Professional Documents
Culture Documents
on
Busines s Plan
Submitted to :
Abdullah M. Taher Faculty, School of Business Course: Productio n & Operatio n Managemen t [B2602] AUB, Dhanmondi Campus Dhaka, Bangladesh.
Submitted by :
Shantanu Das BBA, 29th Batch (B) ID: 200712883 AUB,Dhanmondi Campus Dhaka, Bangladesh.
BUSINESS PLAN
[Wi-MAX ISP]
Prepared by:
Serial 1 2 Name waqas Salman khan ID 172 163
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Table of Contents
Serial 1 Subject Executive Summary 1.1 1.2 1.3 Company Summary 2.1 2.2 Service Market Analysis Summary 4.1 4.2 4.3 4.3.1 Strategy and Implementation Summary 5.1 5.2 5.3 5.3.1 5.4 Web Plan Summary 6.1 6.2 Management Summary 7.1 Financial Plan 8.1 8.2 8.3 8.4 8.5 Appendix Co-subject Page 03 04 04 04 05 05 05 07 08 08 09 09 10 10 Competitive Edge Marketing Strategy Sales Strategy Sales Forecast Milestones 10 11 11 11 13 14 14 14 14 15 15 15 16 19 20 21 23
3 4
Market Segmentation Target Market Segment Strategy Service Business Analysis Competition and Buying Patterns
Personnel Plan
Break-even Analysis Projected Profit and Loss Projected Cash Flow Projected Balance Sheet Business Ratios
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Executive Summary
GlobeNet Wireless Broadband is an innovative start-up company that provides wireless broadband internet connections to several Dhaka Metropolitan Areas. Utilizing Wi-MAX technology and proprietary antennas and repeaters, GlobeNet will be able to serve a larger area with broadband Internet connections. GlobeNet was been founded by Fahad Karim. With a MBA and an undergraduate Computer Science degree from the Harvard University (USA), Fahad has the skills to execute on this wellresearched business plan. Fahad spent two years in the Karim Associates, which gave him not only an incredible and reasonable boost in confidence to accomplish a business venture, but also provided him with solid project management skills and experience. The market for wireless broadband Internet connections in Bangladesh is new but is widely open. Demand for traditional broadband connections is surpassing conservative forecasts. The wireless market is even more exciting due to the significantly lower costs needed in terms of delivery infrastructure. As GlobeNet's customer base grows, costs decrease through scales of economy, creating an even more compelling argument for GlobeNet's existence. GlobeNet has targeted three distinct groups. The first is students, a market segment that uses the Internet the most and also have high expectations regarding the speed of the connection. The second group is professionals, people with disposable income, not a lot of excessive time on their hands, and a group that uses the Internet a fair amount, both personally as well as professionally. The last group that will be targeted is techies. This group is the early adopters of any type of technology and spend incredible amounts of time immersed in Internet technology. GlobeNet is a compelling business concept that leverages advances in technology and proprietary tools to offer a market need at below market prices. In addition to earning great margins with low infrastructure costs, margins increase as the customer base increases. This exciting business plan has a high likelihood of success with Fahad Karim responsible for the execution of it. The business will earn modest profits in year two, increasing exponentially in year three. Net profit is forecasted to be commensurate in years two and three.
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1.1 Mission
It is GlobeNet Wireless's mission to provide fast, wireless Internet access at a reasonable price. The most important thing to remember is that every customer must be satisfied with our services.
to
Practice disciplined growth. Reach profitability by year two. Ensure that the customer's needs are met and maintain a 90% customer retention ratio.
1.3 Objectives
Provide, fast, reliable, wireless Internet access. Treat customers with the upmost respect. Become profitable within two years.
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Company Summary
GlobeNet Wireless will be formed in 2011 to offer an inexpensive, wireless broadband Internet connection to compete with DSL or cable offerings. Using Wi-MAX technology, it is inexpensive to set up a neighborhood network. The company was founded by Fahad Karim. Fahad will rely on outside investors for the necessary start-up costs.
Three computer workstations; Wireless access point; Five repeaters; Five antennas; Assorted office equipment and supplies.
