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732 Gaines Street Davenport IA 52802


     Gateway Redevelopment Group

     2007 Balance Sheet

     Accrual Basis as of December 31, 2007

                                                                 

     ASSETS

        Current Assets

           Checking/Savings

             1000 Checking                                                     3,807.92

             1001 Savings                                                      1,158.06

           Total Checking/Savings                                                4,965.98

            Accounts Receivable

             1200 Accounts Receivable

                1201 730 Gains - Jipp                                  21,768.37

                1202 822 Gains - Stone Soup                            30,000.00

             Total 1200 Accounts Receivable                                   51,768.37

            Total Accounts Receivable                                            51,768.37

         Total Current Assets                                                    56,734.35

         Fixed Assets

           1500 Jipp

             1501 Phase 1 - Stabilization

                1502 Building Materials                           6,366.80

                1503 Demolition                                     300.00

                1504 Masonry                                      6,795.00

                1506 Roofing                                      1,278.50

             Total 1501 Phase 1 - Stabilization                        14,740.30

              1510 Phase 2 - Restoration

                1511 Building Materials                           2,526.85

                1512 Electrical and Mechanical                    2,206.91

                1513 Flooring                                    10,772.00

                1514 Framing                                      1,608.00

                1515 Masonry                                      2,590.00

                1516 Real Estate Taxes                            1,149.00

                1517 Roofing                                     36,883.00

                1518 Finishing                                    2,315.38

             Total 1510 Phase 2 - Restoration                          60,051.14

            Total 1500 Jipp                                                    74,791.44

            1550 822 Gains

             1551 Mechanical                                           19,361.64

             1552 Framing                                              38,333.17

             1553 Windows                                               6,395.20

             1554 Interior                                             14,317.42

             1555 Painting                                              2,856.13

             1556 Staircase                                             3,268.05

             1557 Applinances, Cabinets, Fixtures                       4,196.85

             1558 Siding and Porch                                      8,932.92

             1559 822 Misc                                                846.19

             1560 Hauling                                                 994.00

             1562 Loan Interest                                         2,523.00

           Total 1550 822 Gains                                              102,024.57

         Total Fixed Assets                                                     176,816.01

      TOTAL ASSETS                                                              233,550.36

      LIABILITIES & EQUITY

        Liabilities

           Current Liabilities

             Accounts Payable

                2000 Accounts Payable                                         43,735.76

             Total Accounts Payable                                             43,735.76

            Total Current Liabilities                                            43,735.76

            Long Term Liabilities

             2500 Notes Payable Loans

                2505 822 Gain St.                                      30,000.00

                2515 QuadCities Housing Cluster                        30,000.00

             Total 2500 Notes Payable Loans                                   60,000.00

            Total Long Term Liabilities                                          60,000.00

         Total Liabilities                                                      103,735.76

         Equity

           1110 Retained Earnings                                            130,622.65

           3000 Opening Bal Equity                                              -143.14

           Net Income                                                             -664.91

        Total Equity                                                           129,814.60

      TOTAL LIABILITIES & EQUITY                                                233,550.36

  
 

Gateway Redevelopment Group, Davenport, Iowa