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Home Health Care Services Business Plan
Home Health Care Services Business Plan
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Table of Contents
Table: Personnel....................................................................................................................................2
Table: General Assumptions.............................................................................................................3
Table: General Assumptions.............................................................................................................3
Table: Profit and Loss..........................................................................................................................4
Table: Profit and Loss..........................................................................................................................4
Table: Cash Flow...................................................................................................................................5
Table: Cash Flow...................................................................................................................................5
Table: Balance Sheet...........................................................................................................................6
Table: Balance Sheet...........................................................................................................................6
Page
Hamlin and Park Design
The city of Claremont has been growing by 6% annually for the past five years. Currently, the
city's population is 700,000. Most importantly, the greatest population increase is in southwest
Claremont which is the city's most affluent area. The population of southwest Claremont has
grown by 20% the past two years. The 80,000 residents of the area have an average income of
$200,000 and the average home is valued at $350,000. The new construction in southwest
section of the city is valued at 600 million dollars in home sales next year alone. Growth in the
area has also generated increase remodeling of existing homes. Last year, remodeling projects
were up 20% over the previous year and accounted for $20 million paid for remodeling services
in the area.
The building and remodeling in southwest Claremont has increased the demand for interior
design services. Last year, residential interior design companies generated $4 million in sales in
the greater Claremont area. Forecasts for next year predict that there will be an increase of
11% in sales.
Hamlin and Park Design will offers a wide range of interior design services to meet any client's
needs in southwest Claremont:
On-site consultations;
Project survey & analysis;
Space planning & furniture arrangement;
Design concepts;
Finishes & furnishings;
Custom designs;
Purchasing, delivery, & installation;
Project coordination & management.
Courtney Hamlin and Katherine Park have ten years of experience with the city's top interior
designs firms. Both have been successful is creating a base of former clients that will refer new
business to the designers.
Page 1
Hamlin and Park Design
Chart: Highlights
Highlights
$270,000
$240,000
$210,000
$180,000
Sales
$150,000
Gross Margin
$120,000
Net Profit
$90,000
$60,000
$30,000
$0
Year 1 Year 2 Year 3
1.1 Objectives
Hamlin and Park Design offers a wide range of interior design services to meet any client's
needs in southwest Claremont.
1.2 Mission
Hamlin and Park Design's mission is to assure superior customer service by doing the following:
Open communication with clients. The explanation of the "pros and cons" of different
selections and design options are discussed in detail.
Include the client in every stage of the design process.
Exceed the customer's expectations for the project.
Maintain continuing education of the latest development and innovations in the interior
design field.
Courtney Hamlin and Katherine Park will start Hamlin and Parks Design to offer a wide range of
interior design services to clients in southwest Claremont. The company has a high level of
expertise in interior design and will provide superior personal services to all clients. Courtney
and Katherine take pride in knowing that 50% of their business comes from repeat clients and
their referrals.
Page 2
Hamlin and Park Design
Our responsibility as interior design professionals is to take the client's design goals and
utilize our skills and resources to exceed the client's expectations for service, value,
functionality, and beauty.
The owners and designers of Hamlin and Park Design are Courtney Hamlin and Katherine Park.
Courtney Hamlin and Katherine Park will invest $60,000 in Hamlin and Park Design. They will
also secure a $50,000 loan.
The following table and chart show projected initial start-up costs for Hamlin and Park Design.
Chart: Start-up
Start-up
$80,000
$70,000
$60,000
$50,000
$40,000
$30,000
$20,000
$10,000
$0
Expenses Assets Investment Loans
Page 3
Hamlin and Park Design
Start-up Funding
Start-up Expenses to Fund $20,550
Start-up Assets to Fund $79,450
Total Funding Required $100,000
Assets
Non-cash Assets from Start-up $20,000
Cash Requirements from Start-up $59,450
Additional Cash Raised $0
Cash Balance on Starting Date $59,450
Total Assets $79,450
Liabilities
Current Borrowing $0
Long-term Liabilities $30,000
Accounts Payable (Outstanding Bills) $10,000
Other Current Liabilities (interest-free) $0
Total Liabilities $40,000
Capital
Planned Investment
Investor 1 $30,000
Investor 2 $30,000
Additional Investment Requirement $0
Total Planned Investment $60,000
Page 4
Hamlin and Park Design
Table: Start-up
Start-up
Requirements
Start-up Expenses
Legal $900
Stationery etc. $2,000
Brochures $4,000
Insurance $200
Rent $3,000
Answering Service $200
Utilities Start Up $250
Office Furnishings $4,000
Expensed Equipment $3,000
Business Software $2,000
Office Supplies $1,000
Total Start-up Expenses $20,550
Start-up Assets
Cash Required $59,450
Other Current Assets $20,000
Long-term Assets $0
Total Assets $79,450
3.0 Services
Hamlin and Park Design will offers a wide range of interior design services to meet any client's
needs in southwest Claremont:
Project Survey and Analysis: Each site is inspected for its layout and function. In-depth
client interviews are conducted to determine all necessary requirements for the project. This
information is then analyzed for design concepts and space planning.
