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This is a business plan. It does not imply an offering of securities.
Table of Contents
Table of Contents
Page 2
Page 1
Lansing Aviation will be focusing initially on students interested in obtaining their private pilot
certificate. These students will primarily come from word-of-mouth-advertising from our
instructors, students, and other contacts at Mackinac-Great Lakes Airlines System (M-GLAS).
We will attempt to continue teaching these students through their instrument rating course with
us, upon completion of their private pilot package.
Chart: Highlights
1.1 Objectives
1. Form a Limited Liability Corporation (LLC) for liability protection of personal and company
assets.
2. Acquire a Cessna 172 Skyhawk aircraft for rental and flight instruction.
3. Operate the aircraft for at least 50 revenue flight hours per month.
4. Aircraft revenue to exceed hangar, insurance, fuel, maintenance upkeep and loan expenses
resulting in a net income/profit.
1.2 Keys to Success
1. A 24-hour aircraft schedule will provide students and renters with better schedule planning.
2. Marketing the aircraft to the 2,100 Mackinac-Great Lakes Airlines System airline pilots, their
familes, friends, and neighbors in Lansing to generate more exposure and word-of-mouth
advertising resulting in more revenue flights.
3. Preventative aircraft maintenance to eliminate aircraft downtime.
4. Thorough and safe training of students and selective aircraft checkouts for rental customers
to insure the aircraft is operated carefully, safely, and respectfully.
Page 2
1.3 Mission
Lansing Aviation offers an affordable, professionally-maintained aircraft for rental and flight
instruction. We will provide a safe and effective learning situation for our students while
adhering to safe practice and to applicable federal and state aviation regulations. Lansing
Aviation will provide students with an excellent aircraft for flight training and an aircraft to fly
upon successful completion of their training.
2.0 Company Summary
Lansing Aviation is a new company that provides aircraft rental for general aviation enthusiasts,
flight instruction, and a dependable aircraft to build flight hours. We will focus on aircraft rental
for registered pilots and rental for beginning and advanced flight training. Initially we will be
marketing our new business with aircraft specifications which include:
Page 3
Table: Start-up
Start-up
Requirements
Start-up Expenses
Legal -- Attorney Fees
Office Supplies / Expenses
Consultants
Aircraft Insurance Down Payment
Expensed Equipment
Hanger Down Payment + 1st Mo. Rent
New ADF Radio
Aircraft 10% Down Payment
MBNA Loan Origination Fee
Total Start-up Expenses
$400
$200
$0
$925
$0
$600
$575
$3,600
$250
$6,550
Start-up Assets
Cash Required
Other Current Assets
Long-term Assets
Total Assets
$300
$0
$36,000
$36,300
Total Requirements
$42,850
Page 4
$6,550
$36,300
$42,850
Assets
Non-cash Assets from Start-up
Cash Requirements from Start-up
Additional Cash Raised
Cash Balance on Starting Date
Total Assets
$36,000
$300
$0
$300
$36,300
$0
$32,400
$0
$0
$32,400
Capital
Planned Investment
Michael J. Zorn - president
Investor
Other
Additional Investment Requirement
Total Planned Investment
$10,450
$0
$0
$0
$10,450
($6,550)
$3,900
$36,300
Total Funding
$42,850
Page 5
Chart: Start-up
Page 6
Page 7
Market Analysis
Potential Customers
Curious / Interested Future
Pilots
M-GLAS Pilots, Friends,
Neighbors
Other Schools Unhappy
Students
Other Flights / Misc. Rentals
Total
Year 1
Year 2
Year 3
Year 4
Year 5
20%
15
18
22
26
31
19.90%
30%
10
13
17
22
29
30.50%
1%
0.00%
15%
22.58%
5
31
6
38
7
47
8
57
9
70
15.83%
22.58%
Growth
CAGR
Page 8
Page 9
Page 10
Page 11
Sales Forecast
Year 1
Year 2
Year 3
Year 4
Year 5
$49,068
$0
$49,068
$54,007
$0
$54,007
$55,392
$0
$55,392
$50,776
$0
$50,776
$60,931
$0
$60,931
Year 1
$0
$0
$0
Year 2
$0
$0
$0
Year 3
$0
$0
$0
Year 4
$0
$0
$0
Year 5
$0
$0
$0
Sales
Aircraft Rental
Other
Total Sales
Direct Cost of Sales
Aircraft Rental
Other
Subtotal Direct Cost of Sales
Page 12
5.2 Milestones
Sample Milestones topic text.
