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TABLE
OF
CONTENTS

Executive Summary ------------------------------------------------------ 4


Objectives ------------------------------------------------------------------ 5
Missions -------------------------------------------------------------------- 5
Key to succeed in business unit ----------------------------------------- 5
Company Summary ------------------------------------------------------- 6-7

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Company Locations and Facilities -------------------------------------- 8
Products -------------------------------------------------------------------- 9
Market Analysis Summary ---------------------------------------------- 10
Market Segmentation ---------------------------------------------------- 11
Marketing Strategy ------------------------------------------------------- 12-14
Management Summary -------------------------------------------------- 15-16
Menu card ----------------------------------------------------------------- 17
Financial Plan ------------------------------------------------------------- 18-21

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FAST FOOD RESTAURANT

EXECUTIVE
SUMMARY

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This report is prepared for the course of ENTREPRENEURSHIP, fully guided by Mam Aleema Shuja. This
is a comprehensive report on the establishment of a fast food restaurant. A complete analysis of environment
of this restaurant is given which supports the succession of the project in selected location i.e. Islamabad.
The project is financed by two partners each contributing equal investment. Its building will be rented and it
will be around competitors zone near Marriott Restaurant. The marketing and promotion will be
accomplished by placement of bill boards and distribution of handbills in general public. The target market
is chosen upper middle and middle middle classes. All the machinery will be procured from Pakistan.A
complete organizational setup has been defined from managing director to the waiters. The project cost
estimated is more than the investment so a loan of 800000 has been sanctioned from bank for 5 years
payback period at 16% interest rate.

Finally, 3 year projections of income statements cash flows and balance sheet has been performed. The
thorough and comprehensive projections along with income statement and balance sheet assumptions show
that project is a viable and practical business to be run.

Chicken Express is a locally owned fast food outlet that will be positioned as an international franchise
through our creative approach to the company's image and detail presentation. Chicken Express will provide
a combination of excellent food at value pricing,with fun packaging and atmosphere. Chicken Express is the
answer to an increasing demand for snack-type fast food or fries, to be consumed while window shopping
and walking around inside a shopping mall.In today's highly competitive environment, it is becoming
increasingly difficult to differentiate one fast food outlet from another. Islamabad, a city state, is now
becoming the model metropolis for Asia's new economic boom.Our main priority is to establish one outlet in
a crowded mall, preferably in one of prominent shopping malls in Islamabad. Later, our effort will be a
further development of more retail outlets in the surrounding area.

Chicken Express will entice youngsters to bring their friends and family with our innovative environment,
fresh-cut Belgian fries with the selection of unique signature dipping sauce and other Chicken products.

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Objectives:
To establish a presence as a successful local fast food outlets and gain a market share it's fast food
industry.

To make Chicken Express a destination spot for mall-goers.

To expand into a number of outlets by year three, and sell the franchise to neighboring metropolitan
cities, such as Lahore, Hyderabad and Faisalabad.

Mission:
Our main goal is to be one of the most successful fast food outlets in Islamabad, starting with one retail
outlet located inside a major shopping mall as a "market tester."Chicken Express will strive to be a premier
local fast food brand in the local marketplace.We want our customers to have the total experience when
visiting our outlet(s) and website as they will learn about this fascinating new "pop culture." We will sell
merchandise from per-packaged sauces and t-shirts, to potato cutters, all with our official brand attached to
them.Our main focus will be serving high-quality food at a great value.

Keys to Success To succeed in this business we must:


Create a unique, innovative, entertaining menu that will differentiate us from the rest of the competition.

Control costs at all times, in all areas and implement a conservative approach to growth policy.
Although, we provide more than enough fund to open more than one outlet, we want to be on the safe
side of the business.

Sell the products that are of the highest quality, as well as keeping the customers happy with all of our
product categories from food to store merchandising.

Provide 100% satisfaction to our customers and maintaining the level of excellent services among other
competitors.

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Encourage the two most important values in fast food business: brand and image, as these two
ingredients are couple of main drivers in marketing communications.

Get access to high-traffic shopping malls near the target market.

Promote good values of company culture and business philosophy.

COMPANY
SUMMARY

What is Chicken Express?

