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Application of Funds:
Schedule C expenditures $630
Expenditures adjusted per audit 10,596
First Union savings account ending balance 397
First Union CDs ending balance 6,236
First Union IRA-Larry 1,000
First Union IRA-Nancy 582
U.S Savings bonds purchases 7,500
Callahan Property payments 2,400
Allendale Property payments 4,500
Suburban purchase 17,257
Note payments 584
Personal living expenses for 4 persons 17,065
Total application of funds 68,747
Excess of applications over sources of funds $29,835
1985
Source of Funds:
Schedule C gross receipts $28,500
Schedule E income (rental) 2,272
Gambling income 10,000
Interest income 639
First Union Bank savings accounts 397
First Union CDs 6,236
First Union IRA-Larry 1,000
First Union IRA-Nancy 582
Trade in for Mercedes 28,150
Total source of funds 77,776
Application of Funds:
Schedule C expenditures $16,201
Schedule E expenditures 1,094
First Union savings account 1,495
First Union CDs 6,856
First Union IRA-Larry 3,000
First Union IRA-Nancy 582
U.S Savings Bonds purchases 200
Callahan Property payments 2,400
Chris Craft boat (titled to Larry and Frank) 35,000
Ford truck 300
Ferrari purchase (titled to Larry and Frank) 38,447
GMAC note payments for Suburban 3,504
Personal living expenses for 4 persons 18,709
Total application of funds 127,788
Excess of applications over sources of funds $50,012
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