Balance Sheet for Johnson & Sons Heating, Plumbing, & Air

As of December 31, 2024

Assets

Acct # Account Name 2024 Amount ($) % 2023 Amount ($) Change ($)
Current Assets
Cash and Cash Management
1010 Cash and Cash Equivalents $2,850,000 10.0% $2,450,000 $400,000
1011 Operating Accounts - Unrestricted $1,850,000 6.5% $1,650,000 $200,000
Wells Fargo - Phoenix Operations $925,000 3.2%
Zions Bank - Salt Lake Operations $555,000 1.9%
FirstBank - Denver Operations $370,000 1.3%
1012 Payroll Accounts $650,000 2.3% $550,000 $100,000
1013 Restricted Cash - Project Escrows $350,000 1.2% $250,000 $100,000
Contract Assets and Receivables
1200 Accounts Receivable - Trade $11,600,000 40.7% $10,850,000 $750,000
1210 Progress Billings Receivable $7,540,000 26.5% $7,050,000 $490,000
1211 Current (0-30 days) $4,524,000 15.9%
1212 31-60 days $2,262,000 7.9%
1213 61-90 days $603,200 2.1%
1214 Over 90 days $150,800 0.5%
1220 Retainage Receivable $2,320,000 8.1% $2,175,000 $145,000
1221 Expected within 12 months $1,624,000 5.7%
1222 Expected 12-24 months $696,000 2.4%
1230 Completed Contract Receivables $928,000 3.3% $868,000 $60,000
1240 Change Order Receivables $580,000 2.0% $435,000 $145,000
1245 Back-charge Receivables $232,000 0.8% $217,500 $14,500
1250 Less: Allowance for Doubtful Accounts ($140,000) -0.5% ($130,400) ($9,600)
1260 Contract Assets (Unbilled Revenue/WIP) $4,440,000 15.6% $3,960,000 $480,000
1261 Costs in Excess of Billings $2,220,000 7.8%
1262 Estimated Earnings on Uncompleted Contracts $1,776,000 6.2%
1263 Materials Stored for Future Use $444,000 1.6%
Inventory and Supplies
1300 Inventory $1,800,000 6.3% $1,650,000 $150,000
1310 HVAC Equipment Inventory $720,000 2.5% $660,000 $60,000
Trane Equipment $288,000 1.0%
Carrier Equipment $216,000 0.8%
Other HVAC Brands $216,000 0.8%
1320 Plumbing Materials $540,000 1.9% $495,000 $45,000
1330 Sheet Metal & Ductwork $216,000 0.8% $198,000 $18,000
1340 Controls & Automation Components $144,000 0.5% $132,000 $12,000
1350 Consumables & Small Tools $108,000 0.4% $99,000 $9,000
1360 PPE & Safety Equipment $72,000 0.3% $66,000 $6,000
Prepaid Expenses and Other Current Assets
1400 Prepaid Expenses $450,000 1.6% $425,000 $25,000
1410 Prepaid Insurance $180,000 0.6% $170,000 $10,000
General Liability $72,000 0.3%
Workers Compensation $54,000 0.2%
Other Insurance $54,000 0.2%
1420 Prepaid Licenses & Bonds $135,000 0.5% $127,500 $7,500
1430 Prepaid Software & Technology $54,000 0.2% $51,000 $3,000
1440 Prepaid Rent & Leases $45,000 0.2% $42,500 $2,500
1450 Other Prepaid Expenses $36,000 0.1% $34,000 $2,000
1500 Other Current Assets $660,000 2.3% $550,000 $110,000
1510 Supplier Rebates Receivable $330,000 1.2% $275,000 $55,000
1520 Employee Advances $132,000 0.5% $110,000 $22,000
1530 Income Tax Refunds Receivable $99,000 0.3% $82,500 $16,500
1540 Other Receivables $99,000 0.3% $82,500 $16,500
