Professional Documents
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Taxi Business Plan
Taxi Business Plan
Business Plan
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Page 1
Table of Contents
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My Business Plan
Numical Concept is a start-up company and the brand owner of M.G Taxis, a Kaduna based
company, whose mission is to provide reliable and safe mass-transit services by using fully
trained and accountable drivers, the company intends to own an in-house auto workshop, with
stickily monitored and control inventory. The company will establish its presence in the industry
by acquiring an additional 5 refurbished Volkswagen Golf 3 (1992 model) vehicles.
The company is managed and owned by Mr. Harry Haruna Gaiya a graduate of chemical
engineering from F.U.T Minna, Niger state. Worked as Project Engineer II for AKBAK
Engineering & Technical services from 2012 - 2015. He ventured into the Taxi business at 2015
as a means of earning disposable income with 1 car and has grown the business to managing
two (2) numbers of Taxis at 2016. In his experience, maintenance is the most critical part of
this line of business and in order to grow the business, an in-house maintenance team and
workshop needs to be established.
The company will employ 7 contract drivers, train them and equip with CUG lines and fix Global
Positioning Systems (GPS) car tracking systems on the cars (as an added safety measure for
both drivers and passengers) which enable the cars to be tracked or located in an emergency.
All M.G Taxi cars will be clean, well maintained, and inspected regularly for safety and comfort.
The company's strategy is to build reputation and market share by establishing our brand as
neat and well maintained mass-transit taxis unlike the existing mass-transit taxis in the area.
The company's long-term goal is to be the top-rated ground transportation company in Kaduna
state.
The company is seeking N5 million loan from the Bank Of Industry, Nigeria to fund the
acquisition of 5 refurbished Volkswagen Golf 3 (1992 model), stocking of inventory and its
initial operations.
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Chart: Highlights
1.1 Objectives
The company's goal in the next one to three years is to pursue an aggressive operation and
from that, penetrate at least 10% of the market share. The company's goal in the next five
years is be the top-rated ground transportation company in the Kaduna Metropolis Area and
venturing into inter-state mass-transit. We plan to achieve this by continuously monitoring,
evaluating, and improve maintenance response.
1.2 Mission
The mission of M.G Taxi is to provide reliable and safe mass-transit services.
M.G Taxi is a brand of a start-up company named Numical Concept founded in 2016 in Kaduna,
by Mr. Harry Haruna Gaiya. The company is a registered under the Corporate Affairs
Commission of Nigeria as a Sole Proprietor (Business Name).
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Table: Start-up
Start-up
Requirements
Start-up Expenses
5 Car licenses N175,000.00
7 GPS Car trackers N210,000.00
Insurance for 5 cars N25,000.00
10 CUG Phones N35,000.00
Inventory N650,000.00
Start-up Assets
Cash Required N280,000.00
Other Current Assets (workshop equipment) N600,000
Long-term Assets (5 CARS) N3,000,000
Chart: Start-up
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3.0 Services
City Taxi provides taxi services utilizing computer dispatch to help with timely pick up and
quality customer care. The software and hardware systems used by City Taxi give customers
convenience by allowing them to use credit and debit cards in the taxi.
The company intend to latch on the existing patronage of mass-transit taxis to gradually build
up a brand name.
City Taxi's focus will be on the credit card market with target customers in the low to mid
income range in the Metropolitan San Francisco area. The target customers are motivated to
use our services over that of competitors because of the convenience and quality associated
with our services.
We believe our customers choose our cab service based on the following criteria:
Performance. We work with one goal in mind: to get customers where they want to go,
when they want to go, promptly, efficiently, comfortably, and safely.
Superior Service. Timely pick up, private usage, and customer care.
Quality. This involves providing courteous service in clean, well-maintained cars.
Convenience. This involves the credit/debit card feature.
