The Four Keys To Business Success

There is a lot to running a service construction business successfully. Thousands of books have been written on the subject and many more will be written. However, all of the successful service contracting companies (especially HVAC and plumbing) that I have either been associated with or studies have the following four attributes in common.

  1. Pricing For Profit (through accurate monthly financial statements).
  2. Effective Marketing & REAL Salesmanship (most of us are bidders).
  3. Recruiting & Coaching (have you become the “boss” you quit?).
  4. Organization & Strategic Planning (most make it up as they go along).


Technician’s Dictionary

Technician Dictionary




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Margin Versus Markup

Markup Versus Gross Profit Margin

We’re glad you took an interest in this topic on margin and markup. This topic explains the difference in gross profit margin (or profit margin) and price markup.

There is a big difference between markup and gross profit. In fact, this is one of the most common errors contractors make and it can cost you big.

Markup and margin, what’s the difference?

Short Answer

Markup is a percentage of the cost.
Margin is the same dollar amount expressed as a percentage of the selling price.

Item costs $1.00 Items sells for $1.50.
Markup is .50 or 50 percent of the cost.
Margin is .50 or 33 a percent of the selling price.

A More Detailed Explanation

Markup Defined

Markup is the difference between invoice cost and selling price. It may be expressed either as a percentage of the selling price or the cost price and is supposed to cover all the costs of doing business plus a profit. Whether markup is based on the selling price or the cost price, the base is always equal to 100 percent. Markup is the additional amount added to a sales proposal (bid) or price and which contain overhead, profit, excess costs, etc.

Margin Defined

The difference between net sales and the cost of goods sold. It is also referred to as gross profit. Gross Profit/Total Sales. The percentage of every dollar earned that can be used to pay general and administrative expenses.

Margin Versus Markup Formula

Applying a simple formula will determine how much the margin will be based on a percentage that the contractor expects to make. The contractor will set a margin that ensures that they will be competitive in the local market. It may or may not reflect the actual value of an item. In your example, we are looking to make an 60% margin assuming that our item costs $10. To figure out our sales price we use the following formula, expressing the margin as a decimal (i.e., 60% = .60):

Retail Price = (Cost of item)/(1, desired margin)

Markup Versus Margin Table

Markup % Gross Profit Margin % Multiplier %
20 16.67% 120
21 17.36% 121
22 18.03% 122
23 18.70% 123
24 19.35% 124
25 20.00% 125
26 20.63% 126
27 21.26% 127
28 21.88% 128
29 22.48% 129
30 23.08% 130
31 23.66% 131
32 24.24% 132
33 24.81% 133
34 25.37% 134
35 25.93% 135
36 26.47% 136
37 27.01% 137
38 27.54% 138
39 28.06% 139
40 28.57% 140
41 29.08% 141
42 29.58% 142
43 30.07% 143
44 30.56% 144
45 31.03% 145
46 31.51% 146
47 31.97% 147
48 32.43% 148
49 32.89% 149
50 33.33% 150
51 33.77% 151
52 34.21% 152
53 34.64% 153
54 35.06% 154
55 35.48% 155
56 35.90% 156
57 36.31% 157
58 36.71% 158
59 37.11% 159
60 37.50% 160
61 37.89% 161
62 38.27% 162
63 38.65% 163
64 39.02% 164
65 39.39% 165
66 39.76% 166
67 40.12% 167
68 40.48% 168
69 40.83% 169
70 41.18% 170
71 41.52% 171
72 41.86% 172
73 42.20% 173
74 42.53% 174
75 42.86% 175

So if you mark up a $100 part by 25%, you will be selling it for $125 with a gross profit margin of 20% and a gross profit of $25. This is where many contractors make their mistake. They are told their overhead is 25% so they mark up equipment and items by 25%. That results is a 20% gross profit margin and creates a net loss of 5%.

Please also see: How to Calculate Gross Profit Margin, How to Calculate the Selling Price of an Item, and HVAC Dictionary of Accounting Terms and Definitions


©2006-2012 LLC, All Rights Reserved. You may duplicate this document provided the copyright notice stays intact and the document is not redistributed or offered for sale.

