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Rose Petal Nursery
Rose Petal Nursery is dedicated to providing a quality choice for people looking for plant and garden supplies, as well as serving contractors who need a reliable source of products. Our start-up expenses come to $41,500 which includes the cost of the greenhouses ($38,000) and the cost of rent for the land ($1,000). The start-up costs will be financed entirely by Jim and Dan Forester.
We will offer a wide variety of plants, trees, vegetable plants, along with a selection of garden supplies. Most of the plants we sell will be grown in our greenhouses. With a convenient location Rose Petal Nursery intends to successfully market to the residential customer, as well as contractors and renters.
We would like to see a five to ten percent increase in our customer base each year. Our marketing strategy includes providing a knowledgeable staff, affordable prices, a great location, and top notch customer service.
Rose Petal Nursery has been the dream of owners Jim and Dan Forester for many years, and has been a project in the making for the last five years. Jim and Dan will manage all aspects of operations at Rose Petal Nursery. Dan will oversee the staff and be involved with the ordering of merchandise, while Jim will be responsible for the ordering of the garden supplies and tree stock, as well as the maintenance of the greenhouses.
Rose Petal aims to experience a growth rate of 20% in sales for the second year of operation and build upon that as the company grows. With creative marketing, and a quality choice of plants and garden supplies for our customers Rose Petal Nursery intends to make its presence known in the nursery community.
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Rose Petal Nursery is dedicated to providing a wide variety of plants and trees in an aesthetic setting. Customer service is extremely important. We want each customer to have a pleasant shopping experience, and it is the intention of our staff to answer questions with expertise and to offer advice when we feel it is needed.
The primary keys to success for the company will be based on the following factors:
Rose Petal Nursery is the dream of brothers Jim and Dan Forester, and has been a project in the making for five years. With an opening date of April of this year, Jim and Dan are seeing the dream of operating a nursery come to fruition. Located on the outskirts of Eugene at 35571 Brookside Rd. Rose Petal Nursery will focus on providing quality bedding, hanging,and vegetable plants, along with a variety of potted trees. Our aim is to serve both residential customers and landscaping contractors. We will also have a variety of garden accessories such as ponds, statues, potting soils, fertilizers, and garden tools. Our start-up requirements will be $100,000.
Our start-up requirements come to $100,000 which includes the first month’s rent of the land for our nursery. The regular rental fee is $1,000 a month. The start-up costs will be financed entirely by Jim and Dan Forester.
Start-up Requirements Start-up Expenses Legal $500 Brochures $1,500 Insurance $500 Rent $1,000 Expensed Equipment $38,000 Total Start-up Expenses $41,500 Start-up Assets Cash Required $20,000 Start-up Inventory $26,500 Other Current Assets $0 Long-term Assets $12,000 Total Assets $58,500 Total Requirements $100,000We recommend using LivePlan as the easiest way to create automatic financials for your own business plan.
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Start-up Funding Start-up Expenses to Fund $41,500 Start-up Assets to Fund $58,500 Total Funding Required $100,000 Assets Non-cash Assets from Start-up $38,500 Cash Requirements from Start-up $20,000 Additional Cash Raised $0 Cash Balance on Starting Date $20,000 Total Assets $58,500 Liabilities and Capital Liabilities Current Borrowing $0 Long-term Liabilities $0 Accounts Payable (Outstanding Bills) $0 Other Current Liabilities (interest-free) $0 Total Liabilities $0 Capital Planned Investment Jim Forester $50,000 Dan Forester $50,000 Additional Investment Requirement $0 Total Planned Investment $100,000 Loss at Start-up (Start-up Expenses) ($41,500) Total Capital $58,500 Total Capital and Liabilities $58,500 Total Funding $100,000Jim and Dan Forester are the owners and operators of Rose Petal Nursery. Jim has worked in the nursery industry for over twenty years (with 10 years managing Stoneybrook Nursery). Dan has a degree from Washington State University in agronomy and has worked for the Lane County Extension Agency as a plant specialist advising the local population on the purchase and care of a wide range of plants.
