Custom Printed T-Shirts Business Plan

Executive Summary
Your T-Shirt! is an exciting new business that allows people to custom design a shirt (specifically the design on the front or back) any way that they would like. By intelligently leveraging cutting edge technology, Your T-Shirt! will harness the power of computer sublimation to allow custom shirt printing in production runs as small as one unit. The company was founded by David Inkler. The company is set up as a Washington L.L.C. Your T-Shirt! will have a storefront in Seattle as well as a comprehensive website that allows ordering to occur anywhere. Imagine the ability to create a totally custom shirt. You choose the material and style of the shirt, and then the image or graphic you want on the front and/or back. This is the ultimate form of expression. There are no limits to what you can communicate. Some people might show their fanaticism for a particular sports team, others a musician. Or you might have a social message or cause on your shirt. Whatever you may decide, you can print any image on your shirt. Products Your T-Shirt! will offer customers a variety of options for creating their own custom shirts. The majority of orders will be for t-shirts, however other style shirts will be available. Your T-Shirt! has developed a strategic relationship with Hewlett-Packard (HP) printer division. We will use their printer sublimation technology that allows a computer image to be applied to a shirt in a high quality, high resolution, economically feasible manner. This technology creates an image durable enough to withstand thousands of washings. Its photo-like quality, due to significantly higher printer resolution than anything on the market, will show off any image. The technology is cost effective enough to offer customers the ability to order just one unit. Most other competitors' costs prohibit printing custom shirts in one-off production runs. Finally, the customer may choose from an extensive library of existing images, supply their own image, or have an artist create an image for them. Competitive Edge Your T-Shirt! has two sustainable competitive edges to assist them in market penetration. The first edge is a enormous catalog of graphic images. By establishing strategic partnerships with companies that have existing graphic image libraries, Your T-Shirt! is able to offer an unprecedented number of options. Their second edge is the high quality of sublimation offered. From previous work experience, David has established close business and personal ties with HP's printer division and will exclusively be using prototype technology that offers an unprecedented high resolution sublimation process for shirts. Management Your T-Shirt! will be led by David Inkler and is not his first t-shirt venture. While in college David produced and sold tie-dye shirts. This early business experience gave David valuable insight into the market, the products, and the customer's needs and desires. Since leaving college David worked in Hewlett-Packard's printer division, and it was this experience that provided useful business and professional contacts within the shirt sublimation technology industry that he is currently leveraging. After three years in marketing at HP, David went back to school to earn his MBA. David will use his educational skills, his technological business contacts, and his previous shirt industry experience to make Your T-Shirt! profitable. Sales forecasts indicate that Your T-Shirt! will achieve sterling sales for years two and three respectively. Net profit will correspondingly be untarnished.

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These images can be viewed and ordered online. but will have other shirt styles available. or where ever they may be. their computer based sublimation process produces lower image quality. Your T-Shirt! has developed strategic relationships with several companies that offer a wide range of graphic images. providing customers with flexibility and convenience. Customers can then choose from pre-existing graphics or custom artwork. a process in which a screen is made with an image and that image is transferred onto a shirt. organic fabrics. Your T-Shirt! will offer a range of different shirt options. As indicated by the name. is embedded in the fabric. Your T-Shirt! will also offer custom artwork or graphic options for sublimation. ” Total Re uirements $80 000 ” Total Assets $62 900 ” Long-term Assets $5 000 ” Other Current Assets $1 500 – • . The customer may bring in a graphic or may use Your T-Shirt!'s sub-contracted artist to reali e their vision.Products and Services Your T-Shirt! is a custom T-shirt sublimation company that offering customers a choice of imagery (outs or theirs) to apply to the front or back of a shirt. Your T-Shirt! has access to their new prototype sublimation high resolution printer giving Your T-Shirt! a significant advantage. there will be an emphasis on T-shirts. and a variety of polo. Your T-Shirt! will offer custom sublimation mainly on T-shirts. Additionally. long sleeves. The pre-existing graphics are chosen from an extensive catalog. Another disadvantage is that silk-screening applies a thin layer of ink to the surface the shirt inhibiting breathability. Your T-Shirt!'s artist can take a customer's pencil drawing or even articulated thoughts and turn them into a new design. Customers can choose from traditional cotton-blend shirts or all natural fiber cotton shirts. Sublimation is a process using heat to transfer (embed) ink into a fabric surface such as a shirt. Only with recent technological advances has sublimation become cost effective in small production runs. The sublimation process avoids this problem since the ink is not coating the fabric's surface. Your T-Shirt! takes sublimation one step further by producing the graphic images at a higher resolution than other existing technologies. The relationships allow Your T-Shirt! to list the other company's graphics within their catalog thereby significantly options. Hewlett-Packard. but rather. Through a strategic relationship with David's former employer. Your T-Shirt! will have a comprehensive Website that will allow ordering a customer's home. While other vendors are able to offer sublimation in single production runs. rugby and other styles will also be offered. The alternative method of creating custom shirt designs is called silk-screening. Because set-up costs are high silk-screening is not cost effective for small number production runs. Your T-Shirt! will have a computer kiosk in the store front as an in-store catalog. Short sleeves.