The milestones table and chart show the specific detail about actual program activities that
should be taking place during the year. Each one has its manager, starting date, ending date,
and budget. During the year we will be keeping track of implementation against plan, with
reports on the timely completion of these activities as planned.
Table: Milestones
Milestones
Milestone
Sample Milestones
Finish Business Plan
Acquire Financing
Ah HA! Event
Ah Merde Alors! Event
Grande Opening
Marketing Program Starts
Plan vs. Actual Review
First Break-even Month
Hire Employees
Upgrade Business Plan Pro
Totals
Start Date
1/4/2008
9/13/2010
9/23/2010
10/3/2010
11/2/2010
11/12/2010
10/13/2010
3/10/2011
7/12/2011
6/10/2011
8/29/2011
End Date
1/4/2008
10/13/2010
11/12/2010
10/8/2010
11/7/2010
11/17/2010
11/7/2010
3/17/2011
8/11/2011
7/10/2011
8/31/2011
Budget
$0
$100
$200
$60
$250
$500
$1,000
$0
$0
$150
$100
$2,360
Manager
ABC
Dude
Dudette
Marianne
Marionette
Gloworm
Glower
Galore
Bouys
Gulls
Brass
Department
Department
Boss
Legumers
Bosses
Bouc missaire
Nobs
Marketeers
Alles
Salers
HRM
Bossies
Chart: Milestones
Page 13
Personnel Plan
Year 1
Year 2
Year 3
Year 4
Year 5
Owner
Name or title
Name or title
Other
Total People
$7,833
$0
$0
$0
0
$12,000
$0
$0
$0
0
$0
$0
$0
$0
0
$0
$0
$0
$0
0
$0
$0
$0
$0
0
Total Payroll
$7,833
$12,000
$0
$0
$0
Page 14
We want to finance our aircraft loan through cash flow from our aircraft rental.
We want to pay for our engine overhaul at the recommended TBO through cash savings
acquired during our aircraft rental.
In order to attract larger sums of money, we will offer a 10-hour block of aircraft rental for
$730 ($73/hour) which is reduced from our normal rental rate of $75 per hour. Additionally,
we will offer M-GLAS employees the same $73 per hour rate for block or non-block rentals.
The aircraft will maintain flying status other than routine, required inspections lasting a day
or two.
We will not have any major aircraft accidents or incidents that will result in major downtime.
We also assume that student pilot starts will continue to increase and the demand for pilots
will continue.
General Assumptions
Plan Month
Current Interest Rate
Long-term Interest Rate
Tax Rate
Other
Year 1
Year 2
Year 3
Year 4
Year 5
1
10.00%
10.00%
28.17%
0
2
10.00%
10.00%
28.00%
0
3
10.00%
10.00%
28.17%
0
4
10.00%
10.00%
28.00%
0
5
10.00%
10.00%
28.17%
0
Page 15
Hangar rental.
Aircraft insurance.
Engine overhaul fund.
Aircraft loan payments.
Routine aircraft maintenance and inspection costs.
Estimated monthly fuel costs.
