Financial of Bakery Shop

Capital Cost Allowance (CCA)
In this list, you will find the more common depreciable properties a farming business may use. The CCA rates
appear at the end of the list. For details on the CCA rates for classes 13, 14, 34, 43.1, and Part XVII of the
Income Tax Act, Call our Business Enquiries line at 1-800-959-5525.
Class # Depreciable property
9 Aircraft – Acquired after May 25, 1976
10 Automobiles
8 Bee equipment
7 Boats and component parts
Breakwaters
3 Cement or stone
6 Wood
8 Brooders
Buildings and component parts
6 Wood, galvanized, or portable
Other
3 Acquired after 1978 and before 1988
1 Acquired after 1987
8 Fruit and vegetable storage (after Feb 19, 1973)
8 Casing, cribwork for waterwells
10 Chain-saws
8 Cleaners – grain or seed
Combines
8 Drawn
10 Self-propelled
10 Computer hardware and systems software
8 Coolers – Milk
8 Cream separators
8 Cultivators
1 Dams: Cement, stone, wood, or earth
8 Diggers – All types
8 Discs
3 Docks
8 Drills – All types
6 Dugouts, dikes, and lagoons
Electric-generating equipment - portable
8 Acquired after May 25, 1976 Electric motors
8 Electric motors
8 Elevators
8 Engines – Stationary
6 Fences – All types
Forage harvesters
8 Drawn
10 Self-propelled
8 Graders – Fruit or vegetable
8 Grain-drying equipment
8 Grain loaders
8 Grain separators
Grain-storage building
6 Wood, galvanized steel
1 Other
6 Greenhouses (all except as noted below)
Greenhouses of rigid frames covered with replaceable
flexible plastic (this applies to tax years after
8 1988 for greenhouses acquired after 1987)
8 Grinder
10 Harness
8 Harrows
Hay balers and stookers
8 Drawn
10 Self-propelled
8 Hay loaders
8 Ice machines
8 Incubators
8 Irrigation equipment – Overhead
6 Irrigation ponds
13 Leasehold interest
8 Manure spreaders
8 Milking machines
8 Mixers
8 Mowers
8 Nets
8 Office equipment
10 Outboard motors
10/10.1 Passenger vehicles
2 Piping – Permanent
8 Planters – All types
8 Ploughs
8 Pumps
8 Rakes
17 Roads or other surface areas – Paved or concrete
8 Silo fillers
8 Silos
10 Sleighs
8 Sprayers
8 Stable cleaners
8 Stalk cutters
Swathers
8 Drawn
10 Self-propelled
8 Threshers
8 Tillers – All types
Tools
12 Less than $200
8 $200 and more
10 Tractors
10 Trailers
10 Trucks
16 Trucks (freight)
10 Wagons
6 Water towers
8 Weeders
8 Welding equipment
8 Well equipment
Wharves
6 Cement, steel, or stone
6 Wood
8 Windchargers
Wind-energy conversion equipment
34 acquired before February 22, 1994
43.1 acquired after February 21, 1994
Class # Rates
1 4%
2 6%
3 5%
6 10%
7 15%
8 20%
9 25%
10 30%
10.1 30%
12 100%
16 40%
17 8%
45 45%
46 30%
Class # Description CCA rate

1 Most buildings made of brick, stone, or cement acquired after 1987, including their component parts such as 4%
electric wiring, lighting fixtures, plumbing, heating and cooling equipment, elevators, and escalators
3 Most buildings made of brick, stone, or cement acquired before 1988, including their component parts as 5%
listed in class 1 above
6 Buildings made of frame, log, stucco on frame, galvanized iron, or corrugated metal that are used in the 10%
business of farming or fishing, or that have no footings below-ground; fences and most greenhouses
7 Canoes, boats, and most other vessels, including their furniture, fittings, or equipment 15%
8 Property that is not included in any other class such as furniture, calculators and cash registers (that do not 20%
record multiple sales taxes), photocopy and fax machines, printers, display fixtures, refrigeration equipment,
machinery, tools costing $200 or more, and outdoor advertising billboards and greenhouses with rigid
frames and plastic covers
9 Aircraft, including furniture, fittings, or equipment attached, and their spare parts 25%
10 1Automobiles (except taxis and others used for lease or rent), vans, wagons, trucks, buses, tractors, trailers, 30%
drive-in theatres, general-purpose electronic data-processing equipment
(e.g., personal computers) and systems software, and timber cutting and removing equipment
10.1 Passenger vehicles costing more than $30,000 if acquired after 2000 30%
12 Chinaware, cutlery, linen, uniforms, dies, jigs, moulds or lasts, computer software (except systems 100%
software), cutting or shaping parts of a machine, certain property used for earning rental income such as
apparel or costumes, and videotape cassettes; certain property costing less than $200 such as kitchen
utensils, tools, and medical or dental equipment
13 Property that is leasehold interest (the maximum CCA rate depends on the type of the leasehold and the N/A
terms of the lease)
14 Patents, franchises, concessions, and licences for a limited period – the CCA is limited to whichever is less: N/A
■ the capital cost of the property spread out over the life of the property; or
■ the undepreciated capital cost of the property at the end of the taxation year
Class 14 also includes patents, and licences to use patents for a limited period, that you elect not to include
in class 44
16 Automobiles for lease or rent, taxicabs, and coin-operated video games or pinball machines; certain tractors 40%
and large trucks acquired after December 6, 1991, that are used to haul freight and that weigh more than
11,788 kilograms
17 Roads, sidewalks, parking-lot or storage areas, telephone, telegraph, or non-electronic data communication 8%
switching equipment
38 Most power-operated movable equipment acquired after 1987 used for moving, excavating, placing, or 30%
compacting earth, rock, concrete, or asphalt
39 Machinery and equipment acquired after 1987 that is used in Canada primarily to manufacture and process 25%
goods for sale or lease
43 Manufacturing and processing machinery and equipment acquired after February 25, 1992, described in 30%
class 39 above
44 Patents and licences to use patents for a limited or unlimited period that the corporation acquired after 25%
April 26, 1993. However, you can elect not to include such property in class 44 by attaching a letter to the
return for the year the corporation acquired the property. In the letter, indicate the property you do not want
to include in class 44
45 Computer equipment that is “general-purpose electronic data processing equipment and system software” 45%
included in paragraph f of class 10 acquired after March 22, 2004
46 Data network infrastructure equipment that supports advanced telecommunication applications, acquired 30%
after March 22, 2004. It includes assets such as switches, multiplexers, routers, hubs, modems and domain
name servers that are used to control, transfer, modulate and direct data, but does not include office
equipment such as telephones, cell phones or fax machines, or property such as wires, cables or structures
Note
You can choose to keep an outdoor advertising sign and any property you would usually include in class 38 in a
separate class. To do this, attach a letter to your income return for the year you bought the property. In the letter,
list the properties you are including in a separate class.
Financial Projections Input Description 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Statement of Income and Retained Earnings

For the year ended December 31 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Sales Revenue:
Specialty Bread Wholesale Schedule 2 2,531 3,873 4,030 4,193 4,363 4,540 4,724 4,916 5,115 5,322
Specialty Bread Farmers Market Schedule 2 22,440 27,050 30,351 34,054 38,210 42,871 48,104 53,974 60,560 67,950
Specialty Buns Wholesale Schedule 2 3,360 5,141 5,350 5,567 5,792 6,027 6,270 6,525 6,789 7,065
Specialty Buns Farmers Market Schedule 2 20,976 25,557 28,675 32,173 36,099 40,503 45,444 50,988 57,209 64,188
Tarts Farmers Market Schedule 2 12,000 14,003 15,714 17,633 19,787 22,201 24,911 27,950 31,363 35,193
Tarts Store Schedule 2 3,328 5,092 5,460 5,849 6,269 6,722 7,207 7,719 8,267 8,863
Muffins Farmers Market Schedule 2 12,000 14,003 15,714 17,633 19,787 22,201 24,911 27,950 31,363 35,193
Muffins Store Schedule 2 3,328 5,092 5,460 5,849 6,269 6,722 7,207 7,719 8,267 8,863
Cookies Farmers Market Schedule 2 9,000 10,502 11,786 13,225 14,840 16,651 18,683 20,962 23,522 26,395
Cookies Store Schedule 2 2,016 3,084 3,305 3,543 3,799 4,069 4,358 4,668 5,004 5,362
Total Sales Revenue =Sum 90,979 113,396 125,845 139,721 155,215 172,506 191,820 213,371 237,459 264,393
Cost of Goods Sold Schedule 4 57,316 67,858 70,930 74,201 77,741 81,575 85,735 90,253 95,172 100,534
Gross Margin = A16-A18 33,663 45,539 54,915 65,519 77,474 90,931 106,085 123,117 142,287 163,860
Gross Margin/revenue 0.3700 0.4016 0.4364 0.4689 0.4991 0.5271 0.5530 0.5770 0.5992 0.6198
Administration and Marketing Expenses
Marketing Expenses Schedule 5 13,283 13,549 13,820 14,096 14,378 14,666 14,959 15,258 15,563 15,874
Administration Salaries Schedule 5 37,624 53,501 53,983 54,474 54,976 55,487 56,009 56,541 57,084 57,638
Interest on Long Term Debt Schedule 8 12,000 11,558 11,081 10,565 10,009 9,407 8,758 8,057 7,299 6,481
Total Admin & Marketing Expenses =Sum 62,907 78,607 78,883 79,136 79,362 79,560 79,726 79,856 79,946 79,993
Income Before Taxes = A19 - A25 (29,244) (33,069) (23,968) (13,616) (1,888) 11,371 26,359 43,262 62,341 83,867
Income Taxes Schedule 10 - - - - - - - - 4,252 8,584
Net Income (Loss) = A27 - A28 (29,244) (33,069) (23,968) (13,616) (1,888) 11,371 26,359 43,262 58,088 75,283
Beginning Retained Earnings - (29,244) (62,313) (86,280) (99,897) (101,785) (90,414) (64,055) (20,794) 37,295
Net Income (Loss) = A29 (29,244) (33,069) (23,968) (13,616) (1,888) 11,371 26,359 43,262 58,088 75,283
Dividends Schedule 7 - - - - - - - - - 5,261
Ending Retained Earnings = A31+A32-A33 (29,244) (62,313) (86,280) (99,897) (101,785) (90,414) (64,055) (20,794) 37,295 107,316
Balance Sheet
as at December 31
Assets 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Current Assets:
Cash =A68-A50-A43-A42 49,623 21,260 (261) (13,212) (17,098) (7,773) 15,067 53,415 105,225 167,612
Accounts Receivable Working Capital 5,891 9,014 9,380 9,760 10,155 10,567 10,994 11,441 11,904 12,387
Total Inventories Working Capital 1,842 2,242 2,433 2,644 2,877 3,134 3,419 3,733 4,081 4,466
Total Current Assets =Sum 57,356 32,516 11,552 (808) (4,066) 5,928 29,480 68,589 121,210 184,465
Long-Term Assets:
Buildings, Machinery & Equipment Schedule 6 & 9 102,588 102,588 102,588 102,588 103,888 103,888 103,888 103,888 103,888 103,888
Accumulated C.C.A. Schedule 9 (8,158) (21,119) (30,145) (38,093) (45,275) (51,740) (57,401) (62,407) (66,841) (70,775)
Land Schedule 6 1 2 3 4 5 6 7 8 9 10
Total Long-Term Assets =Sum 94,431 81,472 72,446 64,499 58,618 52,154 46,494 41,489 37,056 33,124
Total Assets = A44 +A50 151,788 113,988 83,999 63,692 54,552 58,083 75,974 110,077 158,266 217,589
Liabilities
Page 4
Current Liabilities:
Accounts Payable Working Capital 6,556 7,791 8,214 8,482 8,747 9,024 9,323 9,632 9,958 10,303
Long-Term Liabilities
Long Term Debt Schedule 8 144,476 138,509 132,065 125,106 117,590 109,473 100,707 91,239 81,013 69,970
Total Liabilities = A56+A57+A59 151,031 146,300 140,279 133,588 126,337 118,497 110,030 100,871 90,972 80,273
Owner Equity
Owner Equity Schedule 7 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000
Retained Earnings ST of Income & R.E. (29,244) (62,313) (86,280) (99,897) (101,785) (90,414) (64,055) (20,794) 37,295 107,316
Total Owner Equity =Sum 756 (32,313) (56,280) (69,897) (71,785) (60,414) (34,055) 9,206 67,295 137,316
Total Liabilities and Owner Equity = A61 +A66 151,788 113,988 83,999 63,692 54,552 58,083 75,974 110,077 158,266 217,589
Statement of Cash Flow

