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Roya Photography

Executive Summary
Families need photographs to capture the special moments of their lives. Families of
professionals are busy, and if too much time goes by between photos, these moments
are lost forever. Babies, especially, grow fast and parents need photos of them several
times a year.

While nearly everyone has a camera for snapshots especially by smart phone , people
need professional quality photos and new methods and themes for their photo . in fact
people prefer to have spacial and unique photo.

Also, the companies need to attract market by advertisement, the high quality photo
with an unique and particular method of photography can improve their advertisement
plans in the market, industrial photography new methods and creative figure can be
one of the most effective factor which can highlight them in the market.

Most people use professional photo studios only on rare occasions, such as weddings,
yearbook pictures, or baby portraits and spacial for family and industrial photo for
companies.

We will serve small and medium-sized businesses and non-profits for all of their studio
photography needs by creating beautiful shots that serve the client's needs,
offering excellent service and flexibility with a personal touch, and offering value-
added services related to photography.

In addition, I want to become a member of Professional Photographers of Canada to


join their community of dedicated photographers. Meeting new friends and mentors
and take advantage of the wealth of experience and knowledge. I would like to attend
in their webinars, local seminars and workshops, Canadian imaging conference and
trade show, also they offer some valuable discounts and Preferred rate such as

Business Insurance (Harvard Western Insurance - 20% discount and small business
insurance plan)

Album First Order (Album Epoca - 50% first order discount - for new clients only)

Canvas Discount (Canvas Plus - 50% off for PPOC members)

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Group Health and Dental Plan (Harvard Western Insurance - rates for self-employed
photographers, Except Quebec)

Car Rentals (Enterprise Car Rentals)

Credit Card Vendor Fees (Paymentech Canada - preferred vendor rates for credit and
debit cards)

Leasing (National Leasing - preferred leasing rates for members, excluding Observers)

Health Spending Account- SafePacific Financial -no set up fees and a 10% discount on
administration fees for PPOC members and Commercial Partners

Royalty Free Music (Triple Scoop Music - annual free music licensing gift ($60 value)
and 10% discount)

Selected non-PPOC seminars (Member discounts available when offered by non-PPOC


educational events)

Market

Our market is divided to two main section.

1- Families Market

2- Companies Market

We want to have two separate section for photography in our studio for both markets.

Families Market includes all type of photo such as Wedding and other celebration
photography, Babies photography, portrait and pregnancy photography.

We want to have special package for each part of our Families Market.

Companies Market includes commercial photography for small and medium-sized


businesses for their advertisement and marketing objectives.

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Competition

Our keys for success are:

• having special online panel on our CRM system


• Developing relationships with our clients through personal customer service, to
turn one-time customers into lifetime clients
• Offering a range of additional services, such as printing, photo editing, framing,
and production of photos in a variety of digital formats
• Making businesses feel at home in our studio and part of the creative process
• offering special package for our clients
• offering special discounts for our clients based on their score in the our CRM

Expectations
Forecast

We have plan to grow up at annual rate over at least 20 percent by targeting families
with newborn babies for baby pictures and then developing a relationship with the
client over the years for commercial photography . The funding requested in this plan is
projected to result in a comfortable annual net profit by Year 5.

The opening of Roya's Photo Studio will mark a change in the professional
photography's methods and features and intends to raise its profit by investing to the
business in order to open a studio space, hire staff, and undergo a new marketing
campaign by the next 5 years.

Sales and profits from the business are projected to rise steadily, from $356,000 revenues
and $50,000 profits in the first year to $750,000 revenues and $99,000 profits in year 5.
Gross margins and net profit margins will be relatively steady at 75% and 13%
respectively

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Financial Highlights by Year

Financing Needed

I can investing about .............. for starting my business in Canada.

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Company
Ownership & Structure

Roya Photography was established as a sole proprietorship in ..... . Currently, all shares
of Roya Photography are owned by Ms. Roya Nassaj pour and her spouse Mr. ........

