.23 3,788.51 3,864.28 3,941.57
229.50 234.09 238.77 243.55 248.42 253.39
4,131.00 4,213.62 4,297.89 4,383.85 4,471.53 4,560.96
1,785.00 1,820.70 1,857.11 1,894.26 1,932.14 1,970.78
26,559.78 27,090.98 27,632.80 28,185.45 28,749.16 29,324.14

tising and Promotion Expense

2023 2024 2025 2026 2027 2028

23,988.00 23,988.00 23,988.00 23,988.00 23,988.00 23,988.00

5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00

28,988.00 28,988.00 28,988.00 28,988.00 28,988.00 28,988.00

overnment Fees Expense

2023 2024 2025 2026 2027 2028

12,000.00 12,000.00 12,000.00 12,000.00 12,000.00 12,000.00

12,000.00 12,000.00 12,000.00 12,000.00 12,000.00 12,000.00

Lawyer's Fee

2023 2024 2025 2026 2027 2028

100,000.00 100,000.00 100,000.00 100,000.00 100,000.00 100,000.00

100,000.00 100,000.00 100,000.00 100,000.00 100,000.00 100,000.00

Depreciation Expense
Depreciation Depreciation Depreciation Depreciation Depreciation Depreciation
Expense 2019 Expense 2020 Expense 2021 Expense 2022 Expense 2023 Expense 2024
810.00 810.00 810.00 810.00 810.00 -
7,200.00 7,200.00 7,200.00 7,200.00 7,200.00 7,200.00
 1,080.00 1,080.00 1,080.00 1,080.00 1,080.00 -
9,750.00 9,750.00 9,750.00 9,750.00 9,750.00 9,750.00
2,625.00 2,625.00 2,625.00 2,625.00 2,625.00 2,625.00
3,600.00 3,600.00 3,600.00 3,600.00 3,600.00 -
4,000.00 4,000.00 4,000.00 4,000.00 - -
350.00 350.00 350.00 350.00 350.00 350.00
1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00
2,220.00 2,220.00 2,220.00 - - -
1,500.00 1,500.00 1,500.00 1,500.00 1,500.00 1,500.00
48,000.00 48,000.00 48,000.00 48,000.00 48,000.00 48,000.00
83,335.00 83,335.00 83,335.00 81,115.00 77,115.00 71,625.00

NG AND ADMINISTRATIVE EXPENSE

2023 2024 2025 2026 2027 2028

2,028,353.17 2,068,920.24 2,110,298.64 2,152,504.61 2,195,554.70 2,239,465.80

28,185.45 28,749.16 29,324.14 29,910.63 30,508.84 31,119.02
28,988.00 28,988.00 28,988.00 28,988.00 28,988.00 28,988.00
12,000.00 12,000.00 12,000.00 12,000.00 12,000.00 12,000.00
100,000.00 100,000.00 100,000.00 100,000.00 100,000.00 100,000.00
77,115.00 71,625.00 71,625.00 71,625.00 57,750.00 57,750.00
2,274,641.62 2,310,282.40 2,352,235.78 2,395,028.24 2,424,801.54 2,469,322.81
 2024 2025 2026 2027 2028

372,407.12 379,855.26 387,452.36 395,201.41 403,105.44

151,324.87 154,351.37 157,438.40 160,587.17 163,798.91
226,573.94 231,105.42 235,727.53 240,442.08 245,250.92
151,324.87 154,351.37 157,438.40 160,587.17 163,798.91
151,324.87 154,351.37 157,438.40 160,587.17 163,798.91
151,324.87 154,351.37 157,438.40 160,587.17 163,798.91
151,324.87 154,351.37 157,438.40 160,587.17 163,798.91
136,656.50 139,389.63 142,177.42 145,020.97 147,921.39
136,656.50 139,389.63 142,177.42 145,020.97 147,921.39
129,238.84 131,823.62 134,460.09 137,149.29 139,892.28
129,238.84 131,823.62 134,460.09 137,149.29 139,892.28
181,524.13 185,154.62 188,857.71 192,634.86 196,487.56
2,068,920.24 2,110,298.64 2,152,504.61 2,195,554.70 2,239,465.80

2026 2027 2028

2,297.37 2,343.32 2,390.19

1,148.69 1,171.66 1,195.09
344.61 351.50 358.53
459.47 468.66 478.04
1,148.69 1,171.66 1,195.09
1,378.42 1,405.99 1,434.11
1,033.82 1,054.49 1,075.58
2,412.24 2,460.48 2,509.69
689.21 703.00 717.06
804.08 820.16 836.56
1,033.82 1,054.49 1,075.58
344.61 351.50 358.53
241.22 246.05 250.97
268.79 274.17 279.65
 68.92 70.30 71.71
1,102.74 1,124.79 1,147.29
918.95 937.33 956.07
689.21 703.00 717.06
2,584.54 2,636.23 2,688.96
4,020.40 4,100.81 4,182.82
258.45 263.62 268.90
4,652.18 4,745.22 4,840.12
2,010.20 2,050.40 2,091.41
29,910.63 30,508.84 31,119.02

Depreciation Depreciation Depreciation Depreciation

Expense 2025 Expense 2026 Expense 2027 Expense 2028
- - - -
7,200.00 7,200.00 7,200.00 7,200.00
 - - - -
9,750.00 9,750.00 - -
2,625.00 2,625.00 - -
- - - -
- - - -
350.00 350.00 350.00 350.00
1,000.00 1,000.00 1,000.00 1,000.00
1,200.00 1,200.00 1,200.00 1,200.00
- - - -
1,500.00 1,500.00 - -
48,000.00 48,000.00 48,000.00 48,000.00
71,625.00 71,625.00 57,750.00 57,750.00 738,610.00
 MODERN FURNITURE CORPORATION
OTHER EXPENSES

OTHER EXPENSES

Items 2019 2020 2021 2022 2023

Transportation Expense 240,000.00 240,000.00 240,000.00 240,000.00 240,000.00

Maintenance Expense 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00
Miscellaneous Expense 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00
Total 255,000.00 255,000.00 255,000.00 255,000.00 255,000.00
ORPORATION
SES

SES

2024 2025 2026 2027 2028

240,000.00 240,000.00 240,000.00 240,000.00 240,000.00

5,000.00 5,000.00 5,000.00 5,000.00 5,000.00
10,000.00 10,000.00 10,000.00 10,000.00 10,000.00
255,000.00 255,000.00 255,000.00 255,000.00 255,000.00
 MODERN FURNITURE CO
Accounts Receiva

