MARKRICH SPORTSWORLD, INC

TRIAL BALANCE 1 - BALANCE SHEET

DECEMBER 31, 19X2

FINAL PER BOOKS ADJUSTMENT RECLASIFICATION FINAL INCREASE PERCENT

NO KETERANGAN Ref.
31-12-19X1 31-12-19X2 Debit Kredit Debit Kredit 31-12-19X2 (DECREASE)
Current Assets :
101 Cash - Sun United Bank A, A-5 $ 20,540 $ 31,900 $ 31,900 11,360 55%
102 Cash - Super Bank A, A-7 $ - $ - $ - 0 0%
103 Petty Cash A, A-9 $ 200 $ 200 $ 200 0 0%
104 Marketable Securities B $ 12,000 $ 18,000 $ 1,080 $ 19,080 7,080 59%
105 Account Receivable C $ 129,500 $ 172,840 $ 900 $ 4,000 $ 175,940 46,440 36%
106 Allowance for Uncollectible Accounts C-8 $ (5,000) $ (1,400) $ 5,694 $ (7,094) (2,094) 42%
107 Inventory D, C-13 $ 375,000 $ 492,345 $ 492,345 117,345 31%
108 Inventory on Consignment D $ - $ 7,655 $ 7,655 7,655 ~
109 Prepaid Insurance E, E-4 $ 1,260 $ 1,260 $ 600 $ 660 (600) -48%
110 Prepaid Rent E, E-5 $ - $ - $ 1,000 $ 1,000 1,000 ~
111 Prepaid Advertaising E, E-3 $ 600 $ 600 $ 600 0 0%
BOD'S
112 Receivable from Officer $ - $ 5,000 $ 5,000 ~
meeting 5,000
Non Current Assets :
202 Land F $ 42,000 $ 42,000 $ 42,000 0 0%
203 Building F $ 400,000 $ 400,000 $ 400,000 0 0%
204 Accumulated Depreciation Building F $ (9,000) $ (18,000) $ (18,000) (9,000) 100%
205 Furniture and Fixtures F $ 25,500 $ 27,217 $ 600 $ 27,817 2,317 9%
206 Accumulated Depreciation - Furniture and Fixtures F $ (5,100) $ (9,023) $ 50 $ (9,073) (3,973) 78%
207 Automobiles and Trucks F $ 20,000 $ 31,950 $ 31,950 11,950 60%
208 Accumulated Depreciation - Automobiles and Truc F $ (4,500) $ (6,294) $ (6,294) (1,794) 40%
TOTAL ASSETS $ 1,003,000 $ 1,196,250 $ 2,680 $ 7,244 $ 4,000 $ - $ 1,195,686 192,686 19%
 MARKRICH SPORTSWORLD, INC
TRIAL BALANCE 2 - BALANCE SHEET
DECEMBER 31, 19X2

FINAL PER BOOKS ADJUSTMENT RECLASIFICATION FINAL INCREASE PERCENT

NO. KETERANGAN Ref.
31-12-19X1 31-12-19X2 Debit Kredit Debit Kredit 31-12-19X2 (DECREASE)
Current Liabilities :
301 Vouchers Payable G $ 91,168 $ 176,157 $ 2,100 $ 4,000 $ 182,257 $ 91,089 100%
302 Notes Payable - Current I, I-3 $ 90,000 $ - $ 90,000 $ 90,000 $ - 0%
303 Property Tax Payable H-3 $ 3,680 $ - $ - $ (3,680) -100%
304 Salaries and Wages Payable H-2 $ 1,152 $ 2,160 $ 2,160 $ 1,008 88%
305 Accrued Payroll Taxes H-2 $ 5,900 $ 5,738 $ 5,738 $ (162) -3%
306 Sales Taxes Payable H-4 $ 2,600 $ 2,945 $ 2,945 $ 345 13%
307 State Income Taxes Payable H, H-5 $ 4,000 $ 4,000 $ 506 $ 3,494 $ (506) -13%
308 Federal Income Taxes Payable H, H-5 $ 10,000 $ 12,000 $ 3,601 $ 8,399 $ (1,601) -16%
309 Interest Payable I-3 $ 49,500 $ 41,250 $ 41,250 $ (8,250) -17%
310 Devidends Payable H-6 $ - $ 12,000 $ 12,000 $ 12,000 ~
311 Dividend Taxes Payable $ - $ - $ 321 $ 321 $ 321 ~
Non - Current Liabilities :
401 Notes Payable - Long term I, I-3 $ 450,000 $ 450,000 $ 90,000 $ 360,000 $ (90,000) -20%
Capital Stock and Paid in Capital :
501 Common Stock $ 60,000 $ 100,000 $ 100,000 $ 40,000 67%
502 Paid in Capital $ 210,000 $ 350,000 $ 350,000 $ 140,000 67%
601 Retained Earnings $ 25,000 $ 25,000 $ 23,042 $ 48,042 $ 23,042 92%
602 Devidends $ - $ (12,000) $ (12,000) $ (12,000) ~
603 Unrealized Gain/Loss - Equity B $ - $ - $ 1,080 $ 1,080 $ 1,080 ~
Net Income $ - $ 27,000 $ - ~
TOTAL LIABILITIES and EQUITY $ 1,003,000 $ 1,196,250 $ 94,107 $ 116,543 $ - $ 4,000 $ 1,195,686 $ 192,686 19%
 MARKRICH SPORTSWORLD, INC
TRIAL BALANCE 3 - INCOME STATEMENT
DECEMBER 31, 19X2