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Most companies offer either silkscreening or sublimation services to typically local customers. the third is an Internet-based shirt designer. There are many music and other venues that cater to Your T-Shirt!'s demographic and these will be useful in developing awareness of Your T-Shirt! 4. Lastly. Your T-Shirt! is able to leverage proprietary technology as a competitive edge to produce a much higher quality computer sublimation.518 14.This local retailer is geared toward organi ations or teams with production runs of or îí ë ë ë ë ì ë ë ë ë ë ë ë ë ë ë ë .week lead time.43% 7. While most of the products are T-shirts. Recently. y y more. hip scene. While the new technology allow companies to offer sublimation using computers.520.296 8. This is important because most of Your T-Shirt!'s products are T-shirts and younger people tend to wear them frequently. two are local companies. This can be explained by the fact that for custom work.984.00% 7.878. Competition and Buying Patterns Your T-Shirt! has identified three competitors. 4. the image quality is average at best. team jerseys. those that sell to individuals and those that sell in multi-unit production runs.920 CAGR 7. T-shirts are particularly popular at music events. etc.This local competitor speciali es in silk-screening. Your T-Shirt! will provide a form of expression.450. Target Market Segment Strategy Your T-Shirt! has chosen these two market segments because their demographics (reasonably young) have the highest likelihood of purchasing a custom shirt. Service Business nalysis The T-shirt design industry is a primarily brick and mortar based industry. They require a minimum order of with a .This is an Internet-based retailer that primarily offers computer sublimations. The customer chooses which one they want and a T-shirt is made. .552 4.43% 13. allowing each customer to choose what aesthetic or idea they want to communicate.664 17. with Your T-Shirt! being an exception.Market Analysis Year 1 Potential Customers Graphics Artwork Total Year 2 Year 3 Year 4 Year 5 Growth 7% 8% 7 879 664 5 969 854 8 431 240 6 447 442 9 021 427 6 963.237 9 652 927 10 328 632 7. They do fairly good work but are rigid regarding custom work. a number of companies began offering computer-based sublimation enabling them to offer low production runs. The technology the various companies are using. Design images for the customer to choose from. whether silk-screens or sublimations. it is not cost effective to produce in small lots. This phenomenon may be explained in part by the expressive nature of both music and T-shirt graphics. The companies that sell to individuals are almost always silk-screeners who have a limited number of silkscreens already developed.223 18. This type of vendor is often the typical T-shirt maker that you see at fairs. there is a niche of companies that offer these printing services for uniforms. the business will be located in Seattle which has a young.173. Both of these segments are reasonably young. Music is also an important interest for the target markets since both segments listen to and watch more than average amount of music. This company only uses pre-existing designs for their silk-screening and for sublimations you must use their artist. Most of the participants in the industry fall into two categories. The second type of sells most of their products in larger production lots. Design House -. % of their business is silk-screening with the remaining % sublimation. are is in its infancy an is of low resolution.849.682 15. They do allow House has a catalog of approximately ôó ïñ ð î ò ööõ îï y T-shirt World -.00% 8. Shirt Shack -.121.

