financial statement data for continental stores inc are provided all numbers are sho 578871

Continental Stores, Inc.

Income and Retained Earnings Statements

For the Year Ended December 31, 2003

Sales revenue

$1,290

Cost of goods sold

978

Gross margin

$ 312

Operating expenses:

Sales and administrative expenses.

$ 105

Depreciation expense.

14

Other expenses

87

Total operating expenses

$ 206

Income before taxes.

$ 106

Income taxes

51

Net income.

$ 55

Dividends paid.

10

Increase in retained earnings.

$ 45

Continental Stores, Inc.

Comparative Balance Sheets

December 31, 2003 and 2002

Assets

2003

2002

Cash and cash equivalents

$ 752

$ 725

Accounts receivable (net)

461

448

Inventory.

226

953

Land ..

1,340

1,240

Store fixtures .

369

369

Accumulated depreciation, store fixtures.

(51)

(37)

Total assets

$3,097

$3,698

Liabilities and Stockholders’ Equity

Liabilities:

Accounts payable.

$ 175

$ 378

Short term notes payable.

525

768

Long term debt..

804

1,004

Total liabilities

$1,504

$2,150

Stockholders’ equity:

Common stock

$ 448

$ 448

Paid in capital in excess of par

500

500

Retained earnings

645

600

Total stockholders’ equity

$1,593

$1,548

Total liabilities and stockholders’ equity.

$3,097

$3,698