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Table A Consolidated Income Statement, 2009-2011 (in thousands of dollars)

2009
2010
Net sales
14,079
15,065
COGS
9,011
10,244
Gross profit
5,068
4,821
Operating expense
3,520
3,615
Interest expense
105
125
Interest income
17
19
Pretax profit
1,461
1,099
Income tax
497
374
Net income
964
725

2011
16,360
10,798
5,562
4,090
128
15
1,359
462
897

Table B Balance Sheet at December 31, 2011 (in thousands of dollars)


Cash
Accounts receivable
Inventory
Current assets
PP&E
Total assets

500
5,245
1,227
6,972
2,988
9,960

Accounts payable
Notes payable, bank
Accrued taxes
Long-term debt, current portion
Current liabilities
Long-term debt
Total liabilities
Shareholders equity
Total liabilities and shareholders equity

966
826
139
100
2,031
1,000
3,031
6,929
9,960

Table C Monthly Sales (in thousands of dollars)


Sales
Projected Sales
2011
2012
January
671
702
February
393
486
March
360
414
April
311
378
May
180
162
June
196
180
July
474
378
August
769
540
September
2,896
2,970
October
2,618
2,520
November
4,564
5,724
December
2,928
3,546
16,360
18,000
Total

Exhibit 1 2012 Pro Forma Balance Sheets and Accured Taxes Under Seasonal Production (in thousands of dollars)

Cash
Accounts receivableb
Inventoryc
Current assets
Net PP&Ed
Total assets
a

Accounts payablee
Notes payable, bank
Accrued taxesf
Long-term debt, current portion
Current Liabilities
Long-term debtg
Total liabilities
Shareholders' equity
Total liabilities and equity
Accrued Taxes
Beg. accrued taxes
Accrual of monthly taxes
Tax payments
End. accrued taxes

Actual Dec
31, 2011
500
5,245
1,227
6,972
2,988
9,960

Jan

Feb
1,511
2,541
1,227
5,280
2,988
8,268

2,950
832
1,227
5,009
2,988
7,997

Mar
2,768
630
1,227
4,625
2,988
7,613

Apr
2,477
554
1,227
4,259
2,988
7,247

May
2,274
378
1,227
3,879
2,988
6,867

966
826
139
100
2,031
1,000
3,031
6,929
9,960

232
0
94
100
425
1,000
1,425
6,842
8,268

160
0
26
100
286
1,000
1,286
6,710
7,997

137
0
-188
100
49
1,000
1,049
6,564
7,613

125
0
-388
100
-163
1,000
837
6,409
7,247

53
0
-492
100
-339
1,000
661
6,206
6,867

139

139
-45
0
94

94
-68
0
26

26
-75
-139
-188

-188
-80
-120
-388

-388
-105
0
-492

Assumed maintenance of minimum $500,000 balance.


Assumed 60-day collection period for wholesale sales and instant collection for retail sales.
c
Assumed inventories maintained at December 31, 2011 level for all of 2012.
d
Assumed equipment purchases equal to depreciation.
a

Assumed equal to 50% of the current month's COGS for seasonal production; and was related to material purchases that accounts for 50% of COGS for 20
seasonal production and sales pattern.
e

Taxes payble on 2011 income are due March 15, 2012. On April 15, June 15, September 15, and December 15, 2012, payments of 25% of each of the estim
of $480,000. This implies a payment of $120,000 in April, June, September and December.
g
To be repaid at the at rate of $50,000 each June and December
f

Jun
1,946
239
1,227
3,413
2,988
6,401

Jul
1,625
391
1,227
3,243
2,988
6,231

Aug
1,246
643
1,227
3,116
2,988
6,104

59
0
-715
100
-556
950
394
6,007
6,401

125
0
-795
100
-571
950
379
5,851
6,231

-492
-103
-120
-715

-715
-80
0
-795

Sep

Oct

Nov

Dec

758
2,457
1,227
4,442
2,988
7,430

500
3,843
1,227
5,570
2,988
8,558

500
5,771
1,227
7,498
2,988
10,486

500
6,489
1,227
8,216
2,988
11,204

178
0
-857
100
-578
950
372
5,732
6,104

980
0
-757
100
323
950
1,273
6,158
7,430

832
785
-590
100
1,126
950
2,076
6,482
8,558

1,889
80
-55
100
2,014
950
2,964
7,522
10,486

1,170
847
111
100
2,228
900
3,128
8,076
11,204

-795
-61
0
-857

-857
219
-120
-757

-757
167
0
-590

-590
536
0
-55

-55
285
-120
111

ounts for 50% of COGS for 2012. This represents a 30-day payment period. Since inventories are level, purchases will follow

nts of 25% of each of the estimated tax for 2012 are due. In estimating its tax liability for 2012, the company uses a tax liability

