Prepare and present the economic balance sheet for Ceres Gardening Company and calculate the capital employed by the company. Paste your economical balance sheet in the submission template.

Exhibit 2 - Balance Sheet
At December 31	2002	2003	2004	2005	2006E
Assets
Cash	705	1,542	1,818	2,158	1,955
Accounts Receivable	3,485	4,405	6,821	10,286	14,471
Inventories	3,089	2,795	3,201	3,291	3,847
Current Assets	7,279	8,742	11,839	15,735	20,273
Plant, Property, & Equipment (net)	2,257	2,680	2,958	3,617	4,347
Other Assets	645	645	645	645	645
Land	450	1,750	2,853	2,853	2,853
Non-Current Assets	3,352	5,075	6,456	7,115	7,844
Total Assets	10,631	13,817	18,295	22,850	28,117
Liabilities & Shareholders Equity
Accounts Payable	2,034	2,973	4,899	6,660	9,424
Current Portion of Long-term Debt	315	352	525	730	649
Current Liabilities	2,349	3,325	5,423	7,390	10,074
Long-Term Debt	3,258	4,400	5,726	7,123	8,480
Shareholders Equity	5,024	6,091	7,146	8,336	9,563
Total Liabilities & Shareholders Equity	10,631	13,817	18,295	22,850	28,117
Exhibit 3 - Income Statement
For Years Ending December 31	2002	2003	2004	2005	2006E
Sales	24,652	26,797	29,289	35,088	42,597
Cost of Goods Sold	20,461	21,706	23,841	28,597	35,100
Gross Profit	4,191	5,091	5,448	6,491	7,497
General & Administrative Expense	1,999	2,138	2,372	2,877	3,578
Research & Development	203	203	212	222	232
Depreciation & Amortization	347	412	455	557	669
Earnings before Interest & Taxes	1,641	2,338	2,408	2,836	3,018
Interest	187	349	440	547	658
Earnings before Taxes	1,454	1,989	1,968	2,289	2,360
Taxes	264	696	689	801	826
Net Income	1,191	1,293	1,279	1,488	1,534
Derived Statement of Cash Flows
For Years Ending December 31		2003	2004	2005	2006E
Net Income		1,293	1,279	1,488	1,534
Depreciation & Amortization		412	455	557	669
Change in Accounts Receivable		(920)	(2,416)	(3,465)	(4,185)
Change in Inventories		294	(406)	(90)	(556)
Change in Accounts Payable		939	1,926	1,761	2,765
Operating Cash Flow		2,019	838	250	226
Investment in PP&E		(835)	(734)	(1,215)	(1,398)
Investment in Other Assets		-	-	-	-
Investment in Land		(1,300)	(1,103)	-	-
Investing Cash Flow		(2,135)	(1,836)	(1,215)	(1,398)
Debt Issuance		1,494	1,850	2,128	2,006
Retirement of Debt		(315)	(352)	(525)	(730)
Dividends		(226)	(224)	(298)	(307)
Financing Cash Flow		953	1,274	1,306	969
Change in Cash		837	276	340	(203)