For the year ended December 31
Cash In-Flow From (Used-In) Operating Activities: 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Net Income (Loss) ST of Income & R.E. (29,244) (33,069) (23,968) (13,616) (1,888) 11,371 26,359 43,262 58,088 75,283
Depreciation Schedule 9 8,158 12,960 9,026 7,948 7,182 6,465 5,661 5,006 4,434 3,933
Change in Accounts Payable Balance Sheet 6,556 1,235 422 269 264 277 299 309 326 345
Change in Accounts Receivable Balance Sheet (5,891) (3,122) (366) (380) (394) (412) (428) (446) (463) (483)
Change in Inventory Balance Sheet (1,842) (400) (191) (211) (233) (257) (284) (314) (348) (385)
Net Cash From (Used-In) Operations =Sum (22,263) (22,395) (15,076) (5,991) 4,931 17,443 31,608 47,816 62,037 78,692
Cash In-Flow From (Used-In) Financial Activities:
Owner Equity Balance Sheet 30,000 - - - - - - - - -

Long Term Debt Balance Sheet 144,476 (5,966) (6,444) (6,959) (7,516) (8,117) (8,767) (9,468) (10,225) (11,043)
Dividends ST of Income & R.E. - - - - - - - - - (5,261)
Net Cash From (Used-In) Financial Activities 174,476 (5,966) (6,444) (6,959) (7,516) (8,117) (8,767) (9,468) (10,225) (16,305)
Cash In-Flow From (Used-In) Investment Activities:
Buildings, Machinery & Equipment Balance Sheet (102,588) - - - (1,300) - - - - -

Land Schedule 6 (1) (1) (1) (1) (1) (1) (1) (1) (1) (1)
Net Cash From (Used-In) Investment Activities (102,589) (1) (1) (1) (1,301) (1) (1) (1) (1) (1)
Increase (Decrease) in Cash =C79 +C86+ C92 49,623 (28,363) (21,521) (12,951) (3,886) 9,325 22,840 38,347 51,811 62,387
Beginning Cash Previous Year's Ending - 49,623 21,260 (261) (13,212) (17,098) (7,773) 15,067 53,415 105,225
Ending Cash =A94 +A95 49,623 21,260 (261) (13,212) (17,098) (7,773) 15,067 53,415 105,225 167,612
Supporting Schedules
Schedule 1: Economic Forecast

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Long Term Debt Interest Rate Input Interest Rate 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0%
Rate of Inflation (expenses) Input Inflation Rate 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Schedule 2: Revenues
Growth in Selling Prices (%) 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Specialty Bread Wholesale Input Percentage 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Specialty Bread Farmers Market Input Percentage 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Specialty Buns Wholesale Input Percentage 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
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Specialty Buns Farmers Market Input Percentage 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Tarts Farmers Market Input Percentage 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Tarts Store Input Percentage 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Muffins Farmers Market Input Percentage 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Muffins Store Input Percentage 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Cookies Farmers Market Input Percentage 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Cookies Store Input Percentage 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Quantity of Sales (units)
Specialty Bread Wholesale Loaf 2,240 3,360 3,428 3,497 3,567 3,639 3,712 3,787 3,863 3,941
Specialty Bread Farmers Market Loaf 8,976 10,608 11,669 12,836 14,120 15,532 17,086 18,795 20,675 22,743
Specialty Buns Wholesale 1/2 dozen 2,240 3,360 3,428 3,497 3,567 3,639 3,712 3,787 3,863 3,941
Specialty Buns Farmers Market 1/2 dozen 6,992 8,352 9,187 10,106 11,117 12,228 13,451 14,796 16,276 17,903
Tarts Farmers Market 1/2 dozen 3,000 3,432 3,776 4,154 4,570 5,027 5,530 6,083 6,692 7,362
Tarts Store 1/2 dozen 416 624 656 689 724 761 800 840 882 927
Muffins Farmers Market 1/2 dozen 3,000 3,432 3,776 4,154 4,570 5,027 5,530 6,083 6,692 7,362
Muffins Store 1/2 dozen 416 624 656 689 724 761 800 840 882 927
Cookies Farmers Market 1/2 dozen 3,000 3,432 3,776 4,154 4,570 5,027 5,530 6,083 6,692 7,362
Cookies Store 1/2 dozen 448 672 706 742 780 819 860 903 949 997
Selling Prices (per unit)
Specialty Bread Wholesale Input $ / unit First Year 1.13 1.15 1.18 1.20 1.22 1.25 1.27 1.30 1.32 1.35
Specialty Bread Farmers Market Input $ / unit First Year 2.50 2.55 2.60 2.65 2.71 2.76 2.82 2.87 2.93 2.99
Specialty Buns Wholesale Input $ / unit First Year 1.50 1.53 1.56 1.59 1.62 1.66 1.69 1.72 1.76 1.79
Specialty Buns Farmers Market Input $ / unit First Year 3.00 3.06 3.12 3.18 3.25 3.31 3.38 3.45 3.51 3.59
Tarts Farmers Market Input $ / unit First Year 4.00 4.08 4.16 4.24 4.33 4.42 4.50 4.59 4.69 4.78
Tarts Store Input $ / unit First Year 8.00 8.16 8.32 8.49 8.66 8.83 9.01 9.19 9.37 9.56
Muffins Farmers Market Input $ / unit First Year 4.00 4.08 4.16 4.24 4.33 4.42 4.50 4.59 4.69 4.78
Muffins Store Input $ / unit First Year 8.00 8.16 8.32 8.49 8.66 8.83 9.01 9.19 9.37 9.56
Cookies Farmers Market Input $ / unit First Year 3.00 3.06 3.12 3.18 3.25 3.31 3.38 3.45 3.51 3.59
Cookies Store Input $ / unit First Year 4.50 4.59 4.68 4.78 4.87 4.97 5.07 5.17 5.27 5.38
Sales Revenue
Specialty Bread Wholesale = A117*A126 2,531 3,873 4,030 4,193 4,363 4,540 4,724 4,916 5,115 5,322
Specialty Bread Farmers Market = A118*A127 22,440 27,050 30,351 34,054 38,210 42,871 48,104 53,974 60,560 67,950
Specialty Buns Wholesale = A119*A128 3,360 5,141 5,350 5,567 5,792 6,027 6,270 6,525 6,789 7,065
Specialty Buns Farmers Market = A120*A129 20,976 25,557 28,675 32,173 36,099 40,503 45,444 50,988 57,209 64,188
Tarts Farmers Market = A121*A130 12,000 14,003 15,714 17,633 19,787 22,201 24,911 27,950 31,363 35,193
Tarts Store = A122*A131 3,328 5,092 5,460 5,849 6,269 6,722 7,207 7,719 8,267 8,863
Muffins Farmers Market = A123*A132 12,000 14,003 15,714 17,633 19,787 22,201 24,911 27,950 31,363 35,193
Muffins Store = A124*A133 3,328 5,092 5,460 5,849 6,269 6,722 7,207 7,719 8,267 8,863
Cookies Farmers Market = A125*A134 9,000 10,502 11,786 13,225 14,840 16,651 18,683 20,962 23,522 26,395
Cookies Store = A126*A135 2,016 3,084 3,305 3,543 3,799 4,069 4,358 4,668 5,004 5,362
Total Sales Revenue =Sum 90,979 113,396 125,845 139,721 155,215 172,506 191,820 213,371 237,459 264,393
Schedule 3: Cost of Goods Produced

Direct Expenses
Directly Attributed to 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Specialty Bread Wholesale $/year 179 269 274 280 285 291 297 303 309 315
Specialty Bread Farmers Market $/year 718 849 934 1,027 1,130 1,243 1,367 1,504 1,654 1,819
Specialty Buns Wholesale $/year 112 168 171 175 178 182 186 189 193 197
Specialty Buns Farmers Market $/year 350 418 459 505 556 611 673 740 814 895
Tarts Farmers Market $/year 2 3 3 3 3 4 4 5 5 6
Tarts Store $/year 0 0 0 1 1 1 1 1 1 1
Muffins Farmers Market $/year 750 858 944 1,039 1,143 1,257 1,383 1,521 1,673 1,841
Muffins Store $/year 104 156 164 172 181 190 200 210 221 232
Cookies Farmers Market $/year 750 858 944 1,039 1,143 1,257 1,383 1,521 1,673 1,841
Cookies Store $/year 112 168 177 186 195 205 215 226 237 249
Flour $/year 8,188 10,206 11,326 12,575 13,969 15,525 17,264 19,203 21,371 23,795
Oil $/year 31 38 41 45 48 52 57 62 67 73
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Eggs $/year 1,281 1,580 1,712 1,856 2,014 2,188 2,377 2,585 2,813 3,064
Milk $/year 2,879 3,551 3,847 4,171 4,527 4,916 5,342 5,809 6,322 6,884
Sugar $/year 307 379 411 445 483 525 570 620 675 735
Yeast $/year 307 379 411 445 483 525 570 620 675 735
Salt $/year 3 4 4 4 5 5 6 6 7 7
Butter $/year 307 379 411 445 483 525 570 620 675 735
Other $/year 307 379 411 445 483 525 570 620 675 735
Total Direct Expenses =Sum 16,689 20,641 22,643 24,857 27,310 30,025 33,033 36,364 40,058 44,157
Direct Labour Costs