The following table and chart show sales forecasts by both month and year. Sales Strategy The sales strategy will emphasi e the fact that ordering a shirt from Your T-Shirt! is a very easy and pleasing experience. We will use high grade cotton shirts and state-of-the-art sublimation printing materials. The website embraces the philosophy of making the experience so easy and pleasing that the customer comes back to buy more.Due to its networking contacts at Hewlett-Packard. they will probably be excited to see the finished product. a function of the fact that Your T-Shirt! is a start up organi ation and it will take time to build a sufficient foundation.customers to use their own graphic. when a customer places an order. sales will be boosted by offering customers a high quality product. therefore this will only appeal to children or the home hobbyist.Your T-Shirt! is developing several strategic relationships with existing graphics companies that have an extensive images catalogs. either one that they are bringing in or one that they are purchasing a license to use ÷ ÷ ú ù ù ø ÷ . The sales campaign will emphasi e making the experience as easy and pleasing as possible to encourage repeat customers and word of mouth referrals. Having excellent service will provide the customer with the feeling that the business is looking out for the customer's interest. Your T-Shirt! will also rely on three other factors to help boost sales. At some point within the next two years this technology may be available to the public. Second. a function of using prototype HP sublimation technology. 5. This gives Your T-Shirt! a fantastic competitive edge. so Your T-Shirt! will ensure the fastest turnaround time possible. The quality of the sublimations is mediocre at best because they can only use off the shelf technology. The second reason is that a large portion of sales will be placed on the website. Quality of the su limation -. Inkler shares with HP. there are so many choices available that it could become daunting to the customer. Sales will be slow initially. Your T-Shirt! will be able to produce sublimations of much higher quality than any of their competitors. One. y 5. Your T-Shirt! will always have cutting edge technology available. y Large catalog of graphics -. It is imperative to make it so easy that people don't stop part way through ordering due to cumbersome or difficult instructions. well in advance of any public release. Your T-Shirt! is able to offer its customers an expansive array of imagery. Youth events and student groups will be targeted. Competitive Edge Your T-Shirt! has two competitive edges that they will use to their advantage to achieve market penetration. " raphics" indicates the customer will be using a pre-existing graphic. and the use of prototype technology. however because of the close contacts Mr. Your T-Shirt! pays a royalty for use of these graphics. the main tool used for ordering. Sales Forecast The sales forecast is reasonably conservative so that goals will be achievable. Lastly. The sales forecast is broken down by product. . The first is exemplary customer service. It would be difficult and expensive for Your TShirt! to create their own library of graphics but by developing relationships with companies who own existing libraries. Another minor source of competition comes from home kits that turn your ink jet printer into a T-shirt making machine. someone not very concerned with image quality. easy to use web interface for two main reasons. Strategy and Implementation Summary Your T-Shirt! will leverage their two competitive edges to quickly gain market share. While these kits do offer some competition. 5. graphics or artwork. The marketing campaign will emphasi e the ability to completely customi e a shirt. the image quality is not good. The sales effort will work on the continual development of the website. It will be quite important to have a friendly. The competitive edges are an unprecedented catalog of graphic images and the quality of their computer generated sublimations.

691 $334.151 $48. All S i t! A t t ill t t t i tt itf t Y i i S i t! i t ti i t ifi ll f ûü ¦¨ ¥¦ ©¦  § ¦ ¨ û ©¡  ¡©  © § ¨ û û ¡  ÿ ûþü ýüû û ¡¨ û ¦¡ ¦ ¨©¡ûþ £ ¨û¦ýü ¨þ  ý¦¡ þ ¨ û¦ýü ¨þ ¦¡ ©¡ ¨¦ ü§¦¥ ¢¤ûü£ û ¢ û ¡  ÿ ûþü ýüû  .882 Year 1 $242.235 $19.430 $290.454 $55.581 Year 2 $278.647 $117.Sal s Forecast Year 1 Sales Graphics Artwork Total Sales Direct Cost of Sales $98.145 Year 3 Year 2 Year 3  © f t Y .

Awareness will be achieved through a combination of sponsorship of student organization events as well as advertisements in magazines that specifically target this demographic. Please review the following section for details.941 $121.824 $58. i ill eek t i ease isi ilit f Y T -Shi t!. The milestones will serve as goals that the organization must reach to be successful. These include events.845 $167.118 $9.3 Marketing Strategy " &" & 6 1 0 $ 0& ! 1 & 0" ) 4 The eti mpletel t message.227 $27.Your T-Shirt! will attempt to gain awareness of the different student groups who actively purchase shirts for their members.4 Milestones Your T-Shirt! has identified several milestones that are tangible and achievable.215 $145. Milestones Milestone Store build-out Start Date 1/1/2003 End Date 2/15/2003 Budget $0 Manager Department David Construction Web Development Website completion 1/1/2003 2/28/2003 $0 57 A 6 erti ing -.072 5. emphasizi the abilit f the st mer st mize their esi . Y r T-Shirt! ill se several ifferent venues t mmuni ate this & 0" & ) !  0& & ) ' 9 " & % $ y y A demographi s are similar to Your T-Shirt! s.Graphics Artwork Subtotal Direct Cost of Sales $49.Y ur T-Shirt! @ 5 8 ill run ads in several teen/ ( ! #  " ! 2 3   &" & ung adult magazines hose readership ith the new genre of extreme sporting David . Student groups -. A but are not limited to music festivals and sporting events along y 5.291 $139. Youth events -.076 $24.any different events ill be sponsored as a means of increasing visibility.

