Laserfiche WebLink
<br />1----- _u _n_ <br />.1 E <br />II <br />I; <br /> <br />:c <br /> <br />accountants & advisors <br /> <br />DEVELOPMENT COUNSELLORS INTERNATIONAL, LTD. <br />(AN S CORPORATION) <br /> <br />NOTES TO FINANCIAL STATEMENTS <br /> <br /> <br />DECEMBER 31, 2008 AND 2007 <br /> <br />~ <br />I <br /> <br />" <br /> <br /> <br />Q <br />I: <br />I <br />'Q <br /> <br /> <br />l <br /> <br />Note 4 - Pension and Profit Sharino: <br /> <br />The Company has a 401 (k) Profit Sharing Plan which allows eligible employees to defer <br />up to 15% of their annual compensation, up to the maximum allowed per IRS <br />regulations, Employer contributions are 3% of employee's gross salaries <br /> <br />Note 5 -Income Taxes: <br /> <br />Components - Current and deferred <br /> <br />December 31, <br /> <br />2008 <br /> <br />$ 13,371 <br />8.716 <br />$ 22.087 <br /> <br />2007 <br /> <br />$ 37,198 <br />(7,258) <br />$ 29.940 <br /> <br />Current <br />Deferred <br /> <br />Temporary Differences <br /> <br /> <br />The tax effects of temporary differences that give rise to significant portions of <br />current deferred tax assets and liabilities consist of the following: <br /> <br />'0 <br />'0 <br />d <br />j <br />0, <br /> <br />.; <br /> <br /> <br />I <br /> <br /> <br />., <br /> <br />I <br />1-. ...... <br /> <br />...,....... <br /> <br />December 31, 2008 2007 <br />Deferred tax assets: <br />Accounts payable and <br />accrued expenses $ 168,779 $ 197,191 <br />Other 1.500 1,500 <br />Total $ 170,279 $ 198.691 <br />Deferred tax liabilities: <br />Accrued accounts receivable $ 185,730 $ 226,818 <br />Other 51,811 30.419 <br />Total $ 237.541 $ 257.237 <br />Net deferred tax liability $( 67 262) $ ( 58.546) <br /> <br />. "." ..---.-. .-.-.--..--.-....-. -. . <br />'. ...... "., ." . <br />