Maxi's Food Mart

Pro Forma Income Statement

Prepared on: February 1, 2018

2017 2018 2019 2020

Sales
Deli $240,000.00 $257,400.00 $277,348.50 $300,229.75
Dairy $720,000.00 $772,200.00 $832,045.50 $900,689.25
Canned Goods $480,000.00 $514,800.00 $554,697.00 $600,459.50
Frozen Foods $800,000.00 $858,000.00 $924,495.00 $1,000,765.84
Meats $840,000.00 $900,900.00 $970,719.75 $1,050,804.13
Produce $500,000.00 $536,250.00 $577,809.38 $625,478.65
Dry Goods $360,000.00 $386,100.00 $416,022.75 $450,344.63
Gift Card $60,000.00 $64,350.00 $69,337.13 $75,057.44
Total Sales $4,000,000.00 $4,290,000.00 $4,622,475.00 $5,003,829.19
Cost of Goods Sold (CGS)
Deli $120,000.00 $128,700.00 $138,674.25 $150,114.88
Dairy $360,000.00 $386,100.00 $416,022.75 $450,344.63
Canned Goods $360,000.00 $386,100.00 $416,022.75 $450,344.63
Frozen Foods $520,000.00 $557,700.00 $600,921.75 $650,497.79
Meats $420,000.00 $450,450.00 $485,359.88 $525,402.06
Produce $325,000.00 $348,562.50 $375,576.09 $406,561.12
Dry Goods $237,600.00 $254,826.00 $274,575.02 $297,227.45
Gift Card $18,000.00 $19,305.00 $20,801.14 $22,517.23
Total Cost of Goods Sold (CGS) $2,360,600.00 $2,531,743.50 $2,727,953.62 $2,953,009.80
Gross Profit $1,639,400.00 $1,758,256.50 $1,894,521.38 $2,050,819.39
Operating Expenses
Sales & Marketing $220,000.00 $235,950.00 $254,236.13 $275,210.61
General & Administrative $350,000.00 $375,375.00 $404,466.56 $437,835.05
Depreciation $20,000.00 $20,000.00 $20,000.00 $20,000.00
Wages $340,910.00 $358,738.48 $379,178.21 $402,622.91
Common Costs $196,728.00 $210,990.78 $227,342.57 $246,098.33
Total Operating Expenses $1,127,638.00 $1,201,054.26 $1,285,223.46 $1,381,766.90
Gross Income (Income Before Taxes) $511,762.00 $557,202.25 $609,297.92 $669,052.50
Income Taxes $1,791.17 $1,950.21 $2,132.54 $2,341.68
Net Income $509,970.83 $555,252.04 $607,165.38 $666,710.81
 Input Data: Assumptions and Additional Information

Base Period Sales $4,000,000.00

Store Items % of Sales CGS Rates

Deli 6.00% 50.00% 2018 Growth 7.25%
Dairy 18.00% 50.00% 2019 Growth 7.75%
Canned Goods 12.00% 75.00% 2020 Growth 8.25%
Frozen Foods 20.00% 65.00% Tax 35.00%
Meats 21.00% 50.00%
Produce 12.50% 65.00%
Dry Goods 9.00% 66.00%
Gift Card 1.50% 30.00%
100.00% Salaries
Operating Expenses Luke 15.00%
Sales and Marketing 5.50% Manager $55,000.00
General and Administrative 8.75% Asst. Manager $40,000.00
Depreciation Expense $20,000.00
Wage $12.00 No. of Employees 17