A B C D E F G H J K L M . Database includes 2 years worth of actual data and one year of budget data for a retail business with 2 locations. In 2017, there was just one location, North. In January 2018, a new location, South, opened. 6 Budget data is based on best estimates of business activity. HNM + DONOSA a 8 Actual data included: 9 Some maintenance costs that were expensed in Q4 Other Expenses North location were unexpected and not budgeted for. 10 Sales Discounts can be impacted by competition (more competition, more discounts must be offered). 11 In retail, industry averages include the following: 12 Percentage of Total Sales 13 COGS 33% 14 Wages + Benefits 25% 15 Rent + Utilities 10% 16 17 Requirements: 18 1. Create an Income Statement by location and in total for both budget and actual data (row format) for both 2017 and 2018. 19 2. Use common size and specific ratios to analysize year over year results and to compare to budget data. 20 3. Create a 2019 Income Statement budget by location and in total including the following: 21 1. provide reasons for values 22 2. Budget for improved results and explain how the improvement will be achieved. In particular, the Net Profit for the South location must be improved. 23 Use ratios, common size analysis and trend analysis to support your budget estimates and improvements. A B D E G H K L 3 3 M N o Q R U V w X Month January February March April May June July August September October November December January February March April May 1 Act/Bud 2 Actual 3 Actual 4 Actual 5 Actual 6 Actual 7 Actual 8 Actual 9 Actual 10 Actual 11 Actual 12 Actual 13 Actual 14 Actual 15 Actual 16 Actual 17 Actual 18 Actual 19 Actual 20 Actual 21 Actual 22 Actual 23 Actual 24 Actual 25 Actual 26 Budget 27 Budget 28 Budget 29 Budget 30 Budget 31 Budget 32 Budget 33 Budget 34 Budget 35 Budget 36 Budget 37 Budget 38 Actual 39 Actual 40 Actual 41 Actual 42 Actual 43 Actual 44 Actual 45 Actual 46 Actual 47 Actual 48 Actual 49 Actual 50 Budget 51 Budget 52 Budget 53 Budget 54 Budget 55 Budget 56 Budget 57 Budget 58 Budget 59 Budget 60 Budget 61 Budget North Year Location 2017 North 2017 North 2017 North 2017 North 2017 North 2017 North 2017 North 2017 North 2017 North 2017 North 2017 North 2017 North 2018 North 2018 North 2018 North 2018 North 2018 North 2018 North 2018 North 2018 2018 North 2018 North 2018 North 2018 North 2018 North 2018 North 2018 North 2018 North 2018 North 2018 North 2018 North 2018 North 2018 North 2018 North 2018 North 2018 North 2018 South 2018 South 2018 South 2018 South 2018 South 2018 South 2018 South 2018 South 2018 South 2018 South 2018 South 2018 South 2018 South 2018 South 2018 South 2018 South 2018 South 2018 South 2018 South 2018 South 2018 South 2018 South 2018 South 2018 South Sales 100,367 102,434 107,263 84,496 94,186 122,749 92,060 97,581 85,941 100,794 109,660 108,610 106,139 88,008 100,367 112,619 108,751 107,399 106,045 104,007 81,684 96,352 94,500 121,617 95,378 85,286 90,863 110,559 101,359 98,050 109,677 82,360 84,876 91,072 