Market Analysis
2016 2017 2018 2019 2020
Potential Customers Growth CAGR
Credit Card Market 25% 200,000 250,000 312,500 390,625 488,281 25.00%
Cash Customers 10% 100,000 110,000 121,000 133,100 146,410 10.00%
Other 0% 0 0 0 0 0 0.00%
Total 20.60% 300,000 360,000 433,500 523,725 634,691 20.60%
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Industry Snapshot
In 1990, U.S. consumers spent an estimated $3.17 billion on taxis. That year, approximately
32,600 were employed in the industry as owners, managers, drivers, dispatchers, or
mechanics. Since the mid- 1970's, when a trend toward independent contracting among drivers
developed, three out of every four drivers became independent contractors licensed through,
and renting their vehicles from, the taxi companies. Overall, the U.S. taxi industry consisted of
205,300 vehicles in 1993. Of these, 170,800 were licensed taxis and 16,600 were hired cars,
also referred to as executive sedans or liveries. The remainder was minibuses or vans, many of
which were wheelchair-accessible for transporting the elderly and disabled.
Most taxi companies followed a similar organizational pattern. Managers, sometimes the
company owners' ran the business, hired drivers, and performed other administrative duties.
Dispatchers took calls and assigned cabs to passenger locations. The position of dispatcher once
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represented a promotion awarded to experienced cab drivers, whose familiarity with the city
best qualified them for the job. However, the increase in computer-based dispatching in the
early 1990's prompted cab companies to favor computer skills over specialized knowledge of
local geography when filing the dispatcher position.
Regulation of the U.S. taxi industry varied from city to city. While almost all cities had some
form of licensing requirements, larger urban areas had the strictest regulations. San Francisco
regulations focused on fares charged to customers, with rates assigned to designated zones of
the city.
Current Conditions
In 1998, 6,342 taxi fleets, consisting of 144,000 cars, were operating in the United States. On a
national level, in the early 1990's, taxi's made approximately 2 billion passenger trips a year.
Most taxi fleets were small, family-owned businesses or individual partnerships; only 5% were
corporations. Almost all operated within a single municipality, and more than half of all taxi
companies had fewer than 10 vehicles. In rural areas, companies tended to be extremely small,
with 1 to 3 cars available for customers. In cities of 100,000 people, the average fleet size was
20 cars. In urban centers of 200,000 or more people, cab companies retained hundreds of cars
and carried more passengers than the multitude of smaller companies combined.
Although the taxi cab industry was not regarded as demanding in a high degree of technology,
several innovations have changed the way businesses operate. Computerized dispatching--in
which cabs were tracked by computer and dispatch instructions appeared only to the cab
assigned to a call--allowed more efficient assignment of cabs to passengers. Computerization
also helped remedy the problem of "fare stealing," in which one driver intercepts a message
meant for another and picks up the first driver's fare.
Another development likely to change the industry's focus involved its use of certain radio
frequencies. In the late 1980's and early 1990's, with investment in cellular and digital
communications skyrocketing, taxi cab companies found themselves in possession of a valuable
asset in the form of the broadcast frequencies granted them by the Federal Communications
Commission. During this time, the FCC, allowing them only two frequencies in any one area,
heavily restricted the cellular telephone industry's use of the airwaves. By the mid-1990's,
some cab-related services, such as New Jersey's dispatcher Fleet Call, were in a strong position
to become players in the burgeoning telecommunications industry.
Industry Leaders
Due to increasing decentralization in the industry, few national taxi corporations were in
operation in the early 1990's. A few companies, however, many of which were owned by larger
holding corporations, had operations that reached beyond the local. Figure 1 shows the industry
leaders in the San Francisco area and their share of the market.
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Taxi top display is a market from which City Taxi can gain a substantial amount of revenue.
This has been shown to be a viable means of advertising for a number of companies and it is
used widely. Figure 2 shows the growth in the taxi top display market segment from 1993.
Competitive threats come from existing taxi cab companies in the San Francisco area. Their
weaknesses are, however, that they do not have the credit/debit card payment option, and
some still use the radio dispatch system. Transportation, Inc. has computer-aided dispatch but
no credit card processing capabilities. Capital Cab, Yellow Cab, and Diamond Cab all have radio
dispatch with selected drivers accepting credit cards. However, these drivers do not offer in-car
processing, approval must be given at the home office.
Taxi Cabs. City Taxi's competitors include existing taxi cab companies that have been
operating in the San Francisco area. Specifically, competitors include:
Transportation, Inc. is a family owned company that has been in business for 20 years. The
company, run by Mr. John Brown, is considered an industry leader in the field of taxi cab
services. The company also owns a real estate agency, and 2 insurance companies which
work hand in hand with the taxi business. They lease facilities to other cab companies as
well. The company has a fleet of 1,200 cars, with half under the driver-owner program and
the other half company owned.
