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For each of the taxable years ending October 31, 1988 to
1996, the accountants prepared a separate financial statement for
petitioner. The financial statements show balance sheets for
petitioner for those years as follows:
10/31/88 10/31/89 10/31/90
Assets
Current assets $2,060,231 $2,483,018 $3,862,379
Property and equipment 672,050 545,040 958,851
Other assets 300 -0- 223,437
Total assets 2,732,581 3,028,058 5,044,667
Liabilities
Current liabilities 1,496,368 1,321,926 2,101,079
Long-term debt 692,428 871,633 1,036,257
Total liabilities 2,188,796 2,193,559 3,137,336
Stockholders Equity
Common stock 2,000 2,000 2,000
Paid-in capital 332,372 332,372 332,372
Retained earnings 367,297 658,011 1,730,843
Treasury stock (157,884) (157,884) (157,884)
Total equity 543,785 834,499 1,907,331
Total liabilities and equity 2,732,581 3,028,058 5,044,667
10/31/91 10/31/92 10/31/93
Assets
Current assets $3,314,652 $3,928,507 $3,471,251
Property and equipment 982,165 1,292,130 973,986
Other assets 223,972 221,522 193,843
Total assets 4,520,789 5,442,159 4,639,080
Liabilities
Current liabilities 1,309,273 2,080,527 1,373,010
Long-term debt 969,136 396,568 223,440
Total liabilities 2,278,409 2,477,095 1,596,450
Stockholders Equity
Common stock 2,000 2,000 2,000
Paid-in capital 332,372 332,372 332,372
Retained earnings 2,065,892 2,788,576 2,866,142
Treasury stock (157,884) (157,884) (157,884)
Total equity 2,242,380 2,965,064 3,042,630
Total liabilities and equity 4,520,789 5,442,159 4,639,080
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