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Display Solutions Inc. 12 <br /> their former business. <br /> Depreciation-Depreciation is calculated on a straight-line method based upon the <br /> associated life of Display Solutions assets. Computers and telephones are depreciated <br /> over 5 years, office furniture is depreciated over 7 years and manufacturing equipment is <br /> depreciated over 5 years. <br /> ,111 <br /> Estimated taxes-The annual amount estimated to cover taxes is calculated at an average <br /> ` percent of 22 percent of net income before taxes. This amount is computed on a monthly <br /> basis. <br /> Balance Sheet <br /> Balance Sheet <br /> For years ending March 2005, 2006,2007 <br /> Year 1 Year 2 Year 3 <br /> Assets: <br /> Current assets: <br /> Cash 46,136 251,866 516,274 <br /> Accounts receivable(net) 95,040 126,720 134,640 <br /> Inventory 25,000 25,000 25,000 <br /> Total current assets 166,176 403,586 675,914 <br /> PPE(net) 178,629 134,257 89,886 <br /> Other assets(net) 7,400 5,800 4,200 <br /> Total assets 352,205 543,644 770,000 <br /> F40 Liabilities and equity: <br /> Current liabilities: <br /> Accounts payable 42,600 57,400 61,000 <br /> Current maturities 37,379 39,823 42,443 <br /> t Total current liabilities 79,979 97,223 103,443 <br /> Long-term liabilities(net) 127,519 87,697 45,254 <br /> Total liabilities 207,499 184,919 148,697 <br /> Equity 144,706 358,724 621,303 <br /> Total liabilities and equity 352,205 543,644 770,000 <br /> �vzti <br />