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Start-up Funding Start-up Expenses to Fund Start-up Assets to Fund Total Funding Required Assets Non-cash Assets from Start-up Cash Requirements from Start-up Additional Cash Raised Cash Balance on Starting Date Total Assets $5,000 $55,500 $0 $55,500 $60,500 $9,500 $60,500 $70,000
Liabilities and Capital Liabilities Current Borrowing Long-term Liabilities Accounts Payable (Outstanding Bills) Total Liabilities Capital Planned Investment Investor 1 Investor 2 Additional Investment Requirement Total Planned Investment Loss at Start-up (Start-up Expenses) Total Capital $15,000 $55,000 $0 $70,000 ($9,500) $60,500 $0 $0 $0 $0
$60,500 $70,000
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Start-up Requirements Start-up Expenses Legal Stationery etc. Consultants Insurance Rent Research and Development Expensed Equipment Total Start-up Expenses Start-up Assets Cash Required Other Current Assets Long-term Assets Total Assets Total Requirements
Servic es
GlobeNet offers wireless broadband Internet access. The service is DSL speed with customers only needing a Wi-MAX card/modem and to live within range of the signal which covers a thirty block radius currently. There are plans to enlarge the coverage area as more customers sign up. Wi-MAX technology is based off of 2.4 Mhz spectrum wireless transmissions. Using the same wave lengths that some cordless phones use, the Internet signals are broadcasted out through the neighborhood. With the supplied password and a Wi-MAX receiver in each customer's computer, customers will have fast, wireless Internet connections.
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Market Summary
Analysis
Within the last three years there has been a proliferation of broadband Internet connections. With so many people enjoying fast connections at work, they are no longer willing to deal with a dial-up connection at home. With the advent of Wi-MAX technology, customers can now enjoy a fast connection without having to lay expensive cables since the signal is sent via radio waves. The targeted market segments are: students, professionals, techies.
Students: these are people currently in academia and are accustomed to fast connections and are willing to pay for it. This group uses the Internet the most, whether they are trading MP3s or downloading videos.
Professionals: this group conducts a fair amount of business over the Internet, whether banking, e-commerce, or communications.
Techies: this group embraces technology as they enjoy challenging themselves with technology and the complexity it brings.
Other than the students, GlobeNet' customers are fairly affluent (household income of >$50,000) and spend their money on technology offerings, whether it is digital cable, cellular service, or broadband Internet connections. The target customers are also generally well educated with 65% having a college degree and 20% having a graduate degree. Combining several demographic factors, GlobeNet arrives at the following primary customer profile: Spends 10 hours a week on the Internet away from home. Has purchased something from a website at least once within the last two months. Educated with at least some course work for an undergraduate degree. Household income of at least $50,000.
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Market Analysis Year 1 Year 2 Year 3 Potential Customers Students Professionals Techies Total Growth 9% 8% 11% 8.87% 54,000 34,000 10,000 98,000 58,860 36,720 11,100 106,680 64,157 39,658 12,321 116,136
Year 4
Year 5 CAGR
Market
Segment
GlobeNet has chosen the three aforementioned target markets due to their adoption of broadband Internet technology. It is these three groups that are most likely to use a fast connection and the most willing to pay a premium for the connection.
Business
There are three main participants within the consumer broadband Internet market.
DSL (digital subscriber line). A connection that utilizes the copper phone lines as the method of transmission. Cable. A connection that uses cable TV wiring for transmission. Satellite connections. These use satellites, in orbit to provide "cable" TV as well as Internet connections to residential and remote consumers.
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Availability: not every type of broadband connection is available to every consumer. Consumers often pick service providers based on what is available to them. Convenience: this is often based on where the outlet cords are based in the house, whether the computer will be located closer to the cable TV or nearer to a phone jack.
Implementation
Simply put, GlobeNet' strategy is to offer a service, demanded by customers, at a price that undercuts the competition. This will be accomplished, not by accepting below-market margins, but by leveraging technology, to help drive GlobeNet' costs down. Awareness regarding GlobeNet' services will be generated effectively and inexpensively to the specific target segments that GlobeNet has focused on.
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Advertising/postings with local retailers and commercial businesses. This will provide GlobeNet with great visibility in the exact community that it operates in. Mailings. GlobeNet will adopt a targeted mailing campaign to local residents. Website. GlobeNet will leverage its website as a comprehensive and efficient source of marketing/sales information.