Break-even Analysis
Monthly Revenue Break-even
$3,447
Assumptions:
Average Percent Variable Cost
Estimated Monthly Fixed Cost
0%
$3,447
Page 16
Year 1
Year 2
Year 3
Year 4
Year 5
$49,068
$0
$0
$0
$54,007
$0
$0
$0
$55,392
$0
$0
$0
$50,776
$0
$0
$0
$60,931
$0
$0
$0
$49,068
100.00%
$54,007
100.00%
$55,392
100.00%
$50,776
100.00%
$60,931
100.00%
Expenses
Payroll
Sales and Marketing and Other
Expenses
Depreciation
Fixed Operations Costs
Leased Equipment
Utilities
Insurance
Payroll Taxes
Aircraft Upgrades
Mainenance and Repairs
$7,833
$0
$12,000
$0
$0
$0
$0
$0
$0
$0
$3,300
$27,530
$0
$0
$0
$0
$1,500
$1,200
$3,600
$27,530
$0
$0
$0
$0
$0
$0
$3,600
$27,530
$0
$0
$0
$0
$0
$0
$3,600
$27,530
$0
$0
$0
$0
$0
$15,000
$3,600
$27,530
$0
$0
$0
$0
$0
$0
$41,363
$43,130
$31,130
$46,130
$31,130
$7,705
$11,005
$3,188
$1,273
$10,877
$14,477
$2,791
$2,264
$24,262
$27,862
$2,413
$6,154
$4,646
$8,246
$2,035
$731
$29,801
$33,401
$1,657
$7,927
$3,244
6.61%
$5,822
10.78%
$15,695
28.33%
$1,880
3.70%
$20,217
33.18%
Net Profit
Net Profit/Sales
Page 17
Page 18
Page 19
Chart: Cash
Page 20
Year 2
Year 3
Year 4
Year 5
$49,068
$49,068
$54,007
$54,007
$55,392
$55,392
$50,776
$50,776
$60,931
$60,931
$0
$0
$0
$0
$0
$0
$0
$49,068
$0
$0
$0
$0
$0
$0
$0
$54,007
$0
$0
$0
$0
$0
$0
$0
$55,392
$0
$0
$0
$0
$0
$0
$0
$50,776
$0
$0
$0
$0
$0
$0
$0
$60,931
Year 1
Year 2
Year 3
Year 4
Year 5
$7,833
$31,725
$39,558
$12,000
$32,873
$44,873
$0
$35,808
$35,808
$0
$44,540
$44,540
$0
$37,787
$37,787
$0
$0
$0
$2,600
$0
$0
$0
$42,158
$0
$0
$0
$3,780
$0
$0
$0
$48,653
$0
$0
$0
$3,780
$0
$0
$0
$39,588
$0
$0
$0
$3,780
$0
$0
$0
$48,320
$0
$0
$0
$3,780
$0
$0
$0
$41,567
$6,910
$7,210
$5,354
$12,564
$15,804
$28,367
$2,456
$30,823
$19,364
$50,188
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
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
Subtotal Cash Spent
Net Cash Flow
Cash Balance
Page 21
Year 2
Year 3
Year 4
Year 5
$7,210
$0
$7,210
$12,564
$0
$12,564
$28,367
$0
$28,367
$30,823
$0
$30,823
$50,188
$0
$50,188
$36,000
$3,300
$32,700
$39,910
$36,000
$6,900
$29,100
$41,664
$36,000
$10,500
$25,500
$53,867
$36,000
$14,100
$21,900
$52,723
$36,000
$17,700
$18,300
$68,488
Year 1
Year 2
Year 3
Year 4
Year 5
$2,966
$0
$0
$2,966
$2,678
$0
$0
$2,678
$2,967
$0
$0
$2,967
$3,723
$0
$0
$3,723
$3,050
$0
$0
$3,050
Long-term Liabilities
Total Liabilities
$29,800
$32,766
$26,020
$28,698
$22,240
$25,207
$18,460
$22,183
$14,680
$17,730
Paid-in Capital
Retained Earnings
Earnings
Total Capital
Total Liabilities and Capital
$10,450
($6,550)
$3,244
$7,144
$39,910
$10,450
($3,306)
$5,822
$12,965
$41,664
$10,450
$2,515
$15,695
$28,660
$53,867
$10,450
$18,210
$1,880
$30,540
$52,723
$10,450
$20,090
$20,217
$50,757
$68,488
$7,144
$12,965
$28,660
$30,540
$50,757
Assets
Current Assets
Cash
Other Current Assets
Total Current Assets
Long-term Assets
Long-term Assets
Accumulated Depreciation
Total Long-term Assets
Total Assets
Liabilities and Capital
Current Liabilities
Accounts Payable
Current Borrowing
Other Current Liabilities
Subtotal Current Liabilities
Net Worth
Page 22
Ratio Analysis
Year 1
Year 2
Year 3
Year 4
Year 5
Industry Profile
n.a.
