April 2005

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 Table of Contents

1.0 Executive Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

1.1 Objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
1.2 Mission . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
1.3 Keys to Success . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

2.0 Company Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

2.1 Company Ownership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
2.2 Start-up Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

3.0 Products and Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

4.0 Market Analysis Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

4.1 Market Segmentation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
4.2 Target Market Segment Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
4.3 Service Business Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
4.3.1 Competition and Buying Patterns . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

5.0 Strategy and Implementation Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

5.1 Competitive Edge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
5.2 Marketing Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
5.3 Sales Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
5.3.1 Sales Forecast . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
5.4 Milestones . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

6.0 Management Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

6.1 Personnel Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

7.0 Financial Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

7.1 Important Assumptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
7.2 Break-even Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
7.3 Projected Profit and Loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
7.4 Projected Cash Flow . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
7.5 Projected Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
7.6 Business Ratios . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21

Appendix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
 Bowl Weevil

1.0 Executive Summary

Bowling is an entertainment industry in Anytown with a customer base that has diminished
over the past few decades. Today's senior citizens were once yesterday's avid bowlers. As the
Baby-Boomers questioned the actions of their elders, they also turned away from bowling.
Eventually, without innovation, bowling lost popularity as America's favorite athletic events.

However, Anytown needs no replacement for the athletic and social event bowling once
offered, it simply needs innovation! Sally Strike, the owner and manager of Bowl Weevil,
understands the trend of revitalization in the bowling cultures from her youthful participation in
bowling and through her work in the Professional Bowling Association. Sally has experience as
a bowler in the local community and as a marketing and business analyst for the Professional
Bowling Association. Sally will also be able to access her contacts within the Professional
Bowling and Skating Associations to stimulate touring tournaments and competitions.

Sally has done the research necessary to plan and implement designs for a new bowling alley
in the historic Miller building, downtown. Bowl Weevil will take advantage of the building's
nostalgic feel to create a truly unique atmosphere, attracting after-school kids looking for
entertainment and a snack, families with young children seeking inexpensive entertainment,
seniors looking for fun activities, and local bowlers seeking league competition in their own
neighborhoods. We will offer family and group rates and theme nights with live music.

Sally is committing $60,000 of her own money to the project, and is requesting a seven-year
loan of $163,900 to complete start-up funding for this new venture. The loan will be secured
with the owner's home equity. Based on our market research here in Anytown, we
conservatively project sales over $500,000 in year one, with a net profit of $17,000 by year
three, with a staff of nine.

Highlights

$700,000

$600,000

$500,000

$400,000 Sales
Gross Margin
$300,000
Net Profit
$200,000

$100,000

$0
FY 2006 FY 2007 FY 2008

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 Bowl Weevil

1.1 Objectives

1. Sales of $523,000 in 2005 and $608,000 by 2007.

2. Gross margin higher than 65%.
3. Net income more than 2.7% of sales by the third year.

1.2 Mission

The mission of Bowl Weevil is to provide the highest form of entertainment in the Anytown
community. We offer the best bowling and overall entertainment for the entire family!

1.3 Keys to Success

1. Excellence in entertainment.
2. Developing a community of regulars.
3. Group rates.
4. A good value for sport lessons and entertainment.

2.0 Company Summary

Bowl Weevil is a classic bowling alley owned by Sally Strike. Bowl Weevil specializes in league
bowling and parties - a fun filled environment for the entire family. Bowl Weevil will be located
in the old Miller building, where the vintage 1920's charm will help to create an ambience of
nostalgic fun.

2.1 Company Ownership

Bowl Weevil is a C Corporation owned by Sally Strike. It is incorporated in the state of

Kentucky, and operates in King County.

2.2 Start-up Summary

Bowl Weevil's start-up costs will include all equipment needed for the bowling alley, the
restaurant, inventory and daily bank to cover the total winnings of all pull-tabs.

The bowling alley lanes and restaurant equipment will be the largest chunk of the start-up
expenses. These long-term assets include 16 hardwood bowling lanes, 180 pins, 8 electronic
scoring terminals, a commercial range and oven, a walk-in refrigerator, video games, pull tab
equipment, a sink and dishwasher.

Start-up expenses will include rent during renovation (one month's deposit and three month's
rent), construction costs of the renovation, and advertising. During the start-up period, we will
use both television ads and fliers. We will also place an ad in the Yellow Pages, but this will not
be available to potential clients until June, when the new phone book is delivered.

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Table: Start-up

Start-up

Requirements

Start-up Expenses
Legal Costs $500
Consulting $500
Construction $20,000
Advertising $3,000
Rent during renovation $40,000
Total Start-up Expenses $64,000

Start-up Assets
Cash Required $40,000
Start-up Inventory $7,000
Other Current Assets $35,000
Long-term Assets $77,900
Total Assets $159,900

Total Requirements $223,900

Table: Start-up Funding

Start-up Funding
Start-up Expenses to Fund $64,000
Start-up Assets to Fund $159,900
Total Funding Required $223,900

Assets
Non-cash Assets from Start-up $119,900
Cash Requirements from Start-up $40,000
Additional Cash Raised $0
Cash Balance on Starting Date $40,000
Total Assets $159,900

Liabilities and Capital

Liabilities
Current Borrowing $0
Long-term Liabilities $163,900
Accounts Payable (Outstanding Bills) $0
Other Current Liabilities $0
Total Liabilities $163,900

Capital

Planned Investment
Owner $60,000
Investor $0
Additional Investment Requirement $0
Total Planned Investment $60,000

Loss at Start-up (Start-up Expenses) ($64,000)

Total Capital ($4,000)

Total Capital and Liabilities $159,900

Total Funding $223,900

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 Bowl Weevil

Start-up

$180,000

$160,000

$140,000

$120,000

$100,000

$80,000

$60,000

$40,000

$20,000

$0
Expenses Assets Investment Loans

3.0 Products and Services

Bowl Weevil will be open Wednesday through Sunday, from 12 noon-11pm.

