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<br />CITY OF ST. ANTHONY, MINNESOTA
<br />LIQUOR FUND
<br />STATEMENT OF INCOME AND RETAINED EARNINGS
<br />YEARS ENDED DECEMBER 31, 1979 AND 1978
<br />See accompanying notes to financial statements.
<br />1979
<br />1978
<br />Percent
<br />Percent
<br />Store #1
<br />Store #2
<br />Total
<br />of sales
<br />Total
<br />of sales
<br />Sales
<br />$1,488,658
<br />$969,312
<br />$2,457,970
<br />100.00
<br />$2,284,541
<br />100.00
<br />Cost of sales
<br />831,669
<br />645,816
<br />1,477, 485
<br />60.11
<br />1,379,413
<br />60.38
<br />Gross profit
<br />$ 656,989
<br />$323,496
<br />$ 980,485
<br />39,89
<br />$ 905,128
<br />39.62
<br />Operating expenses
<br />371,238
<br />222,031
<br />593,269
<br />24.14
<br />548,824
<br />24.02
<br />Operating income
<br />$ 285,751
<br />$101,465
<br />$ 387,216
<br />15.75
<br />$ 356,304
<br />15.60
<br />Other income and
<br />expense
<br />Commissions
<br />$ 14,617
<br />$ 3,148
<br />$ 17,765
<br />.72
<br />$ 17,840
<br />.78
<br />Check cashing
<br />income
<br />18,202
<br />5,186
<br />23,388
<br />.95
<br />20,983
<br />.92
<br />Check cashing
<br />expense
<br />( 2,669)
<br />( 635)
<br />( 3,304)
<br />( .13)
<br />( 2,598)
<br />( .12)
<br />Interest earned
<br />3,273
<br />3,273
<br />6,546
<br />.27
<br />Miscellaneous
<br />income
<br />54
<br />54
<br />1,969
<br />.09
<br />Miscellaneous
<br />expense
<br />( 905)
<br />( 863}
<br />( 1,768)
<br />( .07)
<br />( 1,825)
<br />.08)
<br />$ 32,518
<br />$ 10,163
<br />$ 42,681
<br />1.74
<br />$ 36,369
<br />1.59
<br />Net income
<br />$ 318,269111
<br />628
<br />$ 429,897
<br />17.49
<br />$ 392,673
<br />17.19
<br />Retained earnings
<br />Balance January 1
<br />$ 732,482
<br />$ 614,809
<br />Add: Net income
<br />429,897
<br />392,673
<br />Deduct:
<br />Transfer to General Fund
<br />300,000
<br />( 275,000)
<br />Balance December 31
<br />$ 862,379
<br />$ 732,482
<br />See accompanying notes to financial statements.
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