EXERCISE #2 As part of his study, Manuel interviewed a rice farmer in their area to know the profitability of the venture. Using the information he gathered, prepare the different record books and compute for the farmer's net profit. . NOTES: To standardize, categorize "tips" & "merienda" as miscellaneous. The data used is fictional. Expenses and profit in rice venture may be higher or lower. Rice Production Estimates Yield: Price/ kg: Sales Expenses: Profit: Area 5,500 kg P16.50 P90,750 P45,000 P45,750 10,000 sq.m. Feb 11-13, 2021 Diesel for tractor: P400 (P40 x 10L). Purchased Feb 11, 2021 Land preparation. 2 workers x 2 days x P500. Paid Feb 13, 2021 Feb 18-20, 2021 Diesel P400 (P40 x 10L). Purchased Feb 18, 2021. Land preparation. 2 workers x 2 days x P500. Paid Feb 20, 2021. Jan 26, 2021 As of Jan 25, 2021 - Cash balance of business is P50,000 Added P22,000 for working capital . Feb 24, 2021 Levelling. 2 workers x 1 day x P350. Transplant rice. 10 workers x 1 days x P350. Merienda of workers @ P500 Paid same day. 0 Jan 27 2021 Bought the list below. Paid. 20kg hybrid rice at P300 per kilo. Chicken manure 50 bags x P35. Complete fertilizer 1 bag x P1200 Urea 1 bag x P1,050 Tractor P30,000. Estimated life span 5 years. No salvage value. Transportation @ P450. Tip P50. O o o Mar 1, 2021 Re-planting. 2 workers x 1 days x P350. Paid. Feb 1, 2021 Seedbed preparation/ Planting. 1MD x P350. Paid. Mar 10, 2021 Manual weeding. 4 workers x 1 day x P350. Paid. Bought complete fertilizer. 2 bags x P1,300. Paid. Mar 15, 2021 Fertilizer application. 1 worker x 1 day x P350. Paid. Feb 8-10, 2021 Fix embankments ("pilapil"). 4 workers x 3 days x P350. Paid Feb 10, 2021. . Mar 24-25, 2021 Manual Weeding. 2 workers x 2 days x P350. Workers paid in advance - Mar 24, 2021. Mar 31, 2021 Manual Weeding. 3 workers x 1 days x P350. Paid. Fertilizer Application. 1 worker x 1 day x P350. Paid. Apr 7, 2021 Fertilizer application. 1 worker x 1 day x P350. Apr 9, 2021 Weeding. 3 workers x 1 day x P350. May 24, 2021 Yield. 100 bags. 1 bag approximately 50kg. 5 bags for family consumption o 12 bags payment for land owner 83 bags sold at P16 per kilo Harvesting/ Threshing. 20 workers x 1 day x P350. Transportation. P2,000 8. PROFIT & LOSS STATEMENT PROFIT & LOSS STATEMENT Oct - Dec 2020 Total Amount Income (write total income" here) Sales Home Consumption Others (write total expenses here) Expenses Inputs & Materials Labor Land rental Transportation Depreciation Miscellaneous Net Income