ABBEY ELECTROONICS SEVVICES

Executive Summary
Abbey Electronic Services is a full-service electronic repair business opening in the
revitalized Cherry Grove section of Montclair. The opening of the business is in
conjunction with the completion of the Cherry Grove Shopping Center. Two of the
center's tenants, Hurrys Electronics and Olson's Appliance Superstore, have signed
third-party repair agreements with Abbey Electronic Services. Abbey Electronic
Services is under contract to provide authorized warranty service for selected
manufacturers.
In addition to business clients, Abbey's will be open to the general public for repairs of
consumer electronics either with or without warranty service. The residential community
in Cherry Grove has experienced explosive growth and will serve as a strong customer
base for Abbey Electronic Services.
Abbey's owner, Richard Abbey, has 25 years of experience in the consumer electronics
repair field. His reputation for excellence is well established and he is a highly-respected
electronics instructor at the community college's Electronics Engineering Technology
program.
Abbey Electronic Services will have a staff of two electronics technicians in addition to
Richard.


BUSINESSS PLAN
1.1 Mission
Abbey Electronic Services aims to offer high-quality electrical repair services with
a focus on convenience and rapid service. Additionally, Abbey Electronic Services is
technologically savvy with computerized monitoring of all parts inventory, to ensure that
critical parts are always in stock, while keeping a balanced level of inventory to
maximize inventory turnover. Finally, Abbey Electronic Services has strong relationships
with the regional vendors who are capable of shipping major parts rapidly (on an
overnight timeline in most cases).
Abbey Electronic Services is about building a strong professional relationship with all
our customers that is grounded in honesty, fairness and integrity of service.
1.2 Keys to Success
Abbey Electronic Services' keys to success include:
Exceptional, expedient, and convenient electrical repair services.
Building a strong professional relationship with the customer base.
Rapid order and delivery of electrical part items.
Company Summary
Abbey Electronic Services is a start-up business managed by Richard Abbey. The
economic growth of Cherry Grove in the last several years has resulted in a revitalized
community with numerous new services and businesses. As a result, the area's need
for reliable and convenient electrical repair services has substantially risen as well.
Abbey Electronic Services will position itself to capitalize on the growing need of the
middle- and upper-class market for quality electrical repair service in the metropolitan
area. The company will be privately owned by Richard Abbey, with most of the
additional funding coming from a ten year SBA loan.
2.1 Start-up Summary
Richard Abbey will invest personal funds. The remainder of the required financing will
come from a ten-year Small Business Administration (SBA) loan. The following table
and chart show projected initial start-up costs Abbey Electronic Services.


Start-up Funding
Start-up Expenses to Fund $40,800
Start-up Assets to Fund $109,200
Total Funding Required $150,000
Assets

Non-cash Assets from Start-up $100,000
Cash Requirements from Start-
up
$9,200
Additional Cash Raised $0
Cash Balance on Starting Date $9,200
Total Assets $109,200
Liabilities and Capital

Liabilities

Current Borrowing $0
Long-term Liabilities $100,000
Accounts Payable (Outstanding
Bills)
$0
Other Current Liabilities
(interest-free)
$0
Total Liabilities $100,000
Capital

Planned Investment

Richard $50,000
Investor 2 $0
Other $0
Additional Investment
Requirement
$0
Total Planned Investment $50,000
Loss at Start-up (Start-up
Expenses)
($40,800)
Total Capital $9,200
Total Capital and Liabilities $109,200
Total Funding $150,000
Start-up
Requirements

Start-up Expenses

Legal $3,000
Stationery etc. $300
Rent $1,000
Start-Up Inventory $15,000
Leased Equipment $1,500
Start-Up Equipment $20,000
Other $0
Total Start-up
Expenses
$40,800
Start-up Assets