123,674 84,965 111,282 89,948 80,770 117,377 112,596 103,817 121,671 92,166 102,659 94,301 84,562 90,450 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 Sales Discounts 2,007 5,122 5,363 1,690 4,709 6,137 1,841 1,952 2,578 5,040 2,193 4,344 3,184 4,400 2,007 3,379 5,438 3,222 4,242 3,120 2,451 2,891 2,835 6,081 1,908 3,411 3,635 2,211 3,041 3,922 4,387 2,471 1,698 3,643 3,710 2,549 5,564 4,497 2,423 5,869 3,378 2,076 3,650 2,765 3,080 4,715 3,382 2,714 1,000 1,000 1,000 1,000 1,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 June July August September October November December January February March April May June July August September October November December January February March April May June July August September October November December January February March April May June July August September October November December Net Sales 98,360 97,312 101,900 82,806 89,477 116,612 90,219 95,629 83,363 95,754 107,467 104,266 102,955 83,608 98,360 109,240 103,313 104,177 101,803 100,887 79,233 93,461 91,665 115,536 93,470 81,875 87,228 108,348 98,318 94,128 105,290 79,889 83,178 87,429 119,964 82,416 105,718 85,451 78,347 111,508 109,218 101,741 118,021 89,401 99,579 89,586 81,180 87,737 99,000 99,000 99,000 99,000 99,000 98,000 98,000 98,000 98,000 98,000 98,000 98,000 COGS 33,121 32,779 33,252 28,729 32,965 40,507 32,221 30,250 28,361 34,270 37,284 36,927 32,903 27,282 35,128 36,038 35,888 33,294 33,934 36,402 27,773 31,796 33,075 37,701 32,429 28,997 29,985 33,168 34,462 33,337 36,193 24,708 27,160 30,054 39,576 25,490 38,949 27,884 27,462 36,387 38,283 34,260 40,151 31,336 35,931 29,233 27,060 29,849 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 Gross Margin 65,239 64,533 68,648 54,077 56,512 76,104 57,998 65,379 55,002 61,484 70,182 67,338 70,052 56,325 63,231 73,202 67,426 70,883 67,869 64,484 51,461 61,665 58,590 77,835 61,042 52,877 57,244 75,180 63,856 60,791 69,097 55,181 56,018 57,375 80,388 56,927 66,769 57,567 50,885 75,121 70,935 67,481 77,869 58,065 63,649 60,353 54,120 57,888 54,000 54,000 54,000 54,000 54,000 53,000 53,000 53,000 53,000 53,000 53,000 53,000 Wages 25,092 21,511 24,670 18,589 21,663 29,460 20,253 24,395 20,626 22,175 21,932 21,722 22,289 18,482 21,077 28,155 27,188 26,850 21,209 26,002 17,970 23,124 20,790 29,188 23,845 19,616 19,990 27,640 24,326 24,513 25,226 20,590 20,370 20,947 28,445 21,241 26,708 20,688 16,154 26,997 27,023 22,840 29,201 22,120 23,612 18,860 21,141 18,995 14,000 14,000 14,000 14,000 14,000 14,000 14,000 14,000 14,000 14,000 14,000 14,000 Fringe benefits 2,760 2,796 3,701 2,231 3,033 3,830 2,633 2,440 2,269 3,104 3,290 2,607 2,898 2,033 2,529 3,097 2,719 3,222 2,969 3,900 2,156 3,006 2,495 4,086 2,384 2,354 1,999 3,040 2,919 2,451 3,027 2,265 2,241 2,514 2,845 2,337 2,938 2,896 1,777 3,780 3,783 3,198 3,796 2,876 3,542 2,640 2,114 2,849 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 Rent 7,317 7,087 7,360 7,159 7,473 7,302 7,134 7,223 7,095 7,193 7,269 7,127 7,405 7,456 7,214 7,037 7,429 7,134 7,405 7,088 7,033 