|
Craig A. Smith & Associate, Inc. and WS31), LLC
<br />Notes to Financial Statements
<br />Note 2 - Accounts Receivable
<br />The Company recognized accounts receivable per the revenue recognition policy. The below
<br />table summarizes the accounts receivable as of December 31 for each year end.
<br />2n1a
<br />Current $382,082
<br />31 - 60 Days 249,588
<br />61 - 90 Days 95,123
<br />91 Days and over 197,164
<br />Total Accounts Receivable 923,957
<br />Allowance for Doubtful Accounts 0
<br />Net Accounts Receivable $923,957
<br />Note 3 - Property, Plant and Equipment
<br />The following table summarizes Property, Plant and Equipment.
<br />Land
<br />Building
<br />Professional Equipment
<br />Vehicles
<br />Furniture, Fixtures & Office Equip.
<br />Leasehold Improvements
<br />Computers
<br />Total
<br />Less: Accumulated Depreciation
<br />Net Property and Equipment
<br />`hYdW
<br />$290,739
<br />166,512
<br />84,246
<br />175,002
<br />716,499
<br />(37,150)
<br />$679,349_
<br />gnin
<br />$15,000
<br />$15,000
<br />66,555
<br />66,555
<br />527,002
<br />497,360
<br />47,639
<br />47,639
<br />52,225
<br />52,225
<br />15,263
<br />15,263
<br />293,049
<br />327,640
<br />1,016,733 1,021,682
<br />(844,048) (844,109)
<br />$172,685 $162,573
<br />Depreciation expense was $46,540 and $43,223 for the years ended December 31, 2014 and
<br />2013 which is included in Amortization / Depreciation on the Statement of Income.
<br />Assets acquired under capital leases totaled $103,460 and $105,458 as of December 31, 2014
<br />and 2013, respectively.
<br />During the year ended December 31, 2014, the Company sold property, plant and equipment with
<br />a net book value of $26,615 for a sales price of $19,672, thereby recognizing a loss on disposal
<br />of $6,943.
<br />-9-
<br />74
<br />
|