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Table of Contents
Table of Contents
................................................................................................................................................................13
7.5 Projected Cash Flow........................................................................................................................14
Chart: Cash.........................................................................................................................................14
Table: Cash Flow...............................................................................................................................15
................................................................................................................................................................15
7.6 Projected Balance Sheet...................................................................................................................16
Table: Balance Sheet..........................................................................................................................16
7.7 Business Ratios................................................................................................................................16
Table: Ratios......................................................................................................................................17
Table: Sales Forecast...................................................................................................................................1
......................................................................................................................................................................1
Table: Personnel...........................................................................................................................................2
......................................................................................................................................................................2
Table: General Assumptions........................................................................................................................3
......................................................................................................................................................................3
Table: Profit and Loss..................................................................................................................................4
......................................................................................................................................................................4
Table: Cash Flow.........................................................................................................................................5
Table: Balance Sheet....................................................................................................................................6
Page 2
NW Architecture
Chart: Highlights
Page 1
NW Architecture
1.1 Mission
NW Architecture offers a new type of digital interactive media for both the client and the
builder. This media will clearly show the client and the builder exactly what the design will look
like and the method of construction.
With this new form of media the client doesn't have to know anything about architectural
graphics or terminology (floor plans, sections, elevations & construction documents) to have a
clear understanding of what the end result will look like. This is possible through the use of
computer-rendered images and interactive video.
This media will be taken one step further by using it in the construction documents as well. The
builder will be provided with an interactive video rendering of the entire building containing
both visual photographic quality images and construction specs. Every last detail will be worked
out in three dimensions in such a way that anyone who knows how to use a computer will be
able to access and understand this new means of architectural presentation.
1.2 Keys to Success
1. Provide a service that is technologically superior to the competition's.
2. Utilizing a diverse staff of architects to provide a wide variety of product styles.
3. A large array of global connections.
1.3 Objectives
1. Sales of $500,000 in Year 3 and $700,000 by Year 4.
2. Market expansion of 20% per year via the Internet.
3. Creating new niche in market by Year 4 of three dimensional construction documents and
interactive digital presentation to clients.
2.0 Company Summary
NW Architecture will provide a service of architectural design via digital media to the limits of
technology. This approach will offer optimal efficiency to the firm and superior value, design
processes, and construction methods to the client.
2.1 Company Ownership
NW Architecture will be created as a California corporation based in the Bay Area near San
Francisco. It will be owned by its principal investor and operator, Nathan Sawyer.
Page 2
NW Architecture
Start-up
Requirements
Start-up Expenses
Legal
Stationery etc.
Brochures
Consultants
Insurance
Rent
Expensed Equipment
Total Start-up Expenses