Chicken Express focuses primarily on Fried chicken, Catfish, and chicken tenders but also serves sides.
Such as fried pickle slices, apple pie, mashed potatoes, gravy, cheese sticks,Cole slaw, French fries, & corn
nuggets. We use the concept of Belgian Fries, where the fries are all made from fresh potatoes and fried
twice. Our outlet also provides excellent and friendly customer service to support the ambiance of fun,
energetic and youth full life style.

Youthful and fresh surroundings:

We will imitate successful establishments, such as Pizza Hut and Hardees, which represent the majority of
our core target market, between 18 to 35 years of age. Our store will feature display cooking of our featured
Fried Chicken from cutting to frying. Our store will be decorated with fast food setting, such as a bright
counter and display menu on the wall.

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Quality food & Open every day:

Each store will offer nothing but freshly fried chicken, sandwiches and variety of unique blend sauces, all
served with old-fashioned home-style care. Our store is open every day from 10 am to 1 am.

Company Ownership:

Chicken Express is a privately held company. It will be registered as a Limited company.

START-UP SUMMARY:

The retail outlet will be rented at one of the target location shopping malls. Our preference is Marriott
Restaurant for the main reason of reaching larger traffic. Start up requirements will be financed through
owner investments.

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Start-up Requirements

Start-up Expenses

Kitchen and Fixtures $21,600

Furniture and Interior $16,500

Legal $3,000

Rent $15,000

Packaging and Stationary $8,500

Contingencies $4,200

Total Start-up Expenses $68,800

Start-up Assets

Cash Required $50,000

Other Current Assets $0

Long-term Assets $0

Total Assets $50,000

Total Requirements $118,800

Company
Locations
and Facilities

Chicken Express locations will range in size from 50 70 meter square and will seat from 1525 guests. Our
first location will be on the larger end of this range. The location will feature its own originality in
merchandise display and other brand building attributes.We will equip the outlet with modern furniture and
aim for cleanliness and an open feeling.We are currently looking at several possible sites in shopping malls
along Marriott Restaurant.

The space selection will be chosen based upon the following criteria:

Community size: minimum of 800,000 people within a radius of 8 kilometers.

Tourist destination.

Easy access.

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Large percentage of teenagers in the community.

All of these qualities are consistent with Chicken Express' goal of providing a top quality fast food
experience. We want "word-of-mouth" to be our best form of marketing, where our customers value our
brand as something exciting and cannot wait to tell their friends and neighbors.Chicken Express will directly
compete with several fast food joints inside the chosen shopping mall, including Pizza Hut, KFC, and
McDonalds.

PRODUCTS

We want to focus only on selling chicken related dishes and fries. Alcoholic drinks will not be sold in our
outlet, as Chicken Express promotes a healthy and positive Pakistani life style. Instead, we will offer Soda to
complement the food.

Competitive Comparison:

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Chicken Express has several advantages over its leading competitors:

Unique "fusion" concept of dipping sauce.

We expect a high degree of enthusiasm and offer a fun store with friendly staff that reflects the
company's youthful and energetic culture.

Supporting merchandise items that support the company's brand building.

Our fried potato is made 100% fresh, compared to most fast food outlets that use frozen fries.

Our dipping sauce is also made fresh without preservatives.

Our innovative packaging will be more entertaining than our competitors; a single cone with a cup
reserved for dipping sauce.

Product Description:

Chicken Express primarily sells fries and our unique dipping sauces.

a. Main products sold are: Belgian fries, Italian sodas ,Fried chicken, Catfish, chicken tenders and
corporate merchandise.

b. Belgian-style fries are available in large (choose 2 dips), small (choose 1 dip), with addition of garlic
Chicken Express.

c. The dips for Belgian style fries can also be served with sandwiches; they are available in more than 14
flavors :

Pesto Mayo Teriyaki Sauce Roasted Pepper Curry Ketchup Jalapeno Traditional
Mayo Ketchup Sambal

Satay Sauce Thai Chili Black Pepper Barbecue Caribbean Korean BBQ
Ketchup Sauce Islands

Hot Chili Garlic Dip


Sauce

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M
ARKET
A
NALYSIS
S
UMMARY

Consumer expenditures for fast food in Islamabad rose during the end of the year 2000. The increasing
number of new establishments such as fast food franchises, fancy restaurants and gourmet bakeries around
Islamabad has shown a significant growth in this sector.A much broader appeal exists for weekend slots
because those are the days when most of our core target market enjoys the mall going activities.