FINAL PER BOOKS ADJUSTMENT RECLASIFICATION FINAL INCREASE PERCENT

NO. KETERANGAN Ref.
31-12-19X1 31-12-19X2 Debit Kredit Debit Kredit 31-12-19X2 (DECREASE)
Revenues ( operations ) :
701 Retail Sales L $ 623,180 $ 810,600 $ 810,600 187,420 30%
702 Sales Return and Allowances - Retail L-10 $ (7,500) $ (8,000) $ (8,000) (500) 7%
703 Wholesale Sales L, C-6 $ 250,000 $ 296,756 $ 900 $ 295,856 45,856 18%
704 Sales Return and Allowance - Wholesale L-10 $ (9,500) $ (12,500) $ (12,500) (3,000) 32%
Net Revenues $ 856,180 $ 1,086,856 $ 1,085,956 229,776 27%
Expenses ( operations ) :
801 Advertising Expense E-3 $ 6,014 $ 6,000 $ 700 $ 6,700 686 11%
802 Cost of Sales - Retail L-10, G-6 $ 297,860 $ 414,100 $ 400 $ 414,500 116,640 39%
803 Cost of Sales - Wholesale L-10 $ 96,280 $ 115,000 $ 115,000 18,720 19%
804 Delivery Expense L-2 $ 11,804 $ 17,200 $ 17,200 5,396 46%
805 Depreciation Expense F, F-3, F-4 $ 18,600 $ 19,047 $ 50 $ 19,097 497 3%
806 Insurance Expense E-4 $ 3,180 $ 3,240 $ 600 $ 3,840 660 21%
807 Miscellaneous Expense B-3, L-5 $ 1,200 $ 5,590 $ 3,910 $ 9,500 8,300 692%
808 Payroll Expense H-2 $ 21,821 $ 31,872 $ 31,872 10,051 46%
809 Professional Fees Expense L-6 $ 14,800 $ 15,800 $ 15,800 1,000 7%
810 Property Taxes Expense H-3 $ 6,325 $ 3,600 $ 3,600 (2,725) -43%
811 Rent Expense E-5 $ - $ 6,300 $ 1,000 $ 5,300 5,300 ~
812 Repairs and Maintenance expense G-6, L-7 $ 600 $ 1,200 $ 300 $ 600 $ 900 300 50%
813 Salaries Expense L-8 $ 213,000 $ 256,000 $ 256,000 43,000 20%
814 Supplies Expense L-8 $ 700 $ 800 $ 800 100 14%
815 Uncollectible Accounts Expense C, C-8 $ 5,000 $ - $ 5,694 $ 5,694 694 14%
816 Utilities Expense L-9 $ 6,200 $ 7,100 $ 700 $ 7,800 1,600 26%
817 Wages Expense L-9 $ 64,896 $ 97,344 $ 97,344 32,448 50%
Operating Expense $ 768,280 $ 1,000,193 $ 8,444 $ 1,600 $ 3,910 $ - $ 1,010,947 242,667 32%

Revenues ( others ) and Expenses ( others ) :

