- 6 -
1994 1995 1996 1997 1998 1999
Gross sales--
Used car retail sales $94,553 $129,188 $64,350 $115,868 $68,416 $9,066
Used car wholesale sales 1,100,376 999,448 1,318,741 1,846,700 1,100,987 107,153
1,194,929 1,128,636 1,383,091 1,962,568 1,169,403 116,219
Cost of goods sold--
Used car retail sales $91,873 $117,059 $66,400 $108,628 $64,449 $17,305
Used car wholesale sales 1,008,774 883,066 1,208,813 1,649,438 997,423 108,348
Reconditioning costs 2,897 -- -- -- -- --
1,103,544 1,000,125 1,275,213 1,758,066 1,061,872 125,653
Total operating income--
Combined used car retail $91,385 $128,511 $107,878 $204,502 $107,531 ($9,434)
and wholesale sales
income/(sales loss)
Car lease income 43,699 40,122 40,747 34,553 27,099 15,447
Capital gain income/ 24,492 5,391 19,949 288 39,734 (647)
(Capital loss)
Dividend income -- 290 -- -- 4 --
Interest income 13,380 12,229 19,675 34,180 33,732 1,051
Miscellaneous income 550 -- -- -- -- --
Other income -- -- 74 -- 550 267
Other rental income -- 6,700 6,050 6,050 4,950 --
173,506 193,243 194,373 279,573 213,600 6,684
Total expenses $240,178 $244,238 $234,899 $300,448 $214,846 $125,717
Net profit/(net loss) ($66,672) ($50,995) ($40,526) ($20,875) ($1,246) ($119,033)
Advance Leasing had the following amounts of assets,2
liabilities, capital, and net worth3 for 1994-99:
Year Ended Net
Dec. 31 Assets Liabilities Capital Worth
1994 $447,310 $756,819 ($309,508) ($309,508)
1995 581,322 941,825 (360,503) (360,503)
1996 633,931 1,035,165 (401,234) (401,234)
1997 772,194 1,194,304 (422,110) (422,110)
1998 750,526 1,173,882 (423,356) (423,356)
1999 657,782 800,170 (142,388) (142,388)
2 As discussed in par. E, below, Advance Leasing’s
financial statements for 1997 and 1998 did not refer to the 4,000
shares of Advance Leasing stock issued to decedent or decedent’s
$400,000 promissory note.
3 Net worth equals assets minus liabilities and capital (if
any).
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Last modified: May 25, 2011