7,018 7,206 7,085 6,494 6,711 6,544 6,598 6,239 6,124 6,772 6,177 6,296 6,923 6,085 6,948 7,471 7,245 7,259 7,089 7,127 7,238 7,091 7,472 7,071 7,456 7,398 7,200 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 Depreciation 2,880 3,090 3,426 3,701 3,200 3,151 2,646 3,582 3,021 3,586 2,752 3,666 3,540 3,146 3,151 3,760 3,234 3,483 2,647 3,687 2,529 3,773 3,933 3,147 3,003 3,571 2,877 2,670 3,178 2,659 3,718 3,687 2,506 3,192 3,527 2,966 3,346 3,372 3,343 3,195 2,578 3,133 3,012 2,906 2,728 3,328 3,718 3,151 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 Phone & Internet 697 675 663 762 607 696 663 792 714 602 788 654 690 622 649 623 611 688 766 671 687 678 660 701 552 541 528 588 538 572 Utilities 4,811 4,909 3,429 3,477 3,325 4,357 3,303 4,948 4,004 4,893 4,205 4,970 4,900 4,645 3,712 4,656 4,138 4,080 4,109 3,869 3,644 3,237 4,269 3,759 4,075 4,002 4,887 5,617 5,738 4,232 5,025 4,623 5,785 4,915 4,091 5,701 4,493 4,519 3,018 3,400 4,197 3,333 4,472 3,761 3,435 4,884 3,605 3,410 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 Freight 3,312 4,261 4,655 3,447 3,956 6,076 3,867 3,328 3,120 3,770 4,101 3,693 4,935 3,001 3,513 5,406 4,665 3,662 4,411 4,732 2,777 4,769 3,969 3,770 2,919 3,190 3,898 2,653 3,446 4,000 3,619 2,224 2,444 2,705 5,145 3,059 5,063 2,788 3,295 5,094 5,360 4,111 4,818 4,387 4,671 4,093 4,059 4,179 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 Packaging 1,325 2,295 2,328 1,436 1,648 2,836 1,289 2,118 1,418 2,056 2,237 2,216 1,974 1,091 1,405 2,523 1,794 1,998 2,375 1,820 1,944 1,272 1,654 2,639 1,621 1,450 1,499 1,990 1,378 1,667 2,172 1,482 1,630 902 1,187 1,529 1,558 1,952 1,922 2,183 2,297 2,398 2,008 1,880 1,797 1,169 1,082 1,194 1,238 1,238 1,238 1,238 1,238 1,225 1,225 1,225 1,225 1,225 1,225 1,225 Bank and Moneris 2,951 3,892 2,038 2,484 2,684 5,831 1,804 2,869 2,501 3,830 3,224 4,171 4,118 2,508 2,951 5,462 3,099 3,125 3,054 3,027 1,585 2,804 2,750 3,466 1,869 2,456 3,489 2,167 1,966 2,824 5,264 1,598 3,327 4,371 2,399 3,297 3,172 1,709 3,917 4,460 2,184 4,070 5,901 1,788 1,992 4,479 3,247 4,387 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 S Marketing 4,044 3,466 3,493 4,211 4,660 4,504 4,403 4,482 3,009 4,217 4,492 4,287 4,647 3,517 4,395 4,278 3,435 4,196 4,539 3,921 3,537 4,016 3,505 3,239 3,183 3,825 3,247 3,324 3,291 3,355 3,740 3,178 3,131 3,575 3,499 3,142 3,102 3,512 4,982 3,194 3,584 4,396 3,407 3,502 4,180 3,086 3,172 4,996 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 Other Exp 2,951 4,866 4,076 4,968 4,474 5,831 5,413 3,825 4,168 4,788 6,448 4,171 5,148 3,344 4,918 6,554 4,133 4,167 4,072 5,044 4,754 5,608 5,500 6,932 3,739 2,456 4,361 3,250 3,933 2,824 5,264 3,994 2,495 2,623 3,599 3,297 5,286 5,127 2,350 3,345 4,369 3,052 5,901 3,576 4,979 2,688 4,871 2,632 1,535 1,535 1,535 1,535 1,535 1,519 1,519 1,519 1,519 1,519 1,519 1,519 Total Expenses 58,139 58,848 59,839 52,466 56,723 73,872 53,408 60,001 51,944 60,214 60,738 59,282 62,544 49,846 55,514 71,551 62,445 62,605 57,557 63,761 48,617 59,305 56,730 68,013 