Tuesday, June 26, 2012

Bank Reconciliation & Parts of a Bank Check


Bank Reconciliation 
is the process of bringing the bank's monthly report for each depositor showing deposits made, check written, cancelled checks, and service charges. Checkbook contains checks and check stubs. The checks are filled out by the depositors made, and of charges made by the bank. Reconciliation statement putting an agreement the bank statement balance and the checkbook balance

The differences in the balances may be due to:
  1. Outstanding checks. These are checks issued by the depositor but have not yet been presented to the bank for payment.
  2. Deposits in transit. These are deposits made but late to be included in the monthly bank statement.
  3. Service charges.
  4. Errors in the check stub entries.
  5. Cancelled checks. These are checks that have been paid by the bank.
Parts of a Bank Check
a. Account Number
b. Account Name
c. Check Number
d. Pay to the order of
The picture below is an example of a bank check that I've got from this  link. It also shows how to write the money value into figures and in words. Lastly, just a reminder to all those who receive, will receive or who got bank checks out there, be very careful in using or receiving it.  That's all, hope this post would help you and continue to stay tune for the next upcoming lessons. Enjoy! 






Checked by Prof. Crisencio Paner

Tuesday, June 19, 2012

The Profit and Loss Statement



Ever heard of the term "profit and loss statement"? I'm guessing you already have once or twice but since you did not care too much, you probably shrugged it off. Well that's what I am going to explain to you in this post.


In business math, you'd have to master all the basics so you could survive. If you survived elementary and high school math then you're safe my friend. All you need to do is listen to your professor CAREFULLY.

So first things, first, what's a profit and loss statement?

"The profit and loss statement is a summary of the financial performance of a business over time (monthly, quarterly or annually is most common). It reflects the past performance of the business and is the report most often used by small business owners to track how their business is performing.- http://www.smallbusiness.wa.gov.au/understanding-profit-loss-statements/"

In other words, this is done to know if you're business is booming or not, you use this to know how much money you made in your business. You may do this every month, so let's get started!

Anybody who starts a business wants one thing: PROFIT. It is the amount of your sales that's greater than the cost of your goods and operating expenses. It is your GAIN or your so called MARGIN.

To know how much you gained throughout your hardwork, first you need to know how much you bought the materials for your products. This may include your fare and food expenses when you bought them. In other words, your INVESTMENT and we will call this amount, the COST OF GOODS.

Now once you've sold loads of your goods, you now have what you call your GROSS SALES. Don't get too excited it's simply how much money you received for selling the goods, it's not your profit yet!

1. To get your profit, first, you have to deduct all refunds from your gross sales so you could get your NET SALES.

GROSS SALES - REFUNDS and ALLOWANCES = NET SALES

2. then you deduct your cost of goods sold from your net sales to know GROSS PROFIT. Don't get cocky it's not your whole profit yet! We still have ne more step!

3. From your gross profit, you have to deduct all your operating expenses which includes your bills, rental fees, wages and other cost doing business.
which now makes the formula:

   GROSS SALES
-SALES RETURN and ALLOWANCES
NET SALES
- COST OF GOODS
 GROSS PROFIT
- OPERATING EXPENSES
NET PROFIT

NOW THERE GOES YOUR NET PROFIT! I HOPE YOUR HAPPY WITH THE RESULTS!

Now you can make your simple profit and loss statement like this:

Gross Sales P896, 954.00
less: refunds P25, 520.49
a. Net Sales P871, 433.51
less: cost of goods  P577, 320.40
b. Gross Profit P294, 113.11
less: operating expenses
salaries & wages P20,185.98
rent P9,000.00
light and water bills P10,000.00
miscellaneous P10,100.00
Total Operating Expenses P49, 285.98
c. Net Profit P244, 827.13

Profit and loss statements may look complicated to big companies but to simple entrepreneurs, this is the basics of it! Enjoy!


Checked by Prof. Crisencio Paner

Monday, June 18, 2012

Start Here

Level 1: Who Hates Math?