General Bowling
Customers can rent shoes and buy games. We will keep a full selection of adult and children's
shoes in stock, in a variety of styles - getting your shoes should feel like dressing up, not
slumming it. We will offer prizes for the high scorers in each 2-hour period, and children under
12 get a prize for hitting more than 8 pins. Bowl Weevil will also introduce the bowling league
experience to youths through its Saturday morning teen leagues. Families can pay a family
rate to cover parents and up to 5 children.

Bowling for leagues, with league fees

We will sponsor local leagues, and our league manager will coordinate the league bowling
nights. Several local groups currently travel 10 miles to go bowling and to find other teams
with whom to compete. They have all expressed an interest in a closer locale that would give
them special services. We are currently working with some of these groups to brainstorm
league-building activities.

Food and drinks

Our kitchen will be open from 3pm to 10pm, offering retro diner foods like hamburgs and
milkshakes, as well as healthier options, from pasta to eggplant parmesan. Our town has a
significant vegetarian populace, and we want them to be able to enjoy bowling and snacking
as much as any other customer. Starting at 5pm, we will also have a bartender to serve beer
and wine and to make a limited selection of mixed drinks. Our combination
nostalgic/upscale/modern menu will help make Bowl Weevil a destination spot, and our
experienced chef has a number of ideas for seasonal specials using local ingredients.

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 Bowl Weevil

Videogames
We will also have a rotating stock of Arcade games. We will keep track of which kinds of
games (1st person shooters, driving games, strategy games) seem to be the most popular,
and adjust our offerings to maximize revenue. These games will be another way for families to
entertain all their children, while some family members bowl.

Pull-tabs
Pull-tabs are two-ply laminated paper tickets that contain perforated windows which conceal
various game symbols, numbers, etc. These tickets have either three (3) or five (5) windows
and various game themes. They are sold only at establishments that hold a Class C liquor
license and are licensed by the state lottery to sell pull-tab tickets (we have such a license).

The front of each pull-tab ticket contains the name of the game, the cost of a ticket, the
winning symbol combinations, the prize values, and the overall odds of winning a prize. The
back of the ticket contains the perforated windows that open to reveal the game symbols.
Under each window are winning and losing symbols. The overall odds of winning a prize on a
pull-tab ticket are approximately 1 in 6.

Parties and Special Events

Bowl Weevil will be available for birthday parties and special events. On the first Friday of
every month, we will have a DJ or live band and a theme night aimed at local teens. We will
also offer group rates and special events for local churches, community organizations, and
companies.

4.0 Market Analysis Summary

Bowling has declined as the family activity of choice over the last 30 years. While the image of
bowling has changed during this decline, the sport itself still offers good exercise, fun
competition, and a game of skill. If the image and experience of bowling can be updated with a
more attractive look and feel, there is no reason it could not rebound.

Bowling is a family activity, and one that people can continue well into their old age. It is a
game of skill, which allows players to better their scores with practice, and it can be a team
sport. Bowling alleys get their clients from the local area, usually within a 10 mile radius; they
are therefore more subject to local trends and events than are bigger entertainment
producers, like movies or theme parks. However, this also means that bowling alleys can be
more integral to their community, and more involved in community-building, which generates
customer loyalty.

In some local families, the appeal of bowling is self-evident - it is a family activity they have
always done together, enjoyed, and will continue playing all of their lives. For some, bowling is
completely foreign - they have heard of it, but never done it. And for some younger people,
bowling is an "old folks" thing, like bell bottomed jeans - they may occasionally indulge in it,
and have a good time, but with the same sense of irony and self-mockery that infuses today's
fashion trends.

Bowl Weevil customers can be divided into four groups: bowling leaguers, families with young
children, youths and seniors.

1. Bowling Leaguers. New customers are likely to be introduced to Bowl Weevil by

friends or through a community organization which decides to sponsor a team.

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 Bowl Weevil

2. Families with young children. This group is seeking inexpensive fun for the whole
family, where age and experience (or lack thereof) are not hurdles to enjoying the
outing. Bowling in a safe, clean, family-friendly environment will be infinitely preferable
for these families to sitting through yet another Winnie-the-Pooh video or going to an
unkempt local park.

3. Youths. This segment will be interested in finding a fun place where they can spend
time outside of the house with people their age. We are located only four blocks from
the local high school, and our kitchen will open at 3pm, to offer these growing kids
satisfying after-school snacks in a safe, supervised activity of which their parents will
approve.

4. Seniors. These clients are on limited income and will come to Bowl Weevil for the
prices. Senior discounts will play a large role in our marketing to seniors.

4.1 Market Segmentation

The following table and chart show our market analysis. We have included analysis for each of
the four market segments we will target: bowling leaguers, families with children, youths, and
seniors.

Bowling leaguers
There are currently 3,000 local residents who have participated in some form of league
bowling in the last five years (Anytown newspaper, November, 2004). The 25% growth rate is
projected based on the expressed interest of local league bowlers, their claims that their
friends would join the league if they didn't have to travel so far for games, and our aggressive
planned marketing campaigns.

Families with young children

There are currently around 6,000 families in Anytown with children under 12; that population
is expected to grow at a 5% rate for the next ten years (U.S. Census, 2000). Altogether, these
families include roughly 24,000 people, but our special family rates make it more reasonable
for us to treat them here as individual family units, rather than independent residents.

Youths
We define youths as customers between the ages of 13 and 20, old enough to have some
spending money and to bowl without parental supervision, but not old enough to be admitted
to the bar section. This target market segment is growing at the same rate as young families,
at 5% per year.