53,684 50,172 53,320 59,538 56,953 55,221 64,361 50,319 50,744 53,223 61,370 54,058 63,867 54,545 48,643 63,388 63,197 58,467 70,368 54,930 58,664 53,357 55,061 53,660 41,722 41,722 41,722 41,722 41,722 41,694 41,694 41,694 41,694 41,694 41,694 41,694 Op Income 7,099 5,685 8,809 1,611 (211) 2,232 4,590 5,378 3,058 1,270 9,444 8,056 7,507 6,480 7,717 1,652 4,980 8,278 10,311 723 2,844 2,360 1,860 9,822 7,358 2,706 3,924 15,642 6,903 5,570 4,736 4,862 5,275 4,152 19,018 2,868 2,902 3,022 2,242 11,733 7,739 9,014 7,501 3,135 4,984 6,995 (941) 4,228 12,278 12,278 12,278 12,278 12,278 11,306 11,306 11,306 11,306 11,306 11,306 11,306 Interest Exp 4,269 4,031 3,806 4,270 3,523 3,933 4,363 3,594 3,909 4,192 3,510 4,131 3,628 4,260 3,598 3,735 3,946 3,716 3,603 4,289 3,973 3,782 3,606 3,806 3,351 3,114 3,418 3,724 4,670 4,911 3,406 3,547 3,709 3,238 4,721 3,431 3,608 4,373 4,334 4,349 4,204 4,420 3,560 4,313 4,051 3,680 4,315 3,603 4,800 4,800 4,800 4,800 4,800 4,800 4,800 4,800 4,800 4,800 4,800 4,800 Net Income 2,830 1,654 5,003 (2,659) (3,734) (1,701) 227 1,784 (851) (2,922) 5,934 3,925 3,879 2,220 4,119 (2,083) 1,034 4,562 6,708 (3,566) (1,129) (1,422) (1,746) 6,016 4,007 (408) 506 11,918 2,233 659 1,330 1,315 1,566 914 14,297 (563) (706) (1,351) (2,092) 7,384 3,535 4,594 3,941 (1,178) 933 3,315 (5,256) 625 7,478 7,478 7,478 7,478 7,478 6,506 6,506 6,506 6,506 6,506 6,506 6,506 533 501 518 557 548 542 731 736 625 651 695 699 761 662 659 674 654 668 750 750 750 750 750 750 750 750 750 750 750 750 A B C D E F G H J K L M . Database includes 2 years worth of actual data and one year of budget data for a retail business with 2 locations. In 2017, there was just one location, North. In January 2018, a new location, South, opened. 6 Budget data is based on best estimates of business activity. HNM + DONOSA a 8 Actual data included: 9 Some maintenance costs that were expensed in Q4 Other Expenses North location were unexpected and not budgeted for. 10 Sales Discounts can be impacted by competition (more competition, more discounts must be offered). 11 In retail, industry averages include the following: 12 Percentage of Total Sales 13 COGS 33% 14 Wages + Benefits 25% 15 Rent + Utilities 10% 16 17 Requirements: 18 1. Create an Income Statement by location and in total for both budget and actual data (row format) for both 2017 and 2018. 19 2. Use common size and specific ratios to analysize year over year results and to compare to budget data. 20 3. Create a 2019 Income Statement budget by location and in total including the following: 21 1. provide reasons for values 22 2. Budget for improved results and explain how the improvement will be achieved. In particular, the Net Profit for the South location must be improved. 