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Start Year 2004
Corporation Type (C or S) C 'C' Corporation format selected; income taxes WILL be computed
INCOME STATEMENT
Financials Total
2004 2005 2006 2007 4 Periods
Sales
Sales $2,000,000 $1,500,000 $1,300,000 $2,010,100 $6,810,100
Cost of Goods Sold $945,000 $865,000 $833,000 $946,616 $3,589,616
Expenses
Operating expenses $424,000 $318,000 $275,600 $426,141 $1,443,741
Interest $16,250 $16,250 $16,250 $16,250 $65,000
Depreciation $32,500 $33,958 $33,958 $33,958 $134,374
Amortization $1,250 $1,250 $1,250 $1,250 $5,000
Subtotal (IDA) $50,000 $51,458 $51,458 $51,458 $204,374
Total expenses $474,000 $369,458 $327,058 $477,599 $1,648,115
BALANCE SHEET
Actual Financials
2003 2004 2005 2006 2007
ASSETS
Current Assets
Cash and cash equivalents $451,000 $90,360 $289,233 $614,196 $1,454,008
Accounts receivable $350,000 $657,534 $493,151 $427,397 $660,855
Inventory $400,000 $630,411 $590,959 $575,178 $631,208
Other current assets $10,000 $60,000 $45,090 $76,320 $50,000
Total Current Assets $1,211,000 $1,438,305 $1,418,433 $1,693,091 $2,796,071
Fixed Assets
Land $100,000 $112,500 $125,000 $137,500 $150,000
Buildings $1,500,000 $1,450,000 $1,450,000 $1,450,000 $1,450,000
Equipment $800,000 $875,000 $875,000 $875,000 $875,000
Subtotal $2,400,000 $2,437,500 $2,450,000 $2,462,500 $2,475,000
Less-accumulated depreciation $400,000 $432,500 $466,458 $500,416 $534,374
Total Fixed Assets $2,000,000 $2,005,000 $1,983,542 $1,962,084 $1,940,626
Intangible Assets
Intangible Assets Cost $50,000 $50,000 $50,000 $50,000 $50,000
Less-accumulated amortization $20,000 $21,250 $22,500 $23,750 $25,000
Total Intangible Assets $30,000 $28,750 $27,500 $26,250 $25,000
Actual Forecast
LIABILITIES AND 2003 2004 2005 2006 2007
STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable $600,000 $328,767 $328,767 $328,767 $328,767
Notes payable $100,000 $50,000 $50,000 $50,000 $50,000
Current portion of long-term debt $100,000 $100,000 $100,000 $100,000 $100,000
Income taxes $30,000 $183,300 $70,663 $45,883 $330,475
Accrued expenses $90,000 $83,288 $62,466 $54,137 $83,708
Other current liabilities $16,000 $12,000 $12,000 $12,000 $12,000
Total Current Liabilities $936,000 $757,355 $623,896 $590,787 $904,950
Non-Current Liabilities
Long-term debt $600,000 $500,000 $500,000 $500,000 $500,000
Deferred income $100,000 $90,000 $90,000 $90,000 $90,000
Deferred income taxes $30,000 $27,000 $27,000 $27,000 $27,000
Other long-term liabilities $50,000 $90,000 $40,000 $40,000 $40,000
Non-Current Liabilities Totals $780,000 $707,000 $657,000 $657,000 $657,000
Total Liabilities $1,716,000 $1,464,355 $1,280,896 $1,247,787 $1,561,950
Stockholders' Equity
Capital stock issued $100,000 $100,000 $100,000 $100,000 $100,000
Additional paid in capital $50,000 $50,000 $50,000 $50,000 $50,000
Retained earnings $1,400,000 $1,890,700 $2,118,579 $2,288,638 $3,072,747
Stockholders' Equity $1,550,000 $2,040,700 $2,268,579 $2,438,638 $3,222,747
$2,500,000 $960,000
$940,000
$2,000,000 $920,000
$900,000
$1,500,000 $880,000
$860,000
$1,000,000 $840,000
$820,000
$500,000 $800,000
$780,000
$0 $760,000
$1,200,000 $500,000
