FS Model

The XYZ Company
Comparative Balance Sheet - 4 Periods
Month Month Month Month

1 2 3 4
Total Current Assets $1,212,200 $1,550,530 $2,187,750 $2,826,692
Total Fixed Assets $2,900,000 $2,997,000 $3,221,800 $3,285,454
Total Assets $4,167,200 $4,604,180 $5,467,899 $6,172,246
Total Current Liabilities $936,000 $964,080 $993,002 $1,007,719
Total Liabilities $1,717,200 $1,773,680 $1,829,594 $1,872,718
Total Owners' Equity $2,450,000 $2,320,500 $3,638,305 $4,299,528
Total Liabilities and Equity $4,167,200 $4,094,180 $5,467,899 $6,172,246
Working Capital $276,200 $586,450 $1,194,748 $1,818,973
© Copyright, 2004, JaxWorks, All Rights Reserved.

Master Index
• Master Data Entry
Financial Analysis Special Analysis
• Master Data Entry • Breakdown of Costs

• Cash Flow Data Entry • Return-on-investment analysis
• Cash Flow 4 Periods • SB Headcount Analysis
• Cash Flow 8 Periods • Corporate Headcount Analysis
• Comp. Balance Sheet
• Comp. Income Statement
• Financial Summary
• Forecast Analysis
• Logit Analysis
• MicroShots
• Payroll Analysis
• Quick Analysis 4 Periods
• Summary Analysis
Income Statement
Month Month
Sales & Cost of Sales 1 2
Gross Sales 2,010,000.00 2,560,000.00
Discounts/Allowances -50,000.00 -60,000.00
Net Sales 1,960,000.00 2,500,000.00
Direct Material Cost 320,000.00 427,600.00
Direct Labor Cost 300,000.00 315,000.00
Other Direct Costs 125,000.00 128,750.00
Total Cost of Sales 745,000.00 871,350.00
Gross Profit 1,215,000.00 1,628,650.00
Expenses
Fixed Expenses 1 2
Executive Salaries $190,000 $191,000
Advertising $50,000 $51,500
Auto & Truck Expenses $30,000 $30,900
Depreciation $5,000 $5,150
Employee Benefits $3,000 $3,090
Home Office Business Expenses $1,000 $1,030
Insurance $3,906 $3,754
Bank Charges $2,133 $2,197
Legal & Professional Services $1,000 $1,330
Meals & Entertainment $4,000 $4,120
Office Expense $6,000 $6,180
Retirement Plans $1,000 $1,030
Rent - Equipment $3,000 $3,090
Rent - Office Property $8,750 $9,110
Repairs $1,000 $1,030
Supplies $1,000 $1,030
Taxes - Business & Payroll $1,000 $1,030
Travel $6,230 $6,120
Utilities $11,974 $12,374
Other Expenses $0 $0
Total Fixed Expenses $329,993 $335,065
Variable Expenses 1 2
Office salaries $90,000 $102,700
Employee benefits $43,000 $46,875
Payroll taxes $18,000 $18,540
Sales and Marketing $14,000 $14,420
Telephone and telegraph $6,000 $6,180
Stationary and office supplies $2,110 $2,680
Bad debts $100 $103
Postage $5,557 $5,724
Contributions $0 $0
Add Item $0 $0
Add Item $0 $0
Add Item $0 $0
Add Item $0 $0
Add Item $0 $0
Miscellaneous $0 $0
Total Variable Expenses $178,767 $197,222
1 2
Operating expenses $508,760 $532,287
Interest $16,250 $16,738
Amortization $1,250 $1,288
Other $0 $0
Total expenses $558,760 $583,787
Operating income $656,240 $1,044,863
Other income and expenses 1 2

Gain (loss) on sale of assets $10,000 $10,300
Other (net) $20,000 $20,600
Subtotal $30,000 $30,900
Income before tax $686,240 $1,075,763
Income taxes $0 $0
Net income $686,240 $1,075,763
Return On Ownership $876,240 $1,266,763

Break-Even $686,241 $1,075,764
686 1,076
Balance Sheet
ASSETS Month Month
Current Assets 1 2
Cash and cash equivalents $451,000 $464,530
Accounts receivable $350,000 $460,500
Notes receivable $1,200 $3,200
Inventory $400,000 $612,000
Other current assets $10,000 $10,300
Total Current Assets $1,212,200 $1,550,530
Fixed Assets 1 2
Land $1,000,000 $1,030,000
Buildings $1,500,000 $1,555,000
Equipment $800,000 $824,000
Subtotal $3,300,000 $3,409,000
Less-accumulated depreciation $400,000 $412,000
Total Fixed Assets $2,900,000 $2,997,000
Intangible Assets 1 2
Cost $50,000 $51,500
Less-accumulated amortization $20,000 $20,600
Total Intangible Assets $30,000 $30,900
Other assets $25,000 $25,750

Total Assets $4,167,200 $4,604,180
LIABILITIES AND OWNERS' EQUITY
Current Liabilities 1 2
Accounts payable $600,000 $618,000
Notes payable $100,000 $103,000
Current portion of long-term debt $100,000 $103,000
Income taxes $30,000 $30,900
Accrued expenses $90,000 $92,700
Other current liabilities $16,000 $16,480
Total Current Liabilities $936,000 $964,080
Non-Current Liabilities 1 2
Long-term debt $601,200 $624,200
Deferred income $100,000 $103,000
Deferred income taxes $30,000 $30,900
Other long-term liabilities $50,000 $51,500
Total Liabilities $1,717,200 $1,773,680
Owners' Equity 1 2
Capital stock issued $100,000 $100,000
Number of shares issued 100,000 100,000
Additional capital invested $950,000 $678,500
Undistributed earnings $1,400,000 $1,542,000
Total Owners' Equity $2,450,000 $2,320,500
Total Liabilities and Equity $4,167,200 $4,094,180
Amount sheet is out-of-balance $0 $510,000
Summary Extractions & Additional Data Entries

Beginning of
Line Item
Year
Inventory 400,000
Total assets 3,266,000
Owners' equity 1,550,000
Number of common shares 100,000
Line Item 1 2
Current assets 1,212,200 1,550,530
Fixed assets 2,900,000 2,997,000
Total assets 4,112,200 4,547,530
Average total assets 3,689,100 3,906,765
Cash and cash equivalents 451,000 464,530
Inventory 400,000 612,000
Average inventory 400,000 506,000
Current liabilities 936,000 964,080
Total liabilities 1,717,200 1,773,680
Owners' equity 2,450,000 2,320,500
Number of common shares 100,000 100,000
Average number of common shares 100,000 100,000
Average owners' equity 2,000,000 1,935,250
Market price per share #REF! #REF!
Cash flow 90,360 289,233
Cash flow per share 0.90 2.89
Dividends paid 5,000 6,000
Retained Earnings 1,400,000 1,542,000
Total sales 2,010,000 2,560,000
Operating expenses 508,760 532,287
Operating income 1,501,240 2,027,713
Advertising expense 50,000 51,500
Marketing expense 45,000 45,000
Earnings before interest and taxes 686,240 1,075,763
Interest expense 16,250 16,738
Net income 686,240 1,075,763
Total loan 601,200 624,200
Value of collateral or property 65,000 65,000
Cash Flow Data Entries
Operating Data 1
Days sales in accounts receivable 30
Days materials cost in inventory 30
Days finished goods in inventory 45
Days materials cost in payables 60
Days payroll expense accrued 7
Days operating expense accrued 20
Expense Data
Direct labor $320,000
Other payroll $240,000
Payroll taxes $56,000
Insurance $28,000
Legal/accounting $40,000
Office overhead $60,000
Financing Data (0 on) Depreciation Capital

Long term debt
Short-term debt
Capital stock issued $100,000
Additional paid-in capital $50,000
Accumulated depreciation (as of 2005) $400,000
Forecasted
1 2
Sales
Sales $2,000,000 $1,500,000
Cost of sales $945,000 $865,000
Gross profit $1,055,000 $635,000
Expenses
Operating expenses $424,000 $318,000
Interest $16,250 $16,250
Amortization $1,250 $1,250
Total expenses $474,000 $369,458
Operating income $581,000 $265,542
Other income and expenses

Gain (loss) on sale of assets $100,000 $10,000
Other (net) $20,000 $50,000
Subtotal $120,000 $60,000
Income before tax $701,000 $325,542
Income taxes $210,300 $97,663
Net income $490,700 $227,879
Undistributed earnings-beginning $1,400,000 $1,890,700
Distributions to owners $0 $0
Undistributed earnings-ending $1,890,700 $2,118,579
Detailed Supporting Information
Cost of sales
Direct labor $320,000 $240,000
Materials $500,000 $500,000
Other costs $125,000 $125,000
Depreciation: Enter the numbers of years.

30 year Buildings $12,500 $12,083
10 year Equipment $20,000 $21,875
Interest: Percentages from Data sheet

10.00% Long-Term $1,250 $1,250
10.00% Short-Term $15,000 $15,000
Cash Flow Balance Sheet Entries

Actual Forecast
0 1
ASSETS
Current Assets
Cash and cash equivalents $451,000 $90,360
Accounts receivable $350,000 $657,534
Inventory $400,000 $630,411
Other current assets $10,000 $60,000
Total Current Assets $1,211,000 $1,438,305
Fixed Assets
Land $100,000 $112,500
Buildings $1,500,000 $1,450,000
Equipment $800,000 $875,000
Subtotal $2,400,000 $2,437,500
Less-accumulated depreciation $400,000 $432,500
Total Fixed Assets $2,000,000 $2,005,000
Intangible Assets
Cost $50,000 $50,000
Less-accumulated amortization $20,000 $21,250
Total Intangible Assets $30,000 $28,750
Other assets $25,000 $33,000

Total Assets $3,266,000 $3,505,055
Actual Forecast
LIABILITIES AND 0 1
OWNERS' EQUITY
Current Liabilities
Accounts payable $600,000 $328,767
Notes payable $100,000 $50,000
Current portion of long-term debt $100,000 $100,000
Income taxes $30,000 $183,300
Accrued expenses $90,000 $83,288
Other current liabilities $16,000 $12,000
Total Current Liabilities $936,000 $757,355
Non-Current Liabilities
Long-term debt $600,000 $500,000
Deferred income $100,000 $90,000
Deferred income taxes $30,000 $27,000
Other long-term liabilities $50,000 $90,000
Total Liabilities $1,716,000 $1,464,355
Owners' Equity
Capital stock issued $100,000 $100,000
Additional capital invested $50,000 $50,000
Undistributed earnings $1,400,000 $1,890,700
Other $0 $0
$1,550,000 $2,040,700
Total Liabilities and Equity $3,266,000 $3,505,055
"C" Corporation (Y/N) N

Cash balance positive or (negative) Positive Positive
Amount sheet is out-of-balance $0 $0
Month Month
3 4
2,721,800.00 3,285,454.00
-70,000.00 -80,000.00
2,651,800.00 3,205,454.00
431,238.00 432,513.00
330,450.00 346,363.50
132,612.50 136,590.88
894,300.50 915,467.38
1,757,499.50 2,289,986.63
3 4
$195,000 $195,000
$53,045 $54,636
$31,827 $32,782
$45,305 $50,464
$3,183 $3,278
$1,061 $1,093
$4,010 $3,994
$2,263 $2,331
$1,670 $2,020
$4,244 $4,371
$6,365 $6,556
$1,061 $1,093
$3,183 $3,278
$9,544 $9,929
$1,061 $1,093
$1,061 $1,093
$1,061 $1,093
$6,010 $5,900
$14,186 $16,974
$0 $0
$385,138 $396,977
3 4
$112,368 $118,647
$47,970 $51,249
$19,096 $19,669
$14,853 $15,298
$6,365 $6,556
$3,005 $3,493
$106 $109
$5,895 $6,072
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$209,659 $221,095
3 4
$594,797 $618,071
$17,240 $17,757
$34,479 $35,514
$1,326 $1,366
$0 $0
$647,842 $672,707
$1,109,658 $1,617,279
3 4
$10,609 $10,927
$21,218 $31,855
$31,827 $42,782
$1,141,485 $1,660,061
$0 $0
$1,141,485 $1,660,061
$1,336,485 $1,855,061
$1,141,486 $1,660,062
1,141 1,660
Month Month
3 4
$478,466 $492,820 450794.6146
$871,315 $1,382,454
$3,000 $3,400
$824,360 $937,091
$10,609 $10,927
$2,187,750 $2,826,692
3 4
$1,106,090 $1,109,273
$1,591,350 $1,739,091
$948,720 $874,182
$3,646,160 $3,722,545
$424,360 $437,091
$3,221,800 $3,285,454
3 4
$53,045 $54,636
$21,218 $21,855
$31,827 $32,782
$26,523 $27,318
$5,467,899 $6,172,246
3 4
$636,540 $640,563
$106,090 $109,273
$106,090 $109,273
$31,827 $32,782
$95,481 $98,345
$16,974 $17,484
$993,002 $1,007,719
3 4
$645,630 $668,308
$106,090 $109,273
$31,827 $32,782
$53,045 $54,636
$1,829,594 $1,872,718
3 4
$100,000 $100,000
100,000 100,000
$1,853,045 $2,469,710
$1,685,260 $1,729,818
$3,638,305 $4,299,528
$5,467,899 $6,172,246
$0 $0
3 4 Summary
2,187,750 2,826,692 $2,826,692
3,221,800 3,285,454 $3,285,454
5,409,550 6,112,146 $6,112,146
4,337,775 4,689,073 $4,689,073
478,466 492,820 $492,820
824,360 937,091 $937,091
612,180 668,545 $668,545
993,002 1,007,719 $1,007,719
1,829,594 1,872,718 $1,872,718
3,638,305 4,299,528 $4,299,528
100,000 100,000 100,000
100,000 100,000 100,000
2,594,153 2,924,764 $2,924,764
#REF! #REF! #REF!
614,196 1,267,364 $2,261,153
6.14 12.67 $22.61
7,000 8,000 $26,000
1,685,260 1,729,818 $1,729,818
2,721,800 3,285,454 $10,577,254
594,797 618,071 $2,253,915
2,127,003 2,667,383 $8,323,339
53,045 54,636 $209,181
45,000 45,000 $180,000
1,141,485 1,660,061 $4,563,549
17,240 17,757 $67,984
1,141,485 1,660,061 $4,563,549
645,630 668,308 $668,308
65,000 65,000 $65,000
2 3 4
30 30 30
30 30 30
45 45 45
60 60 60
7 7 7
20 20 20
$240,000 $208,000 $321,616