Yellow Cab was founded 25 years ago, its president is Mr. Michael White. Yellow Cab has a
fleet of 2,200 cabs, most of which are driver-owned. The company still uses the radio
dispatch system and one third of their fleet is equipped with the credit/debit card feature.
The drawback to their system is that approval for any transaction takes place in their home
office.
Diamond Cab is owned and operated by Mr. Jay Newman. The company uses the radio
dispatch system and has a fleet of approximately 800 cabs.
Town Cab is an organization run by Mr. Pete Whitehead. The company uses the radio
dispatch system and has a fleet of 800 cabs.
City Taxi's competitive advantage is our cutting edge technology which is unique to the taxi
industry in San Francisco. The GPS will enable City Taxi to provide timely service by giving an
accurate ETA. The credit/debit card feature will give our customers convenience and privacy
during the transaction period.
Maintenance and Repair Services. City Taxi's competitors include the above mentioned
companies and general maintenance and repair shops in the area. Some of these operations do
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not have the capacity to handle a large amount of vehicles. While others may have the
capacity, their operations are run in a primitive manner, and City Taxi intends to capitalize on
that.
City Taxi's competitive advantages include the availability of space, operations management,
and skilled employees.
Sales Strategy
At City Taxi, the sales process is the same for each of City Taxi's two areas: taxi cab services
and maintenance and repair services. The company intends to establish its presence online by
developing a website from which sales will be generated. The District of Columbia Cab
Commission regulates pricing for taxi cab services.
Marketing Strategy
City Taxi markets its products and services as solutions to transportation needs in the city of
San Francisco. Other target markets include customers in the low to mid income range. Direct
mailings and television advertising will be the company's main marketing channels. These
channels ensure that target customers are reached repeatedly and effectively. The company
will monitor its market position through constant tracking by Value Pack and TCI Media, Inc.
TCI Media Services - The proposed advertising package, titled "The Championship," will yield:
One commercial in every regular season NBA game on TNT for the 1999-2000 season
One commercial in 2000; 1999-2000 regular season Wizard games on HTS
900 6 a.m. - 12 a.m. commercials on a minimum of 4 networks
Ads on the TV guide channel
Sales Forecast
FY 2017 FY 2018 FY 2019
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Sales
All services $200,000 $1,500,000 $2,200,000
Other $0 $0 $0
Total Sales $200,000 $1,500,000 $2,200,000
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5.4 Milestones
Table: Milestones
Milestones
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Chart: Milestones
Organization
The company's management philosophy is based on responsibility and mutual respect. City Taxi
has an environment and structure that encourages productivity and respect for customers and
fellow employees.
Taxi Cabs. The taxi cabs division will consist of the fleet of taxis, driver owned and company
owned, the call center, and administration. Overall, City Taxi will have approximately 20
employees in this division. The management of all daily operations within City Taxi will be
handled in this division. Mr. Taylor, the CEO, will be responsible for the purchase of vehicles
and dealing with vendors and suppliers. There will be 10 to 20 employees in the call center,
three supervisors, three dispatchers, an office manager, a data entry clerk, and an employee
responsible for accounts receivables/payables.
1. Maintenance and Repair Services. This division will deal with the maintenance of
vehicles. Drivers will be charged at discounted rates for tune-ups, wheel alignments, and
other repairs. This division will be staffed with seven employees to begin with.
City Taxi's management is highly experienced and qualified. Key members of City Taxi's
management teams, their backgrounds, and responsibilities are as follows.
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Table: Personnel
Personnel Plan
FY 2017 FY 2018 FY 2019
Taxi Cabs & Administrative $108,696 $365,217 $395,652
Maintenance & Repair $108,695 $156,522 $169,565
Total People 8 17 20
The company is seeking $2.5 million of financing to fund the acquisition of Mighty Cab
Association and its initial operations. This funding will cover the purchase of Mighty Cab,
marketing, purchase of extra vehicles, software, and hardware.