Cash Required $9,200
Other Current Assets $0
Long-term Assets
$100,00
0
Total Assets
$109,20
0
Total Requirements
$150,00
0
2.2 Company Ownership
Abbey Electronic Services is privately owned by Richard Abbey.
Services
Abbey Electronic Services are the following:
Service Contracts/Factory Warranty Repairs/Out of Warranty Repairs
Washer/Dryer: General Electric, Kenmore, Maytag, Whirlpool, Amana and
Frigidaire.
Refrigerators: Frigidaire, General Electric, Kenmore, and Whirlpool.
Cooking Ranges: General Electric, Whirlpool, Frigidaire, and Maytag.
Televisions: Philips Magnavox, RCA, Sony, and Zenith.
DVD Players/VCRs: Panasonic, RCA, Sony, and Toshiba.
Camcorders: Sony, JVC, Panasonic, RCA, and Sharp.

Market Analysis Summary
Abbey Electronic Services' focus is on meeting the demand of the local resident
customer base, as well as service agreements with Hurrys Electronics and Olson's
Appliance Superstore. Abbey Electronic Services' relationships with these two large
tenants of the Cherry Grove Shopping Center will serve as a solid foundation for the
growth of the business. The company estimates that about 60% of revenues will come
from the these two business customers. It is estimated that these contracts will grow
yearly at 15%. The remaining 40% will come from local walk-in traffic from local
residents. We estimate that this segment of potential customers will grow by 15%
annually. Over time, serving the local customer base will become the core of the
business.
4.1 Market Segmentation
The table and chart below further estimates the total market potential of services
rendered by Abbey Electronic Services in the metropolitan area.


Market Analysis

Year 1 Year 2 Year 3 Year 4 Year 5

Potential Customers Growth

CAGR
Service Contracts 15% 4,000 4,600 5,290 6,084 6,997 15.00%
Local Walk-In 15% 40,000 46,000 52,900 60,835 69,960 15.00%
Other 0% 0 0 0 0 0 0.00%
Total 15.00% 44,000 50,600 58,190 66,919 76,957 15.00%
4.2 Target Market Segment Strategy
The market of electronic repair services is very competitive. The majority of the
successful electronic repair shops have strong local customer support from years of
faithful service. The niche where Abbey Electronic Services positions itself represents
one convenient location for business clients and local residents. The Cherry Grove area
of Montclair has been booming with middle- and upper-class residential housing.
Currently, there is no established electronic repair service in the area. Abbey Electronic
Services success in obtaining service contracts from the two major electronic product
tenants of the Cherry Grove Shopping Center immediately establishes the business as
the local focus for electronic repairs.

Strategy and Implementation Summary
Abbey Electronic Services will succeed by offering its customers high-quality and
convenient electronic repair service. Each satisfied customer is a potential of five new
referrals so the quality of our workmanship is key to growing the business.
5.1 Competitive Edge
The competitive edge of Abbey Electronic Services is its people. Location and
marketing will get new customers in the door but without quality people, you won't keep
them. Richard Abbey knows this from working 25 years in the electronic repair
business. In 1976, Richard started with J. Arnold and Sons, the largest electronic repair
business in Montclair. He worked there for 10 years before taking over management of
Lucas Electronic Repair. The business was struggling. In two years, Richard turned the
business around. The staff grew from four to eight. Richard remained as for another five
years before returning to J. Arnold and Sons. As Manager of J. Arnold and Sons for the
past eight years, the company has grown dramatically, from a staff of 10 to its current
staff of 18.
Richard is also a successful teacher in the Montclair Community College Electronics
Engineering Technology program. His approach in the classroom is the same approach
with customers; straight forward and honest. He has been selected by the students as
the best instructor five years in a row.
This is the competitive advantage Richard brings to everything he does whether in a
business or a classroom.
To develop good business strategies, perform a SWOT analysis of your business. It's
easy with our free guide and template.
5.2 Sales Forecast
The following table and charts show the projected sales forecast for Abbey Electronic
Services.


