Schmitt Industries (SMIT) Balance Sheet

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Cash and cash equivalents	1M
Accounts receivable, net of allowance of $21,541 and $21,580 at August 31, 2011 and May 31, 2011, respectively	1.92M
Inventories	4.63M
Prepaid expenses	110.73K
Income taxes receivable	6.11K
Total current assets	7.66M
Land
Buildings and improvements
Furniture, fixtures and equipment
Vehicles
Property, plant and equipment, gross
Less accumulated depreciation and amortization
Property, plant and equipment, net	981.2K
Intangible assets, net	685K
TOTAL ASSETS	9.33M
Accounts payable	710.32K
Accrued commissions	328.52K
Accrued payroll liabilities	138.65K
Other accrued liabilities	307.1K
Income taxes payable
Total current liabilities	1.48M
Common stock, no par value, 20,000,000 shares authorized, 2,895,635 shares issued and outstanding at both August 31, 2011 and May 31, 2011	10.58M
Accumulated other comprehensive loss	-439.04K
Retained earnings	-2.3M
Total stockholders' equity	7.84M
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	9.33M

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