Laserfiche WebLink
<br />I <br />I' 0 <br />t : <br /> <br />E:c <br /> <br />DEVELOPMENT COUNSELLORS INTERNATIONAL, LTD, <br />(AN S CORPORATION) <br /> <br />NOTES TO FINANCIAL STATEMENTS <br /> <br />DECEMBER 31, 2009 AND 2008 <br /> <br />1"1 <br /> <br />accountants & advisors <br /> <br />:, <br /> <br />r i~. <br />l : <br />J <br />r 1 <br />i , <br />), <br />I <br />I <br />:{ <br /> <br />Note 4 - Pension and Profit Sharing: <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 />~ / <br /> <br />r "1 <br />i <br />l J <br /> <br />Note 5 -Income Taxes: <br /> <br />r " <br />I <br />I <br />I l j <br /> <br />Components - Current and deferred <br /> <br />r :, <br />I <br />L j <br /> <br />/ <br />i <br />L . <br />f <br /> <br />r " <br />, <br />I <br />LJ <br />~ <br />~ <br />r ,'~ <br /> <br />I <br />L ,,' <br />~ <br />" <br />r . <br />l j <br />~ <br />~ <br />f' <br />l,!; <br />it <br />r ' <br />i <br />l ' <br />,I <br />r J <br />L.r <br />I <br />[ <br />Lj' <br />1/ <br />'l <br />r <br />L <br />[I.. ... <br /> <br />December 31, <br /> <br />2009 <br />$ 12,355 <br />(26,099) <br />$ (13.744) <br /> <br />2008 <br />$ 13,371 <br />8.716 <br />$ 22.087 <br /> <br />Gurrent <br />Deferred <br /> <br />TemPOrarv Differences <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 />December 31 , 2009 2008 <br />Deferred tax assets: <br />Accounts payable and <br />accrued expenses $ 258,337 $ 168}79 <br />Other 1.500 1.500 <br />Total $ 259.837 $ 170.279 <br />Deferred tax liabilities: <br />Accrued accounts receivable $ 271.116 $ 185,730 <br />Other 64.588 51.611 <br />Total $ 335.704 $ 237,541 <br />Net deferred tax liability $( 75,867) $ (67,262) <br /> <br />...-:-.:::.....:..:.:....---.:-.. <br /> <br />.... ::: ~"" ,0-:", .'::',' . '," :.... .. :. :.:,'. . ....:. .. . ....~ -. -.. --.; . '-' <br /> <br />f""\ '\ .", <br />~ Ii \,J <br /> <br />...........-- ._--~ . <br />.,' ", <br />