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CONFIDENTIAL

Garrett's Bike Shop


TOP-QUALITY GEAR, REPAIR, AND ADVICE FROM YOUR
LOCAL CYCLING FANATICS

Business Plan
Prepared May 2017

Contact Information
Garrett McKenzie
garrett@universitycycleworks.com
(555) 555-5555
www.universitycycleworks.com
488 East 11th Avenue, Suite 220
Eugene, OR 97401, United States
Garrett's Bike Shop - QB i

Table of Contents
Executive Summary.................................................................................1
What We Sell ...........................................................................................................................................................1
Who We Sell To ......................................................................................................................................................1
Opportunity............................................................................................................................................................2
Expectations ...........................................................................................................................................................3

Opportunity ...............................................................................................5
Problem & Solution...............................................................................................................................................5
Competition ...........................................................................................................................................................5

Execution....................................................................................................7
Marketing & Sales ..................................................................................................................................................7
Operations...............................................................................................................................................................7
Milestones & Metrics ............................................................................................................................................8

Company ....................................................................................................9
Management Team ..............................................................................................................................................9
Overview ...............................................................................................................................................................10
Market Trends.......................................................................................................................................................11

Financial Plan..........................................................................................12
Forecast..................................................................................................................................................................12
Statements.............................................................................................................................................................13

Appendix ..................................................................................................19
Monthly Statements ...........................................................................................................................................19

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Garrett's Bike Shop - QB 1

Executive Summary

What We Sell
Bicycles. We sell new bicycles, predominantly in the mountain bike style, retro-cruiser is a
close second, and sport/touring/racing road bikes a distant third. We also sell some used bikes
which we take in on trade as a service to our customers who are buying new bikes.

Accessories. We offer a wide variety of accessories. Locks, computer speedometers,


fenders, cargo racks, comfortable seats, headlights, helmets, water bottles, panniers/back
packs/messenger bags, child seats and trailers, bike storage racks, and auto roof rack systems
all fall in this category.

Clothing. We rotate our clothing based on the season. For example, in Autumn, we stock
jackets and Gore-Tex. In Winter, we offer helmet covers and liners, insulated jerseys and pants,
gloves, and shoe covers. In the Spring, we start displaying summer jerseys, and racing shorts

Parts. Parts generally refers to pieces or materials necessary to the basic functioning of the
bicycle. Generally, parts are installed during service and are an additional charge beyond the
service fees.

Who We Sell To
The primary market for Garrett's Bike Shop is the university student population, which
normally has a turnover/growth of approximately 25% each year. The secondary market is the
university faculty and staff, and the tertiary market is the greater Metroburg community.

The university students are our main target market.

1. They are mostly undergraduates, so there is a 25% annual turnover.


2. The lack of parking in the university area and the general ease of bike mobility
throughout Metroburg motivates them to use bicycles as inexpensive transport.

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Garrett's Bike Shop - QB 2

Athletic pursuits draw them, and the nearby areas for use of mountain and trail bikes
provides a great place to ride.
3. There is a new enthusiasm for retro Cruiser bikes, and higher tech cruiser-style bikes
with multiple gears, good brakes, etc. among the college age population.
4. Also, main market for racks, locks, throughout, pannier/bags, fenders, rainwear, etc.
5. They want convenience for sales and service.

Opportunity
Problem

It's hard to buy a good bike in this town without being an "insider" cycling expert.

Solution

Garrett's is a snob free zone where regular people can get top notch gear and expert advice.

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Garrett's Bike Shop - QB 3

Competition

Current Alternatives

One local multi-sport store at the local megamall


One statewide chain of bicycle shops which started out as Schwinn-only shops, but has
had to take on other brands and products.
One used bike store that has made a fine business reputation for itself, dealing strictly
in used bikes.
Three local, including the oldest shop in town.
One local multi-location chain, that has specialized in opening shops in small local
malls in areas of new housing development.
Several garage mechanics offering service only.

The two strongest competitors are the Oldest Shop in Town which carries the cache of being
the most stable, and most well known -- a Metroburg institution. The Mountain Bike Specialist
targets the same athletic, young, performance and image conscious rider that we target in the
university student population. These cyclists are particular about their bike and will go where
the name brand they want is sold, or will try every bike and then buy the one that fits best,
regardless of store loyalty.

Why Us?

We offer a welcoming, family-friendly bike shop space with higher quality gear and services.

Expectations
Forecast

This financial plan was developed based upon previous years' data for the existing store,
tracking trends in revenues and expenses. A five-month track of sales, accounts receivables
and payables, and inventory from a year-end benchmark was made. The current owner, Han
Delbar, has sold the business to Hubert Wheeler for $140,000. The seller, buyer, and the
accountant worked together on the plan to balance optimism with reality. An attorney was
consulted on specifics of the sale contract.

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Garrett's Bike Shop - QB 4

Sales for the first year of new ownership are projected above $500,000, with a gross margin of
almost 65%. Profitability is expected at the mid-way point of the fiscal year, in March.

Financial Highlights by Year

Financing Needed

We plan on bootstrapping the business to start, but may consider loans for future expansion.

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Garrett's Bike Shop - QB 5

Opportunity
Problem & Solution
Problem Worth Solving

No full-service bike shop offers a snob-free zone focused on servicing the university market.

Our Solution

Our market niche has several needs which we strive to meet:

Quality bikes at several price points.


Various styles and sizes of bikes, leaning heavily toward the styles most popular with
the student population.
Range of accessories most practical in the local setting, such as locks, fenders, lights,
tires, seats, rainwear, etc.
Plenty of replacement components and service parts.
Friendly personal relationships between cyclists and shop staff.
Prompt and convenient service from on-the-spot flat tire fix, to drop in repairs, to
scheduled major maintenance, where the rider can drop their bike off, head to class or
work, and be assured that their bike will be ready for the ride home.

Competition
The foremost competitive advantage of Garrett's Bike Shop is our university location. The
university is over 100 years old and as it has grown, Metroburg has grown around it. Parking is
almost nonexistent, with all campus parking permit or meter controlled, and local streets filled
to capacity with the vehicles of residents. Bicycles are an obvious and popular transportation
solution.

The negotiations of the past two years also brings the advantage of continued financial
agreements with major suppliers. This is an advantage over a start-up bicycle shop, but, is
more a leveling of the bike path when compared to other established shop in Metroburg.
Traditionally a start-up store will be placed on a Cash On Delivery (COD) status by bicycle
manufacturers and parts/accessories suppliers. The COD status stays in effect until the new
shop demonstrates its ability to manage its orders and cash flow. This also means the new shop
must have more funding to be able to write checks on a moments notice, for large amounts.

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Garrett's Bike Shop - QB 6

Strategic Alliances

Bicycle manufacturers - continuation of dating programs and financial agreements.