Rose Petal Nursery will offer a wide variety of bedding plants, shrubs, trees, and vegetable plants along with many garden accessories such as fountains, stepping stones, garden tools, fertilizers, and potting soils. Most of the plants will be grown on-site in state-of-the-art greenhouses. Initially though, we will buy full grown plants for our first few months of inventory.
Rose Petal Nursery target market strategy is based on becoming an attractive choice for homeowners and landscape contractors in the greater Eugene/Springfield region. The target markets we are going to pursue are the residential consumers looking for a wide variety of plants and trees to beautify their residences. Landscape contractors will be attracted by competitive prices and a diverse inventory. People will want to shop at our location because of the superior customer service we will provide. Rose Petal Nursery would like to see a five to ten percent increase in customers annually.
The profile of our customer consists of the following geographic and demographic information:
Geographics
Demographics
We know the following regarding the profile of the typical resident of the greater Eugene/Springfield area:
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Our target market is based on becoming a resource for people looking to buy flowers, trees, and garden supplies. Our marketing strategy centers around superior performance in the following areas.
The target markets are separated into three segments; “Residential, Homeowners,” “Commercial Contractors,” and “Renters”. The primary marketing opportunity is selling to these accessible target market segments that focus on the beautification of peoples’ homes and places of business.
Residential, Homeowners — Rose Petal Nursery would like to be an attractive choice for homeowners purchasing plants and garden supplies. With our large and varied selection of plants, trees, and garden supplies it is our aim to give individual attention to every customer and to serve their planting needs. The residential sector has a wide range of income levels, but on average the annual household income of our customers is $50,000.
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Commercial Contractors — Commercial contractors are important Rose Petal Nursery customers. A consistent inventory, and providing the large quantities contractors need, is important. With prompt and affordable service, contractors will know that they can count on us to meet their needs in a professional manner. Most of the contracting businesses we will service have an annual revenue of at least $50,000 to over $100,000.
Renters — People who do not own their own homes but need flowers and plants to beautify their living spaces make up an important segment of our target market. Many rentals and even apartment complexes have spaces that renters can use to plant gardens. Household income for this group would be in the range of $20,000 to $50,000.
The nursery business is highly competitive, and it is important to maintain a high level of customer service, offer quality products, and give the consumer a wide variety of choices when shopping for plants and trees. Our approach will be to offer a diverse selection of plants, trees, and garden supplies. Exceptional customer service will be important in meeting the needs of our target markets. Healthy plants will be a top priority, and we will display the plants artistically. Plants are a commodity that will always have a market as people consider them to be very important to have around their residences. There are four other nurseries around the greater Lane County area, and we will have to provide top quality service to be succeed.
Current local competition includes the following:
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Rose Petal Nursery will provide competitive pricing for its products, and will guarantee to match competitors’ prices, but exceptional customer service and product knowledge will make us stand out to our target markets. The size of our inventory and the variety of choices our customers will have when choosing flowers, trees, and shrubs will make Rose Petal Nursery an attractive choice. Our location is very convenient, only 5 minutes outside the city limits.
Our strategy is based on serving our customers with expert service and product knowledge.
Also:
The primary sales strategy includes these factors:
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The sales forecast is broken down into two main revenue streams: the general public, and contractors. The sales forecast for the upcoming year is based on a modest growth rate for sales. Being a start-up business we are projecting a growth rate of 20%, hoping our advertising will bring in new customers daily.
Sales Forecast Year 1 Year 2 Year 3 Sales General Public $135,000 $162,000 $194,400 Contractors $181,000 $217,200 $260,640 Total Sales $316,000 $379,200 $455,040 Direct Cost of Sales Year 1 Year 2 Year 3 Flowers, Trees, Shrubs $94,800 $113,760 $136,512 Garden Supplies $63,200 $75,840 $91,008 Subtotal Direct Cost of Sales $158,000 $189,600 $227,520We recommend using LivePlan as the easiest way to create automatic financials for your own business plan.
