Creator:H Tracy hall Inc
Date Created:August 31, 1977
Place Created:Provo, Utah
Keywords:H Tracy Hall Inc,financial statements
Context:financial statements from year ended August 31, 1977
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H. TRACY HALL, INCORPORATED
UNAUDITED FINANCIAL STATEMENTS YEARS ENDED AUGUST 31, 1977 AND 1976
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, 1977 and August 31, 1976 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 20, 1977
H. TRACY HALL, INCORPORATED			
	BALANCE SHEET		
	(Unaudited)		
	ASSETS		
		August	31,
		1977	1976
Current assets:			
Cash		$ 4,240	$ 6,644
Prepaid expenses		9,169	70
Total current assets		13,409	6,714
Property and equipment, at cost:			
Machinery and equipment		32,501	32,501
Less accumulated depreciation		16,074	10,812
		16,427	21,689
		$29,836	$28,403
LIABILITIES	AND STOCKHOLDERS' EQUITY		
Liabilities:			
9-1/2% note payable to a bank		$10,000	$ 5,000
Notes payable to stockholders		11,426	11,426
Debentures payable		2,500	2,500
Total liabilities		23,926	18,926
Stockholders' equity:			
Common stock, $1 par value			
Authorized - 50,000 shares			
Issued and outstanding - 25,000 shares		25,000	25,000
Retained earnings		(19,090)	(15,523)
		5,910	9,477
		$29,836	$28,403
H. TRACY HALL, INCORPORATED
STATEMENT OF EARNINGS (LOSS) AND RETAINED EARNINGS (ACCUMULATED DEFICIT)
Net earnings (loss)
Retained earnings (deficit) at beginning of year Dividends paid
Retained earnings (deficit) at end of year Net earnings (loss) per share
	(Unaudited)		
		Year ended	
		August	31,
		1977	1976
Net sales		$ 5,844	$ 13,342
Cost of sales		600	6,569
Gross margin on sales		5,244	6,773
Other earnings:			
Interest income		264	637
Gross earnings		5,508	7,410
Operating expenses:			
Salaries and wages		-	1,100
Insurance		366	320
Freight and express		67	138
Supplies		296	-
Interest expense		594	236
Travel expense		136	2,889
Taxes and licenses		70	723
Dues and subscriptions		124	305
Rent		185	-
Depreciation and amortization		5,327	4,150
Utilities		765	719
Miscellaneous expense		1,145	988
		9,075	11,568
(3,567) (15,523)
$a9.090) $(,14)
(4,158) 9,222 (20,587) $(15,523)
$(.17)