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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 />2015 901d
<br />$443,301
<br />$382,082
<br />399,228
<br />249,588
<br />321,402
<br />95,123
<br />146,410
<br />197,164
<br />1,310,341
<br />923,957
<br />$1,310,341 $923,957
<br />At December 31, 2015 and 2014, all accounts receivable are considered collectible and no
<br />allowance for doubtful accounts has been recorded.
<br />NOTE 3 - PROPERTY PLANT AND EQUIPMENT
<br />The following table summarizes Property, Plant and Equipment.
<br />Land
<br />Building
<br />Professional Equipment
<br />Vehicles
<br />Furniture, Fixtures & Office Equip.
<br />Leasehold Improvements
<br />Computers
<br />Total
<br />Less: Accumulated Depreciation
<br />Net Property and Equipment
<br />2015 2014
<br />$15,000
<br />$15,000
<br />66,555
<br />66,555
<br />572,451
<br />527,002
<br />12,479
<br />47,639
<br />52,225
<br />52,225
<br />15,263
<br />15,263
<br />259,166
<br />293,049
<br />993,139 1,016,733
<br />(772,145) (844,048)
<br />$220,994 $172,685
<br />Depreciation expense was $49,099 and $52,540 for the years ended December 31, 2015 and
<br />2014, respectively, which is included in Amortization / Depreciation on the Statement of Income.
<br />Assets acquired under capital leases totaled $162,785 and $103,460 as of December 31, 2015
<br />and 2014, respectively and are included in the above schedule.
<br />During the years ended December 31, 2015 and 2014, the Companies sold or traded in property,
<br />plant and equipment with a net book value of $0 and $26,615 at a trade in/sales price of $11,750
<br />and $19,672, thereby recognizing a gain of $11,750 and a loss on disposal of $(6,943),
<br />respectively. The gain (loss) on disposal of assets has been included in the Other Income
<br />(Expense) section of the Combined Statements of Income.
<br />IM;11
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