Year 2019 2020 2021

1% 1,960 1,980 1,999
Add: FG, Beg - 196 218
Less:FG, End (10%) 196 218 222
Unit Sold 1,764 1,958 1,995

Year 2019 2020 2021

Units Sold 1,764 pcs 1,958 pcs 1,995 pcs
Unit Price 6,379.05 6,579.90 6,785.87
Sales (Php) 11,252,640.67 12,883,705.18 13,539,574.13

Accounts Receivable (20%) 2,250,528.13 2,576,741.04 2,707,914.83

Cash Basis 9,002,112.54 10,306,964.15 10,831,659.30
MODERN FURNITURE CORPORATION
Accounts Receivable

2022 2023 2024 2025 2026

2,019 2,040 2,060 2,081 2,101
222 224 226 229 231
224 226 229 231 233
2,017 2,037 2,058 2,078 2,099

2022 2023 2024 2025 2026

2,017 pcs 2,037 pcs 2,058 pcs 2,078 pcs 2,099 pcs
6,997.08 7,213.66 7,435.74 7,663.45 7,896.92
14,112,948.76 14,696,556.14 15,300,622.46 15,926,887.78 16,576,240.70

2,822,589.75 2,939,311.23 3,060,124.49 3,185,377.56 3,315,248.14

11,290,359.01 11,757,244.91 12,240,497.97 12,741,510.22 13,260,992.56
 2027 2028
2,122 2,144
233 236
236 238
2,120 2,141

2027 2028
2,120 pcs 2,141 pcs
8,136.30 8,381.73
17,249,506.52 17,947,529.29

3,449,901.30 3,589,505.86
13,799,605.22 14,358,023.43
 MODERN FURNITURE CORPORA
PROPERTY , PLANT AND EQUIP

OFFICE EQUIPMENT Accum

Items Unit Cost Quantity Total Cost 2019 2020 2021

Calculator 810.00 5 4,050.00 810.00 1,620.00 2,430.00

Desktop Computer 12,000.00 6 72,000.00 7,200.00 14,400.00 21,600.00
Printer 4,000.00 4 16,000.00 4,000.00 8,000.00 12,000.00
Projector 12,000.00 1 12,000.00 1,500.00 3,000.00 4,500.00
Total 28,810.00 104,050.00 13,510.00 27,020.00 40,530.00

FURNITURES AND FIXTURES Accumu

Items Unit Cost Quantity Total Cost 2019 2020 2021

Ceiling Fan 900.00 6 5,400.00 1,080.00 2,160.00 3,240.00

Air Conditioner 13,000.00 6 78,000.00 9,750.00 19,500.00 29,250.00
Exhaust Fan 1,800.00 10 18,000.00 3,600.00 7,200.00 10,800.00
Office Chairs 350.00 10 3,500.00 350.00 700.00 1,050.00
Office Tables 1,000.00 10 10,000.00 1,000.00 2,000.00 3,000.00
Production Table 1,200.00 10 12,000.00 1,200.00 2,400.00 3,600.00
Waiting Chair 333.00 20 6,660.00 2,220.00 4,440.00 6,660.00
Total 18,583.00 133,560.00 19,200.00 38,400.00 57,600.00

VEHICLES Accumu

Items Unit Cost Quantity Total Cost 2019 2020 2021

Delivery Truck 1,200,000.00 1 1,200,000.00 48,000.00 96,000.00 144,000.00

Total 1,200,000.00 1,200,000.00 48,000.00 96,000.00 144,000.00

OTHER EQUIPMENT Accum

Items Unit Cost Quantity Total Cost 2019 2020 2021

Fire Extinguisher 3,500.00 6 21,000.00 2,625.00 5,250.00 7,875.00

Total 3,500.00 21,000.00 2,625.00 5,250.00 7,875.00
 FURNITURE CORPORATION
TY , PLANT AND EQUIPMENT

Accumulated Depreciation- Office Equipment

2022 2023 2024 2025 2026 2027 2028

3,240.00 4,050.00 4,050.00 4,050.00 4,050.00 4,050.00 4,050.00

28,800.00 36,000.00 43,200.00 50,400.00 57,600.00 64,800.00 72,000.00
16,000.00 16,000.00 16,000.00 16,000.00 16,000.00 16,000.00 16,000.00
6,000.00 7,500.00 9,000.00 10,500.00 12,000.00 12,000.00 12,000.00
54,040.00 63,550.00 72,250.00 80,950.00 89,650.00 96,850.00 104,050.00

Accumulated Depreciation- Furniture and Fixtures

2022 2023 2024 2025 2026 2027 2028

4,320.00 5,400.00 5,400.00 5,400.00 5,400.00 5,400.00 5,400.00

39,000.00 48,750.00 58,500.00 68,250.00 78,000.00 78,000.00 78,000.00
14,400.00 18,000.00 18,000.00 18,000.00 18,000.00 18,000.00 18,000.00
1,400.00 1,750.00 2,100.00 2,450.00 2,800.00 3,150.00 3,500.00
4,000.00 5,000.00 6,000.00 7,000.00 8,000.00 9,000.00 10,000.00
4,800.00 6,000.00 7,200.00 8,400.00 9,600.00 10,800.00 12,000.00
6,660.00 6,660.00 6,660.00 6,660.00 6,660.00 6,660.00 6,660.00
74,580.00 91,560.00 103,860.00 116,160.00 128,460.00 131,010.00 133,560.00

Accumulated Depreciation- Furniture and Fixtures

2022 2023 2024 2025 2026 2027 2028

192,000.00 240,000.00 288,000.00 336,000.00 384,000.00 432,000.00 480,000.00

192,000.00 240,000.00 288,000.00 336,000.00 384,000.00 432,000.00 480,000.00

Accumulated Depreciation- Other Equipment

2022 2023 2024 2025 2026 2027 2028

10,500.00 13,125.00 15,750.00 18,375.00 21,000.00 21,000.00 21,000.00

10,500.00 13,125.00 15,750.00 18,375.00 21,000.00 21,000.00 21,000.00
 MODERN FURNIT
PROJECTED IN
For the Years E

Year 2019 2020 2021 2022

1% 1,960 1,980 1,999 2,019
Add: FG, Beg - 196 218 222
Less:FG, End (10%) 196 218 222 224
Unit Sold 1,764 1,958 1,995 2,017