Company history

Roya Photography will be based in a conveniently-located studio space within half an


hour of downtown Toronto, ON. For more than ten years, Roya Photography has
operated as a freelance photographer specializing in commercial shoots, establishing a
reputation among small businesses as a professional and talented photographer. Over
this time, Roya's business has steadily grown, including a variety of returning clients
who rely on Roya for their product photography for pamphlets, brochures, websites,
and other marketing collateral. Roya has operated without a devoted studio during this
time, traveling to client sites and setting up a studio space wherever possible and about
other field of its business Roya has working in its studio or has renting location for
ceremonies photography

Company Locations and Facilities

We will open in a 100 square meters’ studio near Toronto down town, the heart of the
commercial district with ample free parking. The space will be leased for three years
beginning at $2500 a month with cost-of-living adjustments made annually.

The studio will have a highly visible electric sign and a wide display window visible to
passing foot and auto traffic. Customers will enter a public area with a counter, samples
of our photographs and albums, and couches for waiting. A separate playroom with
props and other toys will accommodate children with sitting areas for parents, while a
utility area off the back door will be set up to accommodate pets and their
props. Children, pets and props can be brought into the photography studio for their
photographs. An office and working area will be used for assembling the final product.

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we are planning to rent the beside office to improve our services specially for
commercial photography by 2021 and our renting costs will increase to 5000 CAD
monthly.

Product and Services


Our Services

We divided our services to two main part:

1- Family Photography

2- Commercial Photography

Services to be offered in category-1 (Family Photography) include the following:

• portrait
• Baby photo
• Wedding Photo
• Other sermonizes Photo
• Pregnancy photo

Services to be offered in category-2 (Commercial Photography) include the following:

• Package GOLD (1)


• Package SILVER (2)
• Package Bronze (3)

Other Services to be offered in both category include the following:

• Set dressing services for photo shoots


• Photo editing and digital editing work
• Delivery of prints or digital files of photo shoots
• Framing of photos
• Web portal to access digital files from shoots and manage editing process with
clients
• Rental of the studio space to subcontractors
• Graphic design services

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• Multiple shoots simultaneously

Our Services Description

Our products include:

Portraits

Portraits divided to some different part.

Family Portraits; Portraits of the entire family are needed for display, to send to
relatives and to use in family newsletters and websites. Most families have pets, and we
can arrange family portraits that include them. While we don’t specialize in pet
portraits, we have props and will take stand-alone photos of pets as well. There’s an
additional charge for exotic animals

Senior pictures; We offer a special package of a family portrait at half price with the
senior picture. It is often the parents who are paying for the senior portrait, so we want
to establish a relationship with the parents. The parents will want a picture of their
senior with the rest of the family. This introduction to the family will allow us to market
our other services.

Individual portraits; Individual portraits are commonly needed for individual and
business websites, business cards, brochures and annual reports.

Model’s Portfolio and Glamour Shots; Photos suitable for magazine publication.

Annual Portrait Program; We take the initiative to schedule the annual portrait and we
replace it in last year's frame while saving last year's photo in a portfolio.

Wedding Album

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Weddings are one of the most special moments of life. Our wedding album
includes up to 7 hours of wedding photography, with prints displayed in
a custom photo album and digital images on CD.

Baby Picture Program

We arrange pictures of the baby at 1 month, 3 months, 6 months, 9 months, 1


year, 18 months, 2 years, and 2½ years.

We have a unique combination of props and a passion for babies. Babies are also our
prime gateway product for entering families into our programs of ongoing pictures.

We arrange a portrait of the child at 3 years, 4 years and 5 years, or until the child
begins to be photographed annually for school pictures.

Wedding and other Sermonized Photo

Weddings are one of the most special moments of life. Our wedding album includes up
to 7 hours of wedding photography, with prints displayed in a custom photo album
and digital images on CD and offer them in their special panel in our website. we also
offer some great package for engaging, birthday and other sermonizes photo

Pregnancy Photo

Pregnancy is a remarkable time in everyone life, full of amazing changes and giddy
anticipation. No wonder women want to document it all with maternity photos! The
ideal time to schedule a pregnancy photo shoot is generally sometime between weeks
28 and 32, so you can show off that adorable baby bump. But timing when to take
pictures isn’t the only thing you need to know to pull off a stunning photo shoot.
Here, we’ve gathered up our best maternity photo ideas to help you get the perfect
pics. Competition

Current alternatives

The competition for our methods photography is divided into several categories:

Award-Winning Photographers
Award-winning photographers are those who routinely deliver magazine-quality

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photographs. Their work is highly creative and spontaneous instead of routinely posing
shots. They are rare and highly expensive.