Total Current Assets $21,800,000 76.5% $20,285,000 $1,515,000
Property, Plant and Equipment
Real Property
1600 Land $1,500,000 5.3% $1,500,000 $-
1601 Phoenix Land (5 acres) $800,000 2.8%
1602 Salt Lake City Land (3 acres) $400,000 1.4%
1603 Denver Land (2 acres) $300,000 1.1%
1610 Buildings and Improvements $6,000,000 21.1% $6,000,000 $-
1611 Phoenix Facility (40,000 sq ft) $3,200,000 11.2%
1612 Salt Lake City Facility (20,000 sq ft) $1,600,000 5.6%
1613 Denver Facility (15,000 sq ft) $1,200,000 4.2%
1620 Less: Accumulated Depreciation - Buildings ($1,300,000) -4.6% ($1,050,000) ($250,000)
Net Buildings and Land $6,200,000 21.8% $6,450,000 ($250,000)
Equipment and Vehicles
1700 Fleet Vehicles $4,250,000 14.9% $3,900,000 $350,000
1710 Service Trucks (65 units) $2,925,000 10.3%
1720 Vans (15 units) $525,000 1.8%
1730 Management Vehicles (5 units) $250,000 0.9%
1740 Heavy Trucks & Trailers $550,000 1.9%
1800 Construction Equipment $2,300,000 8.1% $2,150,000 $150,000
1810 Fabrication Equipment $920,000 3.2%
1820 Lifting Equipment (Cranes, Hoists) $690,000 2.4%
1830 Welding & Cutting Equipment $460,000 1.6%
1840 Testing & Diagnostic Equipment $230,000 0.8%
1900 Shop Tools and Equipment $1,150,000 4.0% $1,100,000 $50,000
2000 Office Equipment and Technology $1,500,000 5.3% $1,500,000 $-
2010 Computer Hardware $450,000 1.6%
2020 Software Licenses (Capitalized) $600,000 2.1%
2030 Office Furniture & Fixtures $300,000 1.1%
2040 Communication Equipment $150,000 0.5%
2100 Less: Accumulated Depreciation - Equipment ($3,800,000) -13.3% ($3,200,000) ($600,000)
Net Equipment and Vehicles $5,400,000 18.9% $5,450,000 ($50,000)
Total Property, Plant and Equipment (Net) $11,600,000 40.7% $11,900,000 ($300,000)
Intangible Assets
2200 Customer Relationships $2,200,000 7.7% $2,200,000 $-
2210 Less: Accumulated Amortization ($1,100,000) -3.9% ($880,000) ($220,000)
Net Customer Relationships $1,100,000 3.9% $1,320,000 ($220,000)
2300 Trade Name and Trademarks $880,000 3.1% $880,000 $-
2310 Less: Accumulated Amortization ($440,000) -1.5% ($352,000) ($88,000)
Net Trade Name $440,000 1.5% $528,000 ($88,000)
2400 Non-Compete Agreements $300,000 1.1% $300,000 $-
2410 Less: Accumulated Amortization ($240,000) -0.8% ($180,000) ($60,000)
Net Non-Compete Agreements $60,000 0.2% $120,000 ($60,000)
Total Intangible Assets (Net) $1,600,000 5.6% $1,968,000 ($368,000)
Other Long-Term Assets
2500 Deferred Tax Assets (State NOLs) $165,000 0.6% $150,000 $15,000
2600 Security Deposits and Bonds $132,000 0.5% $120,000 $12,000
2610 Utility Deposits $66,000 0.2%
2620 License Bonds $66,000 0.2%
2700 Life Insurance Cash Surrender Value $88,000 0.3% $80,000 $8,000
2800 Other Assets $115,000 0.4% $102,000 $13,000
Total Other Long-Term Assets $500,000 1.8% $452,000 $48,000
TOTAL ASSETS $35,500,000 124.6% $34,605,000 $895,000