$450,000
$1,000,000
$400,000
$350,000
$800,000
$300,000
$600,000 $250,000
$200,000
$400,000
$150,000
$100,000
$200,000
$50,000
$0 $0
2004 2005 2006 2007 2004 2005 2006 2007
$1,200,000 $900,000
$800,000
$1,000,000
$700,000
$800,000 $600,000
$500,000
$600,000
$400,000
$400,000 $300,000
$200,000
$200,000
$100,000
$0 $0
2004 2005 2006 2007 2004 2005 2006 2007
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$0
2004 2005 2006 2007
Sales Cost of Goods Sold Gross Profit (Margin) Total Operating Expenses Earnings Before Inc.Taxes Net Income After Taxes
$1,600,000 $700,000
$1,400,000 $600,000
$1,200,000
$500,000
$1,000,000
$400,000
$800,000
$300,000
$600,000
$200,000
$400,000
$200,000 $100,000
$0 $0
2004 2005 2006 2007 2004 2005 2006 2007
$640,000 $80,000
$630,000
$70,000
$620,000
$60,000
$610,000
$600,000 $50,000
$590,000 $40,000
$580,000
$30,000
$570,000
$20,000
$560,000
$10,000
$550,000
$540,000 $0
2004 2005 2006 2007 2004 2005 2006 2007
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$0
2004 2005 2006 2007
Land Buildings
$160,000 $1,600,000
$140,000 $1,400,000
$120,000 $1,200,000
$100,000 $1,000,000
$80,000 $800,000
$60,000 $600,000
$40,000 $400,000
$20,000 $200,000
$0 $0
2004 2005 2006 2007 2004 2005 2006 2007
$900,000 $600,000
$800,000
$500,000
$700,000
$600,000 $400,000
$500,000
$300,000
$400,000
$300,000 $200,000
$200,000
$100,000
$100,000
$0 $0
2004 2005 2006 2007 2004 2005 2006 2007
$2,020,000
$2,000,000
$1,980,000
$1,960,000
$1,940,000
$1,920,000
$1,900,000
2004 2005 2006 2007
$50,000 $25,000
$45,000
$24,000
$40,000
$35,000
$23,000
$30,000
$25,000 $22,000
$20,000
$21,000
$15,000
$10,000
$20,000
$5,000
$0 $19,000
2004 2005 2006 2007 2004 2005 2006 2007
$29,000 $120,000
$28,000 $100,000
$27,000 $80,000
$26,000 $60,000
$25,000 $40,000
$24,000 $20,000
$23,000 $0
2004 2005 2006 2007 2004 2005 2006 2007
Total Assets
$ 5,0 00 ,00 0
$ 4,5 00 ,00 0
$ 4,0 00 ,00 0
$ 3,5 00 ,00 0
$ 3,0 00 ,00 0
$ 2,5 00 ,00 0
$ 2,0 00 ,00 0
$ 1,5 00 ,00 0
$ 1,0 00 ,00 0
$ 5 00 ,00 0
$0
20 0 4 2 00 5 2 00 6 2 0 07
$350,000 $50,000
$45,000
$300,000
$40,000
$250,000 $35,000
$30,000
$200,000
$25,000
$150,000
$20,000
$100,000 $15,000
$10,000
$50,000
$5,000
$0 $0
2004 2005 2006 2007 2004 2005 2006 2007
$ 10 0 ,0 00 $350,000
$ 90 ,0 00
$300,000
$ 80 ,0 00
$ 70 ,0 00 $250,000
$ 60 ,0 00
$200,000
$ 50 ,0 00
$150,000
$ 40 ,0 00
$ 30 ,0 00
$100,000
$ 20 ,0 00
$50,000
$ 10 ,0 00
$0 $0
20 0 4 2005 2 0 06 2 00 7 2004 2005 2006 2007
$ 9 0,0 0 0 $12,000
$ 8 0,0 0 0
$10,000
$ 7 0,0 0 0
$ 6 0,0 0 0 $8,000
$ 5 0,0 0 0
$6,000
$ 4 0,0 0 0
$ 3 0,0 0 0 $4,000
$ 2 0,0 0 0
$2,000
$ 1 0,0 0 0
$0 $0
2004 2 00 5 20 0 6 2 0 07 2004 2005 2006 2007
$1,000,000
$900,000
$800,000
$700,000
$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$0
2004 2005 2006 2007
$ 5 00 ,0 00 $90,000
$ 4 50 ,0 00
$80,000
$ 4 00 ,0 00
$70,000
$ 3 50 ,0 00
$60,000
$ 3 00 ,0 00
$50,000
$ 2 50 ,0 00
$40,000
$ 2 00 ,0 00
$30,000
$ 1 50 ,0 00
$ 1 00 ,0 00 $20,000
$ 50 ,0 00 $10,000
$0 $0
2 00 4 2005 2 0 06 2 00 7 2004 2005 2006 2007
$ 3 0,0 0 0 $90,000
$80,000
$ 2 5,0 0 0
$70,000
$ 2 0,0 0 0 $60,000
$50,000
$ 1 5,0 0 0
$40,000
$ 1 0,0 0 0 $30,000
$20,000
$ 5,0 0 0
$10,000
