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Page 1
Table of Contents
Page 2
Mojo Music
Mojo Music will be a CD store that specializes in used CDs and DVD rentals as well as blank
CD/DVD recording media. Our target customers are the 23,000 students of State University
and 40,000 non-student residents of the university area.
Mojo Music will be located one half block from the university campus on Taylor Street which is
the major retail/commercial section of the university area. The student foot traffic on Taylor is
heavy. The university bookstore is on Taylor Street, as well as numerous coffee houses,
restaurants, and shops that cater to the student population.
Though the location is perfect for our target customers, it is more important to understand
what our customers want from a CD store.
Twenty five years ago, it was popular among young adults to create mix cassette tapes of their
favorite music for personal use and as gifts for friends. Today, with the wide distribution of CD
recording equipment, Internet technology, and new recording formats like MP3, young adults
now have the ability to create personalized presentations of their favorite music. The market
for used CDs has exploded as a consequence of young listeners' ability to create quality
duplication from CDs. With the average price for a new CD at $16-$18, young adults would
rather buy a used CD for a little over half that price ($8-$11). It is even more attractive if they
can get in-store purchasing credit by selling their own CDs to the store.
Mojo Music will offer popular new releases and used CDs. We will have a attractive CD buying
program that will reward customers for spending money in the store. In addition to new CDs in
the store, a customer will be able to order any CD that is currently issued. We will have that
CD in the store within three days.
Affordable blank CD/DVD recording media is another important key in bringing our target
customers into the store. Young adults between 17-25 years of age are the largest group
purchasing CD and DVD recorders. There is no store that sells recording media within a 10 mile
radius of the university.
Similarly, there is no video/DVD rental store next to campus. The closest rental store is four
miles off campus. Due to the drop in price for DVD players, many students own DVD/CD
players, so the preferred format for movies is DVD. This is not true for the larger community
with still prefers video cassette.
Mojo Music will sell blank recording media and rent movies in DVD format.
Page 1
Mojo Music
Chart: Highlights
1.1 Objectives
To become the first place our target customers will go to sell and buy CDs.
To create a strong DVD rental business.
To increase blank media sales by 20% each year.
1.2 Mission
Page 2
Mojo Music
Mojo Music offers popular new CDs, used CDs, DVD rentals, and CD/DVD recording media. The
target customers for the store are the 23,000 students of the State University. The store is
located one half block from the major entrance to the university. The student group represents
a unique music buying and DVD rental group that is not being served by the area's existing CD
stores or video rental outlets.
The start-up cost of Mojo Music will consist primarily of inventory and display equipment. Karl
Payne will invest $50,000. In addition to securing a $100,000 SBA loan, Karl has also obtained
an investment of $100,000 from a silent partner.
Table: Start-up
Start-up
Requirements
Start-up Expenses
Legal $1,000
Stationery etc. $0
Brochures $0
Consultants $0
Insurance $0
Rent $4,000
Inventory $120,000
Expensed Equipment $20,000
Display Equipment $6,000
Other $0
Total Start-up Expenses $151,000
Start-up Assets
Cash Required $49,000
Start-up Inventory $0
Other Current Assets $0
Long-term Assets $50,000
Total Assets $99,000
Page 3
Mojo Music
Assets
Non-cash Assets from Start-up $50,000
Cash Requirements from Start-up $49,000
Additional Cash Raised $0
Cash Balance on Starting Date $49,000
Total Assets $99,000
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
Karl Payne $50,000
Investor 2 $100,000
Other $0
Additional Investment Requirement $0
Total Planned Investment $150,000
Page 4
Mojo Music
Chart: Start-up
The store owner is Karl Payne who has worked in CD stores for over ten years. Most recently,
he was the store manager for CD Warehouse for seven years supervising a staff 10.
3.0 Products
Mojo Music offers popular new CDs, used CDs, DVD rentals, and CD/DVD recording media. The
primary focus will be to satisfy the music/DVD needs of the target customers.
New CDs: CDs that are popular with our target group.
Used CDs: CDs that are in good condition and that have a reasonable chance of being
purchased.
DVD rentals: Movies that are popular with our target customers.
CD/DVD recording media: Provide the best quality for the best price.
It is estimated that the university student community spends over $75 million with local
businesses each year. Approximately 50% of these sales are for entertainment including music
and movies. The university's commercial/retail area borders the east side of the campus and it
is the main entrance onto campus. Each day, thousands of students shop and eat on Taylor
Street before, after, and between classes.
