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Confidentiality Agreement
Table of Contents
1.0 Executive Summary.............................................................................................................................1
Chart: Highlights ......................................................................................................................2
1.1 Objectives ...................................................................................................................................2
1.2 Keys to Success ........................................................................................................................2
1.3 Mission........................................................................................................................................3
2.0 Company Summary.............................................................................................................................3
2.1 Start-up Summary ......................................................................................................................3
Chart: Start-up .........................................................................................................................4
Table: Start-up .........................................................................................................................4
Table: Start-up Funding ..........................................................................................................5
2.2 Company Ownership .................................................................................................................5
3.0 Services................................................................................................................................................5
4.0 Market Analysis Summary..................................................................................................................6
4.1 Market Segmentation ................................................................................................................6
Chart: Market Analysis (Pie) ..................................................................................................7
Table: Market Analysis ...........................................................................................................7
4.2 Service Business Analysis........................................................................................................7
4.2.1 Competition and Buying Patterns................................................................................8
5.0 Strategy and Implementation Summary ............................................................................................9
5.1 Marketing Strategy.....................................................................................................................9
5.2 Sales Strategy............................................................................................................................9
5.2.1 Sales Forecast ..............................................................................................................9
Chart: Sales Monthly ...................................................................................................10
Table: Sales Forecast.................................................................................................10
6.0 Management Summary ....................................................................................................................11
6.1 Personnel..................................................................................................................................11
Table: Personnel ...................................................................................................................11
7.0 Financial Plan ....................................................................................................................................12
7.1 Important Assumptions............................................................................................................12
Table: General Assumptions ...............................................................................................12
7.2 Break-even Analysis................................................................................................................13
Chart: Break-even Analysis .................................................................................................13
Table: Break-even Analysis .................................................................................................13
7.3 Projected Cash Flow...............................................................................................................14
Chart: Cash ...........................................................................................................................14
Table: Cash Flow..................................................................................................................15
7.4 Projected Profit and Loss .......................................................................................................16
Chart: Profit Monthly .............................................................................................................16
Chart: Profit Yearly................................................................................................................17
Chart: Gross Margin Monthly ...............................................................................................17
Chart: Gross Margin Yearly..................................................................................................18
Table: Profit and Loss ..........................................................................................................18
7.5 Projected Balance Sheet ........................................................................................................19
Table: Balance Sheet ...........................................................................................................19
7.6 Business Ratios .......................................................................................................................20
Table: Ratios .........................................................................................................................21
Table: Sales Forecast ...............................................................................................................................1
Page 1
Table of Contents
Table: Personnel ........................................................................................................................................2
Table: General Assumptions ....................................................................................................................3
Table: Profit and Loss ...............................................................................................................................4
Table: Cash Flow .......................................................................................................................................5
Table: Balance Sheet ................................................................................................................................6
Page 2
1.1 Objectives
The three year goals for Marrowstone Advertising are the following:
Differentiate our services to nonprofits so that our clients realize that we are able to
better serve their needs than a more generic competitor.
Keeping close contac t with c lients and establishing a well functioning long-term
relationship with them to generate repeat business and a top notch reputation.
Establish a comprehensive service experience for our clients that includes consultation,
Page 2
1.3 Mission
It is the mission of Marrowstone Advertising Consultants to provide comprehensive marketing
consultation and creation of advertising campaigns for the nonprofit industry. Our firm is not
interested in simply producing a service for our clients. We believe in c reating a long-term
relationship with them so that the delivery of their message bec omes a seemless, thoughtprovoking experience that engenders ac tion. Marrowstone understands that nonprofit groups and
institutions have special needs in delivering their information and messages to the public and
creating inspiration to ac t on these messages.
Page 3
Table: Start-up
Start-up
Requirements
Start-up Expenses
Legal
Insurance
Utilities
Rent
Accounting and bookkeeping fees
$2,000
$1,000
$200
$2,000
$2,000
Expensed equipment
Advertising
Other
$10,000
$6,500
$8,000
$31,700
Start-up Assets
Cash Required
Other Current Assets
Long-term Assets
$117,300
$5,000
$10,000
Total Assets
$132,300
Total Requirements
$164,000
Page 4
$31,700
$132,300
$164,000
Assets
Non-cash Assets from Start-up
Cash Requirements from Start-up
Additional Cash Raised
Cash Balance on Starting Date
$15,000
$117,300
$0
$117,300
Total Assets
$132,300
$16,000
$45,000
$3,000
$0
$64,000
Capital
Planned Investment
Mr. Curtis Cole
Ms. Jennie Marks
Mr. David Danielson
$25,000
$20,000
$20,000
$8,000
$27,000
$0
$100,000
($31,700)
$68,300
$132,300
Total Funding
$164,000
3.0 Services
Marrowstone Advertising Consultants offers a complete, custom advertising campaign that
covers all audio-visual and printed media. Examples include radio and television ads, billboards,
Page 5
Initial consultation.
