Professional Documents
Culture Documents
Business Plan Dog Training
Business Plan Dog Training
[Company Name]
2010
Name]
[Company Name]
ADDRESS
PHONE
WEBSITE
[insert image/logo]
[Company
[Company Name]
2010
Name]
Confidentiality Agreement
The undersigned reader acknowledges that the information provided [Company Name] in this
business plan is confidential; therefore, reader agrees not to disclose it without the express written
permission of [Company Name].
It is acknowledged by reader that information to be furnished in this business plan is in all respects
confidential in nature, other than information which is in the public domain through other means and
that any disclosure or use of same by reader may cause serious harm or damage to [Company
Name].
___________________
Signature
___________________
Name (typed or printed)
___________________
Date
Page 1
Table of Contents
Page 2
[Company Name]
Chart: Highlights
1.1 Objectives
[Company Name]’s Objectives over the next 3 years are to implement new services (such as an
expanded Board and Train program), create a uniform and consistent means of client feedback,
expand the range and depth of education for our trainers, become a greater presence in local
animal rescue programs, and to increase our workload through advertising, a web presence, and
client referrals. The primary objective of [Company Name] and the intended use of the $500,000 in
grant funding sought is to implement a Board and Train program, in which owners will have their
dog(s) stay in a comfortable facility where they will be well fed and groomed and can choose
whether or not to also pay for training services during the dog’s boarding time. Another new service
will be the recording and distribution of a dog training DVD, each containing a series of cumulative
lessons that can be purchased from both the store and from websites such as Amazon.com.
[Company Name] will also produce and maintain a survey for clients to fill out, explaining their likes
and dislikes regarding our service. Employees of the company will also be subject to higher scrutiny
in the form of knowledge tests.
We will increase our revenue both by more comprehensive advertising and via increased client
referrals based on the new facility we will purchase and the increased quality in our service.
Page 1
[Company Name]
1.2 Mission
Our mission is to improve and enhance pack leader-dog/pack relationships by educating our clients
utilizing proven skills and techniques. Combined with instruction and information on a variety of
topics, we train dogs and their owners to be become better citizens and a more cohesive family unit.
Page 2
[Company Name]
Past Performance
2008 2009
Sales $58,547 $108,706
Gross Margin $58,547 $108,706
Gross Margin % 100.00% 100.00%
Operating Expenses $40,004 $115,255
Balance Sheet
2008 2009
Current Assets
Cash $12,890 $5,140
Other Current Assets $0 $1,774
Total Current Assets $12,890 $6,914
Long-term Assets
Long-term Assets $0 $0
Accumulated Depreciation $0 $0
Total Long-term Assets $0 $0
Current Liabilities
Accounts Payable $6,914 $3,258
Current Borrowing $0 $0
Other Current Liabilities (interest $0 $0
free)
Total Current Liabilities $6,914 $3,258
Long-term Liabilities $0 $0
Total Liabilities $6,914 $3,258
Other Inputs
Payment Days 30 30
Page 3
[Company Name]
Chart: Past Performance
We work on an appointment basis. We have scheduling available 7 days a week and include
evenings to make it as convenient for the client as possible. Each lesson can be done on a different
day and time. The lessons are completed within a 4 month time frame with unlimited follow up for as
long as the client has the dog. These lessons are conducted by one of the trainers on staff.
Future offerings are Board & Train services involving the Boarding of the dogs at the business site,
with training sessions twice daily. Dogs are trained in basic obedience, house manners, potty
training, and any other specific needs of the owner. The dog will board in 5x10 indoor/5x15 outdoor
connected kennels. Training is conducted in home setting on-site.
Page 4
[Company Name]
[CORPORATE STORE] – [CORPORATE STORE] caters to a lower income market, many of its
customers being impulse purchasers. They have a well-established brand name and marketing
strength but are not directly associated with training.
[COMPETITOR NAME] – This is a service for in-home aversion methods. They provide free demos,
which appeal to skeptical clients. However, [Company Name], also provides demos and does not
have the stigma of being a franchise.
