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CONDENSED BALANCE SHEETS (UNAUDITED) - USD ($)
May. 31, 2015
Feb. 28, 2015
CURRENT ASSETS:    
Cash and cash equivalents $ 371,400 $ 383,900
Accounts receivable, less allowance for doubtful accounts and sales returns of $365,800 (May 31) and $334,500 (February 28) 3,058,200 3,076,700
Inventories—Net 12,922,000 11,181,000
Prepaid expenses and other assets 407,800 374,200
Deferred income taxes 257,700 249,800
Total current assets 17,017,100 15,265,600
INVENTORIES—Net 358,600 350,800
PROPERTY, PLANT AND EQUIPMENT—Net 2,158,700 2,073,200
OTHER ASSETS 243,400 243,400
DEFERRED INCOME TAXES 75,700 80,200
TOTAL ASSETS 19,853,500 18,013,200
CURRENT LIABILITIES:    
Accounts payable 3,449,400 2,237,700
Line of credit 1,700,000 1,400,000
Accrued salaries and commissions 912,000 618,100
Income taxes payable 202,500 63,600
Dividends payable 323,000 322,000
Other current liabilities 891,100 1,043,500
Total current liabilities $ 7,478,000 $ 5,684,900
COMMITMENTS    
SHAREHOLDERS’ EQUITY:    
Common stock, $0.20 par value; Authorized 8,000,000 shares; Issued 6,041,040 (May 31 and February 28) shares; Outstanding 4,037,572 (May 31) and 4,024,539 (February 28) shares $ 1,208,200 $ 1,208,200
Capital in excess of par value 8,548,000 8,548,000
Retained earnings 13,858,800 13,857,200
23,615,000 23,613,400
Less treasury stock, at cost (11,239,500) (11,285,100)
Total shareholders' equity 12,375,500 12,328,300
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 19,853,500 $ 18,013,200