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im10b - Southwest Trading Company Pro Forma Income...

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Southwest Trading Company Pro Forma Income Statement 06/30/02 12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 Sales $0 $275,000 $675,000 $800,000 $900,000 $900,000 $900,000 Cost of Goods Sold $0 $173,250 $425,250 $504,000 $567,000 $567,000 $567,000 Gross Margin $0 $101,750 $249,750 $296,000 $333,000 $333,000 $333,000 Selling & Administrative $0 $33,000 $81,000 $96,000 $108,000 $108,000 $108,000 G&A Expenses $0 $70,000 $100,000 $120,000 $120,000 $120,000 $120,000 Depreciation $0 $14,750 $29,500 $29,500 $29,500 $29,500 $29,500 Other $0 $30,000 $0 $0 $0 $0 $0 Total Operating Expenses $0 $147,750 $210,500 $245,500 $257,500 $257,500 $257,500 Earnings Before Taxes $0 ($46,000) $39,250 $50,500 $75,500 $75,500 $75,500 Taxes @ 34% $0 $0 $0 $14,875 $25,670 $25,670 $25,670 Net Income $0 ($46,000) $39,250 $35,625 $49,830 $49,830 $49,830 Taxable Income $0 ($46,000) ($6,750) $43,750 $75,500 $75,500 $75,500 Average Daily Sales $1,507 $1,849 $2,192 $2,466 $2,466 $2,466 Southwest Trading Company Pro Forma Balance Sheet 06/01/02 12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 Cash $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 Accounts Receivables $0 $72,329 $88,767 $105,205 $118,356 $118,356 $118,356 Inventory $130,000 $115,500 $141,750 $168,000 $189,000 $189,000 $189,000 Gross Fixed Assets $295,000 $295,000 $295,000 $295,000 $295,000 $295,000 $295,000 less Accumulated Dep. $0 $14,750 $44,250 $73,750 $103,250 $132,750 $162,250 Net Plant and Equipment $295,000 $280,250 $250,750 $221,250 $191,750 $162,250 $132,750 Total Assets $445,000 $488,079 $501,267 $514,455 $519,106 $489,606 $460,106 Accounts Payable $0 $24,356 $34,636 $40,677 $45,107 $43,496 $43,496 Notes Payable $90,000 $90,000 $90,000 $90,000 $90,000 $90,000 $90,000 Equity $235,000 $189,000 $228,250 $263,875 $313,705 $363,535 $413,365 Total Liabs & Eq. $325,000 $303,356 $352,886 $394,552 $448,812 $497,031 $546,861 Loan Needs (mkt. sec's.) $120,000 $184,723 $148,382 $119,904 $70,294 ($7,425) ($86,755) Total Liabs & Eq. $445,000 $488,079 $501,267 $514,455 $519,106 $489,606 $460,106 including new loan needs Change in Loan Needs $120,000 $64,723 ($36,341) ($28,478) ($49,609) ($77,719) ($79,330) Note: Sales ending 12/31/2002 are for 6 months.
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