[NAME] – [NAME]’s services are well-established. Like [Company Name], he gives clients the option
of boarding; however, his methods are treat based, as opposed to a mixture of treats and applied
dog psychology.
Page 5
[Company Name]
[Company Name] can live broadcast so owners can tune in any time to view their pet and/or the
facility. It is as simple as hooking up a web cam to a laptop or desktop computer and pointing the
web cam in the direction of choice. What a relief it will be for the owner to be able to check in on
his/her dog the first few days or every day, and even several times a day, while they are at work or
have access to an online computer or web enhanced cell phone!
[Company Name] is planning to incorporate an email drip campaign with video into its marketing
efforts. This technology will more effectively market to its customer and potential customer base. It
is cost effective (averaging about $99 per month), especially when compared to the $1,000's spent
on print advertising, mailing and postage. The built-in analytics provide immediate feedback as to
the campaigns effectiveness and who actually viewed the message. Auto responders with a specific
message can be utilized as an immediate follow-up tool.
This new email marketing campaign technology will serve to position [Company Name]. to achieve
and sustain name recognition in front of their current market within the local community. This type
of marketing is cost effective and efficient. The first thing most of us do every day is check our email
in-box.
Currently, management is unaware of any of its competitors incorporating the use of this technology
within their operation.
Page 6
[Company Name]
S personal
personal service,
service, consistent
consistent results
results
W growth
growth restraints
restraints
O new
new services,
services, increased
increased notoriety
notoriety
T litigation
litigation
6.1.1 Strengths
Our strengths lie in our personalized customer service and consistent results through a
psychological method of pet training that is not based only on incentives or treats but which does
use them as rewards for good behavior.
6.1.2 Weaknesses
The Weaknesses of [Company Name] are organizational structure, lack of brand recognition, and
growth restraints due to not having a proper facility in which to board and train dogs.
6.1.3 Opportunities
With this business plan and the funding it utilizes, we are looking forward to increased consumer
awareness as well as to expand our revenue by expanding the depth of our service.
6.1.4 Threats
The major threat to [Company Name] is possible litigation for an animal related situation. Given our
reputation within the animal lovers’ community, this is unlikely.
Page 8
[Company Name]
Sales Forecast
2010 2011 2012
Unit Sales
1 Lesson Behavior Modification and 72 95 100
Training
2 Lessons Obedience and Behavior 48 60 70
4 Lessons Obedience and Behavior 129 140 160
4 Lessons Human Aggressive 50 88 95
Boarding (per day) 84 75 85
Board and Training (per week) 75 93 100
DVD Video Lessons 330 600 800
Total Unit Sales 788 1,151 1,410
Sales
1 Lesson Behavior Modification and $27,000 $35,625 $37,500
Training
2 Lessons Obedience and Behavior $33,360 $41,700 $48,650
4 Lessons Obedience and Behavior $102,555 $111,300 $127,200