Direct Labour 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Head Baker Input Number 1 1 1 1 1 1 1 1 1 1
Senior staff Input Number 1 1 1 1 1 1 1 1 1 1
Total Labour =Sum 2 2 2 2 2 2 2 2 2 2
Salary Workers
Head Baker Input Year One Salary 18,000 18,360 18,727 19,102 19,484 19,873 20,271 20,676 21,090 21,512
Wage Earning Employees

Wage Input Initial $/hour wage $ 9.15 $ 9.33 $ 9.52 $ 9.71 $ 9.90 $ 10.10 $ 10.30 $ 10.51 $ 10.72 $ 10.94
Hours per worker Input hours per 960 1,440 1,440 1,440 1,440 1,440 1,440 1,440 1,440 1,440
Total Wage Labour =A181*A182*A174 8,784 13,440 13,708 13,982 14,262 14,547 14,838 15,135 15,438 15,747
Total Direct Labour = A178 + A183 26,784 31,800 32,436 33,084 33,746 34,421 35,109 35,811 36,528 37,258
Allocation of Direct Labour Total Hours 960 1,440 1,440 1,440 1,440 1,440 1,440 1,440 1,440 1,440
Specialty Bread Wholesale Input % of Total used 9% 9% 9% 9% 9% 9% 9% 9% 9% 9%
Specialty Bread Farmers Market Input % of Total used 28% 28% 28% 28% 28% 28% 28% 28% 28% 28%
Specialty Buns Wholesale Input % of Total used 9% 9% 9% 9% 9% 9% 9% 9% 9% 9%
Specialty Buns Farmers Market Input % of Total used 22% 22% 22% 22% 22% 22% 22% 22% 22% 22%
Tarts Farmers Market Input % of Total used 9% 9% 9% 9% 9% 9% 9% 9% 9% 9%
Tarts Store Input % of Total used 2% 2% 2% 2% 2% 2% 2% 2% 2% 2%
Muffins Farmers Market Input % of Total used 9% 9% 9% 9% 9% 9% 9% 9% 9% 9%
Muffins Store Input % of Total used 2% 2% 2% 2% 2% 2% 2% 2% 2% 2%
Cookies Farmers Market Input % of Total used 9% 9% 9% 9% 9% 9% 9% 9% 9% 9%
Cookies Store Input % of Total used 1% 1% 1% 1% 1% 1% 1% 1% 1% 1%
Total must Equal 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Benefits for Salary Employees
Employment Insurance 1.95% 351 358 365 373 380 388 395 403 411 420
Canada Pension Plan 4.95% 891 909 927 946 964 984 1,003 1,023 1,044 1,065
Workers Compensation ($/100) $5.12 922 940 959 978 998 1,018 1,038 1,059 1,080 1,101
Total Benefits for Salary Employees =Sum 2,164 2,207 2,251 2,296 2,342 2,389 2,437 2,485 2,535 2,586
Benefits for Wage Earning Employees

Canada Pension Plan 4.95% 435 665 679 692 706 720 734 749 764 779
Holiday Pay 5.80% 509 779 795 811 827 844 861 878 895 913
Workers Compensation ($/100) $5.12 450 688 702 716 730 745 760 775 790 806
Total Benefits for Wage Employees =Sum 1,565 2,395 2,443 2,492 2,542 2,592 2,644 2,697 2,751 2,806
Total Direct Labour & Benefits =A185+A201+A208 30,513 36,401 37,129 37,872 38,629 39,402 40,190 40,994 41,814 42,650
Variable Overhead Costs 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Packaging Input $ 1,075 1,326 1,437 1,558 1,691 1,836 1,995 2,170 2,361 2,571
Total Variable Overhead Cost =Sum 1,075 1,326 1,437 1,558 1,691 1,836 1,995 2,170 2,361 2,571
Fixed Overhead Costs

Page 7
Electricity Input $ 1,200 1,224 1,248 1,273 1,299 1,325 1,351 1,378 1,406 1,434
Rent Input $ 1 1 1 1 1 1 1 1 1 1
Capital Cost Allowance Schedule 9 8,158 8,321 8,488 8,658 8,831 9,007 9,187 9,371 9,559 9,750
Total Fixed Overhead Cost =Sum 9,359 9,546 9,737 9,932 10,131 10,333 10,540 10,751 10,966 11,185
Total Overhead Costs = A217+ A225 10,435 10,873 11,174 11,490 11,821 12,169 12,535 12,921 13,327 13,756
Cost of Goods Produced 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Total Direct Expenses = A169 16,689 20,641 22,643 24,857 27,310 30,025 33,033 36,364 40,058 44,157
Total Direct Labour & Benefits = A210 30,513 36,401 37,129 37,872 38,629 39,402 40,190 40,994 41,814 42,650
Total Overhead Costs = A227 10,435 10,873 11,174 11,490 11,821 12,169 12,535 12,921 13,327 13,756
Total Cost of Goods Produced =Sum 57,637 67,915 70,947 74,220 77,761 81,596 85,758 90,279 95,199 100,564
Schedule 4: Cost of Goods Sold

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Beginning Inventory Input $ Amount - 320 377 394 412 432 453 476 502 529
Cost of Goods Produced Schedule 3 57,637 67,915 70,947 74,220 77,761 81,596 85,758 90,279 95,199 100,564
Cost of Goods Available for Sale = A237+ A238 57,637 68,235 71,324 74,614 78,173 82,028 86,212 90,755 95,701 101,092
Ending Inventory Working Capital 320 377 394 412 432 453 476 502 529 559
Cost of Goods Sold = A239- A240 57,316 67,858 70,930 74,201 77,741 81,575 85,735 90,253 95,172 100,534
Schedule 5: Administration and Marketing Expenses

Salary and Wages
Staffing 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
President (Kristin) Input Number 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
Head baker (Kathy) Input Number 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
Driver(hourly) (Sisters) Input Number 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0
Input Number - - - - - - - - - -
Input Number - - - - - - - - - -
Total Staff =Sum 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0
Total Annual Salaries

President (Kristin) Input $ 15,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000
Head baker (Kathy) Input $ 2,667 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000
Input $ - - - - - - - - - -
Total Salaries =Sum 17,667 29,000 29,000 29,000 29,000 29,000 29,000 29,000 29,000 29,000
Hourly Workers
Driver(hourly) (Sisters) Input Initial $/hour Wage 8.50 8.67 8.84 9.02 9.20 9.38 9.57 9.76 9.96 10.16
Driver hours Input hours 1,000 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200
Total Season Wage =A260*A262*A247+A261*A263 17,000 20,808 21,224 21,649 22,082 22,523 22,974 23,433 23,902 24,380
Benefits for Wage-Earning Employees (Rates for 2005)

Canada Pension Plan 4.95% 842 1,030 1,051 1,072 1,093 1,115 1,137 1,160 1,183 1,207
Holiday Pay 5.80% 986 1,207 1,231 1,256 1,281 1,306 1,332 1,359 1,386 1,414
Total benefits for Wage Employees =Sum 2,689 3,292 3,358 3,425 3,493 3,563 3,634 3,707 3,781 3,857
Benefits for Salary Employees (Rates for 2005)

Canada Pension Plan 4.95% 132 198 198 198 198 198 198 198 198 198
Total Benefits for Salary Employees =Sum 267 401 401 401 401 401 401 401 401 401
Total Administration & Marketing Salaries, Wages and Benefits 37,624 53,501 53,983 54,474 54,976 55,487 56,009 56,541 57,084 57,638
Page 8
Marketing Expenses 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Western Producer Input $ 410 418 427 435 444 453 462 471 480 490
Bulletins Input $ 58 59 60 62 63 64 65 67 68 69
Business Cards Input $ 89 91 93 94 96 98 100 102 104 106
Travel Expenses Input $ 200 204 208 212 216 221 225 230 234 239
Accounting Expense Input $ 2,000 2,040 2,081 2,122 2,165 2,208 2,252 2,297 2,343 2,390
Gas Input $ 4,500 4,590 4,682 4,775 4,871 4,968 5,068 5,169 5,272 5,378
Van Rental Input $ 1 1 1 1 1 1 1 1 1 1
Telephone Input $ 1,200 1,224 1,248 1,273 1,299 1,325 1,351 1,378 1,406 1,434
Van Lease Input $ 4,500 4,590 4,682 4,775 4,871 4,968 5,068 5,169 5,272 5,378
Business Registration Input $ 325 332 338 345 352 359 366 373 381 388
Total Marketing Expense =Sum 13,283 13,549 13,820 14,096 14,378 14,666 14,959 15,258 15,563 15,874
Summary of Administration & Marketing Expenses

Administration Salaries & Wages =A279 37,624 53,501 53,983 54,474 54,976 55,487 56,009 56,541 57,084 57,638
Marketing Expenses =A296 13,283 13,549 13,820 14,096 14,378 14,666 14,959 15,258 15,563 15,874
Interest on Long Term Debt Schedule 8 12,000 11,558 11,081 10,565 10,009 9,407 8,758 8,057 7,299 6,481
Total Admin & Marketing Expenses =Sum 62,907 78,607 78,883 79,136 79,362 79,560 79,726 79,856 79,946 79,993
Schedule 6: Capital Budget

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Land Input $ Cost 1 1 1 1 1 1 1 1 1 1
Building and Infrastructure: Class 01 See CCA Rates Worksheet
Bakery Input $ Cost 85,000
Total Class 01 =Sum 85,000 0 0 0 0 0 0 0 0 0
Production Equipment: Class 08 See CCA Rates Worksheet
Convection Oven 220v by Cadco Ltd Input $ Cost $ 2,400 1,200
Cabinet, Proofing/Holding, Non-Insulated by Cres Cor Input $ Cost $ 2,000
Refridgerator Input $ Cost $ 2,600
Freezer Input $ Cost $ 750
Used Mixers 20qt Input $ Cost $ 3,200
Bun Pan Rack Aluminum, 20 Pan Capacity by Kelmax Input $ Cost $ 525
Furniture Input $ Cost $ 640
Billboard Input $ Cost $ 100
Total Class 08 =Sum 12,215 0 0 0 1,200 0 0 0 0 0
Production Machinery: Class 10 See CCA Rates Worksheet
Input $ Cost
Total Class 10 =Sum 0 0 0 0 0 0 0 0 0 0
Other Equipment <$200: Class 12 See CCA Rates Worksheet
Case,Hex, 4 Tray by Cal-Mil Plastic Products Input $ Cost 373
Additional equipment (pans, knives) Input $ Cost 5,000 100
Total Class 12 =Sum 5,373 - - - 100 - - - - -
Total Equipment Costs =A314+A326+A341+A348 102,588 - - - 1,300 - - - - -
Total Land & Equipment =A349+ A306 102,589 1 1 1 1,301 1 1 1 1 1
Statement of Working Capital

