You are on page 1of 9

MR.

FULANATION AND WIFE
FINANCIAL STATEMENT
December 31, 2012

00791 Phone (787) 850-7164 Fax (787) 905-7926 To Mr. 2013 License number xxxx In Force . FULANATION and Wife. The owner is responsible for the preparation and fair presentation of the financial statement in accordance with accounting principles generally accepted in the United States of America and for designing. Mrs. FULANATIAN. Puerto Rico Independent Accountant’s Compilation Report I have compiled the accompanying statement of financial condition of Mr. and maintaining internal control relevant to the preparation and fair presentation of the financial statement. implementing. P. A4 Reparto Mendoza Ponce. 2012. My responsibility is to conduct the compilation in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. do not express an opinion or provide any assurance about whether the financial statement is in according with accounting principles generally accepted in the United States of America. April 9. as of December 31.R.VélezMedina & Co. accordingly. FULANATION and Wife Ponce. I have not audited or reviewed the accompanying financial statement and. The objective of a compilation is to assist the owner in presenting financial information in the form of financial statement without undertaking to obtain or provide any assurance that there are no material modifications that should be made to the financial statement.

000 466.270.000 $5. 2012 Assets: Cash Investments: Marketable Securities (Note 2) Real Estate (Note 3) Residence (Nota 3) Personal Effects (Note 4) Motor Vehicles (Note 4) Total assets $24.349 Liabilities and Net Worth: Accounts payable and accrued expenses Line of credit Long term debts (Note 5) Estimated income taxes on the difference between the estimated current values of assets and the estimated current amounts of liabilities and their income tax bases (Note 6) Net Worth $1.349 See Accountant’s Report and Notes to Financial Statement.632 35.717 5.200 257.937.393 0 1.500 4.398.000 95.937. .280.000 46.MR. FULANATION AND WIFE FINANCIAL STATEMENT December 31.256 Total liabilities and net worth $5.

000 Rental property located at____________. Ponce. FINI.518 $4.. Inc. The assets are presented at their estimated current values and the liabilities at the estimated current amounts. Staples. pledge to secure note payable $125. Bristol Myers Squib Co. Corp. of Shares Value Pepsiamericas. Ponce.MR. Note 2 – Marketable Securities The estimated current value of the investments are either: (a) their quoted closing prices or (b) for securities not traded on the financial statement date.Estimated Current Value of Real Estate The estimated current value of the real property was calculated based on the original cost of improvements and compared to the selling price of similar properties in the area.710 $14.000 Rental property located at____________.R. Mrs.986 $35. Inc. Inc.560 $97 $286 $7 $7. Ponce. P. FULANATIAN. Facebook. Inc. FULANATION and Wife. Popular. P. pledge to secure mortgage payable $140.553 $6. as follows: Name No. 25 700 200 400 1 6 10 300 $1. P.717 Note 3 . $250.000 . Time Warner. 2012 Note 1 . FULANATION AND WIFE NOTES TO FINANCIAL STATEMENT December 31. Inc. Time Warner Cable. amounts that fall within the range of quoted bid and asked prices..R.General The enclosed financial statement shows the assets and liabilities of Mr. Inc.R. The properties are as follows: Value Rental property located at____________.

Yabucoa. P. $800.880 sq. P.. located at _____ Fajardo.R. P.R.R.9 Spanish “Cuerdas” located at __________. located at ____________ Ponce. $125. Ponce.Estimated Current Value of Real Estate (continued) Value Commercial property located at _____________. mts. pledge to secure note payable $350. P.R.000 Commercial property located at _____________.000 Lot of land of 1. P. 2012 Note 3 .R..093 sq.R. P. P. pledge to secure note payable $300. FULANATION AND WIFE NOTES TO FINANCIAL STATEMENT December 31. mts. and house located at _____________ Ponce. P. P.R.000 Lot of land of 628.958 sq. $300.000 Lot of land of 4..115 sq... P.R.000 Farm land of 2 Spanish “Cuerdas” located at ___________. pledge to secure note payable $300. and commercial building located at ___.R. mts. Yabucoa. Ponce. $200.000 Commercial property located at _____________.MR.000 Commercial property located at _____________.000 Commercial property located at _____________. $100. pledge to secure note payable $350. and a Gas Station located at ______ Ponce. and building located at ________ Ponce.R.000 Rental property and lot of land of 2. P.000 Lot of land of 512 sq.R. mts.000 Lot of land of 2. pledge to secure note payable $300.000 Lot of land of 499 sq.R. mts. Ponce. pledge to secure note payable $300. Ponce.000 . $150. Ponce. P. P. Ponce. pledge to secure note payable $800.R. mts.