Year 2019 2020 2021 2022

Units Sold 1,764 pcs 1,958 pcs 1,995 pcs 2,017 pcs
Unit Price 6,379.05 6,579.90 6,785.87 6,997.08
Sales (Php) 11,252,640.67 12,883,705.18 13,539,574.13 14,112,948.76

2019 2020 2021

Sales 11,252,640.67 12,883,705.18 13,539,574.13
Cost of Sales 8,037,600.48 9,148,708.28 9,397,067.11
Gross Income 3,215,040.19 3,734,996.90 4,142,507.02
Selling and Administrative Expenses
Office Salary 1,873,884.80 1,911,362.50 1,949,589.75
Office Supplies 26,039.00 26,559.78 27,090.98
Advertising and Promotion
Expense 43,988.00 28,988.00 28,988.00
Government Fees 30,000.00 12,000.00 12,000.00
Lawyer's Fees 150,000.00 100,000.00 100,000.00
Depreciation Expense 83,335.00 83,335.00 83,335.00
Total 2,207,246.80 2,162,245.28 2,201,003.72
Other Expenses
Transportation Expense 240,000.00 240,000.00 240,000.00
Maintenance Expense 5,000.00 5,000.00 5,000.00
Miscellaneous Expense 10,000.00 10,000.00 10,000.00
Total 255,000.00 255,000.00 255,000.00
Net Income Before Tax 752,793.39 1,317,751.62 1,686,503.30
20% Tax Payable 150,558.68 263,550.32 337,300.66
Net Income After Tax 602,234.71 1,054,201.30 1,349,202.64
Dividend 25 % 150,558.68 263,550.32 337,300.66
TOTAL 451,676.04 790,650.97 1,011,901.98

Retained Earnings 451,676.04 1,392,885.69 2,668,337.99

MODERN FURNITURE CORPORATION
PROJECTED INCOME STATEMENT
For the Years Ending 2019 to 2028

2023 2024 2025 2026 2027

2,040 2,060 2,081 2,101 2,122
224 226 229 231 233
226 229 231 233 236
2,037 2,058 2,078 2,099 2,120

2023 2024 2025 2026 2027

2,037 pcs 2,058 pcs 2,078 pcs 2,099 pcs 2,120 pcs
7,213.66 7,435.74 7,663.45 7,896.92 8,136.30
14,696,556.14 15,300,622.46 15,926,887.78 16,576,240.70 17,249,506.52

2022 2023 2024 2025 2026

14,112,948.76 14,696,556.14 15,300,622.46 15,926,887.78 16,576,240.70
9,652,367.73 9,914,808.60 10,184,593.99 10,461,934.05 10,747,045.09
4,460,581.03 4,781,747.53 5,116,028.48 5,464,953.73 5,829,195.61

1,988,581.54 2,028,353.17 2,068,920.24 2,110,298.64 2,152,504.61

27,632.80 28,185.45 28,749.16 29,324.14 29,910.63

28,988.00 28,988.00 28,988.00 28,988.00 28,988.00

12,000.00 12,000.00 12,000.00 12,000.00 12,000.00
100,000.00 100,000.00 100,000.00 100,000.00 100,000.00
81,115.00 77,115.00 71,625.00 71,625.00 71,625.00
2,238,317.34 2,274,641.62 2,310,282.40 2,352,235.78 2,395,028.24

240,000.00 240,000.00 240,000.00 240,000.00 240,000.00

5,000.00 5,000.00 5,000.00 5,000.00 5,000.00
10,000.00 10,000.00 10,000.00 10,000.00 10,000.00
255,000.00 255,000.00 255,000.00 255,000.00 255,000.00
1,967,263.70 2,252,105.91 2,550,746.08 2,857,717.95 3,179,167.37
393,452.74 450,421.18 510,149.22 571,543.59 635,833.47
1,573,810.96 1,801,684.73 2,040,596.87 2,286,174.36 2,543,333.90
 393,452.74 450,421.18 510,149.22 571,543.59 635,833.47
1,180,358.22 1,351,263.55 1,530,447.65 1,714,630.77 1,907,500.42

4,185,996.86 5,930,713.15 7,911,581.98 10,136,361.97 12,615,405.98

 2028
2,144
236
238
2,141

2028
2,141 pcs
8,381.73
17,947,529.29

2027 2028
17,249,506.52 17,947,529.29
11,040,149.69 11,341,476.94
6,209,356.82 6,606,052.35

2,195,554.70 2,239,465.80
30,508.84 31,119.02

28,988.00 28,988.00
12,000.00 12,000.00
100,000.00 100,000.00
57,750.00 57,750.00
2,424,801.54 2,469,322.81

240,000.00 240,000.00
5,000.00 5,000.00
10,000.00 10,000.00
255,000.00 255,000.00
3,529,555.28 3,881,729.54
705,911.06 776,345.91
2,823,644.22 3,105,383.63
 705,911.06 776,345.91
2,117,733.17 2,329,037.72

15,368,972.63 18,403,921.40
 MODERN FUR
PROJECTED STATEME
For the Yea

CASH FLOW 2019 2020

Cash Flow from Operating Activities
Net Income For the year 752,793.39 1,317,751.62
Depreciation 83,335.00 83,335.00
Changes from Operating Assets and Liabilities
Decrease (increase) in:
Trade and Other Receivables (2,250,528.13) (326,212.90)
Inventories (893,066.72) (24,226.79)
Increase (decrease) in:
Trade and other Payables 53,535.00
Vat Payable 1,350,316.88 195,727.74
Net Cash Flow Used in Operating Activities (903,614.58) 1,246,374.67
Cash Flow from Investing Activities
Acquisition of Property and Equipment (1,458,610.00)
Increase in other Non Current Asset (3,500,000.00)
Net Cash Flow Used in Investing Activities (4,958,610.00) -
Cash Flow from Financing Activities
Issuance of Capital Stocks 8,000,000.00
Net Cash Flow Used in Financing Activities 8,000,000.00 -
Net Increase (Decrease) in Cash 2,137,775.42 1,246,374.67
LESS DIVIDEND 150,558.68 263,550.32
TOTAL 1,987,216.74 982,824.35
cash at the beginning - 1,987,216.74
cash at the end of theyear 1,987,216.74 2,970,041.09
 MODERN FURNITURE CORPORATION
PROJECTED STATEMENT OF CHANGES IN CASH FLOW
For the Years Ending 2019 to 2028

2021 2022 2023 2024 2025

1,686,503.30 1,967,263.70 2,252,105.91 2,550,746.08 2,857,717.95

83,335.00 81,115.00 77,115.00 71,625.00 71,625.00

(131,173.79) (114,674.93) (116,721.48) (120,813.26) (125,253.06)

