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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