Round: 1

Dec. 31, C140412

2023
Andrews Baldwin Chester
Deepak Bhatheja Shashank Shekhar Sreethu Sankar
Sasank G V KASCHIT KANTA BARAL Manas Basu
Harisree Gudimella Bharath Ganesan DR. SHIRISH BHAMARE
Gaurav Kumar ABUL HOSSAIN DEVMITA CHAKRABORTY
Bhumika Pant Pankaj Khubchandani Avishek Dwivedi
Nafisur Rahman AKSHAY MESHRAM Jyoti Gupta

Digby Erie Ferris

Akshat Khare Rohan Pednekar Abhishek Tiwari
Sanah Sultan Ali Prateek Bhasin Vaibhav Blaggan
Anuj Kumar Jain Ajay Kumar Biswas ITE JAIN KAMBLI
Kuldeep Kumar Rachit Kumar P S Naveen Kumar
Sendil Kumar Julian Shah Amit kumar
Anupam Kumar Sarkar Karthikeyan Thandav Suhas Sanpurkar

Selected Financial Statistics

Andrews Baldwin Chester Digby Erie Ferris
ROS 2.5% 6.2% 3.9% -2.0% 5.6% -5.2%
Asset Turnover 1.26 1.30 1.12 0.94 1.06 0.78
ROA 3.2% 8.0% 4.4% -1.9% 6.0% -4.0%
Leverage 2.0 1.8 1.9 1.9 1.9 3.5
ROE 6.3% 14.7% 8.2% -3.5% 11.4% -14.1%
Emergency Loan $0 $0 $0 $0 $0 $52,074,303
Sales $127,291,418 $144,336,297 $110,098,366 $98,352,974 $107,023,267 $114,195,403
EBIT $10,670,350 $19,402,555 $11,171,409 $2,405,320 $14,839,081 $4,418,808
Profits $3,235,864 $8,906,250 $4,310,136 ($1,960,192) $5,999,318 ($5,942,597)
Cumulative Profit $7,424,372 $13,094,758 $8,498,644 $2,228,315 $10,187,825 ($1,754,089)
SG&A / Sales 15.3% 12.2% 11.8% 14.1% 11.1% 12.2%
Contrib. Margin % 30.1% 31.1% 29.4% 25.2% 32.1% 22.7%

CAPSTONE ® COURIER Page 1

 Round: 1
Stock & Bonds C140412 Dec. 31, 2023
Stock Market Summary
MarketCap Book Value
Company Close Change Shares EPS Dividend Yield P/E
($M) Per Share
Andrews $36.63 $2.38 2,000,000 $73 $25.59 $1.62 $0.00 0.0% 22.6
Baldwin $47.46 $13.21 2,145,970 $102 $28.32 $4.15 $0.50 1.1% 11.4
Chester $38.78 $4.53 2,000,000 $78 $26.13 $2.16 $0.00 0.0% 18.0
Digby $28.09 ($6.16) 2,299,968 $65 $24.46 ($0.85) $0.00 0.0% -33.0
Erie $42.15 $7.89 2,014,597 $85 $26.02 $2.98 $1.00 2.4% 14.2
Ferris $1.00 ($33.25) 2,000,000 $2 $21.00 ($2.97) $0.00 0.0% -0.3

Bond Market Summary

Company Series# Face Yield Close$ S&P Company Series# Face Yield Close$ S&P
Andrews Digby
11.0S2024 $6,950,000 11.1% 99.37 B 11.0S2024 $6,950,000 11.0% 99.73 BB
12.5S2026 $13,900,000 12.3% 101.93 B 12.5S2026 $13,900,000 12.1% 102.92 BB
14.0S2028 $20,850,000 12.9% 108.35 B 14.0S2028 $20,850,000 12.7% 109.90 BB
11.3S2033 $1,500,000 11.6% 97.71 B Erie
Baldwin 11.0S2024 $6,950,000 11.0% 99.55 B
11.0S2024 $6,950,000 11.0% 99.82 BB 12.5S2026 $13,900,000 12.2% 102.42 B
12.5S2026 $13,900,000 12.1% 103.17 BB 14.0S2028 $20,850,000 12.8% 109.13 B
14.0S2028 $20,850,000 12.7% 110.30 BB Ferris
Chester 11.0S2024 $6,950,000 11.2% 97.80 DDD
12.5S2026 $11,888,833 12.2% 102.67 BB 12.5S2026 $13,900,000 12.8% 97.66 DDD
14.0S2028 $20,850,000 12.8% 109.51 BB 14.0S2028 $20,850,000 13.8% 101.74 DDD

Next Year's Prime Rate7.50%

CAPSTONE ® COURIER Page 2
 Round: 1
Financial Summary C140412 Dec. 31, 2023
Cash Flow Statement Survey Andrews Baldwin Chester Digby Erie Ferris
CashFlows from operating activities
Net Income(Loss) $3,236 $8,906 $4,310 ($1,960) $5,999 ($5,943)
Adjustment for non-cash items:
Depreciation $8,067 $7,587 $8,067 $7,747 $7,587 $7,587
Extraordinary gains/losses/writeoffs $73 $0 $39 $0 $0 $0
Changes in current assets and liablilities
Accounts payable $198 $1,898 $6,361 ($233) ($13) $5,003
Inventory $6,109 ($5,343) ($2,348) ($5,329) ($9,435) ($61,076)
Accounts Receivable ($2,155) ($3,556) ($742) $224 ($489) ($1,079)
Net cash from operations $15,528 $9,492 $15,686 $448 $3,650 ($55,508)

Cash flows from investing activities

Plant improvements(net) ($8,740) $0 ($7,200) ($2,400) $0 $0
Cash flows from financing activities
Dividends paid $0 ($1,073) $0 $0 ($2,015) $0
Sales of common stock $0 $5,000 $0 $13,700 $500 $0
Purchase of common stock $0 $0 $0 ($3,425) $0 $0
Cash from long term debt issued $1,500 $0 $0 $0 $0 $0
Early retirement of long term debt $0 $0 ($9,000) $0 $0 $0
Retirement of current debt $0 $0 $0 $0 $0 $0
Cash from current debt borrowing $0 $0 $0 $0 $0 $0
Cash from emergency loan $0 $0 $0 $0 $0 $52,074

Net cash from financing activities $1,500 $3,927 ($9,000) $10,275 ($1,515) $52,074

Net change in cash position $8,288 $13,419 ($514) $8,323 $2,135 ($3,434)
Balance Sheet Survey Andrews Baldwin Chester Digby Erie Ferris
Cash $11,721 $16,853 $2,920 $11,757 $5,569 $0
Accounts Receivable $10,462 $11,863 $9,049 $8,084 $8,796 $9,386
Inventory $2,508 $13,960 $10,966 $13,946 $18,052 $69,694
Total Current Assets $24,692 $42,676 $22,935 $33,787 $32,417 $79,079

Plant and equipment $121,000 $113,800 $121,000 $116,200 $113,800 $113,800

Accumulated Depreciation ($44,533) ($45,520) ($46,000) ($45,680) ($45,520) ($45,520)
Total Fixed Assets $76,467 $68,280 $75,000 $70,520 $68,280 $68,280

Total Assets $101,159 $110,956 $97,935 $104,307 $100,697 $147,359

Accounts Payable $6,781 $8,481 $12,944 $6,350 $6,571 $11,586

Current Debt $0 $0 $0 $0 $0 $52,074
Total Current Liabilities $6,781 $8,481 $12,944 $6,350 $6,571 $63,660

Long Term Debt $43,200 $41,700 $32,739 $41,700 $41,700 $41,700

Total Liabilities $49,981 $50,181 $45,683 $48,050 $48,271 $105,360

Common Stock $18,360 $23,360 $18,360 $30,278 $18,860 $18,360

Retained Earnings $32,818 $37,415 $33,892 $25,978 $33,567 $23,640
Total Equity $51,178 $60,775 $52,252 $56,257 $52,427 $41,999

Total Liabilities & Owners Equity $101,159 $110,956 $97,935 $104,307 $100,697 $147,359

Income Statement Survey Andrews Baldwin Chester Digby Erie Ferris

Sales $127,291 $144,336 $110,098 $98,353 $107,023 $114,195
Variable Costs(Labor,Material,Carry) $88,913 $99,519 $77,710 $73,602 $72,675 $88,249
Contribution Margin $38,378 $44,817 $32,388 $24,751 $34,348 $25,946
Depreciation $8,067 $7,587 $8,067 $7,747 $7,587 $7,587
SGA(R&D,Promo,Sales,Admin) $19,493 $17,578 $12,976 $13,862 $11,898 $13,941
Other(Fees,Writeoffs,TQM,Bonuses) $148 $250 $174 $736 $25 $0
EBIT $10,670 $19,403 $11,171 $2,405 $14,839 $4,419
Interest(Short term,Long term) $5,591 $5,421 $4,405 $5,421 $5,421 $13,561
Taxes $1,778 $4,894 $2,368 ($1,055) $3,296 ($3,200)
Profit Sharing $66 $182 $88 $0 $122 $0
Net Profit $3,236 $8,906 $4,310 ($1,960) $5,999 ($5,943)
CAPSTONE ® COURIER Page 3
 Round: 1
Production Analysis C140412 Dec. 31, 2023

