Cavendish Cove Cottages—Balance Sheets As at December 31

ASSETS 2006 2007 2008 2009

Cash $0 $ 8,113 $ 4,084
Marketeable Securities $0 $ 18,750 $ 6,250
Accounts Receivables $ 2,944 $ 189 $ 1,605
Income Taxes Receivables $ 1,340 $0 $0
Total Current Assets $ 4,284 $ 27,052 $ 11,939 $0

Land $ 16,655 $ 16,495 $ 16,495

Gross Fixed Assets $ 518,700 $ 580,604 $ 612,986
less: Acum Amorti $ 242,210 $ 268,175 $ 295,748
Net Value $ 276,490 $ 312,429 $ 317,238 $0

Total Fixed Assets $ 293,145 $ 328,924 $ 333,733

Other Assets $1 $ 1,919 $ 1,493
Total Assets $ 297,430 $ 357,895 $ 347,165 $0

LIABILITIES AND EQUITY

Line of credit $ 2,784 $ - $ -
Accounts Payable $ 7,223 $ 4,300 $ 4,818
Income Taxes Payable $ - $ 8,209 $ 8,405
Bonus Payable $ 7,500 $ 10,000 $ 10,000
Demand loan $ 31,250 $ 31,250 $ 37,500
Cuur Portion of long term debt $ 21,797 $ 22,272 $ 22,271
Total Current Liabilities $ 70,554 $ 76,031 $ 82,994 $ -
Long Term Debt $ 116,040 $ 149,544 $ 127,273
Payable to Share Holders $ 38,440 $ 30,390 $ 24,610
Total Liabilities $ 225,034 $ 255,965 $ 234,877 $ -
Common Shares $ 3,125 $ 3,125 $ 3,125
Retained Earnings $ 69,273 $ 98,805 $ 109,163
Net Equity $ 72,398 $ 101,930 $ 112,288
Total Liabilities and Equity $ 297,432 $ 357,895 $ 347,165 $ -