Your T-Shirt!'s entire product catalog will be available on the site for customers to place orders. David enrolled in the University of Washington's MBA program. providing marketing assistance at a national level as well as be responsible for more grass roots. Within that niche. Making the tie-dyes also gave David an outlet for his creativity. David quickly got a sense of what his customers wanted in tie-dyed t-shirts. significantly increasing the number of inquiries from people searching out custom shirts. it will be imperative that the site is easy to navigate through all the different options. The majority of the tasks will be completed by him. David did a cost benefit analysis and determined that it would be wise to take on debt and forgo two years of wages to be able to pursue his dream of opening his own business. concept. ing event specific marketing. HP saw David's C C B B B B $0 $0 $0 $0 David David David Sales Sales Accounting . Recogni ing that he did not want to spend the rest of his life working for someone else and recogni ing that he did not have a sufficient skill set to start his own company yet. While in college David had a few years of experience with t-shirts making and selling tie-dyed shirts to friends and at various music events. The store will have a computer kiosk for customers to access the graphics catalog. The customer can then place the order online or take the information to an employee to place the order. Because of the large volume of graphic image choices. and the products. 6. Your T-Shirt! will submit their website to a variety of search engines.First quantity order $50K in sales Profitability Totals 4 1 2003 9 1 2003 12 1 2003 B B B B 4 15 2003 9 15 2003 12 31 2003 B B B B We Plan Summary Your T-Shirt! will have a website developed that is based on the philosophy that the site must be user-friendly. The initial cost of the website will be the largest. continually trying to increase the resolution quality. a few tasks that are outside of his skill set will be subcontracted to his associates. Management Summary Your T-Shirt! has been founded and will be led by David Inkler. It was these relationships that provided David with the opportunity to use cutting edge technology for his t-shirts. We site Marketing Strategy The website will be integral in Your T-Shirt!'s marketing effort as the site is a key sales tool for both local and distant customers. HP had been working on sublimation technology for several years. The completion of the MBA program forced David to then make some significant decisions regarding what business he wanted to start. Upon graduation David moved down to Corvallis. The URL address will always be used in promotional material. and maintenance of the website. In additional to inclusion in the traditional marketing campaigns. 6. David received his undergraduate degree in accounting/marketing from Seattle University. Monthly maintenance costs will be marginal relative to the development and design costs. encouraging people to check out the company. Oregon and worked with Hewlett-Packard in their printer division. Development Requirements A computer programmer/designer has been identified as a candidate to manage the design. implementation. David spent three years with HP as a product marketing specialist. When working for HP David became quite good friends with several of the unit leaders.

This appeared to be a win-win situation.Accounts receivable and payable Independent contractor -.00% Year 3 3 10. customer service. his previous tshirt experience.00% Year 2 2 10.000 $13.00% D y y y y y David -.400 Year 2 $26.000 $7. Personnel Plan Your T-Shirt! will require the following personnel for operations: Personnel Plan Year 1 David In-store employee In-store employee Printer Bookkeeper Total People Total Payroll $22. finance and high level accounting. shirt printing Printer -. 7.000 $13.000 5 $68.business idea as an excellent marketing project to test the technology and the business model.000 5 $87. David and HP entered into an agreement where David would receive HP's latest equipment and in return David would provide HP with a wealth of product and marketing feedback. General Assumptions Year 1 Plan Month Current Interest Rate 1 10.200 $10. Important ssumptions The following table details important financial assumptions.000 $12.000 $21.Business development.000 Financial Plan The following sections outline important financial information.Help customers with placing or existing orders Bookkeeper -.Shirt printing In-store retail employee -.200 $16.000 $21.000 Year 3 $30.000 $13.000 $11.000 $12.000 5 $83. 8. The more he thought about it the more he was convinced that this idea would satisfy his need for a challenging yet enjoyable job/business. the leveraging of exclusive cutting-edge technology and his creativity.raphic artist . David's idea of developing a custom t-shirt printing business was a marriage of his business skills.000 $11.

E G E E Tax Rate 30.00 10. Break-even Anal sis Monthly Revenue Break-even Assumptions: Average Percent Variable Cost Estimated Monthly Fixed Cost 50 $16.826 $8.2 reak-even Analysis The Break-even Analysis indicates what will be needed in monthly revenue to reach the break-even point.00 0 F .00 10.00 30.Other 0 0 8.00 30.00 E E E Long-term Interest Rate 10.3 Projected Profit and Loss The following table presents projected profit and loss.413 8.

.

