JaxWorks Small Business Spreadsheet Factory™

Since 1996, JaxWorks has offered a suite of Free Excel workbooks and spreadsheets, and associated MS Word, PDF and
HTML documents, that cover a number of financial, accounting and sales functions. These are invaluable small business
tools.

Also included Free are:

- Business plan tools, including spreadsheets and excellent instructions
- Excel functions glossary and guide;
- Free training courses for most Microsoft Office applications. These guides are in PDF format and rival
commercial books.
- Comprehensive list of acronyms, ratios and formulas in customer financial analysis, and financial terms;
- Suite of online calculators, including, breakeven analysis, productivity analysis, business evaluation;
- Altman Z-Score (covering publicly and privately held firms, and small businesses);
- and payroll analysis.

If you are involved in financial analysis at any level, or want to learn more about MS Excel and other applications in the
Office suite this site is invaluable.

© Copyright, 2016, Jaxworks, All Rights Reserved.

 Quick Analysis
Key Financial Predictors
4 Periods
Be Sure to check out our QuickWorks Quick Business Analysis System - CLICK HERE

Account Period Period Period Period Predictor

Instructions
Descriptions 1 2 3 4 ID
Accounts Receivable-Beginning 360,500 350,000 460,500 871,315 L
Accounts Receivable-Ending 350,000 460,500 871,315 1,382,454 L
Cash 451,000 464,530 478,466 492,820 L
Cash Flow 289,469 738,325 1,633,100 3,111,559 F
Current Assets Current Liabilities Current Assets 1,212,200 1,550,530 2,187,750 2,826,692 Z, S
Current Liabilities 936,000 964,080 993,002 1,007,719 All
EBIT 1,286,240 1,075,763 841,485 760,061 Z, S, F
Equity 2,450,000 2,320,500 3,638,305 4,299,528 F
Fixed Assets 2,900,000 2,487,000 3,221,800 3,285,454 L
Interest 16,250 16,738 17,240 17,757 F
Inventory-Beginning 412,000 400,000 612,000 824,360 L
Inventory-Ending 400,000 612,000 824,360 937,091 L
EBIT Sales
Long Term Debt 601,200 624,200 645,630 668,308 L
Market Value of Equity 2,450,000 2,320,500 3,638,305 4,299,528 Z
Marketable Securities 10,000 10,300 10,609 10,927 L
Net Profit before Interest and Taxes 1,256,240 1,044,863 809,658 717,279 S, L
Retained Earnings 1,400,000 1,542,000 1,685,260 1,729,818 Z, F
Sales 2,560,000 2,500,000 2,351,800 2,305,454 ALL except Z3
Tangible Total Assets 3,300,000 2,899,000 3,646,160 3,722,545 F
Total Assets 4,167,200 4,094,180 5,467,899 6,172,246 All
Cash Flow Working Capital
Total Liabilities 1,717,200 1,773,680 1,829,594 1,872,718 Z, F
Working Capital 276,200 586,450 1,194,748 1,818,973 Z, S, F

© Copyright, 2007, The Vickers Company, All Rights Reserved.

 Financial Period 1
Z-Score - 3 Models Springate Logit Analysis Fulmer H-Factor

Current Assets 1,212,200 Current Assets 1,212,200 Accounts Receivable-Beginning 360,500 Cash Flow
Current Liabilities 936,000 Current Liabilities 936,000 Accounts Receivable-Ending 350,000 Current Liabilities
EBIT 1,286,240 EBIT 1,286,240 Cash 451,000 EBIT
Market Value of Equity 2,450,000 Net Profit before Interest and Taxes 1,256,240 Current Liabilities 936,000 Equity
Retained Earnings 1,400,000 Sales 2,560,000 Fixed Assets 2,900,000 Interest
Sales 2,560,000 Total Assets 4,167,200 Income from Continuing Operations 1,256,240 Retained Earnings
Total Assets 4,167,200 Working Capital 276,200 Inventory-Beginning 412,000 Sales
Total Liabilities 1,717,200 Inventory-Ending 400,000 Tangible Total Assets
Working Capital 276,200 Long Term Debt 601,200 Total Assets
Marketable Securities 10,000 Total Liabilities
Sales 2,560,000 Working Capital
Total Assets 4,167,200