Sales Forecast

Year 1 Year 2 Year 3
Sales

Service Contracts $137,000 $142,000 $155,000
Walk-In Customers $98,000 $110,000 $120,000
Total Sales $235,000 $252,000 $275,000
Direct Cost of Sales Year 1 Year 2 Year 3
Service Contracts $5,550 $6,200 $6,800
Walk-In Customers $4,700 $5,500 $6,000
Subtotal Direct Cost of Sales $10,250 $11,700 $12,800
Management Summary
Richard has hired electronic repair technicians, John Williamson and Jim Logan, to join
Abbey Electronic Services.
John Williamson has 15 years of experience in the electronic repair field. John worked
with Gilmore Electronic Repair for four years before joining Lucas Electronic Repairs.
Since that time, John has moved into a senior position at Lucas.
Jim Logan joins Abbey Electronic Services after working in the electronic repair field for
10 years in the Richmond Metro area. Jim has worked for both Premiere Electronic
Services and Billings Electronics, which are the dominant repair businesses in
Richmond.
Both of these technicians have a history of exceptional workmanship and great
customer relations.
6.1 Personnel Plan
The following is the staff's repair certification.
Richard is a certified to perform repairs on the following products.
Washer/Dryer: General Electric, Kenmore, and Maytag.
Refrigerators: Frigidaire and General Electric.
Cooking Ranges: General Electric and Whirlpool.
Televisions: Philips Magnavox and RCA.
John Williamson is a certified to perform repairs on the following products.
Washer/Dryer: General Electric, Whirlpool, Amana, and Frigidaire.
Refrigerators: Kenmore and Whirlpool.
Cooking Ranges: Frigidaire and Maytag.
Televisions: RCA, Sony, and Zenith.
Jim Logan is a certified to perform repairs on the following products.
Televisions: Philips Magnavox, RCA, Sony, and Zenith.
DVD Players/VCRs: Panasonic, RCA, Sony, and Toshiba.
Camcorders: Sony, JVC, Panasonic, RCA, and Sharp.

Personnel Plan

Year 1 Year 2 Year 3
Richard Abbey $48,000 $52,000 $58,000
John Williamson $48,000 $52,000 $58,000
Jim Logan $48,000 $52,000 $58,000
Other $0 $0 $0
Total People 0 0 0
Total Payroll $144,000 $156,000 $174,00

Financial Plan
The following is the financial plan for Abbey Electronic Services.
7.1 Break-even Analysis
The monthly break-even point is presented in the table and chart below.



Break-even Analysis
Monthly Revenue Break-even $17,777
Assumptions:

Average Percent Variable Cost 4%
Estimated Monthly Fixed Cost $17,002
7.2 Projected Profit and Loss
The following table and chart show projected profit and loss for three years.





Pro Forma Profit and Loss

Year 1 Year 2 Year 3
Sales $235,000 $252,000 $275,000
Direct Cost of Sales $10,250 $11,700 $12,800
Other Production Expenses $0 $0 $0
Total Cost of Sales $10,250 $11,700 $12,800
Gross Margin $224,750 $240,300 $262,200
Gross Margin % 95.64% 95.36% 95.35%
Expenses

Payroll $144,000 $156,000 $174,000
Sales and Marketing and Other
Expenses
$7,400 $5,400 $5,400
Depreciation $2,220 $2,220 $2,220
Leased Equipment $14,400 $14,400 $14,400
Utilities $2,400 $2,400 $2,400
Insurance $0 $0 $0
Rent $12,000 $12,000 $12,000
Payroll Taxes $21,600 $23,400 $26,100
Other $0 $0 $0
Total Operating Expenses $204,020 $215,820 $236,520
Profit Before Interest and Taxes $20,730 $24,480 $25,680
EBITDA $22,950 $26,700 $27,900
Interest Expense $10,000 $10,000 $10,000
Taxes Incurred $3,219 $4,344 $4,704
Net Profit $7,511 $10,136 $10,976
Net Profit/Sales 3.20% 4.02% 3.99%
7.3 Projected Cash Flow
The table and chart show the projected cash flow for three years.