$180,000 $156,000 $241,212
$42,000 $36,400 $56,283
$21,000 $18,200 $28,141
$30,000 $26,000 $40,202
$45,000 $39,000 $60,303
Current Portion LT Portion Rate

$100,000 $500,000 10.00%
$50,000 10.00%
Forecasted Total
3 4 4 Periods
$1,300,000 $2,010,100 $6,810,100

$833,000 $1,071,616 $3,714,616
$467,000 $938,484 $3,095,484
$275,600 $426,141 $1,443,741

$16,250 $16,250 $65,000
$33,958 $33,958 $134,374
$1,250 $1,250 $5,000
$327,058 $477,599 $1,648,115
$139,942 $460,885 $1,447,369

$3,000 $405,700 $518,700
$100,000 $200,000 $370,000
$103,000 $605,700 $888,700
$242,942 $1,066,585 $2,336,069
$72,883 $319,975 $700,821
$170,059 $746,609 $1,635,248
$2,118,579 $2,288,638 $1,400,000
$0 $50,000 $50,000
$2,288,638 $2,985,247 $2,985,248
$208,000 $321,616 $1,089,616

$500,000 $500,000 $2,000,000
$125,000 $250,000 $625,000
$12,083 $12,083 $48,749

$21,875 $21,875 $85,625
$1,250 $1,250 $5,000

$15,000 $15,000 $60,000
Forecast
2 3 4
$289,233 $614,196 $1,267,364

$493,151 $427,397 $660,855
$590,959 $575,178 $692,852
$45,090 $76,320 $50,000
$1,418,433 $1,693,091 $2,671,071
$125,000 $137,500 $150,000

$1,450,000 $1,450,000 $1,450,000
$875,000 $875,000 $875,000
$2,450,000 $2,462,500 $2,475,000
$466,458 $500,416 $534,374
$1,983,542 $1,962,084 $1,940,626
$50,000 $50,000 $50,000

$22,500 $23,750 $25,000
$27,500 $26,250 $25,000
$120,000 $5,000 $23,000

$3,549,475 $3,686,425 $4,659,697
Forecast
2 3 4
$328,767 $328,767 $328,767

$50,000 $50,000 $50,000
$100,000 $100,000 $100,000
$70,663 $45,883 $292,975
$62,466 $54,137 $83,708
$12,000 $12,000 $12,000
$623,896 $590,787 $867,450
$500,000 $500,000 $500,000

$90,000 $90,000 $90,000
$27,000 $27,000 $27,000
$40,000 $40,000 $40,000
$1,280,896 $1,247,787 $1,524,450
$100,000 $100,000 $100,000

$50,000 $50,000 $50,000
$2,118,579 $2,288,638 $2,985,247
$0 $0 $0
$2,268,579 $2,438,638 $3,135,247
$3,549,475 $3,686,425 $4,659,697
Positive Positive Positive

$0 $0 $0
CASH FLOW DATA ENTRY
Year of Projection 2000
c 'C' Corporation format selected; income taxes WILL
Operating Data 1
Days sales in accounts receivable 30
Days materials cost in inventory 30
Days finished goods in inventory 45
Days materials cost in payables 60
Days payroll expense accrued 7
Days operating expense accrued 20
Expense Data
Direct labor as % of sales 16.00% of sales $320,000
Other payroll as % of sales 12.00% of sales $240,000
Payroll taxes as % of payroll 10.00% of payroll $56,000
Insurance as % of payroll 5.00% of payroll $28,000
Legal/accounting as % of sales 2.00% of sales $40,000
Office overhead as % of sales 3.00% of sales $60,000
Financing Data (0 on) Depreciation Capital

Long term debt
Short-term debt
Capital stock issued $100,000
Additional paid-in capital $50,000
Accumulated depreciation (as of 1999) $400,000
'C' Corporation format selected; income taxes WILL be computed
2 3 4
30 30 30
30 30 30
45 45 45
60 60 60
7 7 7
20 20 20
$240,000 $208,000 $321,616

$180,000 $156,000 $241,212
$42,000 $36,400 $56,283
$21,000 $18,200 $28,141
$30,000 $26,000 $40,202
$45,000 $39,000 $60,303
Current Portion LT Portion Rate

$100,000 $500,000 10.00%
$50,000 10.00%
The XYZ Company
123
Bangkok
Phone: (000) 000-0000
FAX: (000) 000-0000
E-mail: someone@xyz.com
Financial Health MicroShots

Financial Period 2 (1000s) Sales Cash Flow
Income Statement 4 Periods 4 Periods
(Thou san ds of $) 2 YTD 3,500 200.0
3,000
Sales 2,500 4,460 150.0
2,500
Cost of Sales 871 1,616 2,000
100.0
Gross Margin 1,629 2,844 1,500
1,000 50.0
500
Total Op. Exp 584 1,143 0 0.0
Other Income 10 20 1 2 3 4 1 2 3 4
Thousands of $ Thousands of $
Other Expense 21 41
EBIT 1,076 1,762 Net Income Debt Ratio
4 Periods 4 Periods
Interest Expense 17 33 0.5
2,000
Erngs Before Tax 1,059 1,729 0.4
1,500
0.3
Income Taxes 0 0 1,000
0.2
Total Income 1,076 1,762 500 0.1
0 0.0
1 2 3 4 1 2 3 4
Thousands of $ Ratio
Current Ratio Break-Even

4 Periods 4 Periods
3.0 2,000
2.5
1,500
2.0
1.5 1,000
1.0
500
0.5
0.0 0
1 2 3 4 1
Ratio Thousands of2 $ 3 4
CASH FLOW STATEMENT 4 PERIODS
Forecasted
1 2
Cash from operations
Net earnings (loss) $490,700 $227,879
Add-depreciation and amortization $33,750 $35,208
Net cash $524,450 $263,087
Cash provided (used) by

operating activities
Accounts Receivable ($307,534) $164,383
Inventory ($230,411) $39,452
Other current assets ($50,000) $14,910
Other non-current assets ($8,000) ($87,000)
Accounts payable ($271,233) $0
Current portion of long-term debt $0 $0
Income taxes $153,300 ($112,637)
Accrued expenses ($6,712) ($20,822)
Other current liabilities ($4,000) $0
Distributions to shareholders $0 $0
Net cash from operations ($724,590) ($1,714)
Investment transactions
Increases (decreases)
Land $12,500 $12,500
Buildings and improvements ($50,000) $0
Equipment $75,000 $0
Intangible assets $0 $0
Net cash from investments $37,500 $12,500
Financing transactions
Short term notes payable ($50,000) $0
Long term debt ($100,000) $0
Deferred income ($10,000) $0
Deferred income taxes ($3,000) $0
Other long-term liabilities $40,000 ($50,000)
Capital invested $0 $0
Net cash from financing ($123,000) ($50,000)
Net increase (decrease) in cash ($360,640) $198,873

Cash at beginning of period $451,000 $90,360
Cash at the end of period $90,360 $289,233

Forecasted Total
3 4 4 Periods
$170,059 $746,609 $1,635,248

$35,208 $35,208 $139,374
$205,267 $781,817 $1,774,621
$65,754 ($233,458) ($310,855)

$15,781 ($117,674) ($292,852)
($31,230) $26,320 ($40,000)
$115,000 ($18,000) $2,000
$0 $0 ($271,233)
$0 $0 $0
($24,780) $247,092 $262,975
($8,329) $29,571 ($6,292)
$0 $0 ($4,000)
$0 ($50,000) ($50,000)
$132,196 ($116,149) ($710,257)
$12,500 $12,500 $50,000

$0 $0 ($50,000)
$0 $0 $75,000
$0 $0 $0
$12,500 $12,500 $75,000
$0 $0 ($50,000)
$0 $0 ($100,000)
$0 $0 ($10,000)
$0 $0 ($3,000)
$0 $0 ($10,000)
$0 $0 $0
$0 $0 ($173,000)
$324,963 $653,168 $816,364

$289,233 $614,196 $451,000
$614,196 $1,267,364 $1,267,364

CASH FLOW PROJECTIONS 8 PERIODS
Current
1 2 3
Cash from operations 1 2 3
Net earnings (loss) $701,000 $325,542 $242,942
Add-depreciation and amortization $33,750 $35,208 $35,208
Net cash from operations $734,750 $360,750 $278,150

Accounts Receivable ($307,534) $164,383 $65,754
Inventory ($230,411) $39,452 $15,781
Other current assets ($50,000) $14,910 ($31,230)
Other non-current assets ($8,000) ($87,000) $115,000
Accounts payable ($271,233) $0 $0
Current portion of long-term debt $0 $0 $0
Income taxes $153,300 ($112,637) ($24,780)
Accrued expenses ($6,712) ($20,822) ($8,329)
Other current liabilities ($4,000) $0 $0
Distributions to shareholders $0 $0 $0
Net cash from operations ($724,590) ($1,714) $132,196
Land $12,500 $12,500 $12,500
Buildings and improvements ($50,000) $0 $0
Equipment $75,000 $0 $0
Intangible assets $0 $0 $0
Net cash from investments $37,500 $12,500 $12,500
Short term notes payable ($50,000) $0 $0
Long term debt ($100,000) $0 $0
Deferred income ($10,000) $0 $0
Deferred income taxes ($3,000) $0 $0
Other long-term liabilities $40,000 ($50,000) $0
Capital invested $0 $0 $0
Net cash from financing ($123,000) ($50,000) $0
Net increase (decrease) in cash ($150,340) $296,536 $397,846

Cash at beginning of period $451,000 $90,360 $289,233
Cash at the end of period $300,660 $386,896 $687,079

Current Forecasted-Linear Regression Analysis
4 5 6 7 8
4 5 6 7 8
$1,066,585 $837,556 $938,972 $1,040,387 $1,141,803
$35,208 $35,937 $36,374 $36,812 $37,249
$1,101,793 $873,493 $975,346 $1,077,199 $1,179,052
($233,458) ($46,814) ($34,454) ($22,094) ($9,734)

($117,674) $5,422 $36,876 $68,330 $99,784
$26,320 $35,705 $53,987 $72,269 $90,551
($18,000) $43,500 $60,700 $77,900 $95,100
$0 $135,617 $216,986 $298,356 $379,726
$0 $0 $0 $0 $0
$247,092 $158,052 $194,975 $231,899 $268,822
$29,571 $28,763 $40,897 $53,031 $65,165
$0 $2,000 $3,200 $4,400 $5,600
($50,000) ($50,000) ($65,000) ($80,000) ($95,000)
($116,149) $312,244 $508,167 $704,091 $900,014
$12,500 $12,500 $12,500 $12,500 $12,500

$0 $25,000 $40,000 $55,000 $70,000
$0 ($37,500) ($60,000) ($82,500) ($105,000)
$0 $0 $0 $0 $0
$12,500 $0 ($7,500) ($15,000) ($22,500)
$0 $25,000 $40,000 $55,000 $70,000

$0 $50,000 $80,000 $110,000 $140,000
$0 $5,000 $8,000 $11,000 $14,000
$0 $1,500 $2,400 $3,300 $4,200
$0 ($20,000) ($27,000) ($34,000) ($41,000)
$0 $0 $0 $0 $0
$0 $61,500 $103,400 $145,300 $187,200
$973,144 $1,247,237 $1,594,413 $1,941,589 $2,288,766

$614,196 $533,313 $602,159 $671,005 $739,851
$1,587,340 $1,780,550 $2,196,572 $2,612,594 $3,028,616

