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<br />r <br /> <br />SBLM ARCHITECTS. P.C. <br />(AN S CORPORATION) <br /> <br />NOTES TO FINANCIAL STATEMENT <br /> <br />DECEMBER 31, 2009 <br /> <br />NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES <br /> <br />Orqa n ization <br /> <br />S8LM Architects, P.C. (the "Company"), was incorporated in the State of New York on <br />June 17, 1993. The Company performs architectural consulting services throughout the <br />United States. <br /> <br />Cash EQuivalents <br /> <br />The Company considers all highly liquid investments with maturity of three months or less <br />to be cash equivalents. <br /> <br />Revenue Recoonition <br /> <br />The Company recognizes revenues as services are performed. On long-term contracts, <br />the Company recognizes revenue utilizing the percentage of completion method, measured <br />by the percentage of cost incurred to date, to estimated total cost for each contract. <br />Provisions for estimated losses on uncompleted contracts are made in the period in which <br />such losses are determined. Changes in estimated profitability may result in revisions to <br />costs and income, which are recognized in the period in which the revisions are determined <br />and are accounted for as changes in estimates in the current period. <br /> <br />Fixed Assets <br /> <br />Fixed assets are recorded at cost. Depreciation is generally provided on a straight-line <br />method for personal property and for leasehold improvements over the estimated useful <br />lives of the various assets as follows: <br /> <br />Office equipment <br />Furniture and fixtures <br />Leasehold improvements <br /> <br />5 years <br />7 years <br />39 years or lease term, whichever is less <br /> <br />Maintenance and repairs are expensed as incurred while renewals and betterments are <br />capitalized. <br />