- 5 -
1992 1993 1994
Gross receipts $19,612 $23,362 $11,430
Depreciation 167 - 0 - - 0 -
Interest income 9,344 11,482 11,562
Office expense 458 743 80
Rent - machinery 2,578 1,467 - 0 -
Rent - property 10,203 11,662 7,260
Taxes - 0 - 225 - 0 -
Supplies 129 - 0 - - 0 -
Travel 12,794 - 0 - - 0 -
80 percent meals 1,482 383 - 0 -
Fuel 211 1,960 948
Car rental 3,831 5,243 6,592
Material - 0 - 15,242 64
Legal/professional 308 - 0 - 67
Expenses for PSI - 0 - - 0 - 20,340
Total Expenses 41,505 48,407 46,913
Net loss 21,893 25,045 35,483
The following items of income and deductions are reported
on PSI’s corporate Federal income tax returns:
1992 1993 1994
Income
Gross receipts $66,879 $8,425 $2,204
Cost of goods sold 28,446 35,444 5,049
Gross profit 38,433 (27,019) (2,845)
Deductions
Wages $24,206 $16,825 $13,141
Repairs/maintenance - 0 - 270 - 0 -
Rents 31,949 19,043 13,459
Taxes 2,540 2,290 1,768
Interest 2,391 4,922 10,289
Depreciation 305 258 184
Other1 7,200 8,816 4,986
Total 68,591 52,424 43,827
Net loss 30,158 79,533 46,672
1 Items in this category include: Alarm and security,
bank charges, car and truck expense, insurance, legal and
professional, office, postage, repair and maintenance, telephone,
travel, and utilities.
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Last modified: May 25, 2011