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...........................................................................................................................................................................9
7.0 Financial Plan............................................................................................................................................10
7.1 Break-even Analysis.............................................................................................................................10
Table: Break-even Analysis....................................................................................................................10
Chart: Break-even Analysis....................................................................................................................10
7.2 Projected Profit and Loss......................................................................................................................11
Chart: Profit Monthly..............................................................................................................................11
Chart: Profit Yearly.................................................................................................................................12
Chart: Gross Margin Monthly................................................................................................................12
Chart: Gross Margin Yearly...................................................................................................................13
Table: Profit and Loss.............................................................................................................................14
.....................................................................................................................................................................14
7.3 Projected Cash Flow.............................................................................................................................15
Table: Cash Flow....................................................................................................................................15
Chart: Cash..............................................................................................................................................16
7.4 Projected Balance Sheet........................................................................................................................17
Table: Balance Sheet...............................................................................................................................17
Page 1
Table of Contents
.....................................................................................................................................................................17
7.5 Business Ratios.....................................................................................................................................18
Table: Ratios...........................................................................................................................................18
Table: Sales Forecast.........................................................................................................................................1
...........................................................................................................................................................................1
Table: Personnel................................................................................................................................................2
...........................................................................................................................................................................2
Table: General Assumptions.............................................................................................................................3
...........................................................................................................................................................................3
Table: Profit and Loss.......................................................................................................................................4
...........................................................................................................................................................................4
Table: Cash Flow..............................................................................................................................................5
Page 2
Liquid Culture
The Year 1 season will be a great one for women looking for distinctive outdoor clothing online.
Liquid Culture will eliminate the middle man and offer creative outdoor clothing that is both
functional and beautiful. The savings are passed on to our customers who will be paying a
fraction of what they normally do for current retreated fashion in stores.
Liquid Culture's Year 1 line consists of the best fabric, designs and styling on the market. Larry
Wilson and Maggie Granger, co-owners of Liquid Culture, have fifteen years of experience
between them in the outdoor garment industry. Maggie has been a senior clothing designer for
Manic Woman Clothing for the past seven years. Larry has been the website administrator for
South Face the past eight years.
Another strength of Liquid Culture is that it will not maintain any clothing inventory. Liquid
Culture has contracted with Magic Clothing Company, located in Los Angeles, California,
to produce and ship all Liquid Culture clothing. Our design team will work closely with the
Magic's Indonesian-based manufacturing facilities. The Magic Clothing Company will maintain
the inventory and will produce sufficient product to meet the planned demand.
Chart: Highlights
Highlights
$4,000,000
$3,600,000
$3,200,000
$2,800,000
Sales
$2,400,000
Gross Margin
$2,000,000
Net Profit
$1,600,000
$1,200,000
$800,000
$400,000
$0
Year 1 Year 2 Year 3
1.1 Mission
Liquid Culture's mission is to present consumers with designs, styling and clothes that
energizes any outdoor activity. Whether it be snowboarding, running along the beach, or
drifting down a river, Liquid Culture has comfortable, durable clothing that will look and feel
wonderful.
Page 1
Liquid Culture
• Accessible website that is entertaining to surf. Like a trip to your favorite store where you
always find something new that you want.
• Establishing a strong advertising campaign in a traditional media vehicle; i.e. magazines.
• Excellent vendor relationship that will facilitate quality manufacturing of Liquid Culture's
clothing and quick shipment of orders.
• Acquiring an excellent design staff.
Liquid Culture will offer creative women's outdoor clothing, online, that is both functional and
beautiful. Larry Wilson and Maggie Granger, co-owners of Liquid Culture, will create a cost-
effective operation that will eliminate the cost of inventory by having a third-party, Magic
Clothing Company, handle all manufacturing and shipping of clothing to the customer. Liquid
Culture will process the order and collect the payment online. The order will then be sent to
Magic Clothing Company to be filled and shipped. Liquid Culture will focus on clothing design
and marketing of its products.
