MAPLE LEAF HARDWARE LTD

Projected Income Statement

For The Year Ending December 31st, 2013 and 2014
Gross Sales Assumption 2013 Assumption 2014 - 10% Assumption 2014 - 20%
Sales Projection Given $ 1,700,000.00 Estimated at 10% $ 1,870,000.00 Estimated at 20% $ 2,040,000.00
Net Sales $ 1,700,000.00 $ 1,870,000.00 $ 2,040,000.00

Cost of Goods Sold

Beginning Inventory $ 416,000.00 $ 461,095.89 $ 461,095.89
Plus: Net Purchases $ 1,167,095.89 $ 1,087,417.81 $ 1,228,191.78
Cost of Goods Available for Sale $ 1,583,095.89 $ 1,548,513.70 $ 1,689,287.67
Less: Ending Inventory Using COGS $ 461,095.89 Using COGS $ 333,013.70 Using COGS $ 363,287.67
Cost of Goods Sold Estimated at 66% $ 1,122,000.00 Estimated at 64% $ 1,215,500.00 Estimated at 64% $ 1,326,000.00
Gross Income $ 578,000.00 $ 654,500.00 $ 714,000.00

Operating Expenses:
Wages and Salaries Based on 13.5% $ 229,500.00 Based on 13.5% $ 252,450.00 Based on 13.5% $ 275,400.00
Rent Expense 28,800 Inc/Year $ 129,600.00 12,400/Month $ 148,800.00 28,000 Inc/Yr $ 148,800.00
Depreciation Expense Based on 2012 $ 18,000.00 Based on 2013 $ 18,000.00 Based on 2013 $ 18,000.00
Utilities Based on 2012 $ 18,700.00 Based on 2013 $ 20,570.00 Based on 2013 $ 22,440.00
Advertising Based on 2012 $ 28,900.00 Based on 2013 $ 31,790.00 Based on 2013 $ 34,680.00
Property Tax 0.1% Inc Estimated $ 30,600.00 0.1% Inc Estimated $ 35,530.00 0.1/% Inc Estimated $ 38,760.00
Other Expense Based on 2012 $ 22,100.00 Based on 2013 $ 24,310.00 Based on 2013 $ 26,520.00
Total Operating Expenses: $ 477,400.00 $ 531,450.00 $ 564,600.00

Net Income Before Tax and Interest $ 100,600.00 $ 123,050.00 $ 149,400.00

Less: Interest Expense Based on 2012 $ 1,609.60 Based on 2013 $ 1,968.80 Based on 2013 $ 2,390.40
Net Income Before Tax $ 98,990.40 $ 121,081.20 $ 147,009.60
Less: Income Tax (25% ) 25% $ 24,747.60 25% $ 30,270.30 25% $ 36,752.40
Income After Tax $ 74,242.80 $ 90,810.90 $ 110,257.20