Quality Photographers
These are professional-quality photographers, like us, who use a lot of posed shots.
Most of the competition falls into this category.

Value Photographers
Low-priced, lower quality providers.

Same Day Photographers


Normally priced photo studios that provide lower quality photos on the same day.

Commercial Photographers

There are some well-known commercial photographer by good standing experience


and reputation among companies.

The main competitors in our intended region King Street Photo Studio and Taylor
Studio. they are more experienced and more well-known in this region

Our advantages

our services are some advantage that can be our key points.

Our website is our first and most important advantage, we want to have a special
website and programs for our clients.

They can increase their score by recording their offer from this panel and each score can
have special gift and discount for them. For example, for families with children we
have three package Gold is the best. by choosing this families can have 20 baby pictures,
10 family pictures, 5 portrait. Also they can get 20 scores in their panel and for next offer
they have 20$ discount, in addition, they are attending in our annual draw and be the
winner of our big gift.

We offer such these package for other services too.

These packaging methods and next offers will have a great effect in our market for
commercial photography.

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Market Analysis
Target Market Summery

The market for commercial photography includes all businesses and non-profits
institute. For us, the target at first years are small and medium-sized businesses and
non-profits (those with under 300 employees) based.

Attracting business managers can be done by our special offers in our packaging
systems, we think our scoring system can attract managers to contract with us and after
having one contract because of their score and discount they promote to work with us
again and again. by this method we can maintain our clients and keep them satisfied.

Market Section

Larger businesses in the Toronto area are served by large studios who can send
photographers to the client site or set up shoots with little notice. These businesses
require photography vendors with the capacity to shoot in multiple locations at the
same time.

Smaller businesses, on the other hand, are comfortable working with smaller
photography studios. They are generally unhappy with larger studios, as they find they
are not a priority compared with the larger clients of the studio. They want the same
level of service, scaled to the needs and budget of their business, and only a smaller
studio can provide this.

Furthermore, larger businesses often bring a great deal of photo editing work in-house
to their marketing departments. Smaller businesses value the ability of a photo studio to
handle this work as their marketing or design departments often do not have the
capacity to deal with this work when new materials are being developed.

Medium and small businesses can provide ongoing work. However, without serving
very small businesses, We will miss out on capturing smaller customers before they
grow. Working with very small businesses can also provide a wide base of customers,
making the revenue streams of the business less susceptible to the loss of any one
customer.

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Our packaging system can help us to provide several services by nearly the same
quality to all types of companies.

we also want to maintain our family market and grow up but our target market is
commercial photography for businesses and companies.

Marketing Strategy

The marketing strategy for Photography is based on the belief that using a few
marketing tactics is preferable to using many marketing tactics with moderate success
with each. The following are components of the initial marketing campaign:

Email and social media Marketing:

Roya photography business is all over the web. Some of the social media websites that I
use include: Pinterest, LinkedIn, Facebook, Instagram, Telegram.Also we send email for
our clients to announce our new discounts and new methods.

Web Marketing: Roya Photography will purchase search engine advertising with
Google Ad words around commercial photography keywords for the King St market
and gear its advertisements towards the needs of small and medium-sized businesses.
Furthermore, our Photography's website will be optimized for higher search engine
ranking under these keywords.

Plan the customer experience: Plan out the details of how our clients will experience
working with us. Begin with introduce ourselves and carry it to the thank you card at
the end of the assignment. One thing I know is the more I communicate with my clients,
the happier they are at the end of the assignments.

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Financial Plan
The launch of the business will be financed by the founder's investment and credit. In
exchange for $53,000 investment in the business at startup. The initial funding
requirements are modest for the business.

The growth of the business, beyond the first year, will be financed by the free cash flows
generated by the business. This will allow for the expansion of staff to include
additional photographers, the ramping up of marketing expenditures, and the resulting
increase in sales. Only one photographer will be added per year in order to make sure
that there is time for adequate training of new staff

The details is available in forecast.

