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 | |||||||||||||
| Low-end vehicles | 0% | 20 | 25 | 30 | 30 | 25 | 20 | 18 | 20 | 25 | 25 | 30 | 30 |
| Average vehicles | 0% | 12 | 15 | 15 | 15 | 12 | 10 | 10 | 11 | 12 | 12 | 15 | 15 |
| High-end vehicles | 0% | 6 | 7 | 7 | 7 | 5 | 4 | 4 | 5 | 7 | 7 | 10 | 10 |
| Loan sales | 0% | 10 | 12 | 15 | 15 | 12 | 10 | 10 | 12 | 15 | 15 | 20 | 20 |
| Warranty sales | 0% | 10 | 12 | 12 | 12 | 12 | 10 | 10 | 10 | 12 | 12 | 12 | 12 |
| Other/consignments | 0% | 4 | 5 | 5 | 5 | 4 | 2 | 2 | 4 | 4 | 4 | 5 | 5 |
| Total Unit Sales | 62 | 76 | 84 | 84 | 70 | 56 | 54 | 62 | 75 | 75 | 92 | 92 | |
| 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 | |
| Low-end vehicles | $2,000.00 | $2,000.00 | $2,000.00 | $2,000.00 | $2,000.00 | $2,000.00 | $2,000.00 | $2,000.00 | $2,000.00 | $2,000.00 | $2,000.00 | $2,000.00 | |
| Average vehicles | $5,000.00 | $5,000.00 | $5,000.00 | $5,000.00 | $5,000.00 | $4,900.00 | $4,900.00 | $4,900.00 | $5,000.00 | $5,000.00 | $5,000.00 | $5,000.00 | |
| High-end vehicles | $10,000.00 | $10,000.00 | $10,000.00 | $10,000.00 | $9,900.00 | $9,800.00 | $9,800.00 | $9,900.00 | $9,900.00 | $10,000.00 | $10,000.00 | $10,000.00 | |
| Loan sales | $400.00 | $400.00 | $400.00 | $400.00 | $400.00 | $400.00 | $400.00 | $400.00 | $400.00 | $400.00 | $400.00 | $400.00 | |
| Warranty sales | $200.00 | $200.00 | $200.00 | $200.00 | $200.00 | $200.00 | $200.00 | $200.00 | $200.00 | $200.00 | $200.00 | $200.00 | |
| Other/consignments | $5,000.00 | $5,000.00 | $5,000.00 | $5,000.00 | $5,000.00 | $5,000.00 | $5,000.00 | $5,000.00 | $5,000.00 | $5,000.00 | $5,000.00 | $5,000.00 | |
| Sales | |||||||||||||
| Low-end vehicles | $40,000 | $50,000 | $60,000 | $60,000 | $50,000 | $40,000 | $36,000 | $40,000 | $50,000 | $50,000 | $60,000 | $60,000 | |
| Average vehicles | $60,000 | $75,000 | $75,000 | $75,000 | $60,000 | $49,000 | $49,000 | $53,900 | $60,000 | $60,000 | $75,000 | $75,000 | |
| High-end vehicles | $60,000 | $70,000 | $70,000 | $70,000 | $49,500 | $39,200 | $39,200 | $49,500 | $69,300 | $70,000 | $100,000 | $100,000 | |
| Loan sales | $4,000 | $4,800 | $6,000 | $6,000 | $4,800 | $4,000 | $4,000 | $4,800 | $6,000 | $6,000 | $8,000 | $8,000 | |
| Warranty sales | $2,000 | $2,400 | $2,400 | $2,400 | $2,400 | $2,000 | $2,000 | $2,000 | $2,400 | $2,400 | $2,400 | $2,400 | |
| Other/consignments | $20,000 | $25,000 | $25,000 | $25,000 | $20,000 | $10,000 | $10,000 | $20,000 | $20,000 | $20,000 | $25,000 | $25,000 | |
| Total Sales | $186,000 | $227,200 | $238,400 | $238,400 | $186,700 | $144,200 | $140,200 | $170,200 | $207,700 | $208,400 | $270,400 | $270,400 | |
| 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 | |
| Low-end vehicles | 0.00% | $1,200.00 | $1,200.00 | $1,200.00 | $1,200.00 | $1,200.00 | $1,200.00 | $1,200.00 | $1,200.00 | $1,200.00 | $1,200.00 | $1,200.00 | $1,200.00 |
| Average vehicles | 0.00% | $3,500.00 | $3,500.00 | $3,500.00 | $3,500.00 | $3,500.00 | $3,500.00 | $3,500.00 | $3,500.00 | $3,500.00 | $3,500.00 | $3,500.00 | $3,500.00 |
| High-end vehicles | 0.00% | $8,000.00 | $8,000.00 | $8,000.00 | $8,000.00 | $8,000.00 | $8,000.00 | $8,000.00 | $8,000.00 | $8,000.00 | $8,000.00 | $8,000.00 | $8,000.00 |
