Age to Come

“Client Note 1 - CAPITALIZATION POLICY1 PURPOSE THIS ACCOUNTING POLICY ESTABLISHES THE MINIMUM COST (CAPITALIZATION AMOUNT) THAT SHALL BE USED TO DETERMINE THE CAPITAL ASSETS TO BE RECORDED IN THE COMPANYS BOOKS AND FINANCIAL STATEMENTS.2 - CAPITAL ASSET DEFINITION AND THRESHOLDS A "CAPITAL ASSET" IS A UNIT OF PROPERTY WITH A USEFUL LIFE EXCEEDING ONE YEAR AND A PER-UNIT ACQUISITION COST EXCEEDING $2,500 OR, IF HIGHER, THE AMOUNT ALLOWED BY IRS REGULATIONS AND PROCEDURES. CAPITAL ASSETS WILL BE CAPITALIZED AND DEPRECIATED OVER THEIR USEFUL LIVES. THE COMPANY WILL EXPENSE THE FULL ACQUISITION COST OF TANGIBLE PERSONAL PROPERTY BELOW THESE THRESHOLDS IN THE YEAR PURCHASED.3 - CAPITALIZATION METHOD AND PROCEDURE ALL CAPITAL ASSETS ARE RECORDED AT HISTORICAL COST AS OF THE DATE ACQUIRED. TANGIBLE ASSETS COSTING BELOW THE AFOREMENTIONED THRESHOLD AMOUNT ARE RECORDED AS AN EXPENSE FOR THE COMPANY'S ANNUAL FINANCIAL STATEMENTS OR BOOKS. IN ADDITION, ASSETS WITH AN ECONOMIC USEFUL LIFE OF 12 MONTHS OR LESS MUST BE EXPENSED FOR BOTH BOOK AND FINANCIAL REPORTING PURPOSES.4 - DOCUMENTATION INVOICES SUBSTANTIATING THE ACQUISITION COST OF EACH UNIT OF PROPERTY ARE TO BE RETAINED FOR A MINIMUM OF 5 YEARS.”

“Advertising and Promotion $4131”

“Office Expenses $6038”

“Travel $27342”

“Depreciation $2829”

“Insurance $734”

“Continuing education $4028”

“BENEVOLANCE $500”

“Machinery and Equipment - Beginning $5071 Machinery and Equipment - Ending $3224”

“Miscellaneous - Beginning $4740 Miscellaneous - Ending $9526”

“Accounts Receivable - Beginning $3405 Accounts Receivable - Ending $1728”

“Receivables-Officers, Directors, Etc. - Beginning $1073 Receivables-Officers, Directors, Etc. - Ending $721”

“Inventories - Beginning $14704 Inventories - Ending $12081”

“Accounts Payable and Accrued Expenses - Beginning $8558 Accounts Payable and Accrued Expenses - Ending $7698”