644 Note payable to a financial institution in monthly installments of $9. 210 at ________________________.270. This debt is secured by commercial property. FULANATION AND WIFE NOTES TO FINANCIAL STATEMENT December 31.Estimated Current Value of Real Estate (continued) Apartment No.25%). P.002 . is due on 2022 and its current balance is 859. Ponce. P.R. pledge to secure note payable $210.000 $5. This debt is secured by commercial property. is due on 2033 and its current balance is $91. based on the fair market value of similar assets.Personal Effects Represents the estimated current value of this type of assets as of December 31.000 Note 4 . Value $170. 2012 Note 3 .776 Note payable to a financial institution in monthly installments of $2. 2012.867 (including interests at 6. This debt is secured by rental property.000 Commercial property located at _____________________.076 (including interests at 7.R.MR. Note 5 .Long term debts Consists of the following: Mortgage payable to a financial institution in monthly installments of $761 (including interests at 7.2%). Hato Rey.0%). is due on 2019 and its current balance is 126.

is due on 2017 and its current balance is 35.70%).75%) and a final ballon payment of $130.398.369 (including interests at 7. FULANATION AND WIFE NOTES TO FINANCIAL STATEMENT December 31.200 .882. This debt is secured by a motor vehicle.MR.505 $1. This debt is secured by rental property.699 Loan payable to a financial institution in monthly installments of $634 (including interests at 5. 2012 Note 5 .353 (including interests at 8. is due on 2027 and its current balance is 146. is due on 2014 and its current balance is 138.574 Note payable to a financial institution in monthly installments of $1. This debt is unsecured.Long term debts (Continued) Note payable to a financial institution in monthly installments of $1.25%).

Estimated income taxes on the differences between the estimated current values of assets and their tax bases. Asset Base FMV % Difference Marketable Securities $35.911.000 as of December 31.000 10 Residence 250. . See the attached income statement for the year ended December 31.850.270. 2013.000 Tax $0 235. 2012 Note 6 .717 10 Real Estate 2. 2012.Other Income Mr.575.000 466. The income tax has been estimated at $257.600 Note 7 . and for the three months ended March 31.000 216. Estimated income taxes have been provided on the excess of the estimated current values of assets over their tax bases as if the estimated current values of the assets had been realized on the statement date.717 $35. 2012. The estimated current amounts of liabilities equaled their tax bases. The provision will probably differ from the amount of income taxes that eventually might be paid because that amount is determined by the timing and the method of disposal or realization and the tax laws and regulations in effect at the time of disposal or realization.000 5. FULANATION AND WIFE NOTES TO FINANCIAL STATEMENT December 31.500 using applicable tax laws and regulations.MR.900 21.000 10 $0 2.359. FULANATION and Wife receive monthly rental income of approximately $21. using applicable tax laws and regulations. The estimated current values of assets exceeded their tax bases by $2.

881 2.856 20.464 5.948 $12.320 Revenues: Rental Income Social Security Benefits Dividends Interests Pension Mrs.088 20.808 59.777 3.875 62.143 8.522 9.036 2.110 39.527 1.144 2.722 4.575 11. FULANATION AND WIFE NOTES TO FINANCIAL STATEMENT December 31.036 $65. Fulanatian Total .528 9.230 237. 2012 INCOME STATEMENT 12/31/12 3/31/13 $262.272 Net Income $49.444 969 15.343 $71.107 6.887 549 121 17.592 Expenses: Interests Property taxes Vehicles Utilities Insurances Professional Services Maintenance Depreciation Total 81.MR.372 $287.