Forecast
Start Funding

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Expenses by Month

Net Profit (or Loss) by Year

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Statements
Projected Profit and Loss

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2019 2020 2021 2022 2023


Revenue $387,600 $508,850 $696,270 $966,330 $1,299,880

Direct Costs $51,600 $61,000 $125,400 $150,440 $178,984

Gross Margin $336,000 $447,850 $570,870 $815,890 $1,120,896

Gross Margin % 87% 88% 82% 84% 86%


Operating
Expenses
Salaries &
$138,000 $181,800 $199,980 $219,978 $241,976
Wages

Employee
Related $25,200 $33,720 $37,092 $40,801 $44,882
Expenses

Office Rent $21,600 $21,600 $21,600 $21,600 $21,600

utilities $4,800 $5,800 $7,000 $8,500 $10,000

Marketing $15,504 $20,354 $27,851 $38,653 $51,995

Web and CRM


$10,000
Services

CRM Servives $30,000 $30,000 $30,000 $30,000 $30,000

Insurance $17,400 $17,400 $17,400 $17,400 $17,400

Amortization of
Other Current $0 $0 $0 $0 $0
Assets

Total Operating
$252,504 $320,674 $340,923 $376,932 $417,853
Expenses

Operating
$83,496 $127,176 $229,947 $438,958 $703,043
Income

Interest Incurred

Depreciation and
$6,543 $6,543 $10,209 $6,543 $6,543
Amortization

Income Taxes $7,695 $12,064 $22,440 $43,242 $69,650

Total Expenses $318,342 $400,281 $494,305 $577,158 $673,029


Net Profit $69,258 $108,569 $201,965 $389,172 $626,851
Net Profit /
18% 21% 29% 40% 48%
Sales

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Projected Balance Sheet

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2019 2020 2021 2022 2023


Cash $40,695 $160,911 $366,707 $785,355 $1,449,484

Accounts
$0 $0 $0 $0 $0
Receivable

Inventory

Other Current
$10,000 $10,000 $10,000 $10,000 $10,000
Assets

Total Current
$50,695 $170,911 $376,707 $795,355 $1,459,484
Assets

Long-Term Assets $37,000 $37,000 $45,000 $45,000 $45,000

Accumulated
($6,543) ($13,086) ($11,629) ($18,171) ($24,714)
Depreciation

Total Long-Term
$30,457 $23,914 $33,371 $26,829 $20,286
Assets

Total Assets $81,152 $194,825 $410,079 $822,183 $1,479,770

Accounts Payable $0 $0 $0 $0 $0

Income Taxes
$7,695 $12,064 $22,440 $43,242 $69,650
Payable

Sales Taxes
$4,199 $4,934 $7,847 $9,977 $14,305
Payable

Short-Term Debt

Prepaid Revenue

Total Current
$11,894 $16,998 $30,287 $53,219 $83,955
Liabilities
Long-Term Debt

Total Liabilities $11,894 $16,998 $30,287 $53,219 $83,955

Paid-In Capital

Retained Earnings $69,258 $177,827 $379,792 $768,964

Earnings $69,258 $108,569 $201,964 $389,173 $626,851

Total Owner's
$69,258 $177,827 $379,792 $768,964 $1,395,815
Equity

Total Liabilities
$81,152 $194,825 $410,079 $822,183 $1,479,770
& Equity

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Projected Cash Flow Statement

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2019 2020 2021 2022 2023


Net Cash Flow
from Operations
Net Profit $69,258 $108,569 $201,965 $389,172 $626,851

Depreciation &
$6,543 $6,543 $10,210 $6,543 $6,543
Amortization

Change in
Accounts $0 $0 $0 $0 $0
Receivable

Change in
Inventory

Change in
Accounts $0 $0 $0 $0 $0
Payable

Change in
Income Tax $7,695 $4,369 $10,376 $20,802 $26,408
Payable

Change in Sales
$4,199 $735 $2,913 $2,130 $4,328
Tax Payable

Change in
Prepaid
Revenue

Net Cash Flow


$87,695 $120,216 $220,796 $418,648 $664,129
from Operations
Investing &
Financing
Assets
Purchased or ($47,000) ($15,000)
Sold