23 Use ratios, common size analysis and trend analysis to support your budget estimates and improvements. A B D E G H K L 3 3 M N o Q R U V w X Month January February March April May June July August September October November December January February March April May 1 Act/Bud 2 Actual 3 Actual 4 Actual 5 Actual 6 Actual 7 Actual 8 Actual 9 Actual 10 Actual 11 Actual 12 Actual 13 Actual 14 Actual 15 Actual 16 Actual 17 Actual 18 Actual 19 Actual 20 Actual 21 Actual 22 Actual 23 Actual 24 Actual 25 Actual 26 Budget 27 Budget 28 Budget 29 Budget 30 Budget 31 Budget 32 Budget 33 Budget 34 Budget 35 Budget 36 Budget 37 Budget 38 Actual 39 Actual 40 Actual 41 Actual 42 Actual 43 Actual 44 Actual 45 Actual 46 Actual 47 Actual 48 Actual 49 Actual 50 Budget 51 Budget 52 Budget 53 Budget 54 Budget 55 Budget 56 Budget 57 Budget 58 Budget 59 Budget 60 Budget 61 Budget North Year Location 2017 North 2017 North 2017 North 2017 North 2017 North 2017 North 2017 North 2017 North 2017 North 2017 North 2017 North 2017 North 2018 North 2018 North 2018 North 2018 North 2018 North 2018 North 2018 North 2018 2018 North 2018 North 2018 North 2018 North 2018 North 2018 North 2018 North 2018 North 2018 North 2018 North 2018 North 2018 North 2018 North 2018 North 2018 North 2018 North 2018 South 2018 South 2018 South 2018 South 2018 South 2018 South 2018 South 2018 South 2018 South 2018 South 2018 South 2018 South 2018 South 2018 South 2018 South 2018 South 2018 South 2018 South 2018 South 2018 South 2018 South 2018 South 2018 South 2018 South Sales 100,367 102,434 107,263 84,496 94,186 122,749 92,060 97,581 85,941 100,794 109,660 108,610 106,139 88,008 100,367 112,619 108,751 107,399 106,045 104,007 81,684 96,352 94,500 121,617 95,378 85,286 90,863 110,559 101,359 98,050 109,677 82,360 84,876 91,072 123,674 84,965 111,282 89,948 80,770 117,377 112,596 103,817 121,671 92,166 102,659 94,301 84,562 90,450 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 Sales Discounts 2,007 5,122 5,363 1,690 4,709 6,137 1,841 1,952 2,578 5,040 2,193 4,344 3,184 4,400 2,007 3,379 5,438 3,222 4,242 3,120 2,451 2,891 2,835 6,081 1,908 3,411 3,635 2,211 3,041 3,922 4,387 2,471 1,698 3,643 3,710 2,549 5,564 4,497 2,423 5,869 3,378 2,076 3,650 2,765 3,080 4,715 3,382 2,714 1,000 1,000 1,000 1,000 1,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 June July August September October November December January February March April May June July August September October November December January February March April May June July August September October November December January February March April May June July August September October November December Net Sales 98,360 97,312 101,900 82,806 89,477 116,612 90,219 95,629 83,363 95,754 107,467 104,266 102,955 83,608 98,360 109,240 103,313 104,177 101,803 100,887 79,233 93,461 91,665 115,536 93,470 81,875 87,228 108,348 98,318 94,128 105,290 79,889 83,178 87,429 119,964 82,416 105,718 85,451 78,347 111,508 109,218 101,741 118,021 89,401 99,579 89,586 81,180 87,737 99,000 99,000 99,000 99,000 99,000 98,000 98,000 98,000 98,000 98,000 98,000 98,000 COGS 33,121 32,779 33,252 28,729 32,965 40,507 32,221 30,250 28,361 34,270 37,284 36,927 32,903 27,282 35,128 36,038 35,888 33,294 33,934 36,402 27,773 31,796 33,075 37,701 32,429 28,997 29,985 33,168 34,462 33,337 36,193 