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Cash
Accounts
Receivable
Inventory
Current Assets
Net Plant &
Equipment
Actual
Dec. 31,
1993
Jan
$ 200 $ 878
Feb
$ 1,526
Mar
$ 1,253
Apr
$ 1,054
May
$ 915
June
$ 696
July
$ 527
Aug
$ 200
Sept
$ 200
Oct
$ 200
Nov
$ 200
2,905
1,060
260
300
300
280
280
300
1,780
3,460
3,980
4,425
586
586
586
586
586
586
586
586
586
586
586
586
--------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------$ 3,691 $ 2,524 $ 2,372 $ 2,139 $ 1,940 $ 1,781 $ 1,562 $ 1,413 $ 2,566 $ 4,246 $ 4,766 $ 5,211
Total Assets
1,176
1,176
1,176
1,176
1,176
1,176
1,176
1,176
1,176
1,176
1,176
1,176
--------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------$ 4,867 $ 3,700 $ 3,548 $ 3,315 $ 3,116 $ 2,957 $ 2,738 $ 2,589 $ 3,742 $ 5,422 $ 5,942 $ 6,387
Accounts Payable
282
752
88
36
0
31
42
0
(23)
48
0
(162)
42
0
(251)
42
0
(305)
42
0
(394)
48
0
(448)
486
433
(352)
552
1,741
(271)
642
1,745
(126)
686
1,677
33
50
50
50
50
50
50
50
50
50
50
50
50
--------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------- --------$ 1,172 $ 117 $
69 $ (64) $ (159) $ (213) $ (302) $ (350) $ 617 $ 2,072 $ 2,311 $ 2,446
400
3,295
--------$ 4,867
400
3,183
--------$ 3,700
400
3,079
--------$ 3,548
400
2,979
--------$ 3,315
400
2,875
--------$ 3,116
400
2,770
--------$ 2,957
375
2,665
--------$ 2,738
375
2,564
--------$ 2,589
375
2,750
--------$ 3,742
375
2,975
--------$ 5,422
375
3,256
--------$ 5,942
375
3,566
--------$ 6,387
102112
Dec
$ 200
3,400
586
--------$ 4,186
1,176
--------$ 5,362
334
942
40
50
--------$ 1,366
350
3,646
--------$ 5,362
Exhibit 2 -- Pro Forma Income Statement under Seasonal Production, 1994 (thousands of dollars)
Sales
Cost of Goods
Sold
Gross Profit
Jan
120
Feb
140
Mar
160
Apr
140
May
140
June
$ 140
July
160
Aug
$ 1,620
Sept
$ 1,840
Oct
$ 2,140
Nov
$ 2,285
Dec
$ 1,115
84
-------$
36
98
-------$
42
112
-------$
48
98
-------$
42
98
-------$
42
98
-------$
42
112
-------$
48
1,134
-------$ 486
1,288
-------$ 552
1,498
-------$ 642
1,600
-------$ 685
780
-------$ 335
200
7
2
--------
200
4
4
--------
200
4
5
--------
200
4
4
--------
200
4
3
--------
200
4
3
--------
200
3
2
--------
200
5
1
--------
200
12
1
--------
200
17
1
--------
200
17
1
--------
200
14
1
--------
Operating Expense
Interest Expense
Interest Income
Income Taxes
Net Profit
282
341
426
116
-------$ 225
469
145
-------$ 281
159
-------$ 310
122
42
-------$
80
102412
Total
$ 10,000
7,000
-------$ 3,000
2,400
95
28
-------$
$
533
182
-------$
351
Exhibit 1 -- Pro-Forma Balance Sheet under Level Production, 1994 (thousands of dollars)
Cash
Accounts
Receivable
Inventory
Actual
Dec. 31,
1993
$ 200
Jan
$
541
Feb
$
983
Mar
$
370
Apr
200
May
$
200
June
$
200
July
$
200
Aug
$
200
2,905
1,060
260
586
1,050
1,502
------------------------$ 3,691 $ 2,652 $ 2,745 $
300
1,940
--------2,610 $
300
2,391
--------2,891 $
280
2,843
--------3,323 $
280
3,294
--------3,774 $
300
3,733
--------4,233 $
1,780
3,220
--------5,201
Total Assets
1,176
1,176
1,176
------------------------$ 4,867 $ 3,828 $ 3,921 $
1,176
--------3,786 $
1,176
--------4,067 $
1,176
--------4,499 $
1,176
--------4,950 $
1,176
--------5,409 $
1,176
--------6,377
Accounts Payable
Current Assets
Net Plant &
Equipment
282
752
88
233
0
(39)
467
0
(75)
50
50
50
------------------------$ 1,172 $
245 $
442 $
400
400
3,295
--------$ 4,867
400
3,183
--------$
3,828
3,079
--------$
3,921
467
467
0
(109)
421
(145)
994
(181)
50
--------407 $
50
--------792 $
400
400
2,979
--------$
467
3,786
2,875
--------$
4,067
467
467
1,611
(218)
2,241
(288)
2,944
(209)
50
--------1,329 $
50
--------1,910 $
50
--------2,470 $
50
--------3,252
400
375
375
2,770
--------$
467
4,499
2,665
--------$
4,950
375
2,564
--------$
5,409
2,750
--------$
6,377
Inventory Equation:
102112
Sept
$
200
Oct
$
200
Nov
$
200
Dec
$
396
Average
Difference %
50%
3,400
586
--------4,382
100%
364%
3,460
2,565
--------6,225 $
100%
1,176
1,176
1,176
1,176
--------------------------------7,401 $ 7,070 $ 6,571 $ 5,558
467
467
4,425
769
--------5,395 $
467
3,684
(149)
2,955
(32)
2,017
96
50
--------4,051 $
50
--------3,439 $
50
--------2,630 $
375
375
375
2,975
--------$
3,980
1,714
--------5,894 $
7,401
3,256
--------$
7,070
6,571
130%
467
179%
942
103
272%
56%
50
--------1,562
350
3,566
---------
142%
100%
285%
100%
3,646
---------
100%
5,558
130%
Exhibit 2 -- Pro Forma Income Statement under Level Production, 1994 (thousands of dollars)
Sales
Cost of Goods
Sold
Gross Profit
Operating Expense $
Interest Expense
$
Interest Income
$
Jan
120
Feb
140
Mar
160
Apr
140
May
140
July
160
Oct
2,140
104
-------$
56
210
2
--------
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
210
22
1
--------
$
$
$
210
28
1
--------
$
$
$
210
22
1
--------
1,198
-------642
91
-------$
49
210
17
1
--------
Sept
1,840
91
-------$
49
210
12
1
--------
1,055
-------565
91
-------$
49
210
7
1
--------
Aug
1,620
104
-------$
56
210
3
1
--------
June
$ 140
91
-------$
49
210
1
--------
78
-------42
210
3
--------
1,393
-------747
334
406
516
Income Taxes
138
-------268
114
-------221
Net Profit
175
-------340
COGS %:
Level Prod /Month
Add'l OpEx /Month
65.1%
$ 542.50
9.5833333
102412
$
$
$
Nov
2,285
1,488
-------797
$
$
$
Dec
1,115
Total
$ 10,000
726
-------389
6,510
-------$ 3,490
$
$
$
210
15
1
--------
$
$
$
210
7
1
--------
$
$
$
2,515
134
13
--------
573
174
854
195
-------378
42
-------132
273
-------$
581
9.63
9.625%