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A Simple Model
Integrating Financial
Statements

NOTES TO ACCOMPANY VIDEOS
These notes are intended to supplement the videos on ASimpleModel.com. They are not to be used
as stand‐alone study aids, and are not written as comprehensive overviews of the topic detailed. The
purpose of these notes is to provide a tangible collection of the visuals used in the videos with
comments highlighting the more important aspects covered.
2013 A Simple Model, LLC. All rights reserved.


Integrating Financial Statements
002

Overview of the Process

The objective of the first video in this series is to explain and briefly walk through the
process of building a fully integrated financial statement model.
Initially a brief outline is provided detailing the sequence in which this model will be
built:


Overview of Building an Integrated Financial Statement Model
1.

Input Historical Data

2.

Project Financial Statements

3.

I.

Income Statement

II.

Balance Sheet

III.

Cash Flow Statement

Build the Supporting Schedules
I.

Debt Schedule

II.

PP&E Schedule

Keeping this sequence in mind as you build the model provides a good reference for
progress made.

A Simple Model


Integrating Financial Statements


002

Overview of the Process

The video then walks through these steps using a fully integrated financial statement
model that has been formatted to fit on the screen.
The relationships between the financial statements and supporting schedules are
pointed out individually and color coded to make it easier to identify the source of
information.
• A red arrow, for example, indicates that data from the PP&E Schedule is being used
at the location referenced.

Financial Statements

Supporting Schedules

INCOME STATEMENT
Revenue
Cost of Goods Sold
Gross Profit
Operating Expenses (SG&A)
Operating Incom e (EBIT)
Interest Expense
Pretax Incom e
Income Tax Expense
Net Incom e

20X1
1,331
799
532
200
333
43
290
102
189

20X2
1,464
878
586
220
366
38
329
115
214

20X3
1,611
966
644
242
403
33
370
130
241

20X4
1,772
1,063
709
266
443
28
415
145
270

BALANCE SHEET
Cash
Accounts Receivable
Inventory
Total Current Assets
Property Plant & Equipment (PP&E)
TOTAL ASSETS
Accounts Payable
Current Portion on Long Term Debt
Total Current Liabilities
Long Term Debt
TOTAL LIABILITIES
Common Stock
Retained Earnings
TOTAL EQUITY
TOTAL LIABILITIES & EQUITY
Check

20X1
478
109
131
718
840
1,559
66
50
116
400
516
100
943
1,043
1,559
0.0

20X2
627
120
144
892
837
1,729
72
50
122
350
472
100
1,157
1,257
1,729
0.0

20X3
809
132
159
1,100
827
1,927
79
50
129
300
429
100
1,397
1,497
1,927
0.0

20X4
1,026
146
175
1,346
808
2,155
87
50
137
250
387
100
1,667
1,767
2,155
0.0

CASH FLOW STATEMENT
CASH FLOW FROM OPERATING ACTIVITIES
Net Incom e
Add Back Non-Cash Item s
Depreciation
Amortization
Changes in Working Capital
Accounts Receivable
Inventory
Accounts Payable
Net Cash Provided by Operating Activities
CASH FLOW FROM INVESTING ACTIVITIES
Capital Expenditures - Purchase of PP&E
Net Cash Used in Investing Activities
CASH FLOW FROM FINANCING ACTIVITIES
Revolving Credit Facility
Long Term Debt (Current Portion)
Net Cash Provided by (Used in) Fnce Activities
Net Cash Flow

20X1

20X2

20X3

20X4

214

241

270

73
0

81
0

89
0

(11)
(13)
7
269

(12)
(14)
7
302

(13)
(16)
8
337

(70)
(70)

(70)
(70)

(70)
(70)

0
(50)
(50)
149

0
(50)
(50)
182

0
(50)
(50)
217

DEBT SCHEDULE
Cash Balance @ Beg of Year (End of Last Year)
Plus: Free Cash Flow from Operations and Investing
Less: Minimum Cash Balance
Total Cash Available or (Required) for Debt Service

20X1

20X2
478
199
0
677

20X3
627
232
0
859

20X4
809
267
0
1,076

Debt
Current Portion of LT Debt
Long Term Debt

50
350

50
300

50
250

Total Cash Surplus

627

809

1,026

0

0

0

Line of Credit
INTEREST EXPENSE
Interest Rate on Long Term Debt
Interest Rate on Line of Credit
Interest Expense on Long Term Debt
Interest Expense on Line of Credit
Total Interest Expense
PP&E SCHEDULE
Beg: PP&E, Net of Accum. Depreciation
Plus: Capital Expenditures
Less: Depreciation
End: PP&E, Net of Accum. Depreciation

10%
8%
37.5
0
38
20X1

20X2
840
70
73
837

10%
8%
32.5
0
33
20X3
837
70
81
827

10%
8%
27.5
0
28
20X4
827
70
89
808

This is merely used to provide a visual reference. The model built in the video that
follows incorporates a greater level of detail.

