The independent pharmacy owner of today must possess significant management
and business skills in order to effectively compete with the business specialists
in chain pharmacy operations and overcome other competitive pressures brought
about by third party program growth, changes in health care delivery and competition
from mail order and non-drug outlets. One effective way to increase the competitive
edge is to make maximum use of the data supplied to the pharmacy owner each
month by his accountant in financial statement such as the income statement
and the balance sheet. There is much information that may be derived from these
documents that will enable the pharmacy owner or manager to make better decisions
affecting his business.
One of the more important reasons to periodically analyze the financial statements is to identify problem areas for control purposes. In many situations, financial statement analysis identifies problem areas before they become serious and are, therefore, easier to control. In many ways financial statement analysis is not unlike a physician's physical examination. Our physician performs tests on our urine and blood as part of our physical examination to identify problems that may not otherwise be evident or detectable. In performing these tests, the physician compares out laboratory values with national morns and/or acceptable values. Those that are out of line are examined closely and may be indictable of a problem that, detected in the early stages is curable.
The analysis of the income statement and balance is similar to these procedures associated with the physical examination. In financial analysis, we will be examining the financial statements, comparing certain values with national norms and/or potential problem areas. Like the physician and the laboratory tests performed with a physical examination, this "fiscal examination" of the financial statements enables the pharmacy manager to identify problems that may not have otherwise been evident or detectable.
Like the physical examination, it is recommended that a "fiscal"
examination be performed at least once a year. Like the physical examination,
care should be taken not to reach definitive conclusions based on only one of
the statics produced in the financial analysis. A complete financial analysis
will yield many statics and all should be examined in relationship to each other
in order to make a more valid and meaningful determination of the financial
condition of the business.
In addition to providing the manager with meaning role information regarding
the operation of the pharmacy, financial analysis is essential in determine
the value of a pharmacy for sale or purchase. Obviously, the financial condition
of a business is an important factor in its valuation and may mean the difference
of many thousands of dollars in the purchase or selling price.
There are two basic procedures that may be used to analyze the financial statement
provided to you by your accountant. One is a comparative analysis of the income
statement and balance sheet data comparative analysis of the income statement
and balance sheet data comparing your pharmacy's information to national averages.
The other procedure is a ration analysis wherein various components of the income
statement and balance sheet are related to each other and the resulting rations
and percentages are then compared to national averages and/or acceptable values.
Each of these procedures are described in detail using income statement and balance sheet data from an example pharmacy as and illustration and case study. Following the discussion of procedures, a worksheet is provide to allow you to use financial data from your income statement and balance sheet and conduct you won financial analysis, identify problem areas (if any) and determine corrective actions to ameliorate those problems. After analyzing and interpreting the financial statements, it will then be possible to project a pro from a income statement and balance sheet for the next year of operation reflecting the financial goals you may wish to achieve as a result of identifying problem areas and implementing solutions.
Figure 1 and 2 provide the income statement and balance sheet data for the
last three years of operation for a pharmacy (the Prescription Center) that
will be used to illustrate the finical analysis procedure. In addition to comparing
our financial data to national averages, it is important to examine the trends
that may be occurring over the years to get a more meaningful assessment of
the financial condition of the business. For example, someone with a blood cholesterol
level of 195 mg% may be considered to be in good condition with regard to cholesterol.
However, if it were known that two years ago the level was 165 mg% and last
year it was 175 mg%, then appraisal of the individual's health would drastically
change.
The first step in conducting a comparative analysis is to express each component
of the income statement and balance sheet as a percentage of sales. This is
done so that the individual components may be compared to national averages.
Percentages rather than dollars make the comparisons more meaningful. These
data are usually provided by accountants and financial statements each month.
Appropriate percentages are illustrated in Figures 1 and 2.
The second step is to obtain the national averages for comparative pharmacy.
These data are provided in the Lilly Digests.
Income statement data vary according to the sales volume and prescription volume
of a pharmacy and balance sheet data vary according to the sales volume and
age of the pharmacy. Therefore, many different financial statements are provided
in the Lilly Digest. It is necessary that the income statement and balance sheet
data for comparative purposes be chosen from those that reflect most closely
the age, sales and prescription volume of the pharmacy to be analyzed.
In making the comparisons to national averages it is important to point that
seemingly small percentage differences (e.g., 1 percent) are important. One
percent of sales in our example pharmacy in the most recent year is almost $9,000.