450 $1.120 $11.000 $3.941 $58.446 $24.145 $167.941 $0 $58.000 $10.941 50.072 50.072 $167.00% Year 2 $290.072 $0 $167.841 $5.4 Projected Cash Flo The following chart and table display projected cash flow.00% Year 3 $334.Pro Forma Profit and Loss Year 1 Sales Direct Cost of Sales Other Costs of Goods Total Cost of Sales Gross Margin Gross Margin % Expenses Payroll Sales and Marketing and Other Expenses Depreciation Rent Utilities Insurance Payroll Taxes Other Total Operating Expenses Profit Before Interest and Taxes EBITDA Interest Expense Taxes Incurred Net Profit Net Profit/Sales $68.834 7.060 -40.73% $117.845 $25.260 $1.700 $5.045 $0 ($48.046 $42.956 ($42.800 $125.050 $1.400 $2.600 $12.072 $25.022 $5.500 $100.581 $145.026 $43.291 50.00% $6.015 ($41.882 $58.743 $13.291 $145.77% 8.000 $996 $12.600 $3.000 $3. H H H .600 $13.291 $0 $145.000 $3.300 $3.401 4.600 $3.000 $3.800 $120.500 $996 $11.000 $3.019 $83.000 $996 $12.61% $87.

145 Year 3 $83.145 $334.882 Year 2 Year 3 $290.581 Year 2 $0 $0 $0 $0 $0 $0 $0 $334. HST/GST Received New Current Borrowing New Other Liabilities (interest-free) New Long-term Liabilities Sales of Other Current Assets Sales of Long-term Assets New Investment Received Subtotal Cash Received Expenditures Expenditures from Operations Cash Spending Bill Payments $68.550 $0 $0 $0 $0 $0 $0 $0 $117.581 $290.000 $218.664 .882 Year 1 $117.882 $117.Pro For a Cash Flow I Year 1 Cash Received Cash from Operations Cash Sales Subtotal Cash from Operations Additional Cash Received Sales Tax.234 $87. VAT.581 $334.400 $80.000 $194.145 $0 $10.000 $0 $0 $0 $0 $0 $300.

500 $21.932 8.147 $31.Subtotal Spent on Operations Additional Cash Spent Sales Tax.004 $25.238 $47.468 $0 $200 $0 $9.000 $0 $0 $0 $318.500 $56.400 $0 $10.350 ($39.988 $2.081 $47.133 $31.950 $277.500 $39.317 Year 2 Year 3 P Q .702 $1.079 $6.000 $996 $4.160 $7.932 $2.234 $305. VAT.400 $0 $0 $0 $157.000 $2.079 $0 $2.664 $0 $0 $0 $8.160 $16.658 $1.246 Year 2 $5.000 $0 $0 $0 $286. HST/GST Paid Out Principal Repayment of Current Borrowing Other Liabilities Principal Repayment Long-term Liabilities Principal Repayment Purchase Other Current Assets Purchase Long-term Assets Dividends Subtotal Cash Spent Net Cash Flow Cash Balance $148.137 Year 1 $5.329 Year 3 $16.064 $16.008 $42.659 $1.012 $58.5 Projected Balance Sheet The following table shows the projected balance sheet.434 $14.000 $1. Pro Forma Balan e Sheet Year 1 Assets Current Assets Cash Inventory Other Current Assets Total Current Assets Long-term Assets Long-term Assets Accumulated Depreciation Total Long-term Assets Total Assets Liabilities and Capital $5.992 $3.

100 ($48. custom printed ratios.48% 81.000 R $24.759 $13.55% 92.76% 3.759 $58. .605 $9. The following ratios are in variance to the industry industry class is currently T-shirts.405 $47.13% 2.000 R ` R R ($17.50% 14.29% .000 R $21.834 ($10.99% 15.160 ($51.600 $79.75% 5.297 $15.By leveraging the power of computer technology.697 $0 $0 $18.These expenses are higher due to the national reach of this organi ation and its target market Y Ratio Analysis Year 1 Year 2 Industry Profile 3. a long term bank loan ross margin -.253 $7.160 8.88% 13.246 ($36.005 $15. labor costs are significantly decreased boosting the gross margin Sales/administrative expenses -.400 $0 $31.07% X y y y y Accounts receivable -.55% R R R R ($36.6 Business Ratios The following table displays many business ratios specific to Your T-Shirt! as well as industry ratios.329 ($10.Your T-Shirt! does not extend credit Year 3 146.759 $42.401 R $25.924 $25.653 $37. Our SIC .600 $75.57% 96.00% 10.800 $0 $31.Current Liabilities Accounts Payable Current Borrowing Other Current Liabilities Subtotal Current Liabilities Long-term Liabilities Total Liabilities Paid-in Capital Retained Earnings Earnings Total Capital Total Liabilities and Capital Net Worth $18.060 ($50.160 ($65.This business is being financed by debt.253 $15.137 ($50.Your T-Shirt! uses just-in-time ( IT) inventory management significantly lowering overhead Liabilities -. please review the following explanations detailing the nature of the variance: TVWV UUTS y Inventory -.13% Sales Growth Percent of Total Assets Inventory Other Current Assets Total Current Assets 0.97% 84.22% 19.924 51.697 $56.600 $69.