2nd
Shift Auto
Unit & mation Capacity
Primary Units Inven Revision Age Pfmn Size Material Labor Contr. Over- Next Next Plant
Name Segment Sold tory Date Dec.31 MTBF Coord Coord Price
Cost
Cost Marg. time Round Round Utiliz.
Able Trad 1,603 0 4/4/2023 2.4 17500 5.8 14.2 $28.00 $10.95 $7.85 32% 0% 4.0 1,600 88%
Acre Low 1,841 0 5/25/2018 5.6 14000 3.0 17.0 $20.00 $7.05 $7.46 26% 30% 6.0 1,600 129%
Adam High 429 17 10/28/2023 1.4 23000 9.3 11.3 $39.50 $15.87 $8.97 38% 0% 3.0 900 45%
Aft Pfmn 513 0 6/19/2023 2.0 25000 10.3 15.4 $33.00 $15.43 $8.97 26% 0% 3.0 600 73%
Agape Size 344 95 11/29/2023 1.8 19000 4.6 9.5 $34.00 $13.77 $8.97 33% 0% 3.0 600 63%

Baker Trad 1,909 598 3/3/2023 2.5 17500 5.5 14.6 $28.50 $10.60 $8.71 28% 30% 4.0 1,800 129%
Bead Low 2,043 7 5/25/2018 5.6 14000 3.0 17.0 $22.00 $7.05 $7.72 32% 45% 5.0 1,400 144%
Bid High 416 40 11/17/2023 1.4 23000 9.2 11.0 $39.50 $15.97 $8.97 37% 0% 3.0 900 46%
Bold Pfmn 456 0 7/27/2023 2.0 25000 9.8 14.5 $34.50 $15.40 $8.97 29% 0% 3.0 600 63%
Buddy Size 372 51 7/10/2023 2.0 19000 5.0 11.0 $34.50 $12.92 $8.97 35% 0% 3.0 600 60%

Cake Trad 1,475 281 5/22/2023 2.4 17500 5.0 15.0 $27.50 $10.14 $8.44 29% 0% 5.0 1,800 87%
Cedar Low 1,329 0 5/25/2018 5.6 14000 3.0 17.0 $20.00 $7.05 $7.23 27% 0% 5.0 1,400 92%
Cid High 360 95 10/9/2023 1.5 21000 8.9 11.1 $39.50 $15.16 $9.64 35% 0% 3.0 900 46%
Coat Pfmn 424 69 4/2/2023 2.1 25000 9.4 15.0 $35.00 $14.97 $9.64 27% 0% 3.0 600 69%
Cure Size 409 68 4/1/2023 2.2 18000 4.0 10.6 $34.00 $12.57 $9.64 32% 0% 3.0 600 69%

Daze Trad 1,019 437 4/2/2024 4.1 17500 5.5 14.5 $23.00 $10.65 $7.85 14% 0% 4.0 1,800 70%
Dell Low 1,772 0 5/25/2018 5.6 14000 3.0 17.0 $20.00 $7.05 $7.36 26% 25% 5.0 1,400 124%
Duck High 423 112 9/10/2023 1.5 23000 8.9 11.1 $38.00 $15.76 $8.97 33% 0% 3.0 900 55%
Dot Pfmn 371 25 10/30/2023 1.8 25000 10.5 14.5 $34.50 $15.84 $8.97 29% 0% 4.0 600 53%
Dune Size 321 104 10/30/2023 1.9 19000 4.5 9.6 $33.00 $13.67 $8.97 30% 0% 3.0 600 60%

Eat Trad 1,141 237 6/13/2023 2.3 19000 6.0 14.0 $30.00 $11.61 $7.85 34% 0% 4.0 1,800 66%
Ebb Low 1,412 508 5/25/2018 5.6 14000 3.0 17.0 $23.00 $7.05 $7.56 32% 36% 5.0 1,400 134%
Echo High 422 24 7/24/2023 1.6 22000 9.0 12.0 $36.00 $15.07 $8.97 32% 0% 3.0 900 45%
Edge Pfmn 395 118 5/2/2023 2.1 27000 9.5 15.0 $36.00 $15.64 $8.97 29% 0% 3.0 600 73%
Egg Size 330 109 8/22/2023 2.0 16000 4.0 10.0 $33.00 $12.37 $8.97 31% 0% 3.0 600 63%

Fast Trad 705 1,365 11/21/2019 4.1 17500 5.5 14.5 $27.70 $10.65 $8.04 15% 6% 4.0 1,800 105%
Feat Low 2,021 395 5/25/2018 5.6 14000 3.0 17.0 $21.50 $7.05 $8.05 27% 71% 5.0 1,400 170%
Fist High 477 355 7/11/2023 1.6 23000 8.9 11.5 $39.00 $15.56 $8.97 31% 0% 3.0 900 88%
Foam Pfmn 469 500 2/17/2023 2.2 25000 9.5 15.5 $34.00 $14.88 $10.38 15% 50% 3.0 600 149%
Fume Size 483 669 4/2/2023 2.2 19000 4.1 10.5 $34.50 $12.96 $10.90 19% 83% 3.0 600 182%

CAPSTONE ® COURIER Page 4

Traditional Segment Analysis C140412 Round: 1
Dec. 31, 2023

Traditional Statistics
Total Industry Unit Demand 8,067
Actual Industry Unit Sales |8,067
Segment % of Total Industry |31.4%

Next Year's Segment Growth Rate |9.2%

Traditional Customer Buying Criteria
Expectations Importance
1. Age Ideal Age = 2.0 47%
2. Price $19.50 - 29.50 23%
3. Ideal Position Pfmn 5.7 Size 14.3 21%
4. Reliability MTBF 14000-19000 9%

Top Products in Traditional Segment

Units Cust. Cust. Dec.
Market Sold to Revision Stock Pfmn Size List Age Promo A
ware- Sales A

ccess-
Cust
Name Share Seg Date Out Coord Coord Price MTBF Dec.31 Budget n
ess Budget ibility
Survey
Baker 23% 1,864 3/3/2023 5.5 14.6 $28.50 17500 2.46 $1,500 73% $2,000 67% 39
Able 19% 1,547 4/4/2023 YES 5.8 14.2 $28.00 17500 2.42 $1,200 65% $2,000 67% 40
Cake 17% 1,411 5/22/2023 5.0 15.0 $27.50 17500 2.35 $1,200 65% $1,200 54% 33
Eat 13% 1,073 6/13/2023 6.0 14.0 $30.00 19000 2.32 $1,150 63% $1,050 50% 31
Daze 11% 920 4/2/2024 5.5 14.5 $23.00 17500 4.10 $1,000 58% $1,000 52% 15
Fast 8% 667 11/21/2019 5.5 14.5 $27.70 17500 4.10 $800 52% $1,600 62% 10
Bead 1% 111 5/25/2018 3.0 17.0 $22.00 14000 5.60 $1,500 71% $2,000 67% 1
Acre 1% 109 5/25/2018 YES 3.0 17.0 $20.00 14000 5.60 $1,200 62% $2,000 67% 1
Dell 1% 103 5/25/2018 YES 3.0 17.0 $20.00 14000 5.60 $1,100 59% $1,100 52% 1
Feat 1% 100 5/25/2018 3.0 17.0 $21.50 14000 5.60 $800 50% $1,500 62% 1
Cedar 1% 80 5/25/2018 YES 3.0 17.0 $20.00 14000 5.60 $1,000 56% $1,000 54% 1
Ebb 1% 74 5/25/2018 3.0 17.0 $23.00 14000 5.60 $1,000 56% $1,000 50% 0

CAPSTONE ® COURIER Page 5

Low End Segment Analysis C140412 Round: 1
Dec. 31, 2023

Low End Statistics

Total Industry Unit Demand 10,009
Actual Industry Unit Sales |10,009
Segment % of Total Industry |39.0%

Next Year's Segment Growth Rate |11.7%

Low End Customer Buying Criteria
Expectations Importance
1. Price $14.50 - 24.50 53%
2. Age Ideal Age = 7.0 24%
3. Ideal Position Pfmn 2.2 Size 17.8 16%
4. Reliability MTBF 12000-17000 7%

Top Products in Low End Segment

Units Cust. Cust. Dec.
Market Sold to Revision Stock Pfmn Size List Age Promo A
ware- Sales A

ccess-
Cust
Name Share Seg Date Out Coord Coord Price MTBF Dec.31 Budget n
ess Budget ibility
Survey
Bead 19% 1,932 5/25/2018 3.0 17.0 $22.00 14000 5.60 $1,500 71% $2,000 49% 17
Feat 19% 1,921 5/25/2018 3.0 17.0 $21.50 14000 5.60 $800 50% $1,500 42% 15
Acre 17% 1,732 5/25/2018 YES 3.0 17.0 $20.00 14000 5.60 $1,200 62% $2,000 49% 22
Dell 17% 1,668 5/25/2018 YES 3.0 17.0 $20.00 14000 5.60 $1,100 59% $1,100 37% 19
Ebb 13% 1,337 5/25/2018 3.0 17.0 $23.00 14000 5.60 $1,000 56% $1,000 34% 11
Cedar 12% 1,248 5/25/2018 YES 3.0 17.0 $20.00 14000 5.60 $1,000 56% $1,000 35% 19
Daze 1% 89 4/2/2024 5.5 14.5 $23.00 17500 4.10 $1,000 58% $1,000 37% 2
Cake 0% 49 5/22/2023 5.0 15.0 $27.50 17500 2.35 $1,200 65% $1,200 35% 1
Fast 0% 20 11/21/2019 5.5 14.5 $27.70 17500 4.10 $800 52% $1,600 42% 1
Baker 0% 10 3/3/2023 5.5 14.6 $28.50 17500 2.46 $1,500 73% $2,000 49% 0

