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IF
<br />19
<br />CITY OF ST. ANTHONY, MINNESOTA
<br />MUNICIPAL LIQUOR FUND
<br />STATEMENT OF INCOME AND RETAINED EARNINGS
<br />YEARS ENDED DECEMBER 31, 1977 AND 1976
<br />f
<br />1977 1976
<br />r Percent Percent
<br />Store #1 Store #2 Total of sales Total of sales
<br />Sales $1,181,906 $880,522 $2,062,428 100.00 $1,968,468 100.00
<br />Cost of sales 682,748 573,922 1,256,670 60.93 1,200,000 60.96
<br />Gross profit $ 499,158 $306,600 $ 805,758 39.07 $ 768,468 39.04
<br />Operating expenses 296,451 209,931 506,382 24,55 531,327 26.99
<br />Operating income $ 202,707 $ 96,669 $ 299,376 14.52 $ 237,141 12.05
<br />Other income and expense
<br />Commissions $ 11,334 $ 3,885 $ 15,219 .74 $ 15,489 .79
<br />Check cashing income 9,077 2,169 11,246 .55 9,105 .46
<br />Check cashing expense ( 1,768) ( 241) ( 2,009) ( .10) ( 3,144) ( .16)
<br />Miscellaneous income 489 232 721 .03 345 .01
<br />Miscellaneous expense_(_ 844) _( 368) ( 1,212) ( .06) ( 835) ( .04)
<br />$ 18,288 $ 5,677 $ 23,965 1.16 $ 20,960 1.06
<br />Net income$ 220,995 10 46 S 3?_3 341 15.68 $ 258 101 13.11
<br />Retained earnings
<br />Balance, Beginning of year $ 568,957 $ 610,856
<br />Add: Net income 323,341 258,101
<br />Deduct:
<br />Prior period adjustments ( 2,489)
<br />Transfer to General Fund ( 275,000) ( 300,000)
<br />Balance, End of year S 614 80� $ 568.957
<br />See accompanying notes to financial statements.
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