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TIMOTHY ROSE CONTRACTING, INC. <br />BALANCE SHEET <br />DECEMBER 31, 2007 <br />ASSETS <br />CURRENT ASSETS: <br />Cash $ 53,548 <br />Marketable securities 501316 <br />Contracts receivable 21052,370 <br />Cost and estimated earnings <br />in excess of billings on <br />uncompleted contracts 11,588 <br />Other receivables 17,050 <br />Total Current Assets $ 21184,872 <br />PROPERTY AND EQUIPMENT: <br />Construction equipment 31123,917 <br />Office furniture and equipment 46,091 <br />Vehicles 11095,229 <br />4,265,237 <br />Less: Accumulated depreciation 3,911,043 <br />354,194 <br />OTHER ASSETS: <br />Security deposits 517 <br />LIABILITIES AND STOKHOLDERS' EQUITY <br />CURRENT LIABILITIES: <br />Current portion of long term debt $ 1051955 <br />Accounts payable 693,783 <br />Billings in excess of costs and estimated <br />earnings on uncompleted contracts 54,445 <br />Other payables 81849 <br />Total Current Liabilities $ 863,032 <br />LONG TERM DEBIT: <br />Long term debt, less current portion 150,608 <br />STOCKHOLDERS' EQUITY: <br />Common stock, $1 par value, 500 shares <br />authorized, issued and outstanding 500 <br />Additional paid -in capital 277,897 <br />Retained earnings 1,247,546 <br />1,525,943 <br />Read the accompanying notes and accountants' review report <br />2 <br />