Seniors
We define this group as sixty-two years or older. This group is currently growing faster than
the general population, at 6% per year, and their concerns and interests are already modifying
what entertainment and education is offered in Anytown. They will contribute a consistent
customer base to the the bowling league, as well as coming in on their own to practice.

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 Bowl Weevil

Market Analysis (Pie)

Bowling Leaguers
Families with young children
Youths
Seniors

Table: Market Analysis

Market Analysis
2005 2006 2007 2008 2009
Potential Customers Growth CAGR
Bowling Leaguers 25% 3,000 3,750 4,688 5,860 7,325 25.00%
Families with young children 5% 6,000 6,300 6,615 6,946 7,293 5.00%
Youths 5% 10,000 10,500 11,025 11,576 12,155 5.00%
Seniors 6% 13,000 13,780 14,607 15,483 16,412 6.00%
Total 7.78% 32,000 34,330 36,935 39,865 43,185 7.78%

4.2 Target Market Segment Strategy

We will not be successful waiting for the customer to come to us. Instead, we must focus on
the specific market segments whose needs match our offerings. Focusing on targeted
segments is the key to our future.

Bwling Laguers:

1. Bowling leagues develop a core group of customers. These customers will begin to
identify their social and athletic events with Bowl Weevil bowling. Once one group of
friends begins congregating together at Bowl Weevil Bowling for league events, they
will bring other friends to join them for other occasions.

2. Bowling packaged with flavor is Sally's area of expertise. Bowl Weevil bowling will cater
to everyone's desire for fame, fitness and fortune. Beginning with a nine game bowling
league tournament will give participants the flavor of athletic competition and will give
the winners a little extra spending cash and fame. Those feelings will stimulate more
interest, and more interest will support more tournaments, which will in turn stimulate
more reward. The tournaments will culminate in a Bowling for Dollars televised
tournament by the end of year two.

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 Bowl Weevil
Youths:

1. Bowling alleys and skating rinks are one of few places that under age customers can go
to congregate and find entertainment.

2. Catering to youths and teaching them to bowl or skate now will develop a future
customer base for years to come.

Seniors:

Bowl Weevil will cater to senior citizens because they are consistent customers. Once they find
an affordable, comfortable place, seniors will come back for more. Seniors also tend to
congregate together. Therefore, accommodating a small core group will lead to potentially
exponential growth as the Baby-Boomers become a majority of the population and they
introduce each other to Bowl Weevil's senior citizen discounts. An added value is that senior
citizens, shown the importance of their time, may be encouraged to contribute low-cost labor
as volunteers for youth and adult bowling league events.

4.3 Service Business Analysis

Bowl Weevil will be competing for the customers' dollars with other recreation and leisure
establishments such as movie theaters, sports venues, theme parks, night clubs, etc.

4.3.1 Competition and Buying Patterns

The competition for local customers amongst bowling alleys and skating rinks is localized,
meaning each urban district can support its own bowling alley or skating rink. Customers will
choose the provider they think offers the most comfortable, affordable and convenient
location. Due to the decline in the number of bowling alleys and skating rinks, many districts
are without bowling or skating facilities. Anytown did not have a combination bowling alley, ice
skating and roller skating facility. Bowl Weevil located in Anytown, will enjoy the advantage of
having no local competition in a densely populated, mixed-age area with good public
transportation making it conveniently accessible for locals.

Bowlers and skaters will contribute to the success and reputation of Bowl Weevil as they
consistently choose Bowl Weevil for their social events and athletic activities.

Seniors will provide a consistent customer base.

Youths will come for the group lessons, public sessions, competitions, birthday parties, group
parties, hocky and the Saturday morning teenager bowling leagues and they will bring their
parents with them.

The competition for tournaments city-wide and nationally depends on the bowling alley and ice
skating rink's reputation and the reputation of the skaters and bowlers. Sally has the
advantage of working with the Professional Bowling Association as well as the Professional Ice
Skating Association, and playing in local bowling championship tournaments for many years.

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 Bowl Weevil

5.0 Strategy and Implementation Summary

Customer service is paramount in the bowling business. The starting point to accomplish this is
to have a trained and motivated staff that enjoys working directly with the public. It is always
easier to please your customers when the facility is spotless and all of the equipment is in
proper working order. The center will establish community involvement to demonstrate how
the business will contribute to a better quality of life. Community projects using the bowling
center's facilities will be developed to help civic groups obtain their financial goals. School,
church, and other groups will be welcomed for tours of the bowling center.

5.1 Competitive Edge

Experience and Reputation:

1. Sally has experience as a bowler in the local community and as a marketing and
business analyst for the Professional Bowling Association. Sally's experience will give
her the ability to contact local and national bowlers for recruiting leaguers. Sally also
has contacts within the National Ice Skating Association and Roller Skating
organizations organizing competitions throughout the Region.

2. Bowl Weevil will have the reputation of being the most affordable, comfortable and
convenient place of entertainment in town for the entire family.

5.2 Marketing Strategy

Marketing in a bowling business depends on reputation for quality bowling facilities and
entertainment. It starts with Sally's known contacts in the bowling and ice and roller
industries, and continues with long-term efforts to develop reputation in local communities.

Bowl Weevil will develop and maintain a database of people in the bowling leagues. The
database starts with the contacts we bring in with our first nine game bowling league
tournament. From there we will add inquiries and participants, and bowling league newsletters.
Bowl Weevil will use the database to make regular contact with mailings for additional bowling
league tournaments, possibly group studies and market research reports.

We will recruit a core league of bowlers from the local and Professional Bowling Association
contacts for the first nine game bowling league tournament. After the first tournament, the
core league of bowlers will be cultivated for future participants and league organizers.

