Abbey Electronic

8/8/2019 Abbey Electronic

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November 2001

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Table of Contents

1.0 Executive Summary.............................................................................................................................11.1 Mission........................................................................................................................................21.2 Keys to Success ........................................................................................................................2

2.0 Company Summary.............................................................................................................................22.1 Company Ownership .................................................................................................................22.2 Start-up Summar ......................................................................................................................2

3.0 Services................................................................................................................................................54.0 Market Analysis Summar ..................................................................................................................5

4.1 Market Segmentation................................................................................................................54.2 Target Market Segment Strategy.............................................................................................6

5.0 Strategy and Implementation Summar ............................................................................................65.1 Competitive Edge......................................................................................................................75.2 Sales Forecast...........................................................................................................................7

6.0 Management Summar .......................................................................................................................96.1 Personnel Plan...........................................................................................................................9

7.0 Financial Plan....................................................................................................................................10

7.1 Break-even Analysis................................................................................................................107.2 Projected Profit and Loss .......................................................................................................107.3 Projected Cash Flow...............................................................................................................137.4 Projected Balance Sheet........................................................................................................167.5 Business Ratios.......................................................................................................................17


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Abbey Electronic Services

1.0 Executive Summary

Abbey Electronic Services is a full-service electronic repair business opening in the revitalized

Cherry Grove section of Montclair. The opening of the business is in conjunction with the

completion of the Cherry Grove Shopping Center. Two of the center's tenants, Harry's

Electronics and Olson's Appliance Superstore, have signed third-party repair agreements with

Abbey Electronic Services. Abbey Electronic Services is under contract to provide authorized

warranty service for selected manufacturers.

In addition to business clients, Abbey's will be open to the general public for repairs of consumer

electronics either with or without warranty service. The residential community in Cherry Grove

has experienced explosive growth and will serve as a strong customer base for Abbey Electronic

Services.

Abbey's owner, Richard Abbey, has 25 years of experience in the consumer electronics repair

field. His reputation for excellence is well established and he is a highly-respected electronics

instructor at the community college's Electronics Engineering Technology program.

Abbey Electronic Services will have a staff of two electronics technicians in addition to Richard.


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1.1 Mission

Abbey Electronic Services aims to offer high-quality electrical repair services with a focus on

convenience and rapid service. Additionally, Abbey Electronic Services is technologically savvy

with computerized monitoring of all parts inventory, to ensure that critical parts are always in

stock, while keeping a balanced level of inventory to maximize inventory turnover. Finally, Abbey

Electronic Services has strong relationships with the regional vendors who are capable of

shipping major parts rapidly (on an overnight timeline in most cases).

Abbey Electronic Services is about building a strong professional relationship with all our

customers that is grounded in honesty, fairness and integrity of service.

1.2 Keys to Success

Abbey Electronic Services' keys to success include:

Exceptional, expedient, and convenient electrical repair services.

Building a strong professional relationship with the customer base.

Rapid order and delivery of electrical part items.

2.0 Company Summary

Abbey Electronic Services is a start-up business managed by Richard Abbey. The economic

growth of Cherry Grove in the last several years has resulted in a revitalized community with

numerous new services and businesses. As a result, the area's need for reliable and convenient

electrical repair services has substantially risen as well. Abbey Electronic Services will position

itself to capitalize on the growing need of the middle- and upper-class market for quality

electrical repair service in the metropolitan area. The company will be privately owned by Richard

Abbey, with most of the additional funding coming from a ten year SBA loan.