$0 $0
2004 2 00 5 20 0 6 2 0 07 2004 2005 2006 2007
Total Liabilities
$1,600,000
$1,400,000
$1,200,000
$1,000,000
$800,000
$600,000
$400,000
$200,000
$0
2004 2005 2006 2007
$ 1 00 ,0 00 $50,000
$ 90 ,0 00 $45,000
$ 80 ,0 00 $40,000
$ 70 ,0 00 $35,000
$ 60 ,0 00 $30,000
$ 50 ,0 00 $25,000
$ 40 ,0 00 $20,000
$ 30 ,0 00 $15,000
$ 20 ,0 00 $10,000
$ 10 ,0 00 $5,000
$0 $0
2 00 4 20 0 5 2 0 06 2 00 7 2004 2005 2006 2007
$ 3 ,5 0 0 ,00 0 $3,500,000
$ 3 ,0 0 0 ,00 0 $3,000,000
$ 2 ,5 0 0 ,00 0 $2,500,000
$ 2 ,0 0 0 ,00 0 $2,000,000
$ 1 ,5 0 0 ,00 0 $1,500,000
$ 1 ,0 0 0 ,00 0 $1,000,000
$5 0 0 ,00 0 $500,000
$0 $0
2 00 4 2 0 05 20 0 6 2 00 7 2004 2005 2006 2007
$5,000,000
$4,500,000
$4,000,000
$3,500,000
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$0
2004 2005 2006 2007
$5,000,000
$4,500,000
$4,000,000
$3,500,000
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$0
2004 2005 2006 2007
Total Current Assets Total Fixed Assets Total Assets Total Current Liabilities Total Liabilities Total Liabilities and Equity
Actual Financials
2003 2004 2005 2006 2007
Cash from operations
Net earnings (loss) $490,700 $227,879 $170,059 $834,109 $1,722,748
Add-depreciation and amortization $33,750 $35,208 $35,208 $35,208 $139,374
Net cash provided (used) by operations ($724,590) ($1,714) $132,196 ($17,005) ($611,113)
Investment transactions
Increases (decreases)
Land $12,500 $12,500 $12,500 $12,500 $50,000
Buildings and improvements ($50,000) $0 $0 $0 ($50,000)
Equipment $75,000 $0 $0 $0 $75,000
Intangible assets $0 $0 $0 $0 $0
Financing transactions
Increases (decreases)
Short term notes payable ($50,000) $0 $0 $0 ($50,000)
Long term debt ($100,000) $0 $0 $0 ($100,000)
Deferred income ($10,000) $0 $0 $0 ($10,000)
Deferred income taxes ($3,000) $0 $0 $0 ($3,000)
Other long-term liabilities $40,000 ($50,000) $0 $0 ($10,000)
Capital stock and paid in capital $0 $0 $0 $0 $0
Cash Flow
$1,600,000
$1,400,000
$1,200,000
$1,000,000
$800,000
$600,000
$400,000
$200,000
$0
2003 2004 2005 2006 2007
Projected Forecasted
2004 2005 2006 2007 2008 2009 2010 2011
Cash from operations 1 2 3 4 5 6 7 8
Net earnings (loss) $490,700 $227,879 $170,059 $834,109 $673,789 $771,030 $868,271 $965,511
Add-depreciation and amortization $33,750 $35,208 $35,208 $35,208 $35,937 $36,374 $36,812 $37,249
Net cash from operations $524,450 $263,087 $205,267 $869,317 $709,726 $807,404 $905,082 $1,002,760
Net cash Consumed or Generated ($724,590) ($1,714) $132,196 ($17,005) $411,388 $637,055 $862,721 $1,088,388
Investment transactions
Increases (decreases)
Land $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500
Buildings and improvements ($50,000) $0 $0 $0 $25,000 $40,000 $55,000 $70,000
Equipment $75,000 $0 $0 $0 ($37,500) ($60,000) ($82,500) ($105,000)
Intangible assets $0 $0 $0 $0 $0 $0 $0 $0
Net cash from investments $37,500 $12,500 $12,500 $12,500 $0 ($7,500) ($15,000) ($22,500)
Financing transactions
Increases (decreases)
Short term notes payable ($50,000) $0 $0 $0 $25,000 $40,000 $55,000 $70,000
Long term debt ($100,000) $0 $0 $0 $50,000 $80,000 $110,000 $140,000
Deferred income ($10,000) $0 $0 $0 $5,000 $8,000 $11,000 $14,000