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 Bowl Weevil

5.3 Sales Strategy

Bowl Weevil wants to attract local bowlers of all ages. This will require advertising on local
radio shows and cable networks as well as reaching out to schools, churches, businesses,
organizations and clubs.

The most important factor for closing sales in our case is getting them in the door. Once our
customers come in the door they will be personally greeted by Sally Strike and made to feel
comfortable so that they keep coming back.

The league manager will be hired part-time to contact local work places, clubs, and bowlers to
participate in the nine-game league tournament. Participants in the tournament will be
rewarded with trophies for the first three teams and the champion will receive a cash prize
equal to half of all the entry fees. The Marketing Coordinator will maintain a database of
contact information and sales data about regular bowling leaguers to optimize services to our
target customers during league hours. Reduced prices will be offered to senior citizens on a
daily basis between certain low-volume hours and on certain food and drink items all day long.
Advertisements to teenagers will be placed in local college and weekly papers, highlighting
their favorite video games, their favorite tunes on the jukebox, and the Saturday morning
teenager tournaments.

The manager will go out in the field calling on churches, schools, clubs, organizations, scouts
to sell group outings/lessons. Private party times will be sold for each area as well.

5.3.1 Sales Forecast

The start-up period will be spent setting up the bowling alley, the gaming room, the restaurant
and lounge. This will include building the bowling lanes setting up the pins and connecting the
scoring terminals. During this time, the manager will recruit bowling leaguers for his first nine
game bowling league tournament and begin advertising in local papers for the opening and
senior discounts.

In April, Bowl Weevil Bowling Lanes will open for business. We project an increase in business
in June, when school lets out, and families need entertainment for their children during
daytime hours. We will start league games in July.

The table and charts below show detailed projections of sales and cost of sales for each
category. Detailed monthly projections for the first year can be found in the Appendix. Cost of
sales for bowling is a projection of direct wear and tear on equipment which will need
replacing, cleaning, or repair. Costs for food and liquor are costs of ingredients. There are no
anticipated direct costs from the video games.

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 Bowl Weevil

Table: Sales Forecast

Sales Forecast
FY 2006 FY 2007 FY 2008
Sales
Families with children $31,300 $32,000 $33,000
Senior Citizens $24,000 $27,000 $29,000
Youths $18,575 $21,000 $22,000
Leaguers $44,000 $50,000 $52,000
Food $172,750 $192,000 $211,328
Video Games $24,850 $28,875 $32,094
Pull Tabs $138,500 $140,625 $145,000
Liquor $69,100 $76,800 $84,531
Total Sales $523,075 $568,300 $608,953

Direct Cost of Sales FY 2006 FY 2007 FY 2008

Families with children $5,165 $5,280 $5,445
Senior Citizens $3,528 $3,969 $4,263
Youths $3,065 $3,465 $3,630
Leaguers $7,260 $8,250 $8,580
Food $114,879 $124,800 $137,363
Video Games $0 $0 $0
Pull Tabs $4,432 $4,500 $4,640
Liquor $13,820 $15,360 $16,906
Subtotal Direct Cost of
$152,148 $165,624 $180,828
Sales

Sales Monthly

$60,000

$50,000
Families with children
Senior Citizens
$40,000
Youths
$30,000 Leaguers
Food
$20,000 Video Games
Pull Tabs
$10,000
Liquor

$0
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar

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 Bowl Weevil

Sales by Year

$700,000

$600,000 Families with children

Senior Citizens
$500,000
Youths
$400,000
Leaguers
$300,000 Food
Video Games
$200,000
Pull Tabs
$100,000 Liquor

$0
FY 2006 FY 2007 FY 2008

5.4 Milestones

The accompanying table lists important program milestones, with dates and managers in
charge, and budgets for each. The milestone schedule indicates our emphasis on planning for
implementation.
What the table doesn't show is the commitment behind it. Our business plan includes complete
provisions for plan-vs.-actual analysis, and we will hold monthly follow-up meetings to discuss
the variance and course corrections.

Table: Milestones

Milestones

Milestone Start Date End Date Budget Manager Department

Business Plan Completion 1/1/2005 2/1/2005 $0 President Judi Executive
Group Sales 1/1/2005 4/1/2005 $400 President Judi Marketing
Completion of First Marketing Marketing
1/1/2005 4/1/2005 $500 Marketing
Campaign Coordinator
Completion of First Nine Game
4/1/2005 6/15/2005 $200 President Judi Marketing
League
Profitability 1/1/2005 1/1/2006 $0 President Judi Accounting
Totals $1,100

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 Bowl Weevil

6.0 Management Summary

Bowl Weevil is a C Corporation founded and run by Sally Strike. Sally Strike graduated from
the University of Anytown with degrees in both Business and Communications. Through the
University of Anytown ice skating club Sally gained local notoriety as a champion bowler. Since
graduation, Sally joined the Professional Bowling Association and worked as its treasurer for
three years. While working for the Professional Bowling Association, Sally developed budgets
and marketing campaigns.

One of Sally Strike's strengths was her ability to draw crowds. Another strength was Sally's
talent for increasing local participation. Sally spent a fair amount of time with bowlers
nationwide. After three years however, Sally was feeling spread too thin and wanted to center
herself. Sally decided to retire from the Professional Bowling Association and start her own
bowling center.

6.1 Personnel Plan

Initially, the staff will consist of the Owner/Manager working full-time. In addition to the
owner, a full-time bartender, a full-time kitchen manager, a full-time cashier, a part-time lane
maintenance specialist, and a part-time league manager will join her for the opening of the
bowling alley, restaurant and lounge.