| Loan sales | 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 |
| Warranty sales | 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 |
| Other/consignments | 0.00% | $4,500.00 | $4,500.00 | $4,500.00 | $4,500.00 | $4,500.00 | $4,500.00 | $4,500.00 | $4,500.00 | $4,500.00 | $4,500.00 | $4,500.00 | $4,500.00 |
| Direct Cost of Sales | |||||||||||||
| Low-end vehicles | $24,000 | $30,000 | $36,000 | $36,000 | $30,000 | $24,000 | $21,600 | $24,000 | $30,000 | $30,000 | $36,000 | $36,000 | |
| Average vehicles | $42,000 | $52,500 | $52,500 | $52,500 | $42,000 | $35,000 | $35,000 | $38,500 | $42,000 | $42,000 | $52,500 | $52,500 | |
| High-end vehicles | $48,000 | $56,000 | $56,000 | $56,000 | $40,000 | $32,000 | $32,000 | $40,000 | $56,000 | $56,000 | $80,000 | $80,000 | |
| Loan sales | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Warranty sales | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Other/consignments | $18,000 | $22,500 | $22,500 | $22,500 | $18,000 | $9,000 | $9,000 | $18,000 | $18,000 | $18,000 | $22,500 | $22,500 | |
| Subtotal Direct Cost of Sales | $132,000 | $161,000 | $167,000 | $167,000 | $130,000 | $100,000 | $97,600 | $120,500 | $146,000 | $146,000 | $191,000 | $191,000 | |
| 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 | ||
| Production Personnel | |||||||||||||
| Owner/Manager | $3,500 | $3,500 | $3,500 | $3,500 | $3,500 | $3,500 | $3,500 | $3,500 | $3,500 | $3,500 | $3,500 | $3,500 | |
| Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Subtotal | $3,500 | $3,500 | $3,500 | $3,500 | $3,500 | $3,500 | $3,500 | $3,500 | $3,500 | $3,500 | $3,500 | $3,500 | |
| Sales and Marketing Personnel | |||||||||||||
| Sales Manager | $2,500 | $2,500 | $2,500 | $2,500 | $2,500 | $2,500 | $2,500 | $2,500 | $2,500 | $2,500 | $2,500 | $3,000 | |
| Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Subtotal | $2,500 | $2,500 | $2,500 | $2,500 | $2,500 | $2,500 | $2,500 | $2,500 | $2,500 | $2,500 | $2,500 | $3,000 | |
| General and Administrative Personnel | |||||||||||||
| Secretary/Records Admin | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,300 | |
| Lot Attendant | $1,200 | $1,200 | $1,200 | $1,200 | $1,200 | $1,200 | $1,200 | $1,200 | $1,200 | $1,200 | $1,200 | $1,350 | |
| Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Subtotal | $3,200 | $3,200 | $3,200 | $3,200 | $3,200 | $3,200 | $3,200 | $3,200 | $3,200 | $3,200 | $3,200 | $3,650 | |
| Other Personnel | |||||||||||||
| Accountant | $500 | $0 | $0 | $500 | $0 | $0 | $500 | $0 | $0 | $500 | $0 | $0 | |
| Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Subtotal | $500 | $0 | $0 | $500 | $0 | $0 | $500 | $0 | $0 | $500 | $0 | $0 | |
| Total People | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Total Payroll | $9,700 | $9,200 | $9,200 | $9,700 | $9,200 | $9,200 | $9,700 | $9,200 | $9,200 | $9,700 | $9,200 | $10,150 | |
| 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 | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | 7.00% | |
| 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 | |
| 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 | $186,000 | $227,200 | $238,400 | $238,400 | $186,700 | $144,200 | $140,200 | $170,200 | $207,700 | $208,400 | $270,400 | $270,400 | |