Start-up Funding
Start-up Expenses to Fund $0
Start-up Assets to Fund $0
Total Funding Required $0
Assets
Non-cash Assets from Start-up $0
Cash Requirements from Start-up $0
Additional Cash Raised $0
Cash Balance on Starting Date $0
Total Assets $0
Liabilities
Current Borrowing $0
Long-term Liabilities $0
Accounts Payable (Outstanding Bills) $0
Other Current Liabilities (interest-free) $0
Total Liabilities $0
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Capital
Planned Investment
Owner $0
Investor $0
Additional Investment Requirement $0
Total Planned Investment $0
Total Funding $0
The table below shows the key assumptions for City Taxi.
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City Taxi's Break-even Analysis indicates that the firm has a strong balance of costs and sales.
The company estimates a monthly break-even sales volume of approximately $43,000, which
will be reached by Fiscal Year (FY) 2000.
Break-even Analysis
Assumptions:
Average Percent Variable Cost 32%
Estimated Monthly Fixed Cost $29,250
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City Taxi is in the early stage of development, thus initial projections have only been made on
accounts that are believed to most drive the income statement.
Expenses
Payroll $217,391 $521,739 $565,217
Sales and Marketing and Other Expenses $64,000 $164,000 $214,000
Depreciation $14,997 $17,500 $17,500
Research & Development $15,000 $25,000 $40,000
Utilities $2,000 $2,000 $2,000
Insurance $5,000 $5,000 $5,000
Payroll Taxes $32,609 $78,261 $84,783
Other $0 $0 $0
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The table below outlines the company's cash flows for FY 1999-2001. The required $2.5 million
will be spent to acquire Mighty Cab's operations ($1.25 million), as well as to purchase
additional property ($250,000) and equipment ($200,000). An additional $500,000 will be
spent on other short-term assets.
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Chart: Cash
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The table below provides City Taxi's actual and projected balance sheets for 1999-2001.
Current Assets
Cash $106,332 $535,192 $1,374,391
Other Current Assets $500,000 $500,000 $500,000
Total Current Assets $606,332 $1,035,192 $1,874,391
Long-term Assets
Long-term Assets $1,700,000 $1,700,000 $1,700,000
Accumulated Depreciation $14,997 $32,497 $49,997
Total Long-term Assets $1,685,003 $1,667,503 $1,650,003
Total Assets $2,291,335 $2,702,695 $3,524,394
Current Liabilities
Accounts Payable $15,169 $47,199 $66,308
Current Borrowing ($3,000) ($6,000) ($9,000)
Other Current Liabilities $0 $0 $0
Subtotal Current Liabilities $12,169 $41,199 $57,308
The following table contains important business ratios from the taxi cab industry, as determined
by the Standard Industry Classification (SIC) Index #4121, Taxi Cabs.
Table: Ratios
Ratio Analysis
FY 2017 FY 2018 FY 2019 Industry Profile
Sales Growth n.a. 650.00% 46.67% 0.50%
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Percent of Sales
Sales 100.00% 100.00% 100.00% 100.00%
Gross Margin 65.00% 91.00% 94.77% 82.50%
Selling, General & Administrative Expenses 177.25% 63.59% 55.44% 58.00%
Advertising Expenses 25.00% 10.00% 9.09% 1.00%
Profit Before Interest and Taxes -110.50% 36.77% 52.57% 2.60%
Main Ratios
Current 49.82 25.13 32.71 1.58
Quick 49.82 25.13 32.71 1.22
Total Debt to Total Assets 0.53% 1.37% 1.37% 56.10%
Pre-tax Return on Net Worth -9.69% 20.71% 33.31% 3.60%
Pre-tax Return on Assets -9.64% 20.43% 32.85% 8.10%
Activity Ratios
Accounts Payable Turnover 12.42 12.17 12.17 n.a