24,708 27,160 30,054 39,576 25,490 38,949 27,884 27,462 36,387 38,283 34,260 40,151 31,336 35,931 29,233 27,060 29,849 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 45,000 Gross Margin 65,239 64,533 68,648 54,077 56,512 76,104 57,998 65,379 55,002 61,484 70,182 67,338 70,052 56,325 63,231 73,202 67,426 70,883 67,869 64,484 51,461 61,665 58,590 77,835 61,042 52,877 57,244 75,180 63,856 60,791 69,097 55,181 56,018 57,375 80,388 56,927 66,769 57,567 50,885 75,121 70,935 67,481 77,869 58,065 63,649 60,353 54,120 57,888 54,000 54,000 54,000 54,000 54,000 53,000 53,000 53,000 53,000 53,000 53,000 53,000 Wages 25,092 21,511 24,670 18,589 21,663 29,460 20,253 24,395 20,626 22,175 21,932 21,722 22,289 18,482 21,077 28,155 27,188 26,850 21,209 26,002 17,970 23,124 20,790 29,188 23,845 19,616 19,990 27,640 24,326 24,513 25,226 20,590 20,370 20,947 28,445 21,241 26,708 20,688 16,154 26,997 27,023 22,840 29,201 22,120 23,612 18,860 21,141 18,995 14,000 14,000 14,000 14,000 14,000 14,000 14,000 14,000 14,000 14,000 14,000 14,000 Fringe benefits 2,760 2,796 3,701 2,231 3,033 3,830 2,633 2,440 2,269 3,104 3,290 2,607 2,898 2,033 2,529 3,097 2,719 3,222 2,969 3,900 2,156 3,006 2,495 4,086 2,384 2,354 1,999 3,040 2,919 2,451 3,027 2,265 2,241 2,514 2,845 2,337 2,938 2,896 1,777 3,780 3,783 3,198 3,796 2,876 3,542 2,640 2,114 2,849 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 Rent 7,317 7,087 7,360 7,159 7,473 7,302 7,134 7,223 7,095 7,193 7,269 7,127 7,405 7,456 7,214 7,037 7,429 7,134 7,405 7,088 7,033 7,018 7,206 7,085 6,494 6,711 6,544 6,598 6,239 6,124 6,772 6,177 6,296 6,923 6,085 6,948 7,471 7,245 7,259 7,089 7,127 7,238 7,091 7,472 7,071 7,456 7,398 7,200 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 Depreciation 2,880 3,090 3,426 3,701 3,200 3,151 2,646 3,582 3,021 3,586 2,752 3,666 3,540 3,146 3,151 3,760 3,234 3,483 2,647 3,687 2,529 3,773 3,933 3,147 3,003 3,571 2,877 2,670 3,178 2,659 3,718 3,687 2,506 3,192 3,527 2,966 3,346 3,372 3,343 3,195 2,578 3,133 3,012 2,906 2,728 3,328 3,718 3,151 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 Phone & Internet 697 675 663 762 607 696 663 792 714 602 788 654 690 622 649 623 611 688 766 671 687 678 660 701 552 541 528 588 538 572 Utilities 4,811 4,909 3,429 3,477 3,325 4,357 3,303 4,948 4,004 4,893 4,205 4,970 4,900 4,645 3,712 4,656 4,138 4,080 4,109 3,869 3,644 3,237 4,269 3,759 4,075 4,002 4,887 5,617 5,738 4,232 5,025 4,623 5,785 4,915 4,091 5,701 4,493 4,519 3,018 3,400 4,197 3,333 4,472 3,761 3,435 4,884 3,605 3,410 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 Freight 3,312 4,261 4,655 3,447 3,956 6,076 3,867 3,328 3,120 3,770 4,101 3,693 4,935 3,001 3,513 5,406 4,665 3,662 4,411 4,732 2,777 4,769 3,969 3,770 2,919 3,190 3,898 2,653 3,446 4,000 3,619 2,224 2,444 2,705 5,145 3,059 5,063 2,788 3,295 5,094 5,360 4,111 4,818 4,387 4,671 4,093 4,059 4,179 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 2,200 Packaging 1,325 2,295 2,328 1,436 1,648 2,836 1,289 2,118 1,418 2,056 2,237 2,216 1,974 1,091 1,405 2,523 