10.07%
2.56%
-8.33%
20.00%
9.50%
0.00%
18.06%
81.94%
100.00%
0.00%
30.16%
69.84%
100.00%
0.00%
52.66%
47.34%
100.00%
0.00%
58.46%
41.54%
100.00%
0.00%
73.28%
26.72%
100.00%
45.60%
62.40%
37.60%
100.00%
Current Liabilities
Long-term Liabilities
Total Liabilities
Net Worth
7.43%
74.67%
82.10%
17.90%
6.43%
62.45%
68.88%
31.12%
5.51%
41.29%
46.79%
53.21%
7.06%
35.01%
42.07%
57.93%
4.45%
21.43%
25.89%
74.11%
43.30%
17.30%
60.60%
39.40%
100.00%
100.00%
81.12%
100.00%
100.00%
75.41%
100.00%
100.00%
73.39%
100.00%
100.00%
102.00%
100.00%
100.00%
72.25%
100.00%
0.00%
73.80%
60.14%
15.70%
58.82%
20.14%
57.35%
43.80%
62.57%
9.15%
57.35%
48.91%
5.00%
3.20%
2.43
2.43
82.10%
63.23%
11.32%
4.69
4.69
68.88%
62.37%
19.41%
9.56
9.56
46.79%
76.23%
40.56%
8.28
8.28
42.07%
8.55%
4.95%
16.45
16.45
25.89%
55.45%
41.09%
1.33
1.11
60.60%
5.50%
14.00%
Sales Growth
Percent of Total Assets
Percent of Sales
Sales
Gross Margin
Selling, General & Administrative
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
Additional Ratios
Year 1
Year 2
Year 3
Year 4
Year 5
6.61%
45.41%
10.78%
44.90%
28.33%
54.76%
3.70%
6.16%
33.18%
39.83%
n.a
n.a
11.70
27
1.23
12.17
32
1.30
12.17
29
1.03
12.17
27
0.96
12.17
33
0.89
n.a
n.a
n.a
4.59
0.09
2.21
0.09
0.88
0.12
0.73
0.17
0.35
0.17
n.a
n.a
$4,244
2.42
$9,885
3.90
$25,400
10.05
$27,100
2.28
$47,137
17.98
n.a
n.a
0.81
7%
2.43
6.87
0.00
0.77
6%
4.69
4.17
0.00
0.97
6%
9.56
1.93
0.00
1.04
7%
8.28
1.66
0.00
1.12
4%
16.45
1.20
0.00
n.a
n.a
n.a
n.a
n.a
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
Page 23
Paying off the entire aircraft loan in the first three years of operation.
Acquiring partial ownership of a twin-engine aircraft for training and travel needs.
Avoiding accident, incident, and lawsuit through our entire longevity.
Providing present and future students and renters with a superlative aircraft for all of their
flying needs.