Investments
Received

Change in Long-
Term Debt

Change in
Short-Term
Debt

Dividends &
Distributions

Net Cash Flow


from Investing & ($47,000) ($15,000)
Financing

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Cash at Beginning
$0 $40,695 $160,911 $366,707 $785,355
of Period

Net Change in Cash $40,695 $120,216 $205,796 $418,648 $664,129

Cash at End of
$40,695 $160,911 $366,707 $785,355 $1,449,484
Period

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Appendix
Profit and Loss Statement (With monthly detail)

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2019 Jan '19 Feb '19 Mar '19 Apr '19 May '19 June '19 July '19 Aug '19 Sept '19 Oct '19 Nov '19 Dec '19

Total Revenue $32,300 $32,300 $32,300 $32,300 $32,300 $32,300 $32,300 $32,300 $32,300 $32,300 $32,300 $32,300

Total Direct
$4,300 $4,300 $4,300 $4,300 $4,300 $4,300 $4,300 $4,300 $4,300 $4,300 $4,300 $4,300
Costs

Gross Margin $28,000 $28,000 $28,000 $28,000 $28,000 $28,000 $28,000 $28,000 $28,000 $28,000 $28,000 $28,000

Gross Margin % 87% 87% 87% 87% 87% 87% 87% 87% 87% 87% 87% 87%

Operating
Expenses

Salaries and
$11,500 $11,500 $11,500 $11,500 $11,500 $11,500 $11,500 $11,500 $11,500 $11,500 $11,500 $11,500
Wages

Employee Related
$2,100 $2,100 $2,100 $2,100 $2,100 $2,100 $2,100 $2,100 $2,100 $2,100 $2,100 $2,100
Expenses

Office Rent $1,800 $1,800 $1,800 $1,800 $1,800 $1,800 $1,800 $1,800 $1,800 $1,800 $1,800 $1,800

utilities $400 $400 $400 $400 $400 $400 $400 $400 $400 $400 $400 $400

Marketing $1,292 $1,292 $1,292 $1,292 $1,292 $1,292 $1,292 $1,292 $1,292 $1,292 $1,292 $1,292

Web and CRM


Services

CRM Servives $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500

Insurance $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450 $1,450

Amortization of
Other Current $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Assets

Total
Operating $21,042 $21,042 $21,042 $21,042 $21,042 $21,042 $21,042 $21,042 $21,042 $21,042 $21,042 $21,042
Expenses

Operating
$6,958 $6,958 $6,958 $6,958 $6,958 $6,958 $6,958 $6,958 $6,958 $6,958 $6,958 $6,958
Income

Interest Incurred

Depreciation and
$545 $545 $546 $545 $545 $545 $546 $545 $545 $545 $546 $545
Amortization

Income Taxes $641 $642 $641 $641 $641 $642 $641 $641 $641 $642 $641 $641

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Total Expenses $26,528 $26,529 $26,529 $26,528 $26,528 $26,529 $26,529 $26,528 $26,528 $26,529 $26,529 $26,528

Net Profit $5,772 $5,771 $5,771 $5,772 $5,772 $5,771 $5,771 $5,772 $5,772 $5,771 $5,771 $5,772