Analysis of nonprofit's goals and target market demographics.
Planning.
Creation of streamlined and custom advertising campaigns based on needs.
Total design work of all audio-visual/printed advertising tools.
Implementation (usually through subcontrac tors).
Follow-up analysis.
Each project is customized to our client and its scope, length, depth, reac h, and cost are
unique.
We are concentrating on these specific market segments for a variety of reasons. The
environmental segment which includes organizations such as the Sierra Club and the Nature
Conservancy is the fastest growing segment at the moment, and Marrowstone's management
concludes that in the near future, they will also include some of the largest nonprofits in the
nation. Youth development nonprofits such as the Boy Sc outs, Camp Fire girls, 4-F, and The
Boys and Girls Club includes some of the largest and most well capitalized nonprofit organizations
in the country. Finally, although they tend to be small in size, there are a huge number of
Page 6
Year 2
Year 3
Year 4
Year 5
Potential Customers
Environmental nonprofits
Youth development nonprofits
Growth
8%
4%
34
44
37
46
40
48
43
50
46
52
CAGR
7.85%
4.26%
Cultural nonprofits
Other
Total
4%
5%
4.85%
128
72
278
133
76
292
138
80
306
144
84
321
150
88
336
4.04%
5.14%
4.85%
Page 8
Page 9
Year 1
Year 2
Year 3
$93,000
$145,000
$224,000
$33,000
$69,000
$36,000
$231,000
$56,000
$110,000
$45,000
$356,000
$98,000
$93,000
$45,000
$460,000
Year 1
Year 2
Year 3
$0
$0
$0
$0
$0
$0
$0
$0
$0
Page 10
6.1 Personnel
Marrowstone's management brings to the company strong capabilities in c reative flair,
research, and a unique combination of skills drawn from other businesses.
Mr. Curtis Cole is a former marketing executive with the Land Trust Alliance and has many
years of experience working with nonprofits in the environmental field. Previous companies Mr.
Cole has worked for include the Sierra Club and the Audubon Society. Mr. Cole has successfully
launched numerous advertising and public awareness campaigns with these organizations
including efforts to preserve the orca population in the Puget Sound region and to reduce the
pollution levels in Denver, CO. Mr. Cole has an MBA in marketing and a BS in international
relations.
Mr. David Danielson graduated from Penn State University with a bac helors degree in marketing
in 1975. From 1978-1988 Mr. Danielson worked for Ford Motor Company as an advertising
executive. In 1989 he went to work for Anderson Consulting in their marketing and advertising
division. Four years later, Mr. Danielson went to work as the Boy Sc outs of America's chief
marketing executive.
Table: Personnel
Personnel Plan
Mr. Curtis Cole- president
Mrs. Jennie Marks - CFO
Mr. David Danielson - projects manager
Year 1
$36,000
$36,000
$36,000
Year 2
$36,000
$36,000
$36,000
Year 3
$60,000
$60,000
$45,000
$36,000
$36,000
$0
$0
$36,000
$36,000
$36,000
$0
$36,000
$36,000
$36,000
$21,000
Total People
Total Payroll
$180,000
$216,000
$294,000
Page 11
Year 1
1
10.00%
10.00%
30.00%
0
Year 2
2
10.00%
10.00%
30.00%
0
Year 3
3
10.00%
10.00%
30.00%