Liquid Culture's start-up costs consists mostly of design and marketing. Liquid Culture has
$260,000 in investments and $200,000 in a short-term loan.
Table: Start-up
Start-up
Requirements
Start-up Expenses
Legal $1,000
Stationery etc. $500
Brochures $0
Consultants $5,000
Insurance $0
Rent $2,000
Leased Office Equipment $10,000
Computer Equipment/Software $30,000
Website $10,000
Other $0
Total Start-up Expenses $58,500
Start-up Assets
Cash Required $401,500
Start-up Inventory $0
Other Current Assets $0
Long-term Assets $0
Total Assets $401,500
Page 2
Liquid Culture
Start-up Funding
Start-up Expenses to Fund $58,500
Start-up Assets to Fund $401,500
Total Funding Required $460,000
Assets
Non-cash Assets from Start-up $0
Cash Requirements from Start-up $401,500
Additional Cash Raised $0
Cash Balance on Starting Date $401,500
Total Assets $401,500
Liabilities
Current Borrowing $0
Long-term Liabilities $200,000
Accounts Payable (Outstanding Bills) $0
Other Current Liabilities (interest-free) $0
Total Liabilities $200,000
Capital
Planned Investment
Investor 1 $130,000
Investor 2 $130,000
Other $0
Additional Investment Requirement $0
Total Planned Investment $260,000
Page 3
Liquid Culture
3.0 Products
Liquid Culture will sell women's outdoor clothing online. We will offer outdoor clothing for
almost every type of active use. We will focus on the seasonal clothing demands of our
customers including the following:
• Fleece outerwear.
• Rain gear, waterproof breathables, as well as coated nylon.
• Synthetic clothing for outdoor activities.
• Hats.
• Shorts.
• Pants.
• Shirts.
In the past 15 years, women's outdoor wear has grown into a billion dollar niche in the clothing
industry. The popularity of the Internet has launched a number of online stores for women's
outdoor wear but no company is exclusively selling their products online. There are a number
of reasons for this but the strongest is that the concept is new and untested. Will customers
buy something that they wear that can only be seen online? We believe they will, if the process
is fun and the products are great and cheap.
The key is marketing our target customers in the traditional advertising medium for fashion, i.e.
women fitness magazines.
The ads will focused on the eliminating the middle man in your clothing budget and stepping up
to the distinctive style of Liquid Culture. The company logo will also be an important marketing
tool in bringing customers to our website.
Liquid Culture will be focusing on two distinct groups of women that purchase outdoor clothing:
• Women 17-25 years of age: Youth drives the market so this is the important group to
attract to the website. They have less money than the older group so we must give them
what they want for less. The key is to have inexpensive selections in each clothing group
that have the popular cut. The company's logo attractiveness to this group can not be
stressed strongly enough. The initial small purchases will grow larger over time.
• Women 26-40 years of age: They are the core group that will drive Liquid Culture's
success. This target group is responsible for the growth of outdoor women's wear. They
will be harder to pull into the website. Once there, the key will be promoting the quality,
attractiveness and savings. In addition, we will have to assure that the purchase will fit the
way the customer wants it to. It will be crucial that the return policy is hassle-free and
speedy.
Page 4
Liquid Culture
Market Analysis
Year 1 Year 2 Year 3 Year 4 Year 5
Potential Customers Growth CAGR
Women Ages 16-25 20% 6,000,000 7,200,000 8,640,000 10,368,000 12,441,600 20.00%
Women Ages 26-40 15% 5,000,000 5,750,000 6,612,500 7,604,375 8,745,031 15.00%
Other 0% 0 0 0 0 0 0.00%
Total 17.81% 11,000,000 12,950,000 15,252,500 17,972,375 21,186,631 17.81%
Other
Page 5
Liquid Culture
Liquid Culture will win market share in the women's outdoor clothing niche by aggressively
pursuing visibility with its target customers.
Liquid Culture's competitive edge is its focus on the process than on product. The website is
just the endpoint of an entire marketing program to drive customers' interest in Liquid Culture.
Though we have confidence in the quality and attractiveness of our products, we know that
building the road to the website is our most important job.