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Sales Forecast Year 1 Sales Monthly Internet Service Other Total Sales Direct Cost of Sales Administrative costs Other $36,584 $0 $36,584 Year 1 $1,829 $0 $132,665 $0 $132,665 Year 2 $6,633 $0 $6,633 $211,443 $0 $211,443 Year 3 $10,572 $0 $10,572 Year 2 Year 3
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5.4 Milestones
Milestones are a very important aspect of a business plan. They provide concrete, achievable, yet lofty goals that the business must concentrate on. By targeting lofty goals, GlobeNet ensures that it is aiming high, therefore it is more likely to achieve more. The milestones that GlobeNet has chosen are very specific to the company and will be embraced by all employees.
Milestones Milestone Business plan completion First 10 customers Profitability Enlargement of the network Totals Start Date End Date Budget 1/1/2003 1/1/2003 1/1/2003 1/1/2003 2/1/2003 $0 Manager Fahad Fahad Fahad Fahad Department Management Sales Operations Operations
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Web Summary
Plan
Marketing
All of GlobeNet' marketing information will be present on the website for viewing and for downloading/printing. Awareness regarding the website will be accomplished by inclusion of the website address on all printed materials. Additionally, the website will have a comprehensive submission procedure to all of the popular search engines.
Management Summary
Fahad Karim, founder and president will be the anchor of the management team. Fahad received his undergraduate degree in computer science from the HARVARD University. While Fahad enjoyed the course work he recognized that it was not something that he was interested in pursuing as a career. Fahad decided that it would be in his best interest to study for an MBA, however, he was not immediately ready to do this. So Fahad headed off to Ghana with the Peace Corps to develop community-based trading systems. Fahad's Peace Corp experience was invaluable, providing him with extensive project management experience as well as giving him confidence that he could accomplish anything he set his mind out to do. After getting back to the States, Fahad began the MBA program at the University of Chicago. Fahad's course of study concentrated on entrepreneurial ventures, recognizing at some point his desire to start his own business. Near the end of his second year, Fahad began to hear about Wi- MAX technology. He became interested in what he saw was a strong market need for inexpensive broadband Internet
connections transmitted wirelessly, thereby significantly decreasing delivery costs. Fahad formed GlobeNet Wireless to fulfill this market need.
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Technician: this position is responsible for the smooth operation of the wireless network as well as the website. Administration: this is a general customer service position, assisting in sales and support.
Financial Plan
The following sections outline important financial information.
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Break-even Analysis
Monthly Revenue Break-even Assumptions: Average Percent Variable Cost Estimated Monthly Fixed Cost
$8,072
5% $7,668
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Pro Forma Profit and Loss Year 1 Sales Direct Cost of Sales Other Costs of Sales Total Cost of Sales Gross Margin Gross Margin % $36,584 $1,829 $0 $1,829 $34,755 95.00% Year 2 $132,665 $6,633 $0 $6,633 $126,032 95.00% Year 3 $211,443 $10,572 $0 $10,572 $200,871 95.00%
