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Willamette Furniture

Appendix

Sales Forecast
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Unit Sales
Executive desk oak 15% 14 16 16 16 15 12 12 15 15 26 27 25
Executive desk cherry 5% 2 3 3 3 2 2 2 2 3 4 3 2
Other furniture oak 5% 3 4 4 4 3 3 3 4 4 4 5 4
Other furniture cherry 5% 0 1 0 0 0 1 0 1 1 1 1 1
Other 20% 1 0 0 1 1 0 1 0 0 1 1 0
Total Unit Sales 20 24 23 24 21 18 18 22 23 36 37 32
Unit Prices Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Executive desk oak $1,600.00 $1,600.00 $1,600.00 $1,600.00 $1,600.00 $1,600.00 $1,600.00 $1,600.00 $1,600.00 $1,600.00 $1,600.00 $1,600.00
Executive desk cherry $1,750.00 $1,750.00 $1,750.00 $1,750.00 $1,750.00 $1,750.00 $1,750.00 $1,750.00 $1,750.00 $1,750.00 $1,750.00 $1,750.00
Other furniture oak $900.00 $900.00 $900.00 $900.00 $900.00 $900.00 $900.00 $900.00 $900.00 $900.00 $900.00 $900.00
Other furniture cherry $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
Other $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
Sales
Executive desk oak $22,400 $25,600 $25,600 $25,600 $24,000 $19,200 $19,200 $24,000 $24,000 $41,600 $43,200 $40,000
Executive desk cherry $3,500 $5,250 $5,250 $5,250 $3,500 $3,500 $3,500 $3,500 $5,250 $7,000 $5,250 $3,500
Other furniture oak $2,700 $3,600 $3,600 $3,600 $2,700 $2,700 $2,700 $3,600 $3,600 $3,600 $4,500 $3,600
Other furniture cherry $0 $1,000 $0 $0 $0 $1,000 $0 $1,000 $1,000 $1,000 $1,000 $1,000
Other $2,500 $0 $0 $2,500 $2,500 $0 $2,500 $0 $0 $2,500 $2,500 $0
Total Sales $31,100 $35,450 $34,450 $36,950 $32,700 $26,400 $27,900 $32,100 $33,850 $55,700 $56,450 $48,100
Direct Unit Costs Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Executive desk oak 25.00% $400.00 $400.00 $400.00 $400.00 $400.00 $400.00 $400.00 $400.00 $400.00 $400.00 $400.00 $400.00
Executive desk cherry 30.00% $525.00 $525.00 $525.00 $525.00 $525.00 $525.00 $525.00 $525.00 $525.00 $525.00 $525.00 $525.00
Other furniture oak 20.00% $180.00 $180.00 $180.00 $180.00 $180.00 $180.00 $180.00 $180.00 $180.00 $180.00 $180.00 $180.00
Other furniture cherry 30.00% $300.00 $300.00 $300.00 $300.00 $300.00 $300.00 $300.00 $300.00 $300.00 $300.00 $300.00 $300.00
Other 25.00% $625.00 $625.00 $625.00 $625.00 $625.00 $625.00 $625.00 $625.00 $625.00 $625.00 $625.00 $625.00
Direct Cost of Sales
Executive desk oak $5,600 $6,400 $6,400 $6,400 $6,000 $4,800 $4,800 $6,000 $6,000 $10,400 $10,800 $10,000
Executive desk cherry $1,050 $1,575 $1,575 $1,575 $1,050 $1,050 $1,050 $1,050 $1,575 $2,100 $1,575 $1,050
Other furniture oak $540 $720 $720 $720 $540 $540 $540 $720 $720 $720 $900 $720
Other furniture cherry $0 $300 $0 $0 $0 $300 $0 $300 $300 $300 $300 $300
Other $625 $0 $0 $625 $625 $0 $625 $0 $0 $625 $625 $0
Subtotal Direct Cost of Sales $7,815 $8,995 $8,695 $9,320 $8,215 $6,690 $7,015 $8,070 $8,595 $14,145 $14,200 $12,070
Personnel Plan
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Production Personnel
Workshop manager $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500