Primary Financial Predictors - 4 Periods - Quick Anal
Account Period
Descriptions 1
Accounts Receivable-Beginning 350,000
Accounts Receivable-Ending 657,534
Cash 451,000
Cash Flow 90,360
Current Assets Current Liabilities
Current Assets 1,212,200
Current Liabilities 936,000
EBIT 686,240
Equity 2,450,000
Fixed Assets 2,900,000
Interest 16,250
Inventory-Beginning 400,000
Inventory-Ending 630,411
EBIT Sales
Long Term Debt 601,200
Market Value of Equity 2,450,000
Marketable Securities 10,000
Net Profit before Interest and Taxes 656,240
Retained Earnings 1,400,000
Sales 1,960,000
Tangible Total Assets 3,300,000
Total Assets 4,167,200
Cash Flow Working Capital
Total Liabilities 1,717,200
Working Capital 276,200
Predictions
Z Score: If Publicly Held 1
1.2 x (working capital / total assets) 0.0795
1.4 x (retained earn / total assets) 0.4703
3.3 x (EBIT / total assets) 0.5434
.6 x (market value equity / total liabilities) 0.8560
.999 x (sales / total assets) 0.4699
Z-Score 2.42
Z Score: If Privately Held 1

.717 x (working capital / total assets) 0.0475
.847 x (retained earn / total assets) 0.2846
.042 x (market value equity / total liabilities) 0.0599
.998 x (sales / total assets) 0.4694
Z-Score 1.37
Z Score: Non-Manufacturing 1
6.56 x (working capital / total assets) 0.4348
3.26 x (retained earn / total assets) 1.0952
1.05 x (market value equity / total liabilities) 1.4981
Z Score 4.13
Springate Analysis 1
Working Capital 276,200
Net Profit before interest and Taxes 656,240
Net Profit before Taxes 686,240
Sales 1,960,000
Working Capital/Total Assets 0.06628

Net Profit before interest and Taxes/Total Ass 0.16468
Net Profit before Taxes/Current Liabilities 0.73316
Sales/Total Assets 0.47034
Z= 1.25
Logit Analysis 1
Cash 451,000
Marketable Securities 10,000
Accounts Receivable-Beginning 350,000
Accounts Receivable-Ending 657,534
Inventory-Beginning 400,000
Inventory-Ending 630,411
Fixed Assets 2,900,000
Long Term Debt 601,200
Sales 1,960,000
Income from Continuing Operations 656,240
Constant 0.23883
Average Inventories/Sales -0.035
Average Receivables/Average Inventories -1.651
Cash+Marketable Securities/Total Assets -1.193
Quick Assets/Current Liabilities 3.673
Income from CO/(Total Assets-Current Liab) 0.099
Long-Term Debt/(Total Assets-Current Liab) -0.809
Sales/(Net Working Capital+Fixed Assets) 0.058
Sum of Coefficients * Ratios 0.381
Probability of Bankruptcy 40.58%
1
Fulmer H-Factor Analysis 1
Retained Earnings/Total Assets 0.3360
Sales/Total Assets 0.4703
EBIT/Equity 0.2801
Cash Flow/Total Debt 0.0526
Total Debt/Total Assets 0.4121
Current Liabilities/Total Assets 0.2246
Log Tangible Total Assets 6.5185
Working Capital/Total Debt 0.1608
Log EBIT/Interest 1.6256
H-Factor
1.86
0.10
0.02
0.07
-0.05
0.52
3.75
0.17
1.45
Sum 7.89
Less -6.08
H= 1.82
riods - Quick Analysis
Period Period Period Predictor
ID Instructions
2 3 4
657,534 460,500 493,151 L
460,500 493,151 427,397 L These figures are linked to
464,530 478,466 492,820 L the Master Data Entry
663,403 803,429 1,145,988 F worksheet.
1,550,530 2,187,750 2,826,692 Z, S
The Predictor ID Codes
964,080 993,002 1,007,719 All
indicate the individual
1,075,763 1,141,485 1,660,061 Z, S, F
analyses that use the
2,320,500 3,638,305 4,299,528 F
numbers:
2,997,000 3,221,800 3,285,454 L
16,738 17,240 17,757 F Z = Z-Scores
630,411 590,959 575,178 L S = Springate
590,959 575,178 692,852 L L = Logit Analysis
624,200 645,630 668,308 L F = Fulmer H-Factor
2,320,500 3,638,305 4,299,528 Z All = All Predictors
10,300 10,609 10,927 L
1,044,863 1,109,658 1,617,279 S, L
1,542,000 1,685,260 1,729,818 Z, F
2,500,000 2,651,800 3,205,454 ALL except Z3
3,409,000 3,646,160 3,722,545 F
4,604,180 5,467,899 6,172,246 All
1,773,680 1,829,594 1,872,718 Z, F
586,450 1,194,748 1,818,973 Z, S, F
All = All Predictors

Predictions
2 3 4 TREND
0.1528 0.2622 0.3536
0.4689 0.4315 0.3924
0.7710 0.6889 0.8876
0.7850 1.1932 1.3775
0.5424 0.4845 0.5188
2.72 3.06 3.53 3.85 OK
Overall Trend OK
2 3 4 TREND
0.0913 0.1567 0.2113
0.2837 0.2611 0.2374
0.7259 0.6486 0.8356
0.0549 0.0835 0.0964
0.5419 0.4840 0.5183
1.70 1.63 1.90 2.03 Warning - Trend Below 2.90
Overall Trend is OK
2 3 4 TREND
0.8356 1.4334 1.9332
1.0918 1.0048 0.9136
1.5701 1.4029 1.8074
1.3737 2.0880 2.4107
4.87 5.93 7.06 7.96 OK
Overall Trend is OK
2 3 4 TREND
586,450 1,194,748 1,818,973
1,044,863 1,109,658 1,617,279
4,604,180 5,467,899 6,172,246
1,075,763 1,141,485 1,660,061
964,080 993,002 1,007,719
2,500,000 2,651,800 3,205,454
0.12737 0.21850 0.29470

0.23365 0.20876 0.26896
1.11584 1.14953 1.64734
0.54298 0.48498 0.51933
1.80 1.82 2.42 2.71 OK - Above 0.862
Overall Trend is OK
2 3 4 TREND
464,530 478,466 492,820
10,300 10,609 10,927
657,534 460,500 493,151
460,500 493,151 427,397
630,411 590,959 575,178
590,959 575,178 692,852
2,997,000 3,221,800 3,285,454
4,604,180 5,467,899 6,172,246
964,080 993,002 1,007,719
624,200 645,630 668,308
2,500,000 2,651,800 3,205,454
1,044,863 1,109,658 1,617,279
0.23883 0.23883 0.23883

-0.026 -0.023 -0.023
-1.234 -1.357 -0.976
-1.112 -0.964 -0.880
2.982 3.041 2.840
0.140 0.121 0.152
-0.746 -0.628 -0.563
0.077 0.077 0.090
0.321 0.505 0.879
42.04% 37.65% 29.33% 28% OK - Below 50%
2 3 4 5 Overall Trend is OK
2 3 4 TREND
0.3349 0.3082 0.2803
0.5430 0.4850 0.5193
0.4636 0.3137 0.3861
0.3740 0.4391 0.6119
0.3852 0.3346 0.3034
0.2094 0.1816 0.1633
6.5326 6.5618 6.5708
0.3306 0.6530 0.9713
1.8080 1.8209 1.9708
1.85 1.70 1.55

0.12 0.10 0.11
0.03 0.02 0.03
0.48 0.56 0.78
-0.05 -0.04 -0.04
0.49 0.42 0.38
3.76 3.77 3.78
0.36 0.71 1.05
1.62 1.63 1.76
8.65 8.88 9.40
-6.08 -6.08 -6.08
2.57 2.80 3.33 3.82 OK
2.63 Overall Trend is OK
Summary Analysis
The XYZ Company
Month Month
FINANCIAL INDICATORS 1 2
1 2
Logit Analysis 58.42% 41.04%

(Lower is Better) If percentage is higher than 50% and trending highe
Income Ratios
Turnover of Total Operating Assets 158% 159%
Net Sales to Net Worth 80.99% 109.19%
Gross Margin on Net Sales 61.99% 65.15%
Operating Income to Net Sales Ratio 33.48% 41.79%
Profitability Ratios
Earnings Per Share (EPS) Ratio $6.86 $10.76
Net Profit Margin 35.01% 43.03%
Return on Total Assets 16.47% 23.36%
Return on Net Worth 28.01% 38.01%
Liquidity Ratios
Acid Test (Quick Ratio) 0.87 0.97
Current Ratio 1.30 1.61

Summary Analysis
The XYZ Company
Activity Ratios
Average Collection Period Computations

Accounts Receivable $350,000 $460,500
Credit Sales $2,010,000 $2,560,000
Days Per Year 365 365
Credit sales per day $5,507 $7,014
Average Collection Period - Days 63.56 65.66
Average Collection Period Ratio 5.74 5.56
Inventory Turnover 1.86 1.42
Days Sales in AR 65.18 67.23
Receivables Turnover 5.60 5.43
Days Inventory 195.97 256.36
Debt ratio 0.41 0.39
Other Key Ratios
Net Sales to Inventory 4.90 4.08
Days Purchases in AP 293.96 258.87

Summary Analysis
The XYZ Company
Working Capital $276,200 $586,450
Net Sales to Working Capital 7.10 4.26
Total Assets to Net Sales 2.13 1.84
Net Sales to AR 5.60 5.43
Net Sales to Net Fixed Assets 0.68 0.83
Net Sales to Total Assets 0.47 0.54
Amortization and Depreciation Expense to Net Sales 0.02 0.01
Gross Profit Percentage 61.99% 65.15%
Operating Expenses as % of Net Sales 28.51% 23.35%
Return on Net Sales 35.01% 43.03%
Income before tax to Net Worth 28.01% 38.01%
Income before tax to Total Assets 16.47% 23.36%
Retained Earning to Net Income 204.01% 143.34%
Times Interest Earned 40.38 62.43
Interest Expense to Net Sales 0.01 0.01
Current Liabilities to Net Worth 0.38 0.34
Current Liabilities to Inventory 2.34 1.58
AP to Net Sales 0.31 0.25
Total Liabilities to Net Worth (Debt Ratio) 70.09% 62.66%
Net Worth to Total Liabilities 1.43 1.60

Summary Analysis
The XYZ Company
PAYROLL ANALYSIS
CURRENT NUMBER OF EMPLOYEES 37

CURRENT SALES ANNUALIZED $3,399,968
CURRENT COMPLETED PERIOD SALES $3,285,454
CURRENT PAYROLL $350,064
QUARTER/YEAR PAYROLL ONE YEAR AGO $313,647
SALES VOLUME REQUIRED, AT CURRENT PAYROLL LEVEL, TO PRODUCE PROFITS

EQUAL TO THE PREVIOUS YEAR PROFITS . . . . . . . . . . . . . . . . . . . $3,666,922
SALES DEFICIENCY = SALES REQUIRED MINUS CURRENT VOLUME
SALES DEFICIENCY IS--------------- ($266,954)
GROSS PAYROLL ALLOWABLE

UNDER PROJECTED CONDITIONS . . . . . . . . . . . . . . . . . . . $324,579
GROSS PAYROLL BURDEN IS------ ($25,485)
THE NUMBER OF NEEDED EMPLOYEES ON THE PAYROLL . . . . . . . . . . . . . . . . . . . . . . . . . . .

Summary Analysis
The XYZ Company
CASH FLOW ANALYSIS
Month Month
Cash from operations 1 2
Net earnings (loss) $686,240 $1,075,763

Add-depreciation and amortization $33,750 $34,763
Net cash from operations $719,990 $1,110,526

Accounts Receivable ($307,534) $164,383
Inventory ($230,411) $39,452
Other current assets ($50,000) $14,910
Other non-current assets ($8,000) ($87,000)
Accounts payable ($271,233) $0
Current portion of long-term debt $0 $0
Income taxes $153,300 ($112,637)
Accrued expenses ($6,712) ($20,822)
Other current liabilities ($4,000) $0
Distributions to shareholders $0 $0
Net cash used by operations ($724,590) ($1,714)
Land $12,500 $12,500
Buildings and improvements ($50,000) $0
Equipment $75,000 $0
Intangible assets $0 $0
Net cash from investments $37,500 $12,500
Short term notes payable ($50,000) $0
Long term debt ($100,000) $0
Deferred income ($10,000) $0
Deferred income taxes ($3,000) $0
Other long-term liabilities $40,000 ($50,000)
Capital invested $0 $0
Summary Analysis
The XYZ Company
Net cash from financing ($123,000) ($50,000)
Net increase (decrease) in cash ($360,640) $198,873
Cash at beginning of period $451,000 $464,530
Cash at the end of period $90,360 $663,403
P.T. CONSULTANT - AMORNRAT KAMPITTHAYAKUL

ummary Analysis
The XYZ Company
Month Month Trend
3 4 5 Comments
3 4 5
20.78% 8.28% -10.54% Trend is Downward

percentage is higher than 50% and trending higher-Not Good!
120% 112% 93% Trend is Downward
73.53% 75.13% 71.39% Trend is Downward
66.28% 71.44% 73.58% Trend is Upward
41.85% 50.45% 54.64% Trend is Upward
$11.41 $16.60 $18.88 Trend is Upward
43.05% 51.79% 55.81% Trend is Upward
20.88% 26.90% 29.10% Trend is Upward
31.37% 38.61% 40.29% Trend is Upward
1.37 1.88 2.13 Trend is Upward

ummary Analysis
The XYZ Company
$871,315 $1,382,454
$2,721,800 $3,285,454
365 365
$7,457 $9,001
116.85 153.58
3.12 2.38 1.07 Trend is Downward
119.93 157.42 184.79 Trend is Upward
336.45 373.62 443.86 Trend is Upward

ummary Analysis
The XYZ Company
$1,194,748 $1,818,973 $2,278,247 Trend is Upward
2.22 1.76 (0.68) Trend is Downward
66.28% 71.44% 73.58% Trend is Upward
43.05% 51.79% 55.81% Trend is Upward
31.37% 38.61% 40.29% Trend is Upward
20.88% 26.90% 29.10% Trend is Upward
64.37 91.08 103.07 Trend is Upward

ummary Analysis
The XYZ Company
-8.1%
Comments
-3.01 Under-staffed
ummary Analysis
The XYZ Company
Month Month Trend