Expenses Payroll Depreciation Rent Utilities Insurance Payroll Taxes Other Total Operating Expenses Profit Before Interest and Taxes EBITDA Interest Expense Taxes Incurred Net Profit Net Profit/Sales $58,800 $996 $2,400 $9,600 $3,000 $8,820 $6,000 $92,016 ($57,261) ($56,265) $0 $0 ($57,261) -156.52% $75,600 $5,600 $1,002 $2,400 $13,000 $3,000 $11,340 $6,000 $117,942 $8,090 $9,092 $0 $2,427 $5,663 4.27% $87,600 $12,000 $1,002 $2,400 $15,000 $3,000 $13,140 $6,000 $140,142 $60,729 $61,731 $0 $18,219 $42,510 20.10% Sales and Marketing and Other Expenses $2,400
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Pro Forma Cash Flow Year 1 Cash Received Cash from Operations Cash Sales Subtotal Cash from Operations Additional Cash Received Sales Tax, VAT, HST/GST Received New Current Borrowing New Other Liabilities (interest-free) New Long-term Liabilities Sales of Other Current Assets Sales of Long-term Assets New Investment Received Subtotal Cash Received Expenditures Expenditures from Operations Cash Spending Bill Payments Subtotal Spent on Operations $58,800 $31,112 $89,912 $75,600 $49,195 $124,795 $87,600 $77,871 $165,471 $0 $0 $0 $0 $0 $0 $0 $36,584 Year 1 $0 $0 $0 $0 $0 $0 $0 $132,665 Year 2 $0 $0 $0 $0 $0 $0 $0 $211,443 Year 3 $36,584 $36,584 $132,665 $132,665 $211,443 $211,443 Year 2 Year 3
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Additional Cash Spent Sales Tax, VAT, HST/GST Paid Out Other Liabilities Principal Repayment Long-term Liabilities Principal Repayment Purchase Other Current Assets Purchase Long-term Assets Dividends Subtotal Cash Spent Net Cash Flow Cash Balance $0 $0 $0 $0 $0 $0 $89,912 ($53,328) $2,172 $0 $0 $0 $0 $0 $0 $0 $124,795 $7,870 $10,042 $0 $0 $0 $0 $0 $0 $0 $165,471 $45,972 $56,014 Principal Repayment of Current Borrowing $0
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$70,000
($57,261) $5,663
Ratio Analysis Year 1 Sales Growth Percent of Total Assets Other Current Assets Total Current Assets Long-term Assets Total Assets Current Liabilities Long-term Liabilities Total Liabilities Net Worth Percent of Sales Sales Gross Margin Selling, General Expenses Advertising Expenses Profit Before Interest and Taxes Main Ratios Current Quick Total Debt to Total Assets Pre-tax Return on Net Worth Pre-tax Return on Assets 0.74 0.74 47.56% -1767.98% -927.10% 2.42 2.42 31.76% 90.88% 62.02% 8.48 8.48 11.38% 118.12% 104.68% 1.97 1.50 59.78% 2.93% 7.28% & Administrative 100.00% 95.00% 251.52% 0.00% -156.52% 100.00% 95.00% 90.73% 0.00% 6.10% 100.00% 95.00% 74.90% 0.00% 28.72% 100.00% 100.00% 73.80% 1.37% 1.03% 0.00% 35.17% 64.83% 100.00% 47.56% 0.00% 47.56% 52.44% 0.00% 76.99% 23.01% 100.00% 31.76% 0.00% 31.76% 68.24% 0.00% 96.55% 3.45% 100.00% 11.38% 0.00% 11.38% 88.62% 56.35% 87.48% 12.52% 100.00% 30.66% 23.07% 53.73% 46.27% 0.00% Year 2 262.63% Year 3 59.38% Industry Profile 15.97%
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Additional Ratios Net Profit Margin Return on Equity Activity Ratios Accounts Payable Turnover Payment Days Total Asset Turnover Debt Ratios Debt to Net Worth Current Liab. to Liab. Liquidity Ratios Net Working Capital Interest Coverage Additional Ratios Assets to Sales Current Debt/Total Assets Acid Test Sales/Net Worth Dividend Payout
11.59 27 5.92
12.17 26 10.17
12.17 24 3.64
0.91 1.00
0.47 1.00
0.13 1.00
n.a n.a
($765) 0.00
$5,900 0.00
$49,412 0.00
n.a n.a
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Appendix