The Basics of Leasing

Leasing equipment can be an attractive alternative to purchasing but you must do your homework.  Many small businesses now lease various kinds of equipment, such as cars, computers, office furniture, manufacturing machinery, heavy equipment and other items.  Leasing may provide the small business with lower initial and monthly costs, allowing the business to conserve its capital.  If the term of the lease matches the equipment’s useful life (which it ordinarily should), you need not be concerned about having to dispose of a no longer useful asset.  Lease payments, if ordinary, necessary and made in the course of your business, should be deductible for income tax purposes.

In discussing and negotiating leases, it is helpful to understand basic terminology often used.  The person or company that owns the equipment and leases it is usually called the “lessor”.  The company that leases the equipment and uses it in its business is usually called the “lessee”.  Following are some other commonly used terms and their definitions:

Financial Lease: This is the kind of lease most often used by a business to enable it to acquire equipment that would otherwise be purchased.  The typical financial lease calls for periodic payments, usually monthly.  The term of the lease approximates the useful or economic life of the equipment and the equipment is returned to the lessor at the end of the lease term.  The lease may not be cancelled by the lessee and the lessee usually must maintain the equipment and repair it throughout the term.  In short, the lessee enjoys most of the benefits of ownership and also most of the obligations, but does not really own the equipment.

Gross Lease: In this form of lease the lessor is responsible for all expenses associated with ownership of the equipment such as maintenance, taxes and insurance.

Net Lease: A net lease is the opposite of a gross lease.  Here, the lessee is responsible for expenses related to the operation of the equipment such as maintenance, taxes and insurance.

Leveraged Lease: In this kind of lease, the lessor puts up part of the purchase price of the equipment and borrows the rest from one or more banks or other lenders.  The fact that a lease is a leveraged lease should not affect the lessee.

Sale and Lease-back: The sale and lease-back arrangement is similar to a financial lease.  Here, the business that desires use of the equipment purchases it, sells the equipment to a leasing company and simultaneously leases it back from the leasing company for a specified term.  In this type of lease arrangement, the lessor often provides the lessee an option to purchase the equipment at the end of the term.

Closed-end Lease: This kind of lease is common with automobiles.  Here, the lessor and lessee forecast the fair market value of the leased equipment at the end of the term.  The periodic lease payments made by the lessee are based on the amount of the equipment value that the lessee will “consume” over the term, that is the original purchase price minus the forecasted fair market value at the end of the term.  If it turns out that the leased equipment is worth less at the end of the term than the parties predicted, the lessee must pay to the lessor the difference in value.

Open-end Lease: This lease is the opposite of a closed-end lease.  Here, the lessee has no obligation to the lessor if the fair market value of the equipment is less at the end of the term than predicted.

Residual Value: This is the value of the equipment at the end of the term.

Capital Lease: This is a lease of a piece of equipment or an item that, if purchased, would take a substantial capital investment.  According to accounting rules, capital leases must be recorded on the balance sheet of the business directly.  The economic value of the capital in the equipment is shown as an asset, and the obligations under the lease are reflected as a liability.

Option to Purchase: In some leases, the lessee is given the option to buy the equipment at the end of the lease term, either for “fair market value” or for a set price.  When negotiating a lease, inquire whether the lessor will grant you an option to purchase.  In some cases, a lessor may even grant an option to purchase at the end of the term for some nominal amount, such as $1.00.  While these provisions are enforceable between the lessor and lessee, they are usually dangerous for the lessor.  The risk arises if the lessee runs into problems and cannot make the lease payments and meet other obligations.  If another creditor attaches the leased equipment, the court may rule that the lease arrangement is really a disguised sales agreement.  In that case, the lessor’s interest in the equipment is recast as that of a seller who financed the sale of the equipment for the benefit of the lessee/buyer.  In that position, the lessor/seller would have only a security interest in the equipment and stands to lose it to other creditors.

HVAC Industry Snapshot

HVAC – The Undervalued Industry

  1. There are approximately 49,500 HVAC dealerships across America. Most have five employees or less.
  2. The average net profit of the heating and air conditioning contractor is just 2.5% – before taxes.
  3. The average owner’ salary is only $36,400.00 per year. Assuming a sixty-hour workweek; that’ just $11.67 per hour.
  4. With an annual business failure rate of 37%, it is among the highest of any industry group.
  5. Four out of every five owners do not have health insurance – for themselves or their families.

©2000-2011, All Rights Reserved. You may duplicate this document provided the copyright notice stays intact and the document is not redistributed or offered for sale.