Financial Period 2
Z-Score - 3 Models Springate Logit Analysis Fulmer H-Factor
Current Assets 1,550,530 Current Assets 1,550,530 Accounts Receivable-Beginning 350,000 Cash Flow
Current Liabilities 964,080 Current Liabilities 964,080 Accounts Receivable-Ending 460,500 Current Liabilities
EBIT 1,075,763 EBIT 1,075,763 Cash 464,530 EBIT
Market Value of Equity 2,320,500 Net Profit before Interest and Taxes 1,044,863 Current Liabilities 964,080 Equity
Retained Earnings 1,542,000 Sales 2,500,000 Fixed Assets 2,487,000 Interest
Sales 2,500,000 Total Assets 4,094,180 Income from Continuing Operations 1,044,863 Retained Earnings
Total Assets 4,094,180 Working Capital 586,450 Inventory-Beginning 400,000 Sales
Total Liabilities 1,773,680 Inventory-Ending 612,000 Tangible Total Assets
Working Capital 586,450 Long Term Debt 624,200 Total Assets
Marketable Securities 10,300 Total Liabilities
Sales 2,500,000 Working Capital
Total Assets 4,094,180

Financial Period 3
Z-Score - 3 Models Springate Logit Analysis Fulmer H-Factor
Current Assets 2,187,750 Current Assets 2,187,750 Accounts Receivable-Beginning 460,500 Cash Flow
Current Liabilities 993,002 Current Liabilities 993,002 Accounts Receivable-Ending 871,315 Current Liabilities
EBIT 841,485 EBIT 841,485 Cash 478,466 EBIT
Market Value of Equity 3,638,305 Net Profit before Interest and Taxes 809,658 Current Liabilities 993,002 Equity
Retained Earnings 1,685,260 Sales 2,351,800 Fixed Assets 3,221,800 Interest
Sales 2,351,800 Total Assets 5,467,899 Income from Continuing Operations 809,658 Retained Earnings
Total Assets 5,467,899 Working Capital 1,194,748 Inventory-Beginning 612,000 Sales
Total Liabilities 1,829,594 Inventory-Ending 824,360 Tangible Total Assets
Working Capital 1,194,748 Long Term Debt 645,630 Total Assets
Marketable Securities 10,609 Total Liabilities
Sales 2,351,800 Working Capital
Total Assets 5,467,899

Financial Period 4
Z-Score - 3 Models Springate Logit Analysis Fulmer H-Factor
Current Assets 2,826,692 Current Assets 2,826,692 Accounts Receivable-Beginning 871,315 Cash Flow
Current Liabilities 1,007,719 Current Liabilities 1,007,719 Accounts Receivable-Ending 1,382,454 Current Liabilities
EBIT 760,061 EBIT 760,061 Cash 492,820 EBIT
Market Value of Equity 4,299,528 Net Profit before Interest and Taxes 717,279 Current Liabilities 1,007,719 Equity
Retained Earnings 1,729,818 Sales 2,305,454 Fixed Assets 3,285,454 Interest
Sales 2,305,454 Total Assets 6,172,246 Income from Continuing Operations 717,279 Retained Earnings
Total Assets 6,172,246 Working Capital 1,818,973 Inventory-Beginning 824,360 Sales
Total Liabilities 1,872,718 Inventory-Ending 937,091 Tangible Total Assets
Working Capital 1,818,973 Long Term Debt 668,308 Total Assets
Marketable Securities 10,927 Total Liabilities
Sales 2,305,454 Working Capital
Total Assets 6,172,246

© Copyright, 2007, The Vickers Company, All Rights Reserved.

