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Expense Data
Direct labor as % of sales 16.00% of sales $320,000 $240,000 $208,000 $321,616
Other payroll as % of sales 12.00% of sales $240,000 $180,000 $156,000 $241,212
Payroll taxes as % of payroll 10.00% of payroll $56,000 $42,000 $36,400 $56,283
Insurance as % of payroll 5.00% of payroll $28,000 $21,000 $18,200 $28,141
Legal/accounting as % of sales 2.00% of sales $40,000 $30,000 $26,000 $40,202
Office overhead as % of sales 3.00% of sales $60,000 $45,000 $39,000 $60,303
Forecasted Total
1st Year 2nd Year 3rd Year 4th Year 4 Years
Sales
Sales $2,000,000 $1,500,000 $1,300,000 $2,010,100 $6,810,100
Cost of sales $945,000 $865,000 $833,000 $1,071,616 $3,714,616
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
Total expenses $474,000 $369,458 $327,058 $477,599 $1,648,115
Cost of sales
Direct labor $320,000 $240,000 $208,000 $321,616 $1,089,616
Materials $500,000 $500,000 $500,000 $500,000 $2,000,000
Other costs $125,000 $125,000 $125,000 $250,000 $625,000
Actual Forecast
2005 1st Year 2nd Year 3rd Year 4th Year
ASSETS
Current Assets
Cash and cash equivalents $451,000 $90,360 $289,233 $614,196 $1,267,364
Accounts receivable $350,000 $657,534 $493,151 $427,397 $660,855
Inventory $400,000 $630,411 $590,959 $575,178 $692,852
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 $2,671,071
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
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 2005 1st Year 2nd Year 3rd Year 4th Year
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 $292,975
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 $867,450
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
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 $2,985,247
Other $0 $0 $0 $0 $0
$1,550,000 $2,040,700 $2,268,579 $2,438,638 $3,135,247
Forecasted Total
1st Year 2nd Year 3rd Year 4th Year 4 Years
Cash from operations
Net earnings (loss) $490,700 $227,879 $170,059 $746,609 $1,635,247
Add-depreciation and amortization $33,750 $35,208 $35,208 $35,208 $139,374
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
Net cash from operations $524,450 $263,087 $205,267 $781,817 $622,226 $693,654
Net cash from operations ($724,590) ($1,714) $132,196 ($116,149) $312,244 $508,167
Investment transactions
Increases (decreases)
Land $12,500 $12,500 $12,500 $12,500 $12,500 $12,500
Buildings and improvements ($50,000) $0 $0 $0 $25,000 $40,000
Equipment $75,000 $0 $0 $0 ($37,500) ($60,000)
Intangible assets $0 $0 $0 $0 $0 $0
Financing transactions
Increases (decreases)
Short term notes payable ($50,000) $0 $0 $0 $25,000 $40,000
Long term debt ($100,000) $0 $0 $0 $50,000 $80,000
Deferred income ($10,000) $0 $0 $0 $5,000 $8,000
Deferred income taxes ($3,000) $0 $0 $0 $1,500 $2,400
Other long-term liabilities $40,000 ($50,000) $0 $0 ($20,000) ($27,000)
Capital stock and paid in capital $0 $0 $0 $0 $0 $0
Net increase (decrease) in cash ($360,640) $198,873 $324,963 $653,168 $995,970 $1,312,721
Cash at the end of period $90,360 $289,233 $614,196 $1,267,364 $1,529,282 $1,914,880
$765,082 $836,510
($22,094) ($9,734)
$68,330 $99,784
$72,269 $90,551
$77,900 $95,100
$298,356 $379,726
$0 $0
$231,899 $268,822
$53,031 $65,165
$4,400 $5,600
($80,000) ($95,000)
$704,091 $900,014
$12,500 $12,500
$55,000 $70,000
($82,500) ($105,000)
$0 $0
($15,000) ($22,500)
$55,000 $70,000
$110,000 $140,000
$11,000 $14,000
$3,300 $4,200
($34,000) ($41,000)
$0 $0
$145,300 $187,200
$1,629,472 $1,946,224
$671,005 $739,851
$2,300,477 $2,686,075
60
50
Number of Days
40
30
20
10
0
1st Year 2nd Year 3rd Year 4th Year
Turnover
Days sales in accounts receivable Days materials cost in inventory Days finished goods in inventory
Days materials cost in payables Days payroll expense accrued Days operating expense accrued
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$0
1st Year 2nd Year 3rd Year 4th Year
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$0
1st Year 2nd Year 3rd Year 4th Year
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