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Table of Contents
1.0 2.0 3.0 4.0 Executive Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1.1 Mission . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 The Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2.1 Company History . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Market Analysis Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1 Market Segmentation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2 Target Market Segment Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.3 Service Business Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.3.1 Business Participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.3.2 Competition and Buying Patterns . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.3.3 Risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.1 Value Propositions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.2 Competitive Edge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.3 Marketing Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.3.1 Pricing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.3.2 Marketing Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.4 Sales Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Management Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.1 Organization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.2 Officers and Key Employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Finance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.1 Significant Assumptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.2 Break-even Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.3 Income Statements - Projected . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.4 Projected Cash Flow . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.5 Balance Sheets - Projected . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.6 Business Ratios . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 4 5 5 6 7 7 8 8 8 9 9 10 10 12 12 12 13 13 14 15 16 18 18
5.0
6.0
7.0
1.1 Mission
The mission of Mikes Trucking is to be the leading trucking company servicing the United States.
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Past Performance
Sales
$30,000 $20,000 $10,000 $0 1997 1998 1999
Gross Net
3.0 Services
The trucking industry provides transportation services for persons or companies looking to haul heavy things. Mike's Trucking enables someone to lease a truck, of any size, for any project that needs hauling. We will provide this service to the whole of the Dallas area, and hope to expand from this base area within the first five years of operation. This service is provided on two bases: for-hire and private carriers. Of these two segments, Mike's Trucking will concentrate on the for-hire carriers, and, more specifically, the truckload (TL) and less-than-truckload (LTL) segments. The services offered, and the markets being targeted, are discussed throughout the following section.
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Table: Market Analysis Market Analysis Potential Customers Food Industry Computer Industry Retail Industry Other Total Growth 3% 5% 2% 2% 3.17% 2000 3,000 1,500 1,500 500 6,500 2001 3,090 1,575 1,530 510 6,705 2002 3,183 1,654 1,561 520 6,918 2003 3,278 1,737 1,592 530 7,137 2004 3,376 1,824 1,624 541 7,365 CAGR 3.00% 5.01% 2.01% 1.99% 3.17%
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Standard & Poors estimates that the U.S. commercial freight transportation market had aggregate revenues of $436 billion in 1998. In other words, five cents of every dollar of U.S. gross domestic product that year was spent on transportation. Industry trends While a driver shortage continues to plague the TL sector, the LTL carriers have adapted to changing market conditions in order to capitalize on growth opportunities. Intermodal shippers also stand to benefit from market trends. And the evolution of electronic commerce stands to intensify competition among all carriers. Truckers Dominate Freight Market Based on value of service, trucking (excluding warehousing and logistics) accounted for 79%, or some $344 billion, of U.S. commercial freight revenues in 1998, but only 45% of total ton miles. This is because products transported by truck tend to be lightweight, manufactured goods that move short distances, rather than the heavy, long haul, bulk commodities that travel by rail and barge. Motor carriers specialize in higher-value freight that moves 750 miles or less and for which delivery is required within three days. Some 36% of truck freight (measured by shipping cost) never crosses state lines. Examples of this type of freight are food and consumer staples delivered locally, and manufactured goods shipped between commercial establishments or delivered to consumers or retail outlets. Page 5
*Excluding $ 5 billion in international cargo. Sources: Standard & Poor's, Data Resources, Inc., and Cass Information Systems. Private carriers Although private carriers comprise the largest component of the motor-carrier industry, financial information isnt available for them. However, the industry is estimated to provide services valued at some $200 billion annually (or 58% of motor carrier revenues in 1998). The American Trucking Association (ATA) estimates that there are more than three million trucks operated by private fleets transporting 3.5 billion tons of freight annually. For-hire carriers The for-hire category generated $144 billion in 1998, or 42% of the industry total. Of that Page 6
4.3.3 Risks
The company recognizes that it is subject to both market and industry risks. The two primary risks to the company are: Industry concentration risk. The company is mainly focused on food industry businesses in the United States. This position is favorable since the industry is fairly stable. Any slow down in the food production would have negative repercussions for Mikes Trucking. To mitigate this risk, the company is looking at diversifying its trucking business to include other industries as well. Operational risk. Mikes Trucking recognizes the fact that there is an inherent risk in transporting cargo. Any damage to cargo may undermine the profitable of the company. To reduce this risk, the company maintains all necessary insurance.
