|
West Construction, Inc. and Subsidiaries
<br />Consolidated Balance Sheets (Continued)
<br />December 31, 2014 and 2013
<br />2014 2013
<br />Liabilities
<br />Current Liabilities
<br />Accounts payable $ 4,626,393 $ 5,519,544
<br />Accrued expenses 83,710 46,926
<br />Foreign income tax payable 5,490 7,343
<br />Billings in excess of costs
<br />and estimated earnings on
<br />uncompleted contracts 705,440 386,655
<br />Lines of credit -0- 933,915
<br />Notes payable - current portion 33,169 7,572
<br />Related party notes payable - current portion 222,476 100,000
<br />Total current liabilities
<br />5,676,678 7,001,955
<br />Long -Term Liabilities
<br />Notes payable - less current portion 72,316 8,009
<br />Related party notes payable - less current portion 1,257,524 1,380,000
<br />Total long-term liabilities 1,329,840 1,388,009
<br />Total liabilities 7,006,518 8,389,964
<br />Stockholders' Equity
<br />Common stock - $1 par value, 1,000
<br />shares authorized, issued and outstanding
<br />Additional paid -in capital
<br />Retained earnings
<br />Total stockholders' equity
<br />1,000
<br />19,563
<br />6,056,986
<br />1,000
<br />19,563
<br />4,652,767
<br />6,077,549 4,673,330
<br />Total liabilities and stockholders' equity $ 13,084,067 $ 13,063,294
<br />Read the accompanying notes and independent auditors' report.
<br />-4of18-
<br />
|