A Simple Model


Integrating Financial Statements
003

Integrating Financial Statements

This video walks through a fully integrated financial statement model, and provides
instruction and an Excel file so that the user can follow along.
A strong grasp of this process is the single most important thing you can learn to excel
at building financial models (author’s opinion).
In the video two years of historical financial data are used to build the model. The
historical data pictured below does not pertain to any company, and was created for
the purpose of this exercise.
Income Statement

Balance Sheet

Company Name

Company Name

(000s)
INCOME STATEMENT

(000s)

20X1

20X2

BALANCE SHEET

20X1

20X2

ASSETS

Revenue
Growth (%)

74,452
NA

83,492
12.1%

Cost of Goods Sold
% of Sales

64,440
86.6%

72,524
86.9%

Gross Profit
% of Sales

10,012
13.4%

10,968
13.1%

Operating Expenses (SG&A)
% of Sales

6,389
8.6%

6,545
7.8%

Operating Incom e (EBIT)

3,623

4,423

518

474

Pretax Incom e

3,105

3,949

Income Tax Expense
Tax Rate

1,087
NM

1,382
NM

Net Incom e

2,018

2,567

Operating Income (EBIT)
Depreciation
Amortization
EBITDA

3,623
2,648
0
6,271

4,423
2,981
0
7,404

Interest Expense

Current Assets
Cash
Accounts Receivable
Inventory
Prepaid Expenses
Total Current Assets

1,773
7,750
4,800
456
14,779

2,000
8,852
5,700
1,849
18,401

Fixed Assets
PP&E, Net of Accum. Depreciation

10,913

10,932

25,692

29,333

5,665
792
500
6,957

6,656
1,375
500
8,531

TOTAL ASSETS
LIABILITIES
Current Liabilities
Accounts Payable
Line of Credit
Current Maturities of Long Term Debt
Total Current Liabilities
Long Term Liabilities
Long Term Debt, Net of Current Maturities

5,000

4,500

TOTAL LIABILITIES

11,957

13,031

EQUITY
Common Stock
Additional Paid In Capital
Retained Earnings
TOTAL EQUITY

15
5,000
8,720
13,735

15
5,000
11,287
16,302

TOTAL LIABILITIES & EQUITY

25,692

29,333

0 .0

0 .0

Check

A Simple Model


Integrating Financial Statements
003

Integrating Financial Statements

For this exercise you will be provided
the template pictured to build the
model.
With a blank template the first step is
to input the historical data provided.

Integrated Financial Statements
Company Name
(000s)
INCOME STATEMENT

Historical

Historical

Project ed

Project ed

Project ed

Project ed

Project ed

20X1

20X2

20X3

20X4

20X5

20X6

20X7

20X1

20X2

20X3

20X4

20X5

20X6

20X7

20X1

20X2

20X3

20X4

20X5

20X6

20X7

20X1

20X2

20X3

20X4

20X5

20X6

20X7

20X1

20X2

20X3

20X4

20X5

20X6

20X7

Revenue
Growth (%)
Cost of Goods Sold
% of Sales
Gross Profit
% of Sales
Operating Expenses (SG&A)
% of Sales
Operating Incom e (EBIT)
Interest Expense
Pretax Incom e
Income Tax Expense
Tax Rate
Net Incom e
Operating Income (EBIT)
Depreciation
Amortization
EBITDA
BALANCE SHEET
Current Assets
Cash
Accounts Receivable
Inventory
Prepaid Expenses
Total Current Assets
Fixed Assets
PP&E, Net of Accum. Depreciation
TOTAL ASSETS
Current Liabilities
Accounts Payable
Line of Credit
Current Maturities of Long Term Debt
Total Current Liabilities
Long Term Liabilities
Long Term Debt, Net of Current Maturities
TOTAL LIABILITIES
Common Stock
Additional Paid In Capital
Retained Earnings
TOTAL EQUITY
TOTAL LIABILITIES & EQUITY
Check