Design Concepts: The design concept can begin with a treasured piece of fabric or
furniture, or simply a blank page. The goal is to attain the "look" and "feel" a client wants,
from "light and airy" to "rich and elegant" to "comfortable and cozy." Each project develops
its own flavor from the unique selection of fabrics, furniture, and finishes.
Finishes and Furnishings: There are many factors to consider when selecting furniture
and finishes. Hamlin and Park Design's expertise and guidance helps clients make the best
selections for their needs. Creativity is also applied in the selection process to create the
desired look.
Custom Designs: Custom furniture, built-ins, and window treatments are also available
through the talents of Hamlin and Park Design. Detailed drawings are prepared to help
clients visualize the finished piece.
Page 5
Hamlin and Park Design
Purchasing, Delivery, & Installation: Once final selections are made, Hamlin and Park
Design assumes all responsibility for coordinating the purchasing, delivery and installation of
the entire project.
Due to the strengthening of the area's economy, more southwest Claremont homeowners are
exploring interior design to improve their homes' beauty and charm. Last year, residential
interior design companies generated $4 million in sales in the greater Claremont
area. Approximately, 75% of the sales were located in southwest Claremont. Forecasts for next
year predict that there will be an increase of 11% in sales. This demand for interior design
services is a tremendous opportunity. Hamlin and Park Design is poised to take advantage of
these changes, and expects to become a recognized name and profitable entity in the city's
interior design market.
The customers that Hamlin and Park Design will be serving can be divided into three groups:
New Home Construction: Hamlin and Park Design will compete for the interior design
projects associated with new homes. Contracted consulting responsibilities with the builders
can include one or more of the companies services, i.e. strategic planning, master planning,
and lighting, floor or carpet design.
Remodeling Projects: These projects have some of the same characteristics as new home
construction (i.e. working as a consultant with builders) but can also include greater control
over all aspect of the project.
Interior Design of Existing Home: Hamlin and Park Design will control all aspects of
these projects.
Market Analysis
Year 1 Year 2 Year 3 Year 4 Year 5
Potential Customers Growth CAGR
New Home Construction 6% 1,500 1,590 1,685 1,786 1,893 5.99%
Remodeling Projects 10% 3,000 3,300 3,630 3,993 4,392 10.00%
Interior Design of Existing 8% 2,000 2,160 2,333 2,520 2,722 8.01%
Home
Total 8.50% 6,500 7,050 7,648 8,299 9,007 8.50%
Page 6
Hamlin and Park Design
Remodeling Projects
Hamlin and Park Design's competitive edge is that both Courtney Hamlin and Katherine Park
are highly successful interior designers with a loyal customer base. Courtney has been a Project
Manager with Sullivan and Associates for five years. During that time she has established
strong relationships with builders and vendors which will prove beneficial in the coming years.
For the past six years, Katherine has worked as a Design Consultant for Jonathan Miller, the
most successful interior designer in Claremont. Together, Courtney and Katherine have the
skills, resources and experience to be build on the base of 1,000 satisfied customers.
Hamlin and Park will focus on the interior design needs in the southwest section of the city. Our
target customers will be the affluent residents of southwest Claremont.
The following is the sales strategy Hamlin and Park Design will employ on the three target
customer groups:
Interior Design of Existing Home: Visibility with the customer base is the most
important marketing activity Hamlin and Park Design will follow. Southwest Claremont has
five homeowner associations that meet regularly. In the past both Courtney and Katherine
have made presentations on interior design issues. They will continue this service to the
community to raise the visibility of Hamlin and Park Design.
Page 7
Hamlin and Park Design
The following table and chart will forecast sales for the next three years.