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The milestones chart is accompanied by a table outlining key activities critical to our success.
Milestones Milestone Start Date End Date Budget Manager Department Business Plan 1/22/2003 3/20/2003 $1,000 Jim Forester Management Accounting plan 2/2/2003 2/24/2003 $500 Todd Cramer Accountant Marketing and Advertising 4/15/2003 7/21/2003 $3,000 Dan Forester Management Totals $4,500Our marketing strategy is based on becoming an option for contractors and the general public to fill their plant and shrubbery needs. Our marketing strategy is based on superior performance in the following areas:
Rose Petal Nursery will have one of the most extensive and affordable plant and flower selections in the greater Eugene/Springfield area, and a very knowledgeable staff ready to provide unparallel customer service. Contractors looking for a reliable nursery will find Rose Petal very supportive and easy to work with. The ease and convenience of our location is a very big plus.
Owners Jim and Dan Forester will oversee and manage all aspects of operation at Rose Petal Nursery. Jim will be responsible for the ordering of garden supplies and tree stock as well as the maintenance of the greenhouses. Dan will be responsible for overseeing staff and working with contractors as well as doing some of the ordering of merchandise.
The personnel plan contains two full-time employees and two part-time employees in addition to Jim and Dan Forester. Jim and Dan will both draw $3,500 per month. The two full-time employees will be paid $2,000 per month to begin with and the two part-time employees will make $1,000 a month. Employees will help customers and care for plants as part of their jobs.
Personnel Plan Year 1 Year 2 Year 3 Owners $84,000 $88,000 $92,000 Full-time Employees $32,000 $44,000 $48,000 Part-time Employees $20,000 $25,000 $29,000 Total People 4 5 5 Total Payroll $136,000 $157,000 $169,000We recommend using LivePlan as the easiest way to create automatic financials for your own business plan.
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The financial plan contains these essential factors:
Difficulties and Risks
The following critical assumptions will determine the potential for future success.
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The following chart and table summarize our break-even analysis. Our fixed costs will be approximately $14,800 per month at the onset and we expect to reach the break-even point in the third year of operation.
Break-even Analysis Monthly Revenue Break-even $29,767 Assumptions: Average Percent Variable Cost 50% Estimated Monthly Fixed Cost $14,883The following represents the projected profit and loss for Rose Petal Nursery based, on sales and expenses, for 2004 and beyond. We are anticipating a steady increase in sales through July. Business is expected to slow during the autumn and winter.
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Pro Forma Profit and Loss Year 1 Year 2 Year 3 Sales $316,000 $379,200 $455,040 Direct Cost of Sales $158,000 $189,600 $227,520 Other Costs of Goods $0 $0 $0 Total Cost of Sales $158,000 $189,600 $227,520 Gross Margin $158,000 $189,600 $227,520 Gross Margin % 50.00% 50.00% 50.00% Expenses Payroll $136,000 $157,000 $169,000 Sales and Marketing and Other Expenses $6,000 $5,000 $5,000 Depreciation $0 $0 $0 Rent $12,000 $0 $0 Utilities $3,600 $4,000 $4,000 Insurance $600 $700 $800 Payroll Taxes $20,400 $23,550 $25,350 Total Operating Expenses $178,600 $190,250 $204,150 Profit Before Interest and Taxes ($20,600) ($650) $23,370 EBITDA ($20,600) ($650) $23,370 Interest Expense $0 $0 $0 Taxes Incurred $0 $0 $5,940 Net Profit ($20,600) ($650) $17,430 Net Profit/Sales -6.52% -0.17% 3.83%The cash flow projections are outlined below. These projections are based on our basic assumptions with revenue generation factors carrying the most significant weight regarding the outcome. We are anticipating that we will have a steadily increasing cash flow as the business continues to grow.