Table: Personnel

Personnel Plan
FY 2006 FY 2007 FY 2008
Manager $36,000 $36,000 $36,000
Assistant Manager $0 $30,000 $32,000
Chef $33,000 $33,500 $34,000
Sous Chef $30,000 $30,000 $30,500
Bus boy/Dishwasher $24,000 $24,000 $24,000
Lane Maintenance $7,680 $7,680 $7,680
League Manager $7,680 $8,000 $8,500
Cashier/Front Desk $30,000 $30,000 $30,500
Bartender $13,440 $13,440 $13,440
Total People 8 9 9

Total Payroll $181,800 $212,620 $216,620

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7.0 Financial Plan

Bowl Weevil's financial plan is conservative. With sufficient start-up funding, we will be able to
not only complete renovations on time for opening, but hire enough staff to provide a full-
service, fun, safe, and clean environment for our bowlers. Although we are asking for a very
large loan, we should be easily able to repay it within seven years, even after hiring an
additional manager in year two.

The first two years will be the slimmest, as we establish our reputation among our target
groups and build market share. However, our sales forecasts are based on sound research,
and are conservative. We will focus on aggressive marketing and limiting expenses during
these early years to achieve our long-term goals.

7.1 Important Assumptions

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.
Bowling league participation rates are based on conservative assumptions.
Two of the more important underlying assumptions are:

1. We assume youths, seniors, and adult bowlers will congregate together at Bowl Weevil
Bowling Lanes given separate environments to listen to their own preferences in music.

2. We assume that there are no unforeseen changes in the local bowling community to
increase competition in Anytown.

Table: General Assumptions

General Assumptions
FY 2006 FY 2007 FY 2008
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

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7.2 Break-even Analysis

The following chart and table summarize our break-even analysis. With fixed costs of $29,000
per month at the outset (a bare minimum), we need to generate $41,132 to break even, but
don't really expect to reach break-even until a few months into the business operation.
The break-even assumes variable costs of 29% of revenue.

Table: Break-even Analysis

Break-even Analysis

Monthly Revenue Break-even $41,132

Assumptions:
Average Percent Variable Cost 29%
Estimated Monthly Fixed Cost $29,168

Break-even Analysis

$30,000

$20,000

$10,000

$0

($10,000)

($20,000)

($30,000)

$0 $14,000 $28,000 $42,000 $56,000 $70,000

Monthly break-even point

Break-even point = where line intersects with 0

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 Bowl Weevil

7.3 Projected Profit and Loss

The following table indicates the projected profit and loss. We plan to take a hit in net profit in
the second year in order to hire an assistant manager, and to increase personnel payments for
our employees. This additional hiring and the raises are subject to cash flow meeting
projections.

Table: Profit and Loss

Pro Forma Profit and Loss

FY 2006 FY 2007 FY 2008
Sales $523,075 $568,300 $608,953
Direct Costs of Goods $152,148 $165,624 $180,828
Other $0 $0 $0
------------ ------------ ------------
Cost of Goods Sold $152,148 $165,624 $180,828

Gross Margin $370,927 $402,676 $428,126

Gross Margin % 70.91% 70.86% 70.31%

Expenses
Payroll $181,800 $212,620 $216,620
Marketing/Promotion $3,000 $3,000 $3,000
Depreciation $7,788 $7,788 $7,788
Rent $110,000 $112,000 $112,000
Utilities $3,360 $3,600 $3,900
Insurance $2,400 $2,500 $2,600
Payroll Taxes $27,270 $31,893 $32,493
Shoe Repair and maintenance $2,400 $2,500 $2,500
Pull Tabs $6,000 $6,000 $6,000
Video Game Rentals $6,000 $6,000 $6,000
------------ ------------ ------------
Total Operating Expenses $350,018 $387,901 $392,901

Profit Before Interest and Taxes $20,909 $14,775 $35,225

Interest Expense $15,123 $12,850 $10,450
Taxes Incurred $1,736 $578 $7,432

Net Profit $4,051 $1,348 $17,342

Net Profit/Sales 0.77% 0.24% 2.85%

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 Bowl Weevil

Profit Monthly

$10,000

$8,000

$6,000

$4,000

$2,000

$0

($2,000)

($4,000)

($6,000)

($8,000)
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar

Profit Yearly

$18,000

$16,000

$14,000

$12,000

$10,000

$8,000

$6,000

$4,000

$2,000

$0
FY 2006 FY 2007 FY 2008

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 Bowl Weevil

Gross Margin Monthly

$40,000

$35,000

$30,000

$25,000

$20,000

$15,000

$10,000

$5,000

$0
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar

Gross Margin Yearly

$450,000

$400,000

$350,000

$300,000

$250,000

$200,000

$150,000

$100,000

$50,000

$0
FY 2006 FY 2007 FY 2008

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 Bowl Weevil

7.4 Projected Cash Flow

Our business is a retail-oriented business with clients who will pay primarily with cash and
credit cards. Our cash flow is shown below, including repayment of the requested loan. Hiring
a second manager will make an impact on cash flow in the second year, but we anticipate
greater sales and efficiency to make up this difference by year three.