Larry Wilson's experience with South Face is pivotal to the success of Liquid Culture's website.
South Face's website averaged five million hits a year and is considered one of the most
accessible and attractive websites in the clothing industry. His experience is invaluable in
assuring customers' satisfaction with the shopping experience online.
Larry will introduce a new clothing measurement feature that is fun to use and will reduce
customers confusion on how the clothing will fit. This will increase customer satisfaction and
reduce returns.
Maggie Granger will be in charge of the clothing design team. As senior clothing designer for
Manic Woman Clothing, she watched the Manic Woman's sales grow by 20% for the past five
years. Her clothing designs have been praised in the industry and have spawned many
imitators. With Liquid Culture, Maggie is ready to change how quality women's outdoor clothing
is sold.
Liquid Culture's agreement with Magic Clothing Company is another strong competitive
advantage. Our design team will work closely with the Magic's Indonesian-based
manufacturing facilities. The Magic Clothing Company will maintain the inventory and will
produce sufficient product to meet the planned demand. This will keep production costs low for
products and put a cap on Liquid Culture's overhead.
Liquid Culture's marketing strategy is a simple one. In women's fitness magazines like Self,
Shape and Strive, Liquid Culture will introduce customers to their products and website. We will
also advertise in CosmoGirl and Ellegirl magazines.
For the first two months, Liquid Culture will offer 10% off for all purchases under $100 and
15% off all purchases over $100. We will offer the same discount strategy three more times
during the year when new seasonal clothing is introduced.
Liquid Culture's pricing strategy is to pass on most of the store mark-up to the consumer in
reduced price for clothing. This advantage has no negative impact on our sales profit and will
also absorb some of the initial cost of offering discounts during our first three months of
operation.
Page 6
Liquid Culture
Liquid Culture will launch a $245,000 ad campaign targeted at our core customer groups. The
focus of the ads will be to "keep the money you give to the middleman" and use it to get
outdoors and enjoy life. Liquid Culture's attractive logo will be heavily displayed in these ads.
We estimate it will take most of the year to build our sales to the point where we begin to show
a profit.
Liquid Culture will offer discounts at various times of the year to even out seasonality and build
initial awareness of the website.
We expect sales to increase at a steady rate for the first year. It will begin slow as we open, but
will quickly pick up as our customer base increases. Liquid Culture will see a sales increase of
38% between the first and second year. We feel that we can accomplish this steady goal and
maintain this amount of sales.
Sales Forecast
Year 1 Year 2 Year 3
Sales
Clothing $2,170,000 $3,000,000 $4,300,000
Other $0 $0 $0
Total Sales $2,170,000 $3,000,000 $4,300,000
Page 7
Liquid Culture
Sales Monthly
$400,000
$360,000
$320,000
$280,000
$240,000
Clothing
$200,000
Other
$160,000
$120,000
$80,000
$40,000
$0
Month 1 Month 3 Month 5 Month 7 Month 9 Month 11
Month 2 Month 4 Month 6 Month 8 Month 10 Month 12
Sales by Year
$4,000,000
$3,500,000
$3,000,000
Clothing
$2,500,000
Other
$2,000,000
$1,500,000
$1,000,000
$500,000
$0
Year 1 Year 2 Year 3
Page 8
Liquid Culture
Larry Wilson will manage the marketing team, as well as the development and administration of
Liquid Culture's website. Maggie Granger will be in charge of the clothing design team. She will
also manage the production of the designs by Magic Clothing Company.
Besides Larry and Maggie, Liquid Culture will have a staff of eight:
Table: Personnel
Personnel Plan
Year 1 Year 2 Year 3
Marketing/Website Director $84,000 $90,000 $95,000
Design Director $84,000 $90,000 $95,000
Designers $144,000 $156,000 $166,000
Web Administrator $48,000 $52,000 $56,000
Office Manager $36,000 $39,000 $42,000
Marketing Staff $96,000 $104,000 $112,000
Accountant $39,600 $44,000 $48,000
Other $0 $0 $0
Total People 8 8 8
Page 9
Liquid Culture
Our break-even analysis is based on running costs, the costs we incur to keep the business
running, not on theoretical fixed costs that would be relevant only if we were closing. Fixed
costs include payroll, rent, utilities, and marketing costs.