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5.3.1 Pricing
At the time of this writing, Mikes Trucking has a lease arrangement with various companies. The companys pricing is based on miles per thousands of pounds of cargo transported. We will be able charge competitive rates, as we have minimal overhead compared to our competition. The table below sketches out the pricing structure; for a key to this table please see asterisks at the bottom of the page. Figure 3. The companys pricing structure.
0-1500 lbs. FAK* Hot Shot** Mileage: 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 160 170 180 190 200 210 220 230 240 250 260 $50 $50 $50 $52 $65 $77 $90 $104 $116 $130 $140 $157 $170 $183 $195 $210 $220 $235 $250 $260 $275 $288 $300 $313 $325 $340 1501-6000 lbs. FAK* Stakebed** $90 $90 $90 $90 $94 $105 $115 $124 $140 $155 $170 $185 $200 $215 $230 $249 $264 $279 $295 $305 $325 $341 $357 $372 $385 $400 6001-16000 lbs. FAK* Minifloat** $115 $137 $155 $175 $195 $200 $220 $240 $255 $270 $290 $305 $316 $335 $350 $385 $400 $420 $450 $480 $505 $530 $555 $580 $600 $615 16001-30000 lbs. FAK* Single Axle** $196 $210 $228 $247 $275 $300 $356 $375 $409 $438 $477 $500 $526 $530 $540 $558 $575 $595 $615 $630 $645 $660 $685 $700 $710 $720
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Table: Sales Forecast (Planned) Sales Forecast Sales Trucking Services Other Total Sales Direct Cost of Sales Trucking Services Other Subtotal Direct Cost of Sales 2000 $100,000 $0 $100,000 2000 $20,000 $0 $20,000 2001 $250,000 $0 $250,000 2001 $50,000 $0 $50,000 2002 $400,000 $0 $400,000 2002 $80,000 $0 $80,000
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6.1 Organization
The companys management philosophy is based on responsibility and mutual respect. Mikes Trucking maintains an environment that stimulates productivity and emphasizes respect for customers and fellow employees. The company structure is linear, which lends the staff responsibilities and decision-making power.
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Break-even Analysis
$4,000 $3,000 $2,000 $1,000 $0 ($1,000) ($2,000) ($3,000) ($4,000) $0 $1,600 $3,200 $4,800 $6,400 $8,000
Table: Break-even Analysis Break-even Analysis: Monthly Units Break-even Monthly Sales Break-even Assumptions: Average Per-Unit Revenue Average Per-Unit Variable Cost Estimated Monthly Fixed Cost 22 $4,375 $200.00 $40.00 $3,500
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Cash (Planned)
$150,000
$100,000
$50,000
Cash Balance
($50,000)
($100,000) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