13 0.00% 34.54% 95.73 n.34% 112.Long-term Assets Total Assets Current Liabilities Long-term Liabilities Total Liabilities Net Worth Percent of Sales Sales Gross Margin Selling.04 9.54% 7.00% 54.69% 9.75% n.40% 50.88 23.42% 49.00% 74.a 48.84% 63.01% -52.a n.00% 100.54% -199.00% 50.00% 74.67% 187.61% 0.96% 90.47% 0.00 0.54 118.20% 42.58% 2.02% 20.93% 100.12 37 6.52% 53.73% -337.99 299.68% 45.45% 100.00 5.95% 2.11 0.a n.16% 299.00% 100.73% 18.08% 45.a 0.27% Year 3 7.73% -18.00 0.a .00% 50.12 38 5.98% 14.00% 50.00% 38.00% 12.00% 1.55% 0.31 35 4.34 9.60% 100.04 187.00% 2.71% 100.46% 118.00% -35.20% 1.69 31.a n.12% 100.57 4.00% 1.64% 0.27% 64.00 n.77% 0.73% 0. General & Administrative Expenses Advertising Expenses Profit Before Interest and Taxes Main Ratios Current Quick Total Debt to Total Assets Pre-tax Return on Net Worth Pre-tax Return on Assets Additional Ratios Net Profit Margin Return on Equity Activity Ratios Inventory Turnover Accounts Payable Turnover Payment Days Total Asset Turnover Debt Ratios Debt to Net Worth 15.00% 8.00% 100.38% 225.01% -87.01% 3.81% -191.78 1.19% Year 1 -40.a n.32% Year 2 4.25 1.

Current Liab.a n.17 54% 1.36 $24.04 0.25 0.a $2. Liquidity Ratios Net Working Capital Interest Coverage Additional Ratios Assets to Sales Current Debt/Total Assets Acid Test Sales/Net Worth Dividend Payout 0.436 -6.00 0.a n.46 n.a n.95 $7.00 0. to Liab.00 0.54 0.15 74% 1.00 0.664 8.21 n.833 4.a .99 0.40 0.00 0.21 74% 0.00 n.a n.a 0.a n.

005 $1.192 $4.858 $18.000 $2.000 $1.413 $4.00% 30.300 $1.793 $5.00% 30.000 $0 $0 $0 $0 0 $0 $1.00% 10.384 $9.801 Graphics Artwork Subtotal Direct Cost of Sales $0 $0 $1.000 $2.800 $1.745 $17.00% 10.000 $2.00% 10.587 $11.000 $2.800 $1.494 $3.291 $2.00% 30.795 $3.00% 10.545 $16.00% 10.658 $5.300 $0 $0 $0 $900 $900 $900 $900 $900 $900 $900 $900 $0 $1.000 $2.300 $1.00% 30.00% 10.909 $3.00% 30.602 $0 $3.000 $2.000 $1.000 $1.500 $1.00% 10.454 $20.598 $1.500 $1.000 $7.115 $10.00% 10.727 $0 $250 $466 $569 $699 $799 $955 $1.686 $1.00% 10.500 $1.454 $14.545 $11.00% 10.250 $2.727 $10.000 $7.00% 10.455 Month Month 11 12 $8.300 $1.138 $1.000 $1.00% 30.300 $1.300 $1.689 $6.590 $6.397 $1.000 $1.00% 10.000 $2.500 $2.329 $2.00% 10.700 $6.500 $1.000 $5.300 $1.000 $2.500 $1.500 $4.00% 10.454 $13.Appendix Sales Forecast Month Month Month Month Month Month Month Month Month 1 2 3 4 5 6 7 8 9 Sales Graphics 0% $0 $0 $2.00% 10.000 $7.00% Long-term Interest Rate Tax Rate Other 10.806 Personnel Plan Month Month Month Month Month Month Month Month Month Month Month Month 1 2 3 4 5 6 7 8 9 10 11 12 David In-store employee In-store employee Printer Bookkeeper Total People 0% 0% 0% 0% 0% $0 $2.987 $7.845 $3.00% 30.00% 10.872 $8.00% 30.300 $1.00% 10.372 $3.827 $8.00% 10.273 $1.000 $2.700 $6.000 $2.429 $9.00% 30.300 $1.800 $1.00% 10.000 $5.000 $1.700 $7.00% 0 0 0 0 0 0 0 0 0 0 0 0 .800 $5.00% 30.00% 10.773 $5.500 $1.727 $6.800 $6.00% 30.612 Direct Cost of Sales Month Month Month Month Month Month Month Month Month 1 2 3 4 5 6 7 8 9 $0 $0 $0 $1.000 $1.909 $2.145 Month 10 $7.700 $6.989 $9.000 1 4 4 5 5 5 5 5 5 5 5 Total Payroll $0 $2.000 $1.995 $4.00% 30.000 General Assumptions Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 10 Month Month 11 12 11 12 Plan Month 1 2 3 4 5 6 7 8 9 Current Interest Rate 10.00% 10.300 $1.000 $1.800 $0 $1.230 $21.010 Month 10 Month Month 11 12 Artwork Total Sales 0% $0 $0 $0 $500 $932 $1.00% 10.