Pro Forma Cash Flow Year 1 Year 2 Year 3 Cash Received Cash from Operations Cash Sales $79,000 $94,800 $113,760 Cash from Receivables $217,825 $280,565 $336,678 Subtotal Cash from Operations $296,825 $375,365 $450,438 Additional Cash Received Sales Tax, VAT, HST/GST Received $0 $0 $0 New Current Borrowing $0 $0 $0 New Other Liabilities (interest-free) $0 $0 $0 New Long-term Liabilities $0 $0 $0 Sales of Other Current Assets $0 $0 $0 Sales of Long-term Assets $0 $0 $0 New Investment Received $5,000 $0 $0 Subtotal Cash Received $301,825 $375,365 $450,438 Expenditures Year 1 Year 2 Year 3 Expenditures from Operations Cash Spending $136,000 $157,000 $169,000 Bill Payments $171,632 $215,464 $266,541 Subtotal Spent on Operations $307,632 $372,464 $435,541 Additional Cash Spent Sales Tax, VAT, HST/GST Paid Out $0 $0 $0 Principal Repayment of Current Borrowing $0 $0 $0 Other Liabilities Principal Repayment $0 $0 $0 Long-term Liabilities Principal Repayment $0 $0 $0 Purchase Other Current Assets $0 $0 $0 Purchase Long-term Assets $0 $0 $0 Dividends $0 $0 $0 Subtotal Cash Spent $307,632 $372,464 $435,541 Net Cash Flow ($5,807) $2,901 $14,897 Cash Balance $14,193 $17,094 $31,991Rose Petal Nursery’s balance sheet is outlined below.
Pro Forma Balance Sheet Year 1 Year 2 Year 3 Assets Current Assets Cash $14,193 $17,094 $31,991 Accounts Receivable $19,175 $23,010 $27,612 Inventory $7,150 $8,580 $10,296 Other Current Assets $0 $0 $0 Total Current Assets $40,518 $48,684 $69,899 Long-term Assets Long-term Assets $12,000 $12,000 $12,000 Accumulated Depreciation $0 $0 $0 Total Long-term Assets $12,000 $12,000 $12,000 Total Assets $52,518 $60,684 $81,899 Liabilities and Capital Year 1 Year 2 Year 3 Current Liabilities Accounts Payable $9,618 $18,434 $22,219 Current Borrowing $0 $0 $0 Other Current Liabilities $0 $0 $0 Subtotal Current Liabilities $9,618 $18,434 $22,219 Long-term Liabilities $0 $0 $0 Total Liabilities $9,618 $18,434 $22,219 Paid-in Capital $105,000 $105,000 $105,000 Retained Earnings ($41,500) ($62,100) ($62,750) Earnings ($20,600) ($650) $17,430 Total Capital $42,900 $42,250 $59,680 Total Liabilities and Capital $52,518 $60,684 $81,899 Net Worth $42,900 $42,250 $59,680We recommend using LivePlan as the easiest way to create automatic financials for your own business plan.
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Business ratios for the years of this plan are shown below. Industry profile ratios based on the Standard Industrial Classification (SIC) Code 5193.02, Flowers and Nursery Stock are shown for comparison.
