Financial Statements (GAAP): Clothes R Us, Inc. Balance Sheet Assets: 12/31/2017 12/31/2018 Cash $ 340,000 $ 385,000 A/R Trade 268,000 290,000 Less: Allowance for Bad Debts (13,000) (11,500) Inventory 2,908,000 3,010,000 Tax-exempt Securities 100,000 100,000 U.S. Treasury Bonds 200,000 200,000 Fixed Assets 4,010,000 4,650,000 Less: Acc. Depreciation (2,875,000) (3,055,000) Land-Unimproved (tax and GAAP basis) 250,000 Prepaid Rent 165,000 168,000 Total Assets: $5,353,000 $5,736,500 Liabilities and Shareholders' Equity: Accounts Payable 99,000 93,000 Accrued Employee Wages 27,000 31,000 Accrued Officer Bonuses 110,000 145,000 Accrued Employee Vacation 19,000 21,000 Note Payable-First Bank of NC (Credit Line) 536,000 812,000 Note Payable-First Bank of Presque Isle 3,655,000 3,139,750