Business Valuation

Sheet1

Dec 31, 10
ASSETS
Current Assets
Checking/Savings
Banks-Cash
First Citizens Bank
Manner Account	259,493.76
Payroll Account	-48,769.67
First Citizens Bank - Other	-36,510.00
Total First Citizens Bank	174,214.09
TD Bank	4,987.62
Total Banks-Cash	179,201.71
Total Checking/Savings	179,201.71
Accounts Receivable
Accounts Receivable
Manner Accounts Receivable	1,219,841.22
MG Accounts Receivable	10,264.54
Total Accounts Receivable	1,230,105.76
Total Accounts Receivable	1,230,105.76
Other Current Assets
Deposits (refundable)	1,500.00
Employee Loans
Blanchfield, Steve	488.53
Total Employee Loans	488.53
Goodwill	10,000.00
Prepaid Purchases
Prepaid Material	5,204.70
Total Prepaid Purchases	5,204.70
Total Other Current Assets	17,193.23
Total Current Assets	1,426,500.70
Other Assets
Loan To/From Other Entity
Loan To/From Other Entity - Other	-5,551.48
Total Loan To/From Other Entity	-5,551.48
Office Equipment
Computers/Software	18,443.25
Other Equipment	2,773.44
Office Equipment - Other	529.97
Total Office Equipment	21,746.66
Total Other Assets	16,195.18
TOTAL ASSETS	1,442,695.88
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Accounts Payable
Accounts Payable
Manner Accounts Payable	1,461,192.89
Accounts Payable - Other	-407.23
Total Accounts Payable	1,460,785.66
Total Accounts Payable	1,460,785.66
Credit Cards
Amex 64006 (manner card)	29,928.38
Amex 91007 (HP card)	14,963.04
Sunoco (5162)	257.92
Total Credit Cards	45,149.34
Other Current Liabilities
Payroll Liabilities
401k
CBIZ Benexx 401(k)	1,776.39
TransAmerica bal-pay to Benexx	33,508.83
Total 401k	35,285.22
941	6,770.30
CA Disability (Employee)	76.30
CA Employment Training Tx	13.57
CA SUI	461.36
CA W/H	372.73
FUTA	217.24
MD W/H	1,346.16
SUTA	302.26
Total Payroll Liabilities	44,845.14
Total Other Current Liabilities	44,845.14
Total Current Liabilities	1,550,780.14
Long Term Liabilities
Notes Payable
First Citizens LOC	250,304.52
Total Notes Payable	250,304.52
Total Long Term Liabilities	250,304.52
Total Liabilities	1,801,084.66
Equity
Opening Balance Equity	-422,991.98
Retained Earnings	122,932.28
Net Income	-58,329.08
Total Equity	-358,388.78
TOTAL LIABILITIES & EQUITY	1,442,695.88

&"Arial,Bold"&8 4:20 PM &"Arial,Bold"&8 02/24/11 &"Arial,Bold"&8 Accrual Basis &"Arial,Bold"&12 Manner Resins, Inc. &"Arial,Bold"&14 Balance Sheet &"Arial,Bold"&10 As of December 31, 2010

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