Sales Forecast Month Month Month Month Month Month Month Month Month Month Month Month 1 2 3 4 5 6 7 8 9 10 11 12 Sales Monthly Internet 0% $0 Service Other Total Sales Direct Sales Cost of 0% $0 $0 $0 $0 $0 $1,200 $2,112 $2,544 $2,887 $3,543 $3,877 $4,322 $4,899 $5,323 $5,877 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$1,200 $2,112 $2,544 $2,887 $3,543 $3,877 $4,322 $4,899 $5,323 $5,877
Month Month Month Month Month Month Month Month Month Month Month Month 1 2 3 4 5 6 7 8 9 10 11 12 $0 $0 $0 $0 $0 $0 $60 $0 $60 $106 $0 $106 $127 $0 $127 $144 $0 $144 $177 $0 $177 $194 $0 $194 $216 $0 $216 $245 $0 $245 $266 $0 $266 $294 $0 $294
Personnel Plan Month Month Month Month Month Month Month Month Month Month Month Month 1 2 3 4 5 6 7 8 9 10 11 12 President Technician Administration Total People Total Payroll 0% $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 0% $0 0% $0 1 $1,800 $1,800 $1,800 $1,800 $1,800 $1,800 $1,800 $1,800 $1,800 $1,800 $1,800 $0 2 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 3 3 3 3 3 3 3 3 3 3
$2,000 $3,800 $5,300 $5,300 $5,300 $5,300 $5,300 $5,300 $5,300 $5,300 $5,300 $5,300
General Assumptions Month 1 Plan Month Current Interest Rate Longterm Interest Rate Tax Rate Other 1 Month 2 2 Month 3 3 Month 4 4 Month 5 5 Month 6 6 Month 7 7 Month 8 8 Month 9 9 Month 10 10 Month 11 11 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% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%
30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 0 0 0 0 0 0 0 0 0 0 0 0
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Pro Forma Profit and Loss Month Month Month 1 2 3 Sales Direct Cost Sales Other Costs Sales of $0 $0 $0 $0 Month 4 Month 5 Month 6 Month 7 Month 8 Month Month Month Month 9 10 11 12
$1,200 $2,112 $2,544 $2,887 $3,543 $3,877 $4,322 $4,899 $5,323 $5,877 $60 $106 $127 $144 $177 $194 $216 $245 $266 $294
of
$0 $0
$0 $0
$0 $60
$0 $106
$0 $127
$0 $144
$0 $177
$0 $194
$0 $216
$0 $245
$0 $266
$0 $294
$0
$0
$1,140 $2,006 $2,417 $2,743 $3,366 $3,683 $4,106 $4,654 $5,057 $5,583 95.00 % 95.00 % 95.00 % 95.00 % 95.00 % 95.00 % 95.00 % 95.00 % 95.00 % 95.00 %
0.00% 0.00%
Expenses Payroll Sales and Marketing and Other Expenses Depreciati on Rent Utilities Insurance Payroll Taxes Other Total Operating Expenses Profit Before Interest and Taxes EBITDA Interest Expense Taxes Incurred 15 % $2,000 $3,800 $5,300 $5,300 $5,300 $5,300 $5,300 $5,300 $5,300 $5,300 $5,300 $5,300 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200
$4,333 $6,403 $8,128 $8,128 $8,128 $8,128 $8,128 $8,128 $8,128 $8,128 $8,128 $8,128
($6,12 2) ($6,03 9) $0 $0
($5,71 1) ($5,62 8) $0 $0
($5,38 5) ($5,30 2) $0 $0
($4,76 2) ($4,67 9) $0 $0
($4,44 5) ($4,36 2) $0 $0
($6,12 2)
($5,71 1)
($5,38 5)
($4,76 2)
($4,44 5)
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Pro Forma Cash Flow Month Month Month Month Month Month Month Month Month Month Month Month 1 2 3 4 5 6 7 8 9 10 11 12 Cash Received Cash from Operations Cash Sales Subtotal Cash from Operations Additional Cash Received Sales Tax, VAT, 0.00 HST/GST % Received New Current Borrowing New Other Liabilities (interestfree) New Longterm Liabilities Sales of Other Current Assets Sales of Long-term Assets New Investment Received Subtotal Cash Received Expenditur es Expenditur es from Operations Cash Spending Bill Payments Subtotal Spent on Operations Additional $2,000 $3,800 $5,300 $5,300 $5,300 $5,300 $5,300 $5,300 $5,300 $5,300 $5,300 $5,300 $75 $2,259 $2,530 $2,807 $2,851 $2,873 $2,890 $2,923 $2,940 $2,962 $2,991 $3,012 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,200 $2,112 $2,544 $2,887 $3,543 $3,877 $4,322 $4,899 $5,323 $5,877 $1,200 $2,112 $2,544 $2,887 $3,543 $3,877 $4,322 $4,899 $5,323 $5,877
$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
