financials
GLENN KAY EVANS FARMS, INC.
PROFIT &LOSS
January through December 2020
INCOME Jan – Dec 2020
Donation Incomed-General Public 46,054.00
SILVER EAGLE SALES - (Investments) $14,645.00
Interest income $50.00
Total Income $60,699.50
EXPENSE
Adustments (Bookkeeping error-Pending correction) (47.82)
Advertising and PR Expense 8.50
Commissions Expense 641.90
Cost of Goods Sold 45,780.00
Insurance Expense 1,928.00
Interest Expense 3,023.28
Maintenance & Repair Expense 392.71
Postage Expense 1,043.41
Seed Expense 124.96
Service Storage Expense 18.75
Taxes-Real Estate 817.00
USPO Box Rental Expense 86.80
Utilities Expense (Installation of Electricity) 286.64
Total Expense 54,104.13
NET Gain 6,595.37
​
​
BALANCE SHEET
As of December 31, 2020
ASSETS Dec 31, 2020
Current Assets
Security State Bank-Checking 4,449.92
Security State Bank-Savings #1 201.88
Total Checking/Savings 4,651.80
Petty Cash 82.07
MONEX CREDIT COMPANY-(ASSET HOLDING 22,890.00
MONEX CREDIT COMPANY—(TRADING ACCOUNT) 415.83
Deposits 550.00
Accounts Receivable 249.04
Appliances 23.00
Farm Library 256.95
Total Current Assets 33,773.49
Fixed Assets
Furniture and Equipment 3,653.68
Farm Equipment-Freeze Dry-Food Preservation 4,290.00
Orchard Installation q 1,197.57
Property-Bus. Bldg-309 S. Wewoka--Wewoka, OK(PP) 37,415..55
Shelter –Outhouse Building 100.00
Shelter-Two Mobile Homes 6,115.00
Land-30 Acres-Wewoka, OK 33,843.82
Total Fixed Assets 86,595.62
TOTAL ASSETS 120,369.11
========
LIABILITIES & NET WORTH
Current Liabilities
Accounts Payable 192.40
Discover Personal Loans- 5,793.46
Evans, Jack R. Loan 41,165.22
Total Current Liabilities 47,149.08
Long Term Liabilities -0-
Total Liabilities 47,149.08
Equity
Unrestricted Net Assets 66,624.66
Net Gain 6,595.37
Total Equity 73,220.03
TOTAL LIABILITIES & EQUITY 120,369.11
NOTE TO BALANCE SHEET
(1)—Funds advanced by Jack Evans, $ 41,165.22, as a loan will not be recalled for payment until funds are available from grantsand
in the event of Evans death before repayment has been made it is in his Will that all debts owed to him
by Glenn Kay Evans Farms, Inc. are forgiven.
(2)—Glenn Kay Evans Farms, Inc. is the sole heir in Jack Evans’s Will and there is a $20,000 insurance policy on Evans life with his Wife, Barbara Evans as the beneficiary. Barbara died 27 Oct 2018, so Evans has made Glenn Kay Evans Farms, Inc. as the sole beneficiary.
________________________________________ _________________
Jack R. Evans (Date)
​
​