This is significant when compared to the net profit for the year of $16,000.
Figure 1 provides the income statement data for the past three years for the Prescription Center and national averages for each component for each component of the income statement. The first section to examine is the mix of prescription sales and "out front" sales. Prescription sales as a percentage of total sales in independent pharmacies has been increasing in recent years. Our example pharmacy reveals a similar trend. If the prescription sales percentage was decreasing, it may indicate a potential problem with the prescription department such as non-competitive pricing, inadequate promotion or personnel problems.
The cost of goods sold percentage is above the national average resulting in a gross margin below the national average. Further the increasing negative trend indicates several problems:
1. Inadequate pricing: Pricing policies may need to be examined and revised upward. It may be, however, that competitive pressures will not allow for increased prices.
2. Shoplifting and/or pilferage: Items that are stolen show up on the income statement in the cost of goods sold section. Since these items never pass through the cash registers, they do not appear as part of total sales. The result is a high cost of goods sold percentage. This pharmacy owner should suspect a potential problem in this regard, rethink his security precautions and increase surveillance of customers and employees.
3. Cash discounts: Not taking advantage of cash discounts will result in an increased cost of goods sold percentage. In pharmacies experiencing this problem, examination of the cash and accounts payable components of the balance sheets often will reveal low cash and high accounts payable. Such is the case with the Prescription Center. Efforts should be made to increase cash (through procedures described later), take advantage of cash discounts and favorably affect the cost of goods sold percentage.
Each of the expense components should be examined in terms of the three-year trends and comparisons to the national average. In the Prescription Center the owner's salary is below the national average and has remained constant over the last three years. Even though the owner may wish to increase his salary, it may not be possible if cash flow is a problem. As stated previously, balance sheet analysis reveals cash is low and accounts receivable is high, therefore, making it difficult to increase one's salary. This would also have a negative impact on net profit which we see from Figure 1 is below the national average already.
Examination of the employee wages reveals a significant problem. The percentage has been increasing in recent years and is not 2.5% (over $22,000) above the national average. Obviously, decreasing the payroll can have a tremendous positive effect on a below average net profit.
Decreasing payroll may be accomplished in several ways. Among them are decreasing the number of employees and/or the number of hours worked by employees. Another effective way to decrease employee wages is to decrease to the number of hours the pharmacy is open. The decision to decrease the number of hours may be more accurately made by keeping a record of the sales volume obtained on an hourly basis. If the sales volume is low in the initial or final hours of operation, opening later or closing earlier may have a significant, positive impact on employee wages as a percentage of sales.
A reasonable recommendation of the Prescription Center would be to decrease employee wages to 8 percent in the next year using one or a combination of the procedures described above. This could increase the net profit in the pharmacy over $20,000.
Other expenses in our example pharmacy seem to be in line with the national average and none of them shows a negative trend. If, for example, interest expense was out of line or showed negative trends, it may indicate more than average barrowing, which may have, been brought about by increased purchase of assets or funds borrowed to cover accounts payable in order to take advantage of cash discounts.
Figure 2 reveals the balance sheet data for the past three years of operation
for the Prescription Center. Like the income statement, each component has been
expressed as a percentage of sales. The last column of data provides the Lilly
Digest averages for pharmacies of approximately the same sales volume and age.
Examination of the current assets section reveals a significant problem with
cash having decreased to 1.1% of sales over the past three year. In addition
to difficulty in meeting expenses and taking advantage of cash discounts which,
as stated earlier, may be responsible for the cost of goods sold percentage
being too high.
Examination of the other current assets provides a possible explanation to
the low cash dilemma. The inventory and accounts receivable are above the national
average. Significant cash has been tied up in these two assts and are unavailable
for expenses, accounts payable, and taking advantage of cash discounts, quantity
discounts or other buying opportunities.
The high accounts receivable percentage (6.2% versus 4.8% average may be indicative
of poor account receivable management or third party programs that are not paying
within a reasonable time. With regard to the former, the owner needs to be more
aggressive in collecting account and more selective in granting credit privileges.
Examination of the aged accounts receivable may reveal that some of the accounts
receivable need to be written off as bad debt expense.