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Accounts Receivable Input $ Amount 5,891 9,014 9,380 9,760 10,155 10,567 10,994 11,441 11,904 12,387
Raw Inventory =A169*A362/360 1,391 1,720 1,887 2,071 2,276 2,502 2,753 3,030 3,338 3,680
Inventory in progress Formula 131 145 152 160 169 179 190 201 214 228
Finished Inventory =A233*A364/360 320 377 394 412 432 453 476 502 529 559
Accounts Payable Formula 6,556 7,791 8,214 8,482 8,747 9,024 9,323 9,632 9,958 10,303
Total Working Capital 1,178 3,464 3,600 3,922 4,285 4,677 5,090 5,541 6,027 6,550
Average Days Inventory

Raw Inventory Input Number of days 30 30 30 30 30 30 30 30 30 30
Inventory in progress Input Number of days 1 1 1 1 1 1 1 1 1 1
Page 9
Finished Inventory Input Number of days 2 2 2 2 2 2 2 2 2 2
Total Days Inventory 33 33 33 33 33 33 33 33 33 33
Average Days Payables Input Number of days 21 21 21 21 21 21 21 21 21 21
Schedule 7: Financing Budget

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Long Term Debt Input $ 150,000 - - - - - - - - -
Owner Equity Input $ 30,000 - - - - - - - - -
Total Debt & Owner Equity =Sum 180,000 - - - - - - - - -
Dividend Policy =A95-(A359*A376) - - - - - - - - - 5,261

Dividend Policy Factor Dividend Policy Factor 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05
Schedule 8: Long Term Debt

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Payment Period (Years) 15
Beginning Balance - 144,476 138,509 132,065 125,106 117,590 109,473 100,707 91,239 81,013
Addition Schedule 7 150,000 - - - - - - - - -
Interest =(A381+A382)*A103 12,000 11,558 11,081 10,565 10,009 9,407 8,758 8,057 7,299 6,481
Debt Payment Formula 17,524 17,524 17,524 17,524 17,524 17,524 17,524 17,524 17,524 17,524
Ending Balance =A381+A382+A383-A384 144,476 138,509 132,065 125,106 117,590 109,473 100,707 91,239 81,013 69,970
Schedule 9: Capital Cost Allowance

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Class 06: Buildings and Infrastructure See CCA Rates Worksheet 10%
Beginning Balance Input $ Value - 80,750 72,675 65,408 58,867 52,980 47,682 42,914 38,622 34,760
Additions Schedule 6 85,000 - - - - - - - - -
Disposals Input $ Value - - - - - - - - - -
Capital Cost Allowance Formula 4,250 8,075 7,268 6,541 5,887 5,298 4,768 4,291 3,862 3,476
Ending Balance =A390+A391-A392-A393 80,750 72,675 65,408 58,867 52,980 47,682 42,914 38,622 34,760 31,284
Class 08: Production Equipment See CCA Rates Worksheet 20%

Beginning Balance Input $ Value - 10,994 8,795 7,036 5,629 5,583 4,466 3,573 2,858 2,287
Additions Schedule 6 12,215 - - - 1,200 - - - - -
Capital Cost Allowance Formula 1,222 2,199 1,759 1,407 1,246 1,117 893 715 572 457
Ending Balance =A397+A398-A399-A400 10,994 8,795 7,036 5,629 5,583 4,466 3,573 2,858 2,287 1,829
Class 10: Production Machinery See CCA Rates Worksheet 30%

Beginning Balance Input $ Value - - - - - - - - - -
Additions Schedule 6 - - - - - - - - - -
Capital Cost Allowance Formula - - - - - - - - - -
Ending Balance =A404+A405-A406-A407 - - - - - - - - - -
Class 12: Miscellaneous Equipment See CCA Rates Worksheet 100%

Beginning Balance Input $ Value - 2,687 - - - 50 - - - -
Additions Schedule 6 5,373 - - - 100 - - - - -
Capital Cost Allowance Formula 2,687 2,687 - - 50 50 - - - -
Ending Balance =A411+A412-A413-A414 2,687 - - - 50 - - - - -
Total CCA Expense =A393+A400+A407+A414 8,158 12,960 9,026 7,948 7,182 6,465 5,661 5,006 4,434 3,933
Schedule 10: Income Tax
Page 10
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Income Before Taxes ST Income & R.E. (29,244) (33,069) (23,968) (13,616) (1,888) 11,371 26,359 43,262 62,341 83,867
Accumulated Loss Carry forward Logical Statement (29,244) (62,313) (86,280) (99,897) (101,785) (101,785) (90,414) (64,055) (20,794) -
Loss Carry forward Used Logical Statement - - - - - (11,371) (26,359) (43,262) (20,794) -
Taxable Income Logical Statement - - - - - - - - 41,547 83,867
Federal Tax @ 21% 21% - - - - - - - - 8,725 17,612

Federal Surtax @ 1.12% 1.12% - - - - - - - - 98 197
Small Bus Tax Credit @16% up to $300K 16% - - - - - - - - (6,648) (13,419)
Capital Tax @0.6% of CTB over $15M 0.6% - - - - - - - - - -
Provincial Tax @5% up to $300,000, 17% 5% - - - - - - - - 2,077 4,193
Total Taxes =Sum - - - - - - - - 4,252 8,584
Schedule 11: Ratio Analysis

Liquidity Ratios 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Current Ratio =A44/A56 9 4 1 0 0 1 3 7 12 18
Activity and Operating Ratios