Net Profit /
18% 18% 18% 18% 18% 18% 18% 18% 18% 18% 18% 18%
Sales

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2019 2020 2021 2022 2023

Total Revenue $387,600 $508,850 $696,270 $966,330 $1,299,880

Total Direct Costs $51,600 $61,000 $125,400 $150,440 $178,984

Gross Margin $336,000 $447,850 $570,870 $815,890 $1,120,896

Gross Margin % 87% 88% 82% 84% 86%

Operating Expenses

Salaries and Wages $138,000 $181,800 $199,980 $219,978 $241,976

Employee Related Expenses $25,200 $33,720 $37,092 $40,801 $44,882

Office Rent $21,600 $21,600 $21,600 $21,600 $21,600

utilities $4,800 $5,800 $7,000 $8,500 $10,000

Marketing $15,504 $20,354 $27,851 $38,653 $51,995

Web and CRM Services $10,000

CRM Servives $30,000 $30,000 $30,000 $30,000 $30,000

Insurance $17,400 $17,400 $17,400 $17,400 $17,400

Amortization of Other Current Assets $0 $0 $0 $0 $0

Total Operating Expenses $252,504 $320,674 $340,923 $376,932 $417,853

Operating Income $83,496 $127,176 $229,947 $438,958 $703,043

Interest Incurred

Depreciation and Amortization $6,543 $6,543 $10,209 $6,543 $6,543

Income Taxes $7,695 $12,064 $22,440 $43,242 $69,650

Total Expenses $318,342 $400,281 $494,305 $577,158 $673,029

Net Profit $69,258 $108,569 $201,965 $389,172 $626,851

Net Profit / Sales 18% 21% 29% 40% 48%

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Balance Sheet (With Monthly Detail)

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2019 Jan '19 Feb '19 Mar '19 Apr '19 May '19 June '19 July '19 Aug '19 Sept '19 Oct '19 Nov '19 Dec '19

Cash ($35,843) ($28,885) ($21,927) ($14,969) ($8,011) ($1,053) $5,905 $12,863 $19,821 $26,779 $33,737 $40,695

Accounts
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Receivable

Inventory

Other Current
$10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000 $10,000
Assets

Total Current
($25,843) ($18,885) ($11,927) ($4,969) $1,989 $8,947 $15,905 $22,863 $29,821 $36,779 $43,737 $50,695
Assets

Long-Term Assets $37,000 $37,000 $37,000 $37,000 $37,000 $37,000 $37,000 $37,000 $37,000 $37,000 $37,000 $37,000

Accumulated
($545) ($1,090) ($1,636) ($2,181) ($2,726) ($3,271) ($3,817) ($4,362) ($4,907) ($5,452) ($5,998) ($6,543)
Depreciation

Total Long-
$36,455 $35,910 $35,364 $34,819 $34,274 $33,729 $33,183 $32,638 $32,093 $31,548 $31,002 $30,457
Term Assets

Total Assets $10,612 $17,025 $23,437 $29,850 $36,263 $42,676 $49,088 $55,501 $61,914 $68,327 $74,739 $81,152

Accounts Payable $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Income Taxes
$641 $1,283 $1,924 $2,565 $3,206 $3,848 $4,489 $5,130 $5,771 $6,413 $7,054 $7,695
Payable

Sales Taxes
$4,199 $4,199 $4,199 $4,199 $4,199 $4,199 $4,199 $4,199 $4,199 $4,199 $4,199 $4,199
Payable

Short-Term Debt

Prepaid Revenue

Total Current
$4,840 $5,482 $6,123 $6,764 $7,405 $8,047 $8,688 $9,329 $9,970 $10,612 $11,253 $11,894
Liabilities

Long-Term Debt

Total
$4,840 $5,482 $6,123 $6,764 $7,405 $8,047 $8,688 $9,329 $9,970 $10,612 $11,253 $11,894
Liabilities

Paid-In Capital

Retained Earnings

Earnings $5,772 $11,543 $17,314 $23,086 $28,858 $34,629 $40,400 $46,172 $51,944 $57,715 $63,486 $69,258

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Total Owner's
$5,772 $11,543 $17,314 $23,086 $28,858 $34,629 $40,400 $46,172 $51,944 $57,715 $63,486 $69,258
Equity

Total
Liabilities & $10,612 $17,025 $23,437 $29,850 $36,263 $42,676 $49,088 $55,501 $61,914 $68,327 $74,739 $81,152
Equity

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2019 2020 2021 2022 2023

Cash $40,695 $160,911 $366,707 $785,355 $1,449,484

Accounts Receivable $0 $0 $0 $0 $0

Inventory

Other Current Assets $10,000 $10,000 $10,000 $10,000 $10,000

Total Current Assets $50,695 $170,911 $376,707 $795,355 $1,459,484

Long-Term Assets $37,000 $37,000 $45,000 $45,000 $45,000

Accumulated Depreciation ($6,543) ($13,086) ($11,629) ($18,171) ($24,714)

