OCR Text |
Show Page 38 South Edition Lakeside Review Wednesday , July 13, 1983 Restoration of Corvettes Is Fulfillment of Teenager's Dream be his own, said. By IRENB JANES Ravlsw Correspondent - Scott WEST BOUNTIFUL Marshall has been interested in fast cars since he was 16 when he owned a Pontiac. But the. Pontiac was continually beaten in short races by Chevys. I decided if I couldnt beat them, I would join them. He looked at Novas and Corvettes. He knew that the speed of the car would be better if the. weight of the body was lighter. use a And, since vettes fiberglass shell instead of metal, he began his plans to purchase the American sportscar. Since that time, Marshalls goals changed from racing to restoration of the classic Cor-- . vette design. After high school graduation in Provo, he left home to work in the steel mill at Gary, Ind. Living conditions were bad and the pay was only a little over $2 per hour. He kept his mind on saving enough money to purchase his first used Corvette. At age 18 he purchased a 1958 Corvette for $800. The car is now worth A his wife Marsha typical procedure for his business is to spend some $7,000. Within two years he had purchased a 1961 Corvette for $650, which is now valued at $6,500. He returned to Utah and earned an auto mechanics degree from Utah Technical College. Then he began his restoration business. A Corvette business is a specialty. Marshall prefers working on Corvettes to regular auto restoration and repair work. I work with Corvettes because I love it and its not like working to me, he said. Scott is meticulous in his work even down to the design of each different bolt head. He restores each car as if it were to months each year traveling to different states where he purchases Corvettes in all conditions. He completely restores most of them while some are used for parts. He also sells parts for Corvettes. Most of his business is by phone out of state as he receives calls for cars or parts and ships them all over the United States. His local business is only a small part of his overall business. Marshall does all electrical, engine, painting and upholstery work. With each complete restoration he even removes the body from the chassis and sandblasts it. A body from a Corvette weighs 500 pounds. When an individual calls for a particular year of Corvette to purchase he can give his wishes as far as color, interior and even the percentage of work on restoration that is wanted. Some people will want a vehicle only 85 percent restored so they can complete some of the work themselves. The University of Utah sponsors the Councours d Elegance on campus and Marshall has an entry each year. The Car Show at the Salt Palace has brought him first place recognition on his entries. The judging is on originality and overall condition of the vehicle. Marshall has been featured in many National Corvette Publications in articles about his restored cars. When asked about the safety of a Corvette his reply was, They are very safe and peoples belief that the fiberglass body is more dangerous is a He explained, misnomer. The interior of the car is what injures people in a wreck. A Corvette body by nature of its construction more gradually slows the car down on impact. I have seen Corvettes incredibly wrecked and later found most passengers had only minor injuries. The wreckage looks shockingly bad because it is fiberglass but it actually cushions the amount of impact to passengers. Rises Slower Phone Costs Still lower pared with a Despite pressure from infla- service continues to be a bar-gai- n Consumer. Thats the conclusion of a recent study conducted by the. economic analysis section of AT&T. The study deals with the relative cost of telephone service in the United States over the past 43 years. Expressed in hours of work needed by a manufacturing worker to pay for a months local telephone service, the cost stood at one hour and 20 minutes on Jan. 1 of this year. Thats a increase over 1982, but is far less than the six hours required in 1940 the first year or the two hours of the study one-tim- - 63 cents in 1940 to $8.50 in 1983. Local telephone cost-base- d four-minu- te in 1967. The increase in the hours of work measure in 1983 was caused by an 11.8 percent rise in the basic local service charge over the previous year, com 6.4 Those wages were held down by the recession. AT&T officials said several factors caused the relatively rapid rise in basic local service, including equipment cost increases resulting from rapid inflation and increases in the cost of capital. Recent rate increases also reflect efforts to move toward pricing of local service, as well as depreciation policies adopted by the FCC and e accounting charges in the treatment of the cost of telephone connections. Deregulation is a major factor in all of those changes. The value of telephone ser? vice over the long run, however, for the American 1400 creased from percent increase in manufacturing wages. tion, continually increasing equipment costs, competition and cost of capital,' telephone service rates rose by 210 perbut hourly cent from manufacturing worker earnings jumped a whopping 1,249 per1940-198- 3, cent. Putting it another way, the average manufacturing worker works only 23 percent as long in to pay for basic monthly telephone service as in 1940. AT&T officials said the companys high productivity rate when compared to the economy as a whole is the main reason the average cost of local telesubphone service has risen stantially less since 1940 than average consumer prices. 1983 Telephone charges for the AT&T study relate to the cities remains an established fact. included by the Bureau of Labor Reason for that value is that for Statistics in the data base for 42 years, rates did not rise as the Consumer Price Index. The fast as wages. While the aver- number of cities selected has 32 in 1919 to 95 preage monthly telephone charge risen from 1940 to $11.38 sently. Logan is among the 95 rose from $3.67 in in 1983, the average hourly - communities included in the earnings in manufacturing in study. 1940100 Jan.