901 Interest Expense I-3 $ 49,500 $ 45,750 $ 45,750 (3,750) -8%
902 Gain/Loss on Disposal of Investment B-3.1 $ - $ - $ 3,910 $ (3,910) (3,910) ~
903 Income from Investment B-3 $ (600) $ (2,140) $ 321 $ (1,819) (1,219) 203%
904 Gain/Loss on Disposal of Fixed Assets F-10 $ - $ 53 $ 53 53 ~
Earning Before Taxes $ 39,000 $ 43,000 $ 34,935 (4,065) -10%
905 Federal Income Taxes H,H-5 $ 10,000 $ 12,000 $ 3,601 $ 8,399 (1,601) -16%
906 State Income Taxes H, H-5 $ 4,000 $ 4,000 $ 506 $ 3,494 (506) -13%
Net Income $ 25,000 $ 27,000 $ 8,444 $ 5,707 $ 3,910 $ - $ 23,042 (1,958) -8%
 MARKRICH SPORTSWORLD, INC AJE - 1
JURNAL PENYESUAIAN CH
31 DESEMBER 19X2 20-2-19X2

NO. No. Akun KETERANGAN REF. DEBIT KREDIT

1 104 Securities Adjustment B-3.1 $ 1,080 B

603 Unrealized Gain/Loss - Equity $ 1,080 TB-2

2 903 Income from Investment B-3 $ 321 TB-3

Taxes Payable $ 321

3 703 Wholesale Sales C-6 $ 900 TB-3

105 Account Receivable $ 900 C

4 815 Uncollectible Accounts C-7 $ 5,694 C

106 Allowance for Uncollectible Accounts $ 5,694 C

5 110 Prepaid Rent E-5 $ 1,000 E

811 Rent Expense $ 1,000 L

6 806 Insurance Expense E-4 $ 600 L

109 Prepaid Insurance $ 600 E

7 205 Furniture and Fixture F-10 $ 600

812 Repair and Maintenance Expense $ 600 L

8 805 Depreciation Expense (Furniture & Fixture) F-10 $ 50 L

206 Accumulated Depreciation (Furniture & Fixtures) $ 50

9 801 Advertising Expense G-4 $ 700 L

301 Voucher Payable $ 700 G

10 816 Utilities Expense G-4 $ 700 L

812 Repair and Maintenance Expense $ 300 L
802 Cost of Sales - Retail $ 400
301 Voucher Payable $ 1,400 G

11 308 Federal Income Taxes Payable H-5 $ 3,601

307 State Income Taxes Payable $ 506
905 Federal Income Taxes $ 3,601
906 State Income Taxes $ 506
 MARKRICH SPORTSWORLD, INC RJE - 1
JURNAL PENYESUAIAN CH
31 DESEMBER 19X2 20-2-19X2

NO. No. Akun KETERANGAN REF. DEBIT KREDIT

1. 807 Miscellaneous Expense B-3 3,910 L

902 Gain/Loss on Disposal of Investment B-3 3,910 TB-3

2. 105 Account Receivable C-6 4,000 C

301 Vouchers Payable 4,000 G

3. 401 Note Payable - Long Term I 90,000 I

302 Note Payable - Current 90,000 I
 MARKRICH SPORTSWORLD, INC
COMPARATIVE ASSETS
PER BOOK 19X1 ; 19X2

Increase/
NO. EXPLAINATION Ref. 19X1 19X2 PERCENT
(decrease)
Current Assets :
1 Cash - Sun United Bank 101 20,540 31,900 11,360 55%
2 Cash - Super Bank 102 - - - 0%
3 Petty Cash 103 200 200 - 0%
4 Marketable Securities 104 12,000 18,000 6,000 50%
5 Account Receivable 105 129,500 172,840 43,340 33%
6 Allowance for Uncollectible Accounts 106 - (1,400) (1,400) ~
7 Inventory 107 371,800 492,345 120,545 32%
8 Inventory on Consignment 108 - 7,655 7,655 ~
9 Prepaid Insurance 109 - 1,260 1,260 ~
10 Prepaid Advertaising 111 600 600 - 0%
11 Receivable from Officer 112 - 5,000 5,000 ~
Non Current Assets :
12 Land 202 42,000 42,000 - 0%
13 Building 203 400,000 400,000 - 0%
14 Accumulated Depreciation Building 204 (9,000) (18,000) (9,000) 100%
15 Furniture and Fixtures 205 25,500 27,217 1,717 7%
16 Accumulated Depreciation - Furniture and Fixtures 206 (5,100) (9,023) (3,923) 77%
17 Automobiles and Trucks 207 20,000 31,950 11,950 60%
18 Accumulated Depreciation - Automobiles and Trucks 208 (4,500) (6,294) (1,794) 40%
TOTAL ASSETS 1,003,540 1,196,250 192,710 19%
 MARKRICH SPORTSWORLD, INC
COMPARATIVE ASSETS
PER AUDIT 19X1 ; 19X2

