The Greeley and Loveland Irrigation Company Statements of Cash Flows for the Years ended October 31 2000 and 1999

• Description: The Greeley and Loveland Irrigation Company Statements of Cash Flows for the Years ended October 31 2000 and 1999. Pages 1-5 missing
• State: CO
• Title: The Greeley and Loveland Irrigation Company Statements of Cash Flows for the Years ended October 31 2000 and 1999
• Water Supply Pro - Doc Type: Budget

THE GREELEY AND LOVELAND IRRIGATION COMPANY
Greeley, Colorado
Notes to Financial Statements
October 31, 2000
Note 3 - Notes Payable (Continued)
The following is a summary of annual maturities at October 31, 2000:
Year Ended
Annual
October 31,
Maturities
2001
8,035
2002
8,353
2003
8,683
2004
9,027
2005
9,384
2006 -2029
269,987
Total 313,469
Note 4 - Refundable Escrow Obligation and Gain on Sale of Assets
During prior years, the Company entered into three sales contracts.
The contracts required $15,000 in earnest money. The contracts are
contingent and conditional upon the purchaser obtaining approval of
plans and specifications for city annexation. In the event of
annexation or development problems, which would prevent completion of
the sale, the $15,000 is retained by the Company.
Note 5 - Income Taxes
The refund of (provision for) income taxes consists of the following:
Federal Income Tax (4,326)
State Income Tax (1,370)
Change in Deferred Income Tax 14,958
Total 9.262
A deferred tax liability of $459,126 is the result of differences
between the financial reporting basis and income tax basis of land and
other fixed assets in the amount of $1,184,841. A deferred tax asset
in the amount of $114,656 was due to existing temporary differences of
$257,226 in depreciation expense. These result in a net deferred tax
liability of $344,470.
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