-Feb- - 1200 of Corvettes, America's classic sports car. SCOTT MARSHALL of West Bountiful has always enjoyed fast cars, and now he puts that interest into the restoration . Average, 1983' His reply to why Corvettes cost so much and are so desirable was, Every American male, at one time in his life wants to own one. The company will produce 10 to 20 thousand per year. Another Frozen Custard Shop Opens in Bountiful At the turn of the century, BOUNTIFUL ice creams were actually frozen custards. Grandmas favorite recipe probably called for about six eggs along with several pints of real cream. Kids didnt mind taking a turn cranking the homemade ice cream maker because the reward was a bowl of smooth, rich, ice cream that was worth all the hard work. As ice cream became more popular, but expensive, manufacturers turned to milk rather than cream, and whey and soy rather than eggs for consistency. They added to the demise of real ice cream by using imitation vanilla, fruit, and chocolate flavorings. Thus did ice cream as it was known to those lucky dogs in the good old days cease to exist. Then to the Boardwalk in Atlantic City, New Jersey, came a new or actually old idea. Real frozen custard. Made with real eggs and real cream, people in the East and South began really licking it up. The frozen custard is now in the West at Nielsens Frozen Custard in the Crossroads Mall in Salt Lake City. Nielsens is one of only a handful of stores selling frozen custard this side of the Mississippi River. Customer response has been so great since the shop opened in October of 1981, that another store is soon to open in Bountiful the end of June at 2081 South Orchard Drive next to Smiths Food King. The company is now being organized into a national franchise with locations opening in southern California this summer. Steven L. Nielsen and Douglas E. Nielsen, of the frozen custard stores, are brothers who have lived in south Davis for more than 20 years. We are certain that the residents of this area will enjoy unique Nielsens Frozen Cu- said Doug, who has worked in Salt Lake City in public relations and hospital develop- stard, ment. Steve was a Seminary teacher at Viewmont and Bountiful High Schools, and he later worked in commercial real estate development in Davis County. According to Doug, Nielsens Frozen Custard has no imitation ingredients, soy or whey, and is made with only fresh dairy cream and has six times as many eggs as conventional ice cream. He said that Nielsens manufactures the special freezing machine which is specially designed to make only frozen custard. The machine produces a smoother and creamier product than most regular ice creams, he said. People who appreciate the difference in quality and taste recognize frozen custard as a great family treat. Besides three different sizes of cones, shakes, sundaes, floats, and sodas, they also and barbecued beef sandserve coney-dog- s wiches and drinks. e They make 10 flavors which they smoothto of assure every couple hours ness and quality taste. fresh-freez- Keep Good Tax Record for Business If you run a business, good bookkeeping is essential when it comes to preparing accurate and complete tax returns, according to Carol M. Fay, District Director for Utah. You may choose any organized way of setting up your books or records that is suited to your business, Director Fay commented. She added that the records must substantiate the income, deductions, and credits shown on returns. In addition to your permanent books of account, your records should include receipts, paid bills, and canceled checks to support entries on your books and tax returns. These records should be filed in an orderly manner and stored in a safe place. For most small businesses, the business checkbook is the prime source for entries in business records, the IRS Director said. 1000 800 600 BOOKKEEPING one account and as a credit entry in another account. After you post the journal entries to the ledger accounts, the total of the amounts you entered as debits must equal the total of the amounts you entered as credits. If the accounts do not balance, then you have made an error. You can get additional information on balance sheets, profit and loss statements, and definitions of accounting terms, such as journal, ledgers, debits, credits, and other basic accounting terms and procedures from various Small Business Administration publications, the IRS Director SYSTEM or doubleuse either a single-entr- y single-entrThe of bookkeeping. entry system system is the simplest to keep. This system does, however, have its limitations. You may find that system is better because it has the double-entr- y built-ichecks and balances for more accuracy You may y 400 n and control. SINGLE-ENTR- 200 Residence Telephone Service (CPI Component) 1940 45 '50- 55 '60 '65- - 70 75 '80 '83 a slight increase this year, the hours of work needed to pay for local phone service have decreased significantly since 1940. Qne reason for the marked improvement is that local service rates have risen much less than consumer prices and wages. SYSTEM Y With the single-entr- y you record a daily summary of cash receipts, a monthly summaryex-of receipts, and monthly summary of paid penses. This is not a complete accounting system. However, it is adequate to record income and expenses for tax purposes. This system centers on the profit and loss statement and not the balance sheet of a business. DOUBLE-ENTR- DESPITE Y SYSTEM The double-entrsystem is Since all business transactions consist of an exdouble-entr- y change of one thing for another, effect. bookkeeping is used to show this You record every transaction as a debit entry in. i y g. two-fol- d v Marshall, now 32, feels he has weathered the slow time during the recession of 1980 and 81. Now people are really becoming more financially sound to make their own dreams come true. stated. One very informative publication is Small Business Management Series No. 32, Financial Recordkeeping for Small Stores. You can purchase this publication from the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. (The price, subject to change without notice, is $5.50, and the Stock Number include this with your order is ACCOUNTING SYSTEM You must file your return using the same accounting method you use to keep your records. Your accounting method is how you report your income. The two most commonly used accounting methods are the cash method and the accrual method. . CASH METHOD Under the cash method, you include all income in the year you actually or constructively receive it. You deduct expenses only in the tax year in which you actually pay them. ACCRUAL METHOD Under the accrual method, you include income in the year in which you earn it, regardless of when you receive the payment. You deduct expenses in the tax year in which incurred, regardless of when you pay them. I |