Assembly $1,800 $1,800 $1,800 $1,800 $1,800 $1,800 $1,800 $1,800 $1,800 $1,800 $1,800 $1,800
Name or Title or Group $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal $4,300 $4,300 $4,300 $4,300 $4,300 $4,300 $4,300 $4,300 $4,300 $4,300 $4,300 $4,300
Sales and Marketing Personnel
Marketing manager $4,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal $4,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000
General and Administrative Personnel
President $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000
Other Personnel
Design $250 $250 $250 $250 $250 $250 $250 $250 $250 $250 $250 $250
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal $250 $250 $250 $250 $250 $250 $250 $250 $250 $250 $250 $250
Total People 0 0 0 0 0 0 0 0 0 0 0 0
Total Payroll $12,550 $11,550 $11,550 $11,550 $11,550 $11,550 $11,550 $11,550 $11,550 $11,550 $11,550 $11,550

Pro Forma Profit and Loss
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Sales $31,100 $35,450 $34,450 $36,950 $32,700 $26,400 $27,900 $32,100 $33,850 $55,700 $56,450 $48,100
Direct Cost of Sales $7,815 $8,995 $8,695 $9,320 $8,215 $6,690 $7,015 $8,070 $8,595 $14,145 $14,200 $12,070
Production Payroll $4,300 $4,300 $4,300 $4,300 $4,300 $4,300 $4,300 $4,300 $4,300 $4,300 $4,300 $4,300
Other Costs of Sales $3,110 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Cost of Sales $15,225 $13,295 $12,995 $13,620 $12,515 $10,990 $11,315 $12,370 $12,895 $18,445 $18,500 $16,370
Gross Margin $15,875 $22,155 $21,455 $23,330 $20,185 $15,410 $16,585 $19,730 $20,955 $37,255 $37,950 $31,730
Gross Margin % 51.05% 62.50% 62.28% 63.14% 61.73% 58.37% 59.44% 61.46% 61.91% 66.89% 67.23% 65.97%
Operating Expenses
Sales and Marketing Expenses
Sales and Marketing Payroll $4,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000
Advertising/Promotion $8,000 $8,000 $0 $8,000 $8,000 $0 $8,000 $8,000 $0 $8,000 $8,000 $0
Miscellaneous $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200
Events $0 $750 $0 $0 $3,000 $0 $0 $0 $0 $2,500 $0 $0
Public Relations $0 $250 $0 $0 $500 $0 $0 $0 $0 $0 $0 $0
Travel $0 $500 $0 $0 $2,000 $0 $500 $0 $0 $0 $1,500 $0
Total Sales and Marketing Expenses $12,200 $12,700 $3,200 $11,200 $16,700 $3,200 $11,700 $11,200 $3,200 $13,700 $12,700 $3,200
Sales and Marketing % 39.23% 35.83% 9.29% 30.31% 51.07% 12.12% 41.94% 34.89% 9.45% 24.60% 22.50% 6.65%
General and Administrative Expenses
General and Administrative Payroll $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000
Marketing/Promotion $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Depreciation $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,000
Leased Equipment $125 $125 $125 $125 $125 $125 $125 $125 $125 $125 $125 $125
Rent $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300
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 $500
Payroll Taxes 15% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other General and Administrative Expenses $100 $100 $100 $100 $100 $100 $100 $100 $100 $100 $100 $100
