- 15 - 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 4,639,080Page: Previous 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Next
Last modified: May 25, 2011