Break-even Analysis
Assumptions:
Average Percent Variable Cost 58%
Estimated Monthly Fixed Cost $75,228
Break-even Analysis
$60,000
$40,000
$20,000
$0
($20,000)
($40,000)
($60,000)
Page 10
Liquid Culture
The following table and chart are the projected profit and loss for three years.
Profit Monthly
$60,000
$40,000
$20,000
$0
($20,000)
($40,000)
Page 11
Liquid Culture
Profit Yearly
$400,000
$360,000
$320,000
$280,000
$240,000
$200,000
$160,000
$120,000
$80,000
$40,000
$0
Year 1 Year 2 Year 3
$140,000
$120,000
$100,000
$80,000
$60,000
$40,000
$20,000
$0
Month 1 Month 3 Month 5 Month 7 Month 9 Month 11
Month 2 Month 4 Month 6 Month 8 Month 10 Month 12
Page 12
Liquid Culture
$1,800,000
$1,600,000
$1,400,000
$1,200,000
$1,000,000
$800,000
$600,000
$400,000
$200,000
$0
Year 1 Year 2 Year 3
Page 13
Liquid Culture
Expenses
Payroll $531,600 $575,000 $614,000
Sales and Marketing and Other Expenses $265,000 $340,000 $440,000
Depreciation $0 $0 $0
Leased Equipment $0 $0 $0
Utilities $2,400 $2,400 $2,400
Insurance $0 $0 $0
Rent $24,000 $24,000 $24,000
Payroll Taxes $79,740 $86,250 $92,100
Other $0 $0 $0
Page 14
Liquid Culture
The following table and chart are the projected cash flow for three years.
Page 15
Liquid Culture
Chart: Cash
Cash
$400,000
$350,000
$300,000
$250,000
$50,000
$0
($50,000)
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
Page 16
Liquid Culture
Current Assets
Cash $404,264 $373,956 $697,330
Inventory $264,000 $237,790 $338,983
Other Current Assets $0 $0 $0
Total Current Assets $668,264 $611,746 $1,036,313
Long-term Assets
Long-term Assets $0 $0 $0
Accumulated Depreciation $0 $0 $0
Total Long-term Assets $0 $0 $0
Total Assets $668,264 $611,746 $1,036,313
Current Liabilities
Accounts Payable $311,080 $188,009 $280,283
Current Borrowing $0 $0 $0
Other Current Liabilities $0 $0 $0
Subtotal Current Liabilities $311,080 $188,009 $280,283
Page 17
Liquid Culture
The following table shows the projected businesses ratios. We expect to maintain healthy ratios
for profitability, risk, and return. These ratios have been determined by the 5137 industry,
Women's and Children's Clothing, as found in the Standard Industry Code (SIC) Index.