3 4 5 Comments
$1,141,485 $1,660,061 $1,887,683 Trend is Upward

$35,805 $36,880 $37,907 Trend is Upward
$1,177,290 $1,696,941 $1,925,591 Trend is Upward
$65,754 ($233,458) ($46,814) Trend is Upward

$15,781 ($117,674) $5,422 Trend is Upward
($31,230) $26,320 $35,705 Trend is Upward
$115,000 ($18,000) $43,500 Trend is Downward
$0 $0 $135,617 Trend is Upward
$0 $0 $0 Trend is Upward
($24,780) $247,092 $158,052 Trend is Upward
($8,329) $29,571 $28,763 Trend is Upward
$0 ($50,000) ($50,000) Trend is Downward
$132,196 ($116,149) $312,244 Trend is Upward
$12,500 $12,500 $12,500 Trend is Upward

$0 $0 ($37,500) Trend is Downward
$12,500 $12,500 $0 Trend is Downward

$0 $0 ($20,000) Trend is Downward
ummary Analysis
The XYZ Company
$324,963 $653,168 $995,970 Trend is Upward
$478,466 $492,820 $506,553 Trend is Upward
$803,429 $1,145,988 $1,502,523 Trend is Upward
NSULTANT - AMORNRAT KAMPITTHAYAKUL

Forecast Analysis- 12 Fiscal Periods
Income Statement
Month Month Month

1 2 3
Gross Sales $2,010,000 $2,560,000 $2,721,800
Discounts/Allowances ($50,000) ($60,000) ($70,000)
Net Sales $1,960,000 $2,500,000 $2,651,800
Direct Material Cost $320,000 $427,600 $431,238
Direct Labor Cost $300,000 $315,000 $330,450
Other Direct Costs $125,000 $128,750 $132,613
Total Cost of Sales $745,000 $871,350 $894,301
Gross Profit $1,215,000 $1,628,650 $1,757,500
Expenses
Fixed Expenses 1 2 3
Executive Salaries $190,000 $191,000 $195,000
Advertising $50,000 $51,500 $53,045
Auto & Truck Expenses $30,000 $30,900 $31,827
Depreciation $5,000 $5,150 $45,305
Employee Benefits $3,000 $3,090 $3,183
Home Office Business Expenses $1,000 $1,030 $1,061
Insurance $3,906 $3,754 $4,010
Bank Charges $2,133 $2,197 $2,263
Legal & Professional Services $1,000 $1,330 $1,670
Meals & Entertainment $4,000 $4,120 $4,244
Office Expense $6,000 $6,180 $6,365
Retirement Plans $1,000 $1,030 $1,061
Rent - Equipment $3,000 $3,090 $3,183
Rent - Office Property $8,750 $9,110 $9,544
Repairs $1,000 $1,030 $1,061
Supplies $1,000 $1,030 $1,061
Taxes - Business & Payroll $1,000 $1,030 $1,061
Travel $6,230 $6,120 $6,010
Utilities $11,974 $12,374 $14,186
Other Expenses $0 $0 $0
Total Fixed Expenses $329,993 $335,065 $385,138
Variable Expenses 1 2 3
Office salaries $90,000 $102,700 $112,368
Employee benefits $43,000 $46,875 $47,970
Payroll taxes $18,000 $18,540 $19,096
Sales and Marketing $14,000 $14,420 $14,853
Telephone and telegraph $6,000 $6,180 $6,365
Stationary and office supplies $2,110 $2,680 $3,005
Bad debts $100 $103 $106
Postage $5,557 $5,724 $5,895
Contributions $0 $0 $0
Add Item $0 $0 $0
Add Item $0 $0 $0
Add Item $0 $0 $0
Add Item $0 $0 $0
Add Item $0 $0 $0
Miscellaneous $0 $0 $0
Total Variable Expenses $178,767 $197,222 $209,659
1 2 3
Operating expenses $508,760 $532,287 $594,797
Interest $16,250 $16,738 $17,240
Depreciation $32,500 $33,475 $34,479
Amortization $1,250 $1,288 $1,326
Other $0 $0 $0
Total expenses $558,760 $583,787 $647,842
Operating income $656,240 $1,044,863 $1,109,658
Other income and expenses 1 2 3

Gain (loss) on sale of assets $10,000 $10,300 $10,609
Other (net) $20,000 $20,600 $21,218
Subtotal $30,000 $30,900 $31,827
1 2 3
Income before tax $686,240 $1,075,763 $1,141,485
Income taxes $0 $0 $0
Net income $686,240 $1,075,763 $1,141,485
Return On Ownership $876,240 $1,266,763 $1,336,485

Balance Sheet
ASSETS Month Month Month
Current Assets 1 2 3
Cash and cash equivalents $451,000 $464,530 $478,466
Accounts receivable $350,000 $460,500 $871,315
Notes receivable $1,200 $3,200 $3,000
Inventory $400,000 $612,000 $824,360
Other current assets $10,000 $10,300 $10,609
Total Current Assets $1,212,200 $1,550,530 $2,187,750
Fixed Assets 1 2 3
Land $1,000,000 $1,030,000 $1,106,090
Buildings $1,500,000 $1,555,000 $1,591,350
Equipment $800,000 $824,000 $948,720
Subtotal $3,300,000 $3,409,000 $3,646,160
Less-accumulated depreciation $400,000 $412,000 $424,360
Total Fixed Assets $2,900,000 $2,997,000 $3,221,800
Intangible Assets 1 2 3
Cost $50,000 $51,500 $53,045
Less-accumulated amortization $20,000 $20,600 $21,218
Total Intangible Assets $30,000 $30,900 $31,827
Other assets $25,000 $25,750 $26,523

Total Assets $4,167,200 $4,604,180 $5,467,899
Balance Sheet
Current Liabilities 1 2 3
Accounts payable $600,000 $618,000 $636,540
Notes payable $100,000 $103,000 $106,090
Current portion of long-term debt $100,000 $103,000 $106,090
Income taxes $30,000 $30,900 $31,827
Accrued expenses $90,000 $92,700 $95,481
Other current liabilities $16,000 $16,480 $16,974
Total Current Liabilities $936,000 $964,080 $993,002
Non-Current Liabilities 1 2 3
Long-term debt $601,200 $624,200 $645,630
Deferred income $100,000 $103,000 $106,090
Deferred income taxes $30,000 $30,900 $31,827
Other long-term liabilities $50,000 $51,500 $53,045
Sub-total $781,200 $809,600 $836,592
Total Liabilities $1,717,200 $1,773,680 $1,829,594
Owners' Equity 1 2 3
Capital stock issued $100,000 $100,000 $100,000
Additional capital invested $950,000 $678,500 $1,853,045
Undistributed earnings $1,400,000 $1,542,000 $1,685,260
Total Owners' Equity $2,450,000 $2,320,500 $3,638,305
Total Liabilities and Equity $4,167,200 $4,094,180 $5,467,899
Altman Z-Score Analysis 1 2 3

Publicly Held Firm 2.40 2.70 3.04
Privately Held Firm 1.35 1.68 1.62
Service, Retail, Wholesale 4.09 4.83 5.89
P.T. CONSULTANT -
There are instances where 4 financial periods are not enough. This worksheet allows you to post additiona
12. You will be overwriting forecast formulas, so, be sure you save a backup copy for recovery.
Use this worksheet with the Financial Summary sheet to flag problem areas that are magified over time.
Month Month Month Month Month Month Month

4 5 6 7 8 9 10
$3,285,454 $3,641,354 $4,040,170 $4,438,986 $4,837,803 $5,236,619 $5,635,435
($80,000) ($90,000) ($100,000) ($110,000) ($120,000) ($130,000) ($140,000)
$3,205,454 $3,551,354 $3,940,170 $4,328,986 $4,717,803 $5,106,619 $5,495,435
$432,513 $488,132 $522,250 $556,367 $590,485 $624,603 $658,721
$346,364 $361,589 $377,043 $392,497 $407,951 $423,405 $438,859
$136,591 $140,397 $144,261 $148,124 $151,988 $155,851 $159,715
$915,467 $990,118 $1,043,553 $1,096,988 $1,150,423 $1,203,859 $1,257,294
$2,289,987 $2,561,236 $2,896,617 $3,231,998 $3,567,379 $3,902,760 $4,238,141
4 5 6 7 8 9 10
$195,000 $197,500 $199,400 $201,300 $203,200 $205,100 $207,000
$54,636 $56,159 $57,704 $59,250 $60,795 $62,340 $63,886
$32,782 $33,695 $34,623 $35,550 $36,477 $37,404 $38,332
$50,464 $70,616 $88,270 $105,925 $123,580 $141,234 $158,889
$3,278 $3,370 $3,462 $3,555 $3,648 $3,740 $3,833
$1,093 $1,123 $1,154 $1,185 $1,216 $1,247 $1,278
$3,994 $4,046 $4,098 $4,150 $4,202 $4,254 $4,306
$2,331 $2,396 $2,462 $2,528 $2,594 $2,659 $2,725
$2,020 $2,355 $2,695 $3,035 $3,375 $3,715 $4,055
$4,371 $4,493 $4,616 $4,740 $4,864 $4,987 $5,111
$6,556 $6,739 $6,925 $7,110 $7,295 $7,481 $7,666
$1,093 $1,123 $1,154 $1,185 $1,216 $1,247 $1,278
$3,278 $3,370 $3,462 $3,555 $3,648 $3,740 $3,833
$9,929 $10,326 $10,723 $11,120 $11,517 $11,914 $12,311
$1,093 $1,123 $1,154 $1,185 $1,216 $1,247 $1,278
$1,093 $1,123 $1,154 $1,185 $1,216 $1,247 $1,278
$1,093 $1,123 $1,154 $1,185 $1,216 $1,247 $1,278
$5,900 $5,790 $5,680 $5,570 $5,460 $5,350 $5,240
$16,974 $18,080 $19,761 $21,442 $23,124 $24,805 $26,486
$0 $0 $0 $0 $0 $0 $0
$396,977 $424,549 $449,651 $474,754 $499,856 $524,959 $550,061
4 5 6 7 8 9 10
$118,647 $129,831 $139,392 $148,953 $158,514 $168,075 $177,636
$51,249 $53,734 $56,318 $58,902 $61,487 $64,071 $66,655
$19,669 $20,217 $20,774 $21,330 $21,886 $22,443 $22,999
$15,298 $15,724 $16,157 $16,590 $17,023 $17,455 $17,888
$6,556 $6,739 $6,925 $7,110 $7,295 $7,481 $7,666
$3,493 $3,941 $4,388 $4,836 $5,283 $5,731 $6,178
$109 $112 $115 $118 $122 $125 $128
$6,072 $6,241 $6,413 $6,585 $6,757 $6,929 $7,100
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0
$221,095 $236,540 $250,482 $264,424 $278,366 $292,308 $306,250
4 5 6 7 8 9 10
$618,071 $661,089 $700,134 $739,178 $778,222 $817,267 $856,311
$17,757 $18,252 $18,754 $19,256 $19,758 $20,261 $20,763
$35,514 $36,503 $37,508 $38,512 $39,517 $40,521 $41,526
$1,366 $1,404 $1,443 $1,481 $1,520 $1,559 $1,597
$0 $0 $0 $0 $0 $0 $0
$672,707 $717,248 $757,838 $798,428 $839,018 $879,607 $920,197
$1,617,279 $1,843,988 $2,138,779 $2,433,570 $2,728,362 $3,023,153 $3,317,944
4 5 6 7 8 9 10
$10,927 $11,232 $11,541 $11,850 $12,159 $12,468 $12,777
$31,855 $32,464 $36,082 $39,700 $43,318 $46,936 $50,554
$42,782 $43,695 $47,623 $51,550 $55,477 $59,404 $63,332
4 5 6 7 8 9 10
$1,660,061 $1,887,683 $2,186,402 $2,485,120 $2,783,839 $3,082,557 $3,381,276
$0 $0 $0 $0 $0 $0 $0
$1,660,061 $1,887,683 $2,186,402 $2,485,120 $2,783,839 $3,082,557 $3,381,276
$1,855,061 $2,085,183 $2,385,802 $2,686,420 $2,987,039 $3,287,657 $3,588,276