 Predictions
Z Score: If Publicly Held 1 2 3 4 TREND
1.2 x (working capital / total assets) 0.0795 0.1719 0.2622 0.3536
1.4 x (retained earn / total assets) 0.4703 0.5273 0.4315 0.3924
3.3 x (EBIT / total assets) 1.0186 0.8671 0.5079 0.4064
.6 x (market value equity / total liabilities) 0.8560 0.7850 1.1932 1.3775
.999 x (sales / total assets) 0.6137 0.6100 0.4297 0.3731
Z-Score 3.04 2.96 2.82 2.90 2.80 Warning - Trend Below 2.99
Warning - Overall Trend is Downw

Z Score: If Privately Held 1 2 3 4 TREND

.717 x (working capital / total assets) 0.0475 0.1027 0.1567 0.2113
.847 x (retained earn / total assets) 0.2846 0.3190 0.2611 0.2374
3.107 x (EBIT / total assets) 0.9590 0.8164 0.4782 0.3826
.042 x (market value equity / total liabilities) 0.5992 0.5495 0.8352 0.9643
.998 x (sales / total assets) 0.6131 0.6094 0.4293 0.3728
Z-Score 2.50 2.40 2.16 2.17 2.00 Warning - Trend Below 2.90
Warning - Overall Trend is Downw

Z Score: Non-Manufacturing 1 2 3 4 TREND

6.56 x (working capital / total assets) 0.4348 0.9397 1.4334 1.9332
3.26 x (retained earn / total assets) 1.0952 1.2278 1.0048 0.9136
6.72 x (EBIT / total assets) 2.0742 1.7657 1.0342 0.8275
1.05 x (market value equity / total liabilities) 1.4981 1.3737 2.0880 2.4107
Z Score 5.10 5.31 5.56 6.09 6.31 OK
Overall Trend is OK

Springate Analysis 1 2 3 4 TREND

Working Capital 276,200 586,450 1,194,748 1,818,973
Net Profit before interest and Taxes 1,256,240 1,044,863 809,658 717,279
Total Assets 4,167,200 4,094,180 5,467,899 6,172,246
Net Profit before Taxes 1,286,240 1,075,763 841,485 760,061
Current Liabilities 936,000 964,080 993,002 1,007,719
Sales 2,560,000 2,500,000 2,351,800 2,305,454

Working Capital/Total Assets 0.06628 0.14324 0.21850 0.29470

Net Profit before interest and Taxes/Total Ass 0.30866 0.26275 0.15390 0.12314
Net Profit before Taxes/Current Liabilities 1.37419 1.11584 0.84741 0.75424
Sales/Total Assets 0.61432 0.61062 0.43011 0.37352
Z= 2.17 1.93 1.43 1.33 0.96 OK - Above 0.862
Warning - Overall Trend is Downw

© Copyright, 2007, The Vickers Company, All Rights Reserved.

Logit Analysis 1 2 3 4 TREND
Cash 451,000 464,530 478,466 492,820
Marketable Securities 10,000 10,300 10,609 10,927
Accounts Receivable-Beginning 360,500 350,000 460,500 871,315
Accounts Receivable-Ending 350,000 460,500 871,315 1,382,454
Inventory-Beginning 412,000 400,000 612,000 824,360
Inventory-Ending 400,000 612,000 824,360 937,091
Fixed Assets 2,900,000 2,487,000 3,221,800 3,285,454
Total Assets 4,167,200 4,094,180 5,467,899 6,172,246
Current Liabilities 936,000 964,080 993,002 1,007,719
Long Term Debt 601,200 624,200 645,630 668,308
Sales 2,560,000 2,500,000 2,351,800 2,305,454
Income from Continuing Operations 1,256,240 1,044,863 809,658 717,279