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$80,000 $27,067 $107,067 $0 $0 $0 $0 $125,000 $0 $0 $0 $232,067 2000 $17,955 $34,500 $160,380 $212,835 $0 $3,600 $0 $11,300 $0 $125,000 $0 ($125,000) $227,735 $4,332 $4,832
$200,000 $45,600 $245,600 $0 $0 $0 $0 $0 $0 $0 $0 $245,600 2001 $12,020 $57,500 $109,734 $179,253 $0 $7,000 $0 $8,000 $0 $0 $0 $0 $194,253 $51,347 $56,178
$320,000 $75,600 $395,600 $0 $0 $0 $0 $0 $0 $0 $0 $395,600 2002 $17,877 $103,500 $159,355 $280,732 $0 $5,000 $0 $8,000 $0 $0 $0 $0 $293,732 $101,868 $158,046
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Appendix
Appendix Table: Sales Forecast (Planned) Sales Forecast Sales Trucking Services Other Total Sales Direct Cost of Sales Trucking Services Other Subtotal Direct Cost of Sales Jan $6,000 $0 $6,000 Jan $1,200 $0 $1,200 Feb $6,000 $0 $6,000 Feb $1,200 $0 $1,200 Mar $7,000 $0 $7,000 Mar $1,400 $0 $1,400 Apr $7,000 $0 $7,000 Apr $1,400 $0 $1,400 May $8,000 $0 $8,000 May $1,600 $0 $1,600 Jun $8,000 $0 $8,000 Jun $1,600 $0 $1,600 Jul $9,000 $0 $9,000 Jul $1,800 $0 $1,800 Aug $9,000 $0 $9,000 Aug $1,800 $0 $1,800 Sep $10,000 $0 $10,000 Sep $2,000 $0 $2,000 Oct $10,000 $0 $10,000 Oct $2,000 $0 $2,000 Nov $10,000 $0 $10,000 Nov $2,000 $0 $2,000 Dec $10,000 $0 $10,000 Dec $2,000 $0 $2,000
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Appendix
Appendix Table: Personnel (Planned) Personnel Plan Mike Smith Joan Rose Other Total Payroll Total People Payroll Burden Total Payroll Expenditures Jan $1,500 $1,000 $0 $2,500 2 $375 $2,875 Feb $1,500 $1,000 $0 $2,500 2 $375 $2,875 Mar $1,500 $1,000 $0 $2,500 2 $375 $2,875 Apr $1,500 $1,000 $0 $2,500 2 $375 $2,875 May $1,500 $1,000 $0 $2,500 2 $375 $2,875 Jun $1,500 $1,000 $0 $2,500 2 $375 $2,875 Jul $1,500 $1,000 $0 $2,500 2 $375 $2,875 Aug $1,500 $1,000 $0 $2,500 2 $375 $2,875 Sep $1,500 $1,000 $0 $2,500 2 $375 $2,875 Oct $1,500 $1,000 $0 $2,500 2 $375 $2,875 Nov $1,500 $1,000 $0 $2,500 2 $375 $2,875 Dec $1,500 $1,000 $0 $2,500 2 $375 $2,875
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Appendix
Appendix Table: General Assumptions General Assumptions Short-term Interest Rate % Long-term Interest Rate % Tax Rate % Expenses in Cash % Sales on Credit % Personnel Burden % Jan 10.00% 10.00% 25.00% 10.00% 20.00% 15.00% Feb 10.00% 10.00% 25.00% 10.00% 20.00% 15.00% Mar 10.00% 10.00% 25.00% 10.00% 20.00% 15.00% Apr 10.00% 10.00% 25.00% 10.00% 20.00% 15.00% May 10.00% 10.00% 25.00% 10.00% 20.00% 15.00% Jun 10.00% 10.00% 25.00% 10.00% 20.00% 15.00% Jul 10.00% 10.00% 25.00% 10.00% 20.00% 15.00% Aug 10.00% 10.00% 25.00% 10.00% 20.00% 15.00% Sep 10.00% 10.00% 25.00% 10.00% 20.00% 15.00% Oct 10.00% 10.00% 25.00% 10.00% 20.00% 15.00% Nov 10.00% 10.00% 25.00% 10.00% 20.00% 15.00% Dec 10.00% 10.00% 25.00% 10.00% 20.00% 15.00%