BALANCE SHEET ASSUMPTIONS
AR Days
Inventory Days
AP Days
CASH FLOW STATEMENT
CASH FLOW FROM OPERATING ACTIVITIES
Net Incom e
Add Back Non-Cash Item s
Depreciation
Amortization
Changes in Working Capital
Accounts Receivable
Inventory
Accounts Payable
Net Cash Provided by Operating Activities
CASH FLOW FROM INVESTING ACTIVITIES
Capital Expenditures - Purchase of PP&E
Net Cash Used in Investing Activities
CASH FLOW FROM FINANCING ACTIVITIES
Revolving Credit Facility (Line of Credit)
Long Term Debt
Net Cash Provided by (Used in) Fnce Activities
Net Cash Flow
Beginning Cash Balance
Ending Cash Balance

Supporting Schedules
Company Name
(000s)
DEBT SCHEDULE
Cash Balance @ Beg of Year (End of Last Year)
Plus: Free Cash Flow from Operations and Investing
Plus: Free Cash Flow from Financing (BEFORE L.O.C.)
Less: Minimum Cash Balance
Total Cash Available or (Required) from L.O.C.
Line of Credit
Debt
Long Term Debt, Net of Current Maturities
Current Portion of Long Term Debt
Interest Expense
Interest Rate on Long Term Debt
Interest Rate on Line of Credit
Interest Expense on Long Term Debt
Interest Expense on Line of Credit
Total Interest Expense
PP&E SCHEDULE
Beg: PP&E, Net of Accum. Depreciation
Plus: Capital Expenditures
Less: Depreciation
Depreciation as % of Revenues

Used To Project

End: PP&E, Net of Accum. Depreciation

A Simple Model


Integrating Financial Statements
003

Integrating Financial Statements

Once the historical data has been included in the template, the next step is to project
the income statement.
For most items on the financial statements historical information provides sufficient
data to project the future. Some items, however, must first be calculated on a different
financial statement or supporting schedule. All such items will be shaded purple to
indicate that this data will be linked later in the process.
Two items will be shaded purple:
1.

Interest Expense: This is calculated on the Debt Schedule.

2.

Depreciation: Depreciation is calculated on the PP&E Schedule.

Integrated Financial Statements
Company Name
(000s)
INCOME STATEMENT

Historical

Historical

Projected

Projected

Projected

Projected

20X1

20X2

20X3

20X4

20X5

20X6

Projected

20X7

Revenue
Growth (%)

74,452
NA

83,492
12.1%

91,841
10.0%

101,025
10.0%

111,128
10.0%

122,241
10.0%

134,465
10.0%

Cost of Goods Sold
% of Sales

64,440
86.6%

72,524
86.9%

79,634
86.7%

87,597
86.7%

96,357
86.7%

105,992
86.7%

116,592
86.7%

Gross Profit
% of Sales

10,012
13.4%

10,968
13.1%

12,208
13.3%

13,428
13.3%

14,771
13.3%

16,248
13.3%

17,873
13.3%

Operating Expenses (SG&A)
% of Sales

6,389
8.6%

6,545
7.8%

7,540
8.2%

8,294
8.2%

9,124
8.2%

10,036
8.2%

11,040
8.2%

Operating Incom e (EBIT)

3,623

4,423

4,667

5,134

5,647

6,212

6,833

518

474

Pretax Incom e

3,105

3,949

4,667

5,134

5,647

6,212

6,833

Income Tax Expense
Tax Rate

1,087
NM

1,382
NM

1,634
35.0%

1,797
35.0%

1,977
35.0%

2,174
35.0%

2,392
35.0%

Net Incom e

2,018

2,567

3,034

3,337

3,671

4,038

4,442

Operating Income (EBIT)
Depreciation
Amortization
EBITDA

3,623
2,648
0
6,271

4,423
2,981
0
7,404

4,667

5,134

5,647

6,212

6,833

0
4,667

0
5,134

0
5,647

0
6,212

0
6,833

Interest Expense

A Simple Model


Integrating Financial Statements
003

Integrating Financial Statements

With the income statement projected, the next step is to project the balance sheet.
Five items will be shaded purple:
1.

Cash: Cash must first be calculated on the cash flow statement.

2.

PP&E, Net of Accum. Depreciation: This is calculated on the PP&E schedule.

3.

Line of Credit: This is calculated on the Debt Schedule.

4.

Current Maturities of Long Term Debt: This is calculated on the Debt Schedule.

5.