11 12
Table: Sales Forecast
10Month
9Month
Sales Forecast
8Month
Year 1 Year 2 Year 3
7 Month
Sales
6 Month
Remodeling Projects $87,672 $96,685 $108,200
New Home Construction $41,000 $45,280 $47,300
5 Month
Interior Design of Existing Home $90,739 $97,800 $105,000
Total Sales $219,411 $239,765 $260,500
4 Month
3 Month
Direct Cost of Sales Year 1 Year 2 Year 3
Remodeling Projects $8,634 $9,500 $10,000
2 Month
New Home Construction $5,500 $6,300 $7,000
Interior Design of Existing Home $9,091 $10,000 $10,000
1 Month
Subtotal Direct Cost of Sales $23,225 $25,800 $27,000
Month
Month
Sales Monthly
$40,000
$35,000
$30,000
Remodeling Projects
$25,000
New Home Construction
$20,000
Interior Design of Existing Home
$15,000
$10,000
$5,000
$0
Page 8
Hamlin and Park Design
Sales by Year
$270,000
$240,000
$210,000
$60,000
$30,000
$0
Year 1 Year 2 Year 3
Hamlin and Park is a two member interior design firm. Both designers are equal partners in the
firm.
Courtney Hamlin began her passion for the arts at a young age. Upon graduating from State
University, Courtney secured an office management position at a local commercial and
residential interior design firm. This position afforded her the learning experience of
overseeing all aspects of design projects; from preparing proposals, to scheduling and
coordinating all phases of a project. After five years of managing the design firm, Courtney
returned to school for an Associates Degree in Interior Design. After completing her Interior
Design degree, Courtney became a designer and project manager for Sullivan and
Associates.
Katherine Park received a B.A. in Art from State University. She continued her education at
the Art Institute of Monroe and obtained a degree in Interior Design. She has worked as a
Design Consultant for Jonathan Miller, the most successful interior designer in Claremont.
Page 9
Hamlin and Park Design
The staff of Hamlin and Park Design will be its co-owners Courtney Hamlin and Katherine Park.
Table: Personnel
Personnel Plan
Year 1 Year 2 Year 3
Courtney Hamlin $48,000 $54,000 $60,000
Katherine Park $48,000 $54,000 $60,000
Total People 2 2 2
The following is the financial plan for Hamlin and Park Design.
The financial plan depends on important assumptions, most of which are shown in the following
table as annual assumptions. The monthly assumptions are included in the appendix. From the
beginning, we recognize that collection days are critical, but not a factor we can influence
easily. At least we are planning on the problem, and dealing with it. Interest rates, tax rates,
and personnel burden are based on conservative assumptions. Some of the more important
underlying assumptions are:
General Assumptions
Year 1 Year 2 Year 3
Plan Month 1 2 3
Current Interest Rate 10.00% 10.00% 10.00%
Long-term Interest Rate 10.00% 10.00% 10.00%
Tax Rate 30.00% 30.00% 30.00%
Other 0 0 0
Page 10
Hamlin and Park Design
Break-even Analysis
Assumptions:
Average Percent Variable Cost 11%
Estimated Monthly Fixed Cost $13,300
Break-even Analysis
$6,000
$4,000
$2,000
$0
($2,000)
($4,000)
($6,000)
($8,000)
($10,000)
($12,000)
Page 11
Hamlin and Park Design
Our projected profit and loss is shown on the following table and charts.
Profit Monthly
$18,000
$15,000
$12,000
$9,000
$6,000
$3,000
$0
($3,000)
($6,000)
Month 1 Month 3 Month 5 Month 7 Month 9 Month 11
Month 2 Month 4 Month 6 Month 8 Month 10 Month 12
Expenses
Payroll $96,000 $108,000 $120,000
Sales and Marketing and Other Expenses $6,000 $7,000 $10,000
Depreciation $0 $0 $0
Leased Equipment $2,400 $2,400 $2,400
Utilities $2,400 $2,400 $2,400
Insurance $2,400 $2,400 $2,400
Rent $36,000 $36,000 $36,000
Payroll Taxes $14,400 $16,200 $18,000
Other $0 $0 $0
Page 12
Hamlin and Park Design
Profit Yearly
$30,000
$27,000
$24,000
$21,000
$18,000
$15,000
$12,000
$9,000
$6,000
$3,000
$0
Year 1 Year 2 Year 3
Cash flow projections are critical to our success. The monthly cash flow is shown in the
illustration, with one bar representing the cash flow per month, and the other the monthly
balance. The annual cash flow figures are included here and the more important detailed
monthly numbers are included in the appendix.
Page 13
Month
2
Hamlin and Park Design
MonthMonth
1
Chart: Cash
Cash
$70,000
$60,000
$50,000
$40,000
Net Cash Flow
$30,000
Cash Balance
$20,000
$10,000
$0
($10,000)
Page 14
Hamlin and Park Design
The balance sheet in the following table shows managed but sufficient growth of net worth, and
a sufficiently healthy financial position. The monthly estimates are included in the appendix.