Age - Youngsters, single, currently enrolled in college and high school.

Family unit - We will also appeal to families (young families) with children.

Gender - We will target both genders, with a slight skew for males due to their lower attention to
dietary concerns.

Income - We will appeal to the medium income individuals and to all in the lower medium income
bracket.Our concept will have very broad appeal. It is our goal to be the hip destination for fast food.

Young Islamabadians

Working Islamabadians

Tourists

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Market
Segmentation


We are targeting teenagers as our primary market. Due to heavy extra-curricular activities among
Islamabad's youth, it is common for high schools persons to have lunch inside shopping malls, and not at
home. They tend to flock to fast food joints inside shopping malls across Marriott Restaurant.Our secondary
market segment is the "Working Islamabadian" With so many shopping malls in the vicinity, Marriott
Restaurants is the haven for shoppers and job seekers alike. Lastly, Marriott Restaurants also the destination
for tourists staying in the area. The five star hotels near Marriott Restaurants are the biggest
accommodations in Islamabad. Tourists will stroll Marriott Restaurants hunting for the latest trend in
fashion and have no time to stop for a full meal during shopping. Chicken Express is the alternative for a
quick bite while shopping the fancy boutiques in the area.

Target Market Segment Strategy

Chicken Express intends to cater to the bulk of teenagers and youngsters in Islamabad. We have chosen this
group for several important reasons. It is our goal to be "The extraordinary fast food place" and we believe
that the age group from 15 to 25 is the primary age where brand building efforts could take place. They are
on limited or fixed incomes and seek a value/price relationship that will not stretch their budgets.Our
secondary target is between the ages of 25 and 37, which are a heavy lounge/restaurant user group. They are
more flexible in budgets and seek more than a value/price relationship.Our lunch strategy is dual purposed.
First, we are featuring fresh fries to fill Islamabadians craving for fast food as most ideas of lunch is a quick
bite not a heavy meal.Second, we want to keep the price point at lunch as fair as possible to keep us in
competition with other fast food outlets.

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MARKET TRENDS

In the past, Islamabadians preferred Western chain restaurants. This was the time when KFC,McDonald's,
and Pizza Hut were dominating most of the chains. But the trend seems to have shifted in the last decade,
with the success of the locally grown brands. Many of these local brands grew to become giant franchises
that dominate the Southeast Asia region.

MAIN COMPETITORS

Our main competitors in this segment are any food outlets within the 300 meter radius along the Marriott
Restaurant. In our location, there are Pizza Hut, KFC, and Dominos.

MARKETING
STRATEGY

Our strategy is based on serving our markets well. We will start our first outlet as a "market tester" that
could become a model of the expanding number of outlets in the future.Concentration will be on
maintaining quality and establishing a strong identity in the local market.A combination of local media and
local store marketing programs will be utilized at each location. Local store marketing is most effective,
followed by print ads. As soon as a concentration of stores is established in a market, then broader media
will be explored. We believe, however, that the best form of advertising is still "buzz." By providing a fun
and energetic environment, with unbeatable quality at an acceptable price in a clean and friendly outlet, we
will be the talk of the town. We will deploy three different marketing tactics to increase customer awareness
of Chicken Express. Our most important tactic will be "word-of-mouth" and in-store marketing. This will be
by far the cheapest and most effective of our marketing programs because of the high traffic in targeted
shopping locations.The second tactic will be local store marketing. These will be low-budget plans that will
provide community support and awareness of our facility. The last marketing effort will be utilizing local
media. Although, this will be the most costly, this tactic will be used sparingly as a supplement where
necessary.

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In-Store Marketing

a. In-store brochures containing our concept and philosophy.

b. Wall posters.

c. Design concept.

d. In-store viewing of making fries process from cutting to frying.

e. Standing signage inside malls lobby/aisle.

f. Outdoor signage (if possible).

g. Grand opening promotion.

h. Party catering.

i. Merchandising items.

