Investment Research Associates - Page 62





                                       - 147 -                                        
                         1979      1980      1981      1982       1983                
          Income                                                                      
          Interest           --        --         --      $64,688   $55,104           
          Commission         --     $127,372   $64,574    538,781   110,125           
          Partnership        --        --        2,382   (150,907)  (15,049)          
          Other fees         --        --       32,567       --        --             
          Misc.              --      --        8,625      12        --                
          Total income       --      127,372   108,148    452,574   150,180           
          Deductions         --      9,103     261        3,883     1,052             
          Taxable            --      118,269   107,887    448,691   149,128           
          Nontaxable         --        --         --       --          --             
          Partnership        --        6,828      --      (27,061)     (753)          
          Assets                                                                      
          Cash               --          393    27,990       284      7,832           
          Loan receiv.       --        --       64,000     64,000   866,000           
          Securities         --        --         --      685,000      --             
          Money market       --        --       69,002       --        --             
          Partnerships    $100,000   234,200   172,896     (5,073)  (20,875)          
          Pooled funds       --        --         --       11,339      --             
          Intangibles      --        128       96         64        32                
          Total            100,000   234,721   333,984    755,614   852,989           
          Liabilities      50,000    59,624    51,000     51,000    --                
          Net assets        50,000   175,097   282,984    704,614   852,989           
          Capital stock        100       100       100       100        100           
          Capital            --        --         --         --        --             
          surplus           49,900    49,900    49,900     49,900    49,900           
          Retained           --        --         --         --        --             
          earnings                   125,097   232,984    654,614   802,989           
               The $50,000 liability in 1979 and $51,000 of the liabilities           
          reflected on the balance sheet from 1980 through 1982 represented           
          loans outstanding from IRA to Zeus.  The $64,000 loan receivable            
          is shown on Zeus' general ledger for 1984 as owed to Zeus by                
          Holding Co.'s subsidiary HELO.                                              
               At the close of 1982, Zeus had liquid assets of $696,623               
          ($284 cash, $685,000 money market funds, and $11,339 in pooled              
          funds).  During 1983 Zeus received cash income of $165,229                  
          ($55,104 interest and $110,125 commissions) and had cash                    







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Last modified: May 25, 2011