Deferred income taxes ($3,000) $0 $0 $0 $1,500 $2,400 $3,300 $4,200
Other long-term liabilities $40,000 ($50,000) $0 $0 ($20,000) ($27,000) ($34,000) ($41,000)
Capital stock and paid in capital $0 $0 $0 $0 $0 $0 $0 $0
Net cash from financing ($123,000) ($50,000) $0 $0 $61,500 $103,400 $145,300 $187,200
Net increase (decrease) in cash ($360,640) $198,873 $324,963 $839,812 $1,182,614 $1,555,358 $1,928,103 $2,300,847
Cash at beginning of period $451,000 $90,360 $289,233 $614,196 $533,313 $602,159 $671,005 $739,851
Cash at the end of period $90,360 $289,233 $614,196 $1,454,008 $1,715,926 $2,157,517 $2,599,107 $3,040,698
$3,500,000
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$0
2004 2005 2006 2007 2008 2009 2010 2011
Projected
2004 2005 2006 2007
ASSETS
Current Assets
Cash and cash equivalents $90,360 $289,233 $614,196 $1,454,008
Accounts receivable $657,534 $493,151 $427,397 $660,855
Inventory $630,411 $590,959 $575,178 $631,208
Other current assets $60,000 $45,090 $76,320 $50,000
Total Current Assets $1,438,305 $1,418,433 $1,693,091 $2,796,071
Fixed Assets
Land $112,500 $125,000 $137,500 $150,000
Buildings $1,450,000 $1,450,000 $1,450,000 $1,450,000
Equipment $875,000 $875,000 $875,000 $875,000
Subtotal $2,437,500 $2,450,000 $2,462,500 $2,475,000
Less-accumulated depreciation $432,500 $466,458 $500,416 $534,374
Total Fixed Assets $2,005,000 $1,983,542 $1,962,084 $1,940,626
Intangible Assets
Cost $50,000 $50,000 $50,000 $50,000
Less-accumulated amortization $21,250 $22,500 $23,750 $25,000
Total Intangible Assets $28,750 $27,500 $26,250 $25,000
Projected
LIABILITIES AND 2004 2005 2006 2007
STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable $328,767 $328,767 $328,767 $328,767
Notes payable $50,000 $50,000 $50,000 $50,000
Current portion of long-term debt $100,000 $100,000 $100,000 $100,000
Income taxes $183,300 $70,663 $45,883 $330,475
Accrued expenses $83,288 $62,466 $54,137 $83,708
Other current liabilities $12,000 $12,000 $12,000 $12,000
Total Current Liabilities $757,355 $623,896 $590,787 $904,950
Non-Current Liabilities
Long-term debt $500,000 $500,000 $500,000 $500,000
Deferred income $90,000 $90,000 $90,000 $90,000
Deferred income taxes $27,000 $27,000 $27,000 $27,000
Other long-term liabilities $90,000 $40,000 $40,000 $40,000
Subtotal $707,000 $657,000 $657,000 $657,000
Total Liabilities $1,464,355 $1,280,896 $1,247,787 $1,561,950
Stockholders' Equity
Capital stock issued $100,000 $100,000 $100,000 $100,000
Additional paid in capital $50,000 $50,000 $50,000 $50,000
Retained earnings $1,890,700 $2,118,579 $2,288,638 $3,072,747
Stockholders Equity $2,040,700 $2,268,579 $2,438,638 $3,222,747
Assets
$5,000,000
$4,500,000
$4,000,000
$3,500,000
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$0
2004 2005 2006 2007
Liabilities
$3,500,000
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$0
2004 2005 2006 2007
$5,000,000
$4,500,000
$4,000,000
$3,500,000
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$0
2004 2005 2006 2007
Projected Forecasted
2004 2005 2006 2007 2008 2009 2010 2011
ASSETS 1 2 3 4 5 6 7 8
Current Assets
Cash and cash equivalents $90,360 $289,233 $614,196 $1,454,008 $1,715,926 $2,157,517 $2,599,107 $3,040,698