The following will enable us to keep on track. If we fail in any of these areas, we will need to re-evaluate our business model:
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Personnel Plan Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 Owners 0% $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 Full-time Employees 0% $0 $0 $0 $0 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 Part-time Employees 0% $2,000 $2,000 $2,000 $2,000 $2,000 $3,000 $3,000 $2,000 $2,000 $0 $0 $0 Total People 3 3 3 3 5 6 6 5 5 4 4 4 Total Payroll $9,000 $9,000 $9,000 $9,000 $13,000 $14,000 $14,000 $13,000 $13,000 $11,000 $11,000 $11,000 General Assumptions Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 Plan Month 1 2 3 4 5 6 7 8 9 10 11 12 Current Interest Rate 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% Long-term Interest Rate 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% Tax Rate 30.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% Other 0 0 0 0 0 0 0 0 0 0 0 0 Pro Forma Profit and Loss Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 Sales $18,000 $24,000 $28,000 $36,000 $42,000 $41,000 $38,000 $29,000 $21,000 $13,000 $13,000 $13,000 Direct Cost of Sales $9,000 $12,000 $14,000 $18,000 $21,000 $20,500 $19,000 $14,500 $10,500 $6,500 $6,500 $6,500 Other Costs of Goods $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Cost of Sales $9,000 $12,000 $14,000 $18,000 $21,000 $20,500 $19,000 $14,500 $10,500 $6,500 $6,500 $6,500 Gross Margin $9,000 $12,000 $14,000 $18,000 $21,000 $20,500 $19,000 $14,500 $10,500 $6,500 $6,500 $6,500 Gross Margin % 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% Expenses Payroll $9,000 $9,000 $9,000 $9,000 $13,000 $14,000 $14,000 $13,000 $13,000 $11,000 $11,000 $11,000 Sales and Marketing and Other Expenses $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 Depreciation $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Rent $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 Utilities $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 Insurance 15% $300 $0 $0 $0 $0 $300 $0 $0 $0 $0 $0 $0 Payroll Taxes 15% $1,350 $1,350 $1,350 $1,350 $1,950 $2,100 $2,100 $1,950 $1,950 $1,650 $1,650 $1,650 Total Operating Expenses $12,450 $12,150 $12,150 $12,150 $16,750 $18,200 $17,900 $16,750 $16,750 $14,450 $14,450 $14,450 Profit Before Interest and Taxes ($3,450) ($150) $1,850 $5,850 $4,250 $2,300 $1,100 ($2,250) ($6,250) ($7,950) ($7,950) ($7,950) EBITDA ($3,450) ($150) $1,850 $5,850 $4,250 $2,300 $1,100 ($2,250) ($6,250) ($7,950) ($7,950) ($7,950) Interest Expense $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Taxes Incurred $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Net Profit ($3,450) ($150) $1,850 $5,850 $4,250 $2,300 $1,100 ($2,250) ($6,250) ($7,950) ($7,950) ($7,950) Net Profit/Sales -19.17% -0.63% 6.61% 16.25% 10.12% 5.61% 2.89% -7.76% -29.76% -61.15% -61.15% -61.15% 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 Cash Received Cash from Operations Cash Sales $4,500 $6,000 $7,000 $9,000 $10,500 $10,250 $9,500 $7,250 $5,250 $3,250 $3,250 $3,250 Cash from Receivables $0 $450 $13,650 $18,100 $21,200 $27,150 $31,475 $30,675 $28,275 $21,550 $15,550 $9,750 Subtotal Cash from Operations $4,500 $6,450 $20,650 $27,100 $31,700 $37,400 $40,975 $37,925 $33,525 $24,800 $18,800 $13,000 Additional Cash Received Sales Tax, VAT, HST/GST Received 0.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 New Current Borrowing $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 New Other Liabilities (interest-free) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 New Long-term Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Sales of Other Current Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Sales of Long-term Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 New Investment Received $0 $0 $0 $0 $5,000 $0 $0 $0 $0 $0 $0 $0 Subtotal Cash Received $4,500 $6,450 $20,650 $27,100 $36,700 $37,400 $40,975 $37,925 $33,525 $24,800 $18,800 $13,000 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 Expenditures from Operations Cash Spending $9,000 $9,000 $9,000 $9,000 $13,000 $14,000 $14,000 $13,000 $13,000 $11,000 $11,000 $11,000 Bill Payments $115 $3,697 $11,133 $19,557 $25,633 $27,920 $24,053 $20,985 $13,185 $9,707 $5,697 $9,950 Subtotal Spent on Operations $9,115 $12,697 $20,133 $28,557 $38,633 $41,920 $38,053 $33,985 $26,185 $20,707 $16,697 $20,950 Additional Cash Spent Sales Tax, VAT, HST/GST Paid Out $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Principal Repayment of Current Borrowing $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Other Liabilities Principal Repayment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Long-term Liabilities Principal Repayment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Purchase Other Current Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Purchase Long-term Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Dividends $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Subtotal Cash Spent $9,115 $12,697 $20,133 $28,557 $38,633 $41,920 $38,053 $33,985 $26,185 $20,707 $16,697 $20,950 Net Cash Flow ($4,615) ($6,247) $517 ($1,457) ($1,933) ($4,520) $2,922 $3,940 $7,340 $4,093 $2,103 ($7,950) Cash Balance $15,385 $9,138 $9,655 $8,198 $6,265 $1,745 $4,667 $8,607 $15,947 $20,040 $22,143 $14,193We recommend using LivePlan as the easiest way to create automatic financials for your own business plan.
