FPB » Topics » NOTE 2 - ACCOUNTS RECEIVABLE

This excerpt taken from the FPB 10-K filed Sep 29, 2008.

Note 2. Accounts Receivable

Accounts Receivable consists of the following:

 

     Year Ended June 30,  
     2008     2007  

Trade receivables

   $ 3,967,567     $ 3,567,893  

Other receivables

     338,109       138,845  
                

Subtotal

   $ 4,305,676     $ 3,706,738  

Less Allowance for doubtful accounts

     (21,885 )     (17,752 )
                

Net accounts receivable

   $ 4,283,791     $ 3,688,986  
                

 

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This excerpt taken from the FPB 10-Q filed Nov 16, 2005.

NOTE 2 - ACCOUNTS RECEIVABLE

 

Accounts receivable at September 30, 2004 and June 30, 2004 consisted of the following:

 

    

September 30,

2004

Restated


   

June 30,

2004

Restated


 

Trade accounts receivable

   $ 3,568,342     $ 3,590,087  

Allowance for doubtful accounts

     (82,841 )     (82,841 )
    


 


Net accounts receivables

   $ 3,485,501     $ 3,507,246  
    


 


 

The Company reviews its receivables on a regular basis and adjusts its allowance for doubtful accounts based upon its best judgment. The Company believes these amounts (net of the allowance for doubtful accounts) to be fully realizable and has pledged its receivables as collateral for its promissory note with Bank of America.

 

(Continued)

 

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Table of Contents

FOUNTAIN POWERBOAT INDUSTRIES, INC. AND SUBSIDIARY

 

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 2 – ACCOUNTS RECEIVABLE (Continued)

 

An adjustment to trade accounts receivable for $61,600 was made to reverse a duplicate sale invoice discovered in the fourth quarter ended June 30, 2005 that was attributable to the quarter ended September 30, 2004. Additionally, adjustments of $260 were made to other receivables for errors in balances at September 30, 2004, related to accrual errors and subsidiary ledger adjustments that were not made in the proper period. Beginning balances were adjusted for errors related to the prior year trade receivables for $ 630,237.

 

This excerpt taken from the FPB 10-Q filed Nov 16, 2005.

NOTE 2 - ACCOUNTS RECEIVABLE

 

As of December 31, 2004, accounts receivable were $4,345,133 net of the allowance for bad debts of $82,841. Accounts Receivable, as of June 30, 2004, were $3,507,247 net of the allowance for bad debts which amounted to $82,841. The Company reviews its receivables on a regular basis and adjusts its allowance for doubtful accounts based upon its best judgment. The Company believes these amounts (net of the allowance for doubtful accounts) to be fully realizable and has pledged its receivables as collateral for its promissory note with Bank of America.

 

Additionally, certain corrections were made to the beginning balances in accounts receivable for the quarter ended December 31, 2004, as a result of the adjustments previously made for the quarter ended September 30, 2004.

 

11


Table of Contents

FOUNTAIN POWERBOAT INDUSTRIES, INC. AND SUBSIDIARY

 

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

This excerpt taken from the FPB 10-Q filed Nov 16, 2005.

NOTE 2 - ACCOUNTS RECEIVABLE

 

As of March 31, 2005, accounts receivable were $3,473,034 net of the allowance for bad debts of $82,841. Accounts Receivable, as of June 30, 2004, were $3,507,247 net of the allowance for bad debts which amounted to $82,841. The Company reviews its receivables on a regular basis and adjusts its allowance for doubtful accounts based upon its best judgment. The Company believes these amounts (net of the allowance for doubtful accounts) to be fully realizable and has pledged its receivables as collateral for its promissory note with Bank of America.

 

Additionally, certain corrections were made to the beginning balances in accounts receivable for the quarter ended March 31, 2005, as a result of the adjustments previously made in previous quarters.

 

11


Table of Contents

FOUNTAIN POWERBOAT INDUSTRIES, INC. AND SUBSIDIARY

 

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

This excerpt taken from the FPB 10-Q filed Oct 12, 2005.