CAPSTONE ® COURIER Page 6

High End Segment Analysis C140412 Round: 1
Dec. 31, 2023

High End Statistics

Total Industry Unit Demand 2,967
Actual Industry Unit Sales |2,967
Segment % of Total Industry |11.6%

Next Year's Segment Growth Rate |16.2%

High End Customer Buying Criteria
Expectations Importance
1. Ideal Position Pfmn 9.8 Size 10.2 43%
2. Age Ideal Age = 0.0 29%
3. Reliability MTBF 20000-25000 19%
4. Price $29.50 - 39.50 9%

Top Products in High End Segment

Units Cust. Cust. Dec.
Market Sold to Revision Stock Pfmn Size List Age Promo A
ware- Sales A

ccess-
Cust
Name Share Seg Date Out Coord Coord Price MTBF Dec.31 Budget n
ess Budget ibility
Survey
Fist 16% 477 7/11/2023 8.9 11.5 $39.00 23000 1.58 $800 48% $1,400 52% 19
Adam 14% 429 10/28/2023 9.3 11.3 $39.50 23000 1.43 $1,200 60% $2,000 61% 28
Duck 14% 423 9/10/2023 8.9 11.1 $38.00 23000 1.50 $900 51% $1,000 43% 22
Echo 14% 422 7/24/2023 9.0 12.0 $36.00 22000 1.57 $950 52% $900 43% 14
Bid 14% 416 11/17/2023 9.2 11.0 $39.50 23000 1.41 $1,500 68% $1,300 50% 29
Cid 12% 360 10/9/2023 8.9 11.1 $39.50 21000 1.46 $1,000 54% $1,000 44% 17
Bold 3% 96 7/27/2023 YES 9.8 14.5 $34.50 25000 1.96 $1,500 66% $600 50% 5
Coat 3% 90 4/2/2023 9.4 15.0 $35.00 25000 2.12 $1,000 52% $1,000 44% 2
Edge 2% 69 5/2/2023 9.5 15.0 $36.00 27000 2.08 $800 46% $700 43% 2
Foam 1% 35 2/17/2023 9.5 15.5 $34.00 25000 2.18 $900 49% $1,500 52% 0
Eat 1% 35 6/13/2023 6.0 14.0 $30.00 19000 2.32 $1,150 63% $1,050 43% 1
Dot 1% 31 10/30/2023 10.5 14.5 $34.50 25000 1.83 $800 46% $1,000 43% 3

CAPSTONE ® COURIER Page 7

Performance Segment Analysis C140412 Round: 1
Dec. 31, 2023

Performance Statistics
Total Industry Unit Demand 2,294
Actual Industry Unit Sales |2,294
Segment % of Total Industry |8.9%

Next Year's Segment Growth Rate |19.8%

Performance Customer Buying Criteria
Expectations Importance
1. Reliability MTBF 22000-27000 43%
2. Ideal Position Pfmn 10.4 Size 15.3 29%
3. Price $24.50 - 34.50 19%
4. Age Ideal Age = 1.0 9%

Top Products in Performance Segment

Units Cust. Cust. Dec.
Market Sold to Revision Stock Pfmn Size List Age Promo A
ware- Sales A

ccess-
Cust
Name Share Seg Date Out Coord Coord Price MTBF Dec.31 Budget n
ess Budget ibility
Survey
Aft 21% 492 6/19/2023 YES 10.3 15.4 $33.00 25000 2.01 $1,200 58% $2,000 48% 27
Foam 19% 434 2/17/2023 9.5 15.5 $34.00 25000 2.18 $900 49% $1,500 40% 20
Bold 16% 360 7/27/2023 YES 9.8 14.5 $34.50 25000 1.96 $1,500 66% $600 28% 19
Dot 15% 340 10/30/2023 10.5 14.5 $34.50 25000 1.83 $800 46% $1,000 33% 19
Coat 15% 334 4/2/2023 9.4 15.0 $35.00 25000 2.12 $1,000 52% $1,000 32% 16
Edge 14% 326 5/2/2023 9.5 15.0 $36.00 27000 2.08 $800 46% $700 27% 18
Eat 0% 3 6/13/2023 6.0 14.0 $30.00 19000 2.32 $1,150 63% $1,050 27% 0
Able 0% 2 4/4/2023 YES 5.8 14.2 $28.00 17500 2.42 $1,200 65% $2,000 48% 0
Baker 0% 2 3/3/2023 5.5 14.6 $28.50 17500 2.46 $1,500 73% $2,000 28% 0
Daze 0% 1 4/2/2024 5.5 14.5 $23.00 17500 4.10 $1,000 58% $1,000 33% 0
Fast 0% 1 11/21/2019 5.5 14.5 $27.70 17500 4.10 $800 52% $1,600 40% 0

CAPSTONE ® COURIER Page 8

Size Segment Analysis C140412 Round: 1
Dec. 31, 2023

Size Statistics
Total Industry Unit Demand 2,347
Actual Industry Unit Sales |2,347
Segment % of Total Industry |9.1%

Next Year's Segment Growth Rate |18.3%

Size Customer Buying Criteria
Expectations Importance
1. Ideal Position Pfmn 4.7 Size 9.6 43%
2. Age Ideal Age = 1.5 29%
3. Reliability MTBF 16000-21000 19%
4. Price $24.50 - 34.50 9%

Top Products in Size Segment

Units Cust. Cust. Dec.
Market Sold to Revision Stock Pfmn Size List Age Promo A
ware- Sales A

ccess-
Cust
Name Share Seg Date Out Coord Coord Price MTBF Dec.31 Budget n
ess Budget ibility
Survey
Fume 21% 482 4/2/2023 4.1 10.5 $34.50 19000 2.17 $800 46% $1,500 48% 22
Cure 17% 409 4/1/2023 4.0 10.6 $34.00 18000 2.17 $1,000 52% $1,000 39% 17
Buddy 15% 355 7/10/2023 5.0 11.0 $34.50 19000 2.04 $1,500 66% $700 37% 18
Agape 15% 341 11/29/2023 4.6 9.5 $34.00 19000 1.84 $1,200 58% $2,000 55% 44
Egg 14% 327 8/22/2023 4.0 10.0 $33.00 16000 1.98 $805 46% $700 35% 19
Dune 13% 316 10/30/2023 4.5 9.6 $33.00 19000 1.88 $900 49% $900 36% 35
Able 1% 35 4/4/2023 YES 5.8 14.2 $28.00 17500 2.42 $1,200 65% $2,000 55% 1
Eat 1% 30 6/13/2023 6.0 14.0 $30.00 19000 2.32 $1,150 63% $1,050 35% 2
Baker 1% 21 3/3/2023 5.5 14.6 $28.50 17500 2.46 $1,500 73% $2,000 37% 0
Fast 0% 11 11/21/2019 5.5 14.5 $27.70 17500 4.10 $800 52% $1,600 48% 0
Cake 0% 11 5/22/2023 5.0 15.0 $27.50 17500 2.35 $1,200 65% $1,200 39% 0
Daze 0% 9 4/2/2024 5.5 14.5 $23.00 17500 4.10 $1,000 58% $1,000 36% 0

CAPSTONE ® COURIER Page 9

 Round: 1
Market Share C140412 Dec. 31, 2023

Actual Market Share in Units Potential Market Share in Units

Trad Low High Pfmn Size Total Trad Low High Pfmn Size Total
Industry Unit Sales 8,067 10,009 2,967 2,294 2,347 25,684 Units Demanded 8,067 10,009 2,967 2,294 2,347 25,684
% of Market 31.4% 39.0% 11.6% 8.9% 9.1% 100.0% % of Market 31.4% 39.0% 11.6% 8.9% 9.1% 100.0%

Able 19.2% 0.7% 1.5% 6.2% Able 20.3% 0.7% 1.5% 6.6%
Acre 1.4% 17.3% 7.2% Acre 1.7% 21.9% 9.1%
Adam 14.5% 1.7% Adam 14.4% 1.7%
Aft 0.7% 21.4% 2.0% Aft 0.7% 22.1% 2.1%
Agape 14.5% 1.3% Agape 14.5% 1.3%
Total 20.5% 17.3% 15.9% 21.5% 16.0% 18.4% Total 22.0% 21.9% 15.9% 22.2% 16.1% 20.7%

Baker 23.1% 0.4% 0.9% 7.4% Baker 22.5% 0.4% 0.9% 7.2%
Bead 1.4% 19.3% 8.0% Bead 1.4% 15.7% 6.5%
Bid 14.0% 1.6% Bid 14.0% 1.6%
Bold 3.2% 15.7% 1.8% Bold 3.3% 16.1% 1.8%
Buddy 0.6% 15.1% 1.5% Buddy 0.6% 15.1% 1.4%
Total 24.5% 19.4% 18.3% 15.8% 16.0% 20.2% Total 23.8% 15.8% 18.3% 16.2% 16.0% 18.7%