(24,903.56) (25,599.67) (26,315.69) (27,052.19) (27,809.76)

78,704.27 68,804.96 70,032.89 72,487.96 75,151.84

1,692,465.22 1,976,909.05 2,256,216.63 2,546,993.59 2,851,431.96

- - - - -

- - - - -
1,692,465.22 1,976,909.05 2,256,216.63 2,546,993.59 2,851,431.96
337,300.66 393,452.74 450,421.18 510,149.22 571,543.59
1,355,164.56 1,583,456.31 1,805,795.45 2,036,844.37 2,279,888.37
2,970,041.09 4,325,205.65 5,908,661.96 7,714,457.41 9,751,301.78
4,325,205.65 5,908,661.96 7,714,457.41 9,751,301.78 12,031,190.15
 2026 2027 2028

3,179,167.37 3,529,555.28 3,881,729.54

71,625.00 57,750.00 57,750.00

(129,870.58) (134,653.16) (139,604.55)

(28,589.03) (29,390.62) (30,215.18)

77,922.35 80,791.90 83,762.73

3,170,255.11 3,504,053.40 3,853,422.53

- - -

- - -
3,170,255.11 3,504,053.40 3,853,422.53
635,833.47 705,911.06 776,345.91
2,534,421.64 2,798,142.34 3,077,076.63
12,031,190.15 14,565,611.79 17,363,754.13
14,565,611.79 17,363,754.13 20,440,830.76
 MODERN FU
Projected Sta
For the Ye

Assets 2019 2020

Current Assets
Cash & Cash Equivalent
Cash in Bank 1,987,216.74 2,970,041.09
Accounts Receivable
Trade Receivable Receivable 2,250,528.13 2,576,741.04
Inventories
Finished Goods Inventory 893,066.72 917,293.51
Total Current Assets 5,130,811.59 6,464,075.63
Non-Current Assets
Fixed Assets
Office Equipment 104,050.00 104,050.00
Furnitures & Fixtures 133,560.00 133,560.00
Vehicles- Delivery Truck 1,200,000.00 1,200,000.00
Other Equipment 21,000.00 21,000.00
Total Fixed Assets 1,458,610.00 1,458,610.00
Accumulated Depreciation
Accu. Depreciation - Office Equipment 13,510.00 27,020.00
Accu. Depreciation - Furnitures & Fixtures 19,200.00 38,400.00
Accu. Depreciation - Vehicles-Delivery Truck 48,000.00 96,000.00
Accu. Depreciation - Other Equipment 2,625.00 5,250.00
Total Accumulated Depreciation 83,335.00 166,670.00
Fixed Assets (net) 1,375,275.00 1,291,940.00
Other Non-Current Asset
Land and Building 3,500,000.00 3,500,000.00
Total Non-Current Assets 4,875,275.00 4,791,940.00
Total Assets 10,006,086.59 11,256,015.63
Liabilities
Current Liabilities
Dividends Payable 150,558.68 263,550.32
SSS-Payable 39,500.00 39,500.00
PH-Payable 7,835.00 7,835.00
HDMF-Payable 6,200.00 6,200.00
Vat Payable 1,350,316.88 1,546,044.62
Equity
 Capital Stock 8,000,000.00 8,000,000.00
Retained earnings 451,676.04 1,392,885.69
Total Liabilities and Equity 10,006,086.59 11,256,015.63

- -
 MODERN FURNITURE CORPORATION
Projected Statement of Financial Position
For the Years Ending 2019 to 2028

2021 2022 2023 2024 2025

4,325,205.65 5,908,661.96 7,714,457.41 9,751,301.78 12,031,190.15

2,707,914.83 2,822,589.75 2,939,311.23 3,060,124.49 3,185,377.56

942,197.07 967,796.74 994,112.43 1,021,164.62 1,048,974.38

7,975,317.54 9,699,048.45 11,647,881.07 13,832,590.89 16,265,542.09

104,050.00 104,050.00 104,050.00 104,050.00 104,050.00

133,560.00 133,560.00 133,560.00 133,560.00 133,560.00
1,200,000.00 1,200,000.00 1,200,000.00 1,200,000.00 1,200,000.00
21,000.00 21,000.00 21,000.00 21,000.00 21,000.00
1,458,610.00 1,458,610.00 1,458,610.00 1,458,610.00 1,458,610.00

40,530.00 54,040.00 63,550.00 72,250.00 80,950.00

57,600.00 74,580.00 91,560.00 103,860.00 116,160.00
144,000.00 192,000.00 240,000.00 288,000.00 336,000.00
7,875.00 10,500.00 13,125.00 15,750.00 18,375.00
250,005.00 331,120.00 408,235.00 479,860.00 551,485.00
1,208,605.00 1,127,490.00 1,050,375.00 978,750.00 907,125.00

3,500,000.00 3,500,000.00 3,500,000.00 3,500,000.00 3,500,000.00

4,708,605.00 4,627,490.00 4,550,375.00 4,478,750.00 4,407,125.00
12,683,922.54 14,326,538.45 16,198,256.07 18,311,340.89 20,672,667.09

337,300.66 393,452.74 450,421.18 510,149.22 571,543.59

39,500.00 39,500.00 39,500.00 39,500.00 39,500.00
7,835.00 7,835.00 7,835.00 7,835.00 7,835.00
6,200.00 6,200.00 6,200.00 6,200.00 6,200.00
1,624,748.90 1,693,553.85 1,763,586.74 1,836,074.70 1,911,226.53
 8,000,000.00 8,000,000.00 8,000,000.00 8,000,000.00 8,000,000.00
2,668,337.99 4,185,996.86 5,930,713.15 7,911,581.98 10,136,361.97
12,683,922.54 14,326,538.45 16,198,256.07 18,311,340.89 20,672,667.09

- - - - -
 2026 2027 2028

14,565,611.79 17,363,754.13 20,440,830.76

3,315,248.14 3,449,901.30 3,589,505.86

1,077,563.41 1,106,954.03 1,137,169.21

18,958,423.34 21,920,609.46 25,167,505.82

104,050.00 104,050.00 104,050.00

133,560.00 133,560.00 133,560.00
1,200,000.00 1,200,000.00 1,200,000.00
21,000.00 21,000.00 21,000.00
1,458,610.00 1,458,610.00 1,458,610.00

89,650.00 96,850.00 104,050.00

128,460.00 131,010.00 133,560.00
384,000.00 432,000.00 480,000.00
21,000.00 21,000.00 21,000.00
623,110.00 680,860.00 738,610.00
835,500.00 777,750.00 720,000.00

