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<br /> E :e DEVELOPMENT COUNSELLORS INTERNATIONAL, LTD.
<br /> . (AN S CORPORATION)
<br /> r"
<br /> [ accountan! advisors BAlANCE SHEETS
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<br /> (I~ FOR THE YEARS ENDED DECEMBER 31,
<br /> ;,1. 2008 2007
<br /> i ASSETS
<br /> ! Current Assets:
<br /> 'J Cash and cash equivalents $ 28,799 $ 18.448
<br /> I Accounts receivable 1,238,155 1,052,425
<br /> ,
<br /> i Work in progress 196,704 153,807
<br /> J Investments 1,703 1,703
<br /> Loans and exchanges 25,479 9,838
<br /> Prepaid expenses 141,985 0
<br /> 1,632,825 1,236,221
<br /> f' ,
<br /> i . Property and equipment - less accumulated depreciation
<br /> of $ 771,442 and $ 662,190 in 2006 and 2007 respectively 684,929 839,351
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<br /> Security deposits 261.250 400,255
<br /> i. ..
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<br /> I Total Assets $
<br /> r I, $ 2,579.004 2,475,827
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<br /> tf LIABILITIES AND SHAREHOLDERS' EQUITY
<br /> r " Current Liabilities:
<br /> I Accounts payable and accrued expenses $ 298,113 $ 229,334
<br /> 'f Accrued pension payable 54,392 63.488
<br /> t ' Income taxes payable 3,750 27,820
<br /> l f Line of credit 500,000 400,000
<br /> Lease payable 16,955 19,863
<br /> r ' Deferred rent payable 58,712 58,712
<br /> I Deferred taxes payable 67,262 58.546
<br /> l J
<br /> '\ 999,184 857,763
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<br /> I Long Term Liabilities:
<br /> l"
<br /> > Lease payable 0 48.595
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<br /> r ~, Total Liabilities 999,184 906,358
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<br /> J Shareholders' Equity
<br /> lq_ Common stock - 100 shares issued and
<br /> outstanding; without par value at aggregate
<br />r' stated value 20,000 20,000
<br />lJ Retained earnings and undistributed "S" Corporation
<br /> :, taxable earnings 1,619.820 1',609,469
<br /> , Less: Treasury stock at Cost (60,000) (60,000)
<br /> :!
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<br />I 1,579.820 1,569,469
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<br /> 1 Total liabilities and Shareholders' Equity $ 2,579,004 $ 2,475,827
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<br />: .t ~~B
<br /> See accountant's review report and notes to financial statements. 01
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