$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
$1,200 $2,112 $2,544 $2,887 $3,543 $3,877 $4,322 $4,899 $5,323 $5,877
Month Month Month Month Month Month Month Month Month Month Month Month 1 2 3 4 5 6 7 8 9 10 11 12
$2,075 $6,059 $7,830 $8,107 $8,151 $8,173 $8,190 $8,223 $8,240 $8,262 $8,291 $8,312
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Cash Spent Sales Tax, VAT, HST/GST Paid Out Principal Repaymen t of Current Borrowing Other Liabilities Principal Repaymen t Long-term Liabilities Principal Repaymen t Purchase Other Current Assets Purchase Long-term Assets Dividends Subtotal Cash Spent Net Cash Flow Cash Balance $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
$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
$2,075 $6,059 $7,830 $8,107 $8,151 $8,173 $8,190 $8,223 $8,240 $8,262 $8,291 $8,312
($2,07 ($6,05 ($6,63 ($5,99 ($5,60 ($5,28 ($4,64 ($4,34 ($3,91 ($3,36 ($2,96 ($2,43 5) 9) 0) 5) 7) 6) 7) 6) 8) 3) 8) 5) $53,42 $47,36 $40,73 $34,74 $29,13 $23,84 $19,20 $14,85 $10,93 $7,575 $4,607 $2,172 5 6 7 2 5 9 1 6 8
Pro Forma Balance Sheet Month Month Month Month Month Month Month Month Month Month Month Month 1 2 3 4 5 6 7 8 9 10 11 12 Assets Startin g Balanc es
Current Assets Cash Other Current Assets Total Current Assets Longterm $55,50 $53,4 $47,36 $40,73 $34,74 $29,13 $23,84 $19,20 $14,85 $10,93 $7,575 $4,607 $2,172 0 25 6 7 2 5 9 1 6 8 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$55,50 $53,4 $47,36 $40,73 $34,74 $29,13 $23,84 $19,20 $14,85 $10,93 $7,575 $4,607 $2,172 0 25 6 7 2 5 9 1 6 8
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Assets Longterm Assets $5,000 $5,00 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 0
Accumul ated $0 Depreciat ion Total Longterm Assets Total Assets Liabilities and Capital Current Liabilities Accounts $0 Payable Current Borrowin $0 g Other Current $0 Liabilities Subtotal Current $0 Liabilities Longterm $0 Liabilities Total $0 Liabilities Paid-in Capital $5,000
$83
$166
$249
$332
$415
$498
$581
$664
$747
$830
$913
$996
$4,91 $4,834 $4,751 $4,668 $4,585 $4,502 $4,419 $4,336 $4,253 $4,170 $4,087 $4,004 7
$60,50 $58,3 $52,20 $45,48 $39,41 $33,72 $28,35 $23,62 $19,19 $15,19 $11,74 $8,694 $6,176 0 42 0 8 0 0 1 0 2 1 5
Month Month Month Month Month Month Month Month Month Month Month Month 1 2 3 4 5 6 7 8 9 10 11 12
$2,17 $2,436 $2,712 $2,756 $2,776 $2,793 $2,825 $2,841 $2,862 $2,890 $2,911 $2,938 5 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$2,17 $2,436 $2,712 $2,756 $2,776 $2,793 $2,825 $2,841 $2,862 $2,890 $2,911 $2,938 5
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$2,17 $2,436 $2,712 $2,756 $2,776 $2,793 $2,825 $2,841 $2,862 $2,890 $2,911 $2,938 5
$70,00 $70,0 $70,00 $70,00 $70,00 $70,00 $70,00 $70,00 $70,00 $70,00 $70,00 $70,00 $70,00 0 00 0 0 0 0 0 0 0 0 0 0 0 ($9,50 ($9,50 ($9,50 ($9,50 ($9,50 ($9,50 ($9,50 ($9,50 ($9,50 ($9,50 ($9,50 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) 0) ($10,7 ($17,7 ($23,8 ($29,5 ($34,9 ($39,7 ($44,1 ($48,1 ($51,6 ($54,7 ($57,2 36) 24) 46) 57) 42) 04) 49) 71) 45) 16) 61)
Retained ($9,50 ($9,5 Earnings 0) 00) Earnings $0 Total Capital ($4,3 33)
$60,50 $56,1 $49,76 $42,77 $36,65 $30,94 $25,55 $20,79 $16,35 $12,32 $8,855 $5,784 $3,239 0 67 4 6 4 3 8 6 1 9
Total Liabilities $60,50 $58,3 $52,20 $45,48 $39,41 $33,72 $28,35 $23,62 $19,19 $15,19 $11,74 $8,694 $6,176 and 0 42 0 8 0 0 1 0 2 1 5 Capital Net Worth $60,50 $56,1 $49,76 $42,77 $36,65 $30,94 $25,55 $20,79 $16,35 $12,32 $8,855 $5,784 $3,239 0 67 4 6 4 3 8 6 1 9
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