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Appendix
Appendix Table: Profit and Loss (Planned) Pro Forma Profit and Loss Sales Direct Cost of Sales Other Total Cost of Sales Gross Margin Gross Margin % Operating Expenses: Advertising/Promotion Travel Sales commission Miscellaneous Payroll Expense Payroll Burden Depreciation Depreciation Fuel & Maintenance Utilities Insurance Contract/Consultants Total Operating Expenses Profit Before Interest and Taxes Interest Expense Short-term Interest Expense Long-term Taxes Incurred Extraordinary Items Net Profit Net Profit/Sales Jan $6,000 $1,200 $0 -----------$1,200 $4,800 80.00% $100 $300 $150 $40 $2,500 $375 $400 $0 $500 $200 $400 $0 -----------$4,965 ($165) $164 $207 ($134) $0 ($402) -6.70% Feb $6,000 $1,200 $0 -----------$1,200 $4,800 80.00% $100 $300 $150 $40 $2,500 $375 $400 $0 $500 $200 $400 $0 -----------$4,965 ($165) $162 $205 ($133) $0 ($399) -6.65% Mar $7,000 $1,400 $0 -----------$1,400 $5,600 80.00% $100 $300 $150 $40 $2,500 $375 $400 $0 $500 $200 $400 $0 -----------$4,965 $635 $159 $203 $68 $0 $204 2.92% Apr $7,000 $1,400 $0 -----------$1,400 $5,600 80.00% $100 $300 $150 $40 $2,500 $375 $400 $0 $500 $200 $400 $0 -----------$4,965 $635 $157 $202 $69 $0 $208 2.96% May $8,000 $1,600 $0 -----------$1,600 $6,400 80.00% $100 $300 $150 $40 $2,500 $375 $400 $0 $500 $200 $400 $0 -----------$4,965 $1,435 $154 $1,243 $9 $0 $28 0.35% Jun $8,000 $1,600 $0 -----------$1,600 $6,400 80.00% $100 $300 $150 $40 $2,500 $375 $400 $0 $500 $200 $400 $0 -----------$4,965 $1,435 $152 $1,231 $13 $0 $39 0.49% Jul $9,000 $1,800 $0 -----------$1,800 $7,200 80.00% $100 $300 $150 $40 $2,500 $375 $400 $0 $500 $200 $400 $0 -----------$4,965 $2,235 $149 $1,218 $217 $0 $651 7.23% Aug $9,000 $1,800 $0 -----------$1,800 $7,200 80.00% $100 $300 $150 $40 $2,500 $375 $400 $0 $500 $200 $400 $0 -----------$4,965 $2,235 $147 $1,206 $221 $0 $662 7.35% Sep $10,000 $2,000 $0 -----------$2,000 $8,000 80.00% $100 $300 $150 $40 $2,500 $375 $400 $0 $500 $200 $400 $0 -----------$4,965 $3,035 $144 $1,193 $424 $0 $1,273 12.73% Oct $10,000 $2,000 $0 -----------$2,000 $8,000 80.00% $100 $300 $150 $40 $2,500 $375 $400 $0 $500 $200 $400 $0 -----------$4,965 $3,035 $142 $1,181 $428 $0 $1,284 12.84% Nov $10,000 $2,000 $0 -----------$2,000 $8,000 80.00% $100 $300 $150 $40 $2,500 $375 $400 $0 $500 $200 $400 $0 -----------$4,965 $3,035 $139 $1,168 $432 $0 $1,296 12.96% Dec $10,000 $2,000 $0 -----------$2,000 $8,000 80.00% $100 $300 $150 $40 $2,500 $375 $400 $0 $500 $200 $400 $0 -----------$4,965 $3,035 $137 $1,156 $436 $0 $1,307 13.07%
