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
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	$ 168	$ 521
Federal taxes on earnings - Note 1	-	-
Notes payable to stockholders	11,426	11,426
Debentures payable	2,500	2,500
Total liabilities	14,094	14,447
Stockholders' equity:		
Common stock, $1 par value		
Authorized - 50,000 shares		
Issued and outstanding - 25,000 shares	25,000	25,000
Retained earnings	9,222	11,383
	34,222	36,383
$48.316 $50,830
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.
H. TRACY HALL, INCORPORATED STATEMENT OF EARNINGS AND RETAINED EARNINGS (Unaudited)
Fiscal year ended
Net earnings per share of outstanding stock
1^81
		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		1,441	3,381
Gains on sale of equipment		36,117	-
		37 ,558	3,381
Gross earnings		56,401	87,206
Operating expenses:			
Salaries and wages		7,885	5,911
Insurance		374	33
Freight and express		1,773	213
Supplies		8,516	4,007
Interest expense		1,555	5,843
Travel expense		3,589	629
Taxes and licenses		2,598	966
Dues and subscriptions		413	262
Rent		2,900	5,237
Depreciation		4,178	3,945
Utilities		809	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
$2.36
The accompanying note is an integral
part of the financial statements.