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Summary

ACME Office Cleaning Services

Balance Sheet

As of 12/31

Year 1 Year 2 Year 3 Year 4 Year 5

Current Assets:

Cash 26,058 22,100 40,647 78,995 57,879

Accounts Receivable 15,212 18,406 38,532 37,888 33,759

Investments – Marketable securities 20,000 20,000 20,000 – 0 – 0

Supplies Inventory 34,430 11,822 29,350 38,039 77,368

Prepaid Rent 7,403 8,059 8,735 9,273 9,985

Total current Assets 103,103 80,387 137,264 164,195 178,991

Property:

Cleaning Equipment 43,000 43,000 41,000 62,000 80,000

Vans 130,000 130,000 130,000 145,000 160,000

Office Furniture 15,000 16,000 16,000 17,000 17,000

Office Equipment 12,000 12,000 12,500 13,000 13,200

Total Property, Plant & Equipment 200,000 201,000 199,500 237,000 270,200

Less Accumulated Depreciation (60,067) (120,334) (180,034) (194,267) (219,500)

Net Property, Plant & Equipment 139,933 80,666 19,466 42,733 50,700

Other Assets:

Rent Deposit 5,000 5,000 5,000 7,000 7,000

Long term investments – 0 30,000 50,000 – 0 – 0

Total Other Assets 5,000 35,000 55,000 7,000 7,000

Total Assets 248,036 196,053 211,730 213,928 236,691

Current Liabilities:

Accounts Payable 42,377 5,123 38,050 52,215 77,128

Accrued Wages Payable 1,641 952 2,350 2,672 2,755

Short-Term portion of L.T. Debt 18,188 19,309 20,500 21,765 23,107

Total Current Liabilities 62,206 25,384 60,900 76,652 102,990

Long-Term Liabilities:

Long-Term Note Payable 84,681 65,372 44,872 44,872 – 0

Total Long-term Liabilities 84,681 65,372 44,872 44,872 – 0

Total Liabilities 146,887 90,756 105,772 121,524 102,990

Equity:

Retained Earnings 21,149 25,297 25,958 34,169 70,701

Janet Janitorial, Equity 80,000 80,000 80,000 80,000 80,000

Total Equity 101,149 105,297 105,958 114,169 150,701

Total Liabilities & Equity 248,036 196,053 211,730 235,693 253,691

ACME Office Cleaning Services

Income Statement

Year ended 12/31

Year 1 Year 2 Year 3 Year 4 Year 5

Revenues:

Sales 398,769 489,112 540,493 471,837 572,544

Expenses:

Cleaning Supplies 57,812 62,005 69,542 67,900 82,150

Advertising & Promotion 13,567 8,554 10,381 12,888 7,391

Bad Debt Expense (write offs) 542 1,855 203 3,511 5,184

Bank Charges 1,822 2,650 2,001 3,225 1,881

Depreciation 60,067 60,267 59,700 14,233 25,233

Insurance 4,851 5,387 5,911 6,744 6,399

Interest Expense 6,734 5,677 8,500 3,365 2,100

Legal & Professional 3,200 7,988 9,433 10,573 5,544

Miscellaneous 451 826 155 2,736 3,928

Office Supplies 6,100 4,722 9,025 9,487 7,711

Payroll Taxes 19,176 24,517 26,875 26,151 32,887

Rent Expense 26,400 27,600 28,800 30,000 33,600

Repairs & Maintenance 6,712 12,542 10,615 15,228 7,000

Administrative labor 35,000 35,700 36,414 40,055 44,061

Direct Labor 124,800 151,625 187,542 177,872 206,853

Telephone 2,216 3,344 3,575 7,392 5,000

Travel 2,378 2,568 3,157 3,508 3,028

Utilities 5,792 7,137 8,003 4,758 8,062

Total Expenses 377,620 424,964 479,832 439,626 488,012

Net Income (Loss) 21,149 64,148 60,661 32,211 84,532

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