Month Month Month Month Month Month Month
4 5 6 7 8 9 10
$492,820 $506,553 $520,492 $534,432 $548,371 $562,311 $576,251
$1,382,454 $1,643,112 $1,993,930 $2,344,748 $2,695,565 $3,046,383 $3,397,201
$3,400 $4,300 $4,940 $5,580 $6,220 $6,860 $7,500
$937,091 $1,149,271 $1,331,634 $1,513,997 $1,696,361 $1,878,724 $2,061,087
$10,927 $11,232 $11,541 $11,850 $12,159 $12,468 $12,777
$2,826,692 $3,314,467 $3,862,537 $4,410,607 $4,958,676 $5,506,746 $6,054,816
4 5 6 7 8 9 10
$1,109,273 $1,162,318 $1,202,709 $1,243,099 $1,283,490 $1,323,881 $1,364,272
$1,739,091 $1,784,766 $1,860,128 $1,935,490 $2,010,852 $2,086,214 $2,161,576
$874,182 $948,542 $983,268 $1,017,995 $1,052,721 $1,087,448 $1,122,174
$3,722,545 $3,895,625 $4,046,104 $4,196,584 $4,347,063 $4,497,543 $4,648,022
$437,091 $449,271 $461,634 $473,997 $486,361 $498,724 $511,087
$3,285,454 $3,446,354 $3,584,470 $3,722,586 $3,860,703 $3,998,819 $4,136,935
4 5 6 7 8 9 10
$54,636 $56,159 $57,704 $59,250 $60,795 $62,340 $63,886
$21,855 $22,464 $23,082 $23,700 $24,318 $24,936 $25,554
$32,782 $33,695 $34,623 $35,550 $36,477 $37,404 $38,332
$27,318 $28,079 $28,852 $29,625 $30,398 $31,170 $31,943

$6,172,246 $6,822,596 $7,510,481 $8,198,367 $8,886,253 $9,574,138 $10,262,024
4 5 6 7 8 9 10
$640,563 $658,833 $672,856 $686,879 $700,902 $714,925 $728,948
$109,273 $112,318 $115,409 $118,499 $121,590 $124,681 $127,772
$109,273 $112,318 $115,454 $118,568 $121,659 $124,784 $127,886
$32,782 $33,695 $34,636 $35,570 $36,498 $37,435 $38,366
$98,345 $101,086 $103,868 $106,649 $109,431 $112,213 $114,995
$17,484 $17,971 $18,465 $18,960 $19,454 $19,949 $20,443
$1,007,719 $1,036,220 $1,060,628 $1,085,037 $1,109,445 $1,133,853 $1,158,261
4 5 6 7 8 9 10
$668,308 $690,523 $712,799 $735,074 $757,350 $779,625 $801,901
$109,273 $112,318 $115,409 $118,499 $121,590 $124,681 $127,772
$32,782 $33,695 $34,623 $35,550 $36,477 $37,404 $38,332
$54,636 $56,159 $57,704 $59,250 $60,795 $62,340 $63,886
$864,999 $892,695 $920,534 $948,373 $976,212 $1,004,051 $1,031,890
$1,872,718 $1,928,916 $1,981,162 $2,033,409 $2,085,656 $2,137,903 $2,190,150
4 5 6 7 8 9 10
$100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000
$2,469,710 $2,921,233 $3,494,600 $4,067,968 $4,641,335 $5,214,703 $5,788,070
$1,729,818 $1,872,448 $1,985,719 $2,098,990 $2,212,262 $2,325,533 $2,438,805
$4,299,528 $4,893,680 $5,580,319 $6,266,958 $6,953,597 $7,640,236 $8,326,875
$6,172,246 $6,822,596 $7,561,481 $8,300,367 $9,039,253 $9,778,138 $10,517,024
4 5 6 7 8 9 10
3.51 3.83 4.20 4.57 4.93 5.30 5.67
1.88 2.01 2.16 2.31 2.47 2.62 2.77
7.02 7.92 8.91 9.89 10.88 11.86 12.85

riods are not enough. This worksheet allows you to post additional periods up to
las, so, be sure you save a backup copy for recovery.
mmary sheet to flag problem areas that are magified over time.
Month Month
11 12
$6,034,251 $6,433,067
($150,000) ($160,000)
$5,884,251 $6,273,067
$692,838 $726,956
$454,313 $469,767
$163,578 $167,442
$1,310,729 $1,364,164
$4,573,522 $4,908,903
11 12
$208,900 $210,800
$65,431 $66,977
$39,259 $40,186
$176,543 $194,198
$3,926 $4,019
$1,309 $1,340
$4,358 $4,410
$2,791 $2,857
$4,395 $4,735
$5,235 $5,358
$7,852 $8,037
$1,309 $1,340
$3,926 $4,019
$12,708 $13,105
$1,309 $1,340
$1,309 $1,340
$1,309 $1,340
$5,130 $5,020
$28,167 $29,848
$0 $0
$575,163 $600,266
11 12
$187,196 $196,757
$69,239 $71,823
$23,555 $24,112
$18,321 $18,753
$7,852 $8,037
$6,626 $7,073
$131 $134
$7,272 $7,444
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$320,192 $334,134
11 12
$895,355 $934,400
$21,265 $21,767
$42,530 $43,535
$1,636 $1,674
$0 $0
$960,787 $1,001,376
$3,612,735 $3,907,526
11 12
$13,086 $13,395
$54,173 $57,791
$67,259 $71,186
11 12
$3,679,994 $3,978,712
$0 $0
$3,679,994 $3,978,712
$3,888,894 $4,189,512
Month Month
11 12
$590,190 $604,130
$3,748,019 $4,098,837
$8,140 $8,780
$2,243,450 $2,425,813
$13,086 $13,395
$6,602,886 $7,150,955
11 12
$1,404,663 $1,445,053
$2,236,938 $2,312,301
$1,156,900 $1,191,627
$4,798,501 $4,948,981
$523,450 $535,813
$4,275,051 $4,413,167
11 12
$65,431 $66,977
$26,173 $26,791
$39,259 $40,186
$32,716 $33,488
$10,949,910 $11,637,795
11 12
$742,970 $756,993
$130,863 $133,953
$130,994 $134,090
$39,298 $40,227
$117,776 $120,558
$20,938 $21,433
$1,182,669 $1,207,077
11 12
$824,176 $846,451
$130,863 $133,953
$39,259 $40,186
$65,431 $66,977
$1,059,729 $1,087,567
$2,242,397 $2,294,644
11 12
$100,000 $100,000
$6,361,438 $6,934,805
$2,552,076 $2,665,347
$9,013,513 $9,700,152
$11,255,910 $11,994,795
11 12
6.04 6.40
2.92 3.07
13.84 14.82
Financial Summary Analysis
*EBIT is Earnings Before Interest and Taxes
**Ownership is the Total Reward for being the owner=Owner Salary + Bonus + Net Income + Other

1 2 3 4
Income Statement
Net Sales $1,960,000 $2,500,000 $2,651,800 $3,205,454
Cost of Goods Sold $745,000 $871,350 $894,301 $915,467
Gross Profit (Margin) $1,215,000 $1,628,650 $1,757,500 $2,289,987
G&A $178,767 $197,222 $209,659 $221,095
Total Operating Expenses $558,760 $583,787 $647,842 $672,707
EBIT* $686,240 $1,075,763 $1,141,485 $1,660,061
Net Income After $686,240 $1,075,763 $1,141,485 $1,660,061
Ownership** $876,240 $1,266,763 $1,336,485 $1,855,061
Balance Sheet
Current Assets $1,212,200 $1,550,530 $2,187,750 $2,826,692
Inventory $400,000 $612,000 $824,360 $937,091
Other Assets $10,000 $10,300 $10,609 $10,927
Total Assets $4,167,200 $4,604,180 $5,467,899 $6,172,246
Current Liabilities $936,000 $964,080 $993,002 $1,007,719
Non-current Liabilities $781,200 $809,600 $836,592 $864,999
Total Liabilities $1,717,200 $1,773,680 $1,829,594 $1,872,718
Equity $2,450,000 $2,320,500 $3,638,305 $4,299,528
Cash Flow
Net Cash Flow $300,660 $386,896 $687,079 $1,587,340
Key Ratios
Current Ratio 1.30 1.61 2.20 2.81
Quick Ratio 0.87 0.97 1.37 1.88
Debt Ratio 0.41 0.39 0.33 0.30
Asset Turnover 0.47 0.54 0.48 0.52
Net Income/Sales 0.35 0.43 0.43 0.52
Debt/Equity 0.70 0.76 0.50 0.44
Return on Assets 0.21 0.34 0.26 0.32
Working Capital $276,200 $586,450 $1,194,748 $1,818,973
Sales/Working Capital 7.10 4.26 2.22 1.76
Market Value
Book Market Value $2,450,000 $2,830,500 $3,638,305 $4,299,528
Plus Ownership** $3,326,240 $4,097,263 $4,974,789 $6,154,589
Altman Z-Score Analysis
Publicly Held Firm 2.40 2.70 3.04 3.51
Privately Held Firm 1.35 1.68 1.62 1.88
Non-Manufacturing 4.09 4.83 5.89 7.02
*EBIT is Earnings Before Interest and Taxes

**Ownership is the Total Reward for being the owner=Owner Salary + Bonus + Net Income + Other
Income Statement
Smoothing Forecast - 8 Periods
1 2 3 4 5 6 7 8
1 2
Net Sales Cost of Goods Sold Gross Profit (Margin) Current Assets
G&A Total Operating Expenses EBIT* Total Assets
Net Income After Ownership** Total Liabilities

ancial Summary Analysis
Month Month Month Month Trend

5 6 7 8 ASSESSMENT
Forecast
$3,641,354 $4,040,170 $4,438,986 $4,837,803 Upward
$990,118 $1,043,553 $1,096,988 $1,150,423 Upward
$2,651,236 $2,996,617 $3,341,998 $3,687,379 Upward
$236,540 $250,482 $264,424 $278,366 Upward
$717,248 $757,838 $798,428 $839,018 Upward
$1,887,683 $2,186,402 $2,485,120 $2,783,839 Upward
$1,887,683 $2,186,402 $2,485,120 $2,783,839 Upward
$2,085,183 $2,385,802 $2,686,420 $2,987,039 Upward
Forecast
$3,314,467 $3,862,537 $4,410,607 $4,958,676 Upward
$1,149,271 $1,331,634 $1,513,997 $1,696,361 Upward
$11,232 $11,541 $11,850 $12,159 Upward
$6,822,596 $7,510,481 $8,198,367 $8,886,253 Upward
$1,036,220 $1,060,628 $1,085,037 $1,109,445 Upward
$892,695 $920,534 $948,373 $976,212 Upward
$1,928,916 $1,981,162 $2,033,409 $2,085,656 Upward
$4,893,680 $5,580,319 $6,266,958 $6,953,597 Upward
Forecast
$1,780,550 $2,196,572 $2,612,594 $3,028,616 Upward
Forecast
3.20 3.64 4.06 4.47 Upward
2.09 2.39 2.67 2.94 Upward
0.28 0.26 0.25 0.23 Downward
0.53 0.54 0.54 0.54 Upward
0.52 0.54 0.56 0.58 Upward
0.39 0.36 0.32 0.30 Downward
0.33 0.34 0.34 0.35 Upward
$2,278,247 $2,801,909 $3,325,570 $3,849,232 Upward
1.60 1.44 1.33 1.26 Downward
Forecast
$4,893,680 $5,529,319 $6,164,957 $6,800,596 Upward
$6,978,863 $7,915,121 $8,851,378 $9,787,635 Upward
Forecast
3.83 4.20 4.57 4.93 Upward
2.01 2.16 2.31 2.47 Upward
7.92 8.91 9.89 10.88 Upward
Balance Sheet
Smoothing Forcast - 8 Periods
1 2 3 4 5 6 7 8
Current Assets Inventory Other Assets

Total Assets Current Liabilities Non-current Liabilities
Total Liabilities Equity
SULTANT - AMORNRAT KAMPITTHAYAKUL

The XYZ Company
123
Bangkok
Phone: (000) 000-0000
FAX: (000) 000-0000
June 24, 2020
Comparative Income Statement - 4 Periods
Sales Revenue Cost of Sales Gross Profit Fixed Expenses Other Expenses Income Before Tax Income Taxes
Month Month Month

1 2 3
Income Details $ % $ % $
Gross Sales $2,010,000 102.55% $2,560,000 102.40% $2,721,800
Discounts/Allowances ($50,000) -2.55% ($60,000) -2.40% ($70,000)
Net Sales $1,960,000 100.00% $2,500,000 100.00% $2,651,800
Direct Material Cost $320,000 16.33% $427,600 17.10% $431,238
Direct Labor Cost $300,000 15.31% $315,000 12.60% $330,450
Other Direct Costs $125,000 6.38% $128,750 5.15% $132,613
Total Cost of Sales $745,000 38.01% $871,350 34.85% $894,301
Gross Profit $1,215,000 61.99% $1,628,650 65.15% $1,757,500
Expenses
Fixed Expenses
Executive Salaries $190,000 9.69% $191,000 7.64% $195,000
Advertising $50,000 2.55% $51,500 2.06% $53,045
Auto & Truck Expenses $30,000 1.53% $30,900 1.24% $31,827
Depreciation $5,000 0.26% $5,150 0.21% $45,305
Employee Benefits $3,000 0.15% $3,090 0.12% $3,183
Home Office Business Expenses $1,000 0.05% $1,030 0.04% $1,061
Insurance $3,906 0.20% $3,754 0.15% $4,010
Bank Charges $2,133 0.11% $2,197 0.09% $2,263
Legal & Professional Services $1,000 0.05% $1,330 0.05% $1,670
Meals & Entertainment $4,000 0.20% $4,120 0.16% $4,244
Office Expense $6,000 0.31% $6,180 0.25% $6,365
Retirement Plans $1,000 0.05% $1,030 0.04% $1,061
Rent - Equipment $3,000 0.15% $3,090 0.12% $3,183
Rent - Office Property $8,750 0.45% $9,110 0.36% $9,544
Month Month Month

