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Appendix F
SOURCE AND APPLICATION OF FUNDS
LARRY, RONNIE, & SYLVIA JOHNSON
1987
Larry Johnson
Source of Funds:
Schedule C gross receipts $36,325
Interest income 144
First Union Bank savings accounts 1,684
First Union IRA-Larry 3,000
First Union IRA-Nancy 582
First Union IRA interest distribution 249
Sun Bank checking account 2,598
Sun Bank savings account 211
Contract deposit 1,500
Total source of funds 146,293
Application of Funds:
Schedule C expenditures $26,453
Schedule E expenditures 2,456
Sun Bank checking account 5,283
Sun Bank savings account 5,860
Credithrift mortgage ($83,684) payment 14,400
Credithrift mortgage ($56,346) payment 9,699
Renovations per IRS appraisal 50,000
GMAC note payments for Suburban 3,504
Personal living expenses for 4 persons 232,753
Less: Housing costs 2$5,288
Vehicle acquisition costs 23,008 (8,296)
Total application of funds 142,112
Excess of applications over sources of funds $95,819
1The sources of funds itemized above does not reflect
$14,000 in income from rents which respondent included and then
took out of the source and application of funds analysis for
Larry. Respondent now concedes that Larry received $14,000 in
rental income during 1987.
2Petitioners do not agree with the amounts reflected for
these items.
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