$1,000
$3,000
$1,000
$2,000
$500
$1,040
$9,000
$17,540
Start-up Assets
Cash Required
Start-up Inventory
Other Current Assets
Long-term Assets
Total Assets
$19,000
$0
$0
$0
$19,000
Total Requirements
$36,540
Page 3
NW Architecture
Start-up Funding
Start-up Expenses to Fund
Start-up Assets to Fund
Total Funding Required
$17,540
$19,000
$36,540
Assets
Non-cash Assets from Start-up
Cash Requirements from Start-up
Additional Cash Raised
Cash Balance on Starting Date
Total Assets
$0
$19,000
$0
$19,000
$19,000
$17,540
$0
$0
$0
$17,540
Capital
Planned Investment
Investor 1
Other
Additional Investment Requirement
Total Planned Investment
Loss at Start-up (Start-up Expenses)
Total Capital
$19,000
$0
$0
$19,000
($17,540)
$1,460
$19,000
Total Funding
$36,540
Page 4
NW Architecture
Chart: Start-up
Page 5
NW Architecture
Market Analysis
Potential Customers
Home Owners/Remodels
Developers
Government
Contractors
Total
Year 1
Year 2
Year 3
Year 4
Year 5
200,000
5,000
30,000
5,000
240,000
230,000
6,500
30,300
7,000
273,800
264,500
8,450
30,603
9,800
313,353
304,175
10,985
30,909
13,720
359,789
349,801
14,281
31,218
19,208
414,508
Growth
15%
30%
1%
40%
14.64%
CAGR
15.00%
30.00%
1.00%
40.00%
14.64%
Page 6
NW Architecture
Page 7
NW Architecture
Sales Forecast
Year 1
Year 2
Year 3
$42,000
$26,000
$34,000
$102,000
$90,000
$50,000
$70,000
$210,000
$250,000
$85,000
$165,000
$500,000
Year 1
$500
$250
$500
$1,250
Year 2
$500
$250
$500
$1,250
Year 3
$1,000
$500
$1,000
$2,500
Sales
Design
Production
Construction Documents
Total Sales
Direct Cost of Sales
Design
Production
Construction Documents
Subtotal Direct Cost of Sales
Page 8
NW Architecture
Personnel Plan
Year 1
Year 2
Year 3
Nathan Sawyer
Clerical
CAD/Form-Z Designers
Total People
$18,000
$12,000
$40,000
4
$35,000
$25,200
$60,000
5
$50,000
$26,000
$210,000
7
Total Payroll
$70,000
$120,200
$286,000
General Assumptions
Plan Month
Current Interest Rate
Long-term Interest Rate
Tax Rate
Other
Year 1
Year 2
Year 3
1
10.00%
10.00%
25.42%
0
2
10.00%
10.00%
25.00%
0
3
10.00%
10.00%
25.42%
0
Page 9
NW Architecture
Page 10
NW Architecture
Chart: Benchmarks
Page 11
NW Architecture
Break-even Analysis
Monthly Revenue Break-even
$8,348
Assumptions:
Average Percent Variable Cost
Estimated Monthly Fixed Cost
1%
$8,246
Page 12
NW Architecture
Year 2
Year 3
Sales
Direct Cost of Sales
Other
Total Cost of Sales
$102,000
$1,250
$0
$1,250
$210,000
$1,250
$0
$1,250
$500,000
$2,500
$0
$2,500
Gross Margin
Gross Margin %
$100,750
98.77%
$208,750
99.40%
$497,500
99.50%
Payroll
Sales and Marketing and Other Expenses
Depreciation
Leased Equipment
Utilities
Insurance
Rent
Payroll Taxes
Other
$70,000
$8,200
$0
$1,440
$480
$1,800
$17,030
$0
$0
$120,200
$12,800
$0
$1,680
$620
$2,800
$23,400
$0
$0
$286,000
$34,500
$0
$1,920
$650
$3,500
$23,400
$0
$0
$98,950
$161,500
$349,970
$1,800
$1,800
$1,517
$374
$47,250
$47,250
$1,097
$11,538
$147,530
$147,530
$659
$37,330
Net Profit
Net Profit/Sales
($90)
-0.09%
$34,615
16.48%
$109,541
21.91%
Expenses
Page 13
NW Architecture
Chart: Cash
Page 14
NW Architecture
Year 2
Year 3
$0
$88,100
$88,100
$0
$195,282
$195,282
$0
$460,480
$460,480
$0
$0
$0
$0
$0
$0
$6,000
$94,100
$0
$0
$0
$0
$0
$0
$0
$195,282
$0
$0
$0
$0
$0
$0
$0
$460,480
Year 1
Year 2
Year 3
$70,000
$29,684
$99,684
$120,200
$53,775
$173,975
$286,000
$102,379
$388,379
$0
$4,380
$0
$0
$0
$0
$0
$104,064
$0
$4,380
$0
$0
$0
$0
$0
$178,355
$0
$4,380
$0
$0
$0
$0
$0
$392,759
($9,964)
$9,036
$16,928
$25,963
$67,721
$93,684
Cash Received
Cash from Operations
Cash Sales
Cash from Receivables
Subtotal Cash from Operations
Additional Cash Received
Sales Tax, VAT, HST/GST Received
New Current Borrowing
New Other Liabilities (interest-free)
New Long-term Liabilities
Sales of Other Current Assets
Sales of Long-term Assets
New Investment Received
Subtotal Cash Received
Expenditures
Expenditures from Operations
Cash Spending
Bill Payments
Subtotal Spent on Operations
Additional Cash Spent
Sales Tax, VAT, HST/GST Paid Out
Principal Repayment of Current Borrowing
Other Liabilities Principal Repayment
Long-term Liabilities Principal Repayment
Purchase Other Current Assets
Purchase Long-term Assets
Dividends
Subtotal Cash Spent
Net Cash Flow
Cash Balance
Page 15
NW Architecture
Year 2
Year 3
$9,036
$13,900
$750
$0
$23,686
$25,963
$28,618
$717
$0
$55,297
$93,684
$68,137
$2,867
$0
$164,688
$0
$0
$0
$23,686
$0
$0
$0
$55,297
$0
$0
$0
$164,688
Year 1
Year 2
Year 3
Accounts Payable
Current Borrowing
Other Current Liabilities
Subtotal Current Liabilities
$3,156
$13,160
$0
$16,316
$4,533
$8,780
$0
$13,313
$8,762
$4,400
$0
$13,162
Long-term Liabilities
Total Liabilities
$0
$16,316
$0
$13,313
$0
$13,162
$25,000
($17,540)
($90)
$7,370
$23,686
$25,000
($17,630)
$34,615
$41,984
$55,297
$25,000
$16,984
$109,541
$151,526
$164,688
$7,370
$41,984
$151,526
Assets
Current Assets
Cash
Accounts Receivable
Inventory
Other Current Assets
Total Current Assets
Long-term Assets
Long-term Assets
Accumulated Depreciation
Total Long-term Assets
Total Assets
Liabilities and Capital
Current Liabilities
Paid-in Capital
Retained Earnings
Earnings
Total Capital
Total Liabilities and Capital
Net Worth
Page 16
NW Architecture
Table: Ratios
Ratio Analysis
Year 1
Year 2
Year 3
Industry Profile
n.a.
