ChemaliteInc Accounting & Finance 1)
CHEMALITE INC. CASH TRANSACTION SUMMARY SUMMARY FOR SIX MONTH PERIOD ENDED JUNE, 2003
DATE
Amount
January 2, 2003 January 15, 2003 June 15, 2003 June 24, 2003 Cash Balance as June
$ 375,000 $ (7,500) $ (62,500) $ (75,000) $ 230,000
Description
R eceived f rom invstors upon issueing share Pa id for legal, charter and printing expenses Bu ilding the machinery Purchasing Plastics and Chemicals
2)
CHEMALITE INC INCOME STATEMENT FOR THE PERIOD ENDED JUNE 31, 2003
REVENUES: Fees Earned
$ -
EXPENSES: Pre-operative expenses Patent Amortization Net Income (Loss)
$ (7,500) $ (12,500) $ (20,000)
Analysis: The company has been incurred a loss equail to only $ 20,000 not t he amount claimed by Mr. Larson, as it has not star ted production and making money by selling the products The incurred loss has been due to pre-operative expenses and amortization of the patent for six months.
3)
CHEMALITE INC. Balance Sheet JUNE 31, 2003
ASSET CURRENT ASSETS $ 230,000 $ 75,000
CASH PLASTIC & CHEMICAL
$ 305,000
TOTAL CURRENT ASSET FIXED ASSETS $ 62,500
PLANT AND MACHINERY PATENT Less patent amortization
$ 125,000 $ (12,500) $ 112,500
TOTAL FIXED ASSET
$ 175,000
TOTAL ASSET
$ 480,000
LIABILITIES $ -
TOTAL LIABILITIES
STOCKHOLDERS' EQUITY CAPITAL STOCK RETAINED EARNING TOTAL STOCKHOLDER EQUITY
TOTAL STOCKHOLDER EQUITY A ND LIABILITIES
$ 500,000 $ (20,000) $ 480,000
$ 480,000