Currently, if a student wanted to purchase a used CD, he/she would have to take a ten minute
drive to reach the only used CD store in town. Similarly, he/she would also have to drive to
reach the closest video rental store to the campus community.
Mojo Music offers the student the ability to buy a CD or rent a DVD during the day while on
campus.
Page 5
Mojo Music
Used CD buyer/seller: The shelf life for music is very short with young adults. What was
popular three months ago can quickly become boring. The music industry is aware of this
trend and is constantly releasing the next great hit to satisfy this hunger for the new. But
what does the buyer do with old CDs that are no longer being rotating into the CD player?
Mojo Music will be uniquely designed to attract and retain this important customer group.
CD/DVD recording media buyer: This customer group is very significant. They have
already embraced the technology that gives them the freedom to create their own CDs and
DVDs. The purchase/sell turnaround on a CD/DVD is very quick with this group. They will
be a great source for used popular CDs and DVDs. Mojo Music will set up an in-house credit
system that will bring this customer group into the store.
DVD renters: As stated before, the student population represents a unique group of DVD
users. Many manufacturers now make cheap CD/DVD players that are targeted at young
adults. So DVD rentals are much higher with this customer group than the population as a
whole. Mojo Music's location is perfect to capture the walk-in business for DVD rentals.
Market Analysis
Year 1 Year 2 Year 3 Year 4 Year 5
Potential Customers Growth CAGR
Used CD Buyer/Seller 15% 10,000 11,500 13,225 15,209 17,490 15.00%
CD/DVD Recording Media 10% 4,000 4,400 4,840 5,324 5,856 10.00%
Buyer
DVD Renters 15% 10,000 11,500 13,225 15,209 17,490 15.00%
Other 0% 0 0 0 0 0 0.00%
Total 14.21% 24,000 27,400 31,290 35,742 40,836 14.21%
Page 6
Mojo Music
The advancement of CD recording equipment, Internet technology, and new recording formats
like MP3, has turned young adults into a new type of music and movie consumer. This trend
has already depressed CD sales nationwide and many CD stores have gone out of business in
last five years.
To be successful, a store must respond to the market opportunity the target consumer is
providing. Though the game has changed, there is still tremendous opportunity if a CD store
can read the market needs and trends correctly.
The student population that Mojo Music is targeting is very comfortable with the newest
technology and has easy access to CD/DVD recording equipment. This creates a new
expectation in the consumer's mind concerning what is an affordable price for music. Most
college-aged adults have reported in numerous industry polls that the price of new CDs should
be lower. This search for a lower price led to the explosion of MP3 on the Internet.
Consequently, CD recording media has increased in sales.
Quality used CDs fill the niche that this concern creates by offering a lower price for popular
music.
Another area where the college-age consumers is leading the market is in the use of DVDs. At
most video rental shops, DVDs are small subsection of available rentals. Currently, these shops
primarily serve consumers who prefer video cassettes. Though this trend is changing, DVD
owners find the selection limited.
Page 7
Mojo Music
Mojo Music will be heavily promoting the store. We will use the student daily paper to advertise
a $2 off per CD coupon. In addition, we will have a drawing for five CD/DVD players each
week. We will continue the drawings for the first eight weeks of the store's operation.
Location: Mojo Music is on Taylor Street, one half block from the entrance to the
university. The student foot traffic on Taylor Street is very strong. The closest used CD
store to the university area is a ten minute drive.
Quality used CDs: With the average price for a new CD at $16-$18, young adults would
rather buy a used CD for a little over half that price ($8-$11). It is even more attractive if
they can get in-store purchasing credit by selling their own CDs to the store.
CD/DVD recording media: Young adults between 17-25 years of age are the largest
group purchasing CD and DVD recorders. There is no store that sells recording media
within a 10 mile radius of the university.
DVD rentals: The closest rental store is four miles off campus. Due to the drop in price for
DVD players, many students own DVD/CD players, so their reasonable format for movies
are DVD.
The key to Mojo Music's sales strategy is to get the sellers of used CDs to spend their money in
the store. To accomplish this goal, we will offer the seller two options for their CDs: cash and
in-store credit. In-store credit will be 20% more than cash. This can be used to buy CDs or
CD/DVD recording media. In-store credit can also be used to rent DVDs.