Payment Days 27 20 26 n.a
Total Asset Turnover 0.09 0.56 0.62 n.a
Debt Ratios
Debt to Net Worth 0.01 0.01 0.01 n.a
Current Liab. to Liab. 1.00 1.11 1.19 n.a
Liquidity Ratios
Net Working Capital $594,163 $993,993 $1,817,084 n.a
Interest Coverage 0.00 0.00 0.00 n.a
Additional Ratios
Assets to Sales 11.46 1.80 1.60 n.a
Current Debt/Total Assets 1% 2% 2% n.a
Acid Test 49.82 25.13 32.71 n.a
Sales/Net Worth 0.09 0.56 0.63 n.a
Dividend Payout 0.00 0.00 0.00 n.a
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Appendix
Sales Forecast
Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov
Sales
All services 0% $16,667 $16,667 $16,667 $16,667 $16,667 $16,667 $16,667 $16,667 $16,667 $16,667 $16,667 $16,667
Other 0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Sales $16,667 $16,667 $16,667 $16,667 $16,667 $16,667 $16,667 $16,667 $16,667 $16,667 $16,667 $16,667
Direct Cost of Sales Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov
All services $5,417 $5,417 $5,417 $5,417 $5,417 $5,417 $5,417 $5,417 $5,417 $5,417 $5,417 $5,417
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal Direct Cost of Sales $5,417 $5,417 $5,417 $5,417 $5,417 $5,417 $5,417 $5,417 $5,417 $5,417 $5,417 $5,417
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Appendix
Table: Personnel
Personnel Plan
Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov
Taxi Cabs & Administrative 0% $9,058 $9,058 $9,058 $9,058 $9,058 $9,058 $9,058 $9,058 $9,058 $9,058 $9,058 $9,058
Maintenance & Repair 0% $9,057 $9,058 $9,058 $9,058 $9,058 $9,058 $9,058 $9,058 $9,058 $9,058 $9,058 $9,058
Total People 8 8 8 8 8 8 8 8 8 8 8 8
Total Payroll $18,115 $18,116 $18,116 $18,116 $18,116 $18,116 $18,116 $18,116 $18,116 $18,116 $18,116 $18,116
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Appendix
Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov
Sales $16,667 $16,667 $16,667 $16,667 $16,667 $16,667 $16,667 $16,667 $16,667 $16,667 $16,667 $16,667
Direct Cost of Sales $5,417 $5,417 $5,417 $5,417 $5,417 $5,417 $5,417 $5,417 $5,417 $5,417 $5,417 $5,417
Other $417 $417 $417 $417 $417 $417 $417 $417 $417 $417 $417 $417
Total Cost of Sales $5,833 $5,833 $5,833 $5,833 $5,833 $5,833 $5,833 $5,833 $5,833 $5,833 $5,833 $5,833
Gross Margin $10,833 $10,833 $10,833 $10,833 $10,833 $10,833 $10,833 $10,833 $10,833 $10,833 $10,833 $10,833
Gross Margin % 65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00%
Expenses
Payroll $18,115 $18,116 $18,116 $18,116 $18,116 $18,116 $18,116 $18,116 $18,116 $18,116 $18,116 $18,116
Sales and Marketing and Other
$5,333 $5,333 $5,333 $5,333 $5,333 $5,333 $5,333 $5,333 $5,333 $5,333 $5,333 $5,333
Expenses
Depreciation $625 $625 $625 $1,458 $1,458 $1,458 $1,458 $1,458 $1,458 $1,458 $1,458 $1,458
Research & Development $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250 $1,250
Utilities $167 $167 $167 $167 $167 $167 $167 $167 $167 $167 $167 $167
Insurance $417 $417 $417 $417 $417 $417 $417 $417 $417 $417 $417 $417
Payroll Taxes 15% $2,717 $2,717 $2,717 $2,717 $2,717 $2,717 $2,717 $2,717 $2,717 $2,717 $2,717 $2,717
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Operating Expenses $28,624 $28,625 $28,625 $29,458 $29,458 $29,458 $29,458 $29,458 $29,458 $29,458 $29,458 $29,458
Profit Before Interest and Taxes ($17,791) ($17,792) ($17,792) ($18,625) ($18,625) ($18,625) ($18,625) ($18,625) ($18,625) ($18,625) ($18,625) ($18,625)
EBITDA ($17,166) ($17,167) ($17,167) ($17,167) ($17,167) ($17,167) ($17,167) ($17,167) ($17,167) ($17,167) ($17,167) ($17,167)
Interest Expense ($2) ($4) ($6) ($8) ($10) ($13) ($15) ($17) ($19) ($21) ($23) ($25)