Liabilities and Shareholders' Equity

Acct # Account Name 2024 Amount ($) % 2023 Amount ($) Change ($)
Current Liabilities
Trade and Operating Payables
3100 Accounts Payable - Trade $5,850,000 16.5% $5,425,000 $425,000
3110 Material Suppliers $2,925,000 8.2% $2,712,500 $212,500
HVAC Equipment Suppliers $1,755,000 4.9%
Plumbing Suppliers $877,500 2.5%
Other Material Suppliers $292,500 0.8%
3120 Subcontractor Payables $1,755,000 4.9% $1,627,500 $127,500
Controls & Automation Subs $702,000 2.0%
Insulation & Sheet Metal Subs $526,500 1.5%
Other Specialty Subs $526,500 1.5%
3130 Operating Expense Payables $877,500 2.5% $813,750 $63,750
3140 Retainage Payable $292,500 0.8% $271,250 $21,250
Accrued Liabilities
3200 Accrued Expenses $1,650,000 4.6% $1,525,000 $125,000
3210 Accrued Payroll $495,000 1.4% $457,500 $37,500
3220 Accrued Union Benefits $247,500 0.7% $228,750 $18,750
3230 Accrued Bonuses $297,000 0.8% $274,500 $22,500
3240 Accrued Vacation/PTO $214,500 0.6% $198,375 $16,125
3250 Accrued Interest $115,000 0.3% $106,250 $8,750
3260 Accrued Workers Compensation $99,000 0.3% $91,125 $7,875
3270 Other Accrued Expenses $182,000 0.5% $168,500 $13,500
Tax Liabilities
3300 Sales Tax Payable $344,250 1.0% $326,000 $18,250
3310 Arizona Sales Tax $172,125 0.5%
3320 Utah Sales Tax $103,275 0.3%
3330 Colorado Sales Tax $68,850 0.2%
3400 Payroll Tax Liabilities $275,400 0.8% $260,800 $14,600
Contract Liabilities
3500 Contract Liabilities (Billings in Excess of Costs) $4,400,000 12.4% $3,960,000 $440,000
3510 Customer Deposits $1,320,000 3.7% $1,188,000 $132,000
3520 Advance Billings on Contracts $2,200,000 6.2% $1,980,000 $220,000
3530 Deferred Revenue - Service Contracts $880,000 2.5% $792,000 $88,000
Short-Term Debt
3600 Line of Credit - Wells Fargo $5,000,000 14.1% $4,500,000 $500,000
3700 Current Portion of Long-Term Debt $825,000 2.3% $775,000 $50,000
3710 Current Portion - Equipment Loans $525,000 1.5%
3720 Current Portion - Mortgages $300,000 0.8%
3800 Other Current Liabilities $280,350 0.8% $227,800 $52,550
Total Current Liabilities $18,825,000 53.0% $17,299,600 $1,525,400
Long-Term Liabilities
4000 Equipment Loans (Net of Current Portion) $1,725,000 4.9% $1,825,000 ($100,000)
4010 Vehicle Financing $1,035,000 2.9%
4020 Equipment Financing $690,000 1.9%
4100 Mortgages Payable (Net of Current Portion) $2,200,000 6.2% $2,400,000 ($200,000)
4110 Phoenix Facility Mortgage $1,100,000 3.1%
4120 Salt Lake City Facility Mortgage $660,000 1.9%
4130 Denver Facility Mortgage $440,000 1.2%
4200 Deferred Compensation Obligations $550,000 1.5% $500,000 $50,000
4300 Self-Insurance Reserves $385,000 1.1% $350,000 $35,000
4400 Warranty Liabilities $413,100 1.2% $391,200 $21,900
4500 Other Long-Term Liabilities $236,900 0.7% $239,200 ($2,300)
Total Long-Term Liabilities $5,510,000 15.5% $5,705,400 ($195,400)
TOTAL LIABILITIES $24,335,000 68.6% $23,005,000 $1,330,000
Shareholders' Equity
5000 Common Stock ($1 par value) $100,000 0.3% $100,000 $-
Authorized: 500,000 shares
Issued and Outstanding: 100,000 shares
5100 Additional Paid-In Capital $500,000 1.4% $500,000 $-
5200 Retained Earnings $10,565,000 29.8% $11,000,000 ($435,000)
5300 Accumulated Other Comprehensive Income $- 0.0% $- $-
TOTAL SHAREHOLDERS' EQUITY $11,165,000 31.4% $11,600,000 ($435,000)
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $35,500,000 100.0% $34,605,000 $895,000