Table: Ratios
Ratio Analysis
Year 1 Year 2 Year 3 Industry Profile
Sales Growth n.a. 38.25% 43.33% 10.40%
Percent of Sales
Sales 100.00% 100.00% 100.00% 100.00%
Gross Margin 42.44% 40.00% 40.00% 24.80%
Selling, General & Administrative Expenses 42.42% 36.29% 31.23% 14.80%
Advertising Expenses 11.29% 10.00% 9.30% 0.90%
Profit Before Interest and Taxes 0.84% 5.75% 12.73% 2.00%
Main Ratios
Current 2.15 3.25 3.70 2.36
Quick 1.30 1.99 2.49 1.09
Total Debt to Total Assets 69.78% 48.78% 33.38% 49.70%
Pre-tax Return on Net Worth 0.34% 50.77% 78.03% 4.90%
Pre-tax Return on Assets 0.10% 26.00% 51.98% 9.70%
Activity Ratios
Inventory Turnover 10.91 7.17 8.95 n.a
Accounts Payable Turnover 6.11 12.17 12.17 n.a
Payment Days 27 40 25 n.a
Total Asset Turnover 3.25 4.90 4.15 n.a
Debt Ratios
Debt to Net Worth 2.31 0.95 0.50 n.a
Current Liab. to Liab. 0.67 0.63 0.81 n.a
Liquidity Ratios
Net Working Capital $357,185 $423,737 $756,030 n.a
Interest Coverage 1.04 12.98 62.21 n.a
Additional Ratios
Assets to Sales 0.31 0.20 0.24 n.a
Current Debt/Total Assets 47% 31% 27% n.a
Acid Test 1.30 1.99 2.49 n.a
Sales/Net Worth 10.74 9.57 6.23 n.a
Page 18
Liquid Culture
Page 19
Appendix
Sales Forecast
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12
Sales
Clothing 0% $40,000 $40,000 $60,000 $80,000 $110,000 $140,000 $180,000 $220,000 $250,000 $300,000 $350,000 $400,000
Other 0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Sales $40,000 $40,000 $60,000 $80,000 $110,000 $140,000 $180,000 $220,000 $250,000 $300,000 $350,000 $400,000
Direct Cost of Sales Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12
Clothing $20,000 $20,000 $31,000 $42,000 $58,000 $78,000 $100,000 $120,000 $150,000 $180,000 $210,000 $240,000
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal Direct Cost of Sales $20,000 $20,000 $31,000 $42,000 $58,000 $78,000 $100,000 $120,000 $150,000 $180,000 $210,000 $240,000
Page 1
Appendix
Table: Personnel
Personnel Plan
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12
Marketing/Website Director 0% $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000
Design Director 0% $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000
Designers 0% $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000
Web Administrator 0% $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000
Office Manager 0% $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000
Marketing Staff 0% $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000
Accountant 0% $3,300 $3,300 $3,300 $3,300 $3,300 $3,300 $3,300 $3,300 $3,300 $3,300 $3,300 $3,300
Other 0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total People 8 8 8 8 8 8 8 8 8 8 8 8
Total Payroll $44,300 $44,300 $44,300 $44,300 $44,300 $44,300 $44,300 $44,300 $44,300 $44,300 $44,300 $44,300
Page 2
Appendix
General Assumptions
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12
Plan Month 1 2 3 4 5 6 7 8 9 10 11 12
Current Interest Rate 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%
Long-term Interest 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%
Rate
Tax Rate 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%
Other 0 0 0 0 0 0 0 0 0 0 0 0
Page 3
Appendix
Gross Margin $20,000 $20,000 $29,000 $38,000 $52,000 $62,000 $80,000 $100,000 $100,000 $120,000 $140,000 $160,000
Gross Margin % 50.00% 50.00% 48.33% 47.50% 47.27% 44.29% 44.44% 45.45% 40.00% 40.00% 40.00% 40.00%
Expenses
Payroll $44,300 $44,300 $44,300 $44,300 $44,300 $44,300 $44,300 $44,300 $44,300 $44,300 $44,300 $44,300
Sales and Marketing and $30,000 $20,000 $10,000 $40,000 $15,000 $45,000 $15,000 $15,000 $25,000 $10,000 $30,000 $10,000
Other Expenses
Depreciation $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Leased Equipment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Utilities $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200