050 $1.050 $1.005 $1.612 Direct Cost of Sales $0 $0 $1.683) ($7.995) ($4.477) ($6.384 $9.788 $9.230 $21.000 $5.600) ($7.454 $20.78% -57.513) ($4.00% 50.24% -115.745 $17.806 Other Costs of Goods $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Cost of Sales $0 $0 $1.454 $13.000 $7.00% 0.406) ($18) $673 EBITDA $0 ($3.00% 50.133 $10.753 $9.887) ($6.000 $1.261) ($1.727 $6.005 $1.000 $7.700 $6.00% 50.827 $8.00% 0.727 $10.413 $4.793 $5.115 $10.45% 0.000 $1.827 $8.700 $7.00% 50.753 $8.745 $17.889) ($496) $201 Net Profit/Sales 0.683 $8.872 $8.454 $20.133 $10.556) ($3.495) ($4.912) ($3.500 $2.700 $6.00% 50.133 Profit Before Interest and Taxes ($83) ($3.82% -2.978) ($3.000 $5.727 $10.788 $10.612 .192 $4.500 $2.230 $21.587 $11.00% 50.78% -27.793 $5.00% 50.454 $13.777) ($6.500 $2.102) ($5.727 $6.872 $8.795 $3.750) ($1.178) ($1.800 $5.000 $1.050 Other $0 $0 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 Total Operating Expenses $83 $3.590 $6.727 $6.000 $1.000 $1.375) ($5.587 $11.000 $5.28% -10.700 $6.454 $13.587 $11.000 Utilities $0 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 Insurance $0 $0 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 Payroll Taxes 15% $0 $300 $870 $870 $1.788 $9.000 $7.000 Sales and Marketing and Other Expenses $0 $0 $250 $250 $250 $250 $250 $250 $250 $250 $250 $250 Depreciation $83 $83 $83 $83 $83 $83 $83 $83 $83 $83 $83 $83 Rent $0 $1.727 $10.32% -39.00% 50.230 $21.213) ($7.93% Pro Forma Cash Flo Cash Received Cash from Operations Cash Sales Subtotal Cash from Operations a Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 $0 $0 $3.872 $8.Pro Forma Profit and Loss Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 Sales $0 $0 $3.00% 50.292) ($5.793 $5.115 $10.000 $1.384 $9.00% 50.806 Gross Margin $0 $0 $1.454 $20.413 $4.875) ($6.788 $9.000 $1.87% -100.115 $10.958) ($6.000 $5.00% -259.413 $4.745 $17.000 $1.192 $4.323) $65 $756 Interest Expense $536 $530 $524 $518 $513 $507 $501 $495 $489 $483 $478 $472 Taxes Incurred $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Net Profit ($619) ($4.590 $6.800 $6.000 $1.795 $3.827 $8.000 $1.612 $0 $0 $3.88% -72.253) ($5.00% Expenses Payroll $0 $2.596) ($4.005 $1.806 Gross Margin % 0.384 $9.192 $4.170) ($5.050 $1.590 $6.133 $10.795 $3.061) ($3.005 $1.