105.88%
138.10%
11.74%
Accounts Receivable
Inventory
Other Current Assets
Total Current Assets
Long-term Assets
Total Assets
58.69%
3.17%
0.00%
100.00%
0.00%
100.00%
51.75%
1.30%
0.00%
100.00%
0.00%
100.00%
41.37%
1.74%
0.00%
100.00%
0.00%
100.00%
26.18%
3.42%
50.14%
79.74%
20.26%
100.00%
Current Liabilities
Long-term Liabilities
Total Liabilities
Net Worth
68.89%
0.00%
68.89%
31.11%
24.08%
0.00%
24.08%
75.92%
7.99%
0.00%
7.99%
92.01%
35.02%
21.48%
56.50%
43.50%
100.00%
98.77%
101.81%
0.00%
1.76%
100.00%
99.40%
95.72%
0.95%
22.50%
100.00%
99.50%
79.60%
4.00%
29.51%
100.00%
100.00%
75.67%
2.64%
1.56%
1.45
1.41
68.89%
3.84%
1.20%
4.15
4.10
24.08%
109.93%
83.46%
12.51
12.29
7.99%
96.93%
89.18%
1.67
1.32
62.06%
4.93%
12.99%
Sales Growth
Percent of Total Assets
Percent of Sales
Sales
Gross Margin
Selling, General & Administrative Expenses
Advertising Expenses
Profit Before Interest and Taxes
Main Ratios
Current
Quick
Total Debt to Total Assets
Pre-tax Return on Net Worth
Pre-tax Return on Assets
Additional Ratios
Year 1
Year 2
Year 3
-0.09%
-1.23%
16.48%
82.45%
21.91%
72.29%
n.a
n.a
7.34
57
1.74
10.41
27
4.31
7.34
37
1.70
12.17
25
3.80
7.34
35
1.40
12.17
23
3.04
n.a
n.a
n.a
n.a
n.a
n.a
2.21
1.00
0.32
1.00
0.09
1.00
n.a
n.a
$7,370
1.19
$41,984
43.07
$151,526
223.87
n.a
n.a
0.23
69%
0.55
13.84
0.00
0.26
24%
1.95
5.00
0.00
0.33
8%
7.12
3.30
0.00
n.a
n.a
n.a
n.a
n.a
Activity Ratios
Accounts Receivable Turnover
Collection Days
Inventory Turnover
Accounts Payable Turnover
Payment Days
Total Asset Turnover
Debt Ratios
Debt to Net Worth
Current Liab. to Liab.