Oh come on, of course everyone-- must love it! Stop giving Math a horrible acronym like Mental Abuse To Humans.; Get used to it, that is Math's job, just kiddin'. Before anything else, we're all talking about business here, literally and basically the formulas on how to be rich and equipped with the help of Math. We're gonna be making this light, easy and friendly to our minds from the lessons in our Business Math class, that's why don't 'cha worry guys! So lets get started with the last Monday's scenario, obviously introduction has been made by my blockfellas and Mr. Cris Paner. Actually, I was surprised that again, He will be my professor for this subject 'coz last two years ago he also became my professor in our Statistics class. Isn't that so mathematical? Thought that there's nothing new after two years, but guess what! As He introduce himself again this time, a drastic change has happened. A longer CV means success and indeed he made it again this time. Why? 'Coz he's really taking advantage of the modern generation's addiction; The Internet. He is willing to share and impart not just the knowledge he got about Math but also the power of business. I even admit to myself that I'm curiously hooked, when He seriously told us that we will earn on our own if we just focus. Who doesn't even want to get rich or shall we just say, to have plenty of money? I bet you'd say you like it, come on, I don't insist but if this Math would carry us on then, shall we?  'Coz mind you, his subject would totally blast flamboyant surprises not just with your coming up business, steady biz and etc. but it will probably do a big help with your Business Math problems. Just keep hoppin' in here and stay tuned, for who knows if the next article would be the Chemical X to your sugar, spice and everything nice? Enjoy my blog, I'll surely update you again soon!

PS. Here's the CV of my professor.


iCRISENCIO M. PANER    



                                                                                                                                      
CP : 0915-1429675                                                             Email : panercris@gmail.com                                                                                                         

Glimpse of Crisencio Paner: http://www.youtube.com/watch?v=JmOWKyzryGk

EDUCATION

        Ph.D. in Biological Science (candidate)
University of Santo Tomas, Graduate School
  • M.S. Microbiology
University of Santo Tomas
      Thesis: “Chemical Control of Fungi Infesting Easel Oil Paintings at
                   University of Santo Tomas Museum of Arts and Sciences”
     
      Published in: Prime Journal of Microbiology Research
                            http://primejournal.org/PJMR/abstract/2012/may/Paner.htm
                                 http://primejournal.org/PJMR/cont/2012/may.htm
  
  • Italian Scholarship Grant
Restoration and Conservation of Artworks Attacked by Biological Agents
Istituto Centrale Per Il Restauro, Rome, Italy (January 1-June 30, 2004)

  • B.S. Biochemistry
University of Santo Tomas

  • Professional Teaching Certification Program (Major in Biological Science)
Caloocan City Polytechnic College

PUBLICATIONS

 Book:
  Co-author in LET Reviewer in Biology, 2006-2010 eds. Published by MET Inc.
                          ISBN # 97193249-6-1, sold in National Bookstores                                                                                                                 
Articles:
  • Understanding Museum Pests: The Molds. CFAD Atelier Journal, University of  Santo Tomas, Vol. 2 No. 1, 2003-2004, pp. 80-83
  • On the Conservation of 20th Century Color Photographs Attacked by Molds. CFAD Atelier Journal, UST., Vol. 2 No. 1, 2003-2004, pp. 106-113
  • Witnessing the Glory of Italy in Its Art History and Ancient Spaces. CFAD Atelier Journal, UST, Vol. 3 No. 1, 2004-2005, pp. 55-72 
  • _______________. Panorama Magazine, November 13, 2005, pp. 12, 13, & 21.
  • Deterioration of Paintings and Painting Components Caused by Microorganisms. CFAD Atelier Journal, UST., Vol. 3 No. 1, 2004-2005, pp. 91-94
  • Microbial Deterioration of Painting Materials. CFAD Atelier Journal, UST., Vol. 3 No. 1, 2004-2005, pp. 94-97.
  • Conservation of Paintings Attacked by Molds. In College Freshman English Book II. Agalabia, U., Aranda, R., et. al., pp. 124-125, UST Publishing House, 2004
  • Today’s Restoration Establishments.  CFAD Atelier Journal, UST., Vol. 4 & 5 No. 1, 2005-2006 & 2006-2007, pp. 95-99

