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Related to Accrued Expense: unearned revenue, Accrued Revenue
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Previously Adjustment As Adjusted Reported For the six months ended June 30, 2006 Deferred tax assets $ 1,057,000 $ (300,000) $ 757,000 Accrued expenses 2,148,000 (11,000) 2,137,000 Shareholders' equity 22,095,000 (290,000) 21,805,000 Selling, general & administrative expenses 8,372,000 (72,000) 8,300,000 Net income 588,000 66,000 654,000 Net income attributable to shareholders 568,000 66,000 634,000 Earnings per share 0.
978 26,785 Investments-Endowment 50 50 Fixed Assets, Net 3,433 3,019 Trust Assets-Deferred Compensation 786 716 TOTAL ASSETS S 44,109 $ 43,185 LIABILITIES AND NET ASSETS: Current Liabilities: Accounts Payable S 634 S 577 Accrued Expenses 1,544 1,188 Deferred Revenues 8,703 9,777 Deferred Lease Costs, Current Portion 200 194 Total Current Liabilities 11,081 11736 Deferred Lease Costs, Less Current Portion 1,851 1,844 Deferred Compensation 786 716 TOTAL LIABILITIES 13,718 14,296 Commitments Met Assets: Unrestricted: Board Designated 7,500 6,500 Undesignated 20,921 20,300 Temporarily Restricted 1,920 2,039 Permanently Restricted 50 50 Total Net Assets 30,391 28,889 TOTAL LIABILITIES AND NET ASSETS $ 44,109 $ 43,185
Companies should be particularly careful when reporting inventory, accounts receivable and accrued expenses.
Taxpayers that have not deducted accrued expenses (other than interest), payable to related foreign parties, until these expenses are paid may now be able to deduct such expenses when accrued.
A matching principle applied to accrued expenses owed by a domestic taxpayer to a related foreign person.
847 LIABILITIES AND NET ASSETS: Current Liabilities: Accounts Payable $577 $ 328 Accrued Expenses 1,188 1,234 Deferred Revenues 9,777 10,411 Deferred Lease Costs.
The decrease in operating and net income is primarily due to the same realization of prior years' revenue plus the reversal of accrued expenses related to a legal settlement of approximately $61,000 - both of which occurred in the quarter ended September 30, 2007.
The decreased EBITDA was due to the collection and recognition of revenue from prior periods and the reversal of accrued expenses related to a legal settlement discussed above.
Excluding the recognition of prior year revenue and the reversal of accrued expenses related to a legal settlement, net income decreased by approximately $61,000 from the first quarter of the prior fiscal year.
TABLE OMITTED] Footnotes: (a) The difference between total assets and total net assets is due primarily to the issuance of preferred stock and/or the Fund's use of borrowings; total assets do not include accrued expenses, other liabilities, borrowings and the redemption value of preferred stock, if any.
Cash was used primarily for accounts payable and accrued expenses, which totaled $1,467,444 offset, in part, by accounts receivable of $377,677.