Local Store Marketing

a. Brochures.

b. Free occasional t-shirts at local stores events.

Local Media

a. Direct mail piece containing brochures sent to surrounding addresses.

b. Local magazines that target our core customers, such as Free! Magazine.

c. Newspaper campaign placing several large ads throughout the month to explain our concept to the
local area.

PRICING STRATEGY
Our pricing strategy is positioned as "generic", meaning that Rs 100 is the average consumer spending for a
snack or light lunch in Islamabad. Leveraging the volume of chicken,fries, Soda, and signature style sauces
to be sold, we are serving the majority of Islamabadians.

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Sales Strategy
The sales strategy is to build and open new locations in order to increase revenue.However, this plan will be
implemented when the one "market tester" outlet showed potential growth. As each individual location will
continue to build its local customer base over the first three years of operation, the goal of each store is Rs
1,000,000 in annual sales, with the original flagship store expected to earn almost Rs 2,000,000 per year.We
anticipate the highest peak on the months of June and July in our sales forecast, due to the holiday seasons.

Sales Forecast
We anticipate the highest peak on the months of November and December in our sales forecast, due to the
holiday seasons. In November, there is Ramadan, and for non-muslim it means vacation time. Many people
visit Islamabad from Lahore , Faisalabad, Karachi and many other cities each year, mostly for shopping and
dining. Then in December, we anticipate more tourists coming into Islamabad; this explains the jumped of
sales in these last two months of the year.

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Sales Forecast

Year 1 Year 2 Year 3

Unit Sales

Belgian Fries 49,464 98,928 197,856

Italian Soda 27,692 55,384 110,768

Merchandising 3,889 7,778 15,556

Signature Packaged Sauces 3,356 6,712 13,425

Total Unit Sales 84,401 168,802 337,605

Unit Prices Year 1 Year 2 Year 3

Belgian Fries $4.00 $4.00 $4.00

Italian Soda $1.50 $1.50 $1.50

Merchandising $8.50 $8.50 $8.50

Signature Packaged Sauces $2.00 $2.00 $2.00

Sales

Belgian Fries $197,856 $395,712 $791,424

Italian Soda $41,538 $83,076 $166,152

Merchandising $33,057 $66,114 $132,228

Signature Packaged Sauces $6,712 $13,425 $26,849

Total Sales $279,163 $558,327 $1,116,654

Direct Unit Costs Year 1 Year 2 Year 3

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Belgian Fries $0.80 $0.80 $0.80

Italian Soda $0.15 $0.15 $0.15

Merchandising $3.83 $3.83 $3.83

Signature Packaged Sauces $1.00 $1.00 $1.00

Direct Cost of Sales

Belgian Fries $39,571 $79,142 $158,285

Italian Soda $4,154 $8,308 $16,615

Merchandising $14,876 $29,751 $59,503

Signature Packaged Sauces $3,356 $6,712 $13,425

Subtotal Direct Cost of Sales $61,957 $123,914 $247,827

Management
Summary


The initial management team depends on the founders themselves, with little back-up. As we grow, we will
take on additional help in certain key areas. Part of our basic philosophy will be able to run our executive
management as a "knowledge sharing" fellowship. We will not add additional overhead until absolutely
necessary. This will mean that the initial staff support team will have to work extra. By doing this, we will
keep our overhead as low as possible, allowing us to adequately staff our outlets. This will also allow us and
future business partners to recoup investments as quickly as possible and enjoy a higher return. At present
time, Chicken Express is being owned by its 2 founders. Others that have helped on the development of this
business venture will be offered an opportunity to grow together with the company at the appropriate time,
and when the time comes, the 2 founders share will be consolidated as one entity.

Management Team

Chicken Express is currently the creative idea of its two founders. As the company is small in nature, it only
requires a simple organizational structure. Implementation of this organization form calls for all two

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individuals to make all major management decisions in addition to monitoring all other business
activities.As we expand into multiple locations, each location will have a primary site manager.

Organizational Structure

Future organizational structure will include a director of store operations when the store locations exceed
four units. We hope that this individual will come out of the ranks of our stores management. This will
provide a supervisory level between the executive level and the store management level.