1 2 3
Repairs $1,000 0.05% $1,030 0.04% $1,061
Supplies $1,000 0.05% $1,030 0.04% $1,061
Taxes - Business & Payroll $1,000 0.05% $1,030 0.04% $1,061
Travel $6,230 0.32% $6,120 0.24% $6,010
Utilities $11,974 0.61% $12,374 0.49% $14,186
Other Expenses $0 0.00% $0 0.00% $0
Total Fixed Expenses $329,993 16.84% $335,065 13.40% $385,138
Month Month Month

1 2 3
Variable Expenses
Office salaries $90,000 4.59% $102,700 4.11% $112,368
Employee benefits $43,000 2.19% $46,875 1.88% $47,970
Payroll taxes $18,000 0.92% $18,540 0.74% $19,096
Sales and Marketing $14,000 0.71% $14,420 0.58% $14,853
Telephone and telegraph $6,000 0.31% $6,180 0.25% $6,365
Stationary and office supplies $2,110 0.11% $2,680 0.11% $3,005
Bad debts $100 0.01% $103 0.00% $106
Postage $5,557 0.28% $5,724 0.23% $5,895
Contributions $0 0.00% $0 0.00% $0
Add Item $0 0.00% $0 0.00% $0
Add Item $0 0.00% $0 0.00% $0
Add Item $0 0.00% $0 0.00% $0
Add Item $0 0.00% $0 0.00% $0
Add Item $0 0.00% $0 0.00% $0
Total Variable Expenses $178,767 9.12% $197,222 7.89% $209,659
Operating expenses $508,760 25.96% $532,287 21.29% $594,797

Interest $16,250 0.83% $16,738 0.67% $17,240
Depreciation $32,500 1.66% $33,475 1.34% $34,479
Amortization $1,250 0.06% $1,288 0.05% $1,326
Other $0 0.00% $0 0.00% $0
Total expenses $558,760 28.51% $583,787 23.35% $647,842
Operating income $656,240 33.48% $1,044,863 41.79% $1,109,658
Other income and expenses

Gain (loss) on sale of assets $10,000 0.51% $10,300 0.41% $10,609
Other (net) $20,000 1.02% $20,600 0.82% $21,218
Subtotal $30,000 1.53% $30,900 1.24% $31,827
Income before tax $686,240 35.01% $1,075,763 43.03% $1,141,485

Month Month Month

1 2 3
Income taxes $0 0.00% $0 0.00% $0
Net income $686,240 35.01% $1,075,763 43.03% $1,141,485
Return On Ownership $876,240 44.71% $1,266,763 50.67% $1,336,485

June 24, 2020
Expenses Other Expenses Income Before Tax Income Taxes Net Income (Loss)
Month Month
3 4
% $ %
102.64% $3,285,454 100.00%
-2.64% ($80,000) -2.43%
100.00% $3,205,454 97.57%
16.26% $432,513 13.49%
12.46% $346,364 10.81%
5.00% $136,591 4.26%
33.72% $915,467 28.56%
66.28% $2,289,987 71.44%
7.35% $195,000 6.08%

2.00% $54,636 1.70%
1.20% $32,782 1.02%
1.71% $50,464 1.57%
0.12% $3,278 0.10%
0.04% $1,093 0.03%
0.15% $3,994 0.12%
0.09% $2,331 0.07%
0.06% $2,020 0.06%
0.16% $4,371 0.14%
0.24% $6,556 0.20%
0.04% $1,093 0.03%
0.12% $3,278 0.10%
0.36% $9,929 0.31%
Month Month
3 4
0.04% $1,093 0.03%
0.04% $1,093 0.03%
0.04% $1,093 0.03%
0.23% $5,900 0.18%
0.53% $16,974 0.53%
0.00% $0 0.00%
14.52% $396,977 12.38%
Month Month
3 4
4.24% $118,647 3.70%

1.81% $51,249 1.60%
0.72% $19,669 0.61%
0.56% $15,298 0.48%
0.24% $6,556 0.20%
0.11% $3,493 0.11%
0.00% $109 0.00%
0.22% $6,072 0.19%
0.00% $0 0.00%
0.00% $0 0.00%
0.00% $0 0.00%
0.00% $0 0.00%
0.00% $0 0.00%
0.00% $0 0.00%
7.91% $221,095 6.90%
22.43% $618,071 19.28%

0.65% $17,757 0.55%
1.30% $35,514 1.11%
0.05% $1,366 0.04%
0.00% $0 0.00%
24.43% $672,707 20.99%
41.85% $1,617,279 50.45%
0.40% $10,927 0.34%

0.80% $31,855 0.99%
1.20% $42,782 1.33%
43.05% $1,660,061 51.79%

Month Month
3 4
0.00% $0 0.00%
43.05% $1,660,061 51.79%
50.40% $1,855,061 57.87%

The XYZ Company
123
Bangkok
Phone: (000) 000-0000
FAX: (000) 000-0000
June 24, 2020
Total Current Assets Total Fixed Assets Total Assets Total Current Liabilities Total Liabilities Total Owners' Equity Tot
Month Month Month

1 2 3
ASSETS $ % $ % $
Current Assets
Cash and cash equivalents $451,000 10.82% $464,530 10.09% $478,466
Accounts receivable $350,000 8.40% $460,500 10.00% $871,315
Notes receivable $1,200 0.03% $3,200 0.07% $3,000
Inventory $400,000 9.60% $612,000 13.29% $824,360
Other current assets $10,000 0.24% $10,300 0.22% $10,609
Total Current Assets $1,212,200 29.09% $1,550,530 33.68% $2,187,750
Fixed Assets
Land $1,000,000 24.00% $1,030,000 22.37% $1,106,090
Buildings $1,500,000 36.00% $1,555,000 33.77% $1,591,350
Equipment $800,000 19.20% $824,000 17.90% $948,720
Subtotal $3,300,000 79.19% $3,409,000 74.04% $3,646,160
Less-accumulated depreciation $400,000 9.60% $412,000 8.95% $424,360
Total Fixed Assets $2,900,000 69.59% $2,997,000 65.09% $3,221,800
Intangible Assets
Cost $50,000 1.20% $51,500 1.12% $53,045
Less-accumulated amortization $20,000 0.48% $20,600 0.45% $21,218
Total Intangible Assets $30,000 0.72% $30,900 0.67% $31,827
Other assets $25,000 0.60% $25,750 0.56% $26,523
Total All Other Assets $55,000 1.32% $56,650 1.36% $58,350
Total Assets $4,167,200 100.00% $4,604,180 100.00% $5,467,899
Total Current Assets Total Fixed Assets Total Assets Total Current Liabilities Total Liabilities Total Owners' Equity Tot
Month Month Month

1 2 3
Current Liabilities
Accounts payable $600,000 14.40% $618,000 15.09% $636,540
Notes payable $100,000 2.40% $103,000 2.52% $106,090
Current portion of long-term debt $100,000 2.40% $103,000 2.52% $106,090
Income taxes $30,000 0.72% $30,900 0.75% $31,827
Accrued expenses $90,000 2.16% $92,700 2.26% $95,481
Other current liabilities $16,000 0.38% $16,480 0.40% $16,974
Total Current Liabilities $936,000 22.46% $964,080 23.55% $993,002
Non-Current Liabilities
Long-term debt $601,200 14.43% $624,200 15.25% $645,630
Deferred income $100,000 2.40% $103,000 2.52% $106,090
Deferred income taxes $30,000 0.72% $30,900 0.75% $31,827
Other long-term liabilities $50,000 1.20% $51,500 1.26% $53,045
Total Liabilities $1,717,200 41.21% $1,773,680 43.32% $1,829,594
Owners' Equity
Capital stock issued $100,000 2.40% $100,000 2.44% $100,000
Number of shares issued $100,000 2.40% $100,000 2.44% $100,000
Additional capital invested $950,000 22.80% $678,500 16.57% $1,853,045
Undistributed earnings $1,400,000 33.60% $1,542,000 37.66% $1,685,260
Total Owners' Equity $2,450,000 58.79% $2,320,500 56.68% $3,638,305
Total Liabilities and Equity $4,167,200 100.00% $4,094,180 100.00% $5,467,899

June 24, 2020
tal Current Liabilities Total Liabilities Total Owners' Equity Total Liabilities and Equity
Month Month
3 4
% $ %
8.75% $492,820 7.98%

15.94% $1,382,454 22.40%
0.05% $3,400 0.06%
15.08% $937,091 15.18%
0.19% $10,927 0.18%
40.01% $2,826,692 45.80%
20.23% $1,109,273 17.97%

29.10% $1,739,091 28.18%
17.35% $874,182 14.16%
66.68% $3,722,545 60.31%
7.76% $437,091 7.08%
58.92% $3,285,454 53.23%
0.97% $54,636 0.89%

0.39% $21,855 0.35%
0.58% $32,782 0.53%
0.49% $27,318 0.44%
1.40% $60,100 1.44%
100.00% $6,172,246 100.00%
tal Current Liabilities Total Liabilities Total Owners' Equity Total Liabilities and Equity
Month Month
3 4
11.64% $640,563 10.38%

1.94% $109,273 1.77%
1.94% $109,273 1.77%
0.58% $32,782 0.53%
1.75% $98,345 1.59%
0.31% $17,484 0.28%
18.16% $1,007,719 16.33%
11.81% $668,308 10.83%

1.94% $109,273 1.77%
0.58% $32,782 0.53%
0.97% $54,636 0.89%
33.46% $1,872,718 30.34%
1.83% $100,000 1.62%

1.83% $100,000 1.62%
33.89% $2,469,710 40.01%
30.82% $1,729,818 28.03%
66.54% $4,299,528 69.66%
100.00% $6,172,246 100.00%

The Prediction of Corporate Failure
Logit Analysis: The Model
Bankruptcy prediction models are more generally known as measures of financial distress. The best-known, and mos
used, multiple discriminant analysis method is the one proposed by Edward Altman, Professor of Finance at the Stern Sc
Business, New York University, The Z-Score Analysis or Zeta Model. Despite the positive results of his study, Altman’s mode
key weakness: it assumed variables in the sample data to be normally distributed. "If all variables are not normally distribu
methods employed may result in selection of an inappropriate set of predictors". Chistine Zavgren developed a mod
corrected for this problem. Her model used logit analysis to predict bankruptcy. Due to its use of logit analysis, her m
considered "more robust". Further, logit analysis actually provides a probability (in terms of a percentage) of bankruptcy. A
probability calculated might be considered a measure of the effectiveness of management, i.e. effective management will n
a company to the verge of bankruptcy.
Application of the logit model requires four steps. First, a series of seven financial ratios are calculated. Second, each
multiplied by a coefficient unique to that ratio. This coefficient can be either positive or negative. Third, the resulting valu
summed together (y). Finally, the probability of bankruptcy for a firm is calculated as the inverse of (1 + ey) where "e" is the
natural logarithms."Explanatory variables with a negative coefficient increase the probability of bankruptcy because they red
toward zero, with the result that the bankruptcy probability function approaches 1/1, or 100 percent. Likewise, indep
variables with a positive coefficient decrease the probability of bankruptcy".
Logit Analysis developed by Christine Zavgren-Bankruptcy Predictor

Zavgren, C. 1983, The Prediction of Corporate Failure: The State of the Art, Journal of Accounting Literature
The Prediction of Corporate Failure
Logit Analysis: The Model