| Direct Cost of Sales | $132,000 | $161,000 | $167,000 | $167,000 | $130,000 | $100,000 | $97,600 | $120,500 | $146,000 | $146,000 | $191,000 | $191,000 | |
| Production Payroll | $3,500 | $3,500 | $3,500 | $3,500 | $3,500 | $3,500 | $3,500 | $3,500 | $3,500 | $3,500 | $3,500 | $3,500 | |
| Other Production Expenses | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Total Cost of Sales | $135,500 | $164,500 | $170,500 | $170,500 | $133,500 | $103,500 | $101,100 | $124,000 | $149,500 | $149,500 | $194,500 | $194,500 | |
| Gross Margin | $50,500 | $62,700 | $67,900 | $67,900 | $53,200 | $40,700 | $39,100 | $46,200 | $58,200 | $58,900 | $75,900 | $75,900 | |
| Gross Margin % | 27.15% | 27.60% | 28.48% | 28.48% | 28.49% | 28.22% | 27.89% | 27.14% | 28.02% | 28.26% | 28.07% | 28.07% | |
| Operating Expenses | |||||||||||||
| Sales and Marketing Expenses | |||||||||||||
| Sales and Marketing Payroll | $2,500 | $2,500 | $2,500 | $2,500 | $2,500 | $2,500 | $2,500 | $2,500 | $2,500 | $2,500 | $2,500 | $3,000 | |
| Advertising/Promotion | $2,000 | $2,000 | $1,000 | $1,000 | $1,000 | $500 | $500 | $1,000 | $1,000 | $1,000 | $1,000 | $2,000 | |
| Web Page Maintenance | $400 | $400 | $400 | $400 | $200 | $200 | $200 | $200 | $200 | $200 | $400 | $400 | |
| Cleaning/Maintenance | $700 | $700 | $500 | $500 | $500 | $500 | $500 | $500 | $500 | $500 | $500 | $700 | |
| Travel/Auctions | $400 | $400 | $400 | $200 | $200 | $200 | $200 | $200 | $200 | $200 | $200 | $400 | |
| Miscellaneous | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Total Sales and Marketing Expenses | $6,000 | $6,000 | $4,800 | $4,600 | $4,400 | $3,900 | $3,900 | $4,400 | $4,400 | $4,400 | $4,600 | $6,500 | |
| Sales and Marketing % | 3.23% | 2.64% | 2.01% | 1.93% | 2.36% | 2.70% | 2.78% | 2.59% | 2.12% | 2.11% | 1.70% | 2.40% | |
| General and Administrative Expenses | |||||||||||||
| General and Administrative Payroll | $3,200 | $3,200 | $3,200 | $3,200 | $3,200 | $3,200 | $3,200 | $3,200 | $3,200 | $3,200 | $3,200 | $3,650 | |
| Sales and Marketing and Other Expenses | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Depreciation | $100 | $0 | $0 | $100 | $0 | $0 | $100 | $0 | $0 | $100 | $0 | $0 | |
| Leased Equipment | $100 | $100 | $100 | $100 | $100 | $100 | $100 | $100 | $100 | $100 | $100 | $100 | |
| Utilities | $500 | $500 | $500 | $500 | $500 | $500 | $500 | $500 | $500 | $500 | $500 | $500 | |
| Insurance | $400 | $400 | $400 | $400 | $400 | $400 | $400 | $400 | $400 | $400 | $400 | $400 | |
| 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% | $1,455 | $1,380 | $1,380 | $1,455 | $1,380 | $1,380 | $1,455 | $1,380 | $1,380 | $1,455 | $1,380 | $1,523 |
| Other General and Administrative Expenses | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Total General and Administrative Expenses | $9,755 | $9,580 | $9,580 | $9,755 | $9,580 | $9,580 | $9,755 | $9,580 | $9,580 | $9,755 | $9,580 | $10,173 | |
| General and Administrative % | 5.24% | 4.22% | 4.02% | 4.09% | 5.13% | 6.64% | 6.96% | 5.63% | 4.61% | 4.68% | 3.54% | 3.76% | |
| Other Expenses: | |||||||||||||
