Equine Acres
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 | ||
| Unit Sales | |||||||||||||
| Retreat Leases | 0% | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 |
| Additional Equine Residents | 0% | 20 | 20 | 20 | 20 | 20 | 20 | 20 | 20 | 20 | 20 | 20 | 20 |
| Feed & Equine Consumables | 0% | 100 | 110 | 120 | 140 | 160 | 140 | 120 | 130 | 140 | 130 | 120 | 110 |
| Resale Tack – Low End | 0% | 10 | 15 | 20 | 50 | 20 | 30 | 40 | 50 | 50 | 30 | 30 | 20 |
| Resale Tack – High End | 0% | 2 | 3 | 5 | 10 | 1 | 2 | 5 | 5 | 7 | 5 | 3 | 3 |
| Services – % of Provider Revenue | 0% | 10 | 20 | 20 | 40 | 20 | 10 | 20 | 30 | 40 | 30 | 30 | 20 |
| Web Pages | 0% | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 6 | 6 | 6 |
| Websites | 0% | 4 | 6 | 10 | 12 | 14 | 18 | 22 | 26 | 30 | 34 | 38 | 42 |
| EquineAcres Added Services | 0% | 2 | 4 | 8 | 8 | 6 | 4 | 10 | 12 | 20 | 16 | 10 | 10 |
| Major Equipment Sales | 0% | 0 | 1 | 4 | 0 | 1 | 3 | 3 | 2 | 2 | 2 | 2 | 1 |
| Show & Sell Commissions | 0% | 2 | 4 | 3 | 4 | 0 | 1 | 3 | 5 | 7 | 5 | 3 | 2 |
| Total Unit Sales | 165 | 198 | 225 | 299 | 257 | 243 | 258 | 295 | 331 | 288 | 272 | 244 | |
| Unit Prices | Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | |
| Retreat Leases | $300.00 | $300.00 | $300.00 | $300.00 | $300.00 | $300.00 | $300.00 | $300.00 | $300.00 | $300.00 | $300.00 | $300.00 | |
| Additional Equine Residents | $50.00 | $50.00 | $50.00 | $50.00 | $50.00 | $50.00 | $50.00 | $50.00 | $50.00 | $50.00 | $50.00 | $50.00 | |
| Feed & Equine Consumables | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 | |
| Resale Tack – Low End | $25.00 | $25.00 | $25.00 | $25.00 | $25.00 | $25.00 | $25.00 | $25.00 | $25.00 | $25.00 | $25.00 | $25.00 | |
| Resale Tack – High End | $200.00 | $200.00 | $200.00 | $200.00 | $200.00 | $200.00 | $200.00 | $200.00 | $200.00 | $200.00 | $200.00 | $200.00 | |
| Services – % of Provider Revenue | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 | |
| Web Pages | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 | |
| Websites | $50.00 | $50.00 | $50.00 | $50.00 | $50.00 | $50.00 | $50.00 | $50.00 | $50.00 | $50.00 | $50.00 | $50.00 | |
| EquineAcres Added Services | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 | $10.00 | |
| Major Equipment Sales | $2,500.00 | $2,500.00 | $2,500.00 | $2,500.00 | $2,500.00 | $2,500.00 | $2,500.00 | $2,500.00 | $2,500.00 | $2,500.00 | $2,500.00 | $2,500.00 | |
| Show & Sell Commissions | $300.00 | $300.00 | $300.00 | $300.00 | $300.00 | $300.00 | $300.00 | $300.00 | $300.00 | $300.00 | $300.00 | $300.00 | |
| Sales | |||||||||||||
| Retreat Leases | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | |
| Additional Equine Residents | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | $1,000 | |
| Feed & Equine Consumables | $1,000 | $1,100 | $1,200 | $1,400 | $1,600 | $1,400 | $1,200 | $1,300 | $1,400 | $1,300 | $1,200 | $1,100 | |
| Resale Tack – Low End | $250 | $375 | $500 | $1,250 | $500 | $750 | $1,000 | $1,250 | $1,250 | $750 | $750 | $500 | |
| Resale Tack – High End | $400 | $600 | $1,000 | $2,000 | $200 | $400 | $1,000 | $1,000 | $1,400 | $1,000 | $600 | $600 | |
| Services – % of Provider Revenue | $100 | $200 | $200 | $400 | $200 | $100 | $200 | $300 | $400 | $300 | $300 | $200 | |
| Web Pages | $50 | $50 | $50 | $50 | $50 | $50 | $50 | $50 | $50 | $60 | $60 | $60 | |
| Websites | $200 | $300 | $500 | $600 | $700 | $900 | $1,100 | $1,300 | $1,500 | $1,700 | $1,900 | $2,100 | |
| EquineAcres Added Services | $20 | $40 | $80 | $80 | $60 | $40 | $100 | $120 | $200 | $160 | $100 | $100 | |
