- 11 -
Petitioner's financial statements reflect the following:
FYE Gross Net Retained
June 30 Revenue Profit Income Earnings
1985 $3,727,655 1,098,482 256,644 256,644
1986 4,817,376 1,037,224 66,943 323,587
1987 5,427,047 1,428,669 230,224 553,811
1988 5,162,114 1,247,098 245,153 798,964
1989 8,607,196 2,293,224 549,984 1,279,4271
1990 8,937,324 2,063,142 18,063 1,297,490
1991 5,012,347 929,136 (149,901) 1,147,589
1992 6,995,774 1,429,611 22,726 1,170,315
Petitioner has never paid dividends. Ginger's total compensation
was as follows:
FYE Total Disallowed by Allowed by
June 30 Compensation Respondent Respondent
1985 $249,145 -- --
1986 383,290 -- --
1987 390,724 -- --
1988 280,000 -- --
1989 516,371 -- --
1990 1,069,001 818,756 250,245
1991 132,000 -- 132,000
1992 396,698 186,825 209,873
Petitioner's shareholders' equity, as contained in petitioner's
financial statements, is as follows:
FYE Shareholders'
June 30 Equity
1985 $271,644
1986 338,587
1987 568,811
1988 813,964
1 Due to an error in recording, the June 30, 1989, retained
earnings figure was restated on June 30, 1990, from $1,348,948 to
$1,279,427.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011