- 50 -
Appendix
Table 1
TYE TYE TYE TYE
Bardahl Computations Aug. 31, 1989 Aug. 31, 1990 Aug. 31, 1991 Aug. 31, 1992
Operating Expenses 1,21,452,981 9,101,596,783 15,161,807,151 231,838,351
Cost of Goods Sold 324,128 433,311 440,046 322,254
Peak Inventory 93,197 93,197 68,597 68,597
Days in Inventory Cycle 104.95 78.50 56.90 77.70
Days in Receivables Cycle - 0 - - 0 - - 0 - 0.88
Average Payables 77,840 41,665 37,384 38,549
Days in Credit Cycle 319.55 119.52 176.85 247.65
Days in Operating Cycle 85.40 68.98 50.05 70.05
Amount of Working Capital Needs,
One Cycle 4339,943 12301,753 18247,580 25352,793
Current Assets 5673,078 925,474 191,211,367 26504,060
Current Liabilities 6243,264 405,318 20452,127 106,638
Net Liquid Assets Available
for Needs 429,814 520,156 759,240 397,422
Computation of Accumulated
Taxable Income
Taxable Income 7656,329 131,107,258 21736,378 166,160
Less Income Taxes Paid or Accrued 8223,152 8376,468 22205,535 56,494
Less Dividends Paid Deduction - 0 - - 0 - 65,000 50,000
Current Earnings and Profits
Retained 433,177 730,790 333,981 59,666
Less Accumulated Earnings Credit 339,943 162,387 - 0 - 59,666
Accumulated Taxable Income 93,234 568,403 333,981 - 0 -
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