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STATE OUTDOOR ADVERTISING, INC.
Balance Sheet Summary
December 31, 1977 through 1981
Unaudited--Compiled
Assets 1977 1978 1979 1980 1981
Cash $43,249 $13,913 ($1,870) ($20,209) $-0-
Accounts receivable 80,073 73,390 69,820 79,393 100,457
Other -0- -0- 20,284 12,894 15,053
Total current
assets 123,322 87,303 88,234 72,078 115,510
Fixed assets
at cost 868,285 899,498 1,075,979 1,154,330 1,195,232
Less: accum.
depreciation (458,552) (470,956) (485,735) (502,526) (529,414)
Net fixed assets 409,733 428,542 590,244 651,804 665,818
Land 172,911 175,638 175,638 175,638 64,060
Other assets 10,917 16,954 18,617 24,359 24,335
TOTAL ASSETS 716,883 708,437 872,733 923,879 869,723
Liabilities and equity
Bank overdraft -0- -0- -0- -0- 48,049
Accounts payable 3,897 13,488 -0- -0- -0-
Notes payable -0- -0- 20,000 15,000 15,000
Accruals: other 22,120 (19,640) 45,289 20,221 6,666
Total current
liabilities 26,017 (6,152) 65,289 35,221 69,715
Note payable: bank -0- -0- 78,333 99,877 -0-
Note payable:
Manhattan Life -0- -0- -0- 21,042 21,042
Total long-term
liabilities -0- -0- 78,333 120,919 21,042
Common stock 19,800 19,800 19,800 19,800 19,800
Retained earnings 709,541 733,265 747,787 786,415 797,642
Less: Treasury stock (38,476) (38,476) (38,476) (38,476) (38,476)
Total equity 690,865 714,589 729,111 767,739 778,966
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY 716,882 708,437 872,733 923,879 869,723
Set forth below is a comparative statement of income of SOAI
for the years ending 1981 and 1982 as shown by its unaudited
records:
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