In the accounts receivable is due to third party funds that have not been paid,
the pharmacy owner may wish to re-evaluate his decision to participate in certain
third party programs inasmuch as in addition to having these funds tied up and
unavailable for alternative use, the opportunity cost of these funds contributes
to the already increased cost of dispensing their party prescriptions compared
to private pay.
Examination of the inventory level reveals that it is approximately 2.3% (20,355) above the national average. Reducing the inventory could provide additional cash and ameliorate several of the problems cited above. The implication of effective inventory reduction and control mechanisms such as the open-to-buy-budget would enable the pharmacy owner to reduce the inventory level to $126,000 over the next year. Coupled with a reduction of $7,000 in accounts receivable, this could increase cash $19,000 and bring it more in line with the national average of 3.7% of sales.
As expected, due to the decreased cash produced by a high cost of goods sold percentage, decreased gross profit and excessive accounts receivable and inventory, accounts payable is far above the national average. As stated earlier, this may result in a loss of cash discounts. Making the changes described above should provide enough cash to reduce accounts payable to a level favorably comparable to the national average next year.
The remainders of the items on the balance sheet are within reasonable limits
with the exception of the net worth. A net profit below the national may gave
been a contributing factor her as well as the high accounts payable and low
cash. Increasing cash and decreasing accounts payable and low cash. Increasing
cash and decreasing accounts payable will have a position affect on net worth.
A reduction in cost of goods sold (or increased gross profit) produced by attention
to a potential problem with shoplifting and/or pilferage, taking cash discounts
and modifying the pricing system should increase the net profit for next year
thereby increasing the net worth to a figure more in lime with the national
average.
Additional insight may be gained through ratio analysis wherein components of the financial statement are related one to another and compared to national averages and acceptable values. In the present example, some 18 ratios will be calculated which will provide an indication of the financial conditions of the pharmacy in five areas:
1. Liquidity
2. Solvency
3. Financial Position
4. Profitability
5. Efficiency
Like the comparative analysis, ratio analysis should not only include a comparison
of values to nation norms and acceptable values, but should include a trend
analysis as well. Certain values may be within acceptable limits, but the identification
of negative trends may allow the manager to take appropriate action before a
problem occurs or become serious. As may be determined from the comparative
analysis, if action had been taken in certain areas identified by negative trends,
then some of the problems encountered in the more recent year may never have
occurred or would have been less severe.
All ratios described below are provided in Figure 3 for the past three years
of operation of the Prescription Center. In addition, the national averages
as well as acceptable ranges are listed. Although some are provided in the Lilly
Digest, most national averages must be computed from Lilly Digest income statement
and balance sheet data used in the comparative analysis reflecting pharmacies
of comparable sales volume, prescription volume and age.
1. Acid Test Ratio: The formula for the acid test ratio is quick assets divided by current liabilities. Quick assets are calculated by subtracting inventory from current assets.
Current Assets - Inventory/Current Liabilities
$203,000 - $138,000/$75,000 = 0.87:1
The minimum value for this ratio is 1:1. Our example pharmacy has a ratio of
0.87:1, which is below the acceptable value and worthy of attention. It indicates
a potential problem in meeting obligations such as accounts payable. It may
be recalled that this was identified as a problem in the comparative analysis.
2. Inventory / Net Working Capital: Net working capital is defined as current assets minus current liabilities. All of these figures are obtained from the balance sheet. The ratio for the Prescription Center:
Inventory/Current Liabilities-Current Liabilities
$138,000/$203,000-$75,000 =108%The maximum value for this ratio is 100%. Like the acid test ratio, this is unacceptable.
Both of these ratios indicate a potential problem with meeting current obligations with quick assets. This problem may be ameliorated by, obviously, increasing cash, decreasing inventory and decreasing accounts payable through procedures discussed above in the comparative analysis.
Solvency Ratios1. Current Ratio: One of the most often used financial ratios is the current ratio, which is the ratio of current assets to current liabilities. This indication of a solvency for the Prescription Center is:
Current Assets / Current Liabilities
$203,000/$75,000 = 2.71:1This is within the acceptable range of >2:1 indicating that the business is solvent. Please note, however, that the excessive inventory in this pharmacy inventory in this pharmacy has adversely affected the liquidity of the business as reflected in the minimal acid test ratio, but has a favorable impact on the current ratio. Whenever the current ratio is acceptable and the acid ratio is unacceptable or marginal, it indicates a potential problem with inventory. Further, a current that is excessively high may indicate that capital may be tied up in current assets may not be invested in the most profitable way. This may be confirmed through the examination of efficiency ratios described later.