Accessory suppliers - continuation of financial agreements.
Metroburg Parks Dept. - we sponsor printed map of city bike paths to publish on our
website.
University Security Office - maintenance, supply service contract for cycle security.
HooDaThunkIt - website design and maintenance, search engine placement.

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Garrett's Bike Shop - QB 7

Execution
Marketing & Sales

Operations
Locations & Facilities

Garrett's Bike Shop is 1,500 square foot store of interior space located on the university campus
in Metroburg. Our location, in the first block off campus in a commercial area featuring the
university bookstore, a private bookstore, bank, cafes, coffee shops and popular watering holes
is ideal. We get constant, daily visual exposure. Students and staff throng the sidewalk outside
our door, and we reap the benefits. Our nearest competitor is almost a mile away. For the
student customer, on foot, in a hurry, Garrett's Bike Shop is the immediate solution to their
needs.

Technology

Our bike shop is equipped with the latest technology to help maintain your bicycle needs.
Whether older bike parts, or newer technologies, we stock inventory of whichever parts you
seek to maintain your bike is in peak condition.

With our customized online tracking system, we can keep record of what we took care of on
your bike from the last visit and maintain an ongoing record for future visits. This allows us to
specialize your visits each time you visit our shop.

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Garrett's Bike Shop - QB 8

Equipment & Tools

We recognize that all bikes require basic tune-ups, to complex maintenance. With an array of
bikes in mind, we have the right equipment and tools to cater to your biking needs.

Milestones & Metrics


Milestone Due Date Who's Responsible

Develop Branding July 12, 2017 Marketing

Choose POS Systems July 20, 2017 Mike

Review Monthly Numbers August 08, 2017 Sabrina

Review Forecast August 17, 2017 Sabrina

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Company
Management Team
Garrett McKenzie Founder/Owner

After a successful run as a mortgage broker, Garrett will apply his business acumen to leading a
company he is passionate about.

Jill Bloom Shop Manager

After a decade of bike-shop experience and five completed triathlons, Jill will anchor the
services side of the business.

Heather Gibson Investor

Heather is an avid cyclist and small business investor. Her expertise is in small business
expansion.

The current assistant manager, Hubert Wheeler, is buying Garrett's Bike Shop, and will manage
the business. He has a B.S. degree in Economics and an M.A. in Comparative Literature. His
passion however has always been cycling. He originally worked at his local bike shop when he
was in college. After several years trying to find suitable work in his degree field, he gave up
chasing the chimera of these fields and decided to work with something substantial, and
returned to his youthful enjoyment of bicycles.

He attended two of the major bicycle mechanic training programs, at New England Bicycle
Academy and the United Bicycle Institute. These courses covered mechanical service and
maintenance, frame building and repair, wheel building, and shop organization, sales, and
management. He has 12 years of progressively responsible experience in bicycle shops with
the last five at Garrett's Bike Shop.

One of the other full-time employees, Valerie Pede has expressed interest in learning more
about the bike industry and she will be promoted to be the new assistant manager. Val has been
with us for three years. She graduated from State University at Metroburg with tandem B.S.
degrees in Exercise Physiology and Recreation Management. She loves to cycle, and has kept

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Garrett's Bike Shop - QB 10

her contacts at the university active. Her knowledge and expertise draws many women
bicyclists to our store where they know they will get the care and attention which is usually
missing from traditionally male staffed shops.

The current owner, Han Delbar will be available as a resource.

Additional resources are:

Order Out of Chaos, our full-cycle bookkeeping service.

Continental Shelf Bank.

Newt Ria, a partner at Weasel, Stoat, Muskrat who advised on the sale/purchase
arrangements.

Overview
Ownership & Structure

Garrett's Bike Shop is a subchapter S corporation, and is currently owned by Han Delbar.
Hubert Wheeler, current assistant manager of Garrett's Bike Shop, is purchasing Garrett's Bike
Shop from Delbar, acquiring existing inventory, and assuming outstanding accounts payable
and dating program debts to suppliers, location lease, customer base and information, and
Garrett's Bike Shop's business name and goodwill. The business will continue to be a
subchapter S corporation. Exchange of ownership will occur on July 1st.

To establish an accurate accounting of existing inventory and outstanding debts, the prior
year's closing inventory and year end financial statement as reviewed by the business' CPA
were used as benchmarks. The sales, orders placed, deliveries received, and accounts payable
payments made have been tracked each month, and a trial balance of these will be run June 15
to establish the final purchase price for inventory on hand, and the amount of Accounts
Payable assumed. The figures presented here are conservative, realistic estimates used for
planning purposes.

Company History

The current assistant manager, Hubert Wheeler, is buying Garrett's Bike Shop, and will manage
the business. He has a B.S. degree in Economics and an M.A. in Comparative Literature. His
passion however has always been cycling. He originally worked at his local bike shop when he
was in college. After several years trying to find suitable work in his degree field, he gave up

CONFIDENTIAL - DO NOT DISSEMINATE. This business plan contains confidential, trade-secret information and is shared
only with the understanding that you will not share its contents or ideas with third parties without the express written consent
of the plan author.
Garrett's Bike Shop - QB 11

chasing the chimera of these fields and decided to work with something substantial, and
returned to his youthful enjoyment of bicycles.

He attended two of the major bicycle mechanic training programs, at New England Bicycle
Academy and the United Bicycle Institute. These courses covered mechanical service and
maintenance, frame building and repair, wheel building, and shop organization, sales, and
management. He has 12 years of progressively responsible experience in bicycle shops with
the last five at Garrett's Bike Shop.

One of the other full-time employees, Valerie Pede has expressed interest in learning more
about the bike industry and she will be promoted to be the new assistant manager. Val has been
with us for three years. She graduated from State University at Metroburg with tandem B.S.
degrees in Exercise Physiology and Recreation Management. She loves to cycle, and has kept
her contacts at the university active. Her knowledge and expertise draws many women
bicyclists to our store where they know they will get the care and attention which is usually
missing from traditionally male staffed shops.

Market Trends
Trends in the bicycle industry usually last for a time. Some of them have been:

1960s - Big rush on 10 speeds.

1970s - Touring bikes became popular.

1980s and 1990s - Huge growth of mountain bikes

1990s - The rumored but exaggerated death of "road bikes" and the unfulfilled prophesy
of a boom in the tandem market.

2000s - Popularity of retro 'cruisers.'

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Garrett's Bike Shop - QB 12

Financial Plan
Forecast
Sales vary season to season and with the academic school year. Surprisingly, summer is the
slowest season because there are fewer students in town. Business picks up in August with the
return of the students and staff, and flourishes in September. Accessories and rainwear sales
increase in the autumn and early winter. Repairs and maintenance are steady. Holiday sales are
brisk, though generally leaning again to accessories, parts, rainwear, gloves, helmets,
headlights, etc. Winter sales are moderate, and then pick up in springtime as people put away
their skies and look forward to local outdoor activities, longer daylight hours, and drier
weather.

