For the Year Ended December 31
Gross Sales			$ 32,000,000.00
Cost of Goods Sold			20,360,000.00
Gross Profit			11,640,000.00
Other Income:
Dividends			65,000.00
Interest			20,000.00
Tax-Exempt Interest			6,000.00
Capital Loss			(22,000.00)
Total Income			11,709,000.00
Expenses:
Salaries and Wages			800,000.00
Charitable Contributions			40,000.00
Meals			54,000.00
Total Expenses			894,000.00
Net Income Per Books			$ 10,815,000.00

Notes:

1. Meals are subject to 50% limitation.

2. Tax exempt interest of $6,000 is earned from Arizona state bonds.

3. Capital stock transactions:

a. 4,000 shares of Tech Inc. stock purchased February 1 for $100,000, sold April 1 for $113,000

b. 2,000 shares of WiresNThings stock purchased June 1 for $50,000, sold September 1 for $55,000

c. 3,000 shares of stock purchased April 1 for $140,000, sold September 1 for $100,000

Cost of Goods Sold notes:

Beginning inventory $0

Purchases during the year $17,000,000

Cost of labor $3,000,000

Other costs (depreciation) $360,000

Ending inventory $0

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