Exhibit 2 2012 Pro Forma Income Statement Under Seasonal Production (in thousands of dollars)
Jan
Feb
Mar
Apr
Net sales
702
486
414
378
a
COGS
463
321
273
249
Gross profit
239
165
141
129
Operating expensesb
Interest expense
Interest incomec
Profit (loss) before tax
Income taxesd
Net income

360
11
1
-132
-45
-87

360
7
3
-200
-68
-132

360
7
5
-222
-75
-146

360
7
5
-234
-80
-155

May

Jun
162
107
55

180
119
61

360
7
4
-308
-105
-203

360
7
4
-302
-103
-200

Assumed cost of goods sold equal to 66% sales.


Assumed to be same for each month throughout the year.
c
2% annualized rate of return on monthly cash balances.
d
Negative figures are tax credits from operating losses, and reduced accured taxes shown on balance sheets. The federal tax rate on all earnings was 34%.
a

Jul
378
249
129

Aug
540
356
184

2,970
1,960
1,010

2,520
1,663
857

5,724
3,778
1,946

3,546
2,340
1,206

Total
18,000
11,880
6,120

360
7
3
-235
-80
-155

360
7
3
-181
-61
-119

360
7
2
645
219
426

360
7
1
491
167
324

360
11
1
1,576
536
1,040

360
7
1
839
285
554

4,320
94
32
1,737
591
1,147

rate on all earnings was 34%.

Sep

Oct

Nov

Dec

Exhibit 3 2012 Pro Forma Cash Flow Statement Under Seasonal Production (in thousands of dollars)
Jan
Feb
Mar
Operating Activities
Net income
-87
-132
-146
Depreciation
25
25
25
Less: Increase (Decrease) in A/R
-2,704
-1,710
-202
Less: Increase (Decrease) in Inventory
0
0
0
Add: Increase (Decrease) in A/P
-735
-71
-24
Add: Increase (Decrease) in Accrued Taxes
-45
-68
-214
Cash flow from operations
1,862
1,464
-157
Investing Activities
Less: capital expenditures
Cash flow from operating and investing
Cash available before financing activities
Financing Activities
Less: bank note repayment
Less: debt repayment
Add: bank note issuance
Cash flow from financing
Total Cash Flow

Apr

May
-155
25
-76
0
-12
-200
-265

-203
25
-176
0
-71
-105
-178

-25
1,837
1,837

-25
1,439
2,450

-25
-182
2,268

-25
-290
1,977

-25
-203
1,774

826
0
0
-826

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

1,011

1,439

-182

-290

-203

Jun

Jul

Aug

Sep

Oct

Nov

Dec

-200
25
-139
0
6
-223
-253

-155
25
151
0
65
-80
-296

-119
25
252
0
53
-61
-354

426
25
1,814
0
802
99
-463

324
25
1,386
0
-149
167
-1,018

1,040
25
1,928
0
1,057
536
731

554
25
718
0
-719
165
-693

-25
-278
1,496

-25
-321
1,125

-25
-379
746

-25
-488
258

-25
-1,043
-785

-25
706
706

-25
-718
-718

0
50
0
-50

0
0
0
0

0
0
0
0

0
0
0
0

0
0
785
785

706
0
0
-706

0
50
768
718

-328

-321

-379

-488

-258

Schedule changes
affecting Inventory
January
February
March
April
May
June
July
August
September
October
November
December
Total