In Dollar ammount
NO. EXPLAINATION Ref. 19X1 19X2 Increase/(decrease) PERCENT
Current Assets :
1 Cash - Sun United Bank 101 20,540 31,900 11,360 55%
2 Cash - Super Bank 102 - - - ~
3 Petty Cash 103 200 200 - 0%
4 Marketable Securities 104 12,000 18,000 6,000 50%
5 Account Receivable 105 129,500 167,940 38,440 30%
6 Allowance for Uncollectible Accounts 106 (5,000) (7,306) (2,306) 46%
7 Inventory 107 375,000 492,345 117,345 31%
8 Inventory on Consignment 108 - 7,655 7,655 ~
9 Prepaid Insurance 109 1,260 660 (600) -48%
10 Prepaid Rent 110 - 1,000 1,000 ~
11 Prepaid Advertaising 111 600 600 - 0%
11 Receivable from Officer 112 - ~
Non Current Assets :
12 Land 202 42,000 42,000 - 0%
13 Building 203 400,000 400,000 - 0%
14 Accumulated Depreciation Building 204 (9,000) (18,000) (9,000) 100%
15 Furniture and Fixtures 205 25,500 27,217 1,717 7%
16 Accumulated Depreciation - Furniture and Fixtur 206 (5,100) (9,073) (3,973) 78%
17 Automobiles and Trucks 207 20,000 31,950 11,950 60%
18 Accumulated Depreciation - Automobiles and Tr 208 (4,500) (6,294) (1,794) 40%
TOTAL ASSETS 1,003,000 1,180,794 177,794 18%
 MARKRICH SPORTSWORLD, INC
COMPARATIVE LIABILITIES and EQUITY
PER BOOK 19X1 ; 19X2

NO Increase/( decrease PERCEN

EXPLAINATION Ref. 19X1 19X2
. ) T
Current Liabilities :
19 Vouchers Payable 301 87,368 176,157 88,789 102%
20 Notes Payable - Current 302 - - - 0%
21 Property Tax Payable 303 3,680 - (3,680) -100%
22 Salaries and Wages Payable 304 1,152 2,160 1,008 88%
23 Accrued Payroll Taxes 305 5,900 5,738 (162) -3%
24 Sales Taxes Payable 306 2,600 2,945 345 13%
25 State Income Taxes Payable 307 3,000 4,000 1,000 33%
26 Federal Income Taxes Payable 308 8,000 12,000 4,000 50%
27 Interest Payable 309 49,500 41,250 (8,250) -17%
28 Devidends Payable 310 - 12,000 12,000 ~
Non - Current Liabilities :
29 Notes Payable - Long term 401 540,000 450,000 (90,000) ~
Capital Stock and Paid in Capital :
30 Common Stock 501 60,000 100,000 40,000 67%
31 Paid in Capital 502 210,000 350,000 140,000 67%
32 Retained Earnings 32,340 25,000 (7,340) -23%
33 Devidends 601 - (12,000) (12,000) ~
Net Income 602 - 27,000 27,000 ~
TOTAL LIABILITIES and EQUITY 1,003,540 1,196,250
 MARKRICH SPORTSWORLD, INC
COMPARATIVE LIABILITIES and EQUITY
PER BOOK 19X1 ; 19X2

NO Increase/( decrease PERCEN

EXPLAINATION Ref. 19X1 19X2
. ) T
Current Liabilities :
19 Vouchers Payable 301 91,168 182,257 91,089 100%
20 Notes Payable - Current 302 90,000 90,000 - 0%
21 Property Tax Payable 303 3,680 - (3,680) -100%
22 Salaries and Wages Payable 304 1,152 2,160 1,008 88%
23 Accrued Payroll Taxes 305 5,900 5,738 (162) -3%
24 Sales Taxes Payable 306 2,600 2,945 345 13%
25 State Income Taxes Payable 307 4,000 3,732 (268) -7%
26 Federal Income Taxes Payable 308 10,000 9,366 (634) -6%
27 Interest Payable 309 49,500 41,250 (8,250) -17%
28 Devidends Payable 310 - - - ~
Non - Current Liabilities :
29 Notes Payable - Long term 401 450,000 360,000 (90,000) ~
Capital Stock and Paid in Capital :
30 Common Stock 501 60,000 100,000 40,000 67%
31 Paid in Capital 502 210,000 350,000 140,000 67%
32 Retained Earnings 25,000 (25,000) -100%
33 Devidends 601 - - ~
Net Income 602 - (12,000) (12,000) ~
TOTAL LIABILITIES and EQUITY 1,003,000 1,135,449 132,449 13%
 MARKRICH SPORTSWORLD, INC
COMPARATIVE REVENUES and EXPENSES
PER BOOK 19X1 ; 19X2

