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At the end of fiscal year 1992, KAW's current liabilities totaled
$922,081, of which $911,757 represented accounts payable to
petitioner. (Had there been no rebates, KAW would have had current
liabilities totaling $962,081.)
c. NPC
NPC's financial statements for fiscal years 1991 and 1992
reported retained earnings of approximately $40,000 for each year.
During those fiscal years, NPC received rebates of $56,548 and
$115,000, respectively.
NPC had the following assets at the end of fiscal year 1991:
Merchandise inventory $268,860
Accounts receivable 46,203
Cash in bank 11,488
Total 326,551
At the end of fiscal year 1991, NPC had current liabilities
totaling $305,663, of which $304,353 was accounts payable to
petitioner. (Had there been no rebates, NPC would have had current
liabilities totaling $362,211.)
NPC had the following assets at the end of fiscal year 1992:
Merchandise inventory $269,140
Accounts receivable 55,134
Cash in bank 8,418
Total 332,692
NPC had current liabilities totaling $304,154 at the end of said
year, of which $301,094 was accounts payable to petitioner. (Had
there been no rebate, NPC would have had current liabilities
totaling $419,154.)
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