Finished goods
Inventory
900
900
900
900
900
900
900
900
900
900
900
900
10800

Actual Sales
702
486
414
378
162
180
378
540
2,970
2,520
5,724
3,546
18000

COGS
421.2
291.6
248.4
226.8
97.2
108
226.8
324
1782
1512
3434.4
2127.6
10800

Finished Goods
Net Change
478.8
608.4
651.6
673.2
802.8
792
673.2
576
-882
-612
-2534.4
-1227.6
-1.36424205E-012

Opening FG
Inventory
1,227
1,706
2,314
2,966
3,639
4,442
5,234
5,907
6,483
5,601
4,989
2,455
46962

Closing FG
Inventory
1,706
2,314
2,966
3,639
4,442
5,234
5,907
6,483
5,601
4,989
2,455
1,227
46962

Exhibit 1 2012 Pro Forma Balance Sheets and Accured Taxes Under Seasonal Production (in thousands of dollars)

Cash
Accounts receivableb
Inventoryc
Current assets
Net PP&Ed
Total assets
a

Accounts payablee
Notes payable, bank
Accrued taxesf
Long-term debt, current portion
Current Liabilities
Long-term debtg
Total liabilities
Shareholders' equity
Total liabilities and equity
Accrued Taxes
Beg. accrued taxes
Accrual of monthly taxes
Tax payments
End. accrued taxes

Actual Dec
31, 2011
500
5,245
1,227
6,972
2,988
9,960

Jan

Feb
1,282
2,541
1,706
5,529
2,988
8,517

2,198
832
2,314
5,344
2,988
8,332

Mar
1,392
630
2,966
4,988
2,988
7,976

966
826
139
100
2,031
1,000
3,031
6,929
9,960

450
0
104
100
654
1,000
1,654
6,863
8,517

450
0
41
100
591
1,000
1,591
6,740
8,332

139

139
-34
0
104

104
-63
0
41

Apr

May

500
554
3,639
4,693
2,988
7,681

500
378
4,442
5,320
2,988
8,308

450
0
-171
100
379
1,000
1,379
6,597
7,976

450
63
-372
100
241
1,000
1,241
6,440
7,681

450
1,019
-484
100
1,085
1,000
2,085
6,222
8,308

41
-74
-139
-171

-171
-81
-120
-372

-372
-112
0
-484

Assumed maintenance of minimum $500,000 balance.


Assumed 60-day collection period for wholesale sales and instant collection for retail sales.
c
Assumed inventories maintained at December 31, 2011 level for all of 2012.
d
Assumed equipment purchases equal to depreciation.
a

Assumed equal to 50% of the current month's COGS for seasonal production; and was related to material purchases that accounts for 50% of COGS for 20
seasonal production and sales pattern.
e

Taxes payble on 2011 income are due March 15, 2012. On April 15, June 15, September 15, and December 15, 2012, payments of 25% of each of the estim
of $480,000. This implies a payment of $120,000 in April, June, September and December.
g
To be repaid at the at rate of $50,000 each June and December
f

Jun

Jul

Aug

Sep

Oct

Nov

Dec

500
239
5,234
5,973
2,988
8,961

500
391
5,907
6,798
2,988
9,786

500
643
6,483
7,626
2,988
10,614

500
2,457
5,601
8,558
2,988
11,546

500
3,843
4,989
9,332
2,988
12,320

500
5,771
2,455
8,725
2,988
11,713

500
6,489
1,227
8,216
2,988
11,204

450
2,177
-718
100
2,009
950
2,959
6,002
8,961

450
3,270
-809
100
3,011
950
3,961
5,825
9,786

450
4,316
-883
100
3,983
950
4,933
5,681
10,614

450
4,614
-747
100
4,417
950
5,367
6,179
11,546

450
4,813
-551
100
4,812
950
5,762
6,558
12,320

450
2,324
89
100
2,963
950
3,913
7,801
11,713

450
951
320
100
1,822
900
2,722
8,482
11,204

-484
-114
-120
-718

-718
-91
0
-809

-809
-74
0
-883

-883
257
-120
-747

-747
195
0
-551

-551
640
0
89

89
351
-120
320

ounts for 50% of COGS for 2012. This represents a 30-day payment period. Since inventories are level, purchases will follow

nts of 25% of each of the estimated tax for 2012 are due. In estimating its tax liability for 2012, the company uses a tax liability