Long Term Debt, Net of Current Maturities: This is calculated on the Debt
Schedule.

BALANCE SHEET

20X1

20X2

20X3

Current Assets
Cash
Accounts Receivable
Inventory
Prepaid Expenses
Total Current Assets

1,773
7,750
4,800
456
14,779

2,000
8,852
5,700
1,849
18,401

Fixed Assets
PP&E, Net of Accum. Depreciation

10,913

10,932

25,692
5,665
792
500
6,957

TOTAL ASSETS
Current Liabilities
Accounts Payable
Line of Credit
Current Maturities of Long Term Debt
Total Current Liabilities
Long Term Liabilities
Long Term Debt, Net of Current Maturities

20X4

20X5

20X6

20X7

9,649
6,095
1,849
17,593

10,614
6,705
1,849
19,167

11,675
7,375
1,849
20,899

12,842
8,113
1,849
22,804

14,127
8,924
1,849
24,900

29,333

17,593

19,167

20,899

22,804

24,900

6,656
1,375
500
8,531

7,155

7,870

8,657

9,523

10,475

7,155

7,870

8,657

9,523

10,475

5,000

4,500

TOTAL LIABILITIES

11,957

13,031

7,155

7,870

8,657

9,523

10,475

Common Stock
Additional Paid In Capital
Retained Earnings
TOTAL EQUITY

15
5,000
8,720
13,735

15
5,000
11,287
16,302

15
5,000
14,320
19,335

15
5,000
17,658
22,673

15
5,000
21,328
26,343

15
5,000
25,366
30,381

15
5,000
29,808
34,823

TOTAL LIABILITIES & EQUITY

25,692

29,333

Check

BALANCE SHEET ASSUMPTIONS
AR Days
Inventory Days
AP Days

0.0

38
27
32

0.0

39
29
33

26,490

30,543

35,000

39,904

45,298

(8,897.1)

(11,375.3)

(14,101.2)

(17,099.8)

(20,398.2)

38
28
33

38
28
33

38
28
33

38
28
33

38
28
33

A Simple Model


Integrating Financial Statements
003

Integrating Financial Statements

With the balance sheet projected, the next step is to project the cash flow statement.
Four items will be shaded purple:
1.

Depreciation: Depreciation is calculated on the PP&E Schedule

2.

Capital Expenditures – Purchase of PP&E: This is calculated on the PP&E schedule.

3.

Revolving Credit Facility (Line of Credit): This is calculated on the Debt Schedule.

4.

Long Term Debt: This is calculated on the Debt Schedule.

CASH FLOW STATEMENT
CASH FLOW FROM OPERATING ACTIVITIES
Net Incom e
Add Back Non-Cash Item s
Depreciation
Amortization
Changes in Working Capital
Accounts Receivable
Inventory
Accounts Payable
Net Cash Provided by Operating Activities
CASH FLOW FROM INVESTING ACTIVITIES
Capital Expenditures - Purchase of PP&E
Net Cash Used in Investing Activities
CASH FLOW FROM FINANCING ACTIVITIES
Revolving Credit Facility (Line of Credit)
Long Term Debt
Net Cash Provided by (Used in) Fnce Activities
Net Cash Flow
Beginning Cash Balance
Ending Cash Balance

20X1

20X2

20X3

20X4

20X5

20X6

20X7

3,034

3,337

3,671

4,038

4,442

0

0

0

0

0

(797)
(395)
499

(965)
(610)
715

(1,061)
(670)
787

(1,167)
(738)
866

(1,284)
(811)
952

2,340

2,478

2,726

2,999

3,298

0

0

0

0

0

0

0

0

0

0

2,340
2,000
4,340

2,478
4,340
6,819

2,726
6,819
9,545

2,999
9,545
12,543

3,298
12,543
15,841

A Simple Model


Integrating Financial Statements
003

Integrating Financial Statements

With the three financial statements projected, the next step is to build the supporting
schedules.
As these schedules are built the items shaded in purple can be appropriately linked to
complete the model.
DEBT SCHEDULE
Cash Balance @ Beg of Year (End of Last Year)
Plus: Free Cash Flow from Operations and Investing
Plus: Free Cash Flow from Financing (BEFORE L.O.C.)
Less: Minimum Cash Balance
Total Cash Available or (Required) from L.O.C.
Line of Credit

