HYNES & HOWES INSURANCE COUNSELORS, INC.
Balance Sheet
December 31, 1997 and 1996
(Unaudited)
December 31,
1997 1996
Assets
Current Assets:
Cash in Bank $ 18,050 $ 21,501
Other Current Assets 5,736 14.206
Total Current Assets $ 23,786 $ 35,707
Investments:
Investment in Affiliated Company $ 2,720 $ 2,720
Contracts Receivable-Sale of Tanglefoot
Apartments -0- 1,541,942
Contracts Receivable-Real Estate 645,236 128,398
Total Investments $ 647,956 $ 1,673,060
Total Assets $ 671,742 $ 1,708,767
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts Payable $ -0- 1,296
Buyers Escrow 10,368 25,994
Loans Payable -0- 37,000
Total Current Liabilities $ 10,368 $ 64,290
Long Term Liabilities:
Mortgage Payable-Tanglefoot Apartments $ -0- $ 972,250
Total Long Term Liabilities $ -0- $ 970,250
Total Liabilities $ 10,368 $ 1,034,540
Stockholders' Equity:
Capital Stock, no par value, 100,000,000 shares
authorized, 11,260,675 shares issued $ 3,780,765 $ 3,780,765
Paid in Capital 100 100
Retained Earnings (Deficit) (3,086,239) (3,073,386)
Treasury Stock, at cost (33,252) (33,252)
Total Stockholders' Equity $ 661,374 $ 674,227
Total Liabilities and Stockholders'
Equity $ 671,742 $ 1,708,767