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Craig A. Smith & Associate, Inc. and MPS31), LLC
<br />Notes to Financial Statements
<br />NOTE 2 — ACCOUNTS RECEIVABLE
<br />The Companies recognized accounts receivable per the revenue recognition policy. The below
<br />table summarizes the accounts receivable as of December 31 for each year end.
<br />Current
<br />31 — 60 Days
<br />61 — 90 Days
<br />91 Days and over
<br />Total Accounts Receivable
<br />Allowance for Doubtful Accounts
<br />Net Accounts Receivable
<br />NOTE 3 — PROPERTY, PLANT AND EQUIPMENT
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<br />$ 480,957 $ 443,301
<br />507,513 399,228
<br />179,064 321,402
<br />107,792 146,410
<br />$1,275,326 $1,310,341
<br />$1,275,326 $1,310,341
<br />The following table summarizes Property, Plant and Equipment.
<br />2016
<br />Land
<br />$ 15,000
<br />Building
<br />66,555
<br />Professional Equipment
<br />532,280
<br />Vehicles
<br />8,480
<br />Furniture, Fixtures & Office Equipment
<br />37,1.77
<br />Leasehold Improvements
<br />0
<br />Computers
<br />233,330
<br />Total
<br />892,822
<br />Less: Accumulated Depreciation
<br />(575,155)
<br />Net Property and Equipment
<br />$317,667
<br />2015
<br />$ 15,000
<br />66,555
<br />572,451
<br />12,479
<br />52,225
<br />15,263
<br />259,166
<br />993,139
<br />(772,145)
<br />$220,994
<br />Depreciation expense was $51,280 and $49,099 for the years ended December 31, 2016 and
<br />2015, respectively, which is included in Amortization / Depreciation on the Statement of Income.
<br />Assets acquired under capital leases totaled $253,202 and $162,785 as of December 31, 2016
<br />and 2015, respectively and are included in the above schedule.
<br />During the years ended December 31, 2016 and 2015, the Companies sold property, plant and
<br />equipment with a net book value of $3,200 and $0 at a sales price of $3,250 and $11,750,
<br />thereby recognizing a gain of $50 and $11,750, respectively. The gain on disposal of assets has
<br />been included in the Other Income section of the Combined Statements of Income.
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