| Major Equipment Sales | $0 | $2,500 | $10,000 | $0 | $2,500 | $7,500 | $7,500 | $5,000 | $5,000 | $5,000 | $5,000 | $2,500 | |
| Show & Sell Commissions | $600 | $1,200 | $900 | $1,200 | $0 | $300 | $900 | $1,500 | $2,100 | $1,500 | $900 | $600 | |
| Total Sales | $6,620 | $10,365 | $18,430 | $10,980 | $9,810 | $15,440 | $17,050 | $15,820 | $17,300 | $15,770 | $14,810 | $11,760 | |
| Direct Unit Costs | Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | |
| Retreat Leases | 0.00% | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Additional Equine Residents | 0.00% | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Feed & Equine Consumables | 0.00% | $5.00 | $5.00 | $5.00 | $5.00 | $5.00 | $5.00 | $5.00 | $5.00 | $5.00 | $5.00 | $5.00 | $5.00 |
| Resale Tack – Low End | 0.00% | $12.50 | $12.50 | $12.50 | $12.50 | $12.50 | $12.50 | $12.50 | $12.50 | $12.50 | $12.50 | $12.50 | $12.50 |
| Resale Tack – High End | 0.00% | $100.00 | $100.00 | $100.00 | $100.00 | $100.00 | $100.00 | $100.00 | $100.00 | $100.00 | $100.00 | $100.00 | $100.00 |
| Services – % of Provider Revenue | 0.00% | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Web Pages | 0.00% | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Websites | 0.00% | $20.00 | $20.00 | $20.00 | $20.00 | $20.00 | $20.00 | $20.00 | $20.00 | $20.00 | $20.00 | $20.00 | $20.00 |
| EquineAcres Added Services | 0.00% | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Major Equipment Sales | 0.00% | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
| Show & Sell Commissions | 0.00% | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Direct Cost of Sales | |||||||||||||
| Retreat Leases | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Additional Equine Residents | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Feed & Equine Consumables | $500 | $550 | $600 | $700 | $800 | $700 | $600 | $650 | $700 | $650 | $600 | $550 | |
| Resale Tack – Low End | $125 | $188 | $250 | $625 | $250 | $375 | $500 | $625 | $625 | $375 | $375 | $250 | |
| Resale Tack – High End | $200 | $300 | $500 | $1,000 | $100 | $200 | $500 | $500 | $700 | $500 | $300 | $300 | |
| Services – % of Provider Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Web Pages | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Websites | $80 | $120 | $200 | $240 | $280 | $360 | $440 | $520 | $600 | $680 | $760 | $840 | |
| EquineAcres Added Services | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Major Equipment Sales | $0 | $1,000 | $4,000 | $0 | $1,000 | $3,000 | $3,000 | $2,000 | $2,000 | $2,000 | $2,000 | $1,000 | |
| Show & Sell Commissions | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Subtotal Direct Cost of Sales | $905 | $2,158 | $5,550 | $2,565 | $2,430 | $4,635 | $5,040 | $4,295 | $4,625 | $4,205 | $4,035 | $2,940 | |
| 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 | ||
| Name or title | 0% | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other | 0% | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total People | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Total Payroll | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| 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 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% | |
| 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% | |
| Other | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Pro Forma 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 | ||
| Sales | $6,620 | $10,365 | $18,430 | $10,980 | $9,810 | $15,440 | $17,050 | $15,820 | $17,300 | $15,770 | $14,810 | $11,760 | |
| Direct Cost of Sales | $905 | $2,158 | $5,550 | $2,565 | $2,430 | $4,635 | $5,040 | $4,295 | $4,625 | $4,205 | $4,035 | $2,940 | |
| Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Total Cost of Sales | $905 | $2,158 | $5,550 | $2,565 | $2,430 | $4,635 | $5,040 | $4,295 | $4,625 | $4,205 | $4,035 | $2,940 | |
| Gross Margin | $5,715 | $8,208 | $12,880 | $8,415 | $7,380 | $10,805 | $12,010 | $11,525 | $12,675 | $11,565 | $10,775 | $8,820 | |
| Gross Margin % | 86.33% | 79.18% | 69.89% | 76.64% | 75.23% | 69.98% | 70.44% | 72.85% | 73.27% | 73.34% | 72.75% | 75.00% | |
| Expenses | |||||||||||||
| Payroll | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Sales and Marketing and Other Expenses | $200 | $200 | $200 | $200 | $200 | $200 | $200 | $200 | $200 | $200 | $200 | $200 | |
| 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 | $250 | $250 | $250 | $250 | $250 | $250 | $250 | $250 | $250 | $250 | $250 | $250 | |
| Insurance | $400 | $400 | $400 | $400 | $400 | $400 | $400 | $400 | $400 | $400 | $400 | $400 | |
| Rent | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Payroll Taxes | 0% | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Total Operating Expenses | $850 | $850 | $850 | $850 | $850 | $850 | $850 | $850 | $850 | $850 | $850 | $850 | |
| Profit Before Interest and Taxes | $4,865 | $7,358 | $12,030 | $7,565 | $6,530 | $9,955 | $11,160 | $10,675 | $11,825 | $10,715 | $9,925 | $7,970 | |
| EBITDA | $4,865 | $7,358 | $12,030 | $7,565 | $6,530 | $9,955 | $11,160 | $10,675 | $11,825 | $10,715 | $9,925 | $7,970 | |
| Interest Expense | $1,238 | $1,225 | $1,213 | $1,200 | $1,188 | $1,175 | $1,163 | $1,150 | $1,138 | $1,125 | $1,113 | $1,100 | |
| Taxes Incurred | $1,088 | $1,533 | $2,704 | $1,591 | $1,336 | $2,195 | $2,499 | $2,381 | $2,672 | $2,398 | $2,203 | $1,718 | |
| Net Profit | $2,539 | $4,599 | $8,113 | $4,774 | $4,007 | $6,585 | $7,498 | $7,144 | $8,016 | $7,193 | $6,609 | $5,153 | |
| Net Profit/Sales | 38.36% | 44.37% | 44.02% | 43.48% | 40.84% | 42.65% | 43.98% | 45.16% | 46.33% | 45.61% | 44.63% | 43.81% | |
| Pro Forma Cash Flow | |||||||||||||
| Month 1 | 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 | $6,620 | $10,365 | $18,430 | $10,980 | $9,810 | $15,440 | $17,050 | $15,820 | $17,300 | $15,770 | $14,810 | $11,760 | |
| Subtotal Cash from Operations | $6,620 | $10,365 | $18,430 | $10,980 | $9,810 | $15,440 | $17,050 | $15,820 | $17,300 | $15,770 | $14,810 | $11,760 | |
| Additional Cash Received | |||||||||||||
| Sales Tax, VAT, HST/GST Received | 0.00% | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| New Current Borrowing | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| New Other Liabilities (interest-free) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| New Long-term Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Sales of Other Current Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Sales of Long-term Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| New Investment Received | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Subtotal Cash Received | $6,620 | $10,365 | $18,430 | $10,980 | $9,810 | $15,440 | $17,050 | $15,820 | $17,300 | $15,770 | $14,810 | $11,760 | |
| 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 | |
| Expenditures from Operations | |||||||||||||
| Cash Spending | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Bill Payments | $106 | $3,223 | $4,904 | $13,156 | $3,684 | $5,148 | $11,238 | $9,926 | $7,916 | $9,596 | $8,112 | $7,927 | |
| Subtotal Spent on Operations | $106 | $3,223 | $4,904 | $13,156 | $3,684 | $5,148 | $11,238 | $9,926 | $7,916 | $9,596 | $8,112 | $7,927 | |
| Additional Cash Spent | |||||||||||||