We have three large sales promotions each year.

1. Back to school in August/September. This is our biggest sale of the year. New bicycles,
locks, helmets, racks, fenders, backpacks. We always search for a special purchase of
good quality, but value priced bikes for this sale such as year end models, slow sellers,
new line looks to break into the market. These bikes will almost always sell out to
students seeking great values.

2. Year-end holidays. This also overlaps the beginning of Winter term. The retail market
demands some participation in this annual buying frenzy, yet, this sale produces lower
revenue than our other two events. We sell fewer bikes, and more accessories and
clothing.
3. Spring. This coincides with both the return of nice weather, and beginning of Spring
term. We feature new bicycles, and repair/maintenance/tune-up specials. It is
important to us to have a good selection on hand at this time. When people decide they
want that new bike, they want it now. If we don't have the bike then, and make the sale
immediately, many riders will decide that they really can get another season out of their
old bike, and will spend their discretionary income on some other purchase.

Additionally, we have some special buys available for June graduation.

We get some small monthly revenue from these sources:

Sale of used bicycles taken in on trade.


Repair classes taught at the University Outdoor Center, once a term.

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Garrett's Bike Shop - QB 13

Monthly service contract for repairs and parts with the University Security Office.

Statements
Net Profit (or Loss) by Year

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Garrett's Bike Shop - QB 14

Profit and Loss Statement

FY2016 FY2017 FY2018


Revenue $1,446,425 $1,433,153 $1,584,365

Direct Costs $532,342 $524,423 $593,890

Gross Margin $914,084 $908,729 $990,475


Gross Margin % 63% 63% 63%
Operating Expenses
Salary $88,400 $91,860 $95,475
Employee Related Expenses $15,912 $16,535 $17,185
Insurance $4,260 $4,260 $4,260
Leased Equipment $1,800 $1,800 $1,800
Marketing $144,643 $143,315 $158,436
Lease $56,400 $56,400 $56,400
Utilities $3,600 $3,600 $3,600
Office Expenses $72,321 $71,658 $79,218
Total Operating Expenses $387,336 $389,428 $416,375

Operating Income $526,748 $519,301 $574,100

Interest Incurred $7,650 $6,783 $5,054


Depreciation and Amortization $14,860 $15,635 $14,207
Income Taxes $75,636 $74,532 $82,605
Total Expenses $1,017,823 $1,010,801 $1,116,275
Net Profit $428,602 $422,352 $468,090
Net Profit / Sales 30% 29% 30%

About the Profit and Loss Statement

In negotiating the smooth transition in ownership, the landlord agreed to continue the current
lease unchanged. As surety, one month's rent was required as a deposit at the time of sale. This
is shown in the starting expenses. Further, the landlord agreed that if, after 11 months
operation the new company was solvent and current in lease payments, that the deposit could
be applied to the twelfth month's rent.

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Garrett's Bike Shop - QB 15

The mid-summer months of July and August are slow months when a large part of the
university population is gone on summer break. The mid-winter months are traditionally loss
months. The weather is the most inclement and discretionary income is at its lowest after the
holiday binges. However, we try to keep our entire staff on board to work on our own
inventory, store refurbishing, and staff training.

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Balance Sheet

As of Period's End Starting Balances FY2016 FY2017 FY2018


Cash $25,000 $140,078 $493,984 $950,745
Accounts Receivable $15,000 $61,692 $47,049 $51,086
Inventory $0 $435,427 $494,666 $496,073
Other Current Assets
Total Current
$40,000 $637,198 $1,035,699 $1,497,903
Assets

Long-Term Assets $61,500 $97,700 $87,700 $87,700


Accumulated
($14,860) ($27,638) ($41,844)
Depreciation
Total Long-Term
$61,500 $82,840 $60,062 $45,856
Assets

Total Assets $101,500 $720,038 $1,095,761 $1,543,758

Accounts Payable $10,000 $32,691 $33,003 $33,736


Income Taxes
$22,909 $19,157 $20,901
Payable
Sales Taxes Payable $19,586 $11,557 $11,590
Short-Term Debt $28,017 $29,745 $31,580
Prepaid Revenue
Total Current
$10,000 $103,203 $93,462 $97,806
Liabilities
Long-Term Debt $97,733 $67,987 $36,408

Total Liabilities $10,000 $200,936 $161,450 $134,214

Paid-in Capital $50,700 $50,700 $50,700 $50,700


Retained Earnings $40,800 $39,800 $468,402 $890,754
Earnings $428,602 $422,352 $468,090
Total Owner's
$91,500 $519,102 $941,454 $1,409,544
Equity

Total Liabilities &


$101,500 $720,038 $1,102,904 $1,543,758
Equity

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About the Balance Sheet

Our goal is to repay the loans from our family within the first year, and we project paying Han
Delbar his entire purchase price within five years. Other balance sheet information is shown in
the table.

Cash Flow by Year

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Garrett's Bike Shop - QB 18

Cash Flow Statement

FY2016 FY2017 FY2018


Net Cash Flow from Operations
Net Profit $428,602 $422,352 $468,090
Depreciation and Amortization $14,860 $15,635 $14,207
Change in Accounts Receivable ($46,692) $14,643 ($4,037)
Change in Inventory ($435,427) ($59,238) ($1,407)
Change in Accounts Payable $22,691 $312 $732
Change in Income Tax Payable $22,909 ($3,752) $1,744
Change in Sales Tax Payable $19,586 ($8,029) $33
Change in Prepaid Revenue
Net Cash Flow from Operations $26,529 $381,923 $483,506
Investing & Financing
Assets Purchased or Sold ($36,200) $3,000
Investments Received
Change in Long-Term Debt $97,733 ($29,745) ($31,580)
Change in Short-Term Debt $28,017 $1,728 $1,835
Dividends & Distributions ($1,000)
Net Cash Flow from Investing &
$88,550 ($28,017) ($26,745)
Financing
Cash at Beginning of Period $25,000 $140,078 $493,984
Net Change in Cash $115,078 $353,906 $456,761
Cash at End of Period $140,078 $493,984 $950,745

About the Cash Flow Statement

The cash flow reflects the seasonality of bicycle sales and the varying payment programs. At
times, the business is inventory heavy, stocking up for the beginning of school rush, or
specific sales. At other times, there is negative cash flow as long-term accounts payable, net 90,
net 60 payments coincide with regular net 30 invoices.