Page 8
Mojo Music
Sales Forecast
Year 1 Year 2 Year 3
Unit Sales
New CDs 18,400 20,000 23,000
Used CDs 33,500 38,000 41,000
CD/DVD Recording Media 15,100 18,000 21,000
DVD Rentals 28,100 30,000 33,000
Other 0 0 0
Total Unit Sales 95,100 106,000 118,000
Sales
New CDs $294,400 $320,000 $368,000
Used CDs $335,000 $380,000 $410,000
CD/DVD Recording Media $151,000 $180,000 $210,000
DVD Rentals $84,300 $90,000 $99,000
Other $0 $0 $0
Total Sales $864,700 $970,000 $1,087,000
Page 9
Mojo Music
Page 10
Mojo Music
Karl Payne is the owner/manager of Mojo Music. Karl has worked for over 15 years in
record/CD stores. As a student at State University, Karl worked at The Record Factory, a
successful downtown record store, in the late 80's. After graduating in 1989 with a BA in
english, Karl went on to managed two record/CD stores; the Palace (89-93) and the CD
Warehouse. Karl is a excellent staff supervisor and will do very well in managing the staff of
Mojo Music.
Manager.
Assistant manager.
Four customer assistants.
Table: Personnel
Personnel Plan
Year 1 Year 2 Year 3
Manager $36,000 $40,000 $45,000
Assistant Manager $30,000 $33,000 $37,000
Customer Assistants $72,000 $75,000 $80,000
Other $0 $0 $0
Total People 6 6 6
Page 11
Mojo Music
Break-even Analysis
Assumptions:
Average Per-Unit Revenue $9.09
Average Per-Unit Variable Cost $4.82
Estimated Monthly Fixed Cost $26,553
Page 12
Mojo Music
The following table and charts are the projected profit and loss for three years.
Page 13
Mojo Music
Page 14
Mojo Music
Expenses
Payroll $138,000 $148,000 $162,000
Sales and Marketing and Other Expenses $100,000 $110,000 $130,000
Depreciation $7,140 $7,143 $7,143
Leased Equipment $0 $0 $0
Utilities $4,800 $4,800 $4,800
Insurance $0 $0 $0
Rent $48,000 $48,000 $48,000
Payroll Taxes $20,700 $22,200 $24,300
Other $0 $0 $0
Page 15
Mojo Music
Chart: Cash
Page 16
Mojo Music
Page 17
Mojo Music
Current Assets
Cash $36,653 $71,897 $133,019
Accounts Receivable $142,360 $159,696 $178,958
Inventory $59,730 $52,421 $59,194
Other Current Assets $0 $0 $0
Total Current Assets $238,743 $284,014 $371,172
Long-term Assets
Long-term Assets $50,000 $50,000 $50,000
Accumulated Depreciation $7,140 $14,283 $21,426
Total Long-term Assets $42,860 $35,717 $28,574
Total Assets $281,603 $319,731 $399,746
Current Liabilities
Accounts Payable $79,475 $59,996 $68,474
Current Borrowing $0 $0 $0
Other Current Liabilities $0 $0 $0
Subtotal Current Liabilities $79,475 $59,996 $68,474
Page 18
Mojo Music
Table: Ratios
Ratio Analysis
Year 1 Year 2 Year 3 Industry Profile
Sales Growth n.a. 12.18% 12.06% 2.40%
Percent of Sales
Sales 100.00% 100.00% 100.00% 100.00%
Gross Margin 46.99% 47.22% 47.10% 33.50%
Selling, General & Administrative Expenses 40.61% 39.22% 38.68% 18.50%
Advertising Expenses 5.78% 5.15% 4.60% 3.60%
Profit Before Interest and Taxes 10.14% 12.15% 12.49% 1.60%
Main Ratios
Current 3.00 4.73 5.42 1.99
Quick 2.25 3.86 4.56 0.78
Total Debt to Total Assets 56.63% 37.54% 27.14% 55.00%
Pre-tax Return on Net Worth 64.48% 55.51% 44.89% 4.10%
Pre-tax Return on Assets 27.96% 34.67% 32.71% 9.00%
Activity Ratios
Accounts Receivable Turnover 4.56 4.56 4.56 n.a
Collection Days 56 76 76 n.a
Inventory Turnover 10.91 9.13 10.30 n.a
Accounts Payable Turnover 9.11 12.17 12.17 n.a
Payment Days 27 35 28 n.a
Total Asset Turnover 3.07 3.03 2.72 n.a
Debt Ratios
Debt to Net Worth 1.31 0.60 0.37 n.a
Current Liab. to Liab. 0.50 0.50 0.63 n.a
Liquidity Ratios
Net Working Capital $159,268 $224,018 $302,698 n.a
Interest Coverage 9.83 16.83 27.14 n.a
Additional Ratios
Assets to Sales 0.33 0.33 0.37 n.a