Accounts receivable $657,534 $493,151 $427,397 $660,855 $545,787 $540,207 $534,628 $529,049
Inventory $630,411 $590,959 $575,178 $631,208 $603,592 $602,253 $600,914 $599,575
Other current assets $60,000 $45,090 $76,320 $50,000 $58,160 $58,283 $58,406 $58,529
Total Current Assets $1,438,305 $1,418,433 $1,693,091 $2,796,071 $2,923,464 $3,358,260 $3,793,055 $4,227,851
Fixed Assets
Land $112,500 $125,000 $137,500 $150,000 $162,500 $175,000 $187,500 $200,000
Buildings $1,450,000 $1,450,000 $1,450,000 $1,450,000 $1,450,000 $1,450,000 $1,450,000 $1,450,000
Equipment $875,000 $875,000 $875,000 $875,000 $875,000 $875,000 $875,000 $875,000
Subtotal $2,437,500 $2,450,000 $2,462,500 $2,475,000 $2,487,500 $2,500,000 $2,512,500 $2,525,000
Less-accumulated depreciation $432,500 $466,458 $500,416 $534,374 $568,332 $602,290 $636,248 $670,206
Total Fixed Assets $2,005,000 $1,983,542 $1,962,084 $1,940,626 $1,919,168 $1,897,710 $1,876,252 $1,854,794
Intangible Assets
Cost $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000
Less-accumulated amortization $21,250 $22,500 $23,750 $25,000 $26,250 $27,500 $28,750 $30,000
Total Intangible Assets $28,750 $27,500 $26,250 $25,000 $23,750 $22,500 $21,250 $20,000
Other assets $33,000 $120,000 $5,000 $23,000 $9,000 ($5,500) ($20,000) ($34,500)
Total Assets $3,505,055 $3,549,475 $3,686,425 $4,784,697 $4,875,382 $5,272,970 $5,670,557 $6,068,145
Projected Forecasted
LIABILITIES AND 2004 2005 2006 2007 Period 5 Period 6 Period 7 Period 8
STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable $328,767 $328,767 $328,767 $328,767 $328,767 $328,767 $328,767 $328,767
Notes payable $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000
Current portion of long-term debt $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000
Income taxes $183,300 $70,663 $45,883 $330,475 $261,767 $303,441 $345,116 $386,790
Accrued expenses $83,288 $62,466 $54,137 $83,708 $69,133 $68,426 $67,719 $67,012
Other current liabilities $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000
Total Current Liabilities $757,355 $623,896 $590,787 $904,950 $821,666 $862,634 $903,601 $944,569
Non-Current Liabilities
Long-term debt $500,000 $500,000 $500,000 $500,000 $500,000 $500,000 $500,000 $500,000
Deferred income $90,000 $90,000 $90,000 $90,000 $90,000 $90,000 $90,000 $90,000
Deferred income taxes $27,000 $27,000 $27,000 $27,000 $27,000 $27,000 $27,000 $27,000
Other long-term liabilities $90,000 $40,000 $40,000 $40,000 $15,000 $0 ($15,000) ($30,000)
Subtotal $707,000 $657,000 $657,000 $657,000 $632,000 $617,000 $602,000 $587,000
Total Liabilities $1,464,355 $1,280,896 $1,247,787 $1,561,950 $1,453,666 $1,479,634 $1,505,601 $1,531,569
Stockholders' Equity
Capital stock issued $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000
Additional paid in capital $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000
Retained earnings $1,890,700 $2,118,579 $2,288,638 $3,072,747 $3,271,716 $3,643,336 $4,014,956 $4,386,576
Stockholders Equity $2,040,700 $2,268,579 $2,438,638 $3,222,747 $3,421,716 $3,793,336 $4,164,956 $4,536,576