3,500,000.00 3,500,000.00 3,500,000.00

4,335,500.00 4,277,750.00 4,220,000.00
23,293,923.34 26,198,359.46 29,387,505.82

635,833.47 705,911.06 776,345.91

39,500.00 39,500.00 39,500.00
7,835.00 7,835.00 7,835.00
6,200.00 6,200.00 6,200.00
1,989,148.88 2,069,940.78 2,153,703.51
 8,000,000.00 8,000,000.00 8,000,000.00
12,615,405.98 15,368,972.63 18,403,921.40
23,293,923.34 26,198,359.46 29,387,505.82

- - -
 MODERN FURNITURE CORPORATION
Break Even Analysis

Break Even Point in Units

Fixed Cost 2,462,246.80
Selling Price per Unit 6,379.05
1,351 units
Variable Cost per Unit 4,556.46
Contribution Margin per Unit 1,822.59

Break Even Point in Sales

Fixed Cost 2,462,246.80
Selling Price per Unit 6,379.05
1,758,747.71 Contributio
Variable Cost per Unit 4,556.46
(Variable Co
Contribution Margin Ratio 1.40
 ORPORATION
alysis

Break Even Point in Units= (Fixed Cost)/(Contribution Margin

per Unit)

Contribution Margin per Unit=Selling Price per Unit−Variable Cost per Unit

Break Even Point in Sales= (Fixed Cost)/(Contribution Margin

Ratio)

Contribution Margin Ration= (Selling Price per Unit)/

(Variable Cost per Unit)
 MODERN FURNITURE CORPORATION
Projected Financial Ratio Analysis
For the Years Ending 2019 to 2028

A. Profitabilty Ratio
1. Return on Sales (ROS)
A B
Year
Net Income After Tax Sales
2019 602,234.71 11,252,640.67
2020 1,054,201.30 12,883,705.18
2021 1,349,202.64 13,539,574.13
2022 1,573,810.96 14,112,948.76
2023 1,801,684.73 14,696,556.14
2024 2,040,596.87 15,300,622.46
2025 2,286,174.36 15,926,887.78
2026 2,543,333.90 16,576,240.70
2027 2,823,644.22 17,249,506.52
2028 3,105,383.63 17,947,529.29

2. Return on Assets (ROA)

A B
Year
Net Income After Tax Total Assets
2019 602,234.71 10,006,086.59
2020 1,054,201.30 11,256,015.63
2021 1,349,202.64 12,683,922.54
2022 1,573,810.96 14,326,538.45
2023 1,801,684.73 16,198,256.07
2024 2,040,596.87 18,311,340.89
2025 2,286,174.36 20,672,667.09
2026 2,543,333.90 23,293,923.34
2027 2,823,644.22 26,198,359.46
2028 3,105,383.63 29,387,505.82

3. Return on Investment (ROI)

A B
Year
Net Income After Tax Total Investments
2019 602,234.71 8,000,000.00
2020 1,054,201.30 8,000,000.00
 2021 1,349,202.64 8,000,000.00
2022 1,573,810.96 8,000,000.00
2023 1,801,684.73 8,000,000.00
2024 2,040,596.87 8,000,000.00
2025 2,286,174.36 8,000,000.00
2026 2,543,333.90 8,000,000.00
2027 2,823,644.22 8,000,000.00
2028 3,105,383.63 8,000,000.00

4. Return on Equity (ROE)

A B
Year
Net Income After Tax Total Equity
2019 602,234.71 8,451,676.04
2020 1,054,201.30 9,392,885.69
2021 1,349,202.64 10,668,337.99
2022 1,573,810.96 12,185,996.86
2023 1,801,684.73 13,930,713.15
2024 2,040,596.87 15,911,581.98
2025 2,286,174.36 18,136,361.97
2026 2,543,333.90 20,615,405.98
2027 2,823,644.22 23,368,972.63
2028 3,105,383.63 26,403,921.40

5. Earnings Per Share

A B
Year
Retained Earnings No. of Shares Outstanding
2019 451,676.04 100,000
2020 1,392,885.69 100,000
2021 2,668,337.99 100,000
2022 4,185,996.86 100,000
2023 5,930,713.15 100,000
2024 7,911,581.98 100,000
2025 10,136,361.97 100,000
2026 12,615,405.98 100,000
2027 15,368,972.63 100,000
2028 18,403,921.40 100,000

6. Operating Profit Margin

 A B
Year
Net Income Before Tax Sales

2019 752,793.39 11,252,640.67

2020 1,317,751.62 12,883,705.18
2021 1,686,503.30 13,539,574.13
2022 1,967,263.70 14,112,948.76
2023 2,252,105.91 14,696,556.14
2024 2,550,746.08 15,300,622.46
2025 2,857,717.95 15,926,887.78
2026 3,179,167.37 16,576,240.70
2027 3,529,555.28 17,249,506.52
2028 3,881,729.54 17,947,529.29

B.Financial Leverage Ratios

1. Debt to Equity Ratio The decreasing trend in the debt to equity ratio of the firm indicates that its financial structure
The data about the debt to equity ratio indicates that the financial structure of the firm is going

A B
Year
Total Debt Equity
2019 1,554,410.56 8,451,676.04
2020 1,863,129.95 9,392,885.69
2021 2,015,584.55 10,668,337.99
2022 2,140,541.59 12,185,996.86
2023 2,267,542.92 13,930,713.15
2024 2,399,758.91 15,911,581.98
2025 2,536,305.12 18,136,361.97
2026 2,678,517.36 20,615,405.98
2027 2,829,386.84 23,368,972.63
2028 2,983,584.42 26,403,921.40

2. Debt Ratio The decreasing trend in the debt ratio from the years 2021 to 2028 indicates that the firm is becoming more independen
There is a lesser risk on part of the firm for the satisfaction of the creditors before the owners.