0
Page 12
$22,583
Assumptions:
Average Percent Variable Cost
Estimated Monthly Fixed Cost
0%
$22,583
Page 13
Page 14
Year 2
Year 3
$57,750
$121,425
$179,175
$89,000
$238,956
$327,956
$115,000
$321,668
$436,668
$0
$5,000
$0
$0
$0
$0
$3,000
$187,175
$0
$0
$0
$0
$0
$0
$0
$327,956
$0
$0
$0
$0
$0
$0
$0
$436,668
Year 1
Year 2
Year 3
$180,000
$95,653
$275,653
$216,000
$116,295
$332,295
$294,000
$131,741
$425,741
$0
$7,992
$0
$0
$0
$3,000
$0
$4,000
$0
$3,000
$0
$4,000
$0
$0
$0
$0
$0
$0
$0
$0
$0
$283,645
$339,295
$432,741
($96,470)
$20,830
($11,339)
$9,491
$3,926
$13,418
Cash Received
Expenditures
Expenditures from Operations
Cash Spending
Bill Payments
Subtotal Spent on Operations
Additional Cash Spent
Sales Tax, VAT, HST/GST Paid Out
Principal Repayment of Current Borrowing
Other Liabilities Principal Repayment
Long-term Liabilities Principal Repayment
Purchase Other Current Assets
Purchase Long-term Assets
Dividends
Page 15
Page 16
Page 17
Year 2
$356,000
$0
Year 3
$460,000
$0
$7,000
$7,000
$7,000
$7,000
$7,000
$7,000
Gross Margin
Gross Margin %
$224,000
96.97%
$349,000
98.03%
$453,000
98.48%
Expenses
Payroll
Sales
Direct Cost of Sales
Other Costs of Sales
Total Cost of Sales
$180,000
$216,000
$294,000
$12,000
$2,000
$12,000
$3,600
$3,000
$27,000
$24,000
$2,000
$12,000
$3,600
$3,000
$32,400
$24,000
$2,000
$13,000
$4,000
$3,000
$44,100
Travel
Other
$24,200
$7,200
$12,000
$8,000
$10,000
$10,000
$271,000
$313,000
$404,100
($47,000)
($45,000)
$5,917
$0
$36,000
$38,000
$5,451
$9,165
$48,900
$50,900
$4,751
$13,245
Net Profit
Net Profit/Sales
($52,917)
-22.91%
$21,384
6.01%
$30,904
6.72%
Page 18
Year 2
Year 3
Current Assets
Cash
Accounts Receivable
Other Current Assets
Total Current Assets
$20,830
$51,825
$5,000
$77,655
$9,491
$79,869
$5,000
$94,360
$13,418
$103,201
$5,000
$121,619
Long-term Assets
Long-term Assets
Accumulated Depreciation
Total Long-term Assets
Total Assets
$10,000
$2,000
$8,000
$85,655
$10,000
$4,000
$6,000
$100,360
$10,000
$6,000
$4,000
$125,619
Year 1
Year 2
Year 3
Accounts Payable
Current Borrowing
Other Current Liabilities
$9,264
$13,008
$0
$9,585
$10,008
$0
$10,939
$7,008
$0
$22,272
$19,593
$17,947
Long-term Liabilities
Total Liabilities
$45,000
$67,272
$41,000
$60,593
$37,000
$54,947
Paid-in Capital
$103,000
$103,000
$103,000
Retained Earnings
Earnings
Total Capital
($31,700)
($52,917)
$18,383
($84,617)
$21,384
$39,767
($63,233)
$30,904
$70,672
$85,655
$100,360
$125,619
Net Worth
$18,383
$39,767
$70,672
Assets
Page 19
Page 20
Year 2
54.11%
Year 3
29.21%
Industry Profile
7.51%
60.50%
5.84%
90.66%
9.34%
100.00%
79.58%
4.98%
94.02%
5.98%
100.00%
82.15%
3.98%
96.82%
3.18%
100.00%
39.92%
39.01%
82.32%
17.68%
100.00%
26.00%
52.54%
78.54%
21.46%
19.52%
40.85%
60.38%
39.62%
14.29%
29.45%
43.74%
56.26%
39.13%
10.54%
49.67%
50.33%
Percent of Sales
Sales
Gross Margin
Selling, General & Administrative Expenses
Advertising Expenses
Profit Before Interest and Taxes
100.00%
96.97%
119.88%
0.00%
-20.35%
100.00%
98.03%
92.03%
0.00%
10.11%
100.00%
98.48%
91.76%
0.00%
10.63%
100.00%
100.00%
84.13%
3.06%
2.36%
Main Ratios
Current
Quick
Total Debt to Total Assets