Total Asset Turnover =A16/A52 0.60 0.99 1.50 2.19 2.85 2.97 2.52 1.94 1.50 1.22
Operating Expenses
Direct Expenses/Sales
Specialty Bread Wholesale =A478*A117/A135 51.2% 50.3% 50.0% 49.7% 49.4% 49.0% 48.7% 48.4% 48.1% 47.7%
Specialty Bread Farmers Market =A479*A118/A136 23.2% 22.7% 22.6% 22.5% 22.3% 22.2% 22.0% 21.9% 21.7% 21.6%
Specialty Buns Wholesale =A480*A119/A137 36.6% 35.9% 35.7% 35.5% 35.3% 35.1% 34.9% 34.7% 34.5% 34.3%
Specialty Buns Farmers Market =A481*A120/A138 18.3% 18.0% 17.9% 17.8% 17.7% 17.6% 17.5% 17.4% 17.2% 17.1%
Tarts Farmers Market =A482*A121/A139 12.5% 12.3% 12.2% 12.2% 12.1% 12.1% 12.0% 11.9% 11.9% 11.8%
Tarts Store =A483*A122/A140 6.2% 6.1% 6.1% 6.1% 6.1% 6.0% 6.0% 6.0% 5.9% 5.9%
Muffins Farmers Market =A484*A123/A141 18.7% 18.4% 18.2% 18.0% 17.9% 17.7% 17.5% 17.4% 17.2% 17.0%
Muffins Store =A485*A124/A142 9.4% 9.2% 9.1% 9.0% 8.9% 8.9% 8.8% 8.7% 8.6% 8.5%
Cookies Farmers Market =A486*A124/A143 25.0% 24.5% 24.3% 24.1% 23.8% 23.6% 23.4% 23.2% 22.9% 22.7%
Cookies Store =A487*A124/A144 16.6% 16.3% 16.2% 16.0% 15.9% 15.7% 15.6% 15.4% 15.3% 15.1%
Direct Labour/Sales
Specialty Bread Wholesale =A487*A117/A135 108.5% 84.6% 82.9% 81.3% 79.7% 78.1% 76.6% 75.1% 73.6% 72.1%
Specialty Bread Farmers Market =A488*A118/A136 38.1% 37.7% 34.3% 31.1% 28.3% 25.7% 23.4% 21.3% 19.3% 17.6%
Specialty Buns Wholesale =A489*A119/A137 81.7% 63.7% 62.5% 61.2% 60.0% 58.8% 57.7% 56.5% 55.4% 54.3%
Specialty Buns Farmers Market =A490*A120/A138 32.0% 31.3% 28.5% 25.9% 23.5% 21.4% 19.5% 17.7% 16.1% 14.6%
Tarts Farmers Market =A491*A121/A139 22.9% 23.4% 21.3% 19.3% 17.6% 16.0% 14.5% 13.2% 12.0% 10.9%
Tarts Store =A492*A122/A140 18.3% 14.3% 13.6% 12.9% 12.3% 11.7% 11.2% 10.6% 10.1% 9.6%
Muffins Farmers Market =A493*A123/A141 22.9% 23.4% 21.3% 19.3% 17.6% 16.0% 14.5% 13.2% 12.0% 10.9%
Muffins Store =A494*A124/A142 18.3% 14.3% 13.6% 12.9% 12.3% 11.7% 11.2% 10.6% 10.1% 9.6%
Cookies Farmers Market =A495*A124/A143 30.5% 31.2% 28.4% 25.8% 23.4% 21.3% 19.4% 17.6% 16.0% 14.5%
Cookies Store =A495*A124/A144 15.1% 11.8% 11.2% 10.7% 10.2% 9.7% 9.2% 8.8% 8.4% 8.0%
Overhead/Sales =A227/A16 11.5% 9.6% 8.9% 8.2% 7.6% 7.1% 6.5% 6.1% 5.6% 5.2%
Administration/Sales =A279/A16 41.4% 47.2% 42.9% 39.0% 35.4% 32.2% 29.2% 26.5% 24.0% 21.8%
Leverage Ratios 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Debt Ratio =A61/A52 99.5% 128.3% 167.0% 209.7% 231.6% 204.0% 144.8% 91.6% 57.5% 36.9%
Debt to Equity =A61*A66 19973.1% -452.8% -249.3% -191.1% -176.0% -196.1% -323.1% 1095.7% 135.2% 58.5%
Profitability Ratios
Gross Profit Margin =A19/A16 37.0% 40.2% 43.6% 46.9% 49.9% 52.7% 55.3% 57.7% 59.9% 62.0%
Net Profit Margin =A29/A16 -32.1% -29.2% -19.0% -9.7% -1.2% 6.6% 13.7% 20.3% 24.5% 28.5%
Return on Total Assets =A29/A52 -19.3% -29.0% -28.5% -21.4% -3.5% 19.6% 34.7% 39.3% 36.7% 34.6%
Return on Equity =A29/A66 -3867.3% 102.3% 42.6% 19.5% 2.6% -18.8% -77.4% 469.9% 86.3% 54.8%
Net Profit Margin * =A27/A16 -32.1% -29.2% -19.0% -9.7% -1.2% 6.6% 13.7% 20.3% 26.3% 31.7%
Page 11
Return on Total Assets * =A27/A52 -19.3% -29.0% -28.5% -21.4% -3.5% 19.6% 34.7% 39.3% 39.4% 38.5%
Return on Equity * =A27/A66 -3867.3% 102.3% 42.6% 19.5% 2.6% -18.8% -77.4% 469.9% 92.6% 61.1%
* Using net income before tax
Schedule 12: Unit Cost Analysis
Unit Cost Analysis ($ per unit Sold)
Specialty Bread Wholesale =A148/A117 +A156:A168/#P 0.58 0.58 0.59 0.60 0.60 0.61 0.62 0.63 0.64 0.64
Specialty Bread Farmers Market =A149/A118 +A156:A168/#P 0.58 0.58 0.59 0.60 0.60 0.61 0.62 0.63 0.64 0.64
Specialty Buns Wholesale =A150/A119 +A156:A168/#P 0.55 0.55 0.56 0.57 0.57 0.58 0.59 0.60 0.61 0.61
Specialty Buns Farmers Market =A151/A120 +A156:A168/#P 0.55 0.55 0.56 0.57 0.57 0.58 0.59 0.60 0.61 0.61
Tarts Farmers Market =A152/A121 +A156:A168/#P 0.50 0.50 0.51 0.52 0.52 0.53 0.54 0.55 0.56 0.57
Tarts Store =A153/A122 +A156:A168/#P 0.50 0.50 0.51 0.52 0.52 0.53 0.54 0.55 0.56 0.57
Muffins Farmers Market =A154/A123 +A156:A168/#P 0.75 0.75 0.76 0.77 0.77 0.78 0.79 0.80 0.81 0.81
Muffins Store =A155/A124 +A156:A168/#P 0.75 0.75 0.76 0.77 0.77 0.78 0.79 0.80 0.81 0.81
Cookies Farmers Market =A156/A124 +A156:A168/#P 0.75 0.75 0.76 0.77 0.77 0.78 0.79 0.80 0.81 0.81
Cookies Store =A157/A124 +A156:A168/#P 0.75 0.75 0.76 0.77 0.77 0.78 0.79 0.80 0.81 0.81
Unit Cost of Direct Labour
Specialty Bread Wholesale =A210*A188/A117 1.23 0.98 0.97 0.97 0.97 0.97 0.97 0.97 0.97 0.97
Specialty Bread Farmers Market =A210*A189/A118 0.95 0.96 0.89 0.83 0.77 0.71 0.66 0.61 0.57 0.53
Specialty Buns Wholesale =A210*A190/A119 1.23 0.98 0.97 0.97 0.97 0.97 0.97 0.97 0.97 0.97
Specialty Buns Farmers Market =A210*A191/A120 0.96 0.96 0.89 0.82 0.76 0.71 0.66 0.61 0.57 0.52
Tarts Farmers Market =A210*A192/A121 0.92 0.95 0.88 0.82 0.76 0.71 0.65 0.61 0.56 0.52
Tarts Store =A210*A193/A122 1.47 1.17 1.13 1.10 1.07 1.04 1.00 0.98 0.95 0.92
Muffins Farmers Market =A210*A194/A123 0.92 0.95 0.88 0.82 0.76 0.71 0.65 0.61 0.56 0.52
Muffins Store =A210*A195/A124 1.47 1.17 1.13 1.10 1.07 1.04 1.00 0.98 0.95 0.92
Cookies Farmers Market =A210*A196/A125 0.92 0.95 0.88 0.82 0.76 0.71 0.65 0.61 0.56 0.52
Cookies Store =A210*A197/A126 0.68 0.54 0.53 0.51 0.50 0.48 0.47 0.45 0.44 0.43
Unit Cost of Overhead
Specialty Bread Wholesale =A227/ # Produced 0.38 0.32 0.31 0.29 0.28 0.26 0.25 0.23 0.22 0.21
Specialty Bread Farmers Market =A227/ # Produced 0.38 0.32 0.31 0.29 0.28 0.26 0.25 0.23 0.22 0.21
Specialty Buns Wholesale =A227/ # Produced 0.38 0.32 0.31 0.29 0.28 0.26 0.25 0.23 0.22 0.21
Specialty Buns Farmers Market =A227/ # Produced 0.38 0.32 0.31 0.29 0.28 0.26 0.25 0.23 0.22 0.21
Tarts Farmers Market =A227/ # Produced 0.38 0.32 0.31 0.29 0.28 0.26 0.25 0.23 0.22 0.21
Tarts Store =A227/ # Produced 0.38 0.32 0.31 0.29 0.28 0.26 0.25 0.23 0.22 0.21
Muffins Farmers Market =A227/ # Produced 0.38 0.32 0.31 0.29 0.28 0.26 0.25 0.23 0.22 0.21
Muffins Store =A227/ # Produced 0.38 0.32 0.31 0.29 0.28 0.26 0.25 0.23 0.22 0.21
Cookies Farmers Market =A227/ # Produced 0.38 0.32 0.31 0.29 0.28 0.26 0.25 0.23 0.22 0.21
Cookies Store =A227/ # Produced 0.38 0.32 0.31 0.29 0.28 0.26 0.25 0.23 0.22 0.21
Total Unit Cost of Production for
Specialty Bread Wholesale =A478+A487+A496 2.19 1.88 1.87 1.86 1.85 1.85 1.84 1.84 1.83 1.83
Specialty Bread Farmers Market =A479+A488+A497 1.91 1.86 1.78 1.71 1.64 1.58 1.53 1.47 1.43 1.38
Specialty Buns Wholesale =A480+A489+A498 2.16 1.85 1.84 1.83 1.82 1.82 1.81 1.81 1.80 1.80
Specialty Buns Farmers Market =A481+A490+A499 1.89 1.83 1.75 1.68 1.61 1.55 1.49 1.44 1.39 1.35
Tarts Farmers Market =A482+A491+A500 1.80 1.78 1.70 1.63 1.56 1.50 1.44 1.39 1.34 1.30
Tarts Store =A483+A492+A501 2.35 1.99 1.95 1.91 1.87 1.83 1.79 1.76 1.73 1.70
Muffins Farmers Market =A484+A493+A502 2.05 2.03 1.95 1.88 1.81 1.75 1.69 1.64 1.59 1.55
Muffins Store =A485+A494+A503 2.60 2.24 2.20 2.16 2.12 2.08 2.04 2.01 1.98 1.95
Cookies Farmers Market =A486+A494+A504 2.05 2.03 1.95 1.88 1.81 1.75 1.69 1.64 1.59 1.55
Cookies Store =A487+A494+A505 1.81 1.61 1.59 1.57 1.54 1.52 1.50 1.49 1.47 1.45
Unit Administration & Marketing Cost
Specialty Bread Wholesale =A302/ # Produced 2.31 2.33 2.16 2.00 1.85 1.71 1.57 1.45 1.34 1.23
Specialty Bread Farmers Market =A302/ # Produced 2.31 2.33 2.16 2.00 1.85 1.71 1.57 1.45 1.34 1.23
Specialty Buns Wholesale =A302/ # Produced 2.31 2.33 2.16 2.00 1.85 1.71 1.57 1.45 1.34 1.23
Specialty Buns Farmers Market =A302/ # Produced 2.31 2.33 2.16 2.00 1.85 1.71 1.57 1.45 1.34 1.23
Tarts Farmers Market =A302/ # Produced 2.31 2.33 2.16 2.00 1.85 1.71 1.57 1.45 1.34 1.23
Tarts Store =A302/ # Produced 2.31 2.33 2.16 2.00 1.85 1.71 1.57 1.45 1.34 1.23
Muffins Farmers Market =A302/ # Produced 2.31 2.33 2.16 2.00 1.85 1.71 1.57 1.45 1.34 1.23
Muffins Store =A302/ # Produced 2.31 2.33 2.16 2.00 1.85 1.71 1.57 1.45 1.34 1.23
Cookies Farmers Market =A302/ # Produced 2.31 2.33 2.16 2.00 1.85 1.71 1.57 1.45 1.34 1.23
Page 12
Cookies Store =A302/ # Produced 2.31 2.33 2.16 2.00 1.85 1.71 1.57 1.45 1.34 1.23
Total Unit Cost
Specialty Bread Wholesale =A505 + A514 4.49 4.20 4.02 3.86 3.70 3.55 3.42 3.29 3.17 3.06
Specialty Bread Farmers Market =A506 + A515 4.22 4.19 3.94 3.71 3.49 3.29 3.10 2.93 2.76 2.61
Specialty Buns Wholesale =A507 + A516 4.46 4.17 3.99 3.83 3.67 3.52 3.39 3.26 3.14 3.03
Specialty Buns Farmers Market =A508 + A517 4.20 4.16 3.91 3.68 3.46 3.26 3.07 2.89 2.73 2.58
Tarts Farmers Market =A509 + A518 4.10 4.10 3.86 3.62 3.41 3.21 3.02 2.84 2.68 2.53
Tarts Store =A510 + A519 4.66 4.32 4.10 3.90 3.71 3.54 3.37 3.21 3.06 2.93
Muffins Farmers Market =A511 + A520 4.35 4.35 4.10 3.87 3.66 3.45 3.27 3.09 2.93 2.78
Muffins Store =A512 + A521 4.90 4.56 4.35 4.15 3.96 3.79 3.62 3.46 3.31 3.17
Cookies Farmers Market =A512 + A522 4.35 4.35 4.10 3.87 3.66 3.45 3.27 3.09 2.93 2.78
Cookies Store =A512 + A523 4.12 3.94 3.75 3.56 3.39 3.23 3.08 2.94 2.81 2.68
Unit Margin
Specialty Bread Wholesale =A126- A523 (3.36) (3.05) (2.85) (2.66) (2.48) (2.31) (2.14) (1.99) (1.85) (1.71)
Specialty Bread Farmers Market =A127- A524 (1.72) (1.64) (1.34) (1.06) (0.79) (0.53) (0.29) (0.05) 0.17 0.38
Specialty Buns Wholesale =A128- A525 (2.96) (2.64) (2.43) (2.24) (2.05) (1.87) (1.70) (1.54) (1.38) (1.24)
Specialty Buns Farmers Market =A129- A526 (1.20) (1.10) (0.79) (0.49) (0.21) 0.05 0.31 0.55 0.78 1.01
Tarts Farmers Market =A130- A527 (0.10) (0.02) 0.31 0.62 0.92 1.21 1.49 1.75 2.01 2.25
Tarts Store =A131- A528 3.34 3.84 4.22 4.59 4.95 5.30 5.64 5.98 6.31 6.64
Muffins Farmers Market =A132- A529 (0.35) (0.27) 0.06 0.37 0.67 0.96 1.24 1.50 1.76 2.00
Muffins Store =A133- A530 3.10 3.60 3.97 4.34 4.70 5.05 5.39 5.73 6.06 6.39
Cookies Farmers Market =A134- A531 (1.35) (1.29) (0.98) (0.69) (0.41) (0.14) 0.11 0.36 0.59 0.81
Cookies Store =A135- A532 0.38 0.65 0.94 1.21 1.48 1.74 1.99 2.23 2.47 2.70
Schedule 13: Investment Analysis 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Required Return on Equity Input % Rate 12%
Present Value of Equity Investment

Equity Investment Schedule 7 30,000 - - - - - - - - -
Present Value of Equity Investment 30,000 - - - - - - - - -
Present Value of Equity Returns

