DIVINE COLLEGES OF MALOLOS CITY

3556 Liang Paseo del Congreso

Barasoain Malolos City Bulacan

BALANCE SHEET
December 31, 2005
(With Comparative Figures for year 2004)

ASSETS 2005 2004

Current Assets:

Cash 565,000.00 53,108.00

Accounts Receivable 56,000.00 73,110.00
621,000.00 126,218.00
Property & Equipment :

Office Equipment 405,300.00 405,300.00

Office Furniture & Fixtures 195,000.00 189,567.00
Total 600,300.00 594,867.00
Less : Accum. Depreciation 180,090.00 179,707.00
Net 420,210.00 415,160.00

Other Assets:

Rental Deposit 40,000.00 40,000.00

Prepaid Supplies 19,523.00 10,734.00
59,523.00 50,734.00

TOTAL ASSETS 1,100,733.00 592,112.00

LIABILITIES & MEMBER'S CONTRIBUTION

Current Liabilities

Accounts Payable 456,000.00 391,826.00

Notes Payable 125,512.00 111,976.00
Due to Member 15,245.00 20,774.00
Income Tax Payable 635.10 390.00
597,392.10 524,966.00

Member's Contribution

Member's Contribution 64,200.00 63,632.00

Net Income 6,351.00 3,514.00
70,551.00 67,146.00

TOTAL LIABILITIES & MEMBER'S CONTRIBUTION 667,943.10 592,112.00

 DIVINE COLLEGES OF MALOLOS CITY
3556 Liang Paseo del Congreso
Barasoain Malolos City Bulacan

INCOME & EXPENSE STATEMENT

December 31, 2005
(With Comparative Figures for year 2004)

2005 2004

TUITION FROM :

Asso. In Computer Science 15,384.00 170,461.00

Computer Programming - 70,105.00
Electronics & Computer Technician 307,680.00 250,851.00
Medical Computer Secretarial 307,680.00 138,676.00
Bachelor of Science in Computer Science - 75,020.00
Bachelor of Secondary Education - 36,552.00
Medical X-ray Technician 307,680.00 88,113.00
Caregiver 390,000.00 -
Other Income 10,000.00 6,000.00
TOTAL GROSS INCOME 1,338,424.00 835,778.00
less : Direct expenses 856,400.00 668,621.00
GROSS INCOME 482,024.00 167,157.00

less : Operating Expenses

Insurance 45,000.00 15,750.00

Transportation & Travel 67,512.00 10,925.00
Repair & maintennance 75,451.00 35,200.00
Light & water 123,000.00 50,419.00
Telephone & Postage 84,000.00 18,975.00
Taxes & Licences 19,500.00 4,025.00
Representation expenses 25,000.00 13,170.00
Miscellaneous expenses 10,950.00 9,880.00
Office supplies 25,260.00 4,907.00
475,673.00 163,251.00

NET INCOME 6,351.00 3,906.00

Provision for income tax 635.10 390.00

NET INCOME FOR THE YEAR 5,715.90 3,516.00