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Garrett's Bike Shop - QB 19

Appendix
Monthly Statements
Profit and Loss Statement (With Monthly Detail)

FY2016 Oct '15 Nov '15 Dec '15 Jan '16 Feb '16 Mar '16 Apr '16 May '16 Jun '16 Jul '16 Aug '16 Sep '16

Revenue $86,400 $99,500 $118,050 $128,025 $131,450 $142,050 $99,650 $112,575 $108,725 $122,775 $140,250 $156,975

Direct Costs $32,088 $36,646 $43,579 $47,157 $48,475 $52,732 $35,275 $40,694 $39,836 $45,533 $52,322 $58,005

Gross Margin $54,312 $62,854 $74,471 $80,868 $82,975 $89,319 $64,375 $71,881 $68,889 $77,242 $87,928 $98,971

Gross
63% 63% 63% 63% 63% 63% 65% 64% 63% 63% 63% 63%
Margin %

Operating
Expenses
Salary $7,366 $7,366 $7,366 $7,366 $7,367 $7,367 $7,367 $7,367 $7,367 $7,367 $7,367 $7,367

Employee
Related $1,326 $1,326 $1,326 $1,326 $1,326 $1,326 $1,326 $1,326 $1,326 $1,326 $1,326 $1,326
Expenses

Insurance $355 $355 $355 $355 $355 $355 $355 $355 $355 $355 $355 $355

Leased
$150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150
Equipment

Marketing $8,640 $9,950 $11,805 $12,803 $13,145 $14,205 $9,965 $11,257 $10,873 $12,277 $14,025 $15,698

Lease $4,700 $4,700 $4,700 $4,700 $4,700 $4,700 $4,700 $4,700 $4,700 $4,700 $4,700 $4,700

Utilities $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300

Office
$4,320 $4,975 $5,903 $6,401 $6,572 $7,103 $4,982 $5,629 $5,436 $6,139 $7,013 $7,848
Expenses

Total
Operating $27,157 $29,122 $31,904 $33,401 $33,915 $35,506 $29,145 $31,085 $30,507 $32,614 $35,235 $37,745
Expenses

Operating
$27,155 $33,732 $42,567 $47,467 $49,060 $53,813 $35,229 $40,796 $38,382 $44,628 $52,692 $61,227
Income

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Interest Incurred $750 $739 $729 $717 $707 $696 $684 $674 $662 $652 $640

Depreciation
and $1,144 $1,144 $1,144 $1,144 $1,283 $1,283 $1,283 $1,283 $1,283 $1,283 $1,283 $1,303
Amortization

Income Taxes $3,902 $4,775 $6,103 $6,839 $7,059 $7,773 $4,988 $5,824 $5,464 $6,403 $7,613 $8,893

Total
$64,291 $72,437 $83,470 $89,269 $91,450 $97,999 $71,388 $79,570 $77,763 $86,496 $97,105 $106,585
Expenses

Net Profit $22,109 $27,063 $34,580 $38,756 $40,000 $44,051 $28,262 $33,005 $30,962 $36,279 $43,145 $50,390

Net Profit /
26% 27% 29% 30% 30% 31% 28% 29% 28% 30% 31% 32%
Sales

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its contents or ideas with third parties without the express written consent of the plan author.
Garrett's Bike Shop - QB 21

FY2017 Oct '16 Nov '16 Dec '16 Jan '17 Feb '17 Mar '17 Apr '17 May '17 Jun '17 Jul '17 Aug '17 Sep '17

Revenue $118,345 $118,344 $118,344 $118,345 $118,344 $118,345 $118,344 $118,344 $121,435 $121,555 $121,793 $121,615

Direct Costs $43,322 $43,322 $43,322 $43,323 $43,321 $43,323 $43,322 $43,322 $44,404 $44,446 $44,529 $44,467

Gross Margin $75,023 $75,022 $75,022 $75,023 $75,022 $75,023 $75,022 $75,022 $77,031 $77,109 $77,264 $77,148

Gross
63% 63% 63% 63% 63% 63% 63% 63% 63% 63% 63% 63%
Margin %

Operating
Expenses
Salary $7,655 $7,654 $7,655 $7,654 $7,655 $7,654 $7,656 $7,655 $7,656 $7,655 $7,656 $7,655

Employee
Related $1,378 $1,378 $1,377 $1,378 $1,378 $1,378 $1,378 $1,378 $1,378 $1,378 $1,378 $1,378
Expenses

Insurance $355 $355 $355 $355 $355 $355 $355 $355 $355 $355 $355 $355

Leased
$150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150
Equipment

Marketing $11,834 $11,834 $11,835 $11,834 $11,835 $11,834 $11,835 $11,834 $12,144 $12,155 $12,179 $12,162

Lease $4,700 $4,700 $4,700 $4,700 $4,700 $4,700 $4,700 $4,700 $4,700 $4,700 $4,700 $4,700

Utilities $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300

Office
$5,918 $5,917 $5,917 $5,917 $5,917 $5,918 $5,917 $5,917 $6,072 $6,078 $6,089 $6,081
Expenses

Total
Operating $32,289 $32,289 $32,289 $32,289 $32,289 $32,289 $32,290 $32,290 $32,754 $32,771 $32,808 $32,781
Expenses

Operating
$42,733 $42,733 $42,733 $42,734 $42,733 $42,733 $42,732 $42,732 $44,277 $44,338 $44,456 $44,367
Income

Interest Incurred $629 $617 $606 $594 $583 $572 $560 $548 $536 $524 $513 $501

Depreciation
and $1,303 $1,303 $1,302 $1,303 $1,303 $1,303 $1,303 $1,303 $1,303 $1,303 $1,303 $1,303
Amortization

Income Taxes $6,120 $6,122 $6,124 $6,125 $6,127 $6,129 $6,130 $6,132 $6,366 $6,377 $6,396 $6,384

Total
$83,663 $83,653 $83,644 $83,634 $83,624 $83,615 $83,605 $83,595 $85,363 $85,422 $85,548 $85,435
Expenses

Net Profit $34,682 $34,691 $34,700 $34,711 $34,720 $34,730 $34,739 $34,749 $36,072 $36,133 $36,245 $36,180

Net Profit /
29% 29% 29% 29% 29% 29% 29% 29% 30% 30% 30% 30%
Sales

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Garrett's Bike Shop - QB 22

FY2018 Oct '17 Nov '17 Dec '17 Jan '18 Feb '18 Mar '18 Apr '18 May '18 Jun '18 Jul '18 Aug '18 Sep '18

Revenue $131,503 $131,483 $131,533 $131,773 $132,052 $131,934 $132,353 $132,352 $132,363 $132,264 $132,392 $132,363

Direct Costs $49,306 $49,300 $49,316 $49,401 $49,498 $49,458 $49,603 $49,604 $49,607 $49,573 $49,617 $49,607

Gross Margin $82,197 $82,184 $82,216 $82,372 $82,554 $82,477 $82,749 $82,749 $82,756 $82,691 $82,775 $82,756

