Creator:H Tracy Hall Inc
Date Created:August 31, 1974
Place Created:Provo, Utah
Keywords:H Tracy Hall Inc,financial statements
Context:financial statements from year ended August 31, 1974
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H. TRACY HALL, INCORPORATED
UNAUDITED FINANCIAL STATEMENTS YEARS ENDED AUGUST 31,
Elmer Fox,Westheimer & Co.
Certified Public Accountants
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
H. TRACY HALL, INCORPORATED BALANCE SHEET (Unaudited)
ASSETS
August 31,
1974	1973
Current assets:
Cash	$24,768	$ 9,824
Inventory	-	32,682
Prepaid expenses	200	265
Total current assets	24,968	42,771
Property and equipment, at cost:	31,562	21,302
Machinery and equipment	5,700	1,755
Less accumulated depreciation	25,862	19,547
$50,830	$62.318
LIABILITIES AND STOCKHOLDERS'	EQUITY
Liabilities:
Accounts payable	$ 521 $ 885
Federal taxes on earnings (Note 1)	-Notes payable:
First Security Bank of Utah	- 40,000
Stockholders	11,426 5,050
Debentures payable	2,500 2,500
Total liabilities	14,447 48,435
Stockholders' equity:
Common stock - $1 par value Authorized - 50,000 shares
Issued and outstanding - 25,000 shares	25,000 25,000
Retained earnings (deficit)	11,383 (11,117)
36,383	13,883
$50.830	$62.318
The accompanying note is an integral part of the financial statements.
H. TRACY HALL, INCORPORATED STATEMENT OF EARNINGS AND RETAINED EARNINGS (Unaudited)
Net sales
Cost of sales
Gross margin on sales
Other earnings: Interest income
Gross earnings
Operating expenses: Salaries and wages Insurance
Freight and express Supplies
Interest expense Travel expense Taxes and licenses Dues and subscriptions Rent
Depreciation Utilities
Miscellaneous expense
Net earnings (loss) before Federal income taxes on earnings
Federal income taxes on earnings (Note 1)
Net earnings
Retained earnings (deficit) beginning of year Dividends paid
Retained earnings end of year
Net earnings (loss) per common share of outstanding stock
Fiscal year ended August 31, 1974	1973
$145,885 $ 62,060 _
83,825
3,381 87,206
5,911 33 213 4,007 5,843 629 966 262 5,237 3,945 810 350
28,206
59,000
59,000 (11,117) (36,500) $ 11.383
$2.36
222
222
2,600 348 132 3,027 389 614 553 181 840 1,755 589 311
11,339 (11,117)
(11,117)
($11.117) (£^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.