2. Current Liabilities / Net Working Capital: This ratio should be less than 50 percent. The Prescription Center has a ratio of 58.6%, an acceptable value, but down from 62.9% in the previous year.
Currently Liabilities/Net Working Capital
Current Liabilities/Current Assets - Current Liabilities
$75,000/$203,000-$75,000 = 58.6%
3. Average Accounts Payable Remittance Time (A.A.P.R.T.): This ratio provides an indication of the ability of the pharmacy to pay accounts payable. It reflects how long (in days) it takes for the pharmacy to pay an invoice for merchandise purchased. It is calculated by dividing the accounts payable turnover rate (annual purchases/accounts payable) into the number of days in the year (365). Purchases are listed at the bottom of Figure 1. The AAPRT for The Prescription Center is calculated as follows:Purchases/Accounts Payable = Accounts Payable Turnover
$660,000/$60,000 = 11.0
365/Accounts Payable Turnover = AAPRT
365/11.0 = 33.2 daysThis value exceeds the maximum value of 30days and indicates a problem with solvency caused by excessive accounts payable. The negative trend in this ratio should have alerted the manager to the problem earlier.
These ratios indicate a favorable solvency picture with the exception of the average accounts payable remittance time. This ratio may be brought into a more favorable range through the reduction of accounts payable, which, as indicated above, may be accomplished through a reduced inventory and accounts receivable and the resultant increase in cash.
1. Total Liabilities/Net Worth: This is the most direct measure of financial position. This is dependent on the age of the pharmacy since net worth tends to increase and total liabilities decrease with the age of the pharmacy. For a pharmacy less than five years old, the ratio should be no higher than 100 percent and for a pharmacy over five years old the ratio should not be over 50 percent. The Prescription Center, which has completed its tenth year of operation, has a ratio of:
Total Liabilities/Net Worth
$97,000/$132,000 = 73.5%While this figure may be acceptable for a young pharmacy, it reflects an unfavorable ratio for The Prescription Center which is 10 years old.
2. Current Liabilities/ Net Worth: When this ratio is compared with the one above, it may provide an indication as to whether any financial position problems are due to current or long term liabilities. In an older pharmacy, this ratio should be less than 50%. In The Prescription Center the ratio is:Current Liabilities/Net Worth
$75,000/$132,000 = 56.8%Like the first ratio, this does not indicate a favorable financial position
3. Funded Debt / Net Working Capital: Funded debt is synonymous with long-term liabilities. This ratio provides a very good indication of the ability of the business to borrow money with a desirable ratio being less than 50%. The ratio for the Prescription Center is:Funded Debt/Net Working Capital or Long Term Liabilities/Current Assets - Current Liabilities
$22,000/$203,000-$75,000=17.2%This ratio indicates the unfavorable financial position is not due to long-term liabilities.
4. Fixed Assets/ Net Worth: In addition to providing an indication of financial position, this ratio may suggest whether or not fixed assets need to be replaced. Someone purchasing a pharmacy may, therefore be interested in this ratio. A favorable range is 15-20%. The Prescription Center has a ration of:Fixed Assets/ Net Worth
$18,000/$132,000 = 13.6%The conclusion with regard to financial position is that the pharmacy may not be in a good position to borrow funds due to excess current liabilities. This problem may be ameliorated as current liabilities in the form of accounts payable are reduced. Reducing the investment in inventory and accounts may produce the cash to reduce accounts payable and thereby improve these ratios of financial position.
Profitability Ratios
As these many ratios indicate, net profit is not the only indicator of the success of a manager, however, it is indeed an important one. The proverbial "bottom line" is used in the calculation of five ratios, which provide a clear indication of success with regard to profitability.
Net Profit/ Net Sales
$18,000/$885,000= 2.0%
This percentage has decreased drastically since two years earlier and is possibly a function of several factors. As in our discussion of a low gross margin and high cost of goods sold figures, re-evaluating pricing procedures, taking cash discounts, and investigating shoplifting/pilferage should be considered. Lowering the excessively high employee wages would also improve this ratio.
