700 Milestone One Guidelines and Rubric

Account Description201320142015
Cash on Hand $                       2,484  $                       2,548  $                       2,599
Regular Checking Account                      247,646                       253,960                       243,802
Savings Account                   3,806,198                    4,083,071                    4,205,563
Accounts Receivable                  20,513,628                   57,697,091                   49,042,528
Other Receivables                               –                      1,400,000                    1,200,000
Allowance for Doubtful Accounts                  (1,578,525)                  (1,387,691)                  (2,942,552)
Inventory                  23,531,507                   75,851,471                   65,990,780
Reserve for Inventory Obsolescence                  (3,765,000)                 (12,136,103)                 (10,558,525)
Prepaid Insurance                      929,143                    2,830,474                    2,667,722
Prepaid Rent                      250,000                                –                                  –  
Office Supplies                          9,259                           9,565                           9,182
Land                      146,250                       131,040                       131,040
Buildings and Land Improvements                      779,882                       698,775                       833,775
Machinery, Equipment, Office Furniture                      541,521                    3,280,589                    3,280,589
Accum. Depreciation                     (205,000)                     (764,692)                  (1,381,847)
Investments                      715,864                    2,238,634                    2,070,736
Other Noncurrent Assets                        67,301                                –                                  –  
Taxes Receivable/payable                               –                     (3,205,440)                  (6,011,540)
Accounts Payable                  (5,791,398)                 (22,488,866)                 (13,850,648)
Wages Payable                       (36,838)                     (264,513)                     (198,384)
FICA Employee Withholding                         (1,648)                         (9,452)                         (7,089)
Medicare Withholding                           (730)                       (12,785)                         (9,589)
Federal Payroll Taxes Payable                         (7,541)                     (132,256)                       (99,192)
State Payroll Taxes Payable                         (3,519)                       (61,720)                       (46,290)
FICA Employer Withholding                         (1,648)                         (9,452)                         (7,089)
Medicare Employer Withholding                           (730)                       (12,785)                         (9,589)
Line of Credit                 (12,500,000)                 (49,731,360)                 (44,177,211)
Current Portion Long-Term Debt                               –                    (13,440,000)                 (12,084,720)
Interest payable                               –                        (470,311)                     (568,429)
Bonuses payable                               –                        (504,000)                     (459,000)
Dividend payable                  (6,000,000)                 (15,250,000)                 (15,000,000)
Common Stock                 (10,131,250)                 (10,131,250)                 (10,131,250)
Paid-in Capital                  (9,278,750)                  (9,278,750)                  (9,278,750)
Retained Earnings                  (2,773,901)                  (2,238,105)                  (9,185,791)
Dividends                    6,000,000                   15,250,000                   15,000,000
Sales                (307,716,148)               (271,839,067)               (288,876,206)
Sales Returns                   5,621,979                   12,432,247                   23,110,096
Warranty Expense                   1,375,352                    1,297,104                    1,444,381
Income from Investments                               –                     (1,227,199)                  (1,138,905)
Interest Income                     (255,379)                     (147,707)                     (142,168)
Cost of Goods Sold                 176,961,527                 161,029,981                 179,103,248
Freight                   5,378,689                    4,749,095                    4,325,068
Advertising Expense                   1,121,425                    1,161,276                    1,057,591
Auto Expenses                      261,218                       235,763                       214,713
Research and Development                  39,015,418                       592,335                    3,080,313
Depreciation Expense                      166,250                       581,012                       617,155
Warehouse Salaries                   5,791,730                    5,348,208                    4,870,689
Property Tax Expense                      100,619                       111,252                       101,319
Legal and Professional Expense                   4,506,417                   10,435,113                    9,503,406
Bad Debt Expense                   2,028,032                    5,875,403                   13,963,800
Insurance Expense                   1,067,428                    1,045,085                       951,774
Maintenance Expense                        76,420                         96,220                         87,629
Utilities                      169,554                       170,855                       155,600
Phone                        95,467                         58,911                         53,651
Postal                      160,042                         87,140                         79,360
Miscellaneous Office Expense                        21,279                         27,879                         25,390
Payroll Tax Exp                   1,938,736                    1,767,149                    1,609,368
Pension/Profit-Sharing Plan Ex                   3,750,000                    3,696,000                    3,366,000
Rent or Lease Expense                   3,254,357                    1,351,363                    2,230,705
Administrative Wages Expense                  21,094,132                   18,344,399                   19,706,506
Bonus expense                               –                         504,000                       459,000
Interest Expense                   1,093,750                    3,373,056                    2,842,147
Income Tax Expense – Federal                   2,956,250                   14,142,240                    7,269,540
Income Tax Expense – State                      536,250                    2,503,200                    1,258,000
Loss on Legal Settlement                  23,965,000                                –                                  –  
 
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