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    ENTREPRENEURSHIPm 2

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    blk slvrio
    This document provides an overview of starting and operating a small business. It discusses key aspects like manpower, materials, supply chain, and business models. It also provides examples of income statements for a law firm and bakery to demonstrate how to calculate revenues, expenses, costs, profits, and taxes. The document concludes by outlining the process for registering a business and importance of keeping financial records.

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    ENTREPRENEURSHIPm 2

    Uploaded by

    blk slvrio
    16 views5 pages
    This document provides an overview of starting and operating a small business. It discusses key aspects like manpower, materials, supply chain, and business models. It also provides examples of income statements for a law firm and bakery to demonstrate how to calculate revenues, expenses, costs, profits, and taxes. The document concludes by outlining the process for registering a business and importance of keeping financial records.

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    ENTREPRENEURSHIPm2

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    This document provides an overview of starting and operating a small business. It discusses key aspects like manpower, materials, supply chain, and business models. It also provides examples of income statements for a law firm and bakery to demonstrate how to calculate revenues, expenses, costs, profits, and taxes. The document concludes by outlining the process for registering a business and importance of keeping financial records.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    16 views5 pages

    ENTREPRENEURSHIPm 2

    Uploaded by

    blk slvrio
    This document provides an overview of starting and operating a small business. It discusses key aspects like manpower, materials, supply chain, and business models. It also provides examples of income statements for a law firm and bakery to demonstrate how to calculate revenues, expenses, costs, profits, and taxes. The document concludes by outlining the process for registering a business and importance of keeping financial records.

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    © All Rights Reserved
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    of 5

    ENTREPRENEURSHIP

    QUARTER 2-MODULE 2: STARTING AND OPERATING A SMALL


    BUSINESS

    WHAT’S IN
    1. Manpower
    2. Machine
    3. Supply Chain
    4. Materials
    5. Value Chain
    6. Business Model
    7. Method

    8-10. Sales forecasting helps businesses to allocate capital for potential growth effectively and
    monitor their cash flow. Sales forecasting also enables companies to accurately predict their costs
    and profits on the basis of which they can forecast their short-term and long-term results.

    WHAT’S MORE
    A.

    Cruz Law Firm Income Statement for the year ended December 31, 2020

    Revenues: ₱ 520,000

    Expenses

    Utilities Expenses ₱8,500

    Rent Expenses ₱10,500

    Salaries Expenses ₱125,000

    Advertising Expense ₱5,000

    Total Expense: ₱ 149,000

    Net Income: ₱371,000


    B.

    Lopez Bakeshop Income Statement for the year ended December 31,2020

    Revenues: ₱450,000

    Expenses:

    Less: Cost of Goods Sold

    Materials: ₱80,000

    Labor: ₱28,000

    ₱108,000

    Gross Profit:

    ₱450,000

    ₱108,000

    ₱342,000

    Less: Expenses

    Utilities Expense: ₱12,000

    Advertising Expense: ₱3,000

    Rent Expense: ₱8,000

    ₱23,000

    Income before interest and taxes

    ₱342,000

    ₱23,000

    ₱319,000

    Taxes:

    Less:Tax ₱319,000

    ₱101,280

    Net Income: ₱217,720


    WHAT I HAVE LEARNED

    1. Objectives
    Tasks
    Time Allocation
    Progress

    2. Certificate of Business Name Registration


    Barangay Clearance
    SSS,PhilHeath,PAG-IBIG Registration
    Mayor’s Permit
    BIR Registration

    3. Records are very essential to business. These will serve as source documents and
    references,both physical and electronic, it includes transaction dates and amounts, legal agreements,
    private customers,and other business details.

    • plan and work more efficiently;


    • meet legal and tax requirements;
    • measure profit and performance;
    • generate meaningful reports;
    • protect your rights; and
    • manage potential risks.

    4. A bookkeeper should maintains and update the company's financial


    records either daily or at
    least weekly. This is done to ensure all transactions are reported and accounted for.

    5. Subtract the expenses from the revenue and you get your company's
    net earnings – it will be a profit or a loss. When your revenue is higher than your expenses, you make a
    profit.
    WHAT I CAN DO

    Yogurt Business

    Product produce and prices

    Product Price Qty./Day

    Yogurt 35 20

    Yogurt with Strawberry 50 20

    Yogurt with Banana 50 20

    Yogurt with Blueberry 50 20

    Yogurt with Papaya 50 20

    Yogurt with Mango 50 20

    TOTAL 120

    Day 1-5 Sales income

    Day 1 Day 2 Day 3 Day 4 Day 5


    ₱700.00 ₱700.00 ₱700.00 ₱700.00 ₱700.00
    ₱1,000.00 ₱1,000.00 ₱1,000.00 ₱1,000.00 ₱1,000.00
    ₱1,000.00 ₱1,000.00 ₱1,000.00 ₱1,000.00 ₱1,000.00
    ₱1,000.00 ₱1,000.00 ₱1,000.00 ₱1,000.00 ₱1,000.00
    ₱1,000.00 ₱1,000.00 ₱1,000.00 ₱1,000.00 ₱1,000.00
    ₱1,000.00 ₱1,000.00 ₱1,000.00 ₱1,000.00 ₱1,000.00
    ₱5,700.00 ₱5,700.00 ₱5,700.00 ₱5,700.00 ₱5,700.00
    ₱28,500.00

    Statement Income

    Revenues ₱ 28,500.00

    Cost of Goods ₱ 3250

    Gross Profit ₱ 25,250.00


    Miscellaneous Expenses ₱ 1,300.00

    Permit and License ₱ 3,000.00

    Income before tax ₱ 17,700.00

    Tax ₱ 5,664.00

    Net Income ₱ 12,036.00

    ASSESSMENT

    1. TRUE
    2. TRUE
    3. FALSE
    4. TRUE
    5. FALSE
    6. TRUE
    7. TRUE
    8. TRUE
    9. FALSE
    10. TRUE

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