Cash

$60,000

$50,000

$40,000

$30,000

$20,000 Net Cash Flow

Cash Balance
$10,000

$0

($10,000)

($20,000)
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar

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 Bowl Weevil

Table: Cash Flow

Pro Forma Cash Flow

FY 2006 FY 2007 FY 2008
Cash Received

Cash from Operations

Cash Sales $523,075 $568,300 $608,953
Subtotal Cash from Operations $523,075 $568,300 $608,953

Additional Cash Received

Sales Tax, VAT, HST/GST
$0 $0 $0
Received
New Current Borrowing $0 $0 $0
New Other Liabilities (interest-free) $0 $0 $0
New Long-term Liabilities $0 $0 $0
Sales of Other Current Assets $0 $0 $0
Sales of Long-term Assets $0 $0 $0
New Investment Received $0 $0 $0
Subtotal Cash Received $523,075 $568,300 $608,953

Expenditures FY 2006 FY 2007 FY 2008

Expenditures from Operations

Cash spending $181,800 $212,620 $216,620
Bill Payments $309,555 $347,116 $367,013
Subtotal Spent on Operations $491,355 $559,736 $583,633

Additional Cash Spent

Sales Tax, VAT, HST/GST Paid Out $0 $0 $0
Principal Repayment of Current
$0 $0 $0
Borrowing
Other Liabilities Principal
$0 $0 $0
Repayment
Long-term Liabilities Principal
$23,400 $24,000 $24,000
Repayment
Purchase Other Current Assets $0 $0 $0
Purchase Long-term Assets $0 $0 $0
Dividends $0 $0 $0
Subtotal Cash Spent $514,755 $583,736 $607,633

Net Cash Flow $8,320 ($15,436) $1,320

Cash Balance $48,320 $32,884 $34,204

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7.5 Projected Balance Sheet

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.

Table: Balance Sheet

Pro Forma Balance Sheet

FY 2006 FY 2007 FY 2008
Assets

Current Assets
Cash $48,320 $32,884 $34,204
Other Current Assets $35,000 $35,000 $35,000
Total Current Assets $99,088 $85,049 $87,944

Long-term Assets
Long-term Assets $77,900 $77,900 $77,900
Accumulated Depreciation $7,788 $15,576 $23,364
Total Long-term Assets $70,112 $62,324 $54,536
Total Assets $169,200 $147,373 $142,480

Liabilities and Capital FY 2006 FY 2007 FY 2008

Current Liabilities
Accounts Payable $28,650 $29,475 $31,240
Current Borrowing $0 $0 $0
Other Current Liabilities $0 $0 $0
Subtotal Current Liabilities $28,650 $29,475 $31,240

Long-term Liabilities $140,500 $116,500 $92,500

Total Liabilities $169,150 $145,975 $123,740

Paid-in Capital $60,000 $60,000 $60,000

Retained Earnings ($64,000) ($59,949) ($58,602)
Earnings $4,051 $1,348 $17,342
Total Capital $51 $1,398 $18,740
Total Liabilities and Capital $169,200 $147,373 $142,480

Net Worth $51 $1,398 $18,740

7.6 Business Ratios

The following table shows the projected businesses ratios, and standard comparison ratios for
our industry, Bowling Centers (SIC Code 7933). We expect to maintain healthy ratios for
profitability, risk, and return.

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 Bowl Weevil

Table: Ratios

Ratio Analysis
FY 2006 FY 2007 FY 2008 Industry Profile
Sales Growth 0.00% 8.65% 7.15% 0.22%

Percent of Total Assets

Other Current Assets 20.69% 23.75% 24.56% 35.98%
Total Current Assets 58.56% 57.71% 61.72% 45.58%
Long-term Assets 41.44% 42.29% 38.28% 54.42%
Total Assets 100.00% 100.00% 100.00% 100.00%

Current Liabilities 16.93% 20.00% 21.93% 13.21%

Long-term Liabilities 83.04% 79.05% 64.92% 24.12%
Total Liabilities 99.97% 99.05% 86.85% 37.33%
Net Worth 0.03% 0.95% 13.15% 62.67%

Percent of Sales
Sales 100.00% 100.00% 100.00% 100.00%
Gross Margin 70.91% 70.86% 70.31% 100.00%
Selling, General & Administrative
46.09% 47.32% 36.86% 72.94%
Expenses
Advertising Expenses 0.57% 0.53% 0.49% 3.33%
Profit Before Interest and Taxes 4.00% 2.60% 5.78% 2.79%

Main Ratios
Current 3.46 2.89 2.82 2.20
Quick 2.91 2.30 2.22 1.43
Total Debt to Total Assets 99.97% 99.05% 86.85% 56.31%
Pre-tax Return on Net Worth 11439.30% 137.69% 132.20% 2.83%
Pre-tax Return on Assets 3.42% 1.31% 17.39% 6.48%

Additional Ratios FY 2006 FY 2007 FY 2008

Net Profit Margin 0.77% 0.24% 2.85% n.a
Return on Equity 8007.51% 96.38% 92.54% n.a

Activity Ratios
Accounts Payable Turnover 11.80 11.80 11.80 n.a
Payment Days 27 30 30 n.a
Total Asset Turnover 3.09 3.86 4.27 n.a

Debt Ratios
Debt to Net Worth 3343.88 104.41 6.60 n.a
Current Liab. to Liab. 0.17 0.20 0.25 n.a

Liquidity Ratios
Net Working Capital $70,439 $55,574 $56,704 n.a
Interest Coverage 1.38 1.15 3.37 n.a

Additional Ratios
Assets to Sales 0.32 0.26 0.23 n.a
Current Debt/Total Assets 17% 20% 22% n.a
Acid Test 2.91 2.30 2.22 n.a
Sales/Net Worth 10,340.56 406.48 32.49 n.a
Dividend Payout 0.00 0.00 0.00 n.a