Page 24
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
$693
$0
$693
$1,500
$0
$1,500
$3,000
$0
$3,000
$3,750
$0
$3,750
$4,500
$0
$4,500
$5,625
$0
$5,625
$5,625
$0
$5,625
$4,875
$0
$4,875
$4,875
$0
$4,875
$4,875
$0
$4,875
$4,875
$0
$4,875
$4,875
$0
$4,875
Sales
Aircraft Rental
Other
Total Sales
Direct Cost of Sales
0%
0%
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
Aircraft Rental
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
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
Page 1
Appendix
Table: Personnel
Personnel Plan
Owner
Name or title
Name or title
Other
Total People
Total Payroll
0%
0%
0%
0%
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
$0
$0
$0
0
$0
$0
$0
$0
0
$0
$0
$0
$0
0
$0
$0
$0
$0
0
$833
$0
$0
$0
0
$1,000
$0
$0
$0
0
$1,000
$0
$0
$0
0
$1,000
$0
$0
$0
0
$1,000
$0
$0
$0
0
$1,000
$0
$0
$0
0
$1,000
$0
$0
$0
0
$1,000
$0
$0
$0
0
$0
$0
$0
$0
$833
$1,000
$1,000
$1,000
$1,000
$1,000
$1,000
$1,000
Page 2
Appendix
Table: General Assumptions
General Assumptions
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
10
11
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%
Tax Rate
30.00%
28.00%
28.00%
28.00%
28.00%
28.00%
28.00%
28.00%
28.00%
28.00%
28.00%
28.00%
Plan Month
Other
Month 12
Page 3
Appendix
Table: Profit and Loss
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
$693
$1,500
$3,000
$3,750
$4,500
$5,625
$5,625
$4,875
$4,875
$4,875
$4,875
$4,875
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
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
Sales
Gross Margin
$693
$1,500
$3,000
$3,750
$4,500
$5,625
$5,625
$4,875
$4,875
$4,875
$4,875
$4,875
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
Payroll
$0
$0
$0
$0
$833
$1,000
$1,000
$1,000
$1,000
$1,000
$1,000
$1,000
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$300
$300
$300
$300
$300
$300
$300
$300
$300
$300
$300
$0
$1,300
$2,623
$2,623
$2,623
$2,623
$2,623
$2,623
$2,623
$2,623
$2,623
$2,623
Leased Equipment
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Utilities
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Insurance
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$200
$0
$0
$0
$0
$0
$500
$0
$0
$0
$0
$0
$500
$0
$500
$0
$0
$0
$0
$0
$1,000
$0
$0
$0
$0
$0
$1,600
$2,923
$3,123
$3,756
$4,423
$3,923
$4,423
$4,423
$3,923
$4,923
$3,923
$693
($100)
$77
$627
$744
$1,202
$1,702
$452
$452
$952
($48)
$952
EBITDA
$693
$200
$377
$927
$1,044
$1,502
$2,002
$752
$752
$1,252
$252
$1,252
Gross Margin %
Expenses
Payroll Taxes
Aircraft Upgrades
Mainenance and Repairs
Total Operating Expenses
0%
15%
Interest Expense
$270
$270
$270
$270
$270
$270
$270
$270
$265
$260
$255
$248
Taxes Incurred
$127
($104)
($54)
$100
$133
$261
$401
$51
$52
$194
($85)
$197
Net Profit
Net Profit/Sales
$296
($266)
($139)
$257
$341
$671
$1,031
$131
$135
$498
($218)
$507
42.73%
-17.76%
-4.63%
6.85%
7.58%
11.93%
18.33%
2.69%
2.76%
10.22%
-4.48%
10.39%
Page 4
Appendix
Table: Cash Flow
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
Cash Sales
$693
$1,500
$3,000
$3,750
$4,500
$5,625
$5,625
$4,875
$4,875
$4,875
$4,875
$4,875
$693
$1,500
$3,000
$3,750
$4,500
$5,625
$5,625
$4,875
$4,875