| Other Payroll | $500 | $0 | $0 | $500 | $0 | $0 | $500 | $0 | $0 | $500 | $0 | $0 | |
| Consultants | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Contract/Consultants-Accountant Review Books | $0 | $0 | $400 | $0 | $0 | $400 | $0 | $0 | $400 | $0 | $0 | $400 | |
| Total Other Expenses | $500 | $0 | $400 | $500 | $0 | $400 | $500 | $0 | $400 | $500 | $0 | $400 | |
| Other % | 0.27% | 0.00% | 0.17% | 0.21% | 0.00% | 0.28% | 0.36% | 0.00% | 0.19% | 0.24% | 0.00% | 0.15% | |
| Total Operating Expenses | $16,255 | $15,580 | $14,780 | $14,855 | $13,980 | $13,880 | $14,155 | $13,980 | $14,380 | $14,655 | $14,180 | $17,073 | |
| Profit Before Interest and Taxes | $34,245 | $47,120 | $53,120 | $53,045 | $39,220 | $26,820 | $24,945 | $32,220 | $43,820 | $44,245 | $61,720 | $58,828 | |
| EBITDA | $34,345 | $47,120 | $53,120 | $53,145 | $39,220 | $26,820 | $25,045 | $32,220 | $43,820 | $44,345 | $61,720 | $58,828 | |
| Interest Expense | $1,405 | $1,393 | $1,382 | $1,370 | $1,358 | $1,347 | $1,335 | $1,323 | $1,312 | $1,300 | $1,288 | $1,568 | |
| Taxes Incurred | $9,852 | $13,718 | $15,522 | $15,503 | $11,358 | $7,642 | $7,083 | $9,269 | $12,753 | $12,884 | $18,130 | $17,178 | |
| Net Profit | $22,988 | $32,009 | $36,217 | $36,173 | $26,503 | $17,831 | $16,527 | $21,628 | $29,756 | $30,062 | $42,302 | $40,081 | |
| Net Profit/Sales | 12.36% | 14.09% | 15.19% | 15.17% | 14.20% | 12.37% | 11.79% | 12.71% | 14.33% | 14.42% | 15.64% | 14.82% | |
| 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 | $186,000 | $227,200 | $238,400 | $238,400 | $186,700 | $144,200 | $140,200 | $170,200 | $207,700 | $208,400 | $270,400 | $270,400 | |
| Subtotal Cash from Operations | $186,000 | $227,200 | $238,400 | $238,400 | $186,700 | $144,200 | $140,200 | $170,200 | $207,700 | $208,400 | $270,400 | $270,400 | |
| 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 | $100,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $50,000 | |
| New Other Liabilities (interest-free) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| New Long-term Liabilities | $30,000 | $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 | $316,000 | $227,200 | $238,400 | $238,400 | $186,700 | $144,200 | $140,200 | $170,200 | $207,700 | $208,400 | $270,400 | $320,400 | |
| 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 | $9,700 | $9,200 | $9,200 | $9,700 | $9,200 | $9,200 | $9,700 | $9,200 | $9,200 | $9,700 | $9,200 | $10,150 | |
| Bill Payments | $8,280 | $247,395 | $217,281 | $199,345 | $189,690 | $109,426 | $85,071 | $113,011 | $165,637 | $195,852 | $171,867 | $266,790 | |
| Subtotal Spent on Operations | $17,980 | $256,595 | $226,481 | $209,045 | $198,890 | $118,626 | $94,771 | $122,211 | $174,837 | $205,552 | $181,067 | $276,940 | |
| 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 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | |
| 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 | $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 | $19,980 | $258,595 | $228,481 | $211,045 | $200,890 | $120,626 | $96,771 | $124,211 | $176,837 | $207,552 | $183,067 | $278,940 | |
| Net Cash Flow | $296,020 | ($31,395) | $9,919 | $27,355 | ($14,190) | $23,574 | $43,429 | $45,989 | $30,863 | $848 | $87,333 | $41,460 | |
