Policy & Guidance

Interim Economic Guidance for Water Quality Standards

Exhibit 3-4

XYZ, inc. CONSOLIDATED BALANCE SHEETS SEPTEMBER 30, 1988 AND 1987
		1988	1987
ASSETS	Current Assets:
	Cash and cash equivalents	$ 2,944,964	$ 1,459,475
	Cash investments	2,244,061	3,369,289
	Trade receivables - less allowance for doubtful accounts: 1988, $85,352; 1987, $135,353	5,025,964	4,171,421
	Inventories	4,109,264	3,335,251
	prepaid expenses and other	725,964	122,370
	Total current assets	15,050,217	12,457,806
	Property, Plant and Equipment:
	Land	356,217	296,217
	Buildings and Improvements	5,476,155	4,837,392
	Machinery and equipment	2,160,671	1,546,476
	Transportation equipment	1,866,005	1,705,107
	Office furniture and equipment	463,750	483,769
	Total	10,322,798	8,868,961
	Less accumulated depreciation	4,705,580	4,207,598
	Property - net	5,617,218	4,661,363
	Other Assets:
	Intangible assets - less accumulated amortization: 1988, $197,437; 1987, $239,281	226,728	252,884
	Insurance trust	1,122,796	1,066,964
	Other	89,287	77,778
	Total other assets	1,438,811	1,397,626
	Total	$22,106,246	$18,516,795
LIABILITIES AND SHAREHOLDERS' EQUITY	Current Liabilities:
	Current portion of long-term debt	$ 17,902	$ 32,405
	Accounts payable - trade	5,049,234	2,686,669
	Accrued income taxes		21,400
	Accrued payroll and employee benefits	681,369	678,752
	Container deposits	1,054,373	1,199,263
	Other accruals	198,477	178,736
	Total current liabilities	7,001,355	4,797,225
	Long-term debt	53,706	71,608
	Deferred income taxes	249,900	242,200
	Shareholders' Equity:
	Common stock - authorized 4,000,000 shares of $.05 par value, issued: 1988, 3,592,673; 1987, 3,268,337	179,634	163,417
	Additional paid-in capital	14,671,885	12,084,817
	Retained earnings (deficit)	(50,234)	1,157,528
	Total shareholders' equity	14,801,285	13,405,762
	Total	$22,106,246	$18,516,795
	See accompanying Notes to Financial Statements

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