4 Lessons Human Aggressive $64,750 $113,960 $123,025
Boarding (per day) $2,520 $2,250 $2,550
Board and Training (per week) $30,000 $37,200 $40,000
DVD Video Lessons $6,600 $12,000 $16,000
Total Sales $266,785 $354,035 $394,925
Page 9
[Company Name]
4 Lessons Human Aggressive $0 $0 $0
Boarding (per day) $378 $338 $383
Board and Training (per week) $4,500 $5,580 $6,000
DVD Video Lessons $660 $1,200 $1,600
Subtotal Direct Cost of Sales $5,538 $7,118 $7,983
Page 10
[Company Name]
Chart: Sales by Year
Page 11
[Company Name]
6.5 Milestones
The milestones for [Company Name] are equivocal to our objectives:
Table: Milestones
Milestones
Page 12
[Company Name]
Table: Personnel
Personnel Plan
2010 2011 2012
Office Assistant $2,700 $5,562 $5,729
Trainers $43,200 $74,160 $76,385
Total People 4 6 6
Page 13
[Company Name]
Break-even Analysis
Assumptions:
Average Per-Unit Revenue $338.56
Average Per-Unit Variable Cost $7.03
Estimated Monthly Fixed Cost $11,505
$9,000
$6,000
$3,000
$0
($3,000)
($6,000)
($9,000)
($12,000)
0 8 16 24 32 40 48 56 64 72 80 88
Page 14
[Company Name]
Expenses
Payroll $45,900 $79,722 $82,114
Marketing/Promotion $8,738 $12,000 $17,000
Depreciation $24,000 $24,000 $24,000
Accounting Services $3,798 $4,000 $4,000
Bank Charges $2,532 $3,000 $3,500
Client Refunds $249 $300 $300
Contract Labor $28,587 $10,000 $5,000
Dues and Subscriptions $300 $500 $500
Insurance - Business Liability $2,520 $3,000 $3,000
Office Expense $300 $500 $500
Printing $240 $500 $750
Rent Expense $11,040 $11,040 $11,040
Security $252 $750 $750
Supplies $3,600 $4,000 $4,500
Telephone $3,000 $3,300 $3,800
Utilities $3,000 $4,000 $4,500
Page 15
[Company Name]
Chart: Profit Monthly
Page 16
[Company Name]
Chart: Gross Margin Monthly
Page 17
[Company Name]
Page 18
Feb Mar
[Company Name]
Jan
Chart: Cash
Cash
$240,000
$210,000
$180,000
$150,000
Net Cash Flow
$120,000 Cash Balance
$90,000
$60,000
$30,000
$0
Page 19
[Company Name]
Current Assets
Cash $220,490 $376,384 $556,695
Other Current Assets $1,774 $1,774 $1,774
Total Current Assets $222,264 $378,158 $558,469
Long-term Assets
Long-term Assets $400,000 $400,000 $400,000
Accumulated Depreciation $24,000 $48,000 $72,000
Total Long-term Assets $376,000 $352,000 $328,000
Total Assets $598,264 $730,158 $886,469
Current Liabilities
Accounts Payable $8,374 $9,855 $10,983
Current Borrowing $0 $0 $0
Other Current Liabilities $0 $0 $0
Subtotal Current Liabilities $8,374 $9,855 $10,983
Long-term Liabilities $0 $0 $0
Total Liabilities $8,374 $9,855 $10,983
Page 20
[Company Name]
Table: Ratios
Ratio Analysis
2010 2011 2012 Industry Profile
Sales Growth 145.42% 32.70% 11.55% 9.32%
Percent of Sales
Sales 100.00% 100.00% 100.00% 100.00%
Gross Margin 97.92% 97.99% 97.98% 71.78%
Selling, General & Administrative Expenses 65.60% 61.15% 58.68% 12.73%
Advertising Expenses 3.28% 3.39% 4.30% 0.36%
Profit Before Interest and Taxes 46.18% 52.62% 56.13% 5.06%
Main Ratios
Current 26.54 38.37 50.85 1.46
Quick 26.54 38.37 50.85 1.17
Total Debt to Total Assets 1.40% 1.35% 1.24% 98.99%
Pre-tax Return on Net Worth 20.88% 25.86% 25.32% 936.58%
Pre-tax Return on Assets 20.59% 25.52% 25.01% 9.43%
Activity Ratios
Accounts Payable Turnover 13.21 12.17 12.17 n.a
Payment Days 28 28 28 n.a