2 1 Company Ownership


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Table: Start-up Funding

Start-up Funding

Start-up Expenses to Fund $40,800

Start-up Assets to Fund $109,200

Total Funding Required $150,000

Asset

Non-cash Assets from Start-up $100,000

Cash Requirements from Start-up $9,200

Additional Cash Raised $0

Cash Balance on Starting Date $9,200

Total Asset $109,200

Liabilities and Capital

Liabilitie

Current Borrowing $0

Long-term Liabili ties $100,000

Accounts Payable (Outstanding Bills) $0

Other Current Liabili ties (interest-free) $0

Total Liabili tie $100,000

Capital

Planned Investment

Richard $50,000

Investor 2 $0

Other $0

Additional Investment Requirement $0

Total Planned Investment $50,000

Loss at Start-up (Start-up Expenses) ($40,800)


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Table: Start-up

Start-up

Requirement

Start-up Expense

Legal $3,000

Stationery etc. $300

Rent $1,000

Start-Up Inventory $15,000

Leased Equipment $1,500

Start-Up Equipment $20,000

Other $0

Total Start-up Expense $40,800

Start-up Assets

Cash Required $9,200

Other Current Asset $0

Long-term Assets $100,000

Total Asset $109,200

Total Requirement $150,000

3.0 Services

Abbey Electronic Services are the following:

Service Contracts/Factory Warranty Repairs/Out of Warranty Repairs

Washer/Dryer: General Electric, Kenmore, Maytag, Whirlpool, Amana and Frigidaire.

Refrigerators: Frigidaire, General Electric, Kenmore, and Whirlpool.

Cooking Ranges: General Electric, Whirlpool, Frigidaire, and Maytag.


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Table: Market Analysis

Market Anal ysi

2002 2003 2004 2005 2006

Potential Customer Growth CAGR

Service Contract 15% 4,000 4,600 5,290 6,084 6,997 15.00%

Local Walk-In 15% 40,000 46,000 52,900 60,835 69,960 15.00%

Other 0% 0 0 0 0 0 0.00%

Total 15.00% 44,000 50,600 58,190 66,919 76,957 15.00%


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5.1 Competitive Edge

The competitive edge of Abbey Electronic Services is its people. Location and marketing will get

new customers in the door but without quality people, you won't keep them. Richard Abbey

knows this from working 25 years in the electronic repair business. In 1976, Richard started with

J. Arnold and Sons, the largest electronic repair business in Montclair. He worked there for 10

years before taking over management of Lucas Electronic Repair. The business was struggling. In

two years, Richard turned the business around. Lucas Electronic Repairs business increased by

150% during that period. The staff grew from four to eight. Richard remained as for another five

years before returning to J. Arnold and Sons. As Manager of J. Arnold and Sons for the pasteight years, the company has grown dramatically, from a staff of 10 to its current staff of 18.

Richard is also a successful teacher in the Montclair Community College Electronics Engineering

Technology program. His approach in the classroom is the same approach with customers;

straight forward and honest. He has been selected by the students as the best instructor five

years in a row.

This is the competitive advantage Richard brings to everything he does whether in a business or

a classroom.

5.2 Sales Forecast

The following table and charts show the projected sales forecast for Abbey Electronic Services.

Table: Sales Forecast

Sales Forecast

2002 2003 2004

Sale

Service Contract $137,000 $142,000 $155,000

alk-In Customer $98,000 $110,000 $120,000


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6.0 Management Summar

Richard has hired electronic repair technicians, John Williamson and Jim Logan, to join Abbey

Electronic Services.

John Williamson has 15 years of experience in the electronic repair field. John worked with

Gilmore Electronic Repair for four years before joining Lucas Electronic Repairs. Since that time,

John has moved into a senior position at Lucas.

Jim Logan joins Abbey Electronic Services after working in the electronic repair field for 10 yearsin the Richmond Metro area. Jim has worked for both Premiere Electronic Services and Billings

Electronics, which are the dominant repair businesses in Richmond.

Both of these technicians have a history of exceptional workmanship and great customer

relations.

6.1 Personnel Plan

The following is the staff's repair certification.

Richard is a certified to perform repairs on the following products.

Washer/Dryer: General Electric, Kenmore, and Maytag.

Refrigerators: Frigidaire and General Elect ric.