1 2 3 4
Cash $451,000 $464,530 $478,466 $492,820
Marketable Securities $10,000 $10,300 $10,609 $10,927
Accounts Receivable $350,000 $460,500 $871,315 $1,382,454
Inventory $400,000 $612,000 $824,360 $937,091
Fixed Assets $2,900,000 $2,997,000 $3,221,800 $3,285,454
Total Assets $4,167,200 $4,604,180 $5,467,899 $6,172,246
Current Liabilities $936,000 $964,080 $993,002 $1,007,719
Long Term Debt $601,200 $624,200 $645,630 $668,308
Sales $1,960,000 $2,500,000 $2,651,800 $3,205,454
Income from Continuing Operations $656,240 $1,044,863 $1,109,658 $1,617,279
Logit Analysis
1 2 3 4
Constant 0.23883 0.23883 0.23883 0.23883
Inventories/Sales -0.022 -0.026 -0.034 -0.032
Receivables/Inventory -1.385 -1.191 -1.673 -2.335
Cash+Marketable Securities/Total Assets -1.193 -1.112 -0.964 -0.880
Quick Assets/Current Liabilities 2.663 2.982 4.211 5.754
Income from CO/(Total Assets-Current Liab) 0.099 0.140 0.121 0.152
Long-Term Debt/(Total Assets-Current Liab) -0.809 -0.746 -0.628 -0.563
Sales/(Net Working Capital+Fixed Assets) 0.068 0.077 0.066 0.069
Sum of Coefficients * Ratios -0.340 0.362 1.338 2.404
Probability of Bankruptcy 58.42% 41.04% 20.78% 8.28%

iction of Corporate Failure
ogit Analysis: The Model
y known as measures of financial distress. The best-known, and most-widely

e one proposed by Edward Altman, Professor of Finance at the Stern School of
sis or Zeta Model. Despite the positive results of his study, Altman’s model had a
e data to be normally distributed. "If all variables are not normally distributed, the
n inappropriate set of predictors". Chistine Zavgren developed a model that
analysis to predict bankruptcy. Due to its use of logit analysis, her model is
actually provides a probability (in terms of a percentage) of bankruptcy. Also, the
sure of the effectiveness of management, i.e. effective management will not lead
. First, a series of seven financial ratios are calculated. Second, each ratio is
is coefficient can be either positive or negative. Third, the resulting values are
nkruptcy for a firm is calculated as the inverse of (1 + ey) where "e" is the base of
egative coefficient increase the probability of bankruptcy because they reduce ey
y probability function approaches 1/1, or 100 percent. Likewise, independent
robability of bankruptcy".
lure: The State of the Art, Journal of Accounting Literature

iction of Corporate Failure
ogit Analysis: The Model
The XYZ Company
123
Bangkok
Phone: (000) 000-0000
FAX: (000) 000-0000
June 24, 2020
Comparative Payroll Analysis
Payroll Analysis What-if

This analysis uses simple direct proportions.
Refer to it as a payroll performance snapshot in positive & negative situations. Use the spinners to
CURRENT NUMBER OF EMPLOYEES 37 CURRENT NUMBER OF EMPLOYEES

CURRENT SALES ANNUALIZED (Weekly X 52 Weeks) $3,399,968 CURRENT SALES ANNUALIZED (Weekly X
CURRENT COMPLETED YEAR SALES $3,285,454 CURRENT COMPLETED YEAR SALES
CURRENT PAYROLL ANNUALIZED (Weekly X 52 Weeks) $350,064 CURRENT PAYROLL ANNUALIZED (Weekly
PRIOR YEAR PAYROLL $313,647 PRIOR YEAR PAYROLL
SALES VOLUME REQUIRED, AT CURRENT PAYROLL LEVEL, TO PRODUCE PROFITS SALES VOLUME REQUIRED, AT CURRENT
EQUAL TO THE PREVIOUS YEAR PROFITS-------- $3,666,922 EQUAL TO THE PREVIOUS YEAR PROFITS
SALES DEFICIENCY = SALES REQUIRED MINUS CURRENT VOLUME SALES DEFICIENCY = SALES REQUIRED M
SALES DEFICIENCY IS--------------- ($266,954) SALES DEFICIENCY IS---------------
GROSS PAYROLL ALLOWABLE GROSS PAYROLL ALLOWABLE

UNDER PROJECTED CONDITIONS----- $324,579 UNDER PROJECTED CONDITIONS-----
GROSS PAYROLL BURDEN IS------ ($25,485) OR -8.1% GROSS PAYROLL BURDEN IS------
THE NUMBER OF NEEDED EMPLOYEES ON THE PAYROLL . . . . . . . . . . . . . . . . . . . . -3.01 THE NUMBER OF EXCESS EMPLOYEES ON
June 24, 2020
rative Payroll Analysis

Reset Spinners Calculator
What-if Payroll Analysis

What-if Analysis
Use the spinners to experiment with the payroll demand.
CURRENT NUMBER OF EMPLOYEES 37

CURRENT SALES ANNUALIZED (Weekly X 52 Weeks) $3,399,968 100%
CURRENT COMPLETED YEAR SALES $3,285,454 100%
CURRENT PAYROLL ANNUALIZED (Weekly X 52 Weeks) $350,064 100%
$313,647 100%
SALES VOLUME REQUIRED, AT CURRENT PAYROLL LEVEL, TO PRODUCE PROFITS

EQUAL TO THE PREVIOUS YEAR PROFITS-------- $3,666,922
SALES DEFICIENCY = SALES REQUIRED MINUS CURRENT VOLUME

SALES DEFICIENCY IS--------------- ($266,954)
GROSS PAYROLL ALLOWABLE

UNDER PROJECTED CONDITIONS----- $324,579
GROSS PAYROLL BURDEN IS------ ($25,485) OR -8.1%
THE NUMBER OF EXCESS EMPLOYEES ON THE PAYROLL . . . . . . . . . . . . . . . . . . . . . . -3.01

The XYZ Company
123
Bangkok
Phone: (000) 000-0000
FAX: (000) 000-0000
June 24, 2020
Breakdown of Operating Costs

TOTAL OPERATING COSTS
COMPARATIVE PERIODS Month Month Month Month Trend
1 2 3 4 5
Total For Period $745,000 $871,350 $894,301 $915,467 $990,118
1 DAY $2,041 $2,387 $2,450 $2,508 $2,713
1 HOUR $85.05 $99.47 $102.09 $104.51 $113.03
1 MINUTE $1.42 $1.66 $1.70 $1.74 $1.88
LABOR EXPENSE
1 2 3 4 5
Total For Period $300,000 $315,000 $330,450 $346,364 $361,589
1 DAY $822 $863 $905 $949 $991
1 HOUR $34.25 $35.96 $37.72 $39.54 $41.28
1 MINUTE $0.57 $0.60 $0.63 $0.66 $0.69
MATERIAL EXPENSE
1 2 3 4 5
Total For Period $320,000 $427,600 $431,238 $432,513 $488,132
1 DAY $877 $1,172 $1,181 $1,185 $1,337
1 HOUR $36.53 $48.81 $49.23 $49.37 $55.72
1 MINUTE $0.61 $0.81 $0.82 $0.82 $0.93
OTHER EXPENSES
1 2 3 4 5
Total For Period $125,000 $128,750 $132,613 $136,591 $140,397
1 DAY $342 $353 $363 $374 $385
1 HOUR $14.27 $14.70 $15.14 $15.59 $16.03
1 MINUTE $0.24 $0.24 $0.25 $0.26 $0.27
Return-on-Investment (ROI) Analysis
Cash flow and ROI statement
YEAR
BENEFIT DRIVERS
0 1
Greater margin driven by higher production capacity $500,000
Improved cycle time benefits:
Reduced energy cost due to less running time 125,000
Reduced labor cost due to less running time 500,000
Fewer accidents, resulting in less workers' compensation 100,000
Improved quality benefits:
Fewer defects, resulting in less rework 250,000
Fewer customer returns, resulting in less reprocessing costs 50,000
Reduced time spent handling customer complaints 50,000
<Benefit driver>
<Benefit driver>
<Benefit driver>
<Benefit driver>
Total annual benefits $1,575,000
Implementation filter 85%
Total benefits realized $1,338,750
Costs Year 0 Year 1
Total $1,650,000 $125,000
Benefits Year 0 Year 1

Annual benefit flow ($1,650,000) $1,213,750
Cumulative benefit flow (1,650,000) (436,250)
Discounted benefit flow Year 0 Year 1

Discounted costs $1,650,000 $108,696
Discounted benefits 0 1,164,130
Total discounted benefit flow (1,650,000) 1,055,435
Total cumulative discounted benefit flow (1,650,000) (594,565)
Initial investment Year 0 Year 1

Initial investment $1,200,000 $0
Implementation costs 400,000 0
Ongoing support costs 0 100,000
Training costs 50,000 25,000
Other costs 0 0
Total costs $1,650,000 $125,000
ROI measures
Cost of capital 15%
Net present value $2,223,632
Return on investment 66%
Payback (in years) 1.24
Return on investment
250%
200%
150%
100%
50%
0%
Year 1 Year 2 Year 3
YEAR
2 3
$1,000,000 $1,250,000
125,000 125,000
500,000 500,000
100,000 100,000
300,000 300,000
75,000 75,000
75,000 75,000
$2,175,000 $2,425,000
90% 95%
$1,957,500 $2,303,750
Year 2 Year 3
$125,000 $125,000
Year 2 Year 3
$1,832,500 $2,178,750
1,396,250 3,575,000
Year 2 Year 3
$94,518 $82,190
1,480,151 1,514,753
1,385,633 1,432,563
791,068 2,223,632
Year 2 Year 3
$0 $0
0 0
100,000 100,000
25,000 25,000
0 0
$125,000 $125,000
143% 215%
Return on investment
Year 2 Year 3
Small Business Headcount and Payroll Analysis
HEADCOUNT SUMMARY Q1 Q2 Q3
Executive
Owner 1.00 1.00 1.00
Chief financial officer 1.00 1.00 1.00
Open
Total 2.00 2.00 2.00
Finance
Financial Analyst 1.00 1.00 1.00
Credit Analyst 1.00 1.00 1.00
Open
Total 2.00 2.00 2.00
Human Resources
Director 1.00 1.00 1.00
Open
Open
Total 1.00 1.00 1.00
Information Technology
Director 1.00 1.00 1.00
Open
Total 1.00 1.00 1.00
Accounting
Controller 1.00 1.00 1.00
Open
Total 1.00 1.00 1.00
Sales
Sales Manager 1.00 1.00 1.00
Sales Representatives 2.00 2.00 2.00
Open
Total 3.00 3.00 3.00
Small Business Headcount and Payroll Analysis
Operations
Director 1.00 1.00 1.00
Open
Total 1.00 1.00 1.00
Marketing
Director 1.00 1.00 1.00
Open
Total 1.00 1.00 1.00
Corporate totals 12.00 12.00 12.00
SUMMARY DATA BY DEPARTMENT

Total number
Department Total salary
of employees
Executive 8 $150,000
Finance 8 55,000
Human Resources 4 40,000
Information Technology 4 40,000
Accounting 4 30,000
Sales 12 158,000
Operations 4 30,000
Marketing 0 35,000
Corporate Totals 44 $538,000
Total number
Department % of total
of employees
Executive 8 18.2%
Finance 8 18.2%
Human Resources 4 9.1%
Information Technology 4 9.1%
Accounting 4 9.1%
Sales 12 27.3%
Operations 4 9.1%
Marketing 0 0.0%
Corporate Totals 44 100.0%

Annual
Q4 Annual total Q1 cost Q2 cost Q3 cost Q4 cost
salary
1.00 4.00 $100,000 $25,000 $25,000 $25,000 $25,000

1.00 4.00 50,000 12,500 12,500 12,500 12,500
0.00 0 0 0 0
2.00 8.00 $37,500 $37,500 $37,500 $37,500
1.00 4.00 $30,000 $7,500 $7,500 $7,500 $7,500

1.00 4.00 25,000 6,250 6,250 6,250 6,250
0.00 0 0 0 0
2.00 8.00 $13,750 $13,750 $13,750 $13,750
1.00 4.00 $40,000 $10,000 $10,000 $10,000 $10,000

0.00 0 0 0 0
0.00 0 0 0 0
1.00 4.00 $10,000 $10,000 $10,000 $10,000
1.00 4.00 $40,000 $10,000 $10,000 $10,000 $10,000

0.00 0 0 0 0
1.00 4.00 $10,000 $10,000 $10,000 $10,000
1.00 4.00 $30,000 $7,500 $7,500 $7,500 $7,500

0.00 0 0 0 0
1.00 4.00 $7,500 $7,500 $7,500 $7,500
1.00 4.00 $40,000 $10,000 $10,000 $10,000 $10,000

2.00 8.00 59,000 29,500 29,500 29,500 29,500
0.00 0 0 0 0
3.00 12.00 $39,500 $39,500 $39,500 $39,500
Annual
salary
1.00 4.00 $30,000 $7,500 $7,500 $7,500 $7,500

0.00 0 0 0 0
1.00 4.00 $7,500 $7,500 $7,500 $7,500
1.00 4.00 $35,000 $8,750 $8,750 $8,750 $8,750

0.00 0 0 0 0
1.00 0.00 $8,750 $8,750 $8,750 $8,750
12.00 44.00 $134,500 $134,500 $134,500 $134,500
Salary + Variable Variable Stock-based

Benefits
benefits compensation % pay compensation
$37,500 $187,500 15.0% $22,500 $20,000
13,750 68,750 6.0% 3,300.00 5,000.00
10,000 50,000 5.0% 2,000.00 0.00
10,000 50,000 5.0% 2,000.00 0.00
7,500 37,500 5.0% 1,500.00 0.00
39,500 197,500 20.0% 31,600.00 0.00
7,500 37,500 10.0% 3,000.00 0.00
8,750 43,750 5.0% 1,750.00 0.00
$134,500 $672,500 $67,650 $25,000
Total comp % of total