Pre-tax Return on Net Worth
3.49
3.49
78.54%
-287.86%
4.82
4.82
60.38%
76.82%
6.78
6.78
43.74%
62.47%
1.76
1.49
5.71%
55.31%
-61.78%
30.44%
35.15%
12.78%
Additional Ratios
Year 1
Year 2
Year 3
-22.91%
-287.86%
6.01%
53.77%
6.72%
43.73%
n.a
n.a
3.34
54
3.34
90
3.34
97
n.a
n.a
11.00
28
2.70
12.17
29
3.55
12.17
28
3.66
n.a
n.a
n.a
Debt Ratios
Debt to Net Worth
3.66
1.52
0.78
n.a
0.33
0.32
0.33
n.a
$55,383
-7.94
$74,767
6.60
$103,672
10.29
n.a
n.a
0.37
26%
0.28
20%
0.27
14%
n.a
n.a
1.16
12.57
0.00
0.74
8.95
0.00
1.03
6.51
0.00
n.a
n.a
n.a
Sales Growth
Percent of Total Assets
Accounts Receivable
Other Current Assets
Total Current Assets
Long-term Assets
Total Assets
Current Liabilities
Long-term Liabilities
Total Liabilities
Net Worth
Activity Ratios
Accounts Receivable Turnover
Collection Days
Accounts Payable Turnover
Payment Days
Total Asset Turnover
Liquidity Ratios
Net Working Capital
Interest Coverage
Additional Ratios
Assets to Sales
Current Debt/Total Assets
Acid Test
Sales/Net Worth
Dividend Payout
Page 21
Appendix
Table: Sales Forecast
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
0%
$6,000
$6,000
$6,000
$6,000
$6,000
$6,000
$6,000
$6,000
$6,000
$6,000
$9,000
$24,000
0%
$0
$0
$0
$0
$0
$2,000
$4,000
$4,000
$5,000
$5,000
$6,000
$7,000
0%
0%
$0
$0
$0
$0
$0
$0
$0
$0
$7,000
$0
$5,000
$0
$3,000
$7,000
$26,000
$5,000
$4,000
$12,000
$7,000
$5,000
$10,000
$2,000
$7,000
$5,000
Total Sales
$6,000
$6,000
$6,000
$6,000
$13,000
$13,000
$20,000
$41,000
$27,000
$23,000
$27,000
$43,000
Sales
Environmental nonprofits
Youth development nonprofits
Cultural nonprofits
Other
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
Row 1
Other
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Page 1
Appendix
Table: Personnel
Personnel Plan
Mr. Curtis Cole- president
Mrs. Jennie Marks - CFO
Mr. David Danielson - projects manager
0%
0%
0%
Month 1
$3,000
$3,000
$3,000
Month 2
$3,000
$3,000
$3,000
Month 3
$3,000
$3,000
$3,000
Month 4
$3,000
$3,000
$3,000
Month 5
$3,000
$3,000
$3,000
Month 6
$3,000
$3,000
$3,000
Month 7
$3,000
$3,000
$3,000
Month 8
$3,000
$3,000
$3,000
Month 9
$3,000
$3,000
$3,000
Month 10
$3,000
$3,000
$3,000
Month 11
$3,000
$3,000
$3,000
Month 12
$3,000
$3,000
$3,000
0%
0%
0%
0%
$3,000
$3,000
$0
$0
$3,000
$3,000
$0
$0
$3,000
$3,000
$0
$0
$3,000
$3,000
$0
$0
$3,000
$3,000
$0
$0
$3,000
$3,000
$0
$0
$3,000
$3,000
$0
$0
$3,000
$3,000
$0
$0
$3,000
$3,000
$0
$0
$3,000
$3,000
$0
$0
$3,000
$3,000
$0
$0
$3,000
$3,000
$0
$0
500%
$15,000
$15,000
$15,000
$15,000
$15,000
$15,000
$15,000
$15,000
$15,000
$15,000
$15,000
$15,000
Total People
Total Payroll
Page 2
Appendix
Table: General Assumptions
General Assumptions
Plan Month
Current Interest Rate
Month 1
1
10.00%
Month 2
2
10.00%
Month 3
3
10.00%
Month 4
4
10.00%
Month 5
5
10.00%
Month 6
6
10.00%
Month 7
7
10.00%
Month 8
8
10.00%
Month 9
9
10.00%
Month 10
10
10.00%
Month 11
11
10.00%
Month 12
12
10.00%
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
Other
30.00%
0
30.00%
0
30.00%
0
30.00%
0
30.00%
0
30.00%
0
30.00%
0
30.00%
0
30.00%
0
30.00%
0
30.00%
0
30.00%
0
Page 3
Appendix