2. Net Profit /Net Worth: This ratio is also known as return on
investment. It is the best single indicator of the manager's effectiveness
in generating a return on the funds invested in the business. Ideally
this percentage should be greater than 20%. Many investments without the
risks associated with a business can provide good returns. A pharmacy
owner with an exceptionally low return on investments without the risks
associated with a business can provide good returns. A pharmacy owner
with an exceptionally low return on investment should take this into consideration.
The ratio does tend to decrease with the age of the pharmacy because the
denominator, net worth, tends to increase. The return on investment for
The Prescription Center is:
Net Profit/Net Worth
$18,000/$132,000 = 13.6%
This ratio is considerably below the national average and our acceptable
figure. Addressing the problems described above will increase profit and
have a significant positive impact on this ration.
3. Net Profit/ Total Assets: This ratio provides an indication
of the return this generated for the investment in all assets. Unlike
the ratio above, it is less influenced by the age of the pharmacy. A figure
of 10-15% is considered acceptable. The Prescription Center has a ratio
of:
Net Profit / Total Assets
$18,000/$229,000 = 7.9%
This prescription has shown marked decrease in the past three years as a result not only of decreased profits, but the marked increase in inventory and accounts receivable. Addressing profits as described above and decreasing inventory and accounts receivable should improve this ratio.
4. Net Profit / Total Investment: Total investment in a business is the sum of the net worth and long term liabilities since the latter is part of the owner's real investment as well. A ratio of 15-20% is desirable and, as expected, The Prescription Center's ratio is below this acceptable level:
Net Profit / Total Investment or Net Profit/ Net Worth
+ Long Term Liabilities
$18,000/$132,000+$22,000= 11.7%
5. Net Profit / Net Working Capital: This ratio tends to decrease with the age of the pharmacy as assets tend to decrease with the age of the pharmacy as assets tend to increase and liabilities decrease. The minimum goal for a community pharmacy is 20%. The Prescription Center has an undesirable ratio of:
Net Profit/Net Working Capital or Net Profit/Current
Assets - Current Liabilities
$18,000/$203,000 - $75,000 = 14.1%
All of these profitability ratios indicate a negative trend and an unacceptable
level of profitability. Addressing such vital areas as revising pricing
policies, taking cash discounts, investigating shoplifting/pilferage,
reducing inventory and accounts receivable and employee wages can have
a positive impact on many of these ratios.
1. Inventory Turnover: The inventory turnover rate is the most widely used indicator of inventory management efficiency. Its calculation involves dividing the cost of goods sold by the average inventory (Beginning Inventory + Ending Inventory/2). The inventory turnover rate represents, conceptually, how many times during the year the average inventory is bought and sold. A turnover rate of at least 4 is desirable. In general, the higher the turnover the better, however, a pharmacy that is understocked may have a high inventory turnover, the experience problems from stock outages. The inventory for The Prescription Center is:
Cost of Goods Sold/Average Inventory or Cost of
Goods Sold/(BI + EI)/I or $645,000/($123,000 + $138)/2 = 4.94Although this ratio is within the acceptable range, it is down significantly from last year. Further, it should be noted that although the inventory has increased tremendously since last year, the turnover rate uses the average inventory in its calculation thereby resulting in a figure that may be deflated.
Another caveat associated with interpretation of the turnover rate concerns the fact that many pharmacies decrease their inventories at the end of the year for tax purposes. This will also serve to inflate the value of the turnover inasmuch as the calculated average inventory will not be truly representative of the inventory during the year.
2. Net Sales / Net Working Capital: This ratio provides an indication of the efficient use of current assets. It is also known as the net working capital turnover. The optimum value is a 6-7. A value of 5 or less indicates the pharmacy is "under trading" or that the current assets are not being used efficiently. A value of 8 or higher is indicative of a pharmacy that is 'overtrading' and has a low net working capital relative to sales. A pharmacy that is overtrading may experience problems with cash flow due to low net working capital relative to sales. The net working capital turnover rate for The Prescription Center is within the acceptable range:
Net Sales/ Net Working Capital or Net Sales / Current Assets - Current Liabilities
$885,000/$203,000-$75,000=6.91Figure 4
3. Net Sales/ Net Worth: This ratio provides an indication of the efficiency of the manager in utilizing the capital investment in the pharmacy. It is also known as the capital turnover rate. A desirable value is indicative of overtrading, and one that is too low indicates undertrading. A pharmacy that is significantly undertrading would have high net worth and net working capital relative to sales. This obviously indicates a need to increase sales, but also may indicate the need to consider alternative investment of the capital invested in the pharmacy it an increase in sales is not possible.