Current Assets
Cash $62,620 $86,119 $107,942
Accounts Receivable $8,098 $8,849 $9,614
Other Current Assets $20,000 $20,000 $20,000
Total Current Assets $90,717 $114,968 $137,556
Long-term Assets
Long-term Assets $0 $0 $0
Accumulated Depreciation $0 $0 $0
Total Long-term Assets $0 $0 $0
Total Assets $90,717 $114,968 $137,556
Current Liabilities
Accounts Payable $4,107 $8,669 $9,192
Current Borrowing $0 $0 $0
Other Current Liabilities $0 $0 $0
Subtotal Current Liabilities $4,107 $8,669 $9,192
The following table provides important ratios for the real estate industry, as determined by the
Standard Industry Classification (SIC) Index, 8999, Services.
Page 15
Hamlin and Park Design
Table: Ratios
Ratio Analysis
Year 1 Year 2 Year 3 Industry Profile
Sales Growth n.a. 9.28% 8.65% 8.50%
Percent of Sales
Sales 100.00% 100.00% 100.00% 100.00%
Gross Margin 89.41% 89.24% 89.64% 0.00%
Selling, General & Administrative Expenses 78.59% 78.28% 78.63% 82.60%
Advertising Expenses 2.73% 2.92% 3.84% 0.60%
Profit Before Interest and Taxes 16.67% 16.50% 16.24% 1.50%
Main Ratios
Current 22.09 13.26 14.96 1.57
Quick 22.09 13.26 14.96 1.13
Total Debt to Total Assets 30.32% 22.15% 14.10% 63.70%
Pre-tax Return on Net Worth 53.70% 41.96% 34.66% 1.90%
Pre-tax Return on Assets 37.42% 32.67% 29.77% 5.20%
Activity Ratios
Accounts Receivable Turnover 13.55 13.55 13.55 n.a
Collection Days 59 26 26 n.a
Accounts Payable Turnover 24.26 12.17 12.17 n.a
Payment Days 30 22 29 n.a
Total Asset Turnover 2.42 2.09 1.89 n.a
Debt Ratios
Debt to Net Worth 0.44 0.28 0.16 n.a
Current Liab. to Liab. 0.15 0.34 0.47 n.a
Liquidity Ratios
Net Working Capital $86,610 $106,299 $128,364 n.a
Interest Coverage 13.85 19.68 31.33 n.a
Additional Ratios
Assets to Sales 0.41 0.48 0.53 n.a
Current Debt/Total Assets 5% 8% 7% n.a
Acid Test 20.12 12.24 13.92 n.a
Sales/Net Worth 3.47 2.68 2.20 n.a
Dividend Payout 0.00 0.00 0.00 n.a
Page 16
Appendix
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
Sales
Remodeling Projects 0% $2,100 $2,200 $3,020 $6,000 $8,500 $12,000 $14,000 $18,000 $10,022 $5,210 $3,820 $2,800
New Home Construction 0% $0 $0 $2,000 $3,000 $4,000 $5,000 $7,000 $8,000 $5,000 $3,000 $2,000 $2,000
Interior Design of Existing Home 0% $3,000 $3,000 $4,240 $6,300 $9,000 $11,000 $14,000 $17,000 $13,000 $4,322 $3,222 $2,655
Total Sales $5,100 $5,200 $9,260 $15,300 $21,500 $28,000 $35,000 $43,000 $28,022 $12,532 $9,042 $7,455
Direct Cost of Sales Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12
Remodeling Projects $0 $230 $433 $630 $950 $1,201 $1,550 $1,700 $850 $530 $300 $260
New Home Construction $0 $0 $300 $400 $500 $600 $700 $900 $800 $600 $400 $300
Interior Design of Existing Home $0 $320 $590 $800 $1,002 $1,202 $1,409 $1,650 $1,200 $390 $280 $248
Subtotal Direct Cost of Sales $0 $550 $1,323 $1,830 $2,452 $3,003 $3,659 $4,250 $2,850 $1,520 $980 $808
Page 1
Appendix
Table: Personnel
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
Courtney Hamlin 0% $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000
Katherine Park 0% $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000
Total People 2 2 2 2 2 2 2 2 2 2 2 2
Total Payroll $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000
Page 2
Appendix
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 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%
Long-term Interest Rate 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% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%
Other 0 0 0 0 0 0 0 0 0 0 0 0
Page 3
Appendix
Gross Margin $5,100 $4,650 $7,937 $13,470 $19,048 $24,997 $31,341 $38,750 $25,172 $11,012 $8,062 $6,647
Gross Margin % 100.00% 89.42% 85.71% 88.04% 88.60% 89.28% 89.55% 90.12% 89.83% 87.87% 89.16% 89.16%
Expenses