Cooking Ranges: General Electric and Whirlpool.

Televisions: Philips Magnavox and RCA.

John Williamson is a certified to perform repairs on the following products.

Washer/Dryer: General Electric, Whirlpool, Amana, and Frigidaire.

Refrigerators: Kenmore and Whirlpool


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7.0 Financial Plan

The following is the financial plan for Abbey Electronic Services.

7.1 Break-even Analysis

The monthly break-even point is presented in the table and chart below.

Table: Break-even Analysis

Break-even Anal ysi

Monthly Revenue Break-even $17,777

Assumptions:

Average Percent Variable Cost 4%

Estimated Monthly Fixed Cost $17,002


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Table: Profit and Loss

Pro Forma Profit a nd Los

2002 2003 2004

Sale $235,000 $252,000 $275,000

Direct Cost of Sale $10,250 $11,700 $12,800

Other Production Expenses $0 $0 $0

Total Cost of Sales $10,250 $11,700 $12,800

Gross Margin $224,750 $240,300 $262,200

Gross Margin % 95.64% 95.36% 95.35%

Expense

Payroll $144,000 $156,000 $174,000

Sal es and Marketi ng and Other Expenses $7,400 $5,400 $5,400

Depreciation $2,220 $2,220 $2,220

Leased Equipment $14,400 $14,400 $14,400

Util itie $2,400 $2,400 $2,400

Insurance $0 $0 $0

Rent $12,000 $12,000 $12,000

Payroll Taxe $21,600 $23,400 $26,100

Other $0 $0 $0

Total Operating Expense $204,020 $215,820 $236,520

Profit Before Interest and Taxe $20,730 $24,480 $25,680

EBITDA $22,950 $26,700 $27,900

Interest Expense $10,000 $10,000 $10,000

Taxes Incurred $3,219 $4,344 $4,704

Net Profit $7,511 $10,136 $10,976

Net Profit/Sale 3.20% 4.02% 3.99%


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Table: Cash Flow

Pro Forma Cash Flo

2002 2003 2004

Cash Received

Cash from Operation

Cash Sale $235,000 $252,000 $275,000

Subtotal Cash from Operations $235,000 $252,000 $275,000

Additiona l Cash Received

Sales Tax, VAT, HST/GST Received $0 $0 $0

New Current Borrowing $0 $0 $0

New Other Liabil ities (interest-free) $0 $0 $0

New Long-term Liabil itie $0 $0 $0

Sales of Other Current Assets $0 $0 $0

Sales of Long-term Asset $0 $0 $0

New Investment Received $0 $0 $0

Subtotal Cash Received $235,000 $252,000 $275,000

Expenditures 2002 2003 2004

Expenditures from Operation

Cash Spending $144,000 $156,000 $174,000

Bill Payment $74,582 $83,456 $87,462

Subtotal Spent on Operation $218,582 $239,456 $261,462

Additiona l Cash Spent

Sales Tax, VAT, HST/GST Paid Out $0 $0 $0

Principal Repayment of Current Borrowing $0 $0 $0

Other Liabil ities Principal Repayment $0 $0 $0

Long-term Liabili ties Principal Repayment $0 $0 $0

Purchase Other Current Asset $0 $0 $0

Purchase Long-term Assets $0 $0 $0


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7.4 Projected Balance Sheet

The table shows the projected balance sheet for three years.