A B
Year
Total Debt Total Assets
2019 1,554,410.56 10,006,086.59
2020 1,863,129.95 11,256,015.63
2021 2,015,584.55 12,683,922.54
2022 2,140,541.59 14,326,538.45
 2023 2,267,542.92 16,198,256.07
2024 2,399,758.91 18,311,340.89
2025 2,536,305.12 20,672,667.09
2026 2,678,517.36 23,293,923.34
2027 2,829,386.84 26,198,359.46
2028 2,983,584.42 29,387,505.82

C. Liquidity Ratio

A B
Year
Current Assets Quick Assets
2019 5,130,811.59 4,237,744.87
2020 6,464,075.63 5,546,782.13
2021 7,975,317.54 7,033,120.48
2022 9,699,048.45 8,731,251.71
2023 11,647,881.07 10,653,768.64
2024 13,832,590.89 12,811,426.28
2025 16,265,542.09 15,216,567.71
2026 18,958,423.34 17,880,859.93
2027 21,920,609.46 20,813,655.43
2028 25,167,505.82 24,030,336.61
Current Ratio As shown by the table, the current ratio had a net increase from 2019 to 2028.
This shows that the firm has the capacity to meet all of its current obligations and still have so

D. Activity Ratio
A B
Year
Cost of Sales Inventory

2019 8,037,600.48 893,066.72

2020 9,148,708.28 917,293.51
2021 9,397,067.11 942,197.07
2022 9,652,367.73 967,796.74
2023 9,914,808.60 994,112.43
2024 10,184,593.99 1,021,164.62
2025 10,461,934.05 1,048,974.38
2026 10,747,045.09 1,077,563.41
2027 11,040,149.69 1,106,954.03
2028 11,341,476.94 1,137,169.21

Gross Profit Margin

 A B
Year
Gross Profit Sales
2019 3,215,040.19 11,252,640.67
2020 3,734,996.90 12,883,705.18
2021 4,142,507.02 13,539,574.13
2022 4,460,581.03 14,112,948.76
2023 4,781,747.53 14,696,556.14
2024 5,116,028.48 15,300,622.46
2025 5,464,953.73 15,926,887.78
2026 5,829,195.61 16,576,240.70
2027 6,209,356.82 17,249,506.52
2028 6,606,052.35 17,947,529.29

Payback Period
A
Year Number
Cash Flow
2019 1 602,234.71
2020 2 1,054,201.30
2021 3 1,349,202.64
2022 4 1,573,810.96
2023 5 1,801,684.73
2024 6 2,040,596.87
2025 7 2,286,174.36
2026 8 2,543,333.90
2027 9 2,823,644.22
2028 10 3,105,383.63
Payback Period
Capital 8,000,000.00
-421,731.20
6+
2,286,174.36
MODERN FURNITURE CORPORATION
Projected Financial Ratio Analysis
For the Years Ending 2019 to 2028

(A/B)
Return of Sales Return on Sales= (Net Operating Income after Tax)/Sales
5.4%
8.2%
10.0% Return on Sales= (Net Income after Tax)/Sales
11.2%
12.3%
13.3%
14.4%
15.3%
16.4%
17.3%

(A/B)
Return on Assets
6.0%
9.4% Return on Assets= (Net Income after Tax)/(Total Assets)
10.6%
11.0%
11.1%
11.1%
11.1%
10.9%
10.8%
10.6%

(A/B)
Return of Investments
7.5%
13.2% Return on Investments= (Net Income after Tax)/(Total Investments)
 Return on Investments= (Net Income after Tax)/(Total Investments)
16.9%
19.7%
22.5%
25.5%
28.6%
31.8%
35.3%
38.8%

(A/B)
Return of Investments
7.1%
11.2% Return on Equity= (Net Income after Tax)/(Total Equity)
12.6%
12.9%
12.9%
12.8%
12.6%
12.3%
12.1%
11.8%

(A/B)
Earnings Per Share
4.52
13.93
26.68
41.86
59.31
79.12
101.36
126.15
153.69
184.04
 (A/B)

Operating Profit Margin

6.7%
10.2%
12.5% Operating Profit Margin= (Net Operating Income before
13.9% Tax)/Sales
15.3%
16.7%
17.9%
19.2%
20.5%
21.6%

o of the firm indicates that its financial structure is becoming more independent with the borrowed funds.
es that the financial structure of the firm is going less risky.

(A/B)
Debt to Equity Ratio
Total Debt to Equity Ratio= (Total Debts)/Equity
18%
20%
19%
18%
16%
15%
14%
13%
12%
11%

ates that the firm is becoming more independent with the borrowed funds to finance its assets.
rs before the owners.

(A/B)
Debt Ratio
16% Total Debt to Assets Ratio= (Total Debts)/(Total
Assets)
17%
16%
15%
 14%
13%
12%
11%
11%
10%

C (A/C B/C
Current Liability Current Ratio Quick Ratio
1,554,410.56 3.30 2.73
1,863,129.95 3.47 2.98 Current Ratio= (Current Assets)/(
Liabilities)
2,015,584.55 3.96 3.49
2,140,541.59 4.53 4.08
2,267,542.92 5.14 4.70
2,399,758.91 5.76 5.34 Quick Ratio= (Quick Assets)/(Cur
Liabilities)
2,536,305.12 6.41 6.00
2,678,517.36 7.08 6.68
2,829,386.84 7.75 7.36
2,983,584.42 8.44 8.05
net increase from 2019 to 2028.
eet all of its current obligations and still have some assets left for the owners.

C D E (A/B) (C/D) (C/E)

Inventory Total Asset Fixed Asset

Sales Total Assets Fixed Assets
Turnover Turnover Turnover

11,252,640.67 10,006,086.59 4,875,275.00 9.00 1.12 2.31

12,883,705.18 11,256,015.63 4,791,940.00 9.97 1.14 2.69
13,539,574.13 12,683,922.54 4,708,605.00 9.97 1.07 2.88
14,112,948.76 14,326,538.45 4,627,490.00 9.97 0.99 3.05
14,696,556.14 16,198,256.07 4,550,375.00 9.97 0.91 3.23
15,300,622.46 18,311,340.89 4,478,750.00 9.97 0.84 3.42
15,926,887.78 20,672,667.09 4,407,125.00 9.97 0.77 3.61
16,576,240.70 23,293,923.34 4,335,500.00 9.97 0.71 3.82
17,249,506.52 26,198,359.46 4,277,750.00 9.97 0.66 4.03
17,947,529.29 29,387,505.82 4,220,000.00 9.97 0.61 4.25
 (A/B)
Operating Profit Margin
28.6%
29.0%
30.6% Gross Profit Margin= (Gross Profit)/Sales
31.6%
32.5%
33.4%
34.3%
35.2%
36.0%
36.8%

B
Cumulative Cash Flow
602,234.71
1,656,436.01
3,005,638.65
4,579,449.60
6,381,134.33
8,421,731.20
10,707,905.56
13,251,239.46
16,074,883.68
19,180,267.31