Cake 17.5% 0.5% 0.1% 0.4% 5.7% Cake 17.0% 0.4% 0.5% 5.5%
Cedar 1.0% 12.5% 5.2% Cedar 1.4% 18.1% 7.5%
Cid 12.1% 1.4% Cid 12.1% 1.4%
Coat 3.0% 14.5% 1.7% Coat 3.0% 14.3% 1.6%
Cure 17.4% 1.6% Cure 17.4% 1.6%
Total 18.5% 13.0% 15.3% 14.6% 17.9% 15.6% Total 18.4% 18.5% 15.3% 14.3% 17.9% 17.7%

Daze 11.4% 0.9% 0.4% 4.0% Daze 11.1% 0.7% 0.4% 3.8%
Dell 1.3% 16.7% 6.9% Dell 1.5% 18.8% 7.8%
Duck 14.3% 1.7% Duck 14.2% 1.6%
Dot 1.1% 14.8% 1.5% Dot 1.1% 14.5% 1.4%
Dune 13.5% 1.3% Dune 13.5% 1.2%
Total 12.7% 17.6% 15.3% 14.8% 13.9% 15.2% Total 12.6% 19.6% 15.3% 14.6% 13.8% 15.9%

Eat 13.3% 1.2% 0.1% 1.3% 4.4% Eat 12.9% 1.2% 1.3% 4.3%
Ebb 0.9% 13.4% 5.5% Ebb 0.9% 9.9% 4.1%
Echo 14.2% 1.6% Echo 14.2% 1.6%
Edge 2.3% 14.2% 1.5% Edge 2.3% 14.0% 1.5%
Egg 14.0% 1.3% Egg 13.9% 1.3%
Total 14.2% 13.4% 17.8% 14.4% 15.2% 14.4% Total 13.8% 9.9% 17.7% 14.1% 15.2% 12.9%

Fast 8.3% 0.2% 0.2% 0.5% 2.8% Fast 8.1% 0.2% 0.2% 0.5% 2.7%
Feat 1.2% 19.2% 7.9% Feat 1.2% 14.2% 5.9%
Fist 16.1% 1.9% Fist 16.1% 1.9%
Foam 1.2% 18.9% 1.8% Foam 1.2% 18.6% 1.8%
Fume 20.5% 1.9% Fume 20.5% 1.9%
Total 9.5% 19.4% 17.5% 18.9% 21.0% 16.2% Total 9.3% 14.4% 17.5% 18.6% 21.0% 14.1%

CAPSTONE ® COURIER Page 10

 Round: 1
Perceptual Map C140412 Dec. 31, 2023

Andrews Baldwin Chester

Name Pfmn Size Revised Name Pfmn Size Revised Name Pfmn Size Revised
Able 5.8 14.2 4/4/2023 Baker 5.5 14.6 3/3/2023 Cake 5.0 15.0 5/22/2023
Acre 3.0 17.0 5/25/2018 Bead 3.0 17.0 5/25/2018 Cedar 3.0 17.0 5/25/2018
Adam 9.3 11.3 10/28/2023 Bid 9.2 11.0 11/17/2023 Cid 8.9 11.1 10/9/2023
Aft 10.3 15.4 6/19/2023 Bold 9.8 14.5 7/27/2023 Coat 9.4 15.0 4/2/2023
Agape 4.6 9.5 11/29/2023 Buddy 5.0 11.0 7/10/2023 Cure 4.0 10.6 4/1/2023

Digby Erie Ferris

Name Pfmn Size Revised Name Pfmn Size Revised Name Pfmn Size Revised
Daze 5.5 14.5 4/2/2024 Eat 6.0 14.0 6/13/2023 Fast 5.5 14.5 11/21/2019
Dell 3.0 17.0 5/25/2018 Ebb 3.0 17.0 5/25/2018 Feat 3.0 17.0 5/25/2018
Duck 8.9 11.1 9/10/2023 Echo 9.0 12.0 7/24/2023 Fist 8.9 11.5 7/11/2023
Dot 10.5 14.5 10/30/2023 Edge 9.5 15.0 5/2/2023 Foam 9.5 15.5 2/17/2023
Dune 4.5 9.6 10/30/2023 Egg 4.0 10.0 8/22/2023 Fume 4.1 10.5 4/2/2023

CAPSTONE ® COURIER Page 11

 Round: 1
HR/TQM Report C140412 Dec. 31, 2023
HUMAN RESOURCES SUMMARY
Andrews Baldwin Chester Digby Erie Ferris
Needed Complement 739 911 748 696 712 1,204
Complement 739 911 748 696 712 1,204
1st Shift Complement 679 729 748 646 640 889
2nd Shift Complement 60 182 0 50 72 315
Overtime Percent 0.0% 0.0% 0.0% 0.0% 0.1% 0.0%
Turnover Rate 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%
New Employees 113 302 123 70 83 624
Separated Employees 0 0 0 4 0 0
Recruiting Spend $0 $0 $0 $0 $0 $0
Training Hours 0 0 0 0 0 0
Productivity Index 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Recruiting Cost $113 $302 $123 $70 $83 $624
Separation Cost $0 $0 $0 $20 $0 $0
Training Cost $0 $0 $0 $0 $0 $0
Total HR Admin Cost $113 $302 $123 $90 $83 $624
Labor Contract Next Year
Wages $22.05 $22.05 $22.05 $22.05 $22.05 $22.05
Benefits 2,500 2,500 2,500 2,500 2,500 2,500
Profit Sharing 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Annual Raise 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
Starting Negotiation Position
Wages
Benefits
Profit Sharing
Annual Raise
Ceiling Negotiation Position
Wages
Benefits
Profit Sharing
Annual Raise
Adjusted Labor Demands
Wages
Benefits
Profit Sharing
Annual Raise
Strike Days

TQM SUMMARY
Andrews Baldwin Chester Digby Erie Ferris
Process Mgt Budgets Last Year
CPI Systems $0 $0 $0 $0 $0 $0
VendorJIT $0 $0 $0 $0 $0 $0
Quality Initiative Training $0 $0 $0 $0 $0 $0
Channel Support Systems $0 $0 $0 $0 $0 $0
Concurrent Engineering $0 $0 $0 $0 $0 $0
UNEP Green Programs $0 $0 $0 $0 $0 $0

TQM Budgets Last Year

Benchmarking $0 $0 $0 $0 $0 $0
Quality Function Deployment Effort $0 $0 $0 $0 $0 $0
CCE/6 Sigma Training $0 $0 $0 $0 $0 $0
GEMI TQEM Sustainability Initiatives $0 $0 $0 $0 $0 $0
Total Expenditures $0 $0 $0 $0 $0 $0

Cumulative Impacts
Material Cost Reduction 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Labor Cost Reduction 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Reduction R&D Cycle Time 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Reduction Admin Costs 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Demand Increase 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

CAPSTONE ® COURIER Page 12


Ethics Report
Other (Fees, Writeoffs, etc.)
Demand Factor
Material Cost Impact
Admin Cost Impact
Productivity Impact
Awareness Impact
Accessibility Impact
Round: 1
C140412 Dec. 31, 2023
ETHICS SUMMARY
The actual dollar impact. Example, $120 means Other increased by $120.
The % of normal. 98% means demand fell 2%.
The % of normal. 104% means matieral costs rose 4%.
The % of normal. 103% means admin costs rose 3%.
The % of normal. 104% means productivity increased by 4%.
The % of normal. 105% means normal awareness was multiplied by 1.05.
The % of normal. 98% means normal accessiblity was multiplied by 0.98.
Normal means the value that would have been produced if the problem had not been presented.

No Impact Andrews Baldwin Chester Digby Erie Ferris

Total
Other (Fees, Writeoffs, etc.) $0 $0 $0 $0 $0 $0 $0
Demand Factor 100% 100% 100% 100% 100% 100% 100%
Material Cost Impact 100% 100% 100% 100% 100% 100% 100%
Admin Cost Impact 100% 100% 100% 100% 100% 100% 100%
Productivity Impact 100% 100% 100% 100% 100% 100% 100%
Awareness Impact 100% 100% 100% 100% 100% 100% 100%
Accessibility Impact 100% 100% 100% 100% 100% 100% 100%

CAPSTONE ® COURIER Page 13

 Annual Report
Round: 1
Annual Report Andrews C140412
Dec. 31, 2023
Balance Sheet
DEFINITIONS: Common Size: The common size column
simply represents each item as a percentage of total ASSETS 2023 2022
assets for that year. Cash: Your end-of-year cash Common
position. Accounts Receivable: Reflects the lag between
Size
delivery and payment of your products. Inventories: The Cash $11,721 11.6% $3,434
current value of your inventory across all products. A zero
Account Receivable $10,462 10.3% $8,307
indicates your company stocked out. Unmet demand
would, of course, fall to your competitors. Plant & Inventory $2,508 2.5% $8,617
Equipment: The current value of your plant. Accum Total Current Assets $24,691 24.4% $20,358
Deprec: The total accumulated depreciation from your
plant. Accts Payable: What the company currently owes
Plant & Equipment $121,000 120.0% $113,800
suppliers for materials and services. Current Debt: The
debt the company is obligated to pay during the next year Accumulated Depreciation ($44,533) -44.0% ($37,933)
of operations. It includes emergency loans used to keep Total Fixed Assets $76,467 75.6% $75,867
your company solvent should you run out of cash during Total Assets $101,159 100.0% $96,225
the year. Long Term Debt: The companys long term debt
is in the form of bonds, and this represents the total value LIABILITIES & OWNERS
of your bonds. Common Stock: The amount of capital
EQUITY
invested by shareholders in the company. Retained
Earnings: The profits that the company chose to keep Accounts Payable $6,781 6.7% $6,583
instead of paying to shareholders as dividends.
Current Debt $0 0.0% $0
Long Term Debt $43,200 42.7% $41,700
Total Liabilities $49,981 49.4% $48,283