20X1

20X2

20X3

792

1,375

2,000
2,071
(500)
2,000
1,571
0

5,000
500

4,500
500

4,000
500

20X4

20X5

20X6

20X7

2,196
2,257
(500)
2,000
1,953
0

3,953
2,531
(500)
2,000
3,984
0

5,984
2,830
(500)
2,000
6,313
0

8,313
3,155
(500)
2,000
8,969
0

3,500
500

3,000
500

2,500
500

2,000
500

Debt
Long Term Debt, Net of Current Maturities
Current Portion of Long Term Debt
Interest Expense
Interest Rate on Long Term Debt
Interest Rate on Line of Credit

8.0%
5.0%

8.0%
5.0%

8.0%
5.0%

8.0%
5.0%

8.0%
5.0%

Interest Expense on Long Term Debt
Interest Expense on Line of Credit

380
34

340
0

300
0

260
0

220
0

414

340

300

260

220

Total Interest Expense

PP&E SCHEDULE

20X1

20X2

Beg: PP&E, Net of Accum. Depreciation
Plus: Capital Expenditures
Less: Depreciation
Depreciation as % of Revenues
End: PP&E, Net of Accum. Depreciation

Used To Project
3.56%
3.57%

20X3

20X4

20X5

20X6

20X7

10,932
3,500

11,159
4,000

11,559
4,500

12,099
5,000

12,743
5,500

3,273
3.56%

3,600
3.56%

3,960
3.56%

4,356
3.56%

4,792
3.56%

11,159

11,559

12,099

12,743

13,451

A Simple Model


Integrating Financial Statements
003

Integrating Financial Statements

Please see the video for some
concluding remarks.

Integrated Financial Statements
Company Name
(000s)
INCOME STATEMENT
Revenue
Growth (%)

Historical

Historical

Project ed

20X1

20X2

20X3

74,452
NA

83,492
12.1%

91,841
10.0%

Projected

Projected

Projected

Projected

20X4

20X5

20X6

20X7

101,025
10.0%

111,128
10.0%

122,241
10.0%

134,465
10.0%
116,592
86.7%

Cost of Goods Sold
% of Sales

64,440
86.6%

72,524
86.9%

79,634
86.7%

87,597
86.7%

96,357
86.7%

105,992
86.7%

Gross Profit
% of Sales

10,012
13.4%

10,968
13.1%

12,208
13.3%

13,428
13.3%

14,771
13.3%

16,248
13.3%

17,873
13.3%

6,389
8.6%

6,545
7.8%

7,540
8.2%

8,294
8.2%

9,124
8.2%

10,036
8.2%

11,040
8.2%

Operating Expenses (SG&A)
% of Sales
Operating Incom e (EBIT)
Interest Expense

3,623

4,423

4,667

5,134

5,647

6,212

6,833

518

474

415

341

300

260

220

Pretax Incom e

3,105

3,949

4,252

4,793

5,347

5,952

6,613
2,315
35.0%

Income Tax Expense
Tax Rate

1,087
NM

1,382
NM

1,488
35.0%

1,678
35.0%

1,872
35.0%

2,083
35.0%

Net Incom e

2,018

2,567

2,764

3,116

3,476

3,869

4,299

Operating Income (EBIT)
Depreciation
Amortization
EBITDA

3,623
2,648
0
6,271

4,423
2,981
0
7,404

4,667
3,273
0
7,940

5,134
3,600
0
8,734

5,647
3,960
0
9,607

6,212
4,356
0
10,568

6,833
4,792
0
11,625

BALANCE SHEET
Current Assets
Cash
Accounts Receivable
Inventory
Prepaid Expenses
Total Current Assets
Fixed Assets
PP&E, Net of Accum. Depreciation
TOTAL ASSETS
Current Liabilities
Accounts Payable
Line of Credit
Current Maturities of Long Term Debt
Total Current Liabilities
Long Term Liabilities
Long Term Debt, Net of Current Maturities