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Appendix
Appendix Table: Cash Flow (Planned) Pro Forma Cash Flow Cash Received Cash from Operations: Cash Sales From Receivables Subtotal Cash from Operations Additional Cash Received Extraordinary Items Sales Tax, VAT, HST/GST Received New Current Borrowing New Other Liabilities (interest-free) New Long-term Liabilities Sales of other Short-term Assets Sales of Long-term Assets New Investment Received Subtotal Cash Received Expenditures Expenditures from Operations: Cash Spent on Costs and Expenses Wages, Salaries, Payroll Taxes, etc. Payment of Accounts Payable Subtotal Spent on Operations Additional Cash Spent Sales Tax, VAT, HST/GST Paid Out Principal Repayment of Current Borrowing Other Liabilities Principal Repayment Long-term Liabilities Principal Repayment Purchase Other Short-term Assets Purchase Long-term Assets Dividends Adjustment for Assets Purchased on Credit Subtotal Cash Spent Net Cash Flow Cash Balance Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
$4,800 $6,667 $11,467 $0 $0 $0 $0 $0 $0 $0 $0 $11,467 Jan $313 $2,875 $3,594 $6,781 $0 $300 $0 $200 $0 $0 $0 $0 $7,281 $4,185 $4,685
$4,800 $2,862 $7,662 $0 $0 $0 $0 $0 $0 $0 $0 $7,662 Feb $312 $2,875 $2,814 $6,001 $0 $300 $0 $200 $0 $0 $0 $0 $6,501 $1,161 $5,846
$5,600 $2,311 $7,911 $0 $0 $0 $0 $0 $0 $0 $0 $7,911 Mar $352 $2,875 $2,823 $6,050 $0 $300 $0 $200 $0 $0 $0 $0 $6,550 $1,361 $7,207
$5,600 $1,307 $6,907 $0 $0 $0 $0 $0 $0 $0 $0 $6,907 Apr $352 $2,875 $3,168 $6,395 $0 $300 $0 $200 $0 $0 $0 $0 $6,895 $11 $7,218
$6,400 $1,400 $7,800 $0 $0 $0 $0 $125,000 $0 $0 $0 $132,800 May $470 $2,875 $3,201 $6,546 $0 $300 $0 $0 $0 $0 $0 $0 $6,846 $125,954 $133,172
$6,400 $1,507 $7,907 $0 $0 $0 $0 $0 $0 $0 $0 $7,907 Jun $6,469 $2,875 $6,027 $15,370 $0 $300 $0 $1,500 $0 $60,000 $0 ($60,000) $17,170 ($9,264) $123,909
$7,200 $1,600 $8,800 $0 $0 $0 $0 $0 $0 $0 $0 $8,800 Jul $7,007 $2,875 $58,379 $68,261 $0 $300 $0 $1,500 $0 $65,000 $0 ($65,000) $70,061 ($61,261) $62,647
$7,200 $1,707 $8,907 $0 $0 $0 $0 $0 $0 $0 $0 $8,907 Aug $506 $2,875 $61,117 $64,498 $0 $300 $0 $1,500 $0 $0 $0 $0 $66,298 ($57,391) $5,256
$8,000 $1,800 $9,800 $0 $0 $0 $0 $0 $0 $0 $0 $9,800 Sep $545 $2,875 $4,568 $7,989 $0 $300 $0 $1,500 $0 $0 $0 $0 $9,789 $11 $5,268
$8,000 $1,907 $9,907 $0 $0 $0 $0 $0 $0 $0 $0 $9,907 Oct $544 $2,875 $4,906 $8,325 $0 $300 $0 $1,500 $0 $0 $0 $0 $10,125 ($219) $5,049
$8,000 $2,000 $10,000 $0 $0 $0 $0 $0 $0 $0 $0 $10,000 Nov $543 $2,875 $4,896 $8,314 $0 $300 $0 $1,500 $0 $0 $0 $0 $10,114 ($114) $4,935
$8,000 $2,000 $10,000 $0 $0 $0 $0 $0 $0 $0 $0 $10,000 Dec $542 $2,875 $4,886 $8,303 $0 $300 $0 $1,500 $0 $0 $0 $0 $10,103 ($103) $4,832