| Cash Balance | $363,820 | $332,425 | $342,344 | $369,699 | $355,509 | $379,084 | $422,513 | $468,502 | $499,365 | $500,213 | $587,546 | $629,006 | |
| 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 | $67,800 | $363,820 | $332,425 | $342,344 | $369,699 | $355,509 | $379,084 | $422,513 | $468,502 | $499,365 | $500,213 | $587,546 | $629,006 |
| Inventory | $50,000 | $145,200 | $177,100 | $183,700 | $183,700 | $143,000 | $110,000 | $107,360 | $132,550 | $160,600 | $160,600 | $210,100 | $210,100 |
| Other Current Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Current Assets | $117,800 | $509,020 | $509,525 | $526,044 | $553,399 | $498,509 | $489,084 | $529,873 | $601,052 | $659,965 | $660,813 | $797,646 | $839,106 |
| Long-term Assets | |||||||||||||
| Long-term Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accumulated Depreciation | $0 | $100 | $100 | $100 | $200 | $200 | $200 | $300 | $300 | $300 | $400 | $400 | $400 |
| Total Long-term Assets | $0 | ($100) | ($100) | ($100) | ($200) | ($200) | ($200) | ($300) | ($300) | ($300) | ($400) | ($400) | ($400) |
| Total Assets | $117,800 | $508,920 | $509,425 | $525,944 | $553,199 | $498,309 | $488,884 | $529,573 | $600,752 | $659,665 | $660,413 | $797,246 | $838,706 |
| 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 | $240,132 | $210,628 | $192,930 | $186,013 | $106,620 | $81,363 | $107,525 | $159,077 | $190,234 | $162,921 | $259,451 | $212,830 |
| Current Borrowing | $100,000 | $198,000 | $196,000 | $194,000 | $192,000 | $190,000 | $188,000 | $186,000 | $184,000 | $182,000 | $180,000 | $178,000 | $226,000 |
| Other Current Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Subtotal Current Liabilities | $100,000 | $438,132 | $406,628 | $386,930 | $378,013 | $296,620 | $269,363 | $293,525 | $343,077 | $372,234 | $342,921 | $437,451 | $438,830 |
| Long-term Liabilities | $0 | $30,000 | $30,000 | $30,000 | $30,000 | $30,000 | $30,000 | $30,000 | $30,000 | $30,000 | $30,000 | $30,000 | $30,000 |
| Total Liabilities | $100,000 | $468,132 | $436,628 | $416,930 | $408,013 | $326,620 | $299,363 | $323,525 | $373,077 | $402,234 | $372,921 | $467,451 | $468,830 |
| Paid-in Capital | $30,000 | $30,000 | $30,000 | $30,000 | $30,000 | $30,000 | $30,000 | $30,000 | $30,000 | $30,000 | $30,000 | $30,000 | $30,000 |
| Retained Earnings | ($12,200) | ($12,200) | ($12,200) | ($12,200) | ($12,200) | ($12,200) | ($12,200) | ($12,200) | ($12,200) | ($12,200) | ($12,200) | ($12,200) | ($12,200) |
| Earnings | $0 | $22,988 | $54,997 | $91,214 | $127,386 | $153,889 | $171,721 | $188,248 | $209,875 | $239,631 | $269,693 | $311,995 | $352,076 |
| Total Capital | $17,800 | $40,788 | $72,797 | $109,014 | $145,186 | $171,689 | $189,521 | $206,048 | $227,675 | $257,431 | $287,493 | $329,795 | $369,876 |
| Total Liabilities and Capital | $117,800 | $508,920 | $509,425 | $525,944 | $553,199 | $498,309 | $488,884 | $529,573 | $600,752 | $659,665 | $660,413 | $797,246 | $838,706 |
| Net Worth | $17,800 | $40,788 | $72,797 | $109,014 | $145,186 | $171,689 | $189,521 | $206,048 | $227,675 | $257,431 | $287,493 | $329,795 | $369,876 |
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