Common Stock $18,360 18.1% $18,360

Retained Earnings $32,818 32.4% $29,582
Total Equity $51,178 50.6% $47,942
Total Liab. & O. Equity $101,159 100.0% $96,225

Cash Flow Statement

The Cash Flow Statement examines what happened in the Cash Account Cash Flows from Operating Activities 2023 2022
during the year. Cash injections appear as positive numbers and cash Net Income(Loss) $3,236 $4,189
withdrawals as negative numbers. The Cash Flow Statement is an excellent Depreciation $8,067 $7,587
tool for diagnosing emergency loans. When negative cash flows exceed Extraordinary gains/losses/writeoffs $73 $0
positives, you are forced to seek emergency funding. For example, if sales Accounts Payable $198 $3,583
are bad and you find yourself carrying an abundance of excess inventory,
Inventory $6,109 ($8,617)
the report would show the increase in inventory as a huge negative cash
Accounts Receivable ($2,155) ($307)
flow. Too much unexpected inventory could outstrip your inflows, exhaust
your starting cash and force you to beg for money to keep your company Net cash from operation $15,528 $6,434
afloat. Cash Flows from Investing Activities
Plant Improvements ($8,740) $0
Cash Flows from Financing Activities
Dividends paid $0 ($4,000)
Sales of common stock $0 $0
Purchase of common stock $0 $0
Cash from long term debt $1,500 $0
Retirement of long term debt $0 $0
Change in current debt(net) $0 $0
Net cash from financing activities $1,500 ($4,000)
Net change in cash position $8,288 $2,434
Closing cash position $11,721 $3,434

Annual Report Page 14

 Round: 1
Annual Report Andrews C140412
Dec. 31, 2023
2023 Income Statement
2023 Common
(Product Name) Able Acre Adam Aft Agape
Total
Size
Sales $44,881 $36,820 $16,963 $16,938 $11,690 $0 $0 $0 $127,291 100.0%
Variable Costs:
Direct Labor $12,513 $13,721 $3,836 $4,572 $3,064 $0 $0 $0 $37,706 29.6%
Direct Material $18,129 $13,553 $6,655 $8,034 $4,536 $0 $0 $0 $50,906 40.0%
Inventory Carry $0 $0 $49 $0 $252 $0 $0 $0 $301 0.2%
Total Variable $30,642 $27,274 $10,540 $12,606 $7,851 $0 $0 $0 $88,913 69.9%
Contribution Margin $14,239 $9,545 $6,423 $4,331 $3,839 $0 $0 $0 $38,378 30.2%
Period Costs:
Depreciation $2,347 $3,200 $1,080 $720 $720 $0 $0 $0 $8,067 6.3%
SG&A: R&D $259 $0 $834 $471 $924 $0 $0 $0 $2,489 2.0%
Promotions $1,200 $1,200 $1,200 $1,200 $1,200 $0 $0 $0 $6,000 4.7%
Sales $2,000 $2,000 $2,000 $2,000 $2,000 $0 $0 $0 $10,000 7.9%
Admin $354 $290 $134 $134 $92 $0 $0 $0 $1,004 0.8%
Total Period $6,159 $6,690 $5,248 $4,525 $4,936 $0 $0 $0 $27,559 21.7%
Net Margin $8,080 $2,855 $1,175 ($194) ($1,097) $0 $0 $0 $10,819 8.5%
Definitions: Sales: Unit Sales times list price. Direct Labor: Labor costs incurred to produce the product Other $148 0.1%
that was sold. Inventory Carry Cost: the cost unsold goods in inventory. Depreciation: Calculated on EBIT $10,670 8.4%
straight-line. 15-year depreciation of plant value. R&D Costs: R&D department expenditures for each Short Term Interest $0 0.0%
product. Admin: Administration overhead is estimated at 1.5% of sales. Promotions: The promotion budget Long Term Interest $5,591 4.4%
for each product. Sales: The sales force budget for each product. Other: Chargs not included in other Taxes $1,778 1.4%
categories such as Fees, Write offs, and TQM. The fees include money paid to investment bankers and Profit Sharing $66 0.1%
brokerage firms to issue new stocks or bonds plus consulting fees your instructor might assess. Write-offs Net Profit $3,236 2.5%
include the loss you might experience when you sell capacity or liquidate inventory as the result of
eliminating a production line. If the amount appears as a negative amount, then you actually made money
on the liquidation of capacity or inventory. EBIT: Earnings Before Interest and Taxes. Short Term Interest:
Interest expense based on last years current debt, including short term debt, long term notes that have
become due, and emergency loans, Long Term Interest: Interest paid on outstanding bonds. Taxes:
Income tax based upon a 35% tax rate. Profit Sharing: Profits shared with employees under the labor
contract. Net Profit: EBIT minus interest, taxes, and profit sharing.

Annual Report Page 15

 Annual Report
Round: 1
Annual Report Baldwin C140412
Dec. 31, 2023
Balance Sheet
DEFINITIONS: Common Size: The common size column
simply represents each item as a percentage of total ASSETS 2023 2022
assets for that year. Cash: Your end-of-year cash Common
position. Accounts Receivable: Reflects the lag between
Size
delivery and payment of your products. Inventories: The Cash $16,853 15.2% $3,434
current value of your inventory across all products. A zero
Account Receivable $11,863 10.7% $8,307
indicates your company stocked out. Unmet demand
would, of course, fall to your competitors. Plant & Inventory $13,960 12.6% $8,617
Equipment: The current value of your plant. Accum Total Current Assets $42,676 38.5% $20,358
Deprec: The total accumulated depreciation from your
plant. Accts Payable: What the company currently owes
Plant & Equipment $113,800 103.0% $113,800
suppliers for materials and services. Current Debt: The
debt the company is obligated to pay during the next year Accumulated Depreciation ($45,520) -41.0% ($37,933)
of operations. It includes emergency loans used to keep Total Fixed Assets $68,280 61.5% $75,867
your company solvent should you run out of cash during Total Assets $110,956 100.0% $96,225
the year. Long Term Debt: The companys long term debt
is in the form of bonds, and this represents the total value LIABILITIES & OWNERS
of your bonds. Common Stock: The amount of capital
EQUITY
invested by shareholders in the company. Retained
Earnings: The profits that the company chose to keep Accounts Payable $8,481 7.6% $6,583
instead of paying to shareholders as dividends.
Current Debt $0 0.0% $0
Long Term Debt $41,700 37.6% $41,700
Total Liabilities $50,181 45.2% $48,283

Common Stock $23,360 21.1% $18,360

Retained Earnings $37,415 33.7% $29,582
Total Equity $60,775 54.8% $47,942
Total Liab. & O. Equity $110,956 100.0% $96,225

Cash Flow Statement

The Cash Flow Statement examines what happened in the Cash Account Cash Flows from Operating Activities 2023 2022
during the year. Cash injections appear as positive numbers and cash Net Income(Loss) $8,906 $4,189
withdrawals as negative numbers. The Cash Flow Statement is an excellent Depreciation $7,587 $7,587
tool for diagnosing emergency loans. When negative cash flows exceed Extraordinary gains/losses/writeoffs $0 $0
positives, you are forced to seek emergency funding. For example, if sales Accounts Payable $1,898 $3,583
are bad and you find yourself carrying an abundance of excess inventory,
Inventory ($5,343) ($8,617)
the report would show the increase in inventory as a huge negative cash
Accounts Receivable ($3,556) ($307)
flow. Too much unexpected inventory could outstrip your inflows, exhaust
your starting cash and force you to beg for money to keep your company Net cash from operation $9,492 $6,434
afloat. Cash Flows from Investing Activities
Plant Improvements $0 $0
Cash Flows from Financing Activities
Dividends paid ($1,073) ($4,000)
Sales of common stock $5,000 $0
Purchase of common stock $0 $0
Cash from long term debt $0 $0
Retirement of long term debt $0 $0
Change in current debt(net) $0 $0
Net cash from financing activities $3,927 ($4,000)
Net change in cash position $13,419 $2,434
Closing cash position $16,853 $3,434