Total Asset Turnover 0.45 0.48 0.45 n.a
Debt Ratios
Debt to Net Worth 0.01 0.01 0.01 n.a
Current Liab. to Liab. 1.00 1.00 1.00 n.a
Liquidity Ratios
Net Working Capital $213,890 $368,304 $547,486 n.a
Interest Coverage 0.00 0.00 0.00 n.a
Additional Ratios
Assets to Sales 2.24 2.06 2.24 n.a
Current Debt/Total Assets 1% 1% 1% n.a
Acid Test 26.54 38.37 50.85 n.a
Sales/Net Worth 0.45 0.49 0.45 n.a
Dividend Payout 0.00 0.00 0.00 n.a
Page 21
Appendix
Sales Forecast
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Unit Sales
1 Lesson 3 3 4 5 6 7 7 8 8 8 7 6
Behavior
Modification
and Training
2 Lessons 3 4 4 3 3 3 5 5 6 4 4 4
Obedience and
Behavior
4 Lessons 8 8 8 9 9 9 11 11 13 13 15 15
Obedience and
Behavior
4 Lessons 3 3 4 4 5 5 5 5 5 4 4 3
Human
Aggressive
Boarding (per 3 3 4 4 4 5 6 6 7 8 16 18
day)
Board and 3 4 5 6 6 6 7 8 9 9 7 5
Training (per
week)
DVD Video 16 17 18 19 20 21 22 27 30 40 40 60
Lessons
Total Unit 39 42 47 50 53 56 63 70 78 86 93 111
Sales
Unit Prices Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
1 Lesson $375.00 $375.00 $375.00 $375.00 $375.00 $375.00 $375.00 $375.00 $375.00 $375.00 $375.00 $375.00
Behavior
Modification
and Training
2 Lessons $695.00 $695.00 $695.00 $695.00 $695.00 $695.00 $695.00 $695.00 $695.00 $695.00 $695.00 $695.00
Obedience and
Behavior
4 Lessons $795.00 $795.00 $795.00 $795.00 $795.00 $795.00 $795.00 $795.00 $795.00 $795.00 $795.00 $795.00
Obedience and
Behavior
4 Lessons $1,295.00 $1,295.00 $1,295.00 $1,295.00 $1,295.00 $1,295.00 $1,295.00 $1,295.00 $1,295.00 $1,295.00 $1,295.00 $1,295.00
Human
Aggressive
Boarding (per $30.00 $30.00 $30.00 $30.00 $30.00 $30.00 $30.00 $30.00 $30.00 $30.00 $30.00 $30.00
day)
Board and $400.00 $400.00 $400.00 $400.00 $400.00 $400.00 $400.00 $400.00 $400.00 $400.00 $400.00 $400.00
Page 1
Appendix
Training (per
week)
DVD Video $20.00 $20.00 $20.00 $20.00 $20.00 $20.00 $20.00 $20.00 $20.00 $20.00 $20.00 $20.00
Lessons
Page 2
Appendix
Sales
1 Lesson $1,125 $1,125 $1,500 $1,875 $2,250 $2,625 $2,625 $3,000 $3,000 $3,000 $2,625 $2,250
Behavior
Modification and
Training
2 Lessons $2,085 $2,780 $2,780 $2,085 $2,085 $2,085 $3,475 $3,475 $4,170 $2,780 $2,780 $2,780
Obedience and
Behavior
4 Lessons $6,360 $6,360 $6,360 $7,155 $7,155 $7,155 $8,745 $8,745 $10,335 $10,335 $11,925 $11,925
Obedience and
Behavior
4 Lessons $3,885 $3,885 $5,180 $5,180 $6,475 $6,475 $6,475 $6,475 $6,475 $5,180 $5,180 $3,885
Human
Aggressive
Boarding (per $90 $90 $120 $120 $120 $150 $180 $180 $210 $240 $480 $540
day)
Board and $1,200 $1,600 $2,000 $2,400 $2,400 $2,400 $2,800 $3,200 $3,600 $3,600 $2,800 $2,000
Training (per
week)
DVD Video $320 $340 $360 $380 $400 $420 $440 $540 $600 $800 $800 $1,200
Lessons
Total Sales $15,065 $16,180 $18,300 $19,195 $20,885 $21,310 $24,740 $25,615 $28,390 $25,935 $26,590 $24,580
Direct Unit Costs Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
1 Lesson 0.00% $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Behavior
Modification and
Training
2 Lessons 0.00% $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Obedience and
Behavior
4 Lessons 0.00% $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Obedience and
Behavior
4 Lessons 0.00% $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Human
Aggressive
