Creator:H Tracy Hall Inc
Date Created:August 1975
Place Created:Provo, Utah
Keywords:H Tracy Hall Inc,financial statements
Context:financial statements from year ended August 31, 1975
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H. TRACY HALL, INCORPORATED
UNAUDITED FINANCIAL STATEMENTS YEARS ENDED AUGUST 31, 1975 AND 1974
Elmer Fox, Westheimer & Co.
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, 1975 and August 31, 1974 and the related statements of earnings and retained earnings for the fiscal years 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 8, 1975
H. TRACY HALL, INCORPORATED BALANCE SHEET (Unaudited)
ASSETS
	August	31,
	1975	1974
Current assets:		
Cash	$24,800	$24,768
Prepaid expenses	135	200
Total current assets	24,935	24,968
Property and equipment, at cost:		
Machinery and equipment	30,108	31,562
Less accumulated depreciation	6,727	5,700
	23,381	25,862
	$48,316	$50,830
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable
Federal taxes on earnings - Note 1 Notes payable to stockholders Debentures payable
Total liabilities
Stockholders' equity:
Common stock, $1 par value Authorized - 50,000 shares Issued and outstanding - 25,000 shares Retained earnings
$ 168 $ 521
11,426 2,500
14,094
25,000 9,222
34,222
$48.316
11,426 2,500
14,447
25,000 11,383
36,383
$50.830
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
Operating expenses: Salaries and wages Insurance
Freight and express Supplies
Interest expense Travel expense Taxes and licenses Dues and subscriptions Rent
Depreciation Utilities
7,885 374 1,773 8,516 1,555 3,589 2,598 413 2,900 4,178 809
	1975	1974
Net sales	$27,095	$145,885
Cost of sales	8,252	62,060
Gross margin on sales	18,843	83,825
Other earnings: Interest income Gains on sale of equipment	1,441 36,117	3,381
	37,558	3,381
Gross earnings	56,401	87,206
5,911 33 213 4,007 5,843 629 966 262 5,237 3,945 810
Miscellaneous expense	1,472	350
	36,062	28,206
Net earnings before Federal taxes on earnings	20,339	59,000
Federal taxes on earnings - Note 1	-	-
Net earnings	20,339	59,000
Retained earnings (deficit) at beginning of year	11,383	(11,117)
Dividends paid	(22,500)	(36,500)
Retained earnings at end of year	$ 9.222	$ 11.383
Net earnings per share of outstanding stock	$ f 81	$2.36
The accompanying note is an integral
part of the financial statements.
H. TRACY HALL, INCORPORATED NOTE TO FINANCIAL STATEMENTS August 31, 1975
Taxes on earnings
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.