Annual Report Page 16

 Round: 1
Annual Report Baldwin C140412
Dec. 31, 2023
2023 Income Statement
2023 Common
(Product Name) Baker Bead Bid Bold Buddy
Total
Size
Sales $54,414 $44,941 $16,423 $15,726 $12,831 $0 $0 $0 $144,336 100.0%
Variable Costs:
Direct Labor $16,447 $15,737 $3,714 $4,057 $3,314 $0 $0 $0 $43,269 30.0%
Direct Material $21,048 $15,035 $6,448 $7,115 $4,928 $0 $0 $0 $54,574 37.8%
Inventory Carry $1,408 $13 $119 $0 $135 $0 $0 $0 $1,675 1.2%
Total Variable $38,903 $30,785 $10,281 $11,172 $8,377 $0 $0 $0 $99,519 69.0%
Contribution Margin $15,511 $14,156 $6,142 $4,554 $4,454 $0 $0 $0 $44,818 31.1%
Period Costs:
Depreciation $2,640 $2,427 $1,080 $720 $720 $0 $0 $0 $7,587 5.3%
SG&A: R&D $170 $0 $890 $577 $529 $0 $0 $0 $2,166 1.5%
Promotions $1,500 $1,500 $1,500 $1,500 $1,500 $0 $0 $0 $7,500 5.2%
Sales $2,000 $2,000 $1,300 $600 $700 $0 $0 $0 $6,600 4.6%
Admin $495 $409 $149 $143 $117 $0 $0 $0 $1,312 0.9%
Total Period $6,805 $6,335 $4,919 $3,540 $3,566 $0 $0 $0 $25,165 17.4%
Net Margin $8,706 $7,821 $1,223 $1,014 $888 $0 $0 $0 $19,653 13.6%
Definitions: Sales: Unit Sales times list price. Direct Labor: Labor costs incurred to produce the product Other $250 0.2%
that was sold. Inventory Carry Cost: the cost unsold goods in inventory. Depreciation: Calculated on EBIT $19,403 13.4%
straight-line. 15-year depreciation of plant value. R&D Costs: R&D department expenditures for each Short Term Interest $0 0.0%
product. Admin: Administration overhead is estimated at 1.5% of sales. Promotions: The promotion budget Long Term Interest $5,421 3.8%
for each product. Sales: The sales force budget for each product. Other: Chargs not included in other Taxes $4,894 3.4%
categories such as Fees, Write offs, and TQM. The fees include money paid to investment bankers and Profit Sharing $182 0.1%
brokerage firms to issue new stocks or bonds plus consulting fees your instructor might assess. Write-offs Net Profit $8,906 6.2%
include the loss you might experience when you sell capacity or liquidate inventory as the result of
eliminating a production line. If the amount appears as a negative amount, then you actually made money
on the liquidation of capacity or inventory. EBIT: Earnings Before Interest and Taxes. Short Term Interest:
Interest expense based on last years current debt, including short term debt, long term notes that have
become due, and emergency loans, Long Term Interest: Interest paid on outstanding bonds. Taxes:
Income tax based upon a 35% tax rate. Profit Sharing: Profits shared with employees under the labor
contract. Net Profit: EBIT minus interest, taxes, and profit sharing.

Annual Report Page 17

 Annual Report
Round: 1
Annual Report Chester C140412
Dec. 31, 2023
Balance Sheet
DEFINITIONS: Common Size: The common size column
simply represents each item as a percentage of total ASSETS 2023 2022
assets for that year. Cash: Your end-of-year cash Common
position. Accounts Receivable: Reflects the lag between
Size
delivery and payment of your products. Inventories: The Cash $2,920 3.0% $3,434
current value of your inventory across all products. A zero
Account Receivable $9,049 9.2% $8,307
indicates your company stocked out. Unmet demand
would, of course, fall to your competitors. Plant & Inventory $10,966 11.2% $8,617
Equipment: The current value of your plant. Accum Total Current Assets $22,935 23.4% $20,358
Deprec: The total accumulated depreciation from your
plant. Accts Payable: What the company currently owes
Plant & Equipment $121,000 124.0% $113,800
suppliers for materials and services. Current Debt: The
debt the company is obligated to pay during the next year Accumulated Depreciation ($46,000) -47.0% ($37,933)
of operations. It includes emergency loans used to keep Total Fixed Assets $75,000 76.6% $75,867
your company solvent should you run out of cash during Total Assets $97,935 100.0% $96,225
the year. Long Term Debt: The companys long term debt
is in the form of bonds, and this represents the total value LIABILITIES & OWNERS
of your bonds. Common Stock: The amount of capital
EQUITY
invested by shareholders in the company. Retained
Earnings: The profits that the company chose to keep Accounts Payable $12,944 13.2% $6,583
instead of paying to shareholders as dividends.
Current Debt $0 0.0% $0
Long Term Debt $32,739 33.4% $41,700
Total Liabilities $45,683 46.6% $48,283

Common Stock $18,360 18.7% $18,360

Retained Earnings $33,892 34.6% $29,582
Total Equity $52,252 53.4% $47,942
Total Liab. & O. Equity $97,935 100.0% $96,225

Cash Flow Statement

The Cash Flow Statement examines what happened in the Cash Account Cash Flows from Operating Activities 2023 2022
during the year. Cash injections appear as positive numbers and cash Net Income(Loss) $4,310 $4,189
withdrawals as negative numbers. The Cash Flow Statement is an excellent Depreciation $8,067 $7,587
tool for diagnosing emergency loans. When negative cash flows exceed Extraordinary gains/losses/writeoffs $39 $0
positives, you are forced to seek emergency funding. For example, if sales Accounts Payable $6,361 $3,583
are bad and you find yourself carrying an abundance of excess inventory,
Inventory ($2,348) ($8,617)
the report would show the increase in inventory as a huge negative cash
Accounts Receivable ($742) ($307)
flow. Too much unexpected inventory could outstrip your inflows, exhaust
your starting cash and force you to beg for money to keep your company Net cash from operation $15,686 $6,434
afloat. Cash Flows from Investing Activities
Plant Improvements ($7,200) $0
Cash Flows from Financing Activities
Dividends paid $0 ($4,000)
Sales of common stock $0 $0
Purchase of common stock $0 $0
Cash from long term debt $0 $0
Retirement of long term debt ($9,000) $0
Change in current debt(net) $0 $0
Net cash from financing activities ($9,000) ($4,000)
Net change in cash position ($514) $2,434
Closing cash position $2,920 $3,434

Annual Report Page 18

 Round: 1
Annual Report Chester C140412
Dec. 31, 2023
2023 Income Statement
2023 Common
(Product Name) Cake Cedar Cid Coat Cure
Total
Size
Sales $40,550 $26,574 $14,231 $14,824 $13,919 $0 $0 $0 $110,098 100.0%
Variable Costs:
Direct Labor $12,294 $9,607 $3,440 $4,013 $3,891 $0 $0 $0 $33,245 30.2%
Direct Material $15,908 $9,790 $5,552 $6,546 $5,353 $0 $0 $0 $43,149 39.2%
Inventory Carry $644 $0 $283 $205 $183 $0 $0 $0 $1,316 1.2%
Total Variable $28,846 $19,397 $9,276 $10,764 $9,427 $0 $0 $0 $77,710 70.6%
Contribution Margin $11,703 $7,177 $4,955 $4,060 $4,493 $0 $0 $0 $32,388 29.4%
Period Costs:
Depreciation $3,120 $2,427 $1,080 $720 $720 $0 $0 $0 $8,067 7.3%
SG&A: R&D $394 $0 $782 $254 $252 $0 $0 $0 $1,683 1.5%
Promotions $1,200 $1,000 $1,000 $1,000 $1,000 $0 $0 $0 $5,200 4.7%
Sales $1,200 $1,000 $1,000 $1,000 $1,000 $0 $0 $0 $5,200 4.7%
Admin $329 $216 $115 $120 $113 $0 $0 $0 $893 0.8%
Total Period $6,243 $4,642 $3,978 $3,094 $3,085 $0 $0 $0 $21,043 19.1%
Net Margin $5,460 $2,535 $977 $966 $1,407 $0 $0 $0 $11,345 10.3%
Definitions: Sales: Unit Sales times list price. Direct Labor: Labor costs incurred to produce the product Other $174 0.2%
that was sold. Inventory Carry Cost: the cost unsold goods in inventory. Depreciation: Calculated on EBIT $11,171 10.1%
straight-line. 15-year depreciation of plant value. R&D Costs: R&D department expenditures for each Short Term Interest $0 0.0%
product. Admin: Administration overhead is estimated at 1.5% of sales. Promotions: The promotion budget Long Term Interest $4,405 4.0%
for each product. Sales: The sales force budget for each product. Other: Chargs not included in other Taxes $2,368 2.2%
categories such as Fees, Write offs, and TQM. The fees include money paid to investment bankers and Profit Sharing $88 0.1%
brokerage firms to issue new stocks or bonds plus consulting fees your instructor might assess. Write-offs Net Profit $4,310 3.9%
include the loss you might experience when you sell capacity or liquidate inventory as the result of
eliminating a production line. If the amount appears as a negative amount, then you actually made money
on the liquidation of capacity or inventory. EBIT: Earnings Before Interest and Taxes. Short Term Interest:
Interest expense based on last years current debt, including short term debt, long term notes that have
become due, and emergency loans, Long Term Interest: Interest paid on outstanding bonds. Taxes:
Income tax based upon a 35% tax rate. Profit Sharing: Profits shared with employees under the labor
contract. Net Profit: EBIT minus interest, taxes, and profit sharing.