Net Cash Flows to Equity ST of Cash Flow 49,623 (28,363) (21,521) (12,951) (3,886) 9,325 22,840 38,347 51,811 62,387
Dividends ST of Income & R.E. - - - - - - - - - 5,261
Salvage Value Input $ Value - - - - - - - - - (31,083)
Total Net Cash Flow to Equity =Sum 49,623 (28,363) (21,521) (12,951) (3,886) 9,325 22,840 38,347 51,811 36,565
Present Value of Net Cash Flows Calculation 56,942
Total Cash Flows to Equity (30,000) 49,623 (28,363) (21,521) (12,951) (3,886) 9,325 22,840 38,347 51,811 36,565
Net Present Value of Equity Investment 26,942
Internal Rate of Return on Equity Investment 23.8%
External Rate of Return on Equity Investment
Equity Investment (30,000)

Dividends - - - - - - - - - 5,261
Salvage Value - - - - - - - - - 136,529
Total to Equity Investor (30,000) - - - - - - - - - 141,791
External Rate of Return on Equity Investment 16.8%
Page 13
0
Statement of Income and Retained Earnings
For the year ended December 31
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Sales Revenue:
Specialty Bread Wholesale 2,531 3,873 4,030 4,193 4,363 4,540 4,724 4,916 5,115 5,322
Specialty Bread Farmers Market 22,440 27,050 30,351 34,054 38,210 42,871 48,104 53,974 60,560 67,950
Specialty Buns Wholesale 3,360 5,141 5,350 5,567 5,792 6,027 6,270 6,525 6,789 7,065
Specialty Buns Farmers Market 20,976 25,557 28,675 32,173 36,099 40,503 45,444 50,988 57,209 64,188
Tarts Farmers Market 12,000 14,003 15,714 17,633 19,787 22,201 24,911 27,950 31,363 35,193
Tarts Store 3,328 5,092 5,460 5,849 6,269 6,722 7,207 7,719 8,267 8,863
Muffins Farmers Market 12,000 14,003 15,714 17,633 19,787 22,201 24,911 27,950 31,363 35,193
Muffins Store 3,328 5,092 5,460 5,849 6,269 6,722 7,207 7,719 8,267 8,863
Cookies Farmers Market 9,000 10,502 11,786 13,225 14,840 16,651 18,683 20,962 23,522 26,395
Cookies Store 2,016 3,084 3,305 3,543 3,799 4,069 4,358 4,668 5,004 5,362
Total 90,979 113,396 125,845 139,721 155,215 172,506 191,820 213,371 237,459 264,393
Cost of Goods Sold 57,316 67,858 70,930 74,201 77,741 81,575 85,735 90,253 95,172 100,534
Gross Margin 33,663 45,539 54,915 65,519 77,474 90,931 106,085 123,117 142,287 163,860
Administration and Marketing Expenses

Marketing Expenses 13,283 13,549 13,820 14,096 14,378 14,666 14,959 15,258 15,563 15,874
Administration Salaries 37,624 53,501 53,983 54,474 54,976 55,487 56,009 56,541 57,084 57,638
Interest on Long Term Debt 12,000 11,558 11,081 10,565 10,009 9,407 8,758 8,057 7,299 6,481
Total Admin & Marketing Expenses 62,907 78,607 78,883 79,136 79,362 79,560 79,726 79,856 79,946 79,993
Income Before Taxes (29,244) (33,069) (23,968) (13,616) (1,888) 11,371 26,359 43,262 62,341 83,867
Income Taxes - - - - - - - - 4,252 8,584
Net Income (Loss) (29,244) (33,069) (23,968) (13,616) (1,888) 11,371 26,359 43,262 58,088 75,283
Beginning Retained Earnings - (29,244) (62,313) (86,280) (99,897) (101,785) (90,414) (64,055) (20,794) 37,295
Net Income (Loss) (29,244) (33,069) (23,968) (13,616) (1,888) 11,371 26,359 43,262 58,088 75,283
Dividends - - - - - - - - - 5,261
End Retained Earnings (29,244) (62,313) (86,280) (99,897) (101,785) (90,414) (64,055) (20,794) 37,295 107,316
0
Balance Sheet
as at December 31 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Assets
Current Assets:
Cash 49,623 21,260 (261) (13,212) (17,098) (7,773) 15,067 53,415 105,225 167,612
Accounts Receivable 5,891 9,014 9,380 9,760 10,155 10,567 10,994 11,441 11,904 12,387
Total Inventories 1,842 2,242 2,433 2,644 2,877 3,134 3,419 3,733 4,081 4,466
Total Current Assets 57,356 32,516 11,552 (808) (4,066) 5,928 29,480 68,589 121,210 184,465
Long-Term Assets:
Buildings, Machinery & Equipment 102,588 102,588 102,588 102,588 103,888 103,888 103,888 103,888 103,888 103,888
Accumulated C.C.A. (8,158) (21,119) (30,145) (38,093) (45,275) (51,740) (57,401) (62,407) (66,841) (70,775)
Land 1 2 3 4 5 6 7 8 9 10
Total Long-Term Assets 94,431 81,472 72,446 64,499 58,618 52,154 46,494 41,489 37,056 33,124
Total Assets 151,788 113,988 83,999 63,692 54,552 58,083 75,974 110,077 158,266 217,589
Liabilities
Current Liabilities:
Accounts Payable 6,556 7,791 8,214 8,482 8,747 9,024 9,323 9,632 9,958 10,303
Long-Term Liabilities
Long Term Debt 144,476 138,509 132,065 125,106 117,590 109,473 100,707 91,239 81,013 69,970
Total Liabilities 151,031 146,300 140,279 133,588 126,337 118,497 110,030 100,871 90,972 80,273
Owner Equity
Owner Equity 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000 30,000
Retained Earnings (29,244) (62,313) (86,280) (99,897) (101,785) (90,414) (64,055) (20,794) 37,295 107,316
Total Owner Equity 756 (32,313) (56,280) (69,897) (71,785) (60,414) (34,055) 9,206 67,295 137,316
Total Liabilities & Owner Equity 151,788 113,988 83,999 63,692 54,552 58,083 75,974 110,077 158,266 217,589
0
Statement of Cash Flow
For the year ended December 31 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Cash In-Flow From (Used-In) Operating Activities:
Net Income (Loss) (29,244) (33,069) (23,968) (13,616) (1,888) 11,371 26,359 43,262 58,088 75,283
Depreciation 8,158 12,960 9,026 7,948 7,182 6,465 5,661 5,006 4,434 3,933
Change in Accounts Payable 6,556 1,235 422 269 264 277 299 309 326 345
Change in Accounts Receivable (5,891) (3,122) (366) (380) (394) (412) (428) (446) (463) (483)
Change in Inventory (1,842) (400) (191) (211) (233) (257) (284) (314) (348) (385)
Net Cash From (Used-In) Operations (22,263) (22,395) (15,076) (5,991) 4,931 17,443 31,608 47,816 62,037 78,692
Cash In-Flow From (Used-In) Financial Activities:
Owner Equity 30,000 - - - - - - - - -

Long Term Debt 144,476 (5,966) (6,444) (6,959) (7,516) (8,117) (8,767) (9,468) (10,225) (11,043)
Dividends - - - - - - - - - (5,261)
Net Cash From (Used-In) Financial Activities 174,476 (5,966) (6,444) (6,959) (7,516) (8,117) (8,767) (9,468) (10,225) (16,305)
Cash In-Flow From (Used-In) Investment Activities:
Buildings, Machinery & Equipment (102,588) - - - (1,300) - - - - -

Land (1) (1) (1) (1) (1) (1) (1) (1) (1) (1)
Net Cash From (Used-In) Investment Activities (102,589) (1) (1) (1) (1,301) (1) (1) (1) (1) (1)
Increase (Decrease) in Cash 49,623 (28,363) (21,521) (12,951) (3,886) 9,325 22,840 38,347 51,811 62,387
Beginning Cash - 49,623 21,260 (261) (13,212) (17,098) (7,773) 15,067 53,415 105,225
Ending Cash 49,623 21,260 (261) (13,212) (17,098) (7,773) 15,067 53,415 105,225 167,612
Net Present Value of Equity Investment $ 26,942
Internal Rate of Return on Equity Investment 24%
External Rate of Return on Equity Investment 17%

0
Schedule 1: Economic Forecast 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Long Term Debt Interest Rate 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0%
Rate of Inflation (expenses) 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
0
Schedule 2: Revenues 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Growth in Selling Prices (%)
Specialty Bread Wholesale 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Specialty Bread Farmers Market 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Specialty Buns Wholesale 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Specialty Buns Farmers Market 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Tarts Farmers Market 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Tarts Store 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Muffins Farmers Market 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Muffins Store 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Cookies Farmers Market 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Cookies Store 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Quantity of Sales (units)
Tarts Store 416 624 656 689 724 761 800 840 882 927
Muffins Store 416 624 656 689 724 761 800 840 882 927
Cookies Store 448 672 706 742 780 819 860 903 949 997
Total Quantity 30,728 37,896 41,058 44,518 48,309 52,460 57,011 61,997 67,466 73,465
Selling Prices (per unit)
Specialty Bread Wholesale 1.13 1.15 1.18 1.20 1.22 1.25 1.27 1.30 1.32 1.35
Specialty Bread Farmers Market 2.50 2.55 2.60 2.65 2.71 2.76 2.82 2.87 2.93 2.99
Specialty Buns Wholesale 1.50 1.53 1.56 1.59 1.62 1.66 1.69 1.72 1.76 1.79
Specialty Buns Farmers Market 3.00 3.06 3.12 3.18 3.25 3.31 3.38 3.45 3.51 3.59
Tarts Farmers Market 4.00 4.08 4.16 4.24 4.33 4.42 4.50 4.59 4.69 4.78
Tarts Store 8.00 8.16 8.32 8.49 8.66 8.83 9.01 9.19 9.37 9.56
Muffins Farmers Market 4.00 4.08 4.16 4.24 4.33 4.42 4.50 4.59 4.69 4.78
Muffins Store 8.00 8.16 8.32 8.49 8.66 8.83 9.01 9.19 9.37 9.56
Cookies Farmers Market 3.00 3.06 3.12 3.18 3.25 3.31 3.38 3.45 3.51 3.59
Cookies Store 4.50 4.59 4.68 4.78 4.87 4.97 5.07 5.17 5.27 5.38
Sales Revenue
Tarts Store 3,328 5,092 5,460 5,849 6,269 6,722 7,207 7,719 8,267 8,863
Muffins Store 3,328 5,092 5,460 5,849 6,269 6,722 7,207 7,719 8,267 8,863
Cookies Store 2,016 3,084 3,305 3,543 3,799 4,069 4,358 4,668 5,004 5,362
Total Revenue 90,979 113,396 125,845 139,721 155,215 172,506 191,820 213,371 237,459 264,393
0
Schedule 3: Cost of Goods Produced
Direct Expenses 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Directly Attributed to
Specialty Bread Wholesale 179 269 274 280 285 291 297 303 309 315
Specialty Bread Farmers Market 718 849 934 1,027 1,130 1,243 1,367 1,504 1,654 1,819
Specialty Buns Wholesale 112 168 171 175 178 182 186 189 193 197
Specialty Buns Farmers Market 350 418 459 505 556 611 673 740 814 895
Tarts Farmers Market 2 3 3 3 3 4 4 5 5 6
Tarts Store 0 0 0 1 1 1 1 1 1 1
Muffins Farmers Market 750 858 944 1,039 1,143 1,257 1,383 1,521 1,673 1,841
Muffins Store 104 156 164 172 181 190 200 210 221 232
Cookies Farmers Market 750 858 944 1,039 1,143 1,257 1,383 1,521 1,673 1,841
Cookies Store 112 168 177 186 195 205 215 226 237 249
Flour 8,188 10,206 11,326 12,575 13,969 15,525 17,264 19,203 21,371 23,795
Oil 31 38 41 45 48 52 57 62 67 73
Eggs 1,281 1,580 1,712 1,856 2,014 2,188 2,377 2,585 2,813 3,064
Milk 2,879 3,551 3,847 4,171 4,527 4,916 5,342 5,809 6,322 6,884
Sugar 307 379 411 445 483 525 570 620 675 735
Yeast 307 379 411 445 483 525 570 620 675 735
Salt 3 4 4 4 5 5 6 6 7 7
Butter 307 379 411 445 483 525 570 620 675 735
Other 307 379 411 445 483 525 570 620 675 735
Total Direct Expenses 16,689 20,641 22,643 24,857 27,310 30,025 33,033 36,364 40,058 44,157
Direct Labour Costs