Financial Ratios and KPIs Used by Mr. HVAC

Purpose of Financial Ratios and Key Performance Indicators (KPI)

The purpose of financial ratios and key performance indicators is to gauge the overall financial health of an service contracting organization and judge whether or not certain goals and objectives are being achieved.

They may provide warning signs of potential threats to a company’ solvency, gauge how efficiently an organization applies or utilizes assets, or even how well an organization collects their accounts receivable.


There are basically three types of financial ratios. They include solvency, profitability, and efficiency. Solvency ratios gauge how easily an organization can pay its bills. Profitability ratios judge how good a particular organization is at generating a profit. Efficiency ratios analyze such things as how well a company is able to utilize its working capital or other assets, as well as how quickly the company collects on their accounts receivable. Depending on your company’ own individual needs, you may also wish to develop certain other ratios that are not strictly financially related. These types of ratios may typically be classified as sales ratios, marketing ratios, and even investment ratios.

Financial managers should make a careful study of all financial reports, each and every month. These financial reports must include, in addition to an income statement and profit and loss statement, all relevant financial ratios to your particular industry, personal requirements, or your company’ unique needs.

We have briefly described each ratio below. We have attempted to cover its usage and meaning adequately. We have also attempted to give you an acceptable range to consider when evaluating or bench marking your own organization’ financial ratio data. These ranges should be considered only as rough guidelines for you to follow. Your company may have different needs than the industry as a whole.

Important Warnings

Financial ratios are only as accurate as your least accurate financial numbers. These ratios may mean nothing if your company does not practice good quality bookkeeping that is timely and substantially accurate.

You must practice accrual type accounting for these ratios to be meaningful. As part of accrual accounting, your company must enter bills and other liabilities as your company encounters them. You must enter (record) revenue as your company encounters it.

See your accountant if you have any concerns regarding accrual accounting or the validity of these ratios.

Accounting Software Makes it Easier

Some enterprise level accounting software programs such as Total Office Manager® from Aptora® and Dynamics from Microsoft calculate financial ratios automatically. Specialized contractor software will show you industry averages and offer industry specific recommendations.

Profitability Ratios

Return on Sales (AKA: Net Profit Margin) measures the before tax profits on the year’ sales. Our recommendation is 5% or greater.
(Net Profit Before Taxes / Net Sales) x 100

Return on Owner’ Equity (AKA: Return on Investment) measures the ability to realize an adequate return on the capital invested by the owners. Our recommendation is 25% or greater.
(Net Profit Before Taxes / Net Worth) x 100

Return on Assets matches net profits after taxes with the assets used to earn such profits. A high percentage rate can tell you the company is well managed and has a healthy return on assets. Our recommendation is 15% or greater.
(Net Profit After Taxes / Total Assets) x 100

Solvency Ratios

Acid Test (AKA: Quick or Liquid Ratio) measures the extent to which a business can cover its current liabilities with those current assets readily convertible to cash. Our recommendation is 1.35 or greater. (Cash + Accounts Receivable) / Current Liabilities

Cash to Current Liabilities measures the company’ ability to handle an absolute worst case scenario where liabilities must be satisfied immediately. We generally recommend a ratio of 1. In other words, you have $1.00 in cash to pay off $1.00 of liabilities.

Cash / Current Liabilities

Efficiency Ratios

Sales to Total Assets measures the percentage of investment in assets that is required to generate the current annual sales level. If the percentage is abnormally high, it indicates that a business is not being aggressive enough in its sales efforts, or that its assets are not being fully utilized. A low ratio may indicate a business is selling more than can be safely covered by its assets. Our recommendation is generally 5 to 7.
Net Sales / Total Assets

Sales to Inventory (AKA: Inventory Turnover) typically applies to companies that rely on inventory to help create sales. When this ratio is high, it may indicate a situation where sales are being lost because a company is under-stocked and/or customers are buying elsewhere. If the ratio is too low, this may show that there is not a lot of demand for what you have in stock. Our recommendation is generally 6 to 8.
Annual Net Sales / Inventory

Collection Period (AKA: Average Age of Accounts Receivable) is helpful in analyzing the “collectability” of accounts receivable, or how fast a business can increase its cash supply. While each industry has its own average collection period, more than 10 to 15 days over terms should be of concern. Our recommendation is 40 or less.
(Accounts Receivable / Sales) x Days in Period

