Following are the 2004, 2003 and 2002 balance sheets for Krispy Kreme. Apply the two-finger approach as instructed in class. DO NOT combine the two responses into one, but prepare two separate writeups. Organize your responses as shown in class and use complete sentences for full credit.

Krispy Kreme (KKD) Balance Sheets from Yahoo Finance

PERIOD ENDING	Feb, 2004	Feb, 2003	Change		Feb, 2003	Feb, 2002	Change
Assets
Current Assets
Cash And Cash Equivalents	21,029	32,203	(11,174)		32,203	21,904	10,299
Short Term Investments	0	22,976	(22,976)		22,976	15,292	7,684
Net Receivables	83,092	58,106	24,986		58,106	45,823	12,283
Inventory	28,864	24,365	4,499		24,365	16,159	8,206
Other Current Assets	5,659	3,478	2,181		3,478	2,591	887
Total Current Assets	138,644	141,128	(2,484)		141,128	101,769	39,359
Long Term Investments	20,035	11,215	8,820		11,215	16,100	(4,885)
Property Plant and Equipment	284,716	202,558	82,158		202,558	112,577	89,981
Goodwill	19,865	0	19,865		0	0	0
Intangible Assets	187,859	48,703	139,156		48,703	16,621	32,082
Other Assets	9,545	6,883	2,662		6,883	8,309	(1,426)
Total Noncurrent Assets	522,020	269,359	252,661		269,359	153,607	115,752
Total Assets	660,664	410,487	250,177		410,487	255,376	155,111
Liabilities
Current Liabilities
Accounts Payable	42,509	35,036	7,473		35,036	36,742	(1,706)
Short/Current Long Term Debt	2,861	4,201	(1,340)		4,201	4,602	(401)
Other Current Liabilities	8,123	20,450	(12,327)		20,450	11,189	9,261
Total Current Liabilities	53,493	59,687	(6,194)		59,687	52,533	7,154
Long Term Debt	146,224	62,406	83,818		62,406	3,912	58,494
Other Liabilities	0	0	0		0	4,116	(4,116)
Deferred Long Term Liability Charges	6,417	9,849	(3,432)		9,849	4,657	5,192
Minority Interest	2,323	5,193	(2,870)		5,193	2,491	2,702
Total Noncurrent Liabilities	154,964	77,448	77,516		77,448	15,176	62,272
Total Liabilities	208,457	137,135	71,322		137,135	67,709	69,426
Stockholders' Equity
Common Stock	294,477	173,112	121,365		173,112	121,052	52,060
Retained Earnings	159,490	102,403	57,087		102,403	68,925	33,478
Other Stockholder Equity	(1,760)	(2,163)	403		(2,163)	(2,310)	147
Total Stockholder Equity	452,207	273,352	178,855		273,352	187,667	85,685
Total Liabilities and Equity	660,664	410,487	250,177		410,487	255,376	155,111