Total General and Administrative Expenses $4,725 $4,725 $4,725 $4,725 $4,725 $4,725 $4,725 $4,725 $4,725 $4,725 $4,725 $6,225
General and Administrative % 15.19% 13.33% 13.72% 12.79% 14.45% 17.90% 16.94% 14.72% 13.96% 8.48% 8.37% 12.94%
Other Expenses:
Other Payroll $250 $250 $250 $250 $250 $250 $250 $250 $250 $250 $250 $250
Consultants $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other Expenses $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Other Expenses $250 $250 $250 $250 $250 $250 $250 $250 $250 $250 $250 $250
Other % 0.80% 0.71% 0.73% 0.68% 0.76% 0.95% 0.90% 0.78% 0.74% 0.45% 0.44% 0.52%
Total Operating Expenses $17,175 $17,675 $8,175 $16,175 $21,675 $8,175 $16,675 $16,175 $8,175 $18,675 $17,675 $9,675
Profit Before Interest and Taxes ($1,300) $4,480 $13,280 $7,155 ($1,490) $7,235 ($90) $3,555 $12,780 $18,580 $20,275 $22,055
EBITDA ($1,300) $4,480 $13,280 $7,155 ($1,490) $7,235 ($90) $3,555 $12,780 $18,580 $20,275 $23,055
Interest Expense $625 $615 $563 $552 $510 $469 $417 $406 $396 $510 $542 $490
Taxes Incurred ($578) $966 $3,179 $1,651 ($500) $1,692 ($127) $787 $3,096 $4,517 $4,933 $5,391
Net Profit ($1,348) $2,899 $9,538 $4,952 ($1,500) $5,075 ($380) $2,362 $9,288 $13,552 $14,800 $16,174
Net Profit/Sales -4.33% 8.18% 27.69% 13.40% -4.59% 19.22% -1.36% 7.36% 27.44% 24.33% 26.22% 33.63%

Pro Forma Cash Flow
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Cash Received
Cash from Operations
Cash Sales $7,775 $8,863 $8,613 $9,238 $8,175 $6,600 $6,975 $8,025 $8,463 $13,925 $14,113 $12,025
Cash from Receivables $13,803 $14,580 $23,434 $26,563 $25,900 $27,606 $24,368 $19,838 $21,030 $24,119 $25,934 $41,794
Subtotal Cash from Operations $21,578 $23,443 $32,046 $35,800 $34,075 $34,206 $31,343 $27,863 $29,493 $38,044 $40,046 $53,819
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 $75,000 $5,000 $0 $5,000 $0 $0 $0 $5,000 $5,000 $20,000 $10,000 $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 $25,000 $0 $0 $0 $0 $0 $0 $25,000 $0 $0 $0
Subtotal Cash Received $96,578 $53,443 $32,046 $40,800 $34,075 $34,206 $31,343 $32,863 $59,493 $58,044 $50,046 $53,819
Expenditures Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Expenditures from Operations
Cash Spending $12,550 $11,550 $11,550 $11,550 $11,550 $11,550 $11,550 $11,550 $11,550 $11,550 $11,550 $11,550
Bill Payments $11,777 $17,725 $21,877 $13,329 $21,089 $21,102 $8,544 $17,128 $19,053 $14,291 $35,948 $29,725
Subtotal Spent on Operations $24,327 $29,275 $33,427 $24,879 $32,639 $32,652 $20,094 $28,678 $30,603 $25,841 $47,498 $41,275
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 $6,250 $6,250 $6,250 $5,000 $5,000 $6,250 $6,250 $6,250 $6,250 $6,250 $6,250
Other Liabilities Principal Repayment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Long-term Liabilities Principal Repayment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Purchase Other Current Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Purchase Long-term Assets $0 $25,000 $0 $0 $0 $0 $0 $0 $25,000 $0 $0 $0