Salary Labour 18,000 18,360 18,727 19,102 19,484 19,873 20,271 20,676 21,090 21,512
Wage Labour 8,784 13,440 13,708 13,982 14,262 14,547 14,838 15,135 15,438 15,747
Total Direct Labour 26,784 31,800 32,436 33,084 33,746 34,421 35,109 35,811 36,528 37,258
Total Benefits 3,729 4,602 4,694 4,788 4,884 4,981 5,081 5,182 5,286 5,392
Total Direct Labour & Benefits 30,513 36,401 37,129 37,872 38,629 39,402 40,190 40,994 41,814 42,650
Variable Overhead Costs

Packaging 1,075 1,326 1,437 1,558 1,691 1,836 1,995 2,170 2,361 2,571
Total Variable Overhead Cost 1,075 1,326 1,437 1,558 1,691 1,836 1,995 2,170 2,361 2,571
Fixed Overhead Costs

Electricity 1,200 1,224 1,248 1,273 1,299 1,325 1,351 1,378 1,406 1,434
Rent 1 1 1 1 1 1 1 1 1 1
Capital Cost Allowance 8,158 8,321 8,488 8,658 8,831 9,007 9,187 9,371 9,559 9,750
Total Fixed Overhead Cost 9,359 9,546 9,737 9,932 10,131 10,333 10,540 10,751 10,966 11,185
Total Overhead Costs 10,435 10,873 11,174 11,490 11,821 12,169 12,535 12,921 13,327 13,756
Cost of Goods Produced

Total Direct Expenses 16,689 20,641 22,643 24,857 27,310 30,025 33,033 36,364 40,058 44,157
Total Direct Labour & Benefits 30,513 36,401 37,129 37,872 38,629 39,402 40,190 40,994 41,814 42,650
Total Overhead Costs 10,435 10,873 11,174 11,490 11,821 12,169 12,535 12,921 13,327 13,756
Total Cost of Goods Produced 57,637 67,915 70,947 74,220 77,761 81,596 85,758 90,279 95,199 100,564
0
Schedule 4: Cost of Goods Sold
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Beginning Inventory - 320 377 394 412 432 453 476 502 529
Cost of Goods Produced 57,637 67,915 70,947 74,220 77,761 81,596 85,758 90,279 95,199 100,564
Cost of Goods Available for Sale 57,637 68,235 71,324 74,614 78,173 82,028 86,212 90,755 95,701 101,092
Ending Inventory 320 377 394 412 432 453 476 502 529 559
Cost of Goods Sold 57,316 67,858 70,930 74,201 77,741 81,575 85,735 90,253 95,172 100,534
0
Schedule 5: Administration & Marketing Expenses 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Salary and Wages
Total Annual Salaries
Secretarial (Salaried) 15,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000
Manager 2,667 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000 4,000
Total Salaries 17,667 29,000 29,000 29,000 29,000 29,000 29,000 29,000 29,000 29,000
Total Season Wage 17,000 20,808 21,224 21,649 22,082 22,523 22,974 23,433 23,902 24,380
Total benefits for Wage Marketers 2,689 3,292 3,358 3,425 3,493 3,563 3,634 3,707 3,781 3,857
Total Benefits for Salary Employees 267 401 401 401 401 401 401 401 401 401
Total Salaries, Wages & Benefits 37,624 53,501 53,983 54,474 54,976 55,487 56,009 56,541 57,084 57,638
Marketing Expenses
Western Producer 410 418 427 435 444 453 462 471 480 490
Bulletins 58 59 60 62 63 64 65 67 68 69
Business Cards 89 91 93 94 96 98 100 102 104 106
Travel Expenses 200 204 208 212 216 221 225 230 234 239
Accounting Expense 2,000 2,040 2,081 2,122 2,165 2,208 2,252 2,297 2,343 2,390
Gas 4,500 4,590 4,682 4,775 4,871 4,968 5,068 5,169 5,272 5,378
Van Rental 1 1 1 1 1 1 1 1 1 1
Telephone 1,200 1,224 1,248 1,273 1,299 1,325 1,351 1,378 1,406 1,434
Van Lease 4,500 4,590 4,682 4,775 4,871 4,968 5,068 5,169 5,272 5,378
Business Registration 325 332 338 345 352 359 366 373 381 388
Total Marketing Expense 13,283 13,549 13,820 14,096 14,378 14,666 14,959 15,258 15,563 15,874
Summary of Administration & Marketing Expenses
Administration Salaries & Wages 37,624 53,501 53,983 54,474 54,976 55,487 56,009 56,541 57,084 57,638
Marketing Expenses 13,283 13,549 13,820 14,096 14,378 14,666 14,959 15,258 15,563 15,874
Interest on Long Term Debt 12,000 11,558 11,081 10,565 10,009 9,407 8,758 8,057 7,299 6,481
Total Administration & Marketing Expenses 62,907 78,607 78,883 79,136 79,362 79,560 79,726 79,856 79,946 79,993
0
Schedule 6: Capital Budget 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Land 1 1 1 1 1 1 1 1 1 1
Building and Infrastructure: Class 06
Bakery 85,000 - - - - - - - - -
Total Class 06 85,000 - - - - - - - - -
Production Equipment: Class 08
Convection Oven 220v by Cadco Ltd 2,400 - - - 1,200 - - - - -
Cabinet, Proofing/Holding, Non-Insulated by Cres Co 2,000 - - - - - - - - -
Refridgerator 2,600 - - - - - - - - -
Freezer 750 - - - - - - - - -
Used Mixers 20qt 3,200 - - - - - - - - -
Bun Pan Rack Aluminum, 20 Pan Capacity by Kelmax 525 - - - - - - - - -
Furniture 640 - - - - - - - - -
Total Class 08 12,215 - - - 1,200 - - - - -
Miscellaneous Equipment <$200: Class 12
Case,Hex, 4 Tray by Cal-Mil Plastic Products 373 - - - - - - - - -
Additional equipment (pans, knives) 5,000 - - - 100 - - - - -
Total Class 12 5,373 - - - 100 - - - - -
Total Equipment Costs 102,588 - - - 1,300 - - - - -
Total Land & Equipment 102,589 1 1 1 1,301 1 1 1 1 1

0
Schedule 7: Financing Budget 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Long Term Debt 150,000 - - - - - - - - -
Owner Equity 30,000 - - - - - - - - -
Total Debt & Owner Equity 180,000 - - - - - - - - -
Schedule 8: Long Term Debt

Addition 150,000 - - - - - - - - -
Interest 12,000 11,558 11,081 10,565 10,009 9,407 8,758 8,057 7,299 6,481
Debt Payment 17,524 17,524 17,524 17,524 17,524 17,524 17,524 17,524 17,524 17,524
Ending Balance 144,476 138,509 132,065 125,106 117,590 109,473 100,707 91,239 81,013 69,970
Schedule 9: Capital Cost Allowance

Class 06: Buildings and Infrastructure
Additions 85,000 - - - - - - - - -
Disposals - - - - - - - - - -
Capital Cost Allowance 4,250 8,075 7,268 6,541 5,887 5,298 4,768 4,291 3,862 3,476
Ending Balance 80,750 72,675 65,408 58,867 52,980 47,682 42,914 38,622 34,760 31,284
Class 08: Production Equipment

Additions 12,215 - - - 1,200 - - - - -
Disposals - - - - - - - - - -
Capital Cost Allowance 1,222 2,199 1,759 1,407 1,246 1,117 893 715 572 457
Ending Balance 10,994 8,795 7,036 5,629 5,583 4,466 3,573 2,858 2,287 1,829
Class 12: Miscellaneous Equipment

Beginning Balance - 2,687 - - - 50 - - - -
Additions 5,373 - - - 100 - - - - -
Disposals - - - - - - - - - -
Capital Cost Allowance 2,687 2,687 - - 50 50 - - - -
Ending Balance 2,687 - - - 50 - - - - -
Total CCA Expense 8,158 12,960 9,026 7,948 7,182 6,465 5,661 5,006 4,434 3,933
0
Schedule 10: Income Tax 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Income Before Taxes (29,244) (33,069) (23,968) (13,616) (1,888) 11,371 26,359 43,262 62,341 83,867
Accumulated Loss Carry forward (29,244) (62,313) (86,280) (99,897) (101,785) (101,785) (90,414) (64,055) (20,794) -
Loss Carry forward Used - - - - - (11,371) (26,359) (43,262) (20,794) -
Taxable Income - - - - - - - - 41,547 83,867
Federal Tax @ 21% - - - - - - - - 8,725 17,612