Insurance $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Rent $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000
Payroll Taxes 15% $6,645 $6,645 $6,645 $6,645 $6,645 $6,645 $6,645 $6,645 $6,645 $6,645 $6,645 $6,645
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Operating $83,145 $73,145 $63,145 $93,145 $68,145 $98,145 $68,145 $68,145 $78,145 $63,145 $83,145 $63,145
Expenses
Profit Before Interest and ($63,145) ($53,145) ($34,145) ($55,145) ($16,145) ($36,145) $11,855 $31,855 $21,855 $56,855 $56,855 $96,855
Taxes
EBITDA ($63,145) ($53,145) ($34,145) ($55,145) ($16,145) ($36,145) $11,855 $31,855 $21,855 $56,855 $56,855 $96,855
Interest Expense $1,636 $1,604 $1,573 $1,542 $1,511 $1,480 $1,449 $1,418 $1,387 $1,356 $1,324 $1,293
Taxes Incurred ($19,434) ($16,425) ($10,716) ($17,006) ($5,297) ($11,288) $3,122 $9,131 $6,140 $16,650 $16,659 $28,668
Net Profit ($45,346) ($38,325) ($25,003) ($39,681) ($12,359) ($26,338) $7,284 $21,306 $14,328 $38,850 $38,871 $66,893
Net Profit/Sales -113.37% -95.81% -41.67% -49.60% -11.24% -18.81% 4.05% 9.68% 5.73% 12.95% 11.11% 16.72%
Page 4
Appendix
Expenditures Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12
Page 5
Appendix
Net Cash Flow ($10,135) ($70,112) ($22,684) ($21,992) ($25,787) ($5,305) ($12,356) $18,559 $23,974 $26,746 $50,451 $51,406
Cash Balance $391,365 $321,253 $298,570 $276,578 $250,791 $245,487 $233,130 $251,689 $275,663 $302,408 $352,859 $404,264
Current Assets
Cash $401,500 $391,365 $321,253 $298,570 $276,578 $250,791 $245,487 $233,130 $251,689 $275,663 $302,408 $352,859 $404,264
Inventory $0 $22,000 $22,000 $34,100 $46,200 $63,800 $85,800 $110,000 $132,000 $165,000 $198,000 $231,000 $264,000
Other Current Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Current Assets $401,500 $413,365 $343,253 $332,670 $322,778 $314,591 $331,287 $343,130 $383,689 $440,663 $500,408 $583,859 $668,264
Long-term Assets
Long-term Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Accumulated Depreciation $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Long-term Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Assets $401,500 $413,365 $343,253 $332,670 $322,778 $314,591 $331,287 $343,130 $383,689 $440,663 $500,408 $583,859 $668,264
Liabilities and Capital Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12
Current Liabilities
Accounts Payable $0 $60,945 $32,890 $51,043 $84,565 $92,471 $139,236 $147,529 $170,514 $216,893 $241,522 $289,834 $311,080
Current Borrowing $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other Current Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal Current Liabilities $0 $60,945 $32,890 $51,043 $84,565 $92,471 $139,236 $147,529 $170,514 $216,893 $241,522 $289,834 $311,080
Long-term Liabilities $200,000 $196,267 $192,534 $188,801 $185,068 $181,335 $177,602 $173,869 $170,136 $166,403 $162,670 $158,937 $155,204
Total Liabilities $200,000 $257,212 $225,424 $239,844 $269,633 $273,806 $316,838 $321,398 $340,650 $383,296 $404,192 $448,771 $466,284
Paid-in Capital $260,000 $260,000 $260,000 $260,000 $260,000 $260,000 $260,000 $260,000 $260,000 $260,000 $260,000 $260,000 $260,000
Retained Earnings ($58,500) ($58,500) ($58,500) ($58,500) ($58,500) ($58,500) ($58,500) ($58,500) ($58,500) ($58,500) ($58,500) ($58,500) ($58,500)
Earnings $0 ($45,346) ($83,671) ($108,67 ($148,35 ($160,71 ($187,05 ($179,76 ($158,46 ($144,13 ($105,28 ($66,413) $481
4) 5) 4) 2) 7) 1) 4) 4)
Total Capital $201,500 $156,154 $117,829 $92,826 $53,145 $40,786 $14,448 $21,733 $43,039 $57,366 $96,216 $135,087 $201,981
Total Liabilities and Capital $401,500 $413,365 $343,253 $332,670 $322,778 $314,591 $331,287 $343,130 $383,689 $440,663 $500,408 $583,859 $668,264
Net Worth $201,500 $156,154 $117,829 $92,826 $53,145 $40,786 $14,448 $21,733 $43,039 $57,366 $96,216 $135,087 $201,981
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