Table: Balance Sheet

Pro Forma Bal ance Sheet

2002 2003 2004

Asset

Current Asset

Cash $25,618 $38,162 $51,700

Other Current Asset $0 $0 $0

Total Current Asset $25,618 $38,162 $51,700

Long-term Assets

Long-term Assets $100,000 $100,000 $100,000

Accumulated Depreciation $2,220 $4,440 $6,660

Total Long-term Assets $97,780 $95,560 $93,340

Total Asset $123,398 $133,722 $145,040

Liabili ties and Capital 2002 2003 2004

Current Liabilitie

Accounts Payable $6,687 $6,875 $7,217

Current Borrowing $0 $0 $0

Other Current Liabili tie $0 $0 $0

Subtotal Current Liabil ities $6,687 $6,875 $7,217

Long-term Liabili ties $100,000 $100,000 $100,000Total Liabili tie $106,687 $106,875 $107,217

Paid-in Capital $50,000 $50,000 $50,000

Retained Earnings ($40 800) ($33 289) ($23 153)


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7.5 Business Ratios

Business ratios for the years of this plan are shown below. Industry profile ratios based on the

Standard Industrial Classification (SIC) code 7622, Radio and Television Repair, are shown for

comparison.


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Table: Ratios

Ratio Analysi

2002 2003 2004 Industry Profi le

Sales Growth 0.00% 7.23% 9.13% 6.10%

Percent of Total Assets

Other Current Asset 0.00% 0.00% 0.00% 27.50%

Total Current Asset 20.76% 28.54% 35.65% 76.90%

Long-term Assets 79.24% 71.46% 64.35% 23.10%

Total Asset 100.00% 100.00% 100.00% 100.00%

Current Liabil i tie 5.42% 5.14% 4.98% 36.90%

Long-term Liabili ties 81.04% 74.78% 68.95% 15.80%

Total Liabili tie 86.46% 79.92% 73.92% 52.70%

Net Worth 13.54% 20.08% 26.08% 47.30%

Percent of Sale

Sale 100.00% 100.00% 100.00% 100.00%

Gross Margin 95.64% 95.36% 95.35% 0.00%

Selling, General & Administrative Expense 92.44% 91.33% 92.26% 83.50%

Advertising Expenses 0.85% 0.00% 0.00% 0.50%

Profit Before Interest and Taxe 8.82% 9.71% 9.34% 3.10%

Main Ratio

Current 3.83 5.55 7.16 2.26

Quick 3.83 5.55 7.16 1.47

Total Debt to Total Asset 86.46% 79.92% 73.92% 52.70%

Pre-tax Return on Net Worth 64.21% 53.94% 41.46% 7.00%

Pre-tax Return on Asset 8.70% 10.83% 10.81% 14.70%

Additional Ratio 2002 2003 2004

Net Profit Margin 3.20% 4.02% 3.99% n.a

Return on Equity 44.95% 37.75% 29.02% n.a


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Appendix

Page 1

Table: Sales Forecast

Sales Forecas

Jan Feb Mar Apr May Jun Jul Aug Sep Oc Nov Dec

Sales

Service Contracts 0% $9,000 $11,000 $12,000 $12,000 $12,000 $12,000 $12,000 $11,000 $12,000 $11,000 $12,000 $11,000Walk-In Customers 0% $4,000 $5,000 $7,000 $8,000 $9,000 $10,000 $8,000 $9,000 $10,000 $10,000 $9,000 $9,000

Total Sales $13,000 $16,000 $19,000 $20,000 $21,000 $22,000 $20,000 $20,000 $22,000 $21,000 $21,000 $20,000

Direct Cost of Sales Jan Feb Mar Apr May Jun Jul Aug Sep Oc Nov Dec

Service Contracts $300 $400 $450 $400 $400 $450 $500 $500 $475 $575 $600 $500

Walk-In Customers $200 $200 $300 $350 $350 $400 $450 $450 $500 $500 $500 $500

Subtotal Direct Cost of Sales $500 $600 $750 $750 $750 $850 $950 $950 $975 $1,075 $1,100 $1,000


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Appendix

Page 2

Table: Personnel

Personnel Plan


Richard Abbey 0% $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000

John Williamson 0% $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000Jim Logan 0% $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000

Other 0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Total People 0 0 0 0 0 0 0 0 0 0 0 0

