Wagner Construction, Inc. - Page 16




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                                       10/31/94     10/31/95     10/31/96             
          Assets                                                                      
          Current assets               $2,898,541   $3,584,901   $3,295,219           
          Property and equipment       877,553      1,032,037    1,118,592            
          Other assets                  106,309      101,710      92,286              
          Total assets                 3,882,403    4,718,648    4,506,097            
          Liabilities                                                                 
          Current liabilities          827,931      1,584,793    1,114,378            
          Long-term debt                  149,780    243,107      257,842             
          Total liabilities            977,711      1,827,900    1,372,220            
          Stockholders Equity                                                         
          Common stock                 2,000        2,000        2,000                
          Paid-in capital              332,372      332,372      332,372              
          Retained earnings            2,728,204    2,714,260    2,957,389            
          Treasury stock               (157,884)    (157,884)    (157,884)            
          Total equity                 2,904,692    2,890,748    3,133,877            
          Total liabilities and equity 3,882,403    4,718,648    4,506,097            
               From 1986 to 1993, Dennis and Curtis made loans to                     
          petitioner, which were unsecured.  The outstanding loan amounts             
          petitioner owed to Dennis and Curtis on the last day of fiscal              
          years ending October 31, as reflected on petitioner's financial             
          statements, were as follows:                                                
          Fiscal Year         Loan Amounts                                            
          1986               $198,982                                                 
          1987                131,574                                                 
          1988                153,484                                                 
          1989                351,424                                                 
          1990                547,621                                                 
          1991                496,838                                                 
          1992                 51,729                                                 
                         1993                     -0-                                 













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Last modified: May 25, 2011