Gross
63% 63% 63% 63% 63% 63% 63% 63% 63% 63% 63% 63%
Margin %

Operating
Expenses
Salary $7,955 $7,956 $7,956 $7,956 $7,956 $7,956 $7,955 $7,957 $7,957 $7,957 $7,957 $7,957

Employee
Related $1,432 $1,432 $1,432 $1,432 $1,432 $1,432 $1,432 $1,432 $1,433 $1,432 $1,432 $1,432
Expenses

Insurance $355 $355 $355 $355 $355 $355 $355 $355 $355 $355 $355 $355

Leased
$150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150
Equipment

Marketing $13,150 $13,148 $13,154 $13,177 $13,205 $13,194 $13,235 $13,235 $13,236 $13,227 $13,239 $13,236

Lease $4,700 $4,700 $4,700 $4,700 $4,700 $4,700 $4,700 $4,700 $4,700 $4,700 $4,700 $4,700

Utilities $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300

Office
$6,575 $6,574 $6,577 $6,589 $6,602 $6,597 $6,617 $6,618 $6,618 $6,613 $6,620 $6,618
Expenses

Total
Operating $34,617 $34,615 $34,623 $34,659 $34,701 $34,683 $34,746 $34,747 $34,748 $34,734 $34,753 $34,749
Expenses

Operating
$47,580 $47,568 $47,594 $47,713 $47,853 $47,794 $48,003 $48,002 $48,007 $47,957 $48,022 $48,007
Income

Interest Incurred $488 $477 $464 $453 $440 $428 $415 $403 $390 $378 $366 $352

Depreciation
and $1,184 $1,184 $1,184 $1,183 $1,184 $1,184 $1,184 $1,184 $1,184 $1,184 $1,184 $1,184
Amortization

Income Taxes $6,265 $6,886 $6,892 $6,911 $6,935 $6,927 $6,961 $6,962 $6,965 $6,959 $6,971 $6,971

Total
$96,004 $92,461 $92,480 $92,607 $92,758 $92,679 $92,910 $92,899 $92,895 $92,828 $92,890 $92,864
Expenses

Net Profit $35,499 $39,022 $39,053 $39,166 $39,294 $39,255 $39,443 $39,453 $39,468 $39,436 $39,502 $39,499

Net Profit /
27% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30%
Sales

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Garrett's Bike Shop - QB 23

FY2016 FY2017 FY2018

Revenue $1,446,425 $1,433,153 $1,584,365

Direct Costs $532,342 $524,423 $593,890

Gross Margin $914,084 $908,729 $990,475

Gross Margin % 63% 63% 63%

Operating Expenses
Salary $88,400 $91,860 $95,475

Employee Related Expenses $15,912 $16,535 $17,185

Insurance $4,260 $4,260 $4,260

Leased Equipment $1,800 $1,800 $1,800

Marketing $144,643 $143,315 $158,436

Lease $56,400 $56,400 $56,400

Utilities $3,600 $3,600 $3,600

Office Expenses $72,321 $71,658 $79,218

Total Operating Expenses $387,336 $389,428 $416,375

Operating Income $526,748 $519,301 $574,100

Interest Incurred $7,650 $6,783 $5,054

Depreciation and Amortization $14,860 $15,635 $14,207

Income Taxes $75,636 $74,532 $82,605

Total Expenses $1,017,823 $1,010,801 $1,116,275

Net Profit $428,602 $422,352 $468,090

Net Profit / Sales 30% 29% 30%

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Garrett's Bike Shop - QB 24

Cash Flow Statement (With Monthly Detail)

FY2016 Oct '15 Nov '15 Dec '15 Jan '16 Feb '16 Mar '16 Apr '16 May '16 Jun '16 Jul '16 Aug '16 Sep '16

Net Cash
Flow from
Operations
Net Profit $22,109 $27,063 $34,580 $38,756 $40,000 $44,051 $28,262 $33,005 $30,962 $36,279 $43,145 $50,390

Depreciation
and $1,144 $1,144 $1,144 $1,144 $1,283 $1,283 $1,283 $1,283 $1,283 $1,283 $1,283 $1,303
Amortization

Change in
Accounts ($18,484) ($5,233) ($7,388) ($3,942) ($1,338) ($4,271) $16,976 ($5,196) $1,419 ($5,664) ($6,910) ($6,661)
Receivable

Change in
($442,249) ($21,358) $256 $3,835 $5,153 $9,409 ($8,047) ($2,628) ($3,486) $2,211 $7,918 $13,558
Inventory

Change in
Accounts $137,841 ($50,390) ($65,725) ($1,336) $379 $554 ($1,670) ($372) $118 $546 $1,427 $1,321
Payable

Change in
Income Tax $3,902 $4,775 $6,103 ($7,941) $7,059 $7,773 ($16,683) $5,824 $5,464 ($9,873) $7,613 $8,893
Payable

Change in
Sales Tax $2,891 $3,745 $4,897 ($6,100) $5,576 $6,366 ($13,878) $4,429 $4,496 ($6,873) $6,500 $7,537
Payable

Change in
Prepaid
Revenue

Net Cash
Flow from ($292,847) ($40,254) ($26,132) $24,416 $58,111 $65,164 $6,244 $36,344 $40,255 $17,909 $60,977 $76,342
Operations

Investing &
Financing
Assets
Purchased or ($10,000) ($25,000) ($1,200)
Sold

Investments
Received

Change in
Long-Term $123,479 ($2,283) ($2,294) ($2,305) ($2,317) ($2,329) ($2,340) ($2,352) ($2,364) ($2,376) ($2,387) ($2,399)
Debt

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Garrett's Bike Shop - QB 25

Change in
Short-Term $26,521 $133 $133 $134 $135 $135 $136 $137 $137 $138 $139 $139
Debt

Dividends &
($1,000)
Distributions

Net Cash
Flow from
$139,000 ($2,150) ($2,161) ($2,172) ($27,182) ($2,193) ($2,204) ($2,215) ($2,226) ($2,238) ($2,249) ($3,460)
Investing &
Financing
Cash at
Beginning of $25,000 ($128,847) ($171,251) ($199,544) ($177,299) ($146,370) ($83,399) ($79,359) ($45,231) ($7,203) $8,469 $67,197
Period

Net Change in
($153,847) ($42,404) ($28,293) $22,245 $30,929 $62,971 $4,040 $34,129 $38,028 $15,672 $58,728 $72,882
Cash

Cash at End
($128,847) ($171,251) ($199,544) ($177,299) ($146,370) ($83,399) ($79,359) ($45,231) ($7,203) $8,469 $67,197 $140,078
of Period

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Garrett's Bike Shop - QB 26

FY2017 Oct '16 Nov '16 Dec '16 Jan '17 Feb '17 Mar '17 Apr '17 May '17 Jun '17 Jul '17 Aug '17 Sep '17

