operating statementOperating Statements (thousands of dollars)198619871988Percent Increase1989Percent Increase1990Percent IncreaseExpect Percent Increase for 19911991Net sales$728.00$1,103.00$1,697.00100%$2,013.00100%$2,694.00100%$3,600.00Cost of goods sold0.1117%Beginning inventory$183.0010.7837%$239.0011.8728%$326.0012.1010%12.2127%$365.81Purchases$1,278.0075.3094%$1,524.0075.7079%$2,042.0075.7981%75.9098%$3,592.08$1,461.00$1,763.00$2,368.00Ending inventory$239.0014.0837%$326.0016.1947%$418.0015.5160%15.6277%$483.32Total cost of goods sold$1,222.0072.0094%$1,437.0071.3860%$1,950.0072.3831%72.4948%$3,363.65Gross Profit$475.0027.9906%$576.0028.6140%$744.0027.6169%27.7287%$950.30Operating expense$425.0025.0442%$515.0025.5837%$658.0024.4246%24.5364%$819.45Interest expense$13.00$7.00$20.00$13.00$33.00$52.00Net income before taxes$37.002.1803%$41.002.0368%$53.001.9673%2.0791%$54.10Provision for income taxes$6.000.3536%$7.000.3477%$9.000.3341%0.4458%$9.04Net income$31.001.8268%$34.001.6890%$44.001.6333%1.7450%$44.77The percent of net sales between 1989 and 199074.7216%The percent of net sales between 1990 and 199174.8333%The difference between 1988-1989 and 1989-19906.0000

balance sheetsBalance Statement (thousands of dollar)1988Diferrence between 1988-19891989Difference between 1989-19901990Expected 1991Cash$58.00$(10.00)$48.00$(7.00)$41.00$34.00Accounts receiveable, net$171.00$51.00$222.00$95.00$317.00$456.00Inventory$239.00$326.00$418.00$556.00Current assets$468.00$128.00$596.00$180.00$776.00$1,046.00Property, net$126.00$14.00$140.00$17.00$157.00$177.00Total assets$594.00$142.00$736.00$197.00$933.00$1,223.00Notes payable, bank0.0$146.00$87.00$233.000.0Notes payable, Mr. Stark$105.000.00.00.0Notes Payable, trade0.00.00.0$157.00Notes Payable, National Bank0.00.00.0$247.00Accounts payable$124.00$68.00$192.00$64.00$256.00$316.00Accured expenses$24.00$6.00$30.00$9.00$39.00$51.00Long-term debt, current portion$7.000.0$7.000.0$7.00$7.00Current liabilities$260.00$115.00$375.00$160.00$535.00$778.00Long-term debt$64.00$(7.00)$57.00$(7.00)$50.00$43.00Total liabilities$324.00$108.00$432.00$153.00$585.00$821.00Net worth$270.00$34.00$304.00$44.00$348.00$402.00Total liabilities and net worth$594.00$142.00$736.00$197.00$933.00$1,223.00