Total Payroll $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000


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Appendix

Page 3

Table: General Assumptions

General Assumptions


Plan Month 1 2 3 4 5 6 7 8 9 10 11 12

Current Interest Rate 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%Long-term Interest Rate 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%

Tax Rate 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%

Other 0 0 0 0 0 0 0 0 0 0 0 0


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Appendix

Page 4

Table: Profit and Loss

Pro Forma Profit and Loss


Sales $13,000 $16,000 $19,000 $20,000 $21,000 $22,000 $20,000 $20,000 $22,000 $21,000 $21,000 $20,000

Direct Cost of Sales $500 $600 $750 $750 $750 $850 $950 $950 $975 $1,075 $1,100 $1,000Other Production Expenses $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Total Cost of Sales $500 $600 $750 $750 $750 $850 $950 $950 $975 $1,075 $1,100 $1,000

Gross Margin $12,500 $15,400 $18,250 $19,250 $20,250 $21,150 $19,050 $19,050 $21,025 $19,925 $19,900 $19,000

Gross Margin % 96.15% 96.25% 96.05% 96.25% 96.43% 96.14% 95.25% 95.25% 95.57% 94.88% 94.76% 95.00%

Expenses

Payroll $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000

Sales and Marketing and Other

Expenses

$800 $800 $900 $1,000 $500 $400 $500 $500 $300 $600 $600 $500

Depreciation $185 $185 $185 $185 $185 $185 $185 $185 $185 $185 $185 $185

Leased Equipmen $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200 $1,200

Utilities $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200

Insurance $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Ren $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000

Payroll Taxes 15% $1,800 $1,800 $1,800 $1,800 $1,800 $1,800 $1,800 $1,800 $1,800 $1,800 $1,800 $1,800

Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Total Operating Expenses $17,185 $17,185 $17,285 $17,385 $16,885 $16,785 $16,885 $16,885 $16,685 $16,985 $16,985 $16,885

Profit Before Interest and Taxes ($4,685) ($1,785) $965 $1,865 $3,365 $4,365 $2,165 $2,165 $4,340 $2,940 $2,915 $2,115

EBITD ($4,500) ($1,600) $1,150 $2,050 $3,550 $4,550 $2,350 $2,350 $4,525 $3,125 $3,100 $2,300

Interest Expense $833 $833 $833 $833 $833 $833 $833 $833 $833 $833 $833 $833

Taxes Incurred ($1,655) ($786) $39 $309 $759 $1,060 $399 $399 $1,052 $632 $624 $384

Net Profi ($3,863) ( $1,833) $92 $722 $1,772 $2,472 $932 $932 $2,455 $1,475 $1,457 $897

Net Profit/Sales -29.71% -11.46% 0.49% 3.61% 8.44% 11.24% 4.66% 4.66% 11.16% 7.02% 6.94% 4.49%


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Appendix

Page 5

Table: Cash Flo

Pro Forma Cash Flow


Cash Received

Cash from Operations

Cash Sales $13,000 $16,000 $19,000 $20,000 $21,000 $22,000 $20,000 $20,000 $22,000 $21,000 $21,000 $20,000

Subtotal Cash from Operations $13,000 $16,000 $19,000 $20,000 $21,000 $22,000 $20,000 $20,000 $22,000 $21,000 $21,000 $20,000

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 $13,000 $16,000 $19,000 $20,000 $21,000 $22,000 $20,000 $20,000 $22,000 $21,000 $21,000 $20,000

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

Expenditures from Operations

Cash Spending $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000 $12,000

Bill Payments $156 $4,710 $5,684 $6,735 $7,091 $7,053 $7,327 $6,883 $6,899 $7,360 $7,341 $7,343

Subtotal Spent on Operations $12,156 $16,710 $17,684 $18,735 $19,091 $19,053 $19,328 $18,883 $18,899 $19,360 $19,341 $19,343