Dividends $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal Cash Spent $24,327 $60,525 $39,677 $31,129 $37,639 $37,652 $26,344 $34,928 $61,853 $32,091 $53,748 $47,525
Net Cash Flow $72,251 ($7,083) ($7,631) $9,671 ($3,564) ($3,446) $4,999 ($2,065) ($2,361) $25,953 ($3,702) $6,294
Cash Balance $73,689 $66,606 $58,975 $68,647 $65,083 $61,637 $66,636 $64,570 $62,210 $88,163 $84,461 $90,755

Pro Forma Balance Sheet
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Assets Starting Balances
Current Assets
Cash $1,438 $73,689 $66,606 $58,975 $68,647 $65,083 $61,637 $66,636 $64,570 $62,210 $88,163 $84,461 $90,755
Accounts Receivable $27,605 $37,128 $49,135 $51,539 $52,689 $51,314 $43,508 $40,065 $44,303 $48,660 $66,316 $82,720 $77,001
Inventory $10,141 $7,815 $8,995 $8,695 $9,320 $8,215 $6,690 $7,015 $8,070 $8,595 $14,145 $14,200 $12,070
Other Current Assets $2,375 $2,375 $2,375 $2,375 $2,375 $2,375 $2,375 $2,375 $2,375 $2,375 $2,375 $2,375 $2,375
Total Current Assets $41,559 $121,006 $127,111 $121,584 $133,030 $126,987 $114,210 $116,091 $119,318 $121,840 $170,999 $183,756 $182,201
Long-term Assets
Long-term Assets $3,210 $3,210 $28,210 $28,210 $28,210 $28,210 $28,210 $28,210 $28,210 $53,210 $53,210 $53,210 $53,210
Accumulated Depreciation $1,720 $1,720 $1,720 $1,720 $1,720 $1,720 $1,720 $1,720 $1,720 $1,720 $1,720 $1,720 $2,720
Total Long-term Assets $1,490 $1,490 $26,490 $26,490 $26,490 $26,490 $26,490 $26,490 $26,490 $51,490 $51,490 $51,490 $50,490
Total Assets $43,049 $122,496 $153,601 $148,074 $159,520 $153,477 $140,700 $142,581 $145,808 $173,330 $222,489 $235,246 $232,691
Liabilities and Capital Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Current Liabilities
Accounts Payable $11,191 $16,986 $21,442 $12,626 $20,370 $20,827 $7,975 $16,487 $18,602 $13,086 $34,943 $29,150 $16,671
Current Borrowing $0 $75,000 $73,750 $67,500 $66,250 $61,250 $56,250 $50,000 $48,750 $47,500 $61,250 $65,000 $58,750
Other Current Liabilities $1,803 $1,803 $1,803 $1,803 $1,803 $1,803 $1,803 $1,803 $1,803 $1,803 $1,803 $1,803 $1,803
Subtotal Current Liabilities $12,994 $93,789 $96,995 $81,929 $88,423 $83,880 $66,028 $68,290 $69,155 $62,389 $97,996 $95,953 $77,224
Long-term Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Liabilities $12,994 $93,789 $96,995 $81,929 $88,423 $83,880 $66,028 $68,290 $69,155 $62,389 $97,996 $95,953 $77,224
Paid-in Capital $4,500 $4,500 $29,500 $29,500 $29,500 $29,500 $29,500 $29,500 $29,500 $54,500 $54,500 $54,500 $54,500
Retained Earnings $13,100 $25,555 $25,555 $25,555 $25,555 $25,555 $25,555 $25,555 $25,555 $25,555 $25,555 $25,555 $25,555
Earnings $12,455 ($1,348) $1,552 $11,090 $16,042 $14,542 $19,616 $19,236 $21,598 $30,886 $44,438 $59,238 $75,412
Total Capital $30,055 $28,708 $56,607 $66,145 $71,097 $69,597 $74,671 $74,291 $76,653 $110,941 $124,493 $139,293 $155,467
Total Liabilities and Capital $43,049 $122,496 $153,601 $148,074 $159,520 $153,477 $140,700 $142,581 $145,808 $173,330 $222,489 $235,246 $232,691
Net Worth $30,055 $28,708 $56,607 $66,145 $71,097 $69,597 $74,671 $74,291 $76,653 $110,941 $124,493 $139,293 $155,467