Constant 0.23883 0.23883 0.23883 0.23883

Average Inventories/Sales -0.017 -0.026 -0.038 -0.044
Average Receivables/Average Inventories -1.385 -1.191 -1.673 -2.335
Cash+Marketable Securities/Total Assets -1.193 -1.250 -0.964 -0.880
Quick Assets/Current Liabilities 2.663 2.982 4.211 5.754
Income from CO/(Total Assets-Current Liab) 0.189 0.162 0.088 0.067
Long-Term Debt/(Total Assets-Current Liab) -0.809 -0.867 -0.628 -0.563
Sales/(Net Working Capital+Fixed Assets) 0.089 0.090 0.059 0.050
Sum of Coefficients * Ratios -0.224 0.138 1.294 2.288
Probability of Bankruptcy 55.58% 46.56% 21.52% 9.21% -8% OK - Below 50%
1 2 3 4 5 Overall Trend is OK
Fulmer H-Factor Analysis 1 2 3 4 TREND
Retained Earnings/Total Assets 0.3360 0.3766 0.3082 0.2803
Sales/Total Assets 0.6143 0.6106 0.4301 0.3735
EBIT/Equity 0.5250 0.4636 0.2313 0.1768
Cash Flow/Total Debt 0.1686 0.4163 0.8926 1.6615
Total Debt/Total Assets 0.4121 0.4332 0.3346 0.3034
Current Liabilities/Total Assets 0.2246 0.2355 0.1816 0.1633
Log Tangible Total Assets 6.5185 6.4622 6.5618 6.5708
Working Capital/Total Debt 0.1608 0.3306 0.6530 0.9713
Log EBIT/Interest 1.8985 1.8080 1.6885 1.6315

H-Factor
1.86 2.08 1.70 1.55
0.13 0.13 0.09 0.08
0.04 0.03 0.02 0.01
0.21 0.53 1.13 2.11
-0.05 -0.05 -0.04 -0.04
0.52 0.55 0.42 0.38
3.75 3.72 3.77 3.78
0.17 0.36 0.71 1.05
1.70 1.62 1.51 1.46
Sum 8.33 8.96 9.32 10.38
Less -6.08 -6.08 -6.08 -6.08
H= 2.26 2.89 3.24 4.31 4.80 OK
3.18 Overall Trend is OK

© Copyright, 2014, JaxWorks, All Rights Reserved.

© Copyright, 2007, The Vickers Company, All Rights Reserved.

 Quick Analysis
Key Financial Predictors
4 Periods
ur QuickWorks Quick Business Analysis System - CLICK HERE

Instructions

© Copyright, 2007, The Vickers Company, All Rights Reserved.

Financial Period 1
Fulmer H-Factor

289,469
936,000
1,286,240
2,450,000
16,250
1,400,000
2,560,000
3,300,000
4,167,200
1,717,200
276,200

Financial Period 2
Fulmer H-Factor
738,325
964,080
1,075,763
2,320,500
16,738
1,542,000
2,500,000
2,899,000
4,094,180
1,773,680
586,450

Financial Period 3
Fulmer H-Factor
1,633,100
993,002
841,485
3,638,305
17,240
1,685,260
2,351,800
3,646,160
5,467,899
1,829,594
1,194,748

Financial Period 4
Fulmer H-Factor
3,111,559
1,007,719
760,061
4,299,528
17,757
1,729,818
2,305,454
3,722,545
6,172,246
1,872,718
1,818,973

© Copyright, 2007, The Vickers Company, All Rights Reserved.

 Warning - Trend Below 2.99
Warning - Overall Trend is Downward

Warning - Trend Below 2.90

Warning - Overall Trend is Downward

Overall Trend is OK

OK - Above 0.862
Warning - Overall Trend is Downward

© Copyright, 2007, The Vickers Company, All Rights Reserved.

 OK - Below 50%
Overall Trend is OK

Overall Trend is OK

© Copyright, 2014, JaxWorks, All Rights Reserved.

© Copyright, 2007, The Vickers Company, All Rights Reserved.