Table: Profit and Loss
Pro Forma Profit and Loss
Month 1
$6,000
$0
Month 2
$6,000
$0
Month 3
$6,000
$0
Month 4
$6,000
$0
Month 5
$13,000
$0
Month 6
$13,000
$0
Month 7
$20,000
$0
Month 8
$41,000
$0
Month 9
$27,000
$0
Month 10
$23,000
$0
Month 11
$27,000
$0
Month 12
$43,000
$0
$500
$500
$500
$500
$500
$500
$500
$700
$700
$700
$700
$700
$500
$500
$500
$500
$500
$500
$500
$700
$700
$700
$700
$700
$5,500
91.67%
$5,500
91.67%
$5,500
91.67%
$5,500
91.67%
$12,500
96.15%
$12,500
96.15%
$19,500
97.50%
$40,300
98.29%
$26,300
97.41%
$22,300
96.96%
$26,300
97.41%
$42,300
98.37%
Sales
Direct Cost of Sales
Gross Margin
Gross Margin %
Expenses
Payroll
$15,000
$15,000
$15,000
$15,000
$15,000
$15,000
$15,000
$15,000
$15,000
$15,000
$15,000
$15,000
$1,000
$1,000
$1,000
$1,000
$1,000
$1,000
$1,000
$1,000
$1,000
$1,000
$1,000
$1,000
$166
$1,000
$166
$1,000
$166
$1,000
$166
$1,000
$166
$1,000
$166
$1,000
$166
$1,000
$166
$1,000
$166
$1,000
$166
$1,000
$166
$1,000
$174
$1,000
Utilities
Insurance
Payroll Taxes
15%
$300
$250
$2,250
$300
$250
$2,250
$300
$250
$2,250
$300
$250
$2,250
$300
$250
$2,250
$300
$250
$2,250
$300
$250
$2,250
$300
$250
$2,250
$300
$250
$2,250
$300
$250
$2,250
$300
$250
$2,250
$300
$250
$2,250
Travel
15%
$1,200
$3,000
$1,000
$2,000
$2,000
$3,000
$2,000
$1,000
$2,000
$3,000
$1,000
$3,000
$600
$600
$600
$600
$600
$600
$600
$600
$600
$600
$600
$600
$21,766
$23,566
$21,566
$22,566
$22,566
$23,566
$22,566
$21,566
$22,566
$23,566
$21,566
$23,574
($16,266)
($18,066)
($16,066)
($17,066)
($10,066)
($11,066)
($3,066)
$18,734
$3,734
($1,266)
$4,734
$18,726
EBITDA
Interest Expense
($16,100)
$503
($17,900)
$497
($15,900)
$492
($16,900)
$486
($9,900)
$481
($10,900)
$475
($2,900)
$511
$18,900
$506
$3,900
$500
($1,100)
$495
$4,900
$489
$18,900
$483
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
($16,769)
-279.48%
($18,563)
-309.39%
($16,558)
-275.96%
($17,552)
-292.54%
($10,547)
-81.13%
($11,541)
-88.78%
($3,577)
-17.89%
$18,228
44.46%
$3,234
11.98%
($1,761)
-7.65%
$4,245
15.72%
$18,243
42.42%
Other
Total Operating Expenses
Taxes Incurred
Net Profit
Net Profit/Sales
Page 4
Appendix
Table: Cash Flow
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
$1,500
$0
$1,500
$150
$1,500
$4,500
$1,500
$4,500
$3,250
$4,500
$3,250
$4,675
$5,000
$9,750
$10,250
$9,925
$6,750
$15,525
$5,750
$30,400
$6,750
$20,150
$10,750
$17,350
$1,500
$1,650
$6,000
$6,000
$7,750
$7,925
$14,750
$20,175
$22,275
$36,150
$26,900
$28,100
Cash Received
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
0.00%
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$5,000
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$1,500
$0
$1,650
$0
$6,000
$0
$6,000
$0
$7,750
$0
$7,925
$1,500
$21,250
$1,500
$21,675
$0
$22,275
$0
$36,150
$0
$26,900
$0
$28,100
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
Cash Spending
Bill Payments
$15,000
$3,253
$15,000
$7,663
$15,000
$9,330
$15,000
$7,425
$15,000
$8,386
$15,000
$8,414
$15,000
$9,343
$15,000
$8,384
$15,000
$7,639
$15,000
$8,633
$15,000
$9,528
$15,000
$7,655
$18,253
$22,663
$24,330
$22,425
$23,386
$23,414
$24,343
$23,384
$22,639
$23,633
$24,528
$22,655
