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Wiley GAAP 2008 by Colorado Steven M. Bragg Englewood, Ralph Nach American Express Tax and Business Inc., Barry J. Epstein

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Marcus and Kelly Imrich Notes to Financial Statements

Note 1: The accompanying financial statements include the assets and liabilities of Marcus and Kelly Imrich. Assets are stated at their estimated current values, and liabilities at their estimated current amounts.

Note 2: The estimated current values of marketable securities are either (1) their quoted closing prices or (2) for securities not traded on the financial statement date, amounts that fall within the range of quoted bid and asked prices.

Marketable securities consist of the following:

 December 31, 2008December 31, 2007
StocksNumber of sharesEstimated current valuesNumber of sharesEstimated current values
Susan Schultz, Inc.  1,000$122,000
Ripley Robotics Corp.500$ 51,9271,000120,485
L.A.W. Corporation30020,7001005,000
Jay & Kelly Corp.30020,7002005,000
J.A.Z. Corporation20035,4602008,000
  $128,787 $260,485

Note 3: The interest income from state and municipal bonds is generally not subject to federal income taxes but is, except in certain cases, subject to state income tax and federal alternative minimum tax.

Note 4: The loan receivable from Carol Parker, Inc. matures January 2015 and bears interest at the prime rate.

Note 5: Partnership and joint venture interests consist of the following:

 Percent ownedCostEstimated current value 12/31/2008Estimated current value 12/31/2007
East Third Partnership50.0%$ 50,000100,000100,000
631 Lucinda Joint Venture20.010,00035,00038,000
27 Wright Partnership22.510,00040,00050,000
Eannarino ...

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