Sales to Total Labor Expense indicates how much of your total sales revenue is consumed by all payroll and labor related expenses. The lower the number the better, because it suggests that you are efficiently using employees to create and manage sales. Our recommendation is .3 or less.
Payroll / Sales

Sales to Technician (Field) Labor indicates how much of your total sales revenue (income) is consumed by payroll and labor expenses related to the field (usually sales, technicians and installers). The lower the number the better, because it suggests that you are efficiently using your employees to create sales. Our recommendation is .2 or less.
Field Labor COGS / Sales

Key Performance Indicators

Un-billable Time

This is the amount of hours that were paid but not billed to a job. A service department should bill out at least 40% of its total labor hours while construction should be 90% higher.

Average Amount Per Invoice

Obviously your goal depends largely on the type of work you are doing and the industry you are in. Be sure to set standards for your service and installation department.

Conversion Rate to Repair

This KPI indicates how many service calls (trip charges) were made versus how many of those trips resulted in an actual billable repair.

Conversion Rate to Service Agreement

Indicates how many service calls were made versus how many of those resulted in the sale of a service agreement. If you’re in the service business, you should have approximately 300 SAs per billable employee.

Gross Profit

Net sales minus the cost of goods and services sold (direct expenses). Service work should yield a GP of 70% or higher while heavy construction can be 20%. One of your manager’ most important responsibilities is to protect profit margins on labor and materials.

Callback Percentage

A “callback” can be defined as return visit to correct an improper repair that cannot be billed. A good service department should have less than 2% of its service calls result in a callback.

©2000-2011 Mr. HVAC LLC, All Rights Reserved. You may duplicate this document provided the copyright notice stays intact and the document is not redistributed or offered for sale.

Breakeven Analysis

Contribution Margin Method

Note: I know this stuff is a little heavy but it is here by popular demand.

Revenues (R) = Qty (Q) x Price Per Unit (P)
Total Expenses = Total Variable Fixed Costs (F)
Total Variable Cost (TVC) = QXV Per Unit (V)
Profit = Revenues – Total Expenses
At breakeven, Profit = 0
0 = R – (TVC+F) or 0 = (QxP) – ((QxV) + F)
F=Q x (P-V)
Breakeven Quantity (BEQ) = F/(P – V)

To Convert Breakeven Sales Volume (revenue)
P x BEQ = P x (F/ (P – V))
BE Sales = F/ (P – V)/P*

*Contribution Margin Ratio


HVAC System Sales Price is $6000.00
Your Cost to Purchase (direct cost) is $2250.00
Variable Costs per unit (labor taxes, insurance, etc.) is $250.00
Fixed Costs (rent, communications, utilities, etc.) are 875,000

Contribution Margin = $3,500 ($6000.00 – $2250.00 – $250.00)
Contribution Margin % = 58.33% ($3,500/$6000.00)
Breakeven Qty. = 250 units sold ($875,000/$3,500.00)
Breakeven Sales Volume = $1,500,000.00 ($875,000/58.33 x 100)[1]



Service Rate = $60.00 per hour

Direct Wage = $15.00 per hour (amount you pay)

Payroll Taxes, Insurance, etc. = $10.00 per hour (variable expenses)

Fixed Costs = $87,000 (rent, etc.)

Contribution Margin = $35.00 per hour ($60.00 – $15.00 – $10.00)

Contribution Margin % = 58% ($35.00/$60.00)

Breakeven Hours = $87,500/$35.00 = 2500 hours

Breakeven ($) = $87,500/58% = $150,000


Prepared by James R. Leichter

[1] The actual calculation is slightly different due to rounding to two places to the right of the decimal point.

©2000-2011, All Rights Reserved. You may duplicate this document provided the copyright notice stays intact and the document is not redistributed or offered for sale.

Strategic Service Parts Markup System

Strategic Parts Multiplier System

The idea behind Strategic Parts Pricing is to assure that our company produces a reasonable gross profit on all parts and materials sold thru its service department. Due to the fact that our overhead is higher (as a percentage of sales price) for low cost parts, we must mark-up these parts higher to produce the same reasonable net profit. The rational for this is simple: Lower priced parts typically do not have a manufacturer’s warranty and if they did, the part is usually not returned for credit upon failure. Low priced items also have a tendency to disappear from inventory and are more likely not to get recorded or charged to customer invoices. This policy is for the service department only.