Payroll $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000
Sales and Marketing and Other $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500
Expenses
Depreciation $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Leased Equipment $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200
Utilities $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200
Insurance $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200
Rent $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000
Payroll Taxes 15% $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Operating Expenses $13,300 $13,300 $13,300 $13,300 $13,300 $13,300 $13,300 $13,300 $13,300 $13,300 $13,300 $13,300
Profit Before Interest and Taxes ($8,200) ($8,650) ($5,363) $170 $5,748 $11,697 $18,041 $25,450 $11,872 ($2,288) ($5,238) ($6,653)
EBITDA ($8,200) ($8,650) ($5,363) $170 $5,748 $11,697 $18,041 $25,450 $11,872 ($2,288) ($5,238) ($6,653)
Interest Expense $245 $241 $236 $232 $227 $223 $218 $213 $209 $204 $200 $195
Taxes Incurred ($2,534) ($2,667) ($1,680) ($18) $1,656 $3,442 $5,347 $7,571 $3,499 ($748) ($1,631) ($2,054)
Net Profit ($5,912) ($6,224) ($3,919) ($43) $3,865 $8,032 $12,476 $17,666 $8,164 ($1,745) ($3,806) ($4,794)
Net Profit/Sales -115.92% -119.68% -42.33% -0.28% 17.98% 28.69% 35.65% 41.08% 29.14% -13.92% -42.10% -64.30%
Page 4
Appendix
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
Net Cash Flow ($16,100) ($8,891) ($4,850) ($3,484) ($489) $3,490 $7,755 $12,449 $5,943 $7,295 $3,495 ($3,443)
Page 5
Appendix
Cash Balance $43,350 $34,459 $29,609 $26,125 $25,636 $29,126 $36,881 $49,330 $55,273 $62,568 $66,063 $62,620
Current Assets
Cash $59,450 $43,350 $34,459 $29,609 $26,125 $25,636 $29,126 $36,881 $49,330 $55,273 $62,568 $66,063 $62,620
Accounts Receivable $0 $2,550 $5,065 $7,143 $12,126 $18,145 $24,392 $31,033 $38,417 $34,794 $19,810 $10,578 $8,098
Other Current Assets $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000
Total Current Assets $79,450 $65,900 $59,524 $56,752 $58,250 $63,781 $73,518 $87,915 $107,747 $110,067 $102,378 $96,641 $90,717
Long-term Assets
Long-term Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Accumulated Depreciation $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Long-term Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Assets $79,450 $65,900 $59,524 $56,752 $58,250 $63,781 $73,518 $87,915 $107,747 $110,067 $102,378 $96,641 $90,717
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 $10,000 $2,911 $3,309 $5,007 $7,098 $9,314 $11,569 $14,040 $16,757 $11,462 $6,067 $4,687 $4,107
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 $10,000 $2,911 $3,309 $5,007 $7,098 $9,314 $11,569 $14,040 $16,757 $11,462 $6,067 $4,687 $4,107
Long-term Liabilities $30,000 $29,450 $28,900 $28,350 $27,800 $27,250 $26,700 $26,150 $25,600 $25,050 $24,500 $23,950 $23,400
Total Liabilities $40,000 $32,361 $32,209 $33,357 $34,898 $36,564 $38,269 $40,190 $42,357 $36,512 $30,567 $28,637 $27,507
Paid-in Capital $60,000 $60,000 $60,000 $60,000 $60,000 $60,000 $60,000 $60,000 $60,000 $60,000 $60,000 $60,000 $60,000
Retained Earnings ($20,550) ($20,550) ($20,550) ($20,550) ($20,550) ($20,550) ($20,550) ($20,550) ($20,550) ($20,550) ($20,550) ($20,550) ($20,550)
Earnings $0 ($5,912) ($12,135) ($16,055) ($16,098) ($12,233) ($4,201) $8,275 $25,941 $34,105 $32,360 $28,554 $23,760
Total Capital $39,450 $33,538 $27,315 $23,395 $23,352 $27,217 $35,249 $47,725 $65,391 $73,555 $71,810 $68,004 $63,210
Total Liabilities and Capital $79,450 $65,900 $59,524 $56,752 $58,250 $63,781 $73,518 $87,915 $107,747 $110,067 $102,378 $96,641 $90,717
Net Worth $39,450 $33,538 $27,315 $23,395 $23,352 $27,217 $35,249 $47,725 $65,391 $73,555 $71,810 $68,004 $63,210
Page 6
Appendix
Page 1