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 Appendix

Appendix Table: Sales Forecast

Sales Forecast
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Sales
Families with children 0% $1,200 $1,200 $4,000 $4,000 $4,000 $2,800 $2,500 $2,200 $2,800 $2,200 $2,200 $2,200
Senior Citizens 0% $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000
Youths 0% $500 $600 $720 $864 $1,037 $1,244 $1,493 $1,792 $2,150 $2,580 $3,096 $2,500
Leaguers 0% $0 $0 $4,400 $4,400 $4,400 $4,400 $2,200 $2,200 $2,200 $6,600 $6,600 $6,600
Food 0% $12,000 $12,500 $13,000 $14,000 $15,750 $16,000 $14,000 $14,000 $14,000 $15,750 $15,750 $16,000
Video Games 0% $1,000 $1,200 $1,750 $2,800 $2,500 $2,000 $2,000 $2,200 $2,800 $2,400 $2,200 $2,000
Pull Tabs 0% $12,000 $12,000 $12,000 $12,000 $12,000 $7,500 $10,000 $12,000 $15,000 $14,000 $12,000 $8,000
Liquor 0% $4,800 $5,000 $5,200 $5,600 $6,300 $6,400 $5,600 $5,600 $5,600 $6,300 $6,300 $6,400
Total Sales $33,500 $34,500 $43,070 $45,664 $47,987 $42,344 $39,793 $41,992 $46,550 $51,830 $50,146 $45,700

Direct Cost of Sales Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Families with children $198 $198 $660 $660 $660 $462 $413 $363 $462 $363 $363 $363
Senior Citizens $294 $294 $294 $294 $294 $294 $294 $294 $294 $294 $294 $294
Youths $83 $99 $119 $143 $171 $205 $246 $296 $355 $426 $511 $413
Leaguers $0 $0 $726 $726 $726 $726 $363 $363 $363 $1,089 $1,089 $1,089
Food $7,980 $8,313 $8,645 $9,310 $10,474 $10,640 $9,310 $9,310 $9,310 $10,474 $10,474 $10,640
Video Games $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Pull Tabs $384 $384 $384 $384 $384 $240 $320 $384 $480 $448 $384 $256
Liquor $960 $1,000 $1,040 $1,120 $1,260 $1,280 $1,120 $1,120 $1,120 $1,260 $1,260 $1,280
Subtotal Direct Cost of
$9,899 $10,288 $11,868 $12,637 $13,969 $13,847 $12,066 $12,130 $12,384 $14,353 $14,375 $14,335
Sales

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 Appendix

Appendix Table: Personnel

Personnel Plan
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Manager 0% $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000
Assistant Manager 0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Chef 0% $2,750 $2,750 $2,750 $2,750 $2,750 $2,750 $2,750 $2,750 $2,750 $2,750 $2,750 $2,750
Sous Chef 0% $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500
Bus boy/Dishwasher 0% $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000
Lane Maintenance 0% $640 $640 $640 $640 $640 $640 $640 $640 $640 $640 $640 $640
League Manager 0% $640 $640 $640 $640 $640 $640 $640 $640 $640 $640 $640 $640
Cashier/Front Desk 0% $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500
Bartender 0% $1,120 $1,120 $1,120 $1,120 $1,120 $1,120 $1,120 $1,120 $1,120 $1,120 $1,120 $1,120
Total People 8 8 8 8 8 8 8 8 8 8 8 8

Total Payroll $15,150 $15,150 $15,150 $15,150 $15,150 $15,150 $15,150 $15,150 $15,150 $15,150 $15,150 $15,150

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 Appendix

Appendix Table: Profit and Loss

Pro Forma Profit and Loss

Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Sales $33,500 $34,500 $43,070 $45,664 $47,987 $42,344 $39,793 $41,992 $46,550 $51,830 $50,146 $45,700
Direct Costs of Goods $9,899 $10,288 $11,868 $12,637 $13,969 $13,847 $12,066 $12,130 $12,384 $14,353 $14,375 $14,335
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
Cost of Goods Sold $9,899 $10,288 $11,868 $12,637 $13,969 $13,847 $12,066 $12,130 $12,384 $14,353 $14,375 $14,335

Gross Margin $23,602 $24,213 $31,202 $33,027 $34,018 $28,497 $27,727 $29,862 $34,166 $37,476 $35,771 $31,366
Gross Margin % 70.45% 70.18% 72.45% 72.33% 70.89% 67.30% 69.68% 71.11% 73.40% 72.31% 71.33% 68.63%

Expenses
Payroll $15,150 $15,150 $15,150 $15,150 $15,150 $15,150 $15,150 $15,150 $15,150 $15,150 $15,150 $15,150
Marketing/Promotion $1,500 $137 $137 $137 $137 $137 $137 $137 $137 $137 $137 $130
Depreciation $649 $649 $649 $649 $649 $649 $649 $649 $649 $649 $649 $649
Rent $10,000 $10,000 $10,000 $0 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000
Utilities $280 $280 $280 $280 $280 $280 $280 $280 $280 $280 $280 $280
Insurance $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200
Payroll Taxes 15% $2,273 $2,273 $2,273 $2,273 $2,273 $2,273 $2,273 $2,273 $2,273 $2,273 $2,273 $2,273
Shoe Repair and maintenance 0% $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200
Pull Tabs 15% $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500
Video Game Rentals $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
Total Operating Expenses $31,252 $29,889 $29,889 $19,889 $29,889 $29,889 $29,889 $29,889 $29,889 $29,889 $29,889 $29,882

Profit Before Interest and Taxes ($7,650) ($5,676) $1,314 $13,139 $4,129 ($1,392) ($2,161) ($27) $4,278 $7,588 $5,883 $1,484
Interest Expense $1,350 $1,333 $1,317 $1,301 $1,285 $1,268 $1,252 $1,236 $1,220 $1,203 $1,187 $1,171
Taxes Incurred ($2,700) ($2,103) ($1) $3,551 $853 ($798) ($1,024) ($379) $917 $1,915 $1,409 $94

