We discussed this morning at the AM talk
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1. That our higher purpose is to be of service to our fellow men. Baptism the Holy Eucharist comes to us when we ask for forgiveness for our sins and we are in the service of others
2. We pledged tithing ie 10% of our net income as assistance to our advocacies: 70% for assisting school building,10% for feeding program, 10% donation for home for the aged, 10% for orphanages
3. To do this we must have our financial statements in order:
a. Income Statement
b. Cash flow
c. Statement of condition
IT IS A MUST THAT ALL SBUS HAVE SFCs
All SFCs must be trained with the correct accounting procedures and making FS.
4. We hired an expensive Chief Accountant. 10 months into the year, we do not have a single complete FS, with the same abruptly resigning. The chart of accounts was not recognized, especially the CGS
5. We have a chart of accounts published at the blog. they seem not be read and followed.
6. Basic FS equation:
Sales - Cost = GP
7. Our cost of goods sold
To arrive at this:
To arrive at this:
We divide the unexpended development cost/ saleable area (65% to 70%)
Our cost of goods sold now is P3,500.00 /sm for current inventories;
That is P1,500 of gross for bangin expansion, and P1,250. for Malasiqui for gross area.
Summary
All old inventories : P3,500.00/sm
Thus x area of various products
Lawn x 2.5 = P3,750
SSN x 10.5 = 36,750
GE x 30 = 105,000
New inventories:
Calamba bangin = 2,307
Lawn x 2.5 = 5,767
SSN x 10.5 = 24,223.50
GE x 30 = 69,210
Malasiqui = 1,923
Lawn x 2.5 = 4,807.50
SSN x 10.5 = 20,191.50
GE x 30 = 57,690.00
Application: Example
The ICR assistant must add additional column in his/her excel file to recognize the RGP
Thus:
Income Statement
Total Sales
Cash Sales
Installment sales
Less: CGS
Gross Profit
For installment sales:
a. Say P36,000.00 plot
x 48.2% net sales
17,352 - Amount for sharing
x say our share: say 50%
Our sharing 8,676 -
Less CGS 8,750
RGP (74)/60
RGP/Loss per MA (!.23)
b. 48,000 x 48.2%
Net Lot Price 23, 136 x 50% = 11,568
8,750
RGP 2,818/60
/MA 46,96
PAGSASANAY SA TAGUMPAY (Training for Success)
SETTING THE STANDARDS IN INTERMENT SERVICE
Innovation creates more wealth and more customers
Jorge U. Saguinsin
Be a BIDDA now
RRURAC (Read, Reflect, Understand, Realize Act, Check)
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