Pro Forma Cash Flow

Year 1 Year 2 Year 3
Cash Received

Cash from Operations

Cash Sales $235,000 $252,000 $275,000
Subtotal Cash from Operations $235,000 $252,000 $275,000
Additional Cash Received

Sales Tax, VAT, HST/GST Received $0 $0 $0
New Current Borrowing $0 $0 $0
New Other Liabilities (interest-free) $0 $0 $0
New Long-term Liabilities $0 $0 $0
Sales of Other Current Assets $0 $0 $0
Sales of Long-term Assets $0 $0 $0
New Investment Received $0 $0 $0
Subtotal Cash Received $235,000 $252,000 $275,000
Expenditures Year 1 Year 2 Year 3
Expenditures from Operations

Cash Spending $144,000 $156,000 $174,000
Bill Payments $74,582 $83,456 $87,462
Subtotal Spent on Operations $218,582 $239,456 $261,462
Additional Cash Spent

Sales Tax, VAT, HST/GST Paid Out $0 $0 $0
Principal Repayment of Current
Borrowing
$0 $0 $0
Other Liabilities Principal Repayment $0 $0 $0
Long-term Liabilities Principal
Repayment
$0 $0 $0
Purchase Other Current Assets $0 $0 $0
Purchase Long-term Assets $0 $0 $0
Dividends $0 $0 $0
Subtotal Cash Spent $218,582 $239,456 $261,462
Net Cash Flow $16,418 $12,544 $13,538
Cash Balance $25,618 $38,162 $51,700


7.4 Projected Balance Sheet
The table shows the projected balance sheet for three years.
Pro Forma Balance Sheet

Year 1 Year 2 Year 3
Assets

Current Assets

Cash $25,618 $38,162 $51,700
Other Current Assets $0 $0 $0
Total Current Assets $25,618 $38,162 $51,700
Long-term Assets

Long-term Assets $100,000 $100,000 $100,000
Accumulated Depreciation $2,220 $4,440 $6,660
Total Long-term Assets $97,780 $95,560 $93,340
Total Assets $123,398 $133,722 $145,040
Liabilities and Capital Year 1 Year 2 Year 3
Current Liabilities

Accounts Payable $6,687 $6,875 $7,217
Current Borrowing $0 $0 $0
Other Current Liabilities $0 $0 $0
Subtotal Current Liabilities $6,687 $6,875 $7,217
Long-term Liabilities $100,000 $100,000 $100,000
Total Liabilities $106,687 $106,875 $107,217
Paid-in Capital $50,000 $50,000 $50,000
Retained Earnings ($40,800) ($33,289) ($23,153)
Earnings $7,511 $10,136 $10,976
Total Capital $16,711 $26,847 $37,823
Total Liabilities and Capital $123,398 $133,722 $145,040
Net Worth $16,711 $26,847 $37,823
7.5 Business Ratios
Business ratios for the years of this plan are shown below. Industry profile ratios based
on the Standard Industrial Classification (SIC) code 7622, Radio and Television Repair,
are shown for comparison.

Ratio Analysis

Year 1 Year 2 Year 3 Industry
Profile
Sales Growth 0.00% 7.23% 9.13% 6.10%
Percent of Total Assets

Other Current Assets 0.00% 0.00% 0.00% 27.50%
Total Current Assets 20.76% 28.54% 35.65% 76.90%
Long-term Assets 79.24% 71.46% 64.35% 23.10%
Total Assets 100.00% 100.00% 100.00% 100.00%
Current Liabilities 5.42% 5.14% 4.98% 36.90%
Long-term Liabilities 81.04% 74.78% 68.95% 15.80%
Total Liabilities 86.46% 79.92% 73.92% 52.70%
Net Worth 13.54% 20.08% 26.08% 47.30%
Percent of Sales