Taxes Incurred $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Net Profit ($17,788) ($17,788) ($17,785) ($18,616) ($18,614) ($18,612) ($18,610) ($18,608) ($18,606) ($18,604) ($18,602) ($18,600)
Net Profit/Sales -106.73% -106.73% -106.71% -111.70% -111.69% -111.67% -111.66% -111.65% -111.64% -111.62% -111.61% -111.60%
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Appendix
Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov
Cash Received
Expenditures Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov
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Appendix
Subtotal Cash Spent $18,889 $34,081 $2,234,079 $34,077 $34,075 $34,073 $34,071 $34,069 $34,067 $34,065 $34,062 $34,060
Net Cash Flow ($2,222) ($17,414) $282,588 ($17,410) ($17,408) ($17,406) ($17,404) ($17,402) ($17,400) ($17,398) ($17,396) ($17,394)
Cash Balance ($2,222) ($19,637) $262,951 $245,540 $228,132 $210,726 $193,322 $175,920 $158,520 $141,122 $123,726 $106,332
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Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov
Assets Starting Balances
Current Assets
Cash $0 ($2,222) ($19,637) $262,951 $245,540 $228,132 $210,726 $193,322 $175,920 $158,520 $141,122 $123,726 $106,332
Other Current Assets $0 $0 $0 $500,000 $500,000 $500,000 $500,000 $500,000 $500,000 $500,000 $500,000 $500,000 $500,000
Total Current Assets $0 ($2,222) ($19,637) $762,951 $745,540 $728,132 $710,726 $693,322 $675,920 $658,520 $641,122 $623,726 $606,332
Long-term Assets
Long-term Assets $0 $0 $0 $1,700,000 $1,700,000 $1,700,000 $1,700,000 $1,700,000 $1,700,000 $1,700,000 $1,700,000 $1,700,000 $1,700,000
Accumulated Depreciation $0 $625 $1,250 $1,875 $3,333 $4,791 $6,249 $7,707 $9,165 $10,623 $12,081 $13,539 $14,997
Total Long-term Assets $0 ($625) ($1,250) $1,698,125 $1,696,667 $1,695,209 $1,693,751 $1,692,293 $1,690,835 $1,689,377 $1,687,919 $1,686,461 $1,685,003
Total Assets $0 ($2,847) ($20,887) $2,461,076 $2,442,207 $2,423,341 $2,404,477 $2,385,615 $2,366,755 $2,347,897 $2,329,041 $2,310,187 $2,291,335
Liabilities and Capital Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov
Current Liabilities
Accounts Payable $0 $15,191 $15,189 $15,187 $15,185 $15,183 $15,181 $15,179 $15,177 $15,175 $15,173 $15,171 $15,169
Current Borrowing $0 ($250) ($500) ($750) ($1,000) ($1,250) ($1,500) ($1,750) ($2,000) ($2,250) ($2,500) ($2,750) ($3,000)
Other Current Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal Current Liabilities $0 $14,941 $14,689 $14,437 $14,185 $13,933 $13,681 $13,429 $13,177 $12,925 $12,673 $12,421 $12,169
Long-term Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Liabilities $0 $14,941 $14,689 $14,437 $14,185 $13,933 $13,681 $13,429 $13,177 $12,925 $12,673 $12,421 $12,169
Paid-in Capital $0 $0 $0 $2,500,000 $2,500,000 $2,500,000 $2,500,000 $2,500,000 $2,500,000 $2,500,000 $2,500,000 $2,500,000 $2,500,000
Retained Earnings $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Earnings $0 ($17,788) ($35,576) ($53,362) ($71,978) ($90,592) ($109,204) ($127,815) ($146,423) ($165,029) ($183,633) ($202,234) ($220,834)
Total Capital $0 ($17,788) ($35,576) $2,446,638 $2,428,022 $2,409,408 $2,390,796 $2,372,185 $2,353,577 $2,334,971 $2,316,367 $2,297,766 $2,279,166
Total Liabilities and Capital $0 ($2,847) ($20,887) $2,461,076 $2,442,207 $2,423,341 $2,404,477 $2,385,615 $2,366,755 $2,347,897 $2,329,041 $2,310,187 $2,291,335
Net Worth $0 ($17,788) ($35,576) $2,446,638 $2,428,022 $2,409,408 $2,390,796 $2,372,185 $2,353,577 $2,334,971 $2,316,367 $2,297,766 $2,279,166
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