Annual Report Page 19

 Annual Report
Round: 1
Annual Report Digby C140412
Dec. 31, 2023
Balance Sheet
DEFINITIONS: Common Size: The common size column
simply represents each item as a percentage of total ASSETS 2023 2022
assets for that year. Cash: Your end-of-year cash Common
position. Accounts Receivable: Reflects the lag between
Size
delivery and payment of your products. Inventories: The Cash $11,757 11.3% $3,434
current value of your inventory across all products. A zero
Account Receivable $8,084 7.8% $8,307
indicates your company stocked out. Unmet demand
would, of course, fall to your competitors. Plant & Inventory $13,946 13.4% $8,617
Equipment: The current value of your plant. Accum Total Current Assets $33,787 32.4% $20,358
Deprec: The total accumulated depreciation from your
plant. Accts Payable: What the company currently owes
Plant & Equipment $116,200 111.0% $113,800
suppliers for materials and services. Current Debt: The
debt the company is obligated to pay during the next year Accumulated Depreciation ($45,680) -43.8% ($37,933)
of operations. It includes emergency loans used to keep Total Fixed Assets $70,520 67.6% $75,867
your company solvent should you run out of cash during Total Assets $104,307 100.0% $96,225
the year. Long Term Debt: The companys long term debt
is in the form of bonds, and this represents the total value LIABILITIES & OWNERS
of your bonds. Common Stock: The amount of capital
EQUITY
invested by shareholders in the company. Retained
Earnings: The profits that the company chose to keep Accounts Payable $6,350 6.1% $6,583
instead of paying to shareholders as dividends.
Current Debt $0 0.0% $0
Long Term Debt $41,700 40.0% $41,700
Total Liabilities $48,050 46.1% $48,283

Common Stock $30,278 29.0% $18,360

Retained Earnings $25,978 24.9% $29,582
Total Equity $56,256 53.9% $47,942
Total Liab. & O. Equity $104,307 100.0% $96,225

Cash Flow Statement

The Cash Flow Statement examines what happened in the Cash Account Cash Flows from Operating Activities 2023 2022
during the year. Cash injections appear as positive numbers and cash Net Income(Loss) ($1,960) $4,189
withdrawals as negative numbers. The Cash Flow Statement is an excellent Depreciation $7,747 $7,587
tool for diagnosing emergency loans. When negative cash flows exceed Extraordinary gains/losses/writeoffs $0 $0
positives, you are forced to seek emergency funding. For example, if sales Accounts Payable ($233) $3,583
are bad and you find yourself carrying an abundance of excess inventory,
Inventory ($5,329) ($8,617)
the report would show the increase in inventory as a huge negative cash
Accounts Receivable $224 ($307)
flow. Too much unexpected inventory could outstrip your inflows, exhaust
your starting cash and force you to beg for money to keep your company Net cash from operation $448 $6,434
afloat. Cash Flows from Investing Activities
Plant Improvements ($2,400) $0
Cash Flows from Financing Activities
Dividends paid $0 ($4,000)
Sales of common stock $13,700 $0
Purchase of common stock ($3,425) $0
Cash from long term debt $0 $0
Retirement of long term debt $0 $0
Change in current debt(net) $0 $0
Net cash from financing activities $10,275 ($4,000)
Net change in cash position $8,323 $2,434
Closing cash position $11,757 $3,434

Annual Report Page 20

 Round: 1
Annual Report Digby C140412
Dec. 31, 2023
2023 Income Statement
2023 Common
(Product Name) Daze Dell Duck Dot Dune
Total
Size
Sales $23,435 $35,433 $16,077 $12,806 $10,602 $0 $0 $0 $98,353 100.0%
Variable Costs:
Direct Labor $7,949 $13,035 $3,782 $3,300 $2,862 $0 $0 $0 $30,928 31.4%
Direct Material $11,327 $13,044 $6,603 $5,765 $4,262 $0 $0 $0 $41,000 41.7%
Inventory Carry $993 $0 $331 $74 $276 $0 $0 $0 $1,674 1.7%
Total Variable $20,270 $26,079 $10,715 $9,139 $7,400 $0 $0 $0 $73,602 74.8%
Contribution Margin $3,165 $9,355 $5,362 $3,667 $3,202 $0 $0 $0 $24,751 25.2%
Period Costs:
Depreciation $2,640 $2,427 $1,080 $880 $720 $0 $0 $0 $7,747 7.9%
SG&A: R&D $1,000 $0 $702 $841 $841 $0 $0 $0 $3,384 3.4%
Promotions $1,000 $1,100 $900 $800 $900 $0 $0 $0 $4,700 4.8%
Sales $1,000 $1,100 $1,000 $1,000 $900 $0 $0 $0 $5,000 5.1%
Admin $185 $280 $127 $101 $84 $0 $0 $0 $778 0.8%
Total Period $5,825 $4,907 $3,810 $3,622 $3,445 $0 $0 $0 $21,609 22.0%
Net Margin ($2,661) $4,448 $1,552 $45 ($243) $0 $0 $0 $3,142 3.2%
Definitions: Sales: Unit Sales times list price. Direct Labor: Labor costs incurred to produce the product Other $736 0.7%
that was sold. Inventory Carry Cost: the cost unsold goods in inventory. Depreciation: Calculated on EBIT $2,405 2.4%
straight-line. 15-year depreciation of plant value. R&D Costs: R&D department expenditures for each Short Term Interest $0 0.0%
product. Admin: Administration overhead is estimated at 1.5% of sales. Promotions: The promotion budget Long Term Interest $5,421 5.5%
for each product. Sales: The sales force budget for each product. Other: Chargs not included in other Taxes ($1,055) -1.1%
categories such as Fees, Write offs, and TQM. The fees include money paid to investment bankers and Profit Sharing $0 0.0%
brokerage firms to issue new stocks or bonds plus consulting fees your instructor might assess. Write-offs Net Profit ($1,960) -2.0%
include the loss you might experience when you sell capacity or liquidate inventory as the result of
eliminating a production line. If the amount appears as a negative amount, then you actually made money
on the liquidation of capacity or inventory. EBIT: Earnings Before Interest and Taxes. Short Term Interest:
Interest expense based on last years current debt, including short term debt, long term notes that have
become due, and emergency loans, Long Term Interest: Interest paid on outstanding bonds. Taxes:
Income tax based upon a 35% tax rate. Profit Sharing: Profits shared with employees under the labor
contract. Net Profit: EBIT minus interest, taxes, and profit sharing.

Annual Report Page 21

 Annual Report
Round: 1
Annual Report Erie C140412
Dec. 31, 2023
Balance Sheet
DEFINITIONS: Common Size: The common size column
simply represents each item as a percentage of total ASSETS 2023 2022
assets for that year. Cash: Your end-of-year cash Common
position. Accounts Receivable: Reflects the lag between
Size
delivery and payment of your products. Inventories: The Cash $5,569 5.5% $3,434
current value of your inventory across all products. A zero
Account Receivable $8,796 8.7% $8,307
indicates your company stocked out. Unmet demand
would, of course, fall to your competitors. Plant & Inventory $18,052 17.9% $8,617
Equipment: The current value of your plant. Accum Total Current Assets $32,417 32.2% $20,358
Deprec: The total accumulated depreciation from your
plant. Accts Payable: What the company currently owes
Plant & Equipment $113,800 113.0% $113,800
suppliers for materials and services. Current Debt: The
debt the company is obligated to pay during the next year Accumulated Depreciation ($45,520) -45.2% ($37,933)
of operations. It includes emergency loans used to keep Total Fixed Assets $68,280 67.8% $75,867
your company solvent should you run out of cash during Total Assets $100,697 100.0% $96,225
the year. Long Term Debt: The companys long term debt
is in the form of bonds, and this represents the total value LIABILITIES & OWNERS
of your bonds. Common Stock: The amount of capital
EQUITY
invested by shareholders in the company. Retained
Earnings: The profits that the company chose to keep Accounts Payable $6,571 6.5% $6,583
instead of paying to shareholders as dividends.
Current Debt $0 0.0% $0
Long Term Debt $41,700 41.4% $41,700
Total Liabilities $48,271 47.9% $48,283

Common Stock $18,860 18.7% $18,360

Retained Earnings $33,567 33.3% $29,582
Total Equity $52,427 52.1% $47,942
Total Liab. & O. Equity $100,697 100.0% $96,225

Cash Flow Statement

The Cash Flow Statement examines what happened in the Cash Account Cash Flows from Operating Activities 2023 2022
during the year. Cash injections appear as positive numbers and cash Net Income(Loss) $5,999 $4,189
withdrawals as negative numbers. The Cash Flow Statement is an excellent Depreciation $7,587 $7,587
tool for diagnosing emergency loans. When negative cash flows exceed Extraordinary gains/losses/writeoffs $0 $0
positives, you are forced to seek emergency funding. For example, if sales Accounts Payable ($13) $3,583
are bad and you find yourself carrying an abundance of excess inventory,
Inventory ($9,435) ($8,617)
the report would show the increase in inventory as a huge negative cash
Accounts Receivable ($489) ($307)
flow. Too much unexpected inventory could outstrip your inflows, exhaust
your starting cash and force you to beg for money to keep your company Net cash from operation $3,650 $6,434
afloat. Cash Flows from Investing Activities
Plant Improvements $0 $0
Cash Flows from Financing Activities
Dividends paid ($2,015) ($4,000)
Sales of common stock $500 $0
Purchase of common stock $0 $0
Cash from long term debt $0 $0
Retirement of long term debt $0 $0
Change in current debt(net) $0 $0
Net cash from financing activities ($1,515) ($4,000)
Net change in cash position $2,135 $2,434
Closing cash position $5,569 $3,434