Sales 100.00% 100.00% 100.00% 100.00%
Gross Margin 95.64% 95.36% 95.35% 0.00%
Selling, General & Administrative
Expenses
92.44% 91.33% 92.26% 83.50%
Advertising Expenses 0.85% 0.00% 0.00% 0.50%
Profit Before Interest and Taxes 8.82% 9.71% 9.34% 3.10%
Main Ratios

Current 3.83 5.55 7.16 2.26
Quick 3.83 5.55 7.16 1.47
Total Debt to Total Assets 86.46% 79.92% 73.92% 52.70%
Pre-tax Return on Net Worth 64.21% 53.94% 41.46% 7.00%
Pre-tax Return on Assets 8.70% 10.83% 10.81% 14.70%
Additional Ratios Year 1 Year 2 Year 3

Net Profit Margin 3.20% 4.02% 3.99% n.a
Return on Equity 44.95% 37.75% 29.02% n.a
Activity Ratios

Accounts Payable Turnover 12.15 12.17 12.17 n.a
Payment Days 27 30 29 n.a
Total Asset Turnover 1.90 1.88 1.90 n.a
Debt Ratios

Debt to Net Worth 6.38 3.98 2.83 n.a
Current Labilities 0.06 0.06 0.07 n.a
Liquidity Ratios

Net Working Capital $18,931 $31,287 $44,483 n.a
Interest Coverage 2.07 2.45 2.57 n.a
Additional Ratios

Assets to Sales 0.53 0.53 0.53 n.a
Current Debt/Total Assets 5% 5% 5% n.a
Acid Test 3.83 5.55 7.16 n.a
Sales/Net Worth 14.06 9.39 7.27 n.a
Dividend Payout 0.00 0.00 0.00 n.a

Appendix

Sales Forecast

Mont
h 1
Mont
h 2
Mont
h 3
Mont
h 4
Mont
h 5
Mont
h 6
Mont
h 7
Mont
h 8
Mont
h 9
Mont
h 10
Mont
h 11
Mont
h 12
Sales

Service
Contra
cts
0
%
$9,00
0
$11,0
00
$12,0
00
$12,0
00
$12,0
00
$12,0
00
$12,0
00
$11,0
00
$12,0
00
$11,0
00
$12,0
00
$11,0
00
Walk-In
Custo
mers
0
%
$4,00
0
$5,00
0
$7,00
0
$8,00
0
$9,00
0
$10,0
00
$8,00
0
$9,00
0
$10,0
00
$10,0
00
$9,00
0
$9,00
0
Total
Sales
$13,0
00
$16,0
00
$19,0
00
$20,0
00
$21,0
00
$22,0
00
$20,0
00
$20,0
00
$22,0
00
$21,0
00
$21,0
00
$20,0
00
Direct
Cost of
Sales

Mont
h 1
Mont
h 2
Mont
h 3
Mont
h 4
Mont
h 5
Mont
h 6
Mont
h 7
Mont
h 8
Mont
h 9
Mont
h 10
Mont
h 11
Mont
h 12
Service
Contra
cts

$300 $400 $450 $400 $400 $450 $500 $500 $475 $575 $600 $500
Walk-In
Custo
mers

$200 $200 $300 $350 $350 $400 $450 $450 $500 $500 $500 $500
Subtot
al
Direct
Cost of
Sales

$500 $600 $750 $750 $750 $850 $950 $950 $975
$1,07
5
$1,10
0
$1,00
0


Pro Forma Profit and Loss

Mont
h 1
Mont
h 2
Mont
h 3
Mont
h 4
Mont
h 5
Mont
h 6
Mont
h 7
Mont
h 8
Mont
h 9
Mont
h 10
Mont
h 11
Mont
h 12
Sales

$13,0
00
$16,0
00
$19,0
00
$20,0
00
$21,0
00
$22,0
00
$20,0
00
$20,0
00
$22,0
00
$21,0
00
$21,0
00
$20,0
00
Direct
Cost of
Sales