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Pro Forma Balance Sheet Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 Assets Starting Balances Current Assets Cash $20,000 $15,385 $9,138 $9,655 $8,198 $6,265 $1,745 $4,667 $8,607 $15,947 $20,040 $22,143 $14,193 Accounts Receivable $0 $13,500 $31,050 $38,400 $47,300 $57,600 $61,200 $58,225 $49,300 $36,775 $24,975 $19,175 $19,175 Inventory $26,500 $17,500 $13,200 $15,400 $19,800 $23,100 $22,550 $20,900 $15,950 $11,550 $7,150 $7,150 $7,150 Other Current Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Current Assets $46,500 $46,385 $53,388 $63,455 $75,298 $86,965 $85,495 $83,792 $73,857 $64,272 $52,165 $48,468 $40,518 Long-term Assets Long-term Assets $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 Accumulated Depreciation $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Long-term Assets $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 Total Assets $58,500 $58,385 $65,388 $75,455 $87,298 $98,965 $97,495 $95,792 $85,857 $76,272 $64,165 $60,468 $52,518 Liabilities and Capital Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 Current Liabilities Accounts Payable $0 $3,335 $10,488 $18,705 $24,698 $27,115 $23,345 $20,542 $12,857 $9,522 $5,365 $9,618 $9,618 Current Borrowing $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Other Current Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Subtotal Current Liabilities $0 $3,335 $10,488 $18,705 $24,698 $27,115 $23,345 $20,542 $12,857 $9,522 $5,365 $9,618 $9,618 Long-term Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Liabilities $0 $3,335 $10,488 $18,705 $24,698 $27,115 $23,345 $20,542 $12,857 $9,522 $5,365 $9,618 $9,618 Paid-in Capital $100,000 $100,000 $100,000 $100,000 $100,000 $105,000 $105,000 $105,000 $105,000 $105,000 $105,000 $105,000 $105,000 Retained Earnings ($41,500) ($41,500) ($41,500) ($41,500) ($41,500) ($41,500) ($41,500) ($41,500) ($41,500) ($41,500) ($41,500) ($41,500) ($41,500) Earnings $0 ($3,450) ($3,600) ($1,750) $4,100 $8,350 $10,650 $11,750 $9,500 $3,250 ($4,700) ($12,650) ($20,600) Total Capital $58,500 $55,050 $54,900 $56,750 $62,600 $71,850 $74,150 $75,250 $73,000 $66,750 $58,800 $50,850 $42,900 Total Liabilities and Capital $58,500 $58,385 $65,388 $75,455 $87,298 $98,965 $97,495 $95,792 $85,857 $76,272 $64,165 $60,468 $52,518 Net Worth $58,500 $55,050 $54,900 $56,750 $62,600 $71,850 $74,150 $75,250 $73,000 $66,750 $58,800 $50,850 $42,900