Boarding (per 15.00% $4.50 $4.50 $4.50 $4.50 $4.50 $4.50 $4.50 $4.50 $4.50 $4.50 $4.50 $4.50
day)
Board and 15.00% $60.00 $60.00 $60.00 $60.00 $60.00 $60.00 $60.00 $60.00 $60.00 $60.00 $60.00 $60.00
Page 3
Appendix
Training (per
week)
DVD Video 10.00% $2.00 $2.00 $2.00 $2.00 $2.00 $2.00 $2.00 $2.00 $2.00 $2.00 $2.00 $2.00
Lessons
Direct Cost of
Sales
1 Lesson $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Behavior
Modification and
Training
2 Lessons $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Obedience and
Behavior
4 Lessons $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Obedience and
Behavior
4 Lessons $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Human
Aggressive
Boarding (per $14 $14 $18 $18 $18 $23 $27 $27 $32 $36 $72 $81
day)
Board and $180 $240 $300 $360 $360 $360 $420 $480 $540 $540 $420 $300
Training (per
week)
DVD Video $32 $34 $36 $38 $40 $42 $44 $54 $60 $80 $80 $120
Lessons
Subtotal Direct $226 $288 $354 $416 $418 $425 $491 $561 $632 $656 $572 $501
Cost of Sales
Page 4
Appendix
Table: Personnel
Personnel Plan
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Office Assistant $0 $0 $0 $0 $0 $0 $450 $450 $450 $450 $450 $450
Trainers $3,600 $3,600 $3,600 $3,600 $3,600 $3,600 $3,600 $3,600 $3,600 $3,600 $3,600 $3,600
Total People 3 3 3 3 3 3 4 4 4 4 4 4
Total Payroll $3,600 $3,600 $3,600 $3,600 $3,600 $3,600 $4,050 $4,050 $4,050 $4,050 $4,050 $4,050
Page 5
Appendix
Pro Forma
Profit and
Loss
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Sales $15,065 $16,180 $18,300 $19,195 $20,885 $21,310 $24,740 $25,615 $28,390 $25,935 $26,590 $24,580
Direct $226 $288 $354 $416 $418 $425 $491 $561 $632 $656 $572 $501
Cost of
Sales
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Costs of
Sales
Total Cost $226 $288 $354 $416 $418 $425 $491 $561 $632 $656 $572 $501
of Sales
Gross $14,840 $15,893 $17,946 $18,779 $20,467 $20,886 $24,249 $25,054 $27,759 $25,279 $26,018 $24,079
Margin
Gross 98.50% 98.22% 98.07% 97.83% 98.00% 98.01% 98.02% 97.81% 97.78% 97.47% 97.85% 97.96%
Margin %
Page 6
Appendix
Total Operating $14,151 $13,344 $12,653 $12,061 $11,554 $11,118 $11,195 $10,875 $10,600 $10,363 $10,159 $9,983
Expenses
Profit Before Interest $689 $2,549 $5,293 $6,718 $8,913 $9,768 $13,054 $14,179 $17,159 $14,916 $15,859 $14,096
and Taxes
EBITDA $2,689 $4,549 $7,293 $8,718 $10,913 $11,768 $15,054 $16,179 $19,159 $16,916 $17,859 $16,096
Interest Expense $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Taxes Incurred $207 $765 $1,588 $2,015 $2,674 $2,930 $3,916 $4,254 $5,148 $4,475 $4,758 $4,229
Net Profit $482 $1,784 $3,705 $4,703 $6,239 $6,837 $9,138 $9,925 $12,011 $10,441 $11,101 $9,867
Net Profit/Sales 3.20% 11.03% 20.25% 24.50% 29.87% 32.08% 36.94% 38.75% 42.31% 40.26% 41.75% 40.14%
Page 7
Appendix
Page 8
Appendix
Expenditures from
Operations
Cash Spending $3,600 $3,600 $3,600 $3,600 $3,600 $3,600 $4,050 $4,050 $4,050 $4,050 $4,050 $4,050
Bill Payments $3,595 $10,114 $10,048 $10,419 $10,626 $10,884 $10,778 $11,701 $11,899 $12,745 $11,718 $11,687
Subtotal Spent on $7,195 $13,714 $13,648 $14,019 $14,226 $14,484 $14,828 $15,751 $15,949 $16,795 $15,768 $15,737
Operations
Additional Cash
Spent
Sales Tax, VAT, $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
HST/GST Paid Out