Exhibit 2 2012 Pro Forma Income Statement Under Seasonal Production (in thousands of dollars)
Jan
Feb
Mar
Apr
Net sales
702
486
414
378
a
COGS
421
292
248
227
Gross profit
281
194
166
151
Operating expensesb
Storage Expense
Interest expense
Additional Interest
Interest incomec
Profit (loss) before tax
Income taxesd
Net income

360
11
11
0
1
-101
-34
-66

360
15
7
0
2
-186
-63
-122

360
19
7
0
4
-217
-74
-143

360
23
7
0
2
-237
-81
-156

May

Jun
162
97
65

180
108
72

360
28
8
0
1
-330
-112
-218

360
33
12
1
1
-334
-114
-220

Assumed cost of goods sold equal to 66% sales.


Assumed to be same for each month throughout the year.
c
2% annualized rate of return on monthly cash balances.
a

Negative figures are tax credits from operating losses, and reduced accured taxes shown on balance sheets. The federal tax rate on all earnings was 34%.

Jul

Aug

Sep

Oct

Nov

378
227
151

540
324
216

2,970
1,782
1,188

2,520
1,512
1,008

360
38
18
5
1
-269
-91
-177

360
41
23
10
1
-218
-74
-144

360
36
29
11
1
754
257
498

360
32
30
12
1
575
195
379

rate on all earnings was 34%.

Dec
5,724
3,434
2,290

360
16
31
1
1
1,883
640
1,243
Savings from OT and Maintenance
Savings from Training & Hiring
Total Net Income

3,546
2,128
1,418
360
8
19
0
1
1,033
351
682

Total
18,000
10,800
7,200
4,320
300
203
40
16
2,354
800
1,553
480
600
2,633

Exhibit 3 2012 Pro Forma Cash Flow Statement Under Seasonal Production (in thousands of dollars)
Jan
Feb
Mar
Operating Activities
Net income
-66
-122
-143
Depreciation
25
25
25
Less: Increase (Decrease) in A/R
-2,704
-1,710
-202
Less: Increase (Decrease) in Inventory
479
608
652
Add: Increase (Decrease) in A/P
-516
0
0
Add: Increase (Decrease) in Accrued Taxes
-34
-63
-212
Cash flow from operations
1,633
941
-781

Apr

May
-156
25
-76
673
0
-201
-930

-218
25
-176
803
0
-112
-932

Investing Activities
Less: capital expenditures
Cash flow from operating and investing
Cash available before financing activities

-25
1,608
1,608

-25
916
1,698

-25
-806
892

-25
-955
-63

-25
-957
-957

Financing Activities
Less: bank note repayment
Less: debt repayment
Add: bank note issuance
Cash flow from financing
Opening Cash Balance
Cash from investing and operations
Total Cash
Closing Cash Balance
Cumulative Debt
Total Cash Flow

826
0
0
-826
500
1,608
2,108
1,282
0
782

0
0
0
0
1,282
916
2,198
2,198
0
916

0
0
0
0
2,198
-806
1,392
1,392
0
-806

0
0
63
63
1,392
-955
437
500
63
-892

0
0
957
957
500
-957
-457
500
1,019
0

Jun

Jul

Aug

Sep

Oct

Nov

Dec

-220
25
-139
792
0
-234
-1,082

-177
25
151
673
0
-91
-1,068

-144
25
252
576
0
-74
-1,021

498
25
1,814
-882
0
137
-273

379
25
1,386
-612
0
195
-174

1,243
25
1,928
-2,534
0
640
2,514

682
25
718
-1,228
0
231
1,447

-25
-1,107
-1,107

-25
-1,093
-1,093

-25
-1,046
-1,046

-25
-298
-298

-25
-199
-199

-25
2,489
2,489

-25
1,422
1,422

0
50
1,157
1,107
500
-1,107
-607
500
2,177
0

0
0
1,093
1,093
500
-1,093
-593
500
3,270
0

0
0
1,046
1,046
500
-1,046
-546
500
4,316
0

0
0
298
298
500
-298
202
500
4,614
0

0
0
199
199
500
-199
301
500
4,813
0

2,489
0
0
-2,489
500
2,489
2,989
500
2,324
0

1,372
50
0
-1,422
500
1,422
1,922
500
951
0