The capital turnover for our example pharmacy is also within the acceptable range:
Net Sales/Net Worth
$885,000/$132,000 = 6.70
4. Net Profit/ Inventory: This ratio provides an indication of the return on investment in inventory. It is common to refer to this value in dollars and cents. Twenty-five cents return on the dollar is a reasonable return in prescription oriented pharmacies. As expected die to our example pharmacy's low profit and high inventory, this ratio has dropped form 48 cents three years ago to 13 cents this past year.
Net Profit/Inventory
$18,000/$138,000 = 13 centsIncreasing the net profit through procedures previously discussed couple with a decrease in inventory will improve this ratio.
5. Average Accounts Receivable Collection Period: This statistic indicates the number of days that are required to collect an average account and reflects the efficiency of the manager in controlling accounts receivable. An acceptable value is less than 30 days. It is calculated by dividing the accounts receivable turnover rate into 365. The accounts receivable turnover is calculated by dividing credit sales (see note at bottom of Figure 1) by accounts receivable. The A.A.R.C.P. for the Prescription Center:
Credit Sales/Accounts Receivable = A/R Turnover
$442,500/$55,000 = 8.1
365/8.1 = 45.1This is unacceptable values and further indicates possible problems with this pharmacy's management of accounts receivable. The problem may also arise from tardiness in payment from third party programs. Careful consideration of to whom to extend credit, more aggressive collection of accounts and re-evaluating third party contracts may assist in correcting this problem which has resulted in a decrease in the availability of cash.
Comparative and ration analysis of the financial statements have reveals the following problems:
1. High cost of goods sold percentage with resultant low gross and net profit percentages
2. High employee wages
3. Low cash
4. Excessive inventory
5. Excessive accounts receivable
6. Excessive accounts payable
Based on the results of our financial analysis, the following recommendations are made for the next year of operations:
1. Decrease the cost of goods sold percentage to 71% of sales by revising the pharmacy's pricing upward, taking advantage of cash discounts and increasing surveillance of possible shoplifting and /or pilferage.
2. Decrease employee wages to 8% of sales by decreasing the number of employees, decreasing their hours and possibly decreasing the number of hours the pharmacy is open.
3. Decrease the accounts receivable to 5% of sales by being more selective in the extension of credit, collecting accounts more aggressively and re-evaluation third party contracts with an eye towards canceling those with slow payments.
4. Using an open-to-buy budget and other inventory control mechanisms, decrease the inventory to 13% of sales or approximately a $12,000 reduction.
5. By accomplishing the above procedures (increased mark-up, decreased expenses, decreased inventory and accounts receivable) increase the cash to 3% of sales.
6. Decrease accounts receivable to 4% of sales making use of increased cash.
To get an idea of how these changes would affect the financial statement for
next year, a pro forma income statement and balance sheet for the eleventh year
of operation have been developed. The pro formas represent a projection of financial
statements for the future. They provide an indication of the impact to a proposed
change on the business and, more importantly, provide the manager with goals
and objectives to strive for in the next accounting period. Figures 4 and 5
provide what should be the result of changes suggested by the pharmacy owner's
financial analysis. The data are based on a projected increase in sales of 10%.
A may be noted with the proposed changes, the profit has increased significantly.
The identification of problems is a necessary prerequisite to their solution.
Understanding and analyzing the pharmacy's financial statements is an effective
way for the pharmacy owner or manager to identify and solve problems before
they become more serious. The entire procedure takes relatively little time,
but can yield much valuable information critical to the continued viability
of the business. In addition, working with information in the financial statements
makes the pharmacy manager more sensitive to their interrelationships and, ultimately,
a better manager.
You are encouraged to effectively evaluate your financial statements as lease
on an annual basis. To assist you in performing your own comparative financial
analysis, worksheets for your income statement and balance sheet data are provided
in Figures 6 and 7. Simply fill in your own data and the Lilly Digest data for
your comparison analysis. Figure 8 lists the ratios and then output values.
Space is provided for you to for your own ratios and Lilly Digest average for
comparative purposes.
Photocopies may be made of these blank pages to provide you with worksheet
for further accounting periods.
