HomeMy WebLinkAbout12-31-1987
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FWD DEVELOPMENT CO.o LTD.
A LIMITED PARTNERSHIP
DENTON, TEXAS
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ANNUAL AUDIT
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FOR THE YEAR ENDING
DECEMBER 31, 1987
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FWD DEVELOPMENT CO., LTD.
DENTON TEXAS
DECEMBER 31, 1987
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TABLE OF CONTENTS
Auditor's Opinion 1
Statement of Financial Position 2
I Statement of Operations 3
Statements of Partner's Equity 4
Statement of Changes in Financial Position 5
Notes to the Financial Statements 6-7
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MASTON A. WRIGHT
+f+ CCATIF190 PUnLIC ACCOUNTANT
42S PIRATATATF BANK B[,nO.
DENTON,TEXA$ 74201 AMER[AN CAN INSTITUTE
417/d47 4721 Cf:HTIFIED PUBLIC ACCOUNTAN,rs
March 16, 1988
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Partners -
FWD DEVELOPMENT CC,, LTD,
P.O. Box 50065
Denton, Texas 76206
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{ We have examined the statement of financial position of FWD Development
Co,, LTD as of December 31, 1987, and the related statements of operations,
k partners' equity, and changes in financial position of the Year then ended, Our
examination was made in accordance with generally accepted auditing stsndcrds and,
accordingly, included such tests of the accounting records and such other auditing
procedures as we considered necessary.
In our opinion, the financial statements examined by us present fairly tho
financial position ,of FWD Development Co„ LTD as of December 31, 1987, and the
results of its operations and changes in its financial position for the year
then ended in conformity with generally accepted accounting principles applied
on u basis consistent with that of the proceeding year,
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Sincerely, I
' 14aaton A. Wright
Certified Public Acaountaut
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FWD IEVELOPMENT CO., LTD,
STATEMENT OF FINANCIAL POSITION
AS OF DECEMBER 31, 1987
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ASSETS
Currant Assets
Cash in Bank $ 13,174.55
Prepaid Insurance 20823,83
Total Current Assets $ 15,998.36
Fixed Assets
Rquipment $ 81561.26
Fixtures 149,718,90
Building 11229,851,85
Land 3970786.98
Accumulated Depreciation ( 1710x461,00)
Total Fixed Asaate $L_j 614,057.99
j 't'otal. Assets 1,630 056.37
LIABILITIES AND PARTNER'S Bi~llITY
Current Liabilities
Accrued Expenses $ 27,721,09
Customers Deposits 81419 33
Currant Portion of Long-Term Debt _ 115,384.56
F Total Current Liabilities $ 151,5. 98
Long-Term Debt X216,307.84
j Total Liabilitiea $1,367,832.82
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f+ Partners' Capital 262,223.55
Total Liabilities and Partners' Equity $1,6300056.37
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{ Soo Accompanying Notes to the Financial Statoments
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FWD DEVELOPMENT CO., LTD
STATEMENT OF OPERATIONS
FOR THE YEAR ENDING DECEMBER 31, 1981
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Revenue
Rents $ 211,792.54
{ Operating Expenues
Returns/Refunds $ 61431.25
Interest 107,700.74
5upl;lies 1,695.23
Seminar/Travel 1,183 00
Taxes 21$28114
Utilities 6,992.88
Insurance 6,034,35
Depreciation 62,001,00
Salary 20,332,27
Management Fee 12,034.25
Repairos Maintenance 70023,11
Advertisement 5,531.85
Miscellaneous 40086.41
`E Ryder Commissions 31878_14
` Total Operating Expenses
$ 266,452.62
Not Income (Loss) From Operations $ ( 54,660.08)
Other Income
Interest $ 1,963.31
Total Other Income 11963:31
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Net Income (Loss) 52 6Sf6,7
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Bee Accompanying Notes to the Financial Statements
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Y FWD DEVELOPMENT CO., LTD.
T STATEMENT OF PARTNERS' EQUITY
FOR THE YEAR ENDING DECEMBER 31, 1987
Balance, December 31, 1986 $ 314,920.32
Net Income (Goes) ( 52,696.77)
Balance, December 31, 1987 $ 2622 23.55
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Sae Accompanying Notes to the Vinenciel Statements
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FWD DEVELOPMUT CO, LTD.
F1 STATEMENT OF CHANGES IN FINANCIAL POSITION
FOR THE YEAR ENDED DECEMBER 311 1987
Net Income (Loos) $ (52,696,77)
Adds Charges againat income not requiring an outlay
of working capital - Depracietion ._620001.00
$ 9, 0 .23
Funds Providedt
Decrease in Other Assets 51557.58
14,861.81
Funds Applied)
Purchase fo Fixo(i Assets $ 886.63
Decrease in Long-Terid Debt 81069,10
( Decrease in Working Capital ( 67 193,92T
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Changes In Working Cnpi.Eals
Increase (Docroaae) in Current Aasetst
cash (40,283.51)
Prepaid Expenses 424.07
i ~ 0)-_ 38
Increase (Decrease) in Cure.idt Liabil.itleai
Accrued Taxes
t Customer Deposits $ 271720.0, 9
( 634.6
Increase (Decrease) in Working Capital 1!._ L67,793.92
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{ Sao Accompanying Notes to the Plirancial Stntamentri
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FWD DEVELOPMENT CO,, LTD,
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31 1987
1, Summary of Significant Aecountin& Policies
The accounting policies of FWD Development Co„ Ud„ a Texas Limited
Partnership, conforms to generally accepted accounting principles and to general
accounting practices. The following is a summary of significant policies,
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Basis of Accounting
The Partnership maintains its records on the accrual basis of '
accounting for financial reporting purposes and on the cash basis
for tax purposes,
Fixed Aaseto
1 Equipment, fixtures, building, and land ere stated at cost. Construction
interest totaling $47p062 has bean eapitallead and recorded in the fixed
asset accounts, Depreciation of auseti is provided primarily on the straight-
line method based on estimated useful iivos of the related Assets, Maintenance
and repairs are charged to operating expenseal capital improvements are
capitalized,
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As FWD Development Co„ LTD„ is a partnership, all income or losses and
j l tax oredito are allocated directly to the individual. partners as outlined in I
the limited partnership agreement,
3. Fixed Assata
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k An analysis of. lea i improvements nud equipment is as followat r
Estimated Life !i
Equipment 3 - 7 years $ 8,561,26
Fixtures 5 - 10 years 149018490
Building 30 years 112291851o85
r Land
Total 397.,78698
$ 1,785,918.49
Accumuluted Depreciation ( 1711861,00)
Net Fixed Asuetsl 61057,99
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FWD DEVELOPMENT CO., LTD.
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 1987
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4. Long--Term Debt
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Long-Term Debt consisted of the following
Mortgage Note- 80% of Prime, Interest rate 'range B-11,2X,
fifteen year amortization with a seven year
call. Secured by assets of the partnership,
Due In monthly installments. $ 113070692,40
I Note Payable- Interest rata 10,75%, Due I-5-89. Secured
by aggets of the partnershl.. 24,000.00
Total Debt $ 10311692.40
P Current Portion of Debt 150384.56)
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g'al`. Total Long Term Debt $ 1,2161307.84
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