$230,000 30.1%
77,050 10.1%
52,000 6.8%
52,000 6.8% Quarterly metrics:
39,000 5.1% Salary Benefits Salary + benefits
229,100 29.9% Q1 $134,500 $33,625 $168,125
40,500 5.3% Q2 134,500 33,625 168,125
45,500 5.9% Q3 134,500 33,625 168,125
Q4 134,500 33,625 168,125
$765,150 100.0% $538,000 $134,500 $672,500
Annual cost
$100,000
50,000
0
$150,000
$30,000
25,000
0
$55,000
$40,000
0
0
$40,000
$40,000
0
$40,000
$30,000
0
$30,000
$40,000
118,000
0
$158,000
Annual cost
$30,000
0
$30,000
$35,000
0
$35,000
$538,000
Total compensation
$230,000
77,050.00
52,000.00
52,000.00
39,000.00
229,100.00
40,500.00
45,500.00
$765,150
Corporate Headcount and Payroll Analysis
Executive
Chief executive officer 1.00 1.00 1.00
Chief financial officer 1.00 1.00 1.00
Chief operating officer 1.00 1.00 1.00
Chief information officer 1.00 1.00 1.00
President 1.00 1.00 1.00
Total 5.00 5.00 5.00
Finance
Vice president 1.00 1.00 1.00
Financial planning director 1.00 1.00 1.00
Financial analyst 2.00 2.00 2.00
Credit analyst 1.00 1.00 1.00
Advisor 1.00 1.00 1.00
Total 6.00 6.00 6.00
Human Resources
Director 1.00 1.00 1.00
Senior human resource representative 2.00 2.00 2.00
Benefits coordinator 1.00 1.00 1.00
Compensation manager 2.00 2.00 2.00
Human resource generalist 2.00 2.00 2.00
Payroll 1.00 1.00 1.00
Trainer
Recruiter
Total 10.00 10.00 10.00
Information Technology
Director 1.00 1.00 1.00
Systems engineer 2.00 2.00 2.00
Systems analyst 1.00 1.00 1.00
Technician 1.00 1.00 2.00
Support 2.00 2.00 2.00
Architect 1.00 1.00 1.00
Programmer 1.00 1.00 1.00
Total 10.00 10.00 11.00
Accounting
Controller 1.00 1.00 1.00
Accounting manager 1.00 1.00 1.00
Accounts receivable 1.00 1.00 1.00
Accounts payable 1.00 1.00 1.00
Treasury 1.00 1.00 1.00
General accountant 1.00 1.00 1.00
Total 7.00 7.00 7.00
Sales
Regional director 2.00 2.00 2.00
Business development 1.00 1.00 1.00
Direct sales representative 4.00 4.00 4.00
Inside sales 1.00 1.00 1.00
Sales operations 1.00 1.00 1.00
Channel sales representative 1.00 1.00 1.00
Total 11.00 11.00 11.00

Operations
Director 1.00 1.00 1.00
Manager 1.00 1.00 1.00
Floor manager 5.00 5.00 5.00
Assistant 1.00 1.00 1.00
Total 9.00 9.00 9.00
Marketing
Director 1.00 1.00 1.00
Product manager 1.00 1.00 1.00
Market research 1.00 1.00 1.00
Market analyst 1.00 1.00 1.00
Product manager 1.00 1.00 1.00
Merchandiser 1.00 1.00 1.00
Assistant 1.00 1.00 1.00
Total 8.00 8.00 8.00
Corporate totals 66.00 66.00 67.00
SUMMARY DATA BY DEPARTMENT

Total number
Department Total salary
of employees
Executive 20 $1,240,000
Finance 24 680,000
Human Resources 40 835,000
Information Technology 42 950,000
Accounting 28 540,000
Sales 44 1,000,000
Operations 36 705,000
Marketing 20 690,000
Corporate Totals 254 $6,640,000
Total number
Department % of total
of employees
Executive 20 7.9%
Finance 24 9.4%
Human Resources 40 15.7%
Information Technology 42 16.5%
Accounting 28 11.0%
Sales 44 17.3%
Operations 36 14.2%
Marketing 20 7.9%
Corporate Totals 254 100.0%

Annual
salary
1.00 4.00 $300,000 $75,000 $75,000 $75,000 $75,000

1.00 4.00 250,000 62,500 62,500 62,500 62,500
1.00 4.00 225,000 56,250 56,250 56,250 56,250
1.00 4.00 225,000 56,250 56,250 56,250 56,250
1.00 4.00 240,000 60,000 60,000 60,000 60,000
0.00 0 0 0 0
5.00 20.00 $310,000 $310,000 $310,000 $310,000
1.00 4.00 $200,000 $50,000 $50,000 $50,000 $50,000

1.00 4.00 125,000 31,250 31,250 31,250 31,250
2.00 8.00 100,000 50,000 50,000 50,000 50,000
1.00 4.00 70,000 17,500 17,500 17,500 17,500
1.00 4.00 85,000 21,250 21,250 21,250 21,250
0.00 0 0 0 0
6.00 24.00 $170,000 $170,000 $170,000 $170,000
1.00 4.00 $140,000 $35,000 $35,000 $35,000 $35,000

1.00 4.00 100,000 25,000 25,000 25,000 25,000
2.00 8.00 80,000 40,000 40,000 40,000 40,000
1.00 4.00 75,000 18,750 18,750 18,750 18,750
2.00 8.00 75,000 37,500 37,500 37,500 37,500
2.00 8.00 65,000 32,500 37,500 37,500 37,500
1.00 4.00 65,000 16,250 16,250 16,250 16,250
0.00 65,000 0 0 0 0
0.00 65,000 0 0 0 0
0.00 0 0 0 0
10.00 40.00 $205,000 $210,000 $210,000 $210,000
1.00 4.00 $140,000 $35,000 $35,000 $35,000 $35,000

1.00 4.00 110,000 27,500 27,500 27,500 27,500
2.00 8.00 90,000 45,000 45,000 45,000 45,000
1.00 4.00 90,000 22,500 22,500 22,500 22,500
2.00 6.00 80,000 20,000 20,000 40,000 40,000
2.00 8.00 75,000 37,500 37,500 37,500 37,500
1.00 4.00 80,000 20,000 20,000 20,000 20,000
1.00 4.00 80,000 20,000 20,000 20,000 20,000
0.00 0 0 0 0
11.00 42.00 $227,500 $227,500 $247,500 $247,500
1.00 4.00 $130,000 $32,500 $32,500 $32,500 $32,500

Annual
salary
1.00 4.00 95,000 23,750 23,750 23,750 23,750
1.00 4.00 75,000 18,750 18,750 18,750 18,750
1.00 4.00 55,000 13,750 13,750 13,750 13,750
1.00 4.00 55,000 13,750 13,750 13,750 13,750
1.00 4.00 75,000 18,750 18,750 18,750 18,750
1.00 4.00 55,000 13,750 13,750 13,750 13,750
0.00 0 0 0 0
7.00 28.00 $135,000 $135,000 $135,000 $135,000
1.00 4.00 $120,000 $30,000 $30,000 $30,000 $30,000

2.00 8.00 100,000 50,000 50,000 50,000 50,000
1.00 4.00 90,000 22,500 22,500 22,500 22,500
4.00 16.00 90,000 90,000 90,000 90,000 90,000
1.00 4.00 75,000 18,750 18,750 18,750 18,750
1.00 4.00 75,000 18,750 18,750 18,750 18,750
1.00 4.00 80,000 20,000 20,000 20,000 20,000
0.00 0 0 0 0
11.00 44.00 $250,000 $250,000 $250,000 $250,000
Annual
salary
1.00 4.00 $150,000 $37,500 $37,500 $37,500 $37,500

1.00 4.00 100,000 25,000 25,000 25,000 25,000
1.00 4.00 85,000 21,250 21,250 21,250 21,250
5.00 20.00 65,000 81,250 81,250 81,250 81,250
1.00 4.00 45,000 11,250 11,250 11,250 11,250
0.00 0 0 0 0
9.00 36.00 $176,250 $176,250 $176,250 $176,250
1.00 4.00 $135,000 $33,750 $33,750 $33,750 $33,750

1.00 4.00 105,000 26,250 26,250 26,250 26,250
1.00 4.00 90,000 22,500 22,500 22,500 22,500
1.00 4.00 75,000 18,750 18,750 18,750 18,750
1.00 4.00 75,000 18,750 18,750 18,750 18,750
1.00 4.00 90,000 22,500 22,500 22,500 22,500
1.00 4.00 70,000 17,500 17,500 17,500 17,500
1.00 4.00 50,000 12,500 12,500 12,500 12,500
0.00 0 0 0 0
8.00 20.00 $172,500 $172,500 $172,500 $172,500
67.00 254.00 $1,646,250 $1,651,250 $1,671,250 $1,671,250
Salary + Variable Variable Stock-based

Benefits
benefits compensation % pay compensation
$310,000 $1,550,000 15.0% $186,000 $200,000
170,000 850,000 10.0% 68,000.00 50,000.00
208,750 1,043,750 5.0% 41,750.00 0.00
237,500 1,187,500 5.0% 47,500.00 0.00
135,000 675,000 5.0% 27,000.00 0.00
250,000 1,250,000 40.0% 400,000.00 0.00
176,250 881,250 10.0% 70,500.00 0.00
172,500 862,500 5.0% 34,500.00 0.00
$1,660,000 $8,300,000 $875,250 $250,000
Total comp % of total

$1,936,000 20.5%
968,000 10.3%
1,085,500 11.5%
1,235,000 13.1% Quarterly metrics:
Annual
salary
702,000 7.4% Salary Benefits Salary + benefits
1,650,000 17.5% Q1 $1,646,250 $411,563 $2,057,813
951,750 10.1% Q2 1,651,250 412,813 2,064,063
897,000 9.5% Q3 1,671,250 417,813 2,089,063
Q4 1,671,250 417,813 2,089,063
$9,425,250 100.0% $6,640,000 $1,660,000 $8,300,000
Annual cost
$300,000
250,000
225,000
225,000
240,000
0
$1,240,000
$200,000
125,000
200,000
70,000
85,000
0
$680,000
$140,000
100,000
160,000
75,000
150,000
145,000
65,000
0
0
0
$835,000
$140,000
110,000
180,000
90,000
120,000
150,000
80,000
80,000
0
$950,000
$130,000
Annual cost
95,000
75,000
55,000
55,000
75,000
55,000
0
$540,000
$120,000
200,000
90,000
360,000
75,000
75,000
80,000
0
$1,000,000
Annual cost
$150,000
100,000
85,000
325,000
45,000
0
$705,000
$135,000
105,000
90,000
75,000
75,000
90,000
70,000
50,000
0
$690,000
$6,640,000
Total compensation
$1,936,000
968,000.00
1,085,500.00
1,235,000.00
702,000.00
1,650,000.00
951,750.00
897,000.00
$9,425,250
Annual cost

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The XYZ Company

Comparative Balance Sheet - 4 Periods

Month Month Month Month

© Copyright, 2004, JaxWorks, All Rights Reserved.

Financial Analysis Special Analysis

• Master Data Entry • Breakdown of Costs

Gross Profit 1,215,000.00 1,628,650.00

Operating income $656,240 $1,044,863

Other income and expenses 1 2

Income before tax $686,240 $1,075,763

Net income $686,240 $1,075,763

Return On Ownership $876,240 $1,266,763

Other assets $25,000 $25,750

LIABILITIES AND OWNERS' EQUITY

Total Liabilities $1,717,200 $1,773,680

Total Liabilities and Equity $4,167,200 $4,094,180

Amount sheet is out-of-balance $0 $510,000

Summary Extractions & Additional Data Entries

Financing Data (0 on) Depreciation Capital

Gross profit $1,055,000 $635,000

Operating income $581,000 $265,542

Other income and expenses

Income before tax $701,000 $325,542

Income taxes $210,300 $97,663

Net income $490,700 $227,879

Undistributed earnings-beginning $1,400,000 $1,890,700

Undistributed earnings-ending $1,890,700 $2,118,579

Detailed Supporting Information

Depreciation: Enter the numbers of years.

Interest: Percentages from Data sheet

Cash Flow Balance Sheet Entries

Other assets $25,000 $33,000

Total Liabilities $1,716,000 $1,464,355

Total Liabilities and Equity $3,266,000 $3,505,055

"C" Corporation (Y/N) N

$240,000 $208,000 $321,616

Current Portion LT Portion Rate

$1,300,000 $2,010,100 $6,810,100

$467,000 $938,484 $3,095,484

$275,600 $426,141 $1,443,741

$139,942 $460,885 $1,447,369

$242,942 $1,066,585 $2,336,069

$72,883 $319,975 $700,821

$170,059 $746,609 $1,635,248

$2,118,579 $2,288,638 $1,400,000

$2,288,638 $2,985,247 $2,985,248

$208,000 $321,616 $1,089,616

$12,083 $12,083 $48,749

$1,250 $1,250 $5,000

$289,233 $614,196 $1,267,364

$125,000 $137,500 $150,000

$50,000 $50,000 $50,000

$120,000 $5,000 $23,000

$328,767 $328,767 $328,767

$500,000 $500,000 $500,000

$1,280,896 $1,247,787 $1,524,450

$100,000 $100,000 $100,000

$3,549,475 $3,686,425 $4,659,697

Positive Positive Positive

Financing Data (0 on) Depreciation Capital

$240,000 $208,000 $321,616

Current Portion LT Portion Rate

Financial Health MicroShots