Current Debt/Total Assets 28% 19% 17% n.a
Acid Test 0.46 1.20 1.94 n.a
Sales/Net Worth 7.08 4.86 3.73 n.a
Dividend Payout 0.00 0.00 0.00 n.a
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
Unit Sales
New CDs 0% 1,000 1,000 1,300 1,400 1,800 2,000 1,500 1,200 1,600 1,600 1,900 2,100
Used CDs 0% 2,000 2,500 2,500 2,800 3,000 3,200 2,500 2,000 2,800 3,000 3,200 4,000
CD/DVD Recording Media 0% 1,000 1,000 1,000 1,300 1,500 1,300 1,000 1,000 1,000 1,300 1,700 2,000
DVD Rentals 0% 2,000 1,200 1,300 1,800 2,200 2,800 2,000 2,000 2,800 3,400 3,400 3,200
Other 0% 0 0 0 0 0 0 0 0 0 0 0 0
Total Unit Sales 6,000 5,700 6,100 7,300 8,500 9,300 7,000 6,200 8,200 9,300 10,200 11,300
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
New CDs $16.00 $16.00 $16.00 $16.00 $16.00 $16.00 $16.00 $16.00 $16.00 $16.00 $16.00 $16.00
Used CDs $10.00 $10.00 $10.00 $10.00 $10.00 $10.00 $10.00 $10.00 $10.00 $10.00 $10.00 $10.00
CD/DVD Recording Media $10.00 $10.00 $10.00 $10.00 $10.00 $10.00 $10.00 $10.00 $10.00 $10.00 $10.00 $10.00
DVD Rentals $3.00 $3.00 $3.00 $3.00 $3.00 $3.00 $3.00 $3.00 $3.00 $3.00 $3.00 $3.00
Other $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Sales
New CDs $16,000 $16,000 $20,800 $22,400 $28,800 $32,000 $24,000 $19,200 $25,600 $25,600 $30,400 $33,600
Used CDs $20,000 $25,000 $25,000 $28,000 $30,000 $32,000 $25,000 $20,000 $28,000 $30,000 $32,000 $40,000
CD/DVD Recording Media $10,000 $10,000 $10,000 $13,000 $15,000 $13,000 $10,000 $10,000 $10,000 $13,000 $17,000 $20,000
DVD Rentals $6,000 $3,600 $3,900 $5,400 $6,600 $8,400 $6,000 $6,000 $8,400 $10,200 $10,200 $9,600
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Sales $52,000 $54,600 $59,700 $68,800 $80,400 $85,400 $65,000 $55,200 $72,000 $78,800 $89,600 $103,200
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
New CDs 0.00% $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00
Used CDs 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
CD/DVD Recording Media 0.00% $4.00 $4.00 $4.00 $4.00 $4.00 $4.00 $4.00 $4.00 $4.00 $4.00 $4.00 $4.00
DVD Rentals 0.00% $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
Other 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
Page 1
Appendix
Page 2
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
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
Assistant Manager 0% $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500
Customer Assistants 0% $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000
Other 0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total People 6 6 6 6 6 6 6 6 6 6 6 6
Total Payroll $11,500 $11,500 $11,500 $11,500 $11,500 $11,500 $11,500 $11,500 $11,500 $11,500 $11,500 $11,500
Page 3
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 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% 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 4
Appendix
Gross Margin $25,000 $25,900 $27,600 $32,400 $37,400 $39,400 $30,000 $26,000 $33,600 $37,600 $42,500 $48,900
Gross Margin % 48.08% 47.44% 46.23% 47.09% 46.52% 46.14% 46.15% 47.10% 46.67% 47.72% 47.43% 47.38%
Expenses
Payroll $11,500 $11,500 $11,500 $11,500 $11,500 $11,500 $11,500 $11,500 $11,500 $11,500 $11,500 $11,500
Sales and Marketing and Other $20,000 $20,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000
Expenses
Depreciation $595 $595 $595 $595 $595 $595 $595 $595 $595 $595 $595 $595
Leased Equipment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Utilities $400 $400 $400 $400 $400 $400 $400 $400 $400 $400 $400 $400
Insurance $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Rent $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000