5.82 yrs
nvestments)
nvestments)
tio= (Current Assets)/(Current

o= (Quick Assets)/(Current
 MOD

Fo

2019 2020
Sales 11,252,640.67 12,883,705.18
Cost of Sales 8,037,600.48 9,148,708.28
Gross Income 3,215,040.19 3,734,996.90
Selling and Administrative Expenses
Office Salary 1,873,884.80 1,911,362.50
Office Supplies 26,039.00 26,559.78
Advertising and Promotion Expense 43,988.00 28,988.00
Government Fees 30,000.00 12,000.00
Lawyer's Fees 150,000.00 100,000.00
Depreciation Expense 83,335.00 83,335.00
Total 2,207,246.80 2,162,245.28
Other Expenses
Transportation Expense 240,000.00 240,000.00
Maintenance Expense 5,000.00 5,000.00
Miscellaneous Expense 10,000.00 10,000.00
Total 255,000.00 255,000.00
Net Income Before Tax 752,793.39 1,317,751.62
20% Tax Payable 150,558.68 263,550.32
Net Income After Tax 602,234.71 1,054,201.30

A. 10 % Increase in Operating Expenses

2019 2020
Sales 11,252,640.67 12,883,705.18
Cost of Sales 8,037,600.48 9,148,708.28
Gross Income 3,215,040.19 3,734,996.90
Selling and Administrative Expenses
Office Salary 2,061,273.28 2,102,498.75
Office Supplies 28,642.90 26,559.78
Advertising and Promotion Expense 48,386.80 31,886.80
Government Fees 33,000.00 13,200.00
Lawyer's Fees 165,000.00 110,000.00
Depreciation Expense 91,668.50 91,668.50
Total 2,427,971.48 2,375,813.83
Other Expenses
Transportation Expense 264,000.00 264,000.00
Maintenance Expense 5,500.00 5,500.00
Miscellaneous Expense 11,000.00 11,000.00
Total 255,000.00 255,000.00
Net Income Before Tax 532,068.71 1,104,183.07
20% Tax Payable 106,413.74 220,836.61
Net Income After Tax 425,654.97 883,346.46

A B C
Year
Gross Income Net Operating Income Net Income after Tax

2019 3,215,040.19 532,068.71 425,654.97

2020 3,734,996.90 1,104,183.07 883,346.46
2021 4,142,507.02 1,466,402.92 1,173,122.34
2022 4,460,581.03 1,747,267.26 1,397,813.80
2023 4,781,747.53 2,024,641.75 1,619,713.40
2024 5,116,028.48 2,324,780.14 1,859,824.11
2025 5,464,953.73 2,622,494.37 2,097,995.50
2026 5,829,195.61 2,946,003.46 2,356,802.77
2027 6,209,356.82 3,287,075.13 2,629,660.10
2028 6,606,052.35 3,642,464.39 2,913,971.51

B. 5% Decrease in Sales
2019 2020
Sales 10,690,008.64 12,239,519.92
Cost of Sales 8,037,600.48 9,148,708.28
Gross Income 2,652,408.16 3,090,811.64
Selling and Administrative Expenses
Office Salary 1,873,884.80 1,911,362.50
Office Supplies 26,039.00 26,559.78
Advertising and Promotion Expense 43,988.00 28,988.00
Government Fees 30,000.00 12,000.00
Lawyer's Fees 150,000.00 100,000.00
Depreciation Expense 83,335.00 83,335.00
Total 2,207,246.80 2,162,245.28
Other Expenses
Transportation Expense 240,000.00 240,000.00
Maintenance Expense 5,000.00 5,000.00
Miscellaneous Expense 10,000.00 10,000.00
Total 255,000.00 255,000.00
Net Income Before Tax 190,161.36 673,566.36
20% Tax Payable 38,032.27 134,713.27
Net Income After Tax 152,129.09 538,853.09

A B C
Year
Gross Income Net Operating Income Net Income after Tax

2019 2,652,408.16 190,161.36 152,129.09

2020 3,090,811.64 673,566.36 538,853.09
2021 3,465,528.31 1,009,524.59 807,619.67
2022 3,754,933.59 1,261,616.26 1,009,293.01
2023 4,046,919.73 1,517,278.10 1,213,822.48
2024 4,350,997.35 1,785,714.96 1,428,571.97
2025 4,668,609.34 2,061,373.56 1,649,098.85
2026 5,000,383.58 2,350,355.34 1,880,284.27
2027 5,346,881.50 2,667,079.96 2,133,663.96
2028 5,708,675.89 2,984,353.07 2,387,482.46
 MODERN FURNITURE CORPORATION
Projected Sensitivity Analysis
For the Years Ending 2019 to 2028

2021 2022 2023 2024 2025

13,539,574.13 14,112,948.76 14,696,556.14 15,300,622.46 15,926,887.78
9,397,067.11 9,652,367.73 9,914,808.60 10,184,593.99 10,461,934.05
4,142,507.02 4,460,581.03 4,781,747.53 5,116,028.48 5,464,953.73

1,949,589.75 1,988,581.54 2,028,353.17 2,068,920.24 2,110,298.64

27,090.98 27,632.80 28,185.45 28,749.16 29,324.14
28,988.00 28,988.00 28,988.00 28,988.00 28,988.00
12,000.00 12,000.00 12,000.00 12,000.00 12,000.00
100,000.00 100,000.00 100,000.00 100,000.00 100,000.00
83,335.00 81,115.00 77,115.00 71,625.00 71,625.00
2,201,003.72 2,238,317.34 2,274,641.62 2,310,282.40 2,352,235.78

240,000.00 240,000.00 240,000.00 240,000.00 240,000.00

5,000.00 5,000.00 5,000.00 5,000.00 5,000.00
10,000.00 10,000.00 10,000.00 10,000.00 10,000.00
255,000.00 255,000.00 255,000.00 255,000.00 255,000.00
1,686,503.30 1,967,263.70 2,252,105.91 2,550,746.08 2,857,717.95
337,300.66 393,452.74 450,421.18 510,149.22 571,543.59
1,349,202.64 1,573,810.96 1,801,684.73 2,040,596.87 2,286,174.36

2021 2022 2023 2024 2025

13,539,574.13 14,112,948.76 14,696,556.14 15,300,622.46 15,926,887.78
9,397,067.11 9,652,367.73 9,914,808.60 10,184,593.99 10,461,934.05
4,142,507.02 4,460,581.03 4,781,747.53 5,116,028.48 5,464,953.73