$500 $600 $750 $750 $750 $850 $950 $950 $975
$1,07
5
$1,10
0
$1,00
0
Other
Producti
on
Expense
s

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total
Cost of
Sales

$500 $600 $750 $750 $750 $850 $950 $950 $975
$1,07
5
$1,10
0
$1,00
0
Gross
Margin
$12,5
00
$15,4
00
$18,2
50
$19,2
50
$20,2
50
$21,1
50
$19,0
50
$19,0
50
$21,0
25
$19,9
25
$19,9
00
$19,0
00
Gross
Margin
%

96.15
%
96.25
%
96.05
%
96.25
%
96.43
%
96.14
%
95.25
%
95.25
%
95.57
%
94.88
%
94.76
%
95.00
%
Expense
s
Payroll

$12,0
00
$12,0
00
$12,0
00
$12,0
00
$12,0
00
$12,0
00
$12,0
00
$12,0
00
$12,0
00
$12,0
00
$12,0
00
$12,0
00
Sales
and
Marketin
g and
Other
Expense
s

$800 $800 $900
$1,00
0
$500 $400 $500 $500 $300 $600 $600 $500
Depreci
ation
$185 $185 $185 $185 $185 $185 $185 $185 $185 $185 $185 $185
Leased
Equipm
ent

$1,20
0
$1,20
0
$1,20
0
$1,20
0
$1,20
0
$1,20
0
$1,20
0
$1,20
0
$1,20
0
$1,20
0
$1,20
0
$1,20
0
Utilities

$200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200
Insuranc
e
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Rent

$1,00
0
$1,00
0
$1,00
0
$1,00
0
$1,00
0
$1,00
0
$1,00
0
$1,00
0
$1,00
0
$1,00
0
$1,00
0
$1,00
0
Payroll 15 $1,80 $1,80 $1,80 $1,80 $1,80 $1,80 $1,80 $1,80 $1,80 $1,80 $1,80 $1,80
Taxes % 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
Operatin
g
Expense
s

$17,1
85
$17,1
85
$17,2
85
$17,3
85
$16,8
85
$16,7
85
$16,8
85
$16,8
85
$16,6
85
$16,9
85
$16,9
85
$16,8
85
Profit
Before
Interest
and
Taxes

($4,6
85)
($1,7
85)
$965
$1,86
5
$3,36
5
$4,36
5
$2,16
5
$2,16
5
$4,34
0
$2,94
0
$2,91
5
$2,11
5

Other
Liabilitie
s
Principal
Repaym
ent

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Long-
term
Liabilitie
s
Principal
Repaym
ent

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Purchas
e Other
Current
Assets

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Purchas
e Long-
term
Assets

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Dividend
s
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal
Cash
Spent

$12,1
56
$16,7
10
$17,6
84
$18,7
35
$19,0
91
$19,0
53
$19,3
28
$18,8
83
$18,8
99
$19,
360
$19,
341
$19,
343
Net
Cash
Flow

$844
($71
0)
$1,31
6
$1,26
5
$1,90
9
$2,94
7
$673
$1,11
7
$3,10
1
$1,6
40
$1,6
59
$657
Cash
Balance
$10,0
44
$9,33
4
$10,6
50
$11,9
15
$13,8
24
$16,7
71
$17,4
44
$18,5
61
$21,6
62
$23,
302
$24,
961
$25,
618



Pro Forma Balance Sheet

Mont
h 1
Mont
h 2
Mont
h 3
Mont
h 4
Mont
h 5
Mont
h 6
Mont
h 7
Mont
h 8
Mont
h 9
Mont
h 10
Mont
h 11
Mont
h 12
Assets
Starti
ng
Bala
nces

Curren
t
Assets

Cash
$9,20
0
$10,0
44
$9,33
4
$10,6
50
$11,9
15
$13,8
24
$16,7
71
$17,4
44
$18,5
61
$21,6
62
$23,3
02
$24,
961
$25,
618
Other
Curren
t
Assets
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total
Curren
t
Assets
$9,20
0
$10,0
44
$9,33
4
$10,6
50
$11,9
15
$13,8
24
$16,7
71
$17,4
44
$18,5
61
$21,6
62
$23,3
02
$24,
961
$25,
618
Long-
term
Assets