RESEARCH WORK

·        Indoor Air Quality of Beato Angelico Building of the University of Santo Tomas -Commissioned by UST (Nov. 2009-May 2010)


BLOGS/ADS

1.    http://internet-moneymakingsecrets.blogspot.com (Money-Making Secrets)
2.    http://internet-moneymakingsecrets.weebly.com   (Internet Marketing Secrets)
3.    http://cmpaner.blogspot.com  (The Painting Doctor-“Restorer/Conservator”)
4.    http://sulit.com.ph/3498047  (Research assistance/Thesis Assistance/Thesis Editing)
5.    http://sulit.com.ph/4829772 (LET Review by a LET Topnotcher and Veteran Reviewer)
6.    http://sulit.com.ph/5040331 (Lotto Secrets Revealed!)
7.    http://sulit.com.ph/5058879 (Muscle Building Cookbook)
8.    http://sulit.com.ph/5069982 (Wedding Photography Secrets)
9.    http://sulit.com.ph/4973311 (Food Cart Franchise Business)
10.  http://sulit.com.ph/4833582 (St. Peter Life Plan and Memorial Chapels)
11.  http://sulit.com.ph/4186306 ( Art and Craft Materials for Sale At Low Price!)
12.  http://sulit.com.ph/4621349 (Cleaning and Restoration of Paintings)
13.  http://sulit.com.ph/4869897  (Natracare Food Supplements)
14.  http://sulit.com.ph/4802983 (LET Reviewer Books)
15.  http://sulit.com.ph/5021693 (How to Lose Weight Fast!)
16.  http://sulit.com.ph/5093345 ( How to Stop Hair Loss and Regrow It the Natural Way)
17.  http://sulit.com.ph/5126659  (How to Get Pregnant Fast!)
18.  http://sulit.com.ph/4930508  (Condo for Rent at 39K Infinity Tower, Global City, Taguig)
19.  http://sulit.com.ph/5538321  (Licensure Exams for Teachers LET online review)
20.  http://sulit.com.ph/5423603  (Internet Marketing Illuminati- How to Make Money Online Fast!)
21.  http://sulit.com.ph/5352564  (Internet Millionaire Looking for Students!)
22.  http://sulit.com.ph/5628715  (The Ultimate Diablo 3 Guide)



WORK  EXPERIENCE

  • Instructor 5, CFAD, IPEA, Pharmacy, CTHM, University of Santo Tomas
SY 1995-Present
Subjects taught: Organic Chemistry lab., Statistics, College Algebra,
                           Algebra with Trigonometry, Business Math, Physics,
                          Plane & Solid Geometry, Environmental Science, Biology
                                                                                                                                                
  • Part Time Instructor, Our Lady of Perpetual Help College, Manila
Subjects taught: Food Microbiology (Lecture and Laboratory)                                                                                                         
  • Part Time Instructor, St. Paul’s College, Quezon City
Subjects taught: Lec. & Lab: General Microbiology, Biochemistry, Microtechnique

  • Part Time Instructor, Unciano Colleges and General Hospital, Inc., Manila
Subjects taught: Lec. & Lab: General Microbiology and Parasitology, Inorganic Chemistry,
                          Comparative Anatomy, Botany, Organic Chemistry, General Zoology,
                          Biology, Biochemistry

OTHER PROFESSIONAL EXPERIENCE

·         Editor and Professional Consultant, MET Publishing House, Manila
·         Microbiologist, Silver Swan Manufacturing Inc.,Panghulo, Malabon
·         Biochemist, Watercare Philippines, Inc., Valenzuela City
·         Food Production Researcher(Mushroom Culture), TWH, Inc., Cainta Rizal
·         Review Director for LET, Center for Educational Excellence, Inc.
·         Project Consultant on “Biodeterioration of Artworks”, Paper Conservation Laboratory, Archives Dept., Arzobispado de Manila
Projects: Conservation of paintings by Fernando Amorsolo, Botong Francisco,
               Ben Cab, Cezar Legaspi, Simon Flores, Betsy Westerndorp
·         Licensure Exams For Teachers (LET) Reviewer at:
- Malabon City University,MET Review Center, UST-College of Education, Caloocan   Polytechnic College, Trinity College, & Center for Educational Excellence Inc.