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$666
$0
$666
$0
$666
$0
$666
$0
$666
$0
$666
$0
$666
$0
$666
$0
$666
$0
$666
$0
$666
$0
$666
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$18,919
$23,329
$24,996
$23,091
$24,052
$24,080
$25,009
$24,050
$23,305
$24,299
$25,194
$23,321
($17,419)
($21,679)
($18,996)
($17,091)
($16,302)
($16,155)
($3,759)
($2,375)
($1,030)
$11,851
$1,706
$4,779
Cash Balance
$99,881
$78,202
$59,206
$42,115
$25,813
$9,658
$5,899
$3,524
$2,494
$14,345
$16,051
$20,830
Page 5
Appendix
Table: Balance Sheet
Pro Forma Balance Sheet
Assets
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
Starting Balances
Current Assets
Cash
Accounts Receivable
$117,300
$0
$99,881
$4,500
$78,202
$8,850
$59,206
$8,850
$42,115
$8,850
$25,813
$14,100
$9,658
$19,175
$5,899
$24,425
$3,524
$45,250
$2,494
$49,975
$14,345
$36,825
$16,051
$36,925
$20,830
$51,825
$5,000
$122,300
$5,000
$109,381
$5,000
$92,052
$5,000
$73,056
$5,000
$55,965
$5,000
$44,913
$5,000
$33,833
$5,000
$35,324
$5,000
$53,774
$5,000
$57,469
$5,000
$56,170
$5,000
$57,976
$5,000
$77,655
$10,000
$10,000
$10,000
$10,000
$10,000
$10,000
$10,000
$10,000
$10,000
$10,000
$10,000
$10,000
$10,000
$0
$166
$332
$498
$664
$830
$996
$1,162
$1,328
$1,494
$1,660
$1,826
$2,000
$10,000
$132,300
$9,834
$119,215
$9,668
$101,720
$9,502
$82,558
$9,336
$65,301
$9,170
$54,083
$9,004
$42,837
$8,838
$44,162
$8,672
$62,446
$8,506
$65,975
$8,340
$64,510
$8,174
$66,150
$8,000
$85,655
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
Long-term Assets
Long-term Assets
Accumulated Depreciation
Total Long-term Assets
Total Assets
Liabilities and Capital
Current Liabilities
Accounts Payable
$3,000
$7,349
$9,084
$7,145
$8,107
$8,101
$9,063
$8,131
$7,352
$8,313
$9,275
$7,336
$9,264
Current Borrowing
Other Current Liabilities
$16,000
$0
$15,334
$0
$14,668
$0
$14,002
$0
$13,336
$0
$12,670
$0
$12,004
$0
$16,338
$0
$15,672
$0
$15,006
$0
$14,340
$0
$13,674
$0
$13,008
$0
$19,000
$22,683
$23,752
$21,147
$21,443
$20,771
$21,067
$24,469
$23,024
$23,319
$23,615
$21,010
$22,272
Long-term Liabilities
$45,000
$45,000
$45,000
$45,000
$45,000
$45,000
$45,000
$45,000
$45,000
$45,000
$45,000
$45,000
$45,000
Total Liabilities
$64,000
$67,683
$68,752
$66,147
$66,443
$65,771
$66,067
$69,469
$68,024
$68,319
$68,615
$66,010
$67,272
Paid-in Capital
$100,000
$100,000
$100,000
$100,000
$100,000
$100,000
$100,000
$101,500
$103,000
$103,000
$103,000
$103,000
$103,000
Retained Earnings
($31,700)
($31,700)
($31,700)
($31,700)
($31,700)
($31,700)
($31,700)
($31,700)
($31,700)
($31,700)
($31,700)
($31,700)
($31,700)
$0
$68,300
($16,769)
$51,531
($35,332)
$32,968
($51,890)
$16,410
($69,442)
($1,142)
($79,988)
($11,688)
($91,529)
($23,229)
($95,107)
($25,307)
($76,878)
($5,578)
($73,644)
($2,344)
($75,405)
($4,105)
($71,160)
$140
($52,917)
$18,383
$132,300
$119,215
$101,720
$82,558
$65,301
$54,083
$42,837
$44,162
$62,446
$65,975
$64,510
$66,150
$85,655
$68,300
$51,531
$32,968
$16,410
($1,142)
($11,688)
($23,229)
($25,307)
($5,578)
($2,344)
($4,105)
$140
$18,383
Earnings
Total Capital
Total Liabilities and Capital
Net Worth
Page 6