Payroll Taxes 15% $1,725 $1,725 $1,725 $1,725 $1,725 $1,725 $1,725 $1,725 $1,725 $1,725 $1,725 $1,725
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Operating Expenses $38,220 $38,220 $24,220 $24,220 $24,220 $24,220 $24,220 $24,220 $24,220 $24,220 $24,220 $24,220
Profit Before Interest and Taxes ($13,220) ($12,320) $3,380 $8,180 $13,180 $15,180 $5,780 $1,780 $9,380 $13,380 $18,280 $24,680
EBITDA ($12,625) ($11,725) $3,975 $8,775 $13,775 $15,775 $6,375 $2,375 $9,975 $13,975 $18,875 $25,275
Interest Expense $819 $806 $792 $778 $764 $750 $736 $722 $708 $695 $681 $667
Taxes Incurred ($4,212) ($3,938) $776 $2,221 $3,725 $4,329 $1,513 $317 $2,601 $3,806 $5,280 $7,204
Net Profit ($9,828) ($9,188) $1,812 $5,182 $8,691 $10,101 $3,531 $740 $6,070 $8,880 $12,320 $16,809
Net Profit/Sales -18.90% -16.83% 3.03% 7.53% 10.81% 11.83% 5.43% 1.34% 8.43% 11.27% 13.75% 16.29%
Page 5
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
Net Cash Flow ($2,814) ($8,786) ($12,605) ($4,646) ($4,671) ($6,787) ($2,021) $26,943 $16,422 ($15,499) $2,140 ($23)
Page 6
Appendix
Cash Balance $46,186 $37,400 $24,795 $20,150 $15,479 $8,691 $6,671 $33,613 $50,035 $34,536 $36,676 $36,653
Current Assets
Cash $49,000 $46,186 $37,400 $24,795 $20,150 $15,479 $8,691 $6,671 $33,613 $50,035 $34,536 $36,676 $36,653
Accounts Receivable $0 $39,000 $78,650 $84,360 $94,883 $110,180 $122,340 $110,665 $88,525 $94,020 $111,300 $124,330 $142,360
Inventory $0 $29,700 $31,570 $35,310 $40,040 $47,300 $50,600 $38,500 $32,120 $42,240 $45,320 $51,810 $59,730
Other Current Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Current Assets $49,000 $114,886 $147,620 $144,465 $155,072 $172,959 $181,631 $155,836 $154,258 $186,295 $191,156 $212,816 $238,743
Long-term Assets
Long-term Assets $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000
Accumulated Depreciation $0 $595 $1,190 $1,785 $2,380 $2,975 $3,570 $4,165 $4,760 $5,355 $5,950 $6,545 $7,140
Total Long-term Assets $50,000 $49,405 $48,810 $48,215 $47,620 $47,025 $46,430 $45,835 $45,240 $44,645 $44,050 $43,455 $42,860
Total Assets $99,000 $164,291 $196,430 $192,680 $202,692 $219,984 $228,061 $201,671 $199,498 $230,940 $235,206 $256,271 $281,603
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 $76,785 $51,777 $47,882 $54,378 $64,645 $64,287 $36,032 $34,785 $61,823 $58,875 $69,286 $79,475
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 $76,785 $51,777 $47,882 $54,378 $64,645 $64,287 $36,032 $34,785 $61,823 $58,875 $69,286 $79,475
Long-term Liabilities $100,000 $98,334 $96,668 $95,002 $93,336 $91,670 $90,004 $88,338 $86,672 $85,006 $83,340 $81,674 $80,008
Total Liabilities $100,000 $175,119 $148,445 $142,884 $147,714 $156,315 $154,291 $124,370 $121,457 $146,829 $142,215 $150,960 $159,483
Paid-in Capital $150,000 $150,000 $218,000 $218,000 $218,000 $218,000 $218,000 $218,000 $218,000 $218,000 $218,000 $218,000 $218,000
Retained Earnings ($151,000) ($151,000) ($151,000) ($151,000) ($151,000) ($151,000) ($151,000) ($151,000) ($151,000) ($151,000) ($151,000) ($151,000) ($151,000)
Earnings $0 ($9,828) ($19,016) ($17,204) ($12,022) ($3,331) $6,770 $10,301 $11,041 $17,111 $25,991 $38,311 $55,120
Total Capital ($1,000) ($10,828) $47,984 $49,796 $54,978 $63,669 $73,770 $77,301 $78,041 $84,111 $92,991 $105,311 $122,120
Total Liabilities and Capital $99,000 $164,291 $196,430 $192,680 $202,692 $219,984 $228,061 $201,671 $199,498 $230,940 $235,206 $256,271 $281,603
Net Worth ($1,000) ($10,828) $47,984 $49,796 $54,978 $63,669 $73,770 $77,301 $78,041 $84,111 $92,991 $105,311 $122,120
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