$4,875
$4,875
$4,875
$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
$693
$1,500
$3,000
$3,750
$4,500
$5,625
$5,625
$4,875
$4,875
$4,875
$4,875
$4,875
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
0.00%
$0
$0
$0
$0
$833
$1,000
$1,000
$1,000
$1,000
$1,000
$1,000
$1,000
Bill Payments
$13
$433
$1,512
$2,851
$3,187
$3,047
$3,642
$3,299
$3,444
$3,428
$3,101
$3,769
$13
$433
$1,512
$2,851
$4,020
$4,047
$4,642
$4,299
$4,444
$4,428
$4,101
$4,769
$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
$600
$600
$600
$800
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$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
$13
$433
$1,512
$2,851
$4,020
$4,047
$4,642
$4,299
$5,044
$5,028
$4,701
$5,569
$680
$1,067
$1,488
$899
$480
$1,578
$983
$576
($169)
($153)
$174
($694)
Cash Balance
$980
$2,047
$3,535
$4,434
$4,914
$6,492
$7,475
$8,051
$7,883
$7,729
$7,904
$7,210
Page 5
Appendix
Table: Balance Sheet
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
$300
$0
$300
$980
$0
$980
$2,047
$0
$2,047
$3,535
$0
$3,535
$4,434
$0
$4,434
$4,914
$0
$4,914
$6,492
$0
$6,492
$7,475
$0
$7,475
$8,051
$0
$8,051
$7,883
$0
$7,883
$7,729
$0
$7,729
$7,904
$0
$7,904
$7,210
$0
$7,210
$36,000
$0
$36,000
$36,300
$36,000
$0
$36,000
$36,980
$36,000
$300
$35,700
$37,747
$36,000
$600
$35,400
$38,935
$36,000
$900
$35,100
$39,534
$36,000
$1,200
$34,800
$39,714
$36,000
$1,500
$34,500
$40,992
$36,000
$1,800
$34,200
$41,675
$36,000
$2,100
$33,900
$41,951
$36,000
$2,400
$33,600
$41,483
$36,000
$2,700
$33,300
$41,029
$36,000
$3,000
$33,000
$40,904
$36,000
$3,300
$32,700
$39,910
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
$0
$0
$0
$384
$0
$0
$384
$1,418
$0
$0
$1,418
$2,744
$0
$0
$2,744
$3,087
$0
$0
$3,087
$2,925
$0
$0
$2,925
$3,532
$0
$0
$3,532
$3,184
$0
$0
$3,184
$3,329
$0
$0
$3,329
$3,326
$0
$0
$3,326
$2,974
$0
$0
$2,974
$3,667
$0
$0
$3,667
$2,966
$0
$0
$2,966
Long-term Liabilities
Total Liabilities
$32,400
$32,400
$32,400
$32,784
$32,400
$33,818
$32,400
$35,144
$32,400
$35,487
$32,400
$35,325
$32,400
$35,932
$32,400
$35,584
$32,400
$35,729
$31,800
$35,126
$31,200
$34,174
$30,600
$34,267
$29,800
$32,766
Paid-in Capital
Retained Earnings
Earnings
Total Capital
Total Liabilities and Capital
$10,450
($6,550)
$0
$3,900
$36,300
$10,450
($6,550)
$296
$4,196
$36,980
$10,450
($6,550)
$30
$3,930
$37,747
$10,450
($6,550)
($109)
$3,791
$38,935
$10,450
($6,550)
$148
$4,048
$39,534
$10,450
($6,550)
$489
$4,389
$39,714
$10,450
($6,550)
$1,160
$5,060
$40,992
$10,450
($6,550)
$2,191
$6,091
$41,675
$10,450
($6,550)
$2,322
$6,222
$41,951
$10,450
($6,550)
$2,457
$6,357
$41,483
$10,450
($6,550)
$2,955
$6,855
$41,029
$10,450
($6,550)
$2,737
$6,637
$40,904
$10,450
($6,550)
$3,244
$7,144
$39,910
$3,900
$4,196
$3,930
$3,791
$4,048
$4,389
$5,060
$6,091
$6,222
$6,357
$6,855
$6,637
$7,144
Assets
Starting Balances
Current Assets
Cash
Other Current Assets
Total Current Assets
Long-term Assets
Long-term Assets
Accumulated Depreciation
Total Long-term Assets
Total Assets
Liabilities and Capital
Current Liabilities
Accounts Payable
Current Borrowing
Other Current Liabilities
Subtotal Current Liabilities
Net Worth
Page 6