20X1

20X2

20X3

20X4

20X5

20X6

20X7

1,773
7,750
4,800
456
14,779

2,000
8,852
5,700
1,849
18,401

2,000
9,649
6,095
1,849
19,593

3,325
10,614
6,705
1,849
22,492

4,816
11,675
7,375
1,849
25,715

6,501
12,842
8,113
1,849
29,306

8,449
14,127
8,924
1,849
33,348

10,913

10,932

11,159

11,559

12,099

12,743

13,451

25,692

29,333

30,752

34,051

37,814

42,049

46,799

5,665
792
500
6,957

6,656
1,375
500
8,531

7,155
32
500
7,687

7,870
0
500
8,370

8,657
0
500
9,157

9,523
0
500
10,023

10,475
0
500
10,975

5,000

4,500

4,000

3,500

3,000

2,500

2,000

TOTAL LIABILITIES

11,957

13,031

11,687

11,870

12,157

12,523

12,975

Common Stock
Additional Paid In Capital
Retained Earnings
TOTAL EQUITY

15
5,000
8,720
13,735

15
5,000
11,287
16,302

15
5,000
14,051
19,066

15
5,000
17,166
22,181

15
5,000
20,642
25,657

15
5,000
24,511
29,526

15
5,000
28,809
33,824

TOTAL LIABILITIES & EQUITY

25,692

29,333

30,752

34,051

37,814

42,049

46,799

Check

0.0

BALANCE SHEET ASSUMPTIONS
AR Days
Inventory Days
AP Days
CASH FLOW STATEMENT

0.0

38
27
32
20X1

0.0

39
29
33
20X2

CASH FLOW FROM OPERATING ACTIVITIES
Net Incom e
Add Back Non-Cash Item s
Depreciation
Amortization
Changes in Working Capital
Accounts Receivable
Inventory
Accounts Payable

38
28
33
20X3

0.0

38
28
33
20X4

0.0

38
28
33
20X5

0.0

38
28
33
20X6

38
28
33
20X7

2,764

3,116

3,476

3,869

4,299

3,273
0

3,600
0

3,960
0

4,356
0

4,792
0

(1,061)
(670)
787

(1,167)
(738)
866

(1,284)
(811)
952

(797)
(395)
499

Net Cash Provided by Operating Activities

0.0

(965)
(610)
715

5,343

5,857

6,491

7,186

7,947

CASH FLOW FROM INVESTING ACTIVITIES
Capital Expenditures - Purchase of PP&E
Net Cash Used in Investing Activities

(3,500)
(3,500)

(4,000)
(4,000)

(4,500)
(4,500)

(5,000)
(5,000)

(5,500)
(5,500)

CASH FLOW FROM FINANCING ACTIVITIES
Revolving Credit Facility (Line of Credit)
Long Term Debt
Net Cash Provided by (Used in) Fnce Activities

(1,343)
(500)
(1,843)

(32)
(500)
(532)

0
(500)
(500)

0
(500)
(500)

0
(500)
(500)

Net Cash Flow
Beginning Cash Balance
Ending Cash Balance

0
2,000
2,000

1,325
2,000
3,325

1,491
3,325
4,816

1,686
4,816
6,501

1,947
6,501
8,449

Supporting Schedules
Company Name
(000s)
DEBT SCHEDULE
Cash Balance @ Beg of Year (End of Last Year)
Plus: Free Cash Flow from Operations and Investing
Plus: Free Cash Flow from Financing (BEFORE L.O.C.)
Less: Minimum Cash Balance
Total Cash Available or (Required) from L.O.C.
Line of Credit

20X1

20X2

20X3

792

1,375

2,000
1,843
(500)
2,000
1,343
32

5,000
500

4,500
500

4,000
500

20X4

20X5

20X6

20X7

2,000
1,857
(500)
2,000
1,357
0

3,325
1,991
(500)
2,000
2,816
0

4,816
2,186
(500)
2,000
4,501
0

6,501
2,447
(500)
2,000
6,449
0

3,500
500

3,000
500

2,500
500

2,000
500

Debt
Long Term Debt, Net of Current Maturities
Current Portion of Long Term Debt
Interest Expense
Interest Rate on Long Term Debt
Interest Rate on Line of Credit

8.0%
5.0%

8.0%
5.0%

8.0%
5.0%

8.0%
5.0%

8.0%
5.0%

Interest Expense on Long Term Debt
Interest Expense on Line of Credit

380
35

340
1

300
0

260
0

220
0

Total Interest Expense
PP&E SCHEDULE

415
20X1

20X2

Beg: PP&E, Net of Accum. Depreciation
Plus: Capital Expenditures
Less: Depreciation
Depreciation as % of Revenues
End: PP&E, Net of Accum. Depreciation

20X3
10,932
3,500

Used To Project
3.56%
3.57%

341
20X4
11,159
4,000

300
20X5
11,559
4,500

260
20X6
12,099
5,000

220
20X7
12,743
5,500

3,273
3.56%

3,600
3.56%

3,960
3.56%

4,356
3.56%

4,792
3.56%

11,159

11,559

12,099

12,743

13,451

A Simple Model



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