Creator:H Tracy Hall Inc
Date Created:August 31, 1974
Place Created:Provo, Utah
Keywords:H Tracy Hall Inc,financial statements
Context:financial statemetns from year ended August 31, 1974
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H. TRACY HALL, INCORPORATED
UNAUDITED FINANCIAL STATEMENTS AUGUST 31, 1974
Elmer
Fox %
Company
Certified Public Accountants
Board of Directors H. Tracy Hall, Incorporated Provo, Utah
The accompanying balance sheet of H. Tracy Hall, Incorporated as of August 31, 1974 and the related statement of earnings and retained earnings for the fiscal year then ended were not audited by us and accordingly we do not express an opinion on them.
These statements are for internal use by management and do not include a statement of changes in financial position or all disclosures that might be required for a fair presentation to third parties.
.Provo, Utah
October 9, 1974
Elmer Fox
Company
Certified Public Accountants
Board of Directors H. Tracy Hall, Incorporated Provo, Utah
The accompanying balance sheet of H. Tracy Hall, Incorporated as < August 31, 1974 and the related statement of earnings and retained earnings for the fiscal year then ended were not audited by us and accordingly we do not express an opinion on them.
These statements are for internal use by management and do not include a statement of changes in financial position or all disclosures that might be required for a fair presentation to third parties.
.Provo, Utah
October 9, 1974
H. TRACY HALL, INCORPORATED BALANCE SHEET (Unaudited)
ASSETS
August 31,
1974
1973
Current assets: Cash
Inventory Prepaid expenses
Total current assets
Property and equipment, at cost: Machinery and equipment Less accumulated depreciation
$24,768
200 24,968
31,562 5,700 25,862
$50,830
$ 9,824 32,682 265
42,771
21,302 1,755 19,547
$62,318
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable
Federal taxes on earnings (Note 1) Notes payable:
First Security Bank of Utah Stockholders Debentures payable
Total liabilities
Stockholders' equity:
Common stock - $1 par value Authorized - 50,000 shares Issued and outstanding - 25,000 shares Retained earnings (deficit)
$ 521
11,426 2,500
14,447
25,000 11,383
36,383
$50.830
$ 885
40,000 5,050 2,500
48,435
25,000 (11,117)
13,883
$62.318
The accompanying note is an integral part of the financial statements.
H. TRACY HALL, INCORPORATED STATEMENT OF EARNINGS AND RETAINED EARNINGS
(Unaudited)
	Fiscal year ended August 31,	
	1974	1973
Net sales	$145,885	$
Cost of sales	62,060	-
Gross margin on sales	83,825	-
Other earnings:		
Interest income	3,381	222
Gross earnings , j . ...'	87,206	222
Operating expenses:		
Salaries and wages	5,911	2,600
Insurance	33	348
Freight and express	213	132
Supplies	4,007	3,027
Interest expense	5,843	389
Travel expense	629	614
Taxes and licenses	966	553
Dues and subscriptions	262	181
Rent	5,237	840
Depreciation	3,945	1,755
Utilities	810	589
Miscellaneous expense	350	311
	28,206	11,339
Net earnings (loss) before Federal		
income taxes on earnings	59,000	(11,117)
Federal income taxes on earnings (Note 1)	-	
Net earnings	59,000	(11,117)
Retained earnings (deficit) beginning of year	(11,117)	-
Dividends paid	(36,500)	-
Retained earnings end of year	$ 11.383	($11,117)
Net earnings (loss) per common share of		
outstanding stock	$2.36	C$.45)
The accompanying note is an integral part of the financial statements.
H. TRACY HALL, INCORPORATED
NOTE TO FINANCIAL STATEMENTS August 31, 1974 (Unaudited)
Stockholders of the corporation made an election dated September 5, 1972 under the provisions of Sec. 1372(a) of the Internal Revenue Code of 1954, as amended by the Technical Amendments Act of 1958, to have the corporation treated as a Subchapter S corporation. No Federal income taxes are therefore payable by the corporation.
H. TRACY HALL, INCORPORATED NOTE TO FINANCIAL STATEMENTS August 31, 1974
: f
(Unaudited)
Note 1 -	Stockholders of the corporation made an election dated
September 5, 1972 under the provisions of Sec. 1372(a) of the Internal Revenue Code of 1954, as amended by the Technical Amendments Act of 1958, to have the corporation treated as a Subchapter S corporation. No Federal income taxes are therefore payable by the corporation.