NOTE 2 - ACCOUNTS RECEIVABLE

 

Accounts receivable at September 30, 2004 and June 30, 2004 consisted of the following:

 

    

September 30,

2004

Restated


   

June 30,

2004

Restated


 
    
    

Trade accounts receivable

   $ 3,568,342     $ 3,590,087  

Allowance for doubtful accounts

     (82,841 )     (82,841 )
    


 


Net accounts receivables

   $ 3,485,501     $ 3,507,246  
    


 


 

The Company reviews its receivables on a regular basis and adjusts its allowance for doubtful accounts based upon its best judgment. The Company believes these amounts (net of the allowance for doubtful accounts) to be fully realizable and has pledged its receivables as collateral for its promissory note with Bank of America.

 

(Continued)

 

Page 11


Table of Contents

FOUNTAIN POWERBOAT INDUSTRIES, INC. AND SUBSIDIARY

 

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 2 – ACCOUNTS RECEIVABLE (Continued)

 

An adjustment to trade accounts receivable for $61,600 was made to reverse a duplicate sale invoice discovered in the fourth quarter ended June 30, 2005 that was attributable to the quarter ended September 30, 2004. Additionally, adjustments of $260 were made to other receivables for errors in balances at September 30, 2004, related to accrual errors and subsidiary ledger adjustments that were not made in the proper period. Beginning balances were adjusted for errors related to the prior year trade receivables for $ 630,237.

 

This excerpt taken from the FPB 10-Q filed Oct 12, 2005.

NOTE 2 - ACCOUNTS RECEIVABLE

 

As of March 31, 2005, accounts receivable were $3,473,034 net of the allowance for bad debts of $82,841. Accounts Receivable, as of June 30, 2004, were $3,507,247 net of the allowance for bad debts which amounted to $82,841. The Company reviews its receivables on a regular basis and adjusts its allowance for doubtful accounts based upon its best judgment. The Company believes these amounts (net of the allowance for doubtful accounts) to be fully realizable and has pledged its receivables as collateral for its promissory note with Bank of America.

 

Additionally, certain corrections were made to the beginning balances in accounts receivable for the quarter ended March 31, 2005, as a result of the adjustments previously made in previous quarters.

 

This excerpt taken from the FPB 10-Q filed Oct 12, 2005.

NOTE 2 - ACCOUNTS RECEIVABLE

 

As of December 31, 2004, accounts receivable were $4,345,133 net of the allowance for bad debts of $82,841. Accounts Receivable, as of June 30, 2004, were $3,507,247 net of the allowance for bad debts which amounted to $82,841. The Company reviews its receivables on a regular basis and adjusts its allowance for doubtful accounts based upon its best judgment. The Company believes these amounts (net of the allowance for doubtful accounts) to be fully realizable and has pledged its receivables as collateral for its promissory note with Bank of America.

 

Additionally, certain corrections were made to the beginning balances in accounts receivable for the quarter ended December 31, 2004, as a result of the adjustments previously made for the quarter ended September 30, 2004.

 

Page 11


Table of Contents

FOUNTAIN POWERBOAT INDUSTRIES, INC. AND SUBSIDIARY

 

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

This excerpt taken from the FPB 10-Q filed May 9, 2005.

NOTE 2 - ACCOUNTS RECEIVABLE

 

As of March 31, 2005, accounts receivable were $4,164,870 net of the allowance for bad debts of $82,841. Accounts Receivable, as of June 30, 2004, were $4,137,484 net of the allowance for bad debts which amounted to $82,841. The Company reviews its receivables on a regular basis and adjusts its allowance for doubtful accounts based upon its best judgment. The Company believes these amounts (net of the allowance for doubtful accounts) to be fully realizable and has pledged its receivables as collateral for its promissory note with Bank of America.

 

This excerpt taken from the FPB 10-Q filed Feb 14, 2005.

NOTE 2 - ACCOUNTS RECEIVABLE

 

As of December 31, 2004, accounts receivable were $5,036,969 net of the allowance for bad debts of $82,841. Accounts Receivable, as of June 30, 2004, were $4,137,484 net of the allowance for bad debts which amounted to $82,841. The Company reviews its receivables on a regular basis and adjusts its allowance for doubtful accounts based upon its best judgment. The Company believes these amounts (net of the allowance for doubtful accounts) to be fully realizable and has pledged its receivables as collateral for its promissory note with Bank of America.

 

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