| Sales Tax, VAT, HST/GST Paid Out | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Principal Repayment of Current Borrowing | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Other Liabilities Principal Repayment | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Long-term Liabilities Principal Repayment | $1,500 | $1,500 | $1,500 | $1,500 | $1,500 | $1,500 | $1,500 | $1,500 | $1,500 | $1,500 | $1,500 | $1,500 | |
| Purchase Other Current Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Purchase Long-term Assets | $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 | |
| Subtotal Cash Spent | $1,606 | $4,723 | $6,404 | $14,656 | $5,184 | $6,648 | $12,738 | $11,426 | $9,416 | $11,096 | $9,612 | $9,427 | |
| Net Cash Flow | $5,014 | $5,642 | $12,026 | ($3,676) | $4,626 | $8,792 | $4,312 | $4,394 | $7,884 | $4,674 | $5,198 | $2,333 | |
| Cash Balance | $32,014 | $37,656 | $49,682 | $46,005 | $50,631 | $59,423 | $63,736 | $68,130 | $76,013 | $80,687 | $85,885 | $88,218 | |
| Pro Forma Balance Sheet | |||||||||||||
| Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
| Assets | Starting Balances | ||||||||||||
| Current Assets | |||||||||||||
| Cash | $27,000 | $32,014 | $37,656 | $49,682 | $46,005 | $50,631 | $59,423 | $63,736 | $68,130 | $76,013 | $80,687 | $85,885 | $88,218 |
| Inventory | $5,000 | $4,095 | $2,938 | $6,105 | $3,540 | $2,673 | $5,099 | $5,544 | $4,725 | $5,088 | $4,626 | $4,439 | $3,234 |
| Other Current Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Current Assets | $32,000 | $36,109 | $40,593 | $55,787 | $49,545 | $53,304 | $64,522 | $69,280 | $72,854 | $81,101 | $85,312 | $90,323 | $91,452 |
| Long-term Assets | |||||||||||||
| Long-term Assets | $60,000 | $60,000 | $60,000 | $60,000 | $60,000 | $60,000 | $60,000 | $60,000 | $60,000 | $60,000 | $60,000 | $60,000 | $60,000 |
| Accumulated Depreciation | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Long-term Assets | $60,000 | $60,000 | $60,000 | $60,000 | $60,000 | $60,000 | $60,000 | $60,000 | $60,000 | $60,000 | $60,000 | $60,000 | $60,000 |
| Total Assets | $92,000 | $96,109 | $100,593 | $115,787 | $109,545 | $113,304 | $124,522 | $129,280 | $132,854 | $141,101 | $145,312 | $150,323 | $151,452 |
| 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 | $3,070 | $4,455 | $13,035 | $3,520 | $4,772 | $10,904 | $9,664 | $7,595 | $9,326 | $7,845 | $7,747 | $5,223 |
| 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 | $3,070 | $4,455 | $13,035 | $3,520 | $4,772 | $10,904 | $9,664 | $7,595 | $9,326 | $7,845 | $7,747 | $5,223 |
| Long-term Liabilities | $150,000 | $148,500 | $147,000 | $145,500 | $144,000 | $142,500 | $141,000 | $139,500 | $138,000 | $136,500 | $135,000 | $133,500 | $132,000 |
| Total Liabilities | $150,000 | $151,570 | $151,455 | $158,535 | $147,520 | $147,272 | $151,904 | $149,164 | $145,595 | $145,826 | $142,845 | $141,247 | $137,223 |
| Paid-in Capital | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Retained Earnings | ($58,000) | ($58,000) | ($58,000) | ($58,000) | ($58,000) | ($58,000) | ($58,000) | ($58,000) | ($58,000) | ($58,000) | ($58,000) | ($58,000) | ($58,000) |
| Earnings | $0 | $2,539 | $7,139 | $15,252 | $20,026 | $24,032 | $30,617 | $38,116 | $45,259 | $53,275 | $60,467 | $67,077 | $72,229 |
| Total Capital | ($58,000) | ($55,461) | ($50,861) | ($42,748) | ($37,975) | ($33,968) | ($27,383) | ($19,885) | ($12,741) | ($4,725) | $2,467 | $9,077 | $14,229 |
| Total Liabilities and Capital | $92,000 | $96,109 | $100,593 | $115,787 | $109,545 | $113,304 | $124,522 | $129,280 | $132,854 | $141,101 | $145,312 | $150,323 | $151,452 |
| Net Worth | ($58,000) | ($55,461) | ($50,861) | ($42,748) | ($37,975) | ($33,968) | ($27,383) | ($19,884) | ($12,741) | ($4,725) | $2,467 | $9,077 | $14,229 |
By 