in Dollar ammount
NO Increase/ (decrease
EXPLAINATION Ref. 19X1 19X2
. )
Revenues ( operations ) :
34 Retail Sales 701 623,180 810,600 187,420
35 Sales Return and Allowances - Retail 702 (7,500) (8,000) (500)
36 Wholesale Sales 703 250,000 296,756 46,756
37 Sales Return and Allowance - Wholesale 704 (9,500) (12,500) (3,000)
Net Revenues 856,180 1,086,856 230,676

Expenses ( operations ) :
38 Advertising Expense 801 5,414 6,000 586
39 Cost of Sales - Retail 802 297,860 414,100 116,240
40 Cost of Sales - Wholesale 803 96,280 115,000 18,720
41 Delivery Expense 804 11,804 17,200 5,396
42 Depreciation Expense 805 18,600 19,047 447
43 Insurance Expense 806 4,440 3,240 (1,200)
44 Miscellaneous Expense 807 600 5,590 4,990
45 Payroll Expense 808 21,821 31,872 10,051
46 Professional Fees Expense 809 14,800 15,800 1,000
47 Property Taxes Expense 810 6,325 3,600 (2,725)
48 Rent Expense 811 - 6,300 6,300
49 Repairs and Maintenance expense 812 600 1,200 600
50 Salaries Expense 813 213,000 256,000 43,000
51 Supplies Expense 814 700 800 100
52 Uncollectible Accounts Expense 815 - - -
53 Utilities Expense 816 6,200 7,100 900
54 Wages Expense 817 64,896 97,344 32,448
Operating Expense 763,340 1,000,193 236,853

Revenues ( others ) and Expenses ( others ) : -

55 Interest Expense 901 49,500 45,750 (3,750)
56 Gain/Loss on Disposal of Investment 902 - - -
57 Income from Investment 903 - (2,140) (2,140)
58 Gain/Loss on Disposal of Fixed Assets 904 - 53 53
59 Earning Before Taxes 43,340 43,000 (340)
60 Federal Income Taxes 905 8,000 12,000 4,000
61 State Income Taxes 906 3,000 4,000 1,000
Net Income 32,340 27,000 (5,340)
 MARKRICH SPORTSWORLD, INC
COMPARATIVE REVENUES and EXPENSES
PER AUDIT 19X1 ; 19X2

in Dollar ammount
NO Increase/
EXPLAINATION Ref. 19X1 19X2 PERCENT
. (decrease )
Revenues ( operations ) :
34 Retail Sales 701 623,180 810,600 187,420 30%
35 Sales Return and Allowances - Retail 702 (7,500) (8,000) (500) 7%
36 Wholesale Sales 703 250,000 295,856 45,856 18%
37 Sales Return and Allowance - Wholesale 704 (9,500) (12,500) (3,000) 32%
Net Revenues 856,180 1,085,956 229,776 27%
Expenses ( operations ) :
38 Advertising Expense 801 6,014 6,700 686 11%
39 Cost of Sales - Retail 802 297,860 414,500 116,640 39%
40 Cost of Sales - Wholesale 803 96,280 115,000 18,720 19%
41 Delivery Expense 804 11,804 17,200 5,396 46%
42 Depreciation Expense 805 18,600 19,097 497 3%
43 Insurance Expense 806 3,180 3,840 660 21%
44 Miscellaneous Expense 807 1,200 9,500 8,300 692%
45 Payroll Taxes Expense 808 21,821 31,872 10,051 46%
46 Professional Fees Expense 809 14,800 15,800 1,000 7%
47 Property Taxes Expense 810 6,325 3,600 (2,725) -43%
48 Rent Expense 811 - 5,300 5,300 ~
49 Repairs and Maintenance expense 812 600 900 300 50%
50 Salaries Expense 813 213,000 256,000 43,000 20%
51 Supplies Expense 814 700 800 100 14%
52 Uncollectible Accounts Expense 815 5,000 5,794 794 16%
53 Utilities Expense 816 6,200 7,800 1,600 26%
54 Wages Expense 817 64,896 97,344 32,448 50%
Operating Expense 768,280 1,011,047 242,767 32%
Revenues ( others ) and Expenses ( others ) :
55 Interest Expense 901 49,500 45,750 (3,750) -8%
56 (Gain)/Loss on Disposal of Investment 902 - (3,910) (3,910) ~
57 Income from Investment 903 (600) (1,819) (1,219) 203%
58 (Gain)/Loss on Disposal of Fixed Assets 904 - 53 53 ~
59 Earning Before Taxes 39,000 34,835 (4,165) -11%
60 Federal Income Taxes 905 10,000 9,366 (634) -6%
61 State Income Taxes 906 4,000 3,732 (268) -7%
Net Income 25,000 21,736 (3,264) -13%
 MARKRICH SPORTSWORLD, INC.
Income Statements
Year Ended December 31, 19X2

