1

ASSETS

2

CURRENT ASSETS:

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

11

FIXED ASSETS

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

22

OTHER ASSETS

23

Cash Surrender Value – Officer’s Life Insurance

$    4,600

24

Deposits

5,400

25

Total Other Assets

 $ 10,000

26

TOTAL ASSETS

$433,000

27

LIABILITIES & NET WORTH

28

CURRENT LIABILITIES

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

37

LONG TERM LIABILITIES

38

Notes Payable

$  54,000

39

Less:  Current Portion

(17,000)

40

Total Long-Term Liabilities

$  37,000

41

Total Liabilities

$197,850

42

NET WORTH

43

Capital Stock

$  10,000

44

Paid in Capital

35,700

45

Retained Earnings

189,450

46

Total Net Worth

$ 235,150

47

TOTAL LIABILITIES & NET WORTH

$433,000