Total Liabilities and Equity $3,505,055 $3,549,475 $3,686,425 $4,784,697 $4,875,382 $5,272,970 $5,670,557 $6,068,145
$7,000,000
$6,000,000
$5,000,000
$4,000,000
$3,000,000
$2,000,000
$1,000,000
$0
2004 2005 2006 2007 2008 2009 2010 2011
Liabilities
$5,000,000
$4,500,000
$4,000,000
$3,500,000
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$0
2004 2005 2006 2007 2008 2009 2010 2011
$7,000,000
$6,000,000
$5,000,000
$4,000,000
$3,000,000
$2,000,000
$1,000,000
$0
2004 2005 2006 2007 2008 2009 2010 2011
Projected
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0
2004 2005 2006 2007
Current Assets Fixed Assets Total Assets Current Liabilities
Non-current Liab. Total Liabilities Equity Liabilities and Equity
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0
2004 2005 2006 2007
Current Assets Fixed Assets Total Assets Current Liabilities
Non-current Liab. Total Liabilities Equity Liabilities and Equity
2006 2006
2005 2005
2004 2004
2004 2005 2006 2004
2007 2005 2006 2007
2006 2006
2005 2005
2004 2004
2004 2005 2006 2004
2007 2005 2006 2007
Total Assets Total Assets Projected Total Assets Total Assets Projected
2007 2011
2006 2010
2005 2009
2004 2008
2004 2005 2006 2008
2007 2009 2010 2011
Total Liabilities & Equity Current Liabilities Total Liabilities & Equity Current Liabilities
2007 2007
2006 2006
2005 2005
2004 2004
2004 2005 2006 2004
2007 2005 2006 2007
Total Liabilities & Equity Total Liabilities Total Liabilities & Equity Total Liabilities
2007 2007
2006 2006
2005 2005
2004 2004
2004 2005 2006 2004
2007 2005 2006 2007
Total Liabilities & Equity Total Liabilities & Equity Projected Total Liabilities & Equity Total Liabilities & Equity Projected
2007 2011
2006 2010
2005 2009
2004 2008
2004 2005 2006 2008
2007 2009 2010 2011
$4,227,851 $0
8TH QTR
2004 2005 2006 2007 2008 2009 2010 2011
Inventory
Inventory Projection
1ST QTR $630,411 $640,000
$590,959 $630,000
2ND QTR
$620,000
3RD QTR $575,178 $610,000
$631,208 $600,000
4TH QTR
$590,000
5TH QTR $603,592 $580,000
Total Assets
Total Assets Projection
1ST QTR $3,505,055 $7,000,000
Current Liabilities
Current Liabilities Projection
1ST QTR $757,355 $1,000,000
Non-current Liabilities
Non-current Liabilities Projection
1ST QTR $707,000 $800,000
$500,000
4TH QTR $657,000
$400,000
5TH QTR $632,000
$300,000
6TH QTR $617,000 $200,000
Total Liabilities
Total Liabilities Projection
1ST QTR $1,464,355 $1,600,000
$1,000,000
4TH QTR $1,561,950
$800,000
5TH QTR $1,453,666
$600,000
6TH QTR $1,479,634 $400,000
Equity
Equity Projection
1ST QTR $2,040,700 $5,000,000
5,000,000
4,500,000
4,000,000
3,500,000
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000
0
2004 2005 2006 2007
5,000,000
4,500,000
4,000,000
3,500,000
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000
0
2004 2005 2006 2007
Expenses
Operating expenses $424,000 $318,000 $275,600 $426,141
Interest $16,250 $16,250 $16,250 $16,250
Depreciation $32,500 $33,958 $33,958 $33,958
Amortization $1,250 $1,250 $1,250 $1,250
Subtotal (IDA) $50,000 $51,458 $51,458 $51,458
Total expenses $474,000 $369,458 $327,058 $477,599
Projected Forecasted
2004 2005 2006 2007 2008 2009 2010 2011
Revenue 1 2 3 4 5 6 7 8