Current plan is to have our accounting and payroll functions done by an in-house bookkeeping.Possible
positions might be added at a later date include marketing manager, purchasing manager, controller, human
resources, R&D and administrative support team.

Personnel Plan

Our initial employees will include two cashiers, two cooks and two bus boys per location, with one of each
on the premises during open hours. This is considered an ideal personnel number for a food outlet the size of
our own. Each employee will work for 38-40 hours per week.

In the long run, as we expand our product category and retail outlets, we will employ more people in the
middle management to ensure the focus of our work, including site managers.

Personnel Plan

Year 1 Year 2 Year 3

Site Managers $0 $60,000 $96,000

Cashiers $36,000 $80,000 $144,400

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Cook $28,800 $66,000 $115,200

Busboy $23,400 $56,000 $94,000

Total People 12 26 40

Total Payroll $88,200 $262,000 $449,600

MENU
CARD

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FINANCIAL
PLAN

Start-up Funding

Currently, the company is owned by the original 2 founders, who each will contribute $200,000 for the same
amount of share, 25%. This will more than cover start-up requirements, and provide the business with a cash
cushion to use for expansion over the first three years.

Start-up Funding

Start-up Expenses to Fund $68,800

Start-up Assets to Fund $50,000

Total Funding Required $118,800

Assets

Non-cash Assets from Start-up $30,000

Cash Requirements from Start-up $50,000

Additional Cash Raised $681,200

Cash Balance on Starting Date $731,200

Total Assets $761,200

Liabilities and Capital

Liabilities

Current Borrowing $0

Long-term Liabilities $0

Accounts Payable (Outstanding Bills) $0

Other Current Liabilities (interest-free) $0

Total Liabilities $0

Capital

Planned Investment

Eric Yam $200,000

Martin Ng $200,000

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David Lu $200,000

Sagita Suwandi $200,000

Additional Investment Requirement $0

Total Planned Investment $800,000

Loss at Start-up (Start-up Expenses) ($68,800)

Total Capital $731,200

Total Capital and Liabilities $731,200

Total Funding $800,000

Break-even Analysis

Our break-even analysis shows that we need unit sales over 9,700 per month to break even. We do not
expect to begin turning a profit until year three.

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Break-even Analysis

Monthly Units Break-even 9,706

Monthly Revenue Break-even $32,104

Assumptions:

Average Per-Unit Revenue $3.31

Average Per-Unit Variable Cost $0.73

Estimated Monthly Fixed Cost $24,979

Pro Forma Profit and Loss

Month
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11
12

$6,02 $7,22 $8,66 $10,2 $12,1 $14,5 $22,6 $26,9 $32,1 $38,3 $45,6 $54,
Sales
5 6 6 57 46 49 42 78 52 26 97 498

Direct Cost $1,38 $1,65 $1,98 $2,31 $2,70 $3,22 $4,96 $5,93 $7,08 $8,47 $10,1 $12,
of Sales 0 4 2 3 0 5 1 0 8 4 33 117

Other Costs
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
of Sales

Total Cost of $1,38 $1,65 $1,98 $2,31 $2,70 $3,22 $4,96 $5,93 $7,08 $8,47 $10,1 $12,
Sales 0 4 2 3 0 5 1 0 8 4 33 117

Gross Margin $4,64 $5,57 $6,68 $7,94 $9,44 $11,3 $17,6 $21,0 $25,0 $29,8 $35,5 $42,

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5 2 4 4 7 25 81 48 63 52 65 381

Gross 77.10 77.11 77.13 77.45 77.77 77.84 78.09 78.02 77.95 77.89 77.83 77.7
Margin % % % % % % % % % % % % 7%

Expenses

$4,90 $4,90 $4,90 $4,90 $4,90 $4,90 $9,80 $9,80 $9,80 $9,80 $9,80 $9,8
Payroll
0 0 0 0 0 0 0 0 0 0 0 00

Marketing/Pr $83
$833 $833 $833 $833 $833 $833 $833 $833 $833 $833 $833
omotion 3

