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ABC Company, LLC

Statements of Financial Position


As of December 31, 2013

FRF for SMEs Income Tax GAAP


CURRENT ASSETS:
Cash $ 416,400 $ 416,400 $ 416,400
Trade Accounts Receivable 41,610 41,610 41,610
Inventory 20,234 20,234 20,234
Prepaid Income Taxes 2,300 2,300 2,300
Total Current Assets 480,544 480,544 480,544

PROPERTY AND EQUIPMENT:


Machinery and Equipment 937,100 937,100 937,100
Less: Accumulated Depreciation 199,912 925,672 199,912
Net Property and Equipment 737,188 11,428 737,188

TOTAL ASSETS $ 1,217,732 $ 491,972 $ 1,217,732

CURRENT LIABILITIES:
Current Portion of Long-Term Debt $ 7,000 $ 7,000 $ 7,000
Accounts Payable 6,830 6,830 6,830
Credit Cards Payable 14,007 14,007 14,007
Total Current Liabilities 27,837 27,837 27,837

DEFFERRED TAX LIABILITY - - 220,000

LONG-TERM LIABILITIES 77,842 77,842 77,842

TOTAL LIABILITIES 105,679 105,679 325,679

MEMBER'S EQUITY 1,112,053 386,293 892,053


TOTAL LIABILITIES AND MEMBER'S EQUITY $ 1,217,732 $ 491,972 $ 1,217,732
ABC Company, LLC
Statements of Operations
For the Year Ended December 31, 2013

FRF for SMEs Income Tax GAAP

SALES $ 3,315,938 $ 3,315,938 $ 3,315,938

COST OF SALES 2,675,286 2,675,286 2,675,286

GROSS PROFIT 640,652 640,652 640,652

OPERATING EXPENSES:
Advertising 5,264 5,264 5,264
Auto and Truck Expenses 3,686 3,686 3,686
Bank Service Charges 3,158 3,158 3,158
Credit Card Fees 16,621 16,621 16,621
Depreciation 8,436 182,364 8,436
Insurance 24,511 24,511 24,511
Legal and Accounting 15,943 15,943 15,943
Miscellaneous 10,963 10,963 10,963
Payroll Taxes 29,931 29,931 29,931
Rent 36,000 36,000 36,000
Repairs and Maintenance 34,370 34,370 34,370
Supplies 35,748 35,748 35,748
Travel 7,071 7,071 7,071
Utilities 28,338 28,338 28,338
Wages 199,537 199,537 199,537
Total Operating Expenses 459,577 633,505 459,577

OPERATING INCOME (LOSS) 181,075 7,147 181,075

INTEREST EXPENSE 6,237 6,237 6,237

NET INCOME BEFORE TAXES 174,838 910 174,838

INCOME TAXES:
Current - - -
Deferred - - (52,000)

NET INCOME $ 174,838 $ 910 $ 122,838


ABC Company, LLC
Statements of Member's Equity
For the Year Ended December 31, 2013

FRF for SMEs Income Tax GAAP

MEMBER'S EQUITY - BEGINNING $ 1,064,192 $ 512,360 $ 896,192

Net Income 174,838 910 122,838

Member's Withdrawals (126,977) (126,977) (126,977)

MEMBER'S EQUITY - ENDING $ 1,112,053 $ 386,293 $ 892,053


ABC Company, LLC
Statement of Cash Flow
For the Year Ended December 31, 2013

FRF for SMEs Income Tax GAAP


CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $ 174,838 $ 910 $ 122,838
Adjustments to Reconcile Net Income
to Net Cash Flows From Operating Activities:
Depreciation 8,436 182,364 8,436
Deferred Income Taxes - - 52,000
Decrease (Increase) in Operating Assets:
Trade Accounts Receivable (11,303) (11,303) (11,303)
Inventory (2,248) (2,248) (2,248)
Prepaid Income Taxes (2,300) (2,300) (2,300)
Increase (Decrease) in Operating Liabilities:
Accounts Payable (3,169) (3,169) (3,169)
Credit Cards Payable 553 553 553
Total Adjustments (10,031) 163,897 41,969
Net Cash Flows From Operating Activities 164,807 164,807 164,807

CASH FLOWS FROM INVESTING ACTIVITIES:


Purchase of Property and Equipment (172,000) (172,000) (172,000)
Net Cash Flows From Investing Activities (172,000) (172,000) (172,000)

CASH FLOWS FROM FINANCING ACTIVITIES:


Repayment of Debt (17,460) (17,460) (17,460)
Member's Withdrawals (26,977) (26,977) (26,977)
Net Cash Flows From Financing Activities (44,437) (44,437) (44,437)

NET INCREASE (DECREASE) IN CASH (51,630) (51,630) (51,630)

CASH - BEGINNING 468,030 468,030 468,030

CASH - ENDING $ 416,400 $ 416,400 $ 416,400