Music in Urban Schools Inspiring Change

“MUSIC Inc.”

“| Other Expenses:, Amount:| Employer Liability Tax, $6361| Payroll processing fees, $1743| Insurance, $739| Wifi internet, $755| card processing fees, $21| Program supplies, $393| bank fees, $7| Storage fees, $25| Moving Fees, $160| Returned Payment, $1000| Loan interest paid, $1595|”

“| Explanation:, BOYAmount:, EOYAmount:| accounts recivable, $0, $20116|”

“| Explanation:, BOYAmount:, EOYAmount:| Credit Card: Part II net assets Line 27 differ from Part I Line 21 because Part II reflects all outstanding liabilities at year-end including principal balances on loans and credit cards. Principal payments reduce liabilities but are not recorded as expenses in Part I where only interest and other operational costs are included. Cash outflows for principal are therefore reflected in liabilities not in Part I expenses. This explains any difference between Part I net assets and Part II Line 27., $10807, $10807| Business Loan: Part II net assets Line 27 differ from Part I Line 21 because Part II reflects all outstanding liabilities at year-end including principal balances on loans and credit cards. Principal payments reduce liabilities but are not recorded as expenses in Part I where only interest and other operational costs are included. Cash outflows for principal are therefore reflected in liabilities not in Part I expenses. This explains any difference between Part I net assets and Part II Line 27., $5776, $0| PPP Loan repayment: Part II net assets Line 27 differ from Part I Line 21 because Part II reflects all outstanding liabilities at year-end including principal balances on loans and credit cards. Principal payments reduce liabilities but are not recorded as expenses in Part I where only interest and other operational costs are included. Cash outflows for principal are therefore reflected in liabilities not in Part I expenses. This explains any difference between Part I net assets and Part II Line 27., $2133, $524|”