Depreciation $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$12,0 $12,0 $12,0 $12,0 $12,0 $12,0 $17,0 $17,0 $17,0 $17,0 $17,0 $17,
Rent
00 00 00 00 00 00 00 00 00 00 00 000

$30
Utilities 15% $125 $125 $125 $125 $125 $125 $300 $300 $300 $300 $300
0

New location $25,0


$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
setup 00

Total
$17,8 $17,8 $17,8 $17,8 $17,8 $42,8 $27,9 $27,9 $27,9 $27,9 $27,9 $27,
Operating
58 58 58 58 58 58 33 33 33 33 33 933
Expenses

Profit Before
($13, ($12, ($11, ($9,9 ($8,4 ($31, ($10, ($6,8 ($2,8 $1,91 $7,63 $14,
Interest and
213) 286) 174) 14) 12) 534) 252) 85) 70) 9 1 447
Taxes

($13, ($12, ($11, ($9,9 ($8,4 ($31, ($10, ($6,8 ($2,8 $1,91 $7,63 $14,
EBITDA
213) 286) 174) 14) 12) 534) 252) 85) 70) 9 1 447

Interest
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Expense

Taxes
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Incurred

($13, ($12, ($11, ($9,9 ($8,4 ($31, ($10, ($6,8 ($2,8 $1,91 $7,63 $14,
Net Profit
213) 286) 174) 14) 12) 534) 252) 85) 70) 9 1 447

Net -219. -170. -128. -96.6 -69.2 -216. -45.2 -25.5 -8.93 5.01 16.70 26.5
Profit/Sales 30% 03% 94% 6% 5% 74% 8% 2% % % % 1%

Pro Forma Balance Sheet

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Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12

Starting
Assets
Balances

Current
Assets

Cash $731,200 $731,847 $719,826 $708,969 $699,374 $691,336 $684,477 $656,739 $650,791 $649,041 $652,299 $661,534 $677,899

Other
Current $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Assets

Total Current
$731,200 $731,847 $719,826 $708,969 $699,374 $691,336 $684,477 $656,739 $650,791 $649,041 $652,299 $661,534 $677,899
Assets

Long-term
Assets

Long-term
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Assets

Accumulated
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Depreciation

Total
Long-term $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Assets

Total Assets $731,200 $731,847 $719,826 $708,969 $699,374 $691,336 $684,477 $656,739 $650,791 $649,041 $652,299 $661,534 $677,899

Liabilities
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12
and Capital

Current
Liabilities

Accounts
$0 $13,860 $14,125 $14,443 $14,762 $15,136 $39,810 $22,325 $23,261 $24,381 $25,721 $27,324 $29,242
Payable

Current
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Borrowing

Other
Current $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Liabilities

Subtotal
Current $0 $13,860 $14,125 $14,443 $14,762 $15,136 $39,810 $22,325 $23,261 $24,381 $25,721 $27,324 $29,242
Liabilities

Long-term
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Liabilities

Total
$0 $13,860 $14,125 $14,443 $14,762 $15,136 $39,810 $22,325 $23,261 $24,381 $25,721 $27,324 $29,242
Liabilities

Paid-in
$800,000 $800,000 $800,000 $800,000 $800,000 $800,000 $800,000 $800,000 $800,000 $800,000 $800,000 $800,000 $800,000
Capital

Retained
($68,800) ($68,800) ($68,800) ($68,800) ($68,800) ($68,800) ($68,800) ($68,800) ($68,800) ($68,800) ($68,800) ($68,800) ($68,800)
Earnings

Earnings $0 ($13,213) ($25,499) ($36,674) ($46,588) ($55,000) ($86,533) ($96,785) ($103,670) ($106,540) ($104,621) ($96,990) ($82,543)

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Total Capital $731,200 $717,987 $705,701 $694,526 $684,612 $676,200 $644,667 $634,415 $627,530 $624,660 $626,579 $634,210 $648,657

Total
Liabilities $731,200 $731,847 $719,826 $708,969 $699,374 $691,336 $684,477 $656,739 $650,791 $649,041 $652,299 $661,534 $677,899
and Capital

Net Worth $731,200 $717,987 $705,701 $694,526 $684,612 $676,200 $644,667 $634,415 $627,530 $624,660 $626,579 $634,210 $648,657

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