Federal Surtax @ 1.12% - - - - - - - - 98 197
Small Bus Tax Credit @16% up to $300K - - - - - - - - (6,648) (13,419)
Capital Tax @0.6% of CTB over $15M - - - - - - - - - -
Provincial Tax @5% up to $300,000, 17% - - - - - - - - - -
Total Taxes - - - - - - - - 2,077 4,193
0
Schedule 11: Ratio Analysis 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Liquidity Ratios
Current Ratio 9 4 1 (0) (0) 1 3 7 12 18
Activity and Operating Ratios
Total Asset Turnover 0.60 0.99 1.50 2.19 2.85 2.97 2.52 1.94 1.50 1.22
Operating Expenses
Direct Expenses/Sales
Tarts Store 6.2% 6.1% 6.1% 6.1% 6.1% 6.0% 6.0% 6.0% 5.9% 5.9%
Muffins Store 9.4% 9.2% 9.1% 9.0% 8.9% 8.9% 8.8% 8.7% 8.6% 8.5%
Cookies Store 16.6% 16.3% 16.2% 16.0% 15.9% 15.7% 15.6% 15.4% 15.3% 15.1%
Direct Labour/Sales
Tarts Store 18.3% 14.3% 13.6% 12.9% 12.3% 11.7% 11.2% 10.6% 10.1% 9.6%
Muffins Store 18.3% 14.3% 13.6% 12.9% 12.3% 11.7% 11.2% 10.6% 10.1% 9.6%
Cookies Store 15.1% 11.8% 11.2% 10.7% 10.2% 9.7% 9.2% 8.8% 8.4% 8.0%
Overhead/Sales 11.5% 9.6% 8.9% 8.2% 7.6% 7.1% 6.5% 6.1% 5.6% 5.2%
Selling and Administration/Sales 41.4% 47.2% 42.9% 39.0% 35.4% 32.2% 29.2% 26.5% 24.0% 21.8%
Leverage Ratios
Debt Ratio 99.5% 128.3% 167.0% 209.7% 231.6% 204.0% 144.8% 91.6% 57.5% 36.9%
Debt to Equity 19973.1% -452.8% -249.3% -191.1% -176.0% -196.1% -323.1% 1095.7% 135.2% 58.5%
Profitability Ratios
Gross Profit Margin 37.0% 40.2% 43.6% 46.9% 49.9% 52.7% 55.3% 57.7% 59.9% 62.0%
Net Profit Margin -32.1% -29.2% -19.0% -9.7% -1.2% 6.6% 13.7% 20.3% 24.5% 28.5%
Return on Total Assets -19.3% -29.0% -28.5% -21.4% -3.5% 19.6% 34.7% 39.3% 36.7% 34.6%
Return on Equity -3867.3% 102.3% 42.6% 19.5% 2.6% -18.8% -77.4% 469.9% 86.3% 54.8%
Net Profit Margin * -32.1% -29.2% -19.0% -9.7% -1.2% 6.6% 13.7% 20.3% 26.3% 31.7%
Return on Total Assets * -19.3% -29.0% -28.5% -21.4% -3.5% 19.6% 34.7% 39.3% 39.4% 38.5%
Return on Equity * -3867.3% 102.3% 42.6% 19.5% 2.6% -18.8% -77.4% 469.9% 92.6% 61.1%
* Using net income before tax
0
Schedule 12: Unit Cost Analysis

Unit Cost Analysis ($ per unit produced) 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Tarts Store 0.50 0.50 0.51 0.52 0.52 0.53 0.54 0.55 0.56 0.57
Muffins Store 0.75 0.75 0.76 0.77 0.77 0.78 0.79 0.80 0.81 0.81
Cookies Store 0.75 0.75 0.76 0.77 0.77 0.78 0.79 0.80 0.81 0.81
Unit Cost of Direct Labour
Tarts Store 1.47 1.17 1.13 1.10 1.07 1.04 1.00 0.98 0.95 0.92
Muffins Store 1.47 1.17 1.13 1.10 1.07 1.04 1.00 0.98 0.95 0.92
Cookies Store 0.68 0.54 0.53 0.51 0.50 0.48 0.47 0.45 0.44 0.43
Unit Cost of Overhead
Tarts Store 0.38 0.32 0.31 0.29 0.28 0.26 0.25 0.23 0.22 0.21
Muffins Store 0.38 0.32 0.31 0.29 0.28 0.26 0.25 0.23 0.22 0.21
Cookies Store 0.38 0.32 0.31 0.29 0.28 0.26 0.25 0.23 0.22 0.21
Total Unit Cost of Production for

Tarts Store 2.35 1.99 1.95 1.91 1.87 1.83 1.79 1.76 1.73 1.70
Muffins Store 2.60 2.24 2.20 2.16 2.12 2.08 2.04 2.01 1.98 1.95
Cookies Store 1.81 1.61 1.59 1.57 1.54 1.52 1.50 1.49 1.47 1.45
Unit Administration & Marketing Cost
Tarts Store 2.31 2.33 2.16 2.00 1.85 1.71 1.57 1.45 1.34 1.23
Muffins Store 2.31 2.33 2.16 2.00 1.85 1.71 1.57 1.45 1.34 1.23
Cookies Store 2.31 2.33 2.16 2.00 1.85 1.71 1.57 1.45 1.34 1.23
Total Unit Cost
Tarts Store 4.66 4.32 4.10 3.90 3.71 3.54 3.37 3.21 3.06 2.93
Muffins Store 4.90 4.56 4.35 4.15 3.96 3.79 3.62 3.46 3.31 3.17
Cookies Store 4.12 3.94 3.75 3.56 3.39 3.23 3.08 2.94 2.81 2.68
Unit Margin
Specialty Bread Wholesale -3.36 -3.05 -2.85 -2.66 -2.48 -2.31 -2.14 -1.99 -1.85 -1.71
Specialty Bread Farmers Market -1.72 -1.64 -1.34 -1.06 -0.79 -0.53 -0.29 -0.05 0.17 0.38
Specialty Buns Wholesale -2.96 -2.64 -2.43 -2.24 -2.05 -1.87 -1.70 -1.54 -1.38 -1.24
Specialty Buns Farmers Market -1.20 -1.10 -0.79 -0.49 -0.21 0.05 0.31 0.55 0.78 1.01
Tarts Farmers Market -0.10 -0.02 0.31 0.62 0.92 1.21 1.49 1.75 2.01 2.25
Tarts Store 3.34 3.84 4.22 4.59 4.95 5.30 5.64 5.98 6.31 6.64
Muffins Farmers Market -0.35 -0.27 0.06 0.37 0.67 0.96 1.24 1.50 1.76 2.00
Muffins Store 3.10 3.60 3.97 4.34 4.70 5.05 5.39 5.73 6.06 6.39
Cookies Farmers Market -1.35 -1.29 -0.98 -0.69 -0.41 -0.14 0.11 0.36 0.59 0.81
Cookies Store 0.38 0.65 0.94 1.21 1.48 1.74 1.99 2.23 2.47 2.70
0
Schedule 13: Investment Analysis 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Required Return on Equity 12%
Present Value of Equity Investment

Equity Investment 30,000 - - - - - - - - -
Present Value of Equity Investment 30,000 - - - - - - - - -
Present Value of Equity Returns

Net Cash Flows to Equity 49,623 (28,363) (21,521) (12,951) (3,886) 9,325 22,840 38,347 51,811 62,387
Dividends - - - - - - - - - 5,261
Salvage Value - - - - - - - - - (31,083)
Total Net Cash Flow to Equity 49,623 (28,363) (21,521) (12,951) (3,886) 9,325 22,840 38,347 51,811 36,565
Present Value of Net Cash Flows 56,942 - - - - - - - - -
Total Cash Flows to Equity 49,623 (28,363) (21,521) (12,951) (3,886) 9,325 22,840 38,347 51,811 36,565
Net Present Value of Equity Investment 26,942
Internal Rate of Return on Equity Investment 24%
External Rate of Return on Equity Investment
Equity Investment - - - - - - - - - -
Dividends - - - - - - - - - 5,261
Salvage Value - - - - - - - - - 136,529
Total to Equity Investor - - - - - - - - - 141,791
External Rate of Return on Equity Investment 17%

0
Statement of Working Capital
Current Assets 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Accounts Receivable 5,891 9,014 9,380 9,760 10,155 10,567 10,994 11,441 11,904 12,387
Raw Inventory 1,391 1,720 1,887 2,071 2,276 2,502 2,753 3,030 3,338 3,680
Inventory in progress 131 145 152 160 169 179 190 201 214 228
Finished Inventory 320 377 394 412 432 453 476 502 529 559
Accounts Payable 6,556 7,791 8,214 8,482 8,747 9,024 9,323 9,632 9,958 10,303
Total Working Capital 1,178 3,464 3,600 3,922 4,285 4,677 5,090 5,541 6,027 6,550

Financial of Bakery Shop

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Financial of Bakery Shop

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Capital Cost Allowance (CCA)

Class # Description CCA rate

Statement of Income and Retained Earnings

Statement of Cash Flow

Cash In-Flow From (Used-In) Financial Activities:

Owner Equity Balance Sheet 30,000 - - - - - - - - -

Cash In-Flow From (Used-In) Investment Activities:

Buildings, Machinery & Equipment Balance Sheet (102,588) - - - (1,300) - - - - -

Schedule 1: Economic Forecast

Schedule 3: Cost of Goods Produced

Direct Labour Costs

Wage Earning Employees

Benefits for Wage Earning Employees

Fixed Overhead Costs

Schedule 4: Cost of Goods Sold

Schedule 5: Administration and Marketing Expenses

Total Annual Salaries

Benefits for Wage-Earning Employees (Rates for 2005)

Benefits for Salary Employees (Rates for 2005)

Summary of Administration & Marketing Expenses

Schedule 6: Capital Budget

Statement of Working Capital

Average Days Inventory

Average Days Payables Input Number of days 21 21 21 21 21 21 21 21 21 21

Schedule 7: Financing Budget

Dividend Policy =A95-(A359*A376) - - - - - - - - - 5,261

Schedule 8: Long Term Debt

Schedule 9: Capital Cost Allowance

Class 08: Production Equipment See CCA Rates Worksheet 20%

Class 10: Production Machinery See CCA Rates Worksheet 30%

Class 12: Miscellaneous Equipment See CCA Rates Worksheet 100%

Schedule 10: Income Tax

Federal Tax @ 21% 21% - - - - - - - - 8,725 17,612

Schedule 11: Ratio Analysis

Activity and Operating Ratios

Required Return on Equity Input % Rate 12%

Present Value of Equity Investment

Present Value of Equity Returns

Present Value of Net Cash Flows Calculation 56,942

Net Present Value of Equity Investment 26,942

Internal Rate of Return on Equity Investment 23.8%

External Rate of Return on Equity Investment

Equity Investment (30,000)

External Rate of Return on Equity Investment 16.8%

Administration and Marketing Expenses

Cash In-Flow From (Used-In) Financial Activities:

Owner Equity 30,000 - - - - - - - - -

Cash In-Flow From (Used-In) Investment Activities:

Buildings, Machinery & Equipment (102,588) - - - (1,300) - - - - -

Net Present Value of Equity Investment $ 26,942

Internal Rate of Return on Equity Investment 24%

External Rate of Return on Equity Investment 17%

Direct Labour Costs

Variable Overhead Costs

Fixed Overhead Costs

Cost of Goods Produced

Total Equipment Costs 102,588 - - - 1,300 - - - - -

Total Land & Equipment 102,589 1 1 1 1,301 1 1 1 1 1

Schedule 8: Long Term Debt

Schedule 9: Capital Cost Allowance

Class 08: Production Equipment

Class 12: Miscellaneous Equipment

Federal Tax @ 21% - - - - - - - - 8,725 17,612