Please use the following table to find the proper retail sales price of all repair parts and materials. Simply take the wholesale cost of the item and multiply it by the following multiplier. Then round the result to the next highest dollar.

Example: You have a gas valve that cost you $26.00 at the local supplier. To find the proper retail-selling price: Multiply $26.00 by 3.375. The answer is $87.75. Round this number to the next dollar. Your price is $88.00.

Price Range Multiplier   Price Range  Multiplier
$0.00 $0.49 6 $80.00 $89.99 2.5
$0.50 $0.99 5.75 $90.00 $99.99 2.3332
$1.00 $1.49 5.5 $100.00 $139.99 2.2499
$1.50 $1.99 5.25 $140.00 $169.99 2.1666
$2.00 $2.49 5 $170.00 $199.99 2
$2.50 $2.99 4.75 $200.00 $239.99 1.855
$3.00 $3.99 4.5 $240.00 $269.99 1.8225
$4.00 $4.99 4.375 $270.00 $299.99 1.7862
$5.00 $5.99 4.25 $300.00 $349.99 1.75
$6.00 $6.99 4.125 $350.00 $399.99 1.725
$7.00 $7.99 4 $400.00 $499.99 1.6875
$8.00 $8.99 3.75 $500.00 $749.99 1.6
$9.00 $9.99 3.625 $750.00 $999.99 1.55
$10.00 $19.99 3.5 $1,000.00 $1,499.99 1.5
$20.00 $29.99 3.375 $1,500.00 $1,999.99 1.45
$30.00 $39.99 3.25 $2,000.00 $2,999.99 1.4
$40.00 $49.99 3.125 $3,000.00 $4,999.99 1.35
$50.00 $59.99 3 $5,000.00 $9,999.99 1.3375
$60.00 $69.99 2.75 $10,000.00 $24,999.99 1.3333
$70.00 $79.99 2.625 $25,000.00 $49,999.00 1.33

Strategic Pricing Exceptions

In order to ease customer concerns with regard to the pricing of common and easily accessible parts, we will use the following reduced multipliers for the parts stated. Generally speaking: The more sophisticated the part, the higher the gross profit margin. The least sophisticated and most commonly available components generally warrant a lower gross profit margin.

Description of Component Alternative Retail Price
Pilot Safety Switch (old name: Thermocouple) $ 19.95
Hot Surface Igniter $ 39.95
Refrigerant $ ?.??
Disposable Air-Filters x 2.00
Electronic (set-back) Thermostats x 2.00
Standard Thermostats x 2.00
Oil nozzles (oil furnaces) x 2.50

© 1996-2013 by Mr. HVAC LLC and James R. Leichter


Example Balance Sheet


Balance Sheet

December 31, XXXX

3 Cash $  30,300
4 Accounts Receivable 109,700
5 Employee Receivables 2,400
6 Notes Receivables 4,600
7 Prepaid Expenses 6,800
8 Costs & Estimated Earnings in Excess of Billings 36,200
9 Inventory 83,000
10 Total Current Assets $273,000  


12 Building $  82,000
13 Office Furniture & Equipment 9,800
14 Machinery & Equipment 16,200
15 Autos & Trucks 73,600
16 Leasehold Improvements 12,400
17 Total Depreciable Assets $194,000
18 Less:  Accumulated Depreciation $  87,000
19 Net Book Value $107,000
20 Plus:  Land $  43,000
21 Total Fixed Assets $150,000
23 Cash Surrender Value, Officer’ Life Insurance $    4,600
24 Deposits 5,400
25 Total Other Assets $ 10,000
26 TOTAL ASSETS $433,000 




29 Accounts Payable $ 80,100
30 Notes Payable, Current Portion 17,000
31 Taxes Payable 1,200
32 Accrued Salaries & Wages 850
33 Billings on Incomplete Contracts in Excess of Costs 43,000
34 Reserve for Start-Up & Warranty Service 12,500
35 Reserve for Service Contracts 16,200
36 Total Current Liabilities $160,850  


38 Notes Payable $  54,000
39 Less:  Current Portion (17,000)
40 Total Long-Term Liabilities $  37,000
41 Total Liabilities $197,850  


43 Capital Stock $  10,000
44 Paid in Capital 35,700
45 Retained Earnings 189,450
46 Total Net Worth $ 235,150

Ó2000, All Rights Reserved. You may duplicate this document provided the copyright notice stays intact and the document is not redistributed or offered for sale.

