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Comparative Statements of Income & Balance Sheets

For Southwest Materials, Inc., are as follows:

Southwest Materials, Inc.

Consolidated Statements of Income

For the Last Two Fiscal Years of Operations

(000s $)

20x3 20x2

Net Sales $93,000 $89,460

Cost of Sales 70,600 68,440

Gross Profit 22,400 21,020

Selling, G&A Expenses 9,300 9,390

Operating Profit 13,100 11,630

Interest Expense (470) (450)

Interest Income 90 90

G(L) on Sale of Assets 2,450 2,710

Income Before Taxes 15,170 13,980

Provision for Taxes 5,110 4,920

Net Income $10,060 $ 9,060

Additional Information:

The following data concerning Capital Expenditures, Sale Proceeds, and Sale (Gain)Loss resulted from the purchase and sale of P.P.&E. throughout the year.

20x3 20x2

(Capital Expenditures) (9,750) (7,250)

Proceeds from Sale of P.P.&E. 3,900 3,570

(Gain)Loss on Sale of P.P.&E. (2,450) (2,710)

Net (Incr)Decr in P.P.&E. (8,300) (6,390)

Southwest Materials, Inc.

Consolidated Balance Sheets

For the Last Two Fiscal Years of Operations

20x3 20x2

Assets

Current Assets

Cash & Cash Equivalents $ 4,270 $ 3,640

Accounts Receivable, Net 12,000 11,310

Inventories 4,000 3,840

Prepaid Expense 900 750

Total Current Assets 21,170 19,540

Property, Plant & Equipment

Land 21,770 20,110

Plant & Equipment 101,390 94,750

Gross P. P. & E. 123,160 114,860

Less: Accumulated Depreciation 56,010 51,220

Net Property, Plant & Equipment 67,150 63,640

Goodwill 7,000 6,830

Other Assets 5,000 4,380

Total Assets $100,320 $ 94,390

Liabilities & Equity

Current Liabilities

Accounts Payable $ 5,400 $ 5,320

Accrued Liabilities 4,300 4,320

Current Portion L-T-Debt 950 1,140

Total Current Liabilities 10,650 10,780

Long-Term Liabilities

Long-Term Debt 11,500 15,120

Deferred Income Taxes 7,500 6,910

Accrued Employee Benefits 3,500 3,610

Total Long-Term Liabilities 22,500 25,640

Total Liabilities 33,150 36,420

Stockholders Equity

Common Stock, $0.10 Par Val 240 240

Capital in Excess of Par 2,350 2,350

Retained Earnings 64,880 56,020

Less Cost of Treasury Stock (300) (640)

Total Stockholders Equity 67,170 57,970

Total Liabilities & Equity $100,320 $ 94,390

Southwest Materials, Inc.

Consolidated Statement of Cash Flows

For the Last Fiscal Year of Operations

Cash Flows from Operating Activities

Net Income _________

Adjustments to Reconcile Net Income

To Net Cash Provided by Operations

Depreciation/Depletion/Amort Expense _________

(Gain)Loss on Sale of Assets _________

Net Changes, Oper Assets & Liabilities

(Incr)Decr Accounts Receivable _________

(Incr)Decr Inventories _________

(Incr)Decr Prepaid Expenses _________

Incr(Decr) Accounts Payable _________

Incr(Decr) Accrued Liabilities _________

Incr(Decr) Current Portion, L-T-Debt _________

Net Cash Provided by Operating Activities _________

Cash Flows from Investing Activities

Purchases of Property, Plant & Equipment _________

Proceeds from Sale of Property, Plant & Equipment _________

(Incr)Decr in Other Assets _________

Payments for Business Acquisitions _________

Net Cash Resulting from Investing Activities _________

Cash Flows from Financing Activities

Inc(Decr) Long-Term Debt _________

Inc(Decr) Deferred Taxes _________

Inc(Decr) Employee Benefits _________

Repurchase of Company Stock _________

Payment of Dividends _________

Net Cash Resulting from Financing Activities _________

Net Incr(Decr) in Cash _________

Cash & Cash Equivalents at Beginning of Year _________

Cash & Cash Equivalents at End of Year _________

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