Net sales $ 1,085,956

Cost of sales $ 529,500

Administrative expenses $ 376,093
Marketing expenses $ 86,257
Depreciation $ 19,097
Other income and Expenses-net $ 40,074

Operating and other expenses $ 1,051,021

Income before tax $ 34,935

Federal and state income taxes $ 11,893

Net income $ 23,042

Net Income per share on common stock

NOTES
Other Operating Expenses
Insurance Expense $ 3,840
Payroll Expense $ 31,872
Rent Expense $ 5,300
Repairs and Maintenance expense $ 900
Supplies Expense $ 800
Utilities Expense $ 7,800
Wages Expense $ 97,344
Total $ 147,856
70% allocated to administrativ expen $ 103,499
30% allocated to marketing expense $ 44,357

Marketing expense
Advertising Expense $ 6,700
Delivery Expense $ 17,200
Sales manager salaries $ 18,000
30% allocated from other expense $ 44,357
Total $ 86,257

Adminstratif expense
Miscellaneous Expense $ 9,500
Professional Fees Expense $ 15,800
Property Taxes Expense $ 3,600
Salaries Expense $ 238,000
Uncollectible Accounts Expense $ 5,694
70% allocated from other expense $ 103,499
Total $ 376,093
 MARKRICH SPORTSWORLD, INC.
Statement of Changes in Financial Position
Year Ended December 31, 19X2

Sources of Financial :
Net Income $ 23,042
Add Depreciation $ 19,097
Net from operations $ 42,139

Issuance of Long Term Debt $ 450,000

Issuance of Common Stock $ 450,000
Total Financial Resources Provided $ 942,139

Applications of Financial :
Acquisition of Property,plant and equipment $ 501,767
Current Portion of Notes Payable $ 90,000
Increase in Working Capital $ 390,722
Total Financial Recources Applied $ 942,139

Composition of Working Capital

Current Asset
Cash $ 32,100
Marketable Securities $ 19,080
Accounts Receivable (net) $ 168,846
Inventory $ 500,000
Prepaid Expenses $ 2,260
Receivable from Officer $ 5,000
$ 727,286
Current Liabilities
Account Payable $ 182,257
Current Portion of Long Term Debt $ 90,000
Interest Payable $ 41,250
Income Taxes Payable $ 11,893
Accrued Liabilities $ 11,164
$ 336,564

Increace in Working Capital $ 390,722

 MARKRICH SPORTSWORLD, INC.
Balance sheet
December 31, 19X2

ASSETS

Current assets :
Cash on hand and in banks $ 32,100
Marketable Securities (Note 1) $ 19,080
Account Receivable $ 175,940
Less allowance for uncollectible accounts $ (7,094) $ 168,846
Inventory (Note ) $ 492,345
Inventory on Consignment $ 7,655
Prepaid expenses $ 2,260
Receivable from Officer $ 5,000
Total Current assets $ 727,286

Property, Plant, and Equipment (Note 1) :

Land $ 42,000
Building $ 400,000
Furniture and fixtures $ 27,817
Automobiles and Trucks $ 31,950
$ 501,767
Less accumulated depreciation $ (33,367) $ 468,400
TOTAL ASSETS $ 1,195,686

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES

Accounts payable $ 182,257

Current portion of long-term debt (Note 2) $ 90,000
Interest payable $ 41,250
Income Taxes payable $ 11,893
Accrued liabilities $ 11,164
Total Current liabilities $ 336,564

Long term Notes Payable (Note 2) $ 360,000

Stockhollders' equity
common stock ($10 par; 50.000 shares authorized; 6.00 $ 100,000
Paid-in Capital $ 350,000
Unrealized Gain/Loss - Equity $ 1,080
Retained earnings $ 48,042 $ 499,122

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,195,686