Long-
term
Assets
$100,
000
$100,
000
$100,
000
$100,
000
$100,
000
$100,
000
$100,
000
$100,
000
$100,
000
$100,
000
$100,
000
$100
,000
$100
,000
Accum
ulated
Deprec
iation
$0 $185 $370 $555 $740 $925
$1,11
0
$1,29
5
$1,48
0
$1,66
5
$1,85
0
$2,0
35
$2,2
20
Total
Long-
$100,
000
$99,8
15
$99,6
30
$99,4
45
$99,2
60
$99,0
75
$98,8
90
$98,7
05
$98,5
20
$98,3
35
$98,1
50
$97,
965
$97,
780
term
Assets
Total
Assets
$109,
200
$109,
859
$108,
964
$110,
095
$111,
175
$112,
899
$115,
661
$116,
149
$117,
081
$119,
997
$121,
452
$122
,926
$123
,398
Liabiliti
es and
Capital

Mont
h 1
Mont
h 2
Mont
h 3
Mont
h 4
Mont
h 5
Mont
h 6
Mont
h 7
Mont
h 8
Mont
h 9
Mont
h 10
Mont
h 11
Mont
h 12
Curren
t
Liabiliti
es

Accou
nts
Payabl
e
$0
$4,52
2
$5,46
0
$6,49
9
$6,85
6
$6,80
8
$7,09
8
$6,65
3
$6,65
3
$7,11
5
$7,09
6
$7,1
13
$6,6
87
Curren
t
Borrow
ing
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other
Curren
t
Liabiliti
es
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtot
al
Curren
t
Liabiliti
es
$0
$4,52
2
$5,46
0
$6,49
9
$6,85
6
$6,80
8
$7,09
8
$6,65
3
$6,65
3
$7,11
5
$7,09
6
$7,1
13
$6,6
87
Long-
term
Liabiliti
es
$100,
000
$100,
000
$100,
000
$100,
000
$100,
000
$100,
000
$100,
000
$100,
000
$100,
000
$100,
000
$100,
000
$100
,000
$100
,000
Total
Liabiliti
es
$100,
000
$104,
522
$105,
460
$106,
499
$106,
856
$106,
808
$107,
098
$106,
653
$106,
653
$107,
115
$107,
096
$107
,113
$106
,687
Paid-in
Capital
$50,0
00
$50,0
00
$50,0
00
$50,0
00
$50,0
00
$50,0
00
$50,0
00
$50,0
00
$50,0
00
$50,0
00
$50,0
00
$50,
000
$50,
000
Retain
ed
Earnin
gs
($40,
800)
($40,
800)
($40,
800)
($40,
800)
($40,
800)
($40,
800)
($40,
800)
($40,
800)
($40,
800)
($40,
800)
($40,
800)
($40,
800)
($40,
800)
Earnin
gs
$0
($3,8
63)
($5,6
96)
($5,6
03)
($4,8
81)
($3,1
09)
($63
7)
$295
$1,22
7
$3,68
2
$5,15
7
$6,6
14
$7,5
11
Total
Capital
$9,20
0
$5,33
7
$3,50
4
$3,59
7
$4,31
9
$6,09
1
$8,56
3
$9,49
5
$10,4
27
$12,8
82
$14,3
57
$15,
814
$16,
711
Total
Liabiliti
es and
Capital
$109,
200
$109,
859
$108,
964
$110,
095
$111,
175
$112,
899
$115,
661
$116,
149
$117,
081
$119,
997
$121,
452
$122
,926
$123
,398
Net
Worth
$9,20
0
$5,33
7
$3,50
4
$3,59
7
$4,31
9
$6,09
1
$8,56
3
$9,