Liquidity Ratios
Net Working Capital
Interest Coverage
Additional Ratios
Assets to Sales
Current Debt/Total Assets
Acid Test
Sales/Net Worth
Dividend Payout
Page 17
Appendix
Table: Sales Forecast
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
$8,000
$0
$0
$8,000
$0
$5,000
$0
$5,000
$5,000
$0
$7,000
$12,000
$0
$2,000
$0
$2,000
$10,000
$0
$4,000
$14,000
$5,000
$0
$0
$5,000
$0
$7,000
$0
$7,000
$14,000
$2,000
$0
$16,000
$0
$0
$9,000
$9,000
$0
$10,000
$0
$10,000
$0
$0
$3,000
$3,000
$0
$0
$11,000
$11,000
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
$100
$0
$100
$0
$100
$100
$0
$100
$0
$0
$0
$0
$0
$50
$0
$50
$0
$0
$50
$50
$0
$50
$0
$0
$0
$0
$100
$0
$100
$0
$0
$0
$100
$0
$100
$100
$100
$50
$200
$50
$200
$100
$50
$150
$100
$50
$100
$100
Sales
Design
Production
Construction Documents
Total Sales
Direct Cost of Sales
Design
Production
Construction Documents
Subtotal Direct Cost of Sales
0%
0%
0%
Page 1
Appendix
Table: Personnel
Personnel Plan
Nathan Sawyer
Clerical
CAD/Form-Z Designers
Total People
Total Payroll
0%
0%
0%
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
$0
$0
$0
1
$0
$0
$2,500
2
$0
$0
$2,500
2
$2,000
$0
$2,500
2
$2,000
$0
$2,500
2
$2,000
$0
$2,500
2
$2,000
$2,000
$2,500
3
$2,000
$2,000
$5,000
4
$2,000
$2,000
$5,000
4
$2,000
$2,000
$5,000
4
$2,000
$2,000
$5,000
4
$2,000
$2,000
$5,000
4
$0
$2,500
$2,500
$4,500
$4,500
$4,500
$6,500
$9,000
$9,000
$9,000
$9,000
$9,000
Page 2
Appendix
Table: General Assumptions
General Assumptions
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
10
11
12
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
Tax Rate
30.00%
25.00%
25.00%
25.00%
25.00%
25.00%
25.00%
25.00%
25.00%
25.00%
25.00%
25.00%
Plan Month
Other
Month 12
Page 3
Appendix
Table: Profit and Loss
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
$8,000
$5,000
$12,000
$2,000
$14,000
$5,000
$7,000
$16,000
$9,000
$10,000
$3,000
$11,000
$100
$50
$200
$50
$200
$100
$50
$150
$100
$50
$100
$100
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$100
$50
$200
$50
$200
$100
$50
$150
$100
$50
$100
$100
Gross Margin
$7,900
$4,950
$11,800
$1,950
$13,800
$4,900
$6,950
$15,850
$8,900
$9,950
$2,900
$10,900
Gross Margin %
98.75%
99.00%
98.33%
97.50%
98.57%
98.00%
99.29%
99.06%
98.89%
99.50%
96.67%
99.09%
Expenses
Payroll
$0
$2,500
$2,500
$4,500
$4,500
$4,500
$6,500
$9,000
$9,000
$9,000
$9,000
$9,000
$350
$350
$1,350
$350
$350
$1,350
$350
$350
$1,350
$350
$350
$1,350
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Leased Equipment
$120
$120
$120
$120
$120
$120
$120
$120
$120
$120
$120
$120
Utilities
$40
$40
$40
$40
$40
$40
$40
$40
$40
$40
$40
$40
$150
$150
$150
$150
$150
$150
$150
$150
$150
$150
$150
$150
$1,040
$1,040
$1,040
$1,040
$1,040
$1,040
$1,040
$1,950
$1,950
$1,950
$1,950
$1,950
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$1,700
$4,200
$5,200
$6,200
$6,200
$7,200
$8,200
$11,610
$12,610
$11,610
$11,610
$12,610
$6,200
$750
$6,600
($4,250)
$7,600
($2,300)
($1,250)
$4,240
($3,710)
($1,660)
($8,710)
($1,710)
EBITDA
$6,200
$750
$6,600
($4,250)
$7,600
($2,300)
($1,250)
$4,240
($3,710)
($1,660)
($8,710)
($1,710)
$143
$140
$137
$134
$131
$128
$125
$122
$119
$116
$113
$110
$1,817
$152
$1,616
($1,096)
$1,867
($607)
($344)
$1,030
($957)
($444)
($2,206)
($455)
Insurance
Rent
Payroll Taxes
Other
Interest Expense
Taxes Incurred
15%
Net Profit
$4,240
$457
$4,847
($3,288)
$5,602
($1,821)
($1,031)
$3,089
($2,872)
($1,332)
($6,617)
($1,365)
Net Profit/Sales
53.00%
9.15%
40.39%
-164.40%
40.01%
-36.42%
-14.73%
19.30%
-31.91%
-13.32%
-220.57%
-12.41%
Page 4
Appendix
Table: Cash Flow
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