Sales $2,000,000 $1,500,000 $1,300,000 $2,010,100 $1,660,100 $1,643,130 $1,626,160 $1,609,190
Cost of sales $945,000 $865,000 $833,000 $946,616 $890,616 $887,901 $885,186 $882,470
Gross profit $1,055,000 $635,000 $467,000 $1,063,484 $769,484 $755,229 $740,974 $726,720
Expenses
Operating expenses $424,000 $318,000 $275,600 $426,141 $351,941 $348,344 $344,746 $341,148
Interest $16,250 $16,250 $16,250 $16,250 $16,250 $16,250 $16,250 $16,250
Depreciation $32,500 $33,958 $33,958 $33,958 $34,687 $35,124 $35,562 $35,999
Amortization $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250
Subtotal (IDA) $50,000 $51,458 $51,458 $51,458 $52,187 $52,624 $53,062 $53,499
Total expenses $474,000 $369,458 $327,058 $477,599 $404,128 $400,968 $397,808 $394,647
Operating income $581,000 $265,542 $139,942 $585,885 $365,356 $354,261 $343,167 $332,072
Income before tax $701,000 $325,542 $242,942 $1,191,585 $962,556 $1,101,471 $1,240,387 $1,379,302
Income tax $210,300 $97,663 $72,883 $357,475 $288,767 $330,441 $372,116 $413,791
Net income $490,700 $227,879 $170,059 $834,109 $673,789 $771,030 $868,271 $965,511
Retained earnings-beginning $1,400,000 $1,890,700 $2,118,579 $2,288,638 $2,647,928 $2,937,307 $3,226,686 $3,516,065
Retained earnings-ending $1,890,700 $2,118,579 $2,288,638 $3,072,747 $3,271,716 $3,643,336 $4,014,956 $4,386,576
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$0
2004 2005 2006 2007 2008 2009 2010 2011
Sales Cost of sales Gross profit Total expenses Income before tax Net income
Projected
2,500,000
2,000,000
1,500,000
1,000,000
500,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000
2006 2006
2005 2005
2004 2004
2004 2005 2006 2004
2007 2005 2006 2007
2006 2006
2005 2005
2004 2004
2004 2005 2006 2004
2007 2005 2006 2007
2006 2006
2005 2005
2004 2004
2004 2005 2006 2004
2007 2005 2006 2007
2006 2006
2005 2005
2004 2004
2004 2005 2006 2004
2007 2005 2006 2007
2006 2006
2005 2005
2004 2004
2004 2005 2006 2004
2007 2005 2006 2007
$1,609,190 $0
8TH QTR
2004 2005 2006 2007 2008 2009 2010 2011
Cost of Goods
Cost of Goods Projection
1ST QTR $945,000 $960,000
$865,000 $940,000
2ND QTR
$920,000
3RD QTR $833,000 $900,000
$946,616 $880,000
4TH QTR
$860,000
5TH QTR $890,616 $840,000
Gross Profit
Gross Profit Projection
1ST QTR $1,055,000 $1,200,000
Net Income
Net Income Projection
1ST QTR $490,700 $1,000,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000
0
2004 2005 2006 2007
2,500,000
2,000,000
1,500,000
1,000,000
500,000
0
2004 2005 2006 2007
Revenue
Sales Cost of Sales Gross Profit Gross Profit Percentage
$2,500,000 $960,000 $1,200,000 60.00%
$940,000
$1,000,000 50.00%
$2,000,000 $920,000
$900,000
$800,000 40.00%
$1,500,000 $880,000
Expenses
Operating Expenses Interest, Depreciation, Amortization Total Expenses Operating Income
$450,000 $52,000 $600,000 $700,000
$400,000 $600,000
$51,500 $500,000
$350,000
$500,000
$300,000 $51,000 $400,000
$250,000 $400,000
$50,500 $300,000
$200,000 $300,000
$150,000 $50,000 $200,000
$200,000
$100,000
$49,500 $100,000 $100,000
$50,000
$0 $49,000 $0 $0
1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4
Profit
Net Income Before Taxes Taxes Net Income Retained Earnings
$1,400,000 $400,000 $900,000 $2,500,000