Net Cash
Flow from
Operations
Net Profit $34,682 $34,691 $34,700 $34,711 $34,720 $34,730 $34,739 $34,749 $36,072 $36,133 $36,245 $36,180

Depreciation
and $1,303 $1,303 $1,303 $1,303 $1,303 $1,303 $1,303 $1,303 $1,303 $1,303 $1,303 $1,303
Amortization

Change in
Accounts $15,955 $0 $0 $0 $1 ($1) $0 $0 ($1,241) ($48) ($96) $72
Receivable

Change in
($1,207) ($1,145) ($5,984) ($5,977) ($5,995) ($6,078) ($6,176) ($6,135) ($5,200) ($5,157) ($5,078) ($5,106)
Inventory

Change in
Accounts ($1,331) ($875) $1,442 $724 $4 $28 $42 $2 $177 $97 $15 ($12)
Payable

Change in
Income Tax $6,120 $6,122 ($16,785) ($12,241) $6,127 $6,129 ($12,251) $6,132 $6,366 ($12,251) $6,396 $6,384
Payable

Change in
Sales Tax ($15,965) $3,621 $3,621 ($7,242) $3,620 $3,621 ($7,241) $3,621 $3,838 ($7,235) $3,863 $3,849
Payable

Change in
Prepaid
Revenue

Net Cash
Flow from $39,557 $43,717 $18,297 $11,278 $39,780 $39,732 $10,416 $39,672 $41,316 $12,842 $42,647 $42,669
Operations

Investing &
Financing
Assets
Purchased or
Sold

Investments
Received

Change in
Long-Term ($2,411) ($2,423) ($2,436) ($2,448) ($2,460) ($2,472) ($2,485) ($2,497) ($2,509) ($2,522) ($2,535) ($2,547)
Debt

Change in
Short-Term $140 $141 $141 $142 $143 $144 $144 $145 $146 $147 $147 $148
Debt

Dividends &
Distributions

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Garrett's Bike Shop - QB 27

Net Cash
Flow from
($2,271) ($2,283) ($2,294) ($2,305) ($2,317) ($2,329) ($2,340) ($2,352) ($2,364) ($2,376) ($2,387) ($2,399)
Investing &
Financing
Cash at
Beginning of $140,078 $177,364 $218,798 $234,802 $243,774 $281,237 $318,640 $326,716 $364,036 $402,988 $413,454 $453,714
Period

Net Change in
$37,286 $41,434 $16,003 $8,972 $37,463 $37,403 $8,076 $37,320 $38,952 $10,466 $40,260 $40,270
Cash

Cash at End
$177,364 $218,798 $234,802 $243,774 $281,237 $318,640 $326,716 $364,036 $402,988 $413,454 $453,714 $493,984
of Period

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Garrett's Bike Shop - QB 28

FY2018 Oct '17 Nov '17 Dec '17 Jan '18 Feb '18 Mar '18 Apr '18 May '18 Jun '18 Jul '18 Aug '18 Sep '18

Net Cash
Flow from
Operations
Net Profit $35,499 $39,022 $39,053 $39,166 $39,294 $39,255 $39,443 $39,453 $39,468 $39,436 $39,502 $39,499

Depreciation
and $1,184 $1,184 $1,184 $1,184 $1,184 $1,184 $1,184 $1,184 $1,184 $1,184 $1,184 $1,184
Amortization

Change in
Accounts ($3,692) $8 ($20) ($96) ($113) $48 ($168) $0 ($5) $40 ($51) $12
Receivable

Change in
($311) ($308) ($291) ($207) ($109) ($150) ($4) ($4) $0 ($35) $10 $0
Inventory

Change in
Accounts $449 $225 $0 $12 $18 $1 $16 $9 $0 ($4) $4 $2
Payable

Change in
Income Tax $6,265 $6,886 ($12,265) ($13,132) $6,935 $6,927 ($13,812) $6,962 $6,965 ($13,929) $6,971 $6,971
Payable

Change in
Sales Tax ($7,752) $3,804 $3,807 ($7,593) $3,844 $3,835 ($7,638) $3,864 $3,866 ($7,736) $3,867 $3,865
Payable

Change in
Prepaid
Revenue

Net Cash
Flow from $35,785 $50,821 $31,469 $19,334 $51,053 $51,099 $19,022 $51,469 $51,478 $18,957 $51,486 $51,533
Operations

Investing &
Financing
Assets
Purchased or $3,000
Sold

Investments
Received

Change in
Long-Term ($2,560) ($2,573) ($2,586) ($2,599) ($2,612) ($2,625) ($2,638) ($2,651) ($2,664) ($2,678) ($2,691) ($2,704)
Debt

Change in
Short-Term $149 $149 $150 $151 $152 $152 $153 $154 $155 $156 $156 $157
Debt

Dividends &
Distributions

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Garrett's Bike Shop - QB 29

Net Cash
Flow from
$589 ($2,423) ($2,436) ($2,448) ($2,460) ($2,472) ($2,485) ($2,497) ($2,509) ($2,522) ($2,535) ($2,547)
Investing &
Financing
Cash at
Beginning of $493,984 $530,358 $578,756 $607,789 $624,676 $673,269 $721,896 $738,433 $787,405 $836,374 $852,809 $901,760
Period

Net Change in
$36,374 $48,397 $29,033 $16,887 $48,593 $48,627 $16,537 $48,972 $48,969 $16,435 $48,951 $48,985
Cash

Cash at End
$530,358 $578,756 $607,789 $624,676 $673,269 $721,896 $738,433 $787,405 $836,374 $852,809 $901,760 $950,745
of Period

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Garrett's Bike Shop - QB 30

FY2016 FY2017 FY2018

Net Cash Flow from Operations


Net Profit $428,602 $422,352 $468,090

Depreciation and Amortization $14,860 $15,635 $14,207

Change in Accounts Receivable ($46,692) $14,643 ($4,037)

Change in Inventory ($435,427) ($59,238) ($1,407)

Change in Accounts Payable $22,691 $312 $732

Change in Income Tax Payable $22,909 ($3,752) $1,744

Change in Sales Tax Payable $19,586 ($8,029) $33

Change in Prepaid Revenue

Net Cash Flow from Operations $26,529 $381,923 $483,506

Investing & Financing


Assets Purchased or Sold ($36,200) $3,000

Investments Received

Change in Long-Term Debt $97,733 ($29,745) ($31,580)

Change in Short-Term Debt $28,017 $1,728 $1,835

Dividends & Distributions ($1,000)

Net Cash Flow from Investing & Financing $88,550 ($28,017) ($26,745)
Cash at Beginning of Period $25,000 $140,078 $493,984

