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Pel Castro Corporation

The Pel Castro Corporation submitted the following financial statements for fiscal year, ended December 31, 2009. On the basis of the information contained in the statements and in the accompanying notes, prepare a projection for year 2010.

Balance Sheet (December 31, 2009)

Cash Php 62,400 Accounts receivable 520,000 Inventories 624,000 Total current assets Php1,206,400 Net fixed assets 852,800 Due from Officers 104,000

Php2,163,200

Income Statement for 2009

Net sales

Cost of goods manufactured and sold (36,000 units) Gross profit on sales

Selling expense

General and administrative expense Net profit on operations

Other deductions (net)

Net profit before tax

Tax

Net profit after tax

Bank notes payable Php 416,000 Accounts payable 166,400 Total current liabilitiesPhp 582,400

Mortgage

Capital stock Retained earnings Total Liabilities and Net Worth

208,000 1,040,000 332,800

Php2,163,200

Php 3,744,000

2,995,200 Php 748,800 374,400 Php 374,400 203,840 Php 170,560 4,160 Php 166,400 26,000 Php 140,400

Statement of Retained Earnings

Retained earnings at beginning of year Net profit for year

Total

Less dividends paid

Retained earnings at end of year

Accompanying Notes:

Php 254,800 140,400 Php 395,200 62,400 Php 332,800

During the next 12 months, management anticipates the following:

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