0.00%
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Appendix
Appendix Table: Balance Sheet (Planned) Pro Forma Balance Sheet Assets Short-term Assets Cash Accounts Receivable Other Short-term Assets Total Short-term Assets Long-term Assets Long-term Assets Accumulated Depreciation Total Long-term Assets Total Assets Liabilities and Capital Accounts Payable Current Borrowing Other Short-term Liabilities Subtotal Short-term Liabilities Long-term Liabilities Total Liabilities Paid-in Capital Retained Earnings Earnings Total Capital Total Liabilities and Capital Net Worth $3,500 $20,000 $500 $24,000 $25,000 $49,000 $0 ($2,500) $0 ($2,500) $46,500 ($2,500) Jan $2,720 $19,700 $500 $22,920 $24,800 $47,720 $0 ($2,500) ($402) ($2,902) $44,819 ($2,902) Feb $2,718 $19,400 $500 $22,618 $24,600 $47,218 $0 ($2,500) ($801) ($3,301) $43,917 ($3,301) Mar $3,063 $19,100 $500 $22,663 $24,400 $47,063 $0 ($2,500) ($596) ($3,096) $43,967 ($3,096) Apr $3,060 $18,800 $500 $22,360 $24,200 $46,560 $0 ($2,500) ($389) ($2,889) $43,671 ($2,889) May $4,086 $18,500 $500 $23,086 $149,200 $172,286 $0 ($2,500) ($361) ($2,861) $169,426 ($2,861) Jun $56,276 $18,200 $500 $74,976 $147,700 $222,676 $0 ($2,500) ($321) ($2,821) $219,855 ($2,821) Jul $60,965 $17,900 $500 $79,365 $146,200 $225,565 $0 ($2,500) $329 ($2,171) $223,394 ($2,171) Aug $4,405 $17,600 $500 $22,505 $144,700 $167,205 $0 ($2,500) $991 ($1,509) $165,696 ($1,509) Sep $4,743 $17,300 $500 $22,543 $143,200 $165,743 $0 ($2,500) $2,264 ($236) $165,508 ($236) Oct $4,733 $17,000 $500 $22,233 $141,700 $163,933 $0 ($2,500) $3,549 $1,049 $164,982 $1,049 Nov $4,724 $16,700 $500 $21,924 $140,200 $162,124 $0 ($2,500) $4,844 $2,344 $164,468 $2,344 Dec $4,714 $16,400 $500 $21,614 $138,700 $160,314 $0 ($2,500) $6,151 $3,651 $163,965 $3,651 Starting Balances $500 $10,000 $0 $10,500 $40,000 $4,000 $36,000 $46,500 Jan $4,685 $4,533 $0 $9,219 $40,000 $4,400 $35,600 $44,819 Feb $5,846 $2,871 $0 $8,717 $40,000 $4,800 $35,200 $43,917 Mar $7,207 $1,960 $0 $9,167 $40,000 $5,200 $34,800 $43,967 Apr $7,218 $2,053 $0 $9,271 $40,000 $5,600 $34,400 $43,671 May $133,172 $2,253 $0 $135,426 $40,000 $6,000 $34,000 $169,426 Jun $123,909 $2,347 $0 $126,255 $100,000 $6,400 $93,600 $219,855 Jul $62,647 $2,547 $0 $65,194 $165,000 $6,800 $158,200 $223,394 Aug $5,256 $2,640 $0 $7,896 $165,000 $7,200 $157,800 $165,696 Sep $5,268 $2,840 $0 $8,108 $165,000 $7,600 $157,400 $165,508 Oct $5,049 $2,933 $0 $7,982 $165,000 $8,000 $157,000 $164,982 Nov $4,935 $2,933 $0 $7,868 $165,000 $8,400 $156,600 $164,468 Dec $4,832 $2,933 $0 $7,765 $165,000 $8,800 $156,200 $163,965
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