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HomeMy WebLinkAboutFinancial Report r: TEMPLE AND TEl\1PLE EXCAVATING AND PAVING, INCORPORATED FINANCIAL REPORT DECEMBER 31, 2005 r> ~ ~ ~ 1 ~ if Jones, Nale & ! i ~ i V ~ Mattingly PLC {": "'.tICl.~~""OI Nnwoltl( Of INOCPO.01IH F,.us Certified Public Accountants --~---= -,,'~, r\ TEMPLE AND TEMPLE EXCAVATING AND PAVING, INCORPORATED FINANCIAL REPORT December 31,2005 E-> TEMPLE AND TEMPLE EXCAVATING AND PAVING, INCORPORATED BALANCE SHEETS December 31, 2005 and 2004 ASSETS 2005 2004 CURRENT ASSETS Cash and cash equivalents $ 313,084 $ 639,464 Contract receivables, less allowanceJor doubtful accounts, zero both years, includes retained percentage of $123,278 for 2005 and $132,640 for 2004 1,101,536 1,547,172 Accounts receivable, affiliated companies (Note 2) 891,487 267,126 Loans receivable, affiliated companies (Note 2) 74,408 57,467 Costs and estimated earnings in excess of billings on uncompleted contracts (Note 3) 35,927 16,981 Refundable income taxes 86,019 11 ,316 Total current assets $ 2,502,461 $ 2,539,526 PROPERTY AND EQUIPMENT, at cost Land $ 7,050 $ 7,050 Buildings 146,427 146,427 Trucks 1,424,808 1)77,950 r-". . Machinery and. equipment 4,111,933 3,983,101 Office furniture and fixtures 39,121 39,121 $ 5,729,339 $ 5,553,649 Less accumulated depreciation 5,020,389 4,756,752 $ 708,950 $ 796,897 DEFERRED INCOME TAXES (Note 7) $ 124,093 $ $ 3,335,504 $ 3,336,423 r. The Notes to Financial Statements are an integral part of these statements. - 2 - . . .., . '-':_' '-""""""'.~'.o~,~~_,,,,,,,,,'~..,,...~,~~_........-.-__....-._.. ,'~..~.._..,._.____ r-, i LlABILlTIES AND STOCKHOLDERS' EQUlTY ~ ~ CllRRENTLIABILITIES I CUlTent maturities o[Jong-tenn debt (Note 5) $ $ 31,623 Accounts payable and accrued expenses 199,469 290,001 Accounts payable, affiliated Company (Note 2) 163,780 Loan payable, affiliated Company (Note 2) 140,000 Billings in excess of costs and estimated earnings on uncompleted 24,93~ 78,878 contracts (Note 3) $ 528,187 $ 400,502 Total current liabilities $ 1,410,000 $ 1,010,000 NOTES PAYABLE, stockholders' loans (Note 6) $ $ 25,173 DEFERRED INCOME TAXES (Note 7) STOCKHOLDERS' EQUIT$Y100 par value; authorized . .1 t ck common. . ~ CapIta so, .. d.l 048 shares 2 000 shares; Issue , , Retained earnings . ed for the treasury, Less cost of shares reacqUlr common, 524 shares 104,800 $ 104,800 $ 2,226,923 1 723,492 , $ 2331,723 $ 1,828,292 , 430,975 430,975 $ 1,900,7-1-8 $ 1,397,317 $ 3,335,504 $ 3,336,423