Ratios
Current Ratio Quick Ratio Working Capital Net Worth
3.50 3.00 $2,000,000 $3,500,000
$1,800,000
3.00 2.50 $3,000,000
$1,600,000
2.50 $1,400,000 $2,500,000
2.00
2.00 $1,200,000 $2,000,000
1.50 $1,000,000
1.50 $800,000 $1,500,000
1.00 $600,000
1.00 $1,000,000
0.50 $400,000
0.50 $500,000
$200,000
- - $0 $0
1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4
Days Purchases in AP Net Sales to Working Capital Total Assets to Net Sales Net Sales to AR
48.00 3.50 3.00 3.04
47.00
3.00 2.50 3.04
46.00
45.00 2.50 3.04
2.00
44.00 2.00 3.04
43.00 1.50
42.00 1.50 3.04
41.00 1.00
1.00 3.04
40.00 0.50
0.50 3.04
39.00
38.00 - - 3.04
1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4
Net Sales to Net Fixed Assets Net Sales to Total Assets Net Sales to Net Worth Amort. and Dep. Expense to Net Sales
1.20 0.60 1.20 0.045
0.040
1.00 0.50 1.00
0.035
0.80 0.40 0.80 0.030
0.025
0.60 0.30 0.60
0.020
0.40 0.20 0.40 0.015
0.010
0.20 0.10 0.20
0.005
- - - -
1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4
Profitability Ratios
Gross Profit Percentage Operating Expenses as % of Net Sales Return on Total Assets Return on Net Worth
60.00% 25.50% 20.00% 30.00%
18.00%
50.00% 25.00% 16.00% 25.00%
Return on Net Sales Income before tax to Net Worth Income before tax to Total Assets Retained Earning to Net Income
45.00% 40% 30% 1600%
40.00% 35% 1400%
25%
35.00% 30% 1200%
30.00% 20%
25% 1000%
25.00%
20% 15% 800%
20.00%
15% 600%
15.00% 10%
10.00% 10% 400%
5%
5.00% 5% 200%
0.00% 0% 0% 0%
1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4
Coverage Ratios
Times Interest Earned Interest Expense to Net Sales Current Liabilities to Net Worth Current Liabilities to Inventory
80.00 0.01 0.40 1.60
70.00 0.01 0.35 1.40
60.00 0.30 1.20
0.01
50.00 0.25 1.00
0.01
40.00 0.20 0.80
0.01
30.00 0.15 0.60
0.00
20.00 0.10 0.40
10.00 0.00 0.05 0.20
- - - -
1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4
Based on this analysis, the firm has the potential for $403,422 in added profits with increased sales and
proper expense controls in place.
This analysis has the sole purpose to show how, if everything comes together, the results of maximum efficiency can result
in increased Net Profit.
10
8
6
4
2
0
$2,000,000
$1,500,000
$1,000,000
$500,000
$0
Jul
Jun
Aug
Jan
Feb
Sep
Jan
Oct
Mar
Apr
May
Nov
Dec
Predictions
Z Score: If Publicly Held 2004 2005 2006 2007 TREND
1.2 x (working capital / total assets) 0.2331 0.2686 0.3588 0.4743
1.4 x (retained earn / total assets) 0.7552 0.8356 0.8692 0.8991
3.3 x (EBIT / total assets) 0.6600 0.3027 0.2175 0.8218
.6 x (market value equity / total liabilities) 0.8361 1.0627 1.1726 1.2380
.999 x (sales / total assets) 0.5700 0.4222 0.3523 0.4197
Z Score: If Publicly Held 3.05 2.89 2.97 3.85 3.81 OK
Overall Trend OK
H-Factor
2.98 3.30 3.43 3.55
0.12 0.09 0.07 0.09
0.03 0.01 0.01 0.03
0.08 0.29 0.63 1.18
-0.05 -0.04 -0.04 -0.04
0.50 0.41 0.37 0.44
2.56 2.55 2.54 2.53
0.50 0.67 0.96 1.31
1.46 1.16 1.05 1.67
Sum 8.19 8.44 9.02 10.76
Less -6.08 -6.08 -6.08 -6.08
Fulmer H-Factor Analysis H = 2.11 2.37 2.95 4.68 5.10 OK
3.03 Overall Trend is OK
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