1,794 1,998 2,375 1,820 1,944 1,272 1,654 2,639 1,621 1,450 1,499 1,990 1,378 1,667 2,172 1,482 1,630 902 1,187 1,529 1,558 1,952 1,922 2,183 2,297 2,398 2,008 1,880 1,797 1,169 1,082 1,194 1,238 1,238 1,238 1,238 1,238 1,225 1,225 1,225 1,225 1,225 1,225 1,225 Bank and Moneris 2,951 3,892 2,038 2,484 2,684 5,831 1,804 2,869 2,501 3,830 3,224 4,171 4,118 2,508 2,951 5,462 3,099 3,125 3,054 3,027 1,585 2,804 2,750 3,466 1,869 2,456 3,489 2,167 1,966 2,824 5,264 1,598 3,327 4,371 2,399 3,297 3,172 1,709 3,917 4,460 2,184 4,070 5,901 1,788 1,992 4,479 3,247 4,387 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 S Marketing 4,044 3,466 3,493 4,211 4,660 4,504 4,403 4,482 3,009 4,217 4,492 4,287 4,647 3,517 4,395 4,278 3,435 4,196 4,539 3,921 3,537 4,016 3,505 3,239 3,183 3,825 3,247 3,324 3,291 3,355 3,740 3,178 3,131 3,575 3,499 3,142 3,102 3,512 4,982 3,194 3,584 4,396 3,407 3,502 4,180 3,086 3,172 4,996 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 Other Exp 2,951 4,866 4,076 4,968 4,474 5,831 5,413 3,825 4,168 4,788 6,448 4,171 5,148 3,344 4,918 6,554 4,133 4,167 4,072 5,044 4,754 5,608 5,500 6,932 3,739 2,456 4,361 3,250 3,933 2,824 5,264 3,994 2,495 2,623 3,599 3,297 5,286 5,127 2,350 3,345 4,369 3,052 5,901 3,576 4,979 2,688 4,871 2,632 1,535 1,535 1,535 1,535 1,535 1,519 1,519 1,519 1,519 1,519 1,519 1,519 Total Expenses 58,139 58,848 59,839 52,466 56,723 73,872 53,408 60,001 51,944 60,214 60,738 59,282 62,544 49,846 55,514 71,551 62,445 62,605 57,557 63,761 48,617 59,305 56,730 68,013 53,684 50,172 53,320 59,538 56,953 55,221 64,361 50,319 50,744 53,223 61,370 54,058 63,867 54,545 48,643 63,388 63,197 58,467 70,368 54,930 58,664 53,357 55,061 53,660 41,722 41,722 41,722 41,722 41,722 41,694 41,694 41,694 41,694 41,694 41,694 41,694 Op Income 7,099 5,685 8,809 1,611 (211) 2,232 4,590 5,378 3,058 1,270 9,444 8,056 7,507 6,480 7,717 1,652 4,980 8,278 10,311 723 2,844 2,360 1,860 9,822 7,358 2,706 3,924 15,642 6,903 5,570 4,736 4,862 5,275 4,152 19,018 2,868 2,902 3,022 2,242 11,733 7,739 9,014 7,501 3,135 4,984 6,995 (941) 4,228 12,278 12,278 12,278 12,278 12,278 11,306 11,306 11,306 11,306 11,306 11,306 11,306 Interest Exp 4,269 4,031 3,806 4,270 3,523 3,933 4,363 3,594 3,909 4,192 3,510 4,131 3,628 4,260 3,598 3,735 3,946 3,716 3,603 4,289 3,973 3,782 3,606 3,806 3,351 3,114 3,418 3,724 4,670 4,911 3,406 3,547 3,709 3,238 4,721 3,431 3,608 4,373 4,334 4,349 4,204 4,420 3,560 4,313 4,051 3,680 4,315 3,603 4,800 4,800 4,800 4,800 4,800 4,800 4,800 4,800 4,800 4,800 4,800 4,800 Net Income 2,830 1,654 5,003 (2,659) (3,734) (1,701) 227 1,784 (851) (2,922) 5,934 3,925 3,879 2,220 4,119 (2,083) 1,034 4,562 6,708 (3,566) (1,129) (1,422) (1,746) 6,016 4,007 (408) 506 11,918 2,233 659 1,330 1,315 1,566 914 14,297 (563) (706) (1,351) (2,092) 7,384 3,535 4,594 3,941 (1,178) 933 3,315 (5,256) 625 7,478 7,478 7,478 7,478 7,478 6,506 6,506 6,506 6,506 6,506 6,506 6,506 533 501 518 557 548 542 731 736 625 651 695 699 761 662 659 674 654 668 750 750 750 750 750 750 750 750 750 750 750 750