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Green Pastures Static Budget Income Statement For the Year Ended December 31, 2017 Number of Boarding Days Sales Less: Variable Expenses Feed Veterinary Fees

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Green Pastures Static Budget Income Statement For the Year Ended December 31, 2017 Number of Boarding Days Sales Less: Variable Expenses Feed Veterinary Fees Blacksmith Fees Supplies Total Variable Expenses Contribution Margin Less: Fixed Expenses Depreciation Insurance Utilities Repairs and Maintenance Labor Advertisement Entertainment Total Fixed Expenses Net Income Number of Mares 178 390 201 610 Actual 52 $380.000 104,390 58,838 4,984 10 178 40,000 11 ,ooo 12,000 10,000 88,000 12,000 7 ooo 180 ooo Master Budqet 60 $547.500 109,500 65,700 5,475 12 045 192 720 354 780 40,000 1 1 ,ooo 14,000 1 1 ,ooo 95,000 8,000 5 ooo 184 ooo Difference $167.500 U 5,110 F 6,862 F 491 F 1 867 F 14 330 F 153 170 U 2,000 F 1,000 F 7,000 F 4,000 U 2 ooo U 4 OOO F

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