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<br />RITSCHARD BROS., INC.
<br />South Bend, Indiana
<br />BALANCE SHEETS
<br />November 30, 2019 and 2018
<br />ASSETS
<br />CURRENT ASSETS
<br />2019 2018,
<br />Cash and cash equivalents 39 39
<br />Accounts receivable 1,557,512 2,301,570
<br />Costs and estimated earnings in excess of billings on contracts in progress 627,871 154,104
<br />Prepaid expenses 34,175 25,937
<br />Total Current Assets 2.219,597 2,481.650
<br />PROPERTY AND EQUIPMENT
<br />Original cost 5,201,336 4,861,485
<br />Less accumulated depreciation 4,092,425 3,876,323
<br />Net Pro e and Equipment 1,108,911 995,162
<br />OTHER ASSETS
<br />Cash surrender value of life insurance 115,229 102,888
<br />Federal tax deposit 8,372 7,039
<br />Land held for investment, at cost 117,980 117,980
<br />Total Other Assets 241,581 227,907
<br />TOTAL ASSETS 3 570,089 3,694,719
<br />LIABILITIES AND SHAREHOLDERS' EQUITY
<br />CURRENT LIABILITIES
<br />Checks written not yet presented for payment 259,639 291,599
<br />Note payable - bank 152,563 273,875
<br />Accounts payable 397,158 323,828
<br />Current portion of long-term debt 185,310 151,015
<br />Billings in excess of costs and estimated earnings on contracts in progress 52,669 238,846
<br />Accrued expenses 239,603 263 914
<br />Total Current Liabilities 1,286,942 1,543,077
<br />LONG-TERM DEBT
<br />377,942 321,613
<br />TOTAL LIABILITIES 1.664.884 1.864.690
<br />SHAREHOLDERS'EQUITY
<br />Common stock - no par value; 3,500 shares authorized;
<br />1,201 shares issued and outstanding
<br />Retained earnings
<br />6,005 6,005
<br />1.899.200 1.824.024
<br />Total Shareholders' Equity 1,905,205 1,830,029
<br />TOTAL LIABILITIES AND SHAREHOLDERS' E UITY 3,570,089 3,694,719
<br />The Notes to Financial Statements are an integral part of this statement.
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