Example Income Statement

Profit Statement

Prepared By: James R. Leichter

Installation MESO 454,345.75 49
Installation Labor 101,995.99 11
Service MESO 194,719.61 21
Service Labor 129,813.07 14
Agreement MESO 27,817.09 3
Agreement Labor 18,544.71 2
TOTAL SALES 927,236.22 100%
Installation MESO 277,150.90 29
Installation Labor 49,978.23 4.9
Service MESO 81,782.23 8.8
Service Labor 49,328.96 4.9
Agreement MESO 14,743.05 1.5
Agreement Labor 9,086.90 .9
TOTAL DIRECT COSTS 482,070.07 51
GROSS PROFIT 445,166.15 49
Advertising & Marketing 19,471.96 2.10
Auto & Truck Gas/Oil 12,054.07 1.30
Auto & Truck Repairs 7,510.61 .81
Bad Debt 8,716.02 .94
Bank Charges & Credit Card Fees 1,947.20 .21
Communications 13,908.55 1.5
Customer Relations 8,345.12 .90
Data Processing 8,437.85 .91
Dues, Subscriptions, License Fees 1,947.20 .21
Freight & Postage 2,967.16 .32
Insurance, Auto & Truck 8,530.58 .92
Insurance, Building & Equipment 3,059.88 .33
Insurance, General Liability 5,656.14 .61
Insurance – Health 4,636.19 .50 Includes firms with zero $
Insurance, Workman’ Comp. 7,881.51 .85
Legal & Professional 7,603.34 .82
Interest Expenses 9,272.37 1.00
Miscellaneous 15,908.13 1.71
Office Supplies 4,728.91 .51
Profit Sharing Plan 18,637.44 2.01
Rent & Garbage 5,377.97 .58
Repair & Maintenance 1,019.96 .11
Salaries – Management 37,089.45 4.00
Salaries – Office 27,817.09 3.00
Salaries, Officer 64,906.54 7.00
Taxes, Payroll 12,465.31 1.15
Tools, Hand 5,563.41 .60
Training & Education 11,961.34 1.29
Travel & Entertainment 1,761.74 .19
Unapplied Labor 10,199.59 1.10
Uniforms 1,390.85 .15
Utilities 1,112.98 .12
Vacation/Holiday/Sick 463.61 .05
TOTAL G&A EXPENSES 352,350.07 38*
Gain On Sale Of Truck 500.00 .5
Miscellaneous Income <loss> 843.25 .9
Discounts Earned 587.91 .5
NET PROFIT BEFORE TAXES 94,747.24 10.21*
  • Labor Overhead burden: $1.77 (break-even multiplier = 2.77)
  • MESO Overhead Burden: $0.43 (break-even multiplier = 1.43)
  • Average number of employees (not including owner (s)): 9
  • Average number of office personnel (not including owner (s)): 2
  • Average number of fulltime management and/or sales: 1.2
  • Average number of service trucks: 2.58
  • Average number of installation trucks: 2.4

IMPORTANT NOTES:This Profit Statement is a compilation (average) of approximately twenty HVAC dealerships, and other sources, with sales ranging from $700,000.00 to 1,400,000.00 in sales. Only the top 20% net profit earners were used to create this work. Note: The national net profit average is a paltry 2.6%.

Profit and Loss Statements were collected from 1995 through 1998 and only accepted from known sources. Profit and Loss Statements with questionable accuracy and completeness were not used. All Profit Statements are not structured the same (where income and expenses are placed in a chart of accounts) and few companies utilize the same chart of accounts. All of the companies represented were on an Accrual Basis of accounting but the degree of compliance with Generally Accepted Accounting Principals (known as GAAP) cannot be guaranteed or measured. For this reason, certain extrapolations were made with regard to what account to place certain entries in, among other things. However, these “educated guesses” should not have a material effect on the suitability of this report.

*Before Taxes & Depreciation. Due to wide variances in how depreciation is handled, this account was not included.

We Make Absolutely No Guarantees or Warranties, Of Any Kind, (Expressed or Implied), As To The Suitability or Accuracy of This Document

©2000-2011, All Rights Reserved. You may duplicate this document provided the copyright notice stays intact and the document is not redistributed or offered for sale.