2,144,548.72 2,187,439.69 2,231,188.49 2,275,812.26 2,321,328.50

29,800.07 26,560.78 31,004.00 26,561.78 32,256.56
31,886.80 31,886.80 31,886.80 31,886.80 31,886.80
13,200.00 13,200.00 13,200.00 13,200.00 13,200.00
110,000.00 110,000.00 110,000.00 110,000.00 110,000.00
91,668.50 89,226.50 84,826.50 78,787.50 78,787.50
 2,421,104.09 2,458,313.77 2,502,105.78 2,536,248.34 2,587,459.36

264,000.00 264,000.00 264,000.00 264,000.00 264,000.00

5,500.00 5,500.00 5,500.00 5,500.00 5,500.00
11,000.00 11,000.00 11,000.00 11,000.00 11,000.00
255,000.00 255,000.00 255,000.00 255,000.00 255,000.00
1,466,402.92 1,747,267.26 2,024,641.75 2,324,780.14 2,622,494.37
293,280.58 349,453.45 404,928.35 464,956.03 524,498.87
1,173,122.34 1,397,813.80 1,619,713.40 1,859,824.11 2,097,995.50

D E F G
Gross Profit Margin Operating Profit Net Profit Margin
Sales
(A/D) Margin (B/D) (C/D)
11,252,640.67 0.29 0.05 0.04
12,883,705.18 0.29 0.09 0.07
13,539,574.13 0.31 0.11 0.09
14,112,948.76 0.32 0.12 0.10
14,696,556.14 0.33 0.14 0.11
15,300,622.46 0.33 0.15 0.12
15,926,887.78 0.34 0.16 0.13
16,576,240.70 0.35 0.18 0.14
17,249,506.52 0.36 0.19 0.15
17,947,529.29 0.37 0.20 0.16

2021 2022 2023 2024 2025

12,862,595.42 13,407,301.32 13,961,728.33 14,535,591.34 15,130,543.39
9,397,067.11 9,652,367.73 9,914,808.60 10,184,593.99 10,461,934.05
3,465,528.31 3,754,933.59 4,046,919.73 4,350,997.35 4,668,609.34

1,949,589.75 1,988,581.54 2,028,353.17 2,068,920.24 2,110,298.64

27,090.98 27,632.80 28,185.45 28,749.16 29,324.14
28,988.00 28,988.00 28,988.00 28,988.00 28,988.00
12,000.00 12,000.00 12,000.00 12,000.00 12,000.00
100,000.00 100,000.00 100,000.00 100,000.00 100,000.00
83,335.00 81,115.00 77,115.00 71,625.00 71,625.00
 2,201,003.72 2,238,317.34 2,274,641.62 2,310,282.40 2,352,235.78

240,000.00 240,000.00 240,000.00 240,000.00 240,000.00

5,000.00 5,000.00 5,000.00 5,000.00 5,000.00
10,000.00 10,000.00 10,000.00 10,000.00 10,000.00
255,000.00 255,000.00 255,000.00 255,000.00 255,000.00
1,009,524.59 1,261,616.26 1,517,278.10 1,785,714.96 2,061,373.56
201,904.92 252,323.25 303,455.62 357,142.99 412,274.71
807,619.67 1,009,293.01 1,213,822.48 1,428,571.97 1,649,098.85

D E F G
Gross Profit Margin Operating Profit Net Profit Margin
Sales
(A/D) Margin (B/D) (C/D)
11,252,640.67 0.24 0.02 0.01
12,883,705.18 0.24 0.05 0.04
13,539,574.13 0.26 0.07 0.06
14,112,948.76 0.27 0.09 0.07
14,696,556.14 0.28 0.10 0.08
15,300,622.46 0.28 0.12 0.09
15,926,887.78 0.29 0.13 0.10
16,576,240.70 0.30 0.14 0.11
17,249,506.52 0.31 0.15 0.12
17,947,529.29 0.32 0.17 0.13
2026 2027 2028
16,576,240.70 17,249,506.52 17,947,529.29
10,747,045.09 11,040,149.69 11,341,476.94
5,829,195.61 6,209,356.82 6,606,052.35

2,152,504.61 2,195,554.70 2,239,465.80

29,910.63 30,508.84 31,119.02
28,988.00 28,988.00 28,988.00
12,000.00 12,000.00 12,000.00
100,000.00 100,000.00 100,000.00
71,625.00 57,750.00 57,750.00
2,395,028.24 2,424,801.54 2,469,322.81

240,000.00 240,000.00 240,000.00

5,000.00 5,000.00 5,000.00
10,000.00 10,000.00 10,000.00
255,000.00 255,000.00 255,000.00
3,179,167.37 3,529,555.28 3,881,729.54
635,833.47 705,911.06 776,345.91
2,543,333.90 2,823,644.22 3,105,383.63

2026 2027 2028

16,576,240.70 17,249,506.52 17,947,529.29
10,747,045.09 11,040,149.69 11,341,476.94
5,829,195.61 6,209,356.82 6,606,052.35

2,367,755.07 2,415,110.18 2,463,412.38

26,562.78 33,559.72 26,563.78
31,886.80 31,886.80 31,886.80
13,200.00 13,200.00 13,200.00
110,000.00 110,000.00 110,000.00
78,787.50 63,525.00 63,525.00
2,628,192.15 2,667,281.70 2,708,587.96

264,000.00 264,000.00 264,000.00

5,500.00 5,500.00 5,500.00
11,000.00 11,000.00 11,000.00
255,000.00 255,000.00 255,000.00
2,946,003.46 3,287,075.13 3,642,464.39
589,200.69 657,415.03 728,492.88
2,356,802.77 2,629,660.10 2,913,971.51

2026 2027 2028

15,747,428.67 16,387,031.19 17,050,152.82
10,747,045.09 11,040,149.69 11,341,476.94
5,000,383.58 5,346,881.50 5,708,675.89

2,152,504.61 2,195,554.70 2,239,465.80

29,910.63 30,508.84 31,119.02
28,988.00 28,988.00 28,988.00
12,000.00 12,000.00 12,000.00
100,000.00 100,000.00 100,000.00
71,625.00 57,750.00 57,750.00
2,395,028.24 2,424,801.54 2,469,322.81

240,000.00 240,000.00 240,000.00

5,000.00 5,000.00 5,000.00
10,000.00 10,000.00 10,000.00
255,000.00 255,000.00 255,000.00
2,350,355.34 2,667,079.96 2,984,353.07
470,071.07 533,415.99 596,870.61
1,880,284.27 2,133,663.96 2,387,482.46