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Sheet1

INCOME STATEMENTS

Net sales
Cost of goods sold
Beginning inventory
Purchases
Ending inventory
Total cost of goods sold
Gross profit
Operating expense
Earnings before interest and taxes
Interest expense
Net income before income taxes
Provision for income taxes
Net income

1st Qtr
1991

1988

1989

1990

1,697

2,013

2,694

718

183
1,278
1,461
239
1,222

239
1,524
1,763
326
1,437

326
2,042
2,368
418
1,950

418
660
1,078
556
522

475
425
50
13
37
6
31

576
515
61
20
41
7
34

744
658
86
33
53
9
44

196
175
21
10
11
2
9

BALANCE SHEETS
1988

1989

1990

1st Qtr
1991

Cash
Accounts receivable, net
Inventory
Current assets
Property, net
Total assets

58
171
239
468
126
594

49
222
325
596
140
736

41
317
418
776
157
933

31
345
556
932
162
1,094

Notes payable, bank


Notes payable, Mr. Stark
Notes payable, trade
Accounts payable
Accrued expenses
Long-term debt, current portion
Current liabilities
Long-term debt
Total liabilities
Net worth
Total liabilities and net worth

105
124
24
7
260
64
324
270
594

146
192
30
7
375
57
432
304
736

233
256
39
7
535
50
585
348
933

247
157
243
36
7
690
47
737
357
1,094

Note: Net worth grows (falls) each year by net income,


since no dividends are paid or shares repurchased.

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