HST/GST Received 0.590 $6.131 $19.075 $8.230 $21.000 $7.000 $5.928) ($5.375 $7.599 $24.700 $7.912 $7.709) ($5.284 $9.857 $18.116 $20.932 Pro Forma Balance Sheet Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 Assets Starting Bal ances Current Assets .984 $16.238) ($6.327 $19.116 $13.312 $15.310 Net Cash Flow ($700) ($3.836 $13.700 $6.684 $16.Additional Cash Received Sales Tax.800 $6.454 $20.700 $6.468) ($4.800 $5.127 $12.000 $7.612 Expenditures Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 Expenditures from Operations Cash Spending $0 $2.327 $12.454 $13.610 Additional Cash Spent Sales Tax.152 $10.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 New Current Borrowing $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 New Other Liabilities (interest-free) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 New Long -term Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Sales of Other Current Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Sales of Long -term Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 New Investment Received $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Subtotal Cash Received $0 $0 $3.230) ($3.827 $13.745 $17.629 $16.789 $16.152) ($5.700 $52.000 $7. VAT.136 $6.536 $14. VAT.000 Bill Payments $0 $375 $1. HST/GST Paid Out $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Principal Repayment of Current Borrowing $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Other Liabilities Principal Repayment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Long -term Liabilities Principal Repayment $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 Purchase Other Current Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Purchase Long -term Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Dividends $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Subtotal Cash Spent $700 $3.816 $21.610 Subtotal Spent on Operations $0 $2.612 $14.700 $6.216 $16.527 $29.355 $14.327 $6.384 $9.157 $10.587 $11.157 $17.027 $19.827 $8.055 $15.473 $42.235 $35.655 $8.000 $5.452 $10.112) ($573) $413 $302 Cash Balance $55.652 $4.625 $47.075) ($5.901 $16.

Cash $56.073) ($34.198 $1.000 $15.976) ($49.898 $20.745 $25.261) ($48.007 $19.175) ($39.100) ($2.100) ($17.000 $5.719) ($6.600 Total Li abilities $65.880 $32.216 $16.000 $57.500 $1.068 $24.000 $5.169 $24.000 $64.000 $5.100) ($17.117 $58.900 $57.806 $18.249 $27.709) ($21.808 $70.133 Long-term Assets Long-term Assets $5.000 $4.186) ($28.671) ($44.236 $73.609) ($19.137 Li abilities and Capital Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 Current Liabilities Accounts Payable $0 $536 $2.536 $15.200 $61.000 $5.000 $15.830 $22.500 $1.100) ($17.000 $15.908 $8.200 $54.291 $5.088 $9.919 $71.658 $21.766) ($48.806 $18.147 $26.995 $13.697 Long-term Li abilities $65.700 $58.127) ($45.434 $37.836 $65.038 $10.297 Paid-in Capi tal $15.160) .933 $75.000 $15.789 $16.060) Total Capital ($2.000 $5.361) ($50.170 $4.538 $70.959 $54.186) ($28.500 $1.336 $4.834 $4.891 $68.102 $42.361) ($50.000 $15.649 $31.137 Net Worth ($2.400 $58.000 Retained Earnings ($17.260 $24.719) ($6.700 $52.100) ($2.465 $36.800 $60.125 $49.117 $58.100) ($17.075) ($37.288 $70.100) ($17.000 $5.131 $19.000 $5.000 Accumulated Depreci ation $0 $83 $166 $249 $332 $415 $498 $581 $664 $747 $830 $913 $996 Total Long-term Assets $5.824 $70.745 $25.175) ($39.900 $62.100) ($17.100) ($17.100 $59.000 $15.500 $1.024 $10.932 Inventory $0 $0 $0 $375 $699 $853 $1.000 $5.500 $1.629 $16.585 $4.668 $4.000 $5.000 $5.819 $11.038 $10.348 $44.917 $4.908 $8.068 $24.253 $4.901 $16.465 $36.099 $49.182 $2.933 $17.000 $15.500 $1.571) ($42.432 $1.419 $4.832) ($12.973) ($32.527 $29.976) ($49.291 $5.100) ($17.900 $62.249 $27.709) ($21.024 $10.000 $15.649 $31.106 $75.833 $20.400 $55.000 $15.718 $2.300 $63.500 $60.702 Other Current Assets $1.087 $4.500 $1.751 $4.502 $4.100) ($17.000 $5.088 $9.500 $1.866) ($50.235 $35.000 $15.100) ($17.100) Earnings $0 ($619) ($4.000 $64.048 $1.876) ($47.697 Current Borrowing $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Other Current Li abilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Subtotal Current Li abilities $0 $536 $2.500 $1.004 Total Assets $62.866) ($50.959 $54.995 $13.500 $1.227) ($47.599 $24.086) ($25.473 $42.000 $15.500 Total Current Assets $57.300 $56.000 $15.900 $62.227) ($47.102 $42.000 $5.600 $62.671) ($44.169 $24.395 $72.100) ($17.529 $2.160) Total Li abilities and Capital $62.099 $49.073) ($34.819 $11.536 $15.500 $1.932) ($14.100) ($17.500 $1.260 $24.932) ($14.933 $17.625 $47.

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