Net Profit ($6,300) ($4,907) ($2) $8,287 $1,991 ($1,862) ($2,389) ($884) $2,141 $4,469 $3,287 $219
Net Profit/Sales -18.81% -14.22% -0.01% 18.15% 4.15% -4.40% -6.00% -2.10% 4.60% 8.62% 6.55% 0.48%

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 Appendix

Appendix Table: Cash Flow

Pro Forma Cash Flow

Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Cash Received

Cash from Operations

Cash Sales $33,500 $34,500 $43,070 $45,664 $47,987 $42,344 $39,793 $41,992 $46,550 $51,830 $50,146 $45,700
Subtotal Cash from Operations $33,500 $34,500 $43,070 $45,664 $47,987 $42,344 $39,793 $41,992 $46,550 $51,830 $50,146 $45,700

Additional Cash Received

Sales Tax, VAT, HST/GST Received 0.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
New Current Borrowing $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
New Other Liabilities (interest-free) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
New Long-term Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Sales of Other Current Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Sales of Long-term Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
New Investment Received $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal Cash Received $33,500 $34,500 $43,070 $45,664 $47,987 $42,344 $39,793 $41,992 $46,550 $51,830 $50,146 $45,700

Expenditures Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar

Expenditures from Operations

Cash spending $15,150 $15,150 $15,150 $15,150 $15,150 $15,150 $15,150 $15,150 $15,150 $15,150 $15,150 $15,150
Bill Payments $930 $27,761 $24,201 $28,792 $22,732 $31,549 $28,145 $24,515 $27,204 $29,051 $33,640 $31,035
Subtotal Spent on Operations $16,080 $42,911 $39,351 $43,942 $37,882 $46,699 $43,295 $39,665 $42,354 $44,201 $48,790 $46,185

Additional Cash Spent

Sales Tax, VAT, HST/GST Paid Out $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Principal Repayment of Current
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Borrowing
Other Liabilities Principal Repayment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Long-term Liabilities Principal
$1,950 $1,950 $1,950 $1,950 $1,950 $1,950 $1,950 $1,950 $1,950 $1,950 $1,950 $1,950
Repayment
Purchase Other Current Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Purchase Long-term Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Dividends $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal Cash Spent $18,030 $44,861 $41,301 $45,892 $39,832 $48,649 $45,245 $41,615 $44,304 $46,151 $50,740 $48,135

Net Cash Flow $15,470 ($10,361) $1,769 ($228) $8,155 ($6,305) ($5,452) $377 $2,245 $5,679 ($594) ($2,435)
Cash Balance $55,470 $45,110 $46,878 $46,650 $54,805 $48,500 $43,048 $43,425 $45,671 $51,350 $50,755 $48,320

Page 26
 Appendix

Appendix Table: Balance Sheet

Pro Forma Balance Sheet

Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Assets Starting Balances

Current Assets
Cash $40,000 $55,470 $45,110 $46,878 $46,650 $54,805 $48,500 $43,048 $43,425 $45,671 $51,350 $50,755 $48,320
Other Current Assets $35,000 $35,000 $35,000 $35,000 $35,000 $35,000 $35,000 $35,000 $35,000 $35,000 $35,000 $35,000 $35,000
Total Current Assets $82,000 $101,359 $91,426 $94,933 $95,551 $105,171 $98,733 $91,321 $91,768 $94,293 $102,138 $101,567 $99,088

Long-term Assets
Long-term Assets $77,900 $77,900 $77,900 $77,900 $77,900 $77,900 $77,900 $77,900 $77,900 $77,900 $77,900 $77,900 $77,900
Accumulated Depreciation $0 $649 $1,298 $1,947 $2,596 $3,245 $3,894 $4,543 $5,192 $5,841 $6,490 $7,139 $7,788
Total Long-term Assets $77,900 $77,251 $76,602 $75,953 $75,304 $74,655 $74,006 $73,357 $72,708 $72,059 $71,410 $70,761 $70,112
Total Assets $159,900 $178,610 $168,028 $170,886 $170,855 $179,826 $172,739 $164,678 $164,476 $166,352 $173,548 $172,328 $169,200

Liabilities and Capital Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar

Current Liabilities
Accounts Payable $0 $26,959 $23,234 $28,045 $21,676 $30,606 $27,331 $23,610 $26,242 $27,927 $32,604 $30,047 $28,650
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 $0 $26,959 $23,234 $28,045 $21,676 $30,606 $27,331 $23,610 $26,242 $27,927 $32,604 $30,047 $28,650

Long-term Liabilities $163,900 $161,950 $160,000 $158,050 $156,100 $154,150 $152,200 $150,250 $148,300 $146,350 $144,400 $142,450 $140,500
Total Liabilities $163,900 $188,909 $183,234 $186,095 $177,776 $184,756 $179,531 $173,860 $174,542 $174,277 $177,004 $172,497 $169,150

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 ($64,000) ($64,000) ($64,000) ($64,000) ($64,000) ($64,000) ($64,000) ($64,000) ($64,000) ($64,000) ($64,000) ($64,000) ($64,000)
Earnings $0 ($6,300) ($11,206) ($11,209) ($2,922) ($931) ($2,792) ($5,182) ($6,066) ($3,925) $544 $3,831 $4,051
Total Capital ($4,000) ($10,300) ($15,206) ($15,209) ($6,922) ($4,931) ($6,792) ($9,182) ($10,066) ($7,925) ($3,456) ($169) $51
Total Liabilities and Capital $159,900 $178,610 $168,028 $170,886 $170,855 $179,826 $172,739 $164,678 $164,476 $166,352 $173,548 $172,328 $169,200

Net Worth ($4,000) ($10,300) ($15,206) ($15,209) ($6,922) ($4,931) ($6,792) ($9,182) ($10,066) ($7,925) ($3,456) ($169) $51

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