Total Long-Term Assets $30,457 $23,914 $33,371 $26,829 $20,286

Total Assets $81,152 $194,825 $410,079 $822,183 $1,479,770

Accounts Payable $0 $0 $0 $0 $0

Income Taxes Payable $7,695 $12,064 $22,440 $43,242 $69,650

Sales Taxes Payable $4,199 $4,934 $7,847 $9,977 $14,305

Short-Term Debt

Prepaid Revenue

Total Current Liabilities $11,894 $16,998 $30,287 $53,219 $83,955

Long-Term Debt

Total Liabilities $11,894 $16,998 $30,287 $53,219 $83,955

Paid-In Capital

Retained Earnings $69,258 $177,827 $379,792 $768,964

Earnings $69,258 $108,569 $201,964 $389,173 $626,851

Total Owner's Equity $69,258 $177,827 $379,792 $768,964 $1,395,815

Total Liabilities & Equity $81,152 $194,825 $410,079 $822,183 $1,479,770

Cash Flow Statement (With Monthly Detail)

30
Roya Photography

2019 Jan '19 Feb '19 Mar '19 Apr '19 May '19 June '19 July '19 Aug '19 Sept '19 Oct '19 Nov '19 Dec '19

Net Cash Flow


from
Operations

Net Profit $5,772 $5,771 $5,771 $5,772 $5,772 $5,771 $5,771 $5,772 $5,772 $5,771 $5,771 $5,772

Depreciation &
$545 $545 $545 $545 $545 $545 $545 $545 $545 $545 $545 $545
Amortization

Change in
Accounts $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Receivable

Change in
Inventory

Change in
Accounts $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Payable

Change in
Income Tax $641 $642 $641 $641 $641 $642 $641 $641 $641 $642 $641 $641
Payable

Change in Sales
$4,199 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Tax Payable

Change in
Prepaid
Revenue

Net Cash Flow


from $11,157 $6,958 $6,958 $6,958 $6,958 $6,958 $6,958 $6,958 $6,958 $6,958 $6,958 $6,958
Operations

Investing &
Financing

Assets
Purchased or ($47,000)
Sold

Investments
Received

Change in
Long-Term
Debt

Change in
Short-Term
Debt

31
Roya Photography

Dividends &
Distributions

Net Cash Flow


from Investing ($47,000)
& Financing

Cash at Beginning
$0 ($35,843) ($28,885) ($21,927) ($14,969) ($8,011) ($1,053) $5,905 $12,863 $19,821 $26,779 $33,737
of Period

Net Change in
($35,843) $6,958 $6,958 $6,958 $6,958 $6,958 $6,958 $6,958 $6,958 $6,958 $6,958 $6,958
Cash

Cash at End of
($35,843) ($28,885) ($21,927) ($14,969) ($8,011) ($1,053) $5,905 $12,863 $19,821 $26,779 $33,737 $40,695
Period

32
Roya Photography

2019 2020 2021 2022 2023

Net Cash Flow from Operations

Net Profit $69,258 $108,569 $201,965 $389,172 $626,851

Depreciation & Amortization $6,543 $6,543 $10,210 $6,543 $6,543

Change in Accounts Receivable $0 $0 $0 $0 $0

Change in Inventory

Change in Accounts Payable $0 $0 $0 $0 $0

Change in Income Tax Payable $7,695 $4,369 $10,376 $20,802 $26,408

Change in Sales Tax Payable $4,199 $735 $2,913 $2,130 $4,328

Change in Prepaid Revenue

Net Cash Flow from Operations $87,695 $120,216 $220,796 $418,648 $664,129

Investing & Financing

Assets Purchased or Sold ($47,000) ($15,000)

Investments Received

Change in Long-Term Debt

Change in Short-Term Debt

Dividends & Distributions

Net Cash Flow from Investing &


($47,000) ($15,000)
Financing

Cash at Beginning of Period $0 $40,695 $160,911 $366,707 $785,355

Net Change in Cash $40,695 $120,216 $205,796 $418,648 $664,129

Cash at End of Period $40,695 $160,911 $366,707 $785,355 $1,449,484

33