Cash Received
Cash from Operations
Cash Sales
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$267
$7,900
$5,233
$11,667
$2,400
$13,700
$5,067
$7,300
$15,767
$9,033
$9,767
$0
$267
$7,900
$5,233
$11,667
$2,400
$13,700
$5,067
$7,300
$15,767
$9,033
$9,767
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$6,000
$0
$0
$0
$0
$0
$0
$0
$0
$0
$267
$7,900
$11,233
$11,667
$2,400
$13,700
$5,067
$7,300
$15,767
$9,033
$9,767
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
$9,000
Expenditures
0.00%
$0
$2,500
$2,500
$4,500
$4,500
$4,500
$6,500
$9,000
$9,000
$9,000
$9,000
Bill Payments
$155
$4,571
$2,075
$4,329
$837
$3,649
$2,196
$1,590
$4,695
$2,755
$2,223
$609
$155
$7,071
$4,575
$8,829
$5,337
$8,149
$8,696
$10,590
$13,695
$11,755
$11,223
$9,609
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$365
$365
$365
$365
$365
$365
$365
$365
$365
$365
$365
$365
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Dividends
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$520
$7,436
$4,940
$9,194
$5,702
$8,514
$9,061
$10,955
$14,060
$12,120
$11,588
$9,974
($520)
($7,170)
$2,960
$2,039
$5,965
($6,114)
$4,639
($5,889)
($6,760)
$3,646
($2,555)
($207)
Page 5
Appendix
Cash Balance
$18,480
$11,310
$14,270
$16,310
$22,275
$16,161
$20,800
$14,911
$8,151
$11,797
$9,242
$9,036
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
$19,000
$0
$0
$0
$19,000
$18,480
$8,000
$900
$0
$27,380
$11,310
$12,733
$850
$0
$24,893
$14,270
$16,833
$650
$0
$31,754
$16,310
$13,600
$600
$0
$30,510
$22,275
$15,933
$400
$0
$38,608
$16,161
$18,533
$300
$0
$34,994
$20,800
$11,833
$250
$0
$32,883
$14,911
$22,767
$1,100
$0
$38,777
$8,151
$24,467
$1,000
$0
$33,617
$11,797
$18,700
$950
$0
$31,447
$9,242
$12,667
$850
$0
$22,759
$9,036
$13,900
$750
$0
$23,686
$0
$0
$0
$19,000
$0
$0
$0
$27,380
$0
$0
$0
$24,893
$0
$0
$0
$31,754
$0
$0
$0
$30,510
$0
$0
$0
$38,608
$0
$0
$0
$34,994
$0
$0
$0
$32,883
$0
$0
$0
$38,777
$0
$0
$0
$33,617
$0
$0
$0
$31,447
$0
$0
$0
$22,759
$0
$0
$0
$23,686
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 Balances
Current Assets
Cash
Accounts Receivable
Inventory
Other Current Assets
Total Current Assets
Long-term Assets
Long-term Assets
Accumulated Depreciation
Total Long-term Assets
Total Assets
Liabilities and Capital
Current Liabilities
Accounts Payable
Current Borrowing
Other Current Liabilities
Subtotal Current Liabilities
$0
$17,540
$0
$17,540
$4,505
$17,175
$0
$21,680
$1,926
$16,810
$0
$18,736
$4,304
$16,445
$0
$20,749
$713
$16,080
$0
$16,793
$3,575
$15,715
$0
$19,290
$2,147
$15,350
$0
$17,497
$1,432
$14,985
$0
$16,417
$4,603
$14,620
$0
$19,223
$2,679
$14,255
$0
$16,934
$2,206
$13,890
$0
$16,096
$500
$13,525
$0
$14,025
$3,156
$13,160
$0
$16,316
Long-term Liabilities
Total Liabilities
$0
$17,540
$0
$21,680
$0
$18,736
$0
$20,749
$0
$16,793
$0
$19,290
$0
$17,497
$0
$16,417
$0
$19,223
$0
$16,934
$0
$16,096
$0
$14,025
$0
$16,316
$19,000
($17,540)
$0
$1,460
$19,000
$19,000
($17,540)
$4,240
$5,700
$27,380
$19,000
($17,540)
$4,697
$6,157
$24,893
$19,000
($17,540)
$9,544
$11,004
$31,754
$25,000
($17,540)
$6,256
$13,716
$30,510
$25,000
($17,540)
$11,858
$19,318
$38,608
$25,000
($17,540)
$10,037
$17,497
$34,994
$25,000
($17,540)
$9,006
$16,466
$32,883
$25,000
($17,540)
$12,095
$19,555
$38,777
$25,000
($17,540)
$9,223
$16,683
$33,617
$25,000
($17,540)
$7,891
$15,351
$31,447
$25,000
($17,540)
$1,274
$8,734
$22,759
$25,000
($17,540)
($90)
$7,370
$23,686
$1,460
$5,700
$6,157
$11,004
$13,716
$19,318
$17,497
$16,466
$19,555
$16,683
$15,351
$8,734
$7,370
Paid-in Capital
Retained Earnings
Earnings
Total Capital
Total Liabilities and Capital
Net Worth
Page 6