Net Change in Cash $115,078 $353,906 $456,761

Cash at End of Period $140,078 $493,984 $950,745

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Garrett's Bike Shop - QB 31

Balance Sheet (With Monthly Detail)

As of
Starting
Period's Oct '15 Nov '15 Dec '15 Jan '16 Feb '16 Mar '16 Apr '16 May '16 Jun '16 Jul '16 Aug '16 Sep '16
Balances
End
Cash $25,000 ($128,847) ($171,251) ($199,544) ($177,299) ($146,370) ($83,399) ($79,359) ($45,231) ($7,203) $8,469 $67,197 $140,078

Accounts
$15,000 $33,484 $38,717 $46,105 $50,047 $51,385 $55,656 $38,680 $43,877 $42,458 $48,122 $55,031 $61,692
Receivable

Inventory $0 $442,249 $463,607 $463,351 $459,516 $454,363 $444,954 $453,001 $455,629 $459,115 $456,904 $448,986 $435,427

Other Current
Assets

Total
Current $40,000 $346,887 $331,074 $309,912 $332,264 $359,378 $417,211 $412,322 $454,275 $494,370 $513,494 $571,214 $637,198
Assets

Long-Term
$61,500 $71,500 $71,500 $71,500 $71,500 $96,500 $96,500 $96,500 $96,500 $96,500 $96,500 $96,500 $97,700
Assets

Accumulated
($1,144) ($2,288) ($3,432) ($4,576) ($5,859) ($7,142) ($8,425) ($9,708) ($10,991) ($12,274) ($13,557) ($14,860)
Depreciation

Total Long-
Term $61,500 $70,356 $69,212 $68,068 $66,924 $90,641 $89,358 $88,075 $86,792 $85,509 $84,226 $82,943 $82,840
Assets

Total
$101,500 $417,243 $400,286 $377,980 $399,188 $450,019 $506,569 $500,397 $541,067 $579,879 $597,721 $654,157 $720,038
Assets

Accounts
$10,000 $147,841 $97,451 $31,726 $30,389 $30,768 $31,322 $29,653 $29,280 $29,398 $29,943 $31,370 $32,691
Payable

Income Taxes
$3,902 $8,677 $14,780 $6,839 $13,898 $21,671 $4,988 $10,812 $16,276 $6,403 $14,016 $22,909
Payable

Sales Taxes
$2,891 $6,636 $11,533 $5,433 $11,009 $17,375 $3,497 $7,926 $12,422 $5,549 $12,049 $19,586
Payable

Short-Term
$26,521 $26,654 $26,787 $26,921 $27,056 $27,191 $27,327 $27,464 $27,601 $27,739 $27,878 $28,017
Debt

Prepaid
Revenue

Total
Current $10,000 $181,155 $139,418 $84,826 $69,583 $82,731 $97,559 $65,465 $75,482 $85,697 $69,634 $85,313 $103,203
Liabilities
Long-Term
$123,479 $121,196 $118,902 $116,596 $114,279 $111,951 $109,611 $107,259 $104,895 $102,519 $100,132 $97,733
Debt

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Garrett's Bike Shop - QB 32

Total
$10,000 $304,634 $260,614 $203,728 $186,179 $197,010 $209,510 $175,075 $182,741 $190,592 $172,154 $185,445 $200,936
Liabilities

Paid-in Capital $50,700 $50,700 $50,700 $50,700 $50,700 $50,700 $50,700 $50,700 $50,700 $50,700 $50,700 $50,700 $50,700

Retained
$40,800 $39,800 $39,800 $39,800 $39,800 $39,800 $39,800 $39,800 $39,800 $39,800 $39,800 $39,800 $39,800
Earnings

Earnings $22,109 $49,172 $83,752 $122,508 $162,508 $206,559 $234,821 $267,826 $298,788 $335,067 $378,212 $428,602

Total
Owner's $91,500 $112,609 $139,672 $174,252 $213,008 $253,008 $297,059 $325,321 $358,326 $389,288 $425,567 $468,712 $519,102
Equity

Total
Liabilities & $101,500 $417,243 $400,286 $377,980 $399,188 $450,019 $506,569 $500,397 $541,067 $579,879 $597,721 $654,157 $720,038
Equity

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Garrett's Bike Shop - QB 33

FY2017 Oct '16 Nov '16 Dec '16 Jan '17 Feb '17 Mar '17 Apr '17 May '17 Jun '17 Jul '17 Aug '17 Sep '17
Cash $177,364 $218,798 $234,802 $243,774 $281,237 $318,640 $326,716 $364,036 $402,988 $413,454 $453,714 $493,984

Accounts
$45,737 $45,737 $45,737 $45,737 $45,737 $45,737 $45,737 $45,737 $46,977 $47,025 $47,121 $47,049
Receivable

Inventory $436,634 $437,779 $443,763 $449,740 $455,735 $461,813 $467,989 $474,125 $479,324 $484,482 $489,560 $494,666

Other Current
Assets

Total
Current $659,736 $702,314 $724,302 $739,251 $782,708 $826,191 $840,442 $883,898 $929,290 $944,961 $990,395 $1,035,699
Assets

Long-Term
$97,700 $97,700 $97,700 $97,700 $97,700 $97,700 $97,700 $97,700 $97,700 $97,700 $97,700 $97,700
Assets

Accumulated
($16,163) ($17,466) ($18,768) ($20,071) ($21,374) ($22,677) ($23,980) ($25,283) ($26,586) ($27,889) ($29,192) ($30,495)
Depreciation

Total Long-
$81,537 $80,234 $78,932 $77,629 $76,326 $75,023 $73,720 $72,417 $71,114 $69,811 $68,508 $67,205
Term Assets

Total Assets $741,273 $782,549 $803,233 $816,880 $859,034 $901,213 $914,162 $956,314 $1,000,404 $1,014,772 $1,058,903 $1,102,904

Accounts
$31,360 $30,485 $31,927 $32,651 $32,655 $32,683 $32,725 $32,727 $32,904 $33,001 $33,016 $33,003
Payable

Income Taxes
$29,029 $35,151 $18,366 $6,125 $12,252 $18,381 $6,130 $12,262 $18,628 $6,377 $12,773 $19,157
Payable

Sales Taxes
$3,621 $7,242 $10,863 $3,621 $7,241 $10,862 $3,621 $7,242 $11,080 $3,845 $7,708 $11,557
Payable

Short-Term
$28,157 $28,298 $28,440 $28,582 $28,725 $28,868 $29,013 $29,158 $29,303 $29,450 $29,597 $29,745
Debt

Prepaid
Revenue

Total
Current $92,168 $101,176 $89,596 $70,979 $80,873 $90,795 $71,489 $81,389 $91,916 $72,673 $83,094 $93,462
Liabilities
Long-Term Debt $95,321 $92,898 $90,462 $88,015 $85,555 $83,083 $80,598 $78,101 $75,591 $73,069 $70,535 $67,987