Additional Cash Spen

Sales Tax , VAT, HST/GST Paid Ou $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Principal Repayment of Current Borrowing $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Other Liabilities Principal Repaymen $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Long-term Liabilities Principal Repaymen $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

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 Spen $12,156 $16,710 $17,684 $18,735 $19,091 $19,053 $19,328 $18,883 $18,899 $19,360 $19,341 $19,343

Net Cash Flow $844 ($710) $1,316 $1,265 $1,909 $2,947 $673 $1,117 $3,101 $1,640 $1,659 $657

Cash Balance $10,044 $9,334 $10,650 $11,915 $13,824 $16,771 $17,444 $18,561 $21,662 $23,302 $24,961 $25,618


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Appendix

Page 6

Table: Balance Sheet

Pro Forma Balance Shee


Assets Starting Balances

Curren t Assets

Cash $9,200 $10,044 $9,334 $10,650 $11,915 $13,824 $16,771 $17,444 $18,561 $21,662 $23,302 $24,961 $25,618

Other Current Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Total Current Assets $9,200 $10,044 $9,334 $10,650 $11,915 $13,824 $16,771 $17,444 $18,561 $21,662 $23,302 $24,961 $25,618

Long -term Assets

Long-term Assets $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000

Accumulated Depreciation $0 $185 $370 $555 $740 $925 $1,110 $1,295 $1,480 $1,665 $1,850 $2,035 $2,220

Total Long-term Assets $100,000 $99,815 $99,630 $99,445 $99,260 $99,075 $98,890 $98,705 $98,520 $98,335 $98,150 $97,965 $97,780

Total Assets $109,200 $109,859 $108,964 $110,095 $111,175 $112,899 $115,661 $116,149 $117,081 $119,997 $121,452 $122,926 $123,398

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

Current Liabilities

Accounts Payable $0 $4,522 $5,460 $6,499 $6,856 $6,808 $7,098 $6,653 $6,653 $7,115 $7,096 $7,113 $6,687

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 $4,522 $5,460 $6,499 $6,856 $6,808 $7,098 $6,653 $6,653 $7,115 $7,096 $7,113 $6,687

L ong -term L ia bilitie s $10 0,000 $1 00,00 0 $1 00,00 0 $1 00 ,00 0 $1 00 ,00 0 $ 100 ,0 00 $ 100 ,0 00 $10 0,000 $10 0,000 $10 0,000 $10 0,0 00 $10 0,0 00 $ 10 0,0 00

Total Liabilities $100,000 $104,522 $105,460 $106,499 $106,856 $106,808 $107,098 $106,653 $106,653 $107,115 $107,096 $107,113 $106,687

Paid-in Capital $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000

Retain ed Earnin gs ($ 40,800 ) ($ 40,80 0) ($ 40,80 0) ($40 ,8 00) ($40 ,8 00) ($4 0,800 ) ($4 0,800 ) ($4 0,800 ) ($4 0,800 ) ($4 0,800 ) ($4 0,800 ) ($4 0,800 ) ($4 0,800 )

Earnings $0 ($3,863) ($5,696) ($5,603) ($4,881) ($3,109) ($637) $295 $1,227 $3,682 $5,157 $6,614 $7,511

Total Capital $9,200 $5,337 $3,504 $3,597 $4,319 $6,091 $8,563 $9,495 $10,427 $12,882 $14,357 $15,814 $16,711

To ta l L ia bil itie s a nd Ca pita l $ 10 9,2 00 $ 10 9,8 59 $ 10 8,9 64 $ 11 0,0 95 $ 11 1,1 75 $ 11 2,8 99 $ 11 5,6 61 $ 11 6,1 49 $ 11 7,0 81 $ 11 9,9 97 $ 12 1,4 52 $ 12 2,9 26 $ 12 3,3 98

Net Worth $9,200 $5,337 $3,504 $3,597 $4,319 $6,091 $8,563 $9,495 $10,427 $12,882 $14,357 $15,814 $16,711

Abbey Electronic

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