Principal $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Repayment of
Current Borrowing
Other Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Principal
Repayment
Long-term $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Liabilities Principal
Repayment
Purchase Other $0 $0 $0 $0 $0 $0 $0 $400,000 $0 $0 $0 $0
Current Assets
Purchase Long- $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
term Assets
Dividends $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal Cash $7,195 $13,714 $13,648 $14,019 $14,226 $14,484 $14,828 $415,751 $15,949 $16,795 $15,768 $15,737
Spent
Net Cash Flow $7,870 $2,466 $4,652 $42,576 $6,659 $6,826 $9,912 $109,864 $12,441 $9,140 $10,822 $8,843
Cash Balance $13,010 $15,476 $20,128 $62,705 $69,363 $76,190 $86,102 $195,965 $208,406 $217,547 $228,368 $237,211
Page 9
Appendix
Pro Forma
Balance
Sheet
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Assets Starting
Balances
Current
Assets
Cash $5,140 $13,010 $15,476 $20,128 $62,705 $69,363 $76,190 $86,102 $195,965 $208,406 $217,547 $228,368 $237,211
Other $1,774 $1,774 $1,774 $1,774 $1,774 $1,774 $1,774 $1,774 $1,774 $1,774 $1,774 $1,774 $1,774
Current
Assets
Total Current $6,914 $14,784 $17,250 $21,902 $64,479 $71,137 $77,964 $87,876 $197,739 $210,180 $219,321 $230,142 $238,985
Assets
Long-term
Assets
Long-term $0 $0 $0 $0 $0 $0 $0 $0 $400,000 $400,000 $400,000 $400,000 $400,000
Assets
Accumulated $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 $16,000 $18,000 $20,000 $22,000 $24,000
Depreciation
Total Long- $0 ($2,000) ($4,000) ($6,000) ($8,000) ($10,000) ($12,000) ($14,000) $384,000 $382,000 $380,000 $378,000 $376,000
term Assets
Total Assets $6,914 $12,784 $13,250 $15,902 $56,479 $61,137 $65,964 $73,876 $581,739 $592,180 $599,321 $608,142 $614,985
Liabilities Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
and Capital
Current
Liabilities
Accounts $3,258 $9,779 $9,701 $10,065 $10,263 $10,525 $10,388 $11,306 $11,473 $12,354 $11,328 $11,329 $10,379
Payable
Current $0 $0 $0 $0 $37,400 $37,400 $37,400 $37,400 $37,400 $37,400 $37,400 $37,400 $37,400
Borrowing
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Current
Liabilities
Subtotal $3,258 $9,779 $9,701 $10,065 $47,663 $47,925 $47,788 $48,706 $48,873 $49,754 $48,728 $48,729 $47,779
Current
Liabilities
Long-term $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Page 10
Appendix
Liabilities
Total $3,258 $9,779 $9,701 $10,065 $47,663 $47,925 $47,788 $48,706 $48,873 $49,754 $48,728 $48,729 $47,779
Liabilities
Paid-in $100 $100 $100 $100 $100 $100 $100 $100 $500,100 $500,100 $500,100 $500,100 $500,100
Capital
Retained ($14,987) $3,556 $3,556 $3,556 $3,556 $3,556 $3,556 $3,556 $3,556 $3,556 $3,556 $3,556 $3,556
Earnings
Earnings $18,543 ($652) ($107) $2,182 $5,159 $9,556 $14,519 $21,514 $29,210 $38,770 $46,937 $55,757 $63,550
Total Capital $3,656 $3,004 $3,549 $5,838 $8,815 $13,212 $18,175 $25,170 $532,866 $542,426 $550,593 $559,413 $567,206
Total $6,914 $12,784 $13,250 $15,902 $56,479 $61,137 $65,964 $73,876 $581,739 $592,180 $599,321 $608,142 $614,985
Liabilities
and Capital
Net Worth $3,656 $3,004 $3,549 $5,838 $8,815 $13,212 $18,175 $25,170 $532,866 $542,426 $550,593 $559,413 $567,206
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