Total
$187,489 $194,074 $180,058 $158,994 $166,428 $173,877 $152,087 $159,490 $167,507 $145,742 $153,629 $161,450
Liabilities

Paid-in Capital $50,700 $50,700 $50,700 $50,700 $50,700 $50,700 $50,700 $50,700 $50,700 $50,700 $50,700 $50,700

Retained
$468,402 $468,402 $468,402 $468,402 $468,402 $468,402 $468,402 $468,402 $468,402 $468,402 $468,402 $468,402
Earnings

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Garrett's Bike Shop - QB 34

Earnings $34,682 $69,373 $104,073 $138,784 $173,504 $208,234 $242,973 $277,722 $313,794 $349,927 $386,172 $422,352

Total
Owner's $553,784 $588,475 $623,175 $657,886 $692,606 $727,336 $762,075 $796,824 $832,896 $869,029 $905,274 $941,454
Equity

Total
Liabilities & $741,273 $782,549 $803,233 $816,880 $859,034 $901,213 $914,162 $956,314 $1,000,404 $1,014,772 $1,058,903 $1,102,904
Equity

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Garrett's Bike Shop - QB 35

FY2018 Oct '17 Nov '17 Dec '17 Jan '18 Feb '18 Mar '18 Apr '18 May '18 Jun '18 Jul '18 Aug '18 Sep '18
Cash $530,358 $578,756 $607,789 $624,676 $673,269 $721,896 $738,433 $787,405 $836,374 $852,809 $901,760 $950,745

Accounts
$50,741 $50,733 $50,753 $50,849 $50,961 $50,913 $51,081 $51,081 $51,086 $51,046 $51,097 $51,086
Receivable

Inventory $494,977 $495,285 $495,575 $495,782 $495,891 $496,041 $496,044 $496,048 $496,048 $496,083 $496,073 $496,073

Other Current
Assets

Total
Current $1,076,075 $1,124,773 $1,154,116 $1,171,306 $1,220,121 $1,268,850 $1,285,559 $1,334,534 $1,383,508 $1,399,937 $1,448,929 $1,497,903
Assets

Long-Term
$87,700 $87,700 $87,700 $87,700 $87,700 $87,700 $87,700 $87,700 $87,700 $87,700 $87,700 $87,700
Assets

Accumulated
($28,822) ($30,006) ($31,189) ($32,373) ($33,557) ($34,741) ($35,925) ($37,109) ($38,293) ($39,477) ($40,661) ($41,844)
Depreciation

Total Long-
$58,878 $57,694 $56,511 $55,327 $54,143 $52,959 $51,775 $50,591 $49,407 $48,223 $47,039 $45,856
Term Assets

Total Assets $1,134,954 $1,182,467 $1,210,627 $1,226,632 $1,274,263 $1,321,809 $1,337,334 $1,385,125 $1,432,915 $1,448,160 $1,495,969 $1,543,758

Accounts
$33,452 $33,678 $33,678 $33,690 $33,708 $33,709 $33,725 $33,734 $33,735 $33,731 $33,734 $33,736
Payable

Income Taxes
$25,422 $32,308 $20,043 $6,911 $13,846 $20,773 $6,961 $13,923 $20,888 $6,959 $13,930 $20,901
Payable

Sales Taxes
$3,805 $7,609 $11,416 $3,823 $7,667 $11,502 $3,864 $7,728 $11,594 $3,858 $7,725 $11,590
Payable

Short-Term
$29,894 $30,043 $30,194 $30,345 $30,496 $30,649 $30,802 $30,956 $31,111 $31,266 $31,423 $31,580
Debt

Prepaid
Revenue

Total
Current $92,573 $103,638 $95,330 $74,768 $85,717 $96,632 $75,352 $86,341 $97,328 $75,814 $86,812 $97,806
Liabilities
Long-Term Debt $65,427 $62,855 $60,269 $57,670 $55,058 $52,434 $49,796 $47,145 $44,481 $41,803 $39,112 $36,408

Total
$158,001 $166,492 $155,599 $132,438 $140,776 $149,066 $125,148 $133,486 $141,808 $117,617 $125,924 $134,214
Liabilities

Paid-in Capital $50,700 $50,700 $50,700 $50,700 $50,700 $50,700 $50,700 $50,700 $50,700 $50,700 $50,700 $50,700

Retained
$890,754 $890,754 $890,754 $890,754 $890,754 $890,754 $890,754 $890,754 $890,754 $890,754 $890,754 $890,754
Earnings

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Garrett's Bike Shop - QB 36

Earnings $35,499 $74,521 $113,574 $152,740 $192,034 $231,289 $270,732 $310,185 $349,653 $389,089 $428,591 $468,090

Total
Owner's $976,953 $1,015,975 $1,055,028 $1,094,194 $1,133,488 $1,172,743 $1,212,186 $1,251,639 $1,291,107 $1,330,543 $1,370,045 $1,409,544
Equity

Total
Liabilities & $1,134,954 $1,182,467 $1,210,627 $1,226,632 $1,274,263 $1,321,809 $1,337,334 $1,385,125 $1,432,915 $1,448,160 $1,495,969 $1,543,758
Equity

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Garrett's Bike Shop - QB 37

As of Period's End Starting Balances FY2016 FY2017 FY2018


Cash $25,000 $140,078 $493,984 $950,745

Accounts Receivable $15,000 $61,692 $47,049 $51,086

Inventory $0 $435,427 $494,666 $496,073

Other Current Assets

Total Current Assets $40,000 $637,198 $1,035,699 $1,497,903

Long-Term Assets $61,500 $97,700 $87,700 $87,700

Accumulated Depreciation ($14,860) ($27,638) ($41,844)

Total Long-Term Assets $61,500 $82,840 $60,062 $45,856

Total Assets $101,500 $720,038 $1,095,761 $1,543,758

Accounts Payable $10,000 $32,691 $33,003 $33,736

Income Taxes Payable $22,909 $19,157 $20,901

Sales Taxes Payable $19,586 $11,557 $11,590

Short-Term Debt $28,017 $29,745 $31,580

Prepaid Revenue

Total Current Liabilities $10,000 $103,203 $93,462 $97,806


Long-Term Debt $97,733 $67,987 $36,408

Total Liabilities $10,000 $200,936 $161,450 $134,214

Paid-in Capital $50,700 $50,700 $50,700 $50,700

Retained Earnings $40,800 $39,800 $468,402 $890,754

Earnings $428,602 $422,352 $468,090

Total Owner's Equity $91,500 $519,102 $941,454 $1,409,544

Total Liabilities & Equity $101,500 $720,038 $1,102,904 $1,543,758

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