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<br /> 5 FINANCIAL BACKGROUND
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<br /> Fahlgren, Inc. and Subsidiaries
<br /> dba Fahlgren Mortine
<br /> Consolidated Balance Sheets
<br /> (Restated) 410
<br /> December 31, 2016 2015
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<br /> Liabilities and Stockholders'Equity
<br /> Current Liabilities
<br /> Media accounts payable $ 5,658,414 $ 7,433,146
<br /> Trade and other accounts payable 89,156 109,669
<br /> Accrued media liability 3,037,522 4,326,117
<br /> Client prebillings 604,670 812,009
<br /> Current portion of notes payable and long-term debt 1,636,997 1,890,481
<br /> Current portion of capital lease 50,801 6,080
<br /> Income taxes payable 307,661 160,455
<br /> Accrued expenses 571,715 830,944
<br /> Total Current Liabilities 11,956,936 15,568,901
<br /> Long-term Liabilities
<br /> Long-term debt,net of current portion 924,950 1,369,672
<br /> Capital lease obligation,net of current portion 52,607 -
<br /> Deferred tax liability,net 501,671 510,058
<br /> Other non-current liabilities and deferrals 77,528 122,958
<br /> 1,556,756 2,002,688
<br /> Total Liabilities 13,513,692 17,571,589
<br /> Stockholders'Equity
<br /> Common stock(S1 par value;50,000 shares authorized;
<br /> 885 shares issued and outstanding in 2016 and 2015) 885 885
<br /> Additional paid in capital 375,076 375,076
<br /> Retained earnings 5,040,830 4,833,872
<br /> Total Stockholders'Equity 5,416,791 5,209,833
<br /> Total Liabilities and Stockholders'Equity $ 18,930,483 $ 22,781,422
<br /> See accompanying notes to the consolidated financial statements,
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<br /> TURNER 68 --------- RFP: 17-10-01
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