AWARDS AND HONORS

  • Beato  Angelico Service Award
  • 10th Placer (85.60%), Licensure Examinations for Teachers (LET)
  • Full College Scholarship by Lourdes Reyes Foundation
  • Professional Civil Service Examinations, weighted ave: 86.49%
  • Valedictorian, High School
  • Salutatorian, Elementary
  • Certificate of Appreciation as resource speaker on the topic “Visual Arts and Restorations”, Faculty-Student Art Forum, Beato Angelico Bldg.,UST.
  • Recognition Award for invaluable support and committed service to HARIBON UST as adviser from 2002-2004
  • Honored as 4th Degree(highest degree) member of the Knights of Columbus
 Given by Philippine District IV-NCR
·            Loyalty and Faithful Award for 13 years of Service
 Knights of Columbus UST- Faculty Council 4321
·            Dedicated and Competent Service Award as LET Reviewer
 Malabon City University                                                                                           
·            Champion, Pautakan Quiz Bee for Coaches, UST                                                          
·            Family of the Year Award
            Knights of Columbus UST Faculty Council 4321
·         UST Graduate School Thesis Writing Grant
  UST Graduate School Alumni Association
·         Certificate of Recognition for invaluable Contribution as Lecturer/Reviewer
 Pilot Project on Review Classes for Licensure Examinations for Teachers
 College of Education, UST                                                   
·      Certificate of Appreciation as guest speaker on the topic “Products that Cause Cancer”, given by NEWAYS International (Phils.), Makati City

       

TRAINING /SEMINAR WORKSHOPS

  • Seminar on Test and Measurement Evaluation
  • Seminar on Principles/Philosophy of Education
·        Faculty Development Seminar
  • Traditional Filipino Art
  • Curriculum Development                                                
  • Rubrics Development Across Disciplines                                         
  • Certificate on Adobe Photoshop
  • Certificate on PC Troubleshooting and Networking
  • The Ethics of Teaching
  • Rights and Responsibilities of the Faculty Members, Academic and Administrative Officials and Office Staff Seminar                                                   
  • UST-CFAD Planning and Development Seminar
  • Shepherding the Shepherds
  • Workshop on Syllabus Construction                                                                        
  • Textbook and Learning Materials Development
  • Computer Literacy on Adobe Illustrator, Photoshop, & MS Excel
  • Symposium on Waste Management
  • Ecological Symposium
  • Bringing Out the Best in Me and the Best in You
  • Integrating Media in Classroom Instruction( Design, Production, and Utilization of Media)
  • Principles and Methods of Humane Educators
  • Certificate on Basic Industrial Electronics
  • Certificate on Information Technology
  • Symposium on the Preservation of our Environment
·         Research Colloquia on Indoor Air and Water Quality in Relation to Building Design
·         Convention of Philippine Association of Academic Biochemists,          
  • 16th Annual Convention of Philippine Biochemical Society
  • Script Writing Workshop
  • Basic Business and Financial Management                                                             


AFFILIATIONS

  • Member, CFAD- Adhoc Committee on Math Department
  • Member, CFAD-Committee on Environmental Advocacy
  • Member, CFAD-Adhoc Committee on Value Formation
  • Board of Director
Philippine Association  for the Scientific Conservation of Cultural Properties   
  • Deputy Grand Knight, Knights of Columbus UST Faculty Council No. 4321
  • Auditor
College of Fine Arts & Design Faculty Association
  • Adviser, HARIBON UST
  • Business Manager, NOH-SCC Alumni Association
  • Member, Outreach Program Committee
College of Architecture and Fine Arts

LANGUAGES SPOKEN

English, Filipino, Italian, Japanese


OTHER SPECIAL SKILLS/TALENTS

  • Thesis Editing/Research Assistance
  • Computer operation using MS Word, Excel, Powerpoint, Adobe Photoshop, Internet
  • Computer Hardware repair and Software installations
  • Website/Blog Construction/SEO/Internet Marketing
  • Photography
  • Swimming
  • Playing Banduria
  • Singing
  • Riding ATV