Annual Report Page 22

 Round: 1
Annual Report Erie C140412
Dec. 31, 2023
2023 Income Statement
2023 Common
(Product Name) Eat Ebb Echo Edge Egg
Total
Size
Sales $34,216 $32,471 $15,210 $14,236 $10,890 $0 $0 $0 $107,023 100.0%
Variable Costs:
Direct Labor $8,895 $10,665 $3,774 $3,523 $2,941 $0 $0 $0 $29,798 27.8%
Direct Material $13,241 $10,392 $6,525 $6,253 $4,299 $0 $0 $0 $40,710 38.0%
Inventory Carry $551 $910 $70 $349 $286 $0 $0 $0 $2,166 2.0%
Total Variable $22,688 $21,968 $10,368 $10,125 $7,526 $0 $0 $0 $72,675 67.9%
Contribution Margin $11,528 $10,504 $4,841 $4,111 $3,365 $0 $0 $0 $34,349 32.1%
Period Costs:
Depreciation $2,640 $2,427 $1,080 $720 $720 $0 $0 $0 $7,587 7.1%
SG&A: R&D $454 $0 $569 $338 $649 $0 $0 $0 $2,010 1.9%
Promotions $1,150 $1,000 $950 $800 $805 $0 $0 $0 $4,705 4.4%
Sales $1,050 $1,000 $900 $700 $700 $0 $0 $0 $4,350 4.1%
Admin $266 $253 $118 $111 $85 $0 $0 $0 $832 0.8%
Total Period $5,560 $4,679 $3,617 $2,669 $2,959 $0 $0 $0 $19,485 18.2%
Net Margin $5,967 $5,825 $1,224 $1,442 $406 $0 $0 $0 $14,864 13.9%
Definitions: Sales: Unit Sales times list price. Direct Labor: Labor costs incurred to produce the product Other $25 0.0%
that was sold. Inventory Carry Cost: the cost unsold goods in inventory. Depreciation: Calculated on EBIT $14,839 13.9%
straight-line. 15-year depreciation of plant value. R&D Costs: R&D department expenditures for each Short Term Interest $0 0.0%
product. Admin: Administration overhead is estimated at 1.5% of sales. Promotions: The promotion budget Long Term Interest $5,421 5.1%
for each product. Sales: The sales force budget for each product. Other: Chargs not included in other Taxes $3,296 3.1%
categories such as Fees, Write offs, and TQM. The fees include money paid to investment bankers and Profit Sharing $122 0.1%
brokerage firms to issue new stocks or bonds plus consulting fees your instructor might assess. Write-offs Net Profit $5,999 5.6%
include the loss you might experience when you sell capacity or liquidate inventory as the result of
eliminating a production line. If the amount appears as a negative amount, then you actually made money
on the liquidation of capacity or inventory. EBIT: Earnings Before Interest and Taxes. Short Term Interest:
Interest expense based on last years current debt, including short term debt, long term notes that have
become due, and emergency loans, Long Term Interest: Interest paid on outstanding bonds. Taxes:
Income tax based upon a 35% tax rate. Profit Sharing: Profits shared with employees under the labor
contract. Net Profit: EBIT minus interest, taxes, and profit sharing.

Annual Report Page 23

 Annual Report
Round: 1
Annual Report Ferris C140412
Dec. 31, 2023
Balance Sheet
DEFINITIONS: Common Size: The common size column
simply represents each item as a percentage of total ASSETS 2023 2022
assets for that year. Cash: Your end-of-year cash Common
position. Accounts Receivable: Reflects the lag between
Size
delivery and payment of your products. Inventories: The Cash $0 0.0% $3,434
current value of your inventory across all products. A zero
Account Receivable $9,386 6.4% $8,307
indicates your company stocked out. Unmet demand
would, of course, fall to your competitors. Plant & Inventory $69,694 47.3% $8,617
Equipment: The current value of your plant. Accum Total Current Assets $79,080 53.7% $20,358
Deprec: The total accumulated depreciation from your
plant. Accts Payable: What the company currently owes
Plant & Equipment $113,800 77.2% $113,800
suppliers for materials and services. Current Debt: The
debt the company is obligated to pay during the next year Accumulated Depreciation ($45,520) -30.9% ($37,933)
of operations. It includes emergency loans used to keep Total Fixed Assets $68,280 46.3% $75,867
your company solvent should you run out of cash during Total Assets $147,359 100.0% $96,225
the year. Long Term Debt: The companys long term debt
is in the form of bonds, and this represents the total value LIABILITIES & OWNERS
of your bonds. Common Stock: The amount of capital
EQUITY
invested by shareholders in the company. Retained
Earnings: The profits that the company chose to keep Accounts Payable $11,586 7.9% $6,583
instead of paying to shareholders as dividends.
Current Debt $52,074 35.3% $0
Long Term Debt $41,700 28.3% $41,700
Total Liabilities $105,360 71.5% $48,283

Common Stock $18,360 12.5% $18,360

Retained Earnings $23,640 16.0% $29,582
Total Equity $42,000 28.5% $47,942
Total Liab. & O. Equity $147,359 100.0% $96,225

Cash Flow Statement

The Cash Flow Statement examines what happened in the Cash Account Cash Flows from Operating Activities 2023 2022
during the year. Cash injections appear as positive numbers and cash Net Income(Loss) ($5,943) $4,189
withdrawals as negative numbers. The Cash Flow Statement is an excellent Depreciation $7,587 $7,587
tool for diagnosing emergency loans. When negative cash flows exceed Extraordinary gains/losses/writeoffs $0 $0
positives, you are forced to seek emergency funding. For example, if sales Accounts Payable $5,003 $3,583
are bad and you find yourself carrying an abundance of excess inventory,
Inventory ($61,076) ($8,617)
the report would show the increase in inventory as a huge negative cash
Accounts Receivable ($1,079) ($307)
flow. Too much unexpected inventory could outstrip your inflows, exhaust
your starting cash and force you to beg for money to keep your company Net cash from operation ($55,508) $6,434
afloat. Cash Flows from Investing Activities
Plant Improvements $0 $0
Cash Flows from Financing Activities
Dividends paid $0 ($4,000)
Sales of common stock $0 $0
Purchase of common stock $0 $0
Cash from long term debt $0 $0
Retirement of long term debt $0 $0
Change in current debt(net) $52,074 $0
Net cash from financing activities $52,074 ($4,000)
Net change in cash position ($3,434) $2,434
Closing cash position $0 $3,434

Annual Report Page 24

 Round: 1
Annual Report Ferris C140412
Dec. 31, 2023
2023 Income Statement
2023 Common
(Product Name) Fast Feat Fist Foam Fume
Total
Size
Sales $19,542 $43,447 $18,616 $15,939 $16,652 $0 $0 $0 $114,195 100.0%
Variable Costs:
Direct Labor $5,639 $16,241 $4,272 $4,799 $5,199 $0 $0 $0 $36,150 31.7%
Direct Material $7,816 $14,868 $7,462 $7,183 $6,406 $0 $0 $0 $43,736 38.3%
Inventory Carry $3,124 $729 $1,048 $1,533 $1,930 $0 $0 $0 $8,363 7.3%
Total Variable $16,578 $31,838 $12,782 $13,515 $13,535 $0 $0 $0 $88,249 77.3%
Contribution Margin $2,963 $11,608 $5,834 $2,424 $3,117 $0 $0 $0 $25,947 22.7%
Period Costs:
Depreciation $2,640 $2,427 $1,080 $720 $720 $0 $0 $0 $7,587 6.6%
SG&A: R&D $0 $0 $531 $133 $253 $0 $0 $0 $917 0.8%
Promotions $800 $800 $800 $900 $800 $0 $0 $0 $4,100 3.6%
Sales $1,600 $1,500 $1,400 $1,500 $1,500 $0 $0 $0 $7,500 6.6%
Admin $244 $542 $232 $199 $208 $0 $0 $0 $1,424 1.2%
Total Period $5,284 $5,268 $4,043 $3,452 $3,481 $0 $0 $0 $21,528 18.9%
Net Margin ($2,321) $6,340 $1,791 ($1,027) ($364) $0 $0 $0 $4,419 3.9%
Definitions: Sales: Unit Sales times list price. Direct Labor: Labor costs incurred to produce the product Other $0 0.0%
that was sold. Inventory Carry Cost: the cost unsold goods in inventory. Depreciation: Calculated on EBIT $4,419 3.9%
straight-line. 15-year depreciation of plant value. R&D Costs: R&D department expenditures for each Short Term Interest $8,140 7.1%
product. Admin: Administration overhead is estimated at 1.5% of sales. Promotions: The promotion budget Long Term Interest $5,421 4.7%
for each product. Sales: The sales force budget for each product. Other: Chargs not included in other Taxes ($3,200) -2.8%
categories such as Fees, Write offs, and TQM. The fees include money paid to investment bankers and Profit Sharing $0 0.0%
brokerage firms to issue new stocks or bonds plus consulting fees your instructor might assess. Write-offs Net Profit ($5,943) -5.2%
include the loss you might experience when you sell capacity or liquidate inventory as the result of
eliminating a production line. If the amount appears as a negative amount, then you actually made money
on the liquidation of capacity or inventory. EBIT: Earnings Before Interest and Taxes. Short Term Interest:
Interest expense based on last years current debt, including short term debt, long term notes that have
become due, and emergency loans, Long Term Interest: Interest paid on outstanding bonds. Taxes:
Income tax based upon a 35% tax rate. Profit Sharing: Profits shared with employees under the labor
contract. Net Profit: EBIT minus interest, taxes, and profit sharing.

Annual Report Page 25