Financial Review 2004 Consolidated  Balance Sheets (In thousands)  May 00,2004  May 30, 2004  May 25, 2003 ASSETS Current assets:  Cash and cash equivalents  $ 36,694  $ 48,630  Receivables  30,258 29,023  Inventories  198,781  173,644  Prepaid expenses and other current assets  25,316 25,126  Deferred income taxes  55,258  49,206  Total current assets  $ 346,307 $ 325,629  Land, buildings, and equipment  2,250,616  2,157,132  Other assets  183,425 181,872  Total assets  $2,780,348  $2,664,633  LIABILITIES AND STOCKHOLDERS’ EQUITY  Current liabilities:  Accounts payable  $ 174,624 $ 175,991  Short-term debt  14,500  – Accrued payroll  103,327  85,975  Accrued income taxes  48,753 67,975  Other accrued taxes  38,440 35,069  Unearned revenues  75,513  72,698 Other current liabilities  228,324 202,201  Total current liabilities  $ 683,481 $ 639,909  Long-term debt  653,349 658,086  Deferred income taxes  176,216 150,537  Other liabilities  21,532 19,910  Total liabilities  $1,534,578  $1,468,442 Stockholders’ equity:  Common stock and surplus, no par value. Authorized 500,000 shares; issued 264,907 and 261,463 shares,  respectively; outstanding 158,431 and 164,950 shares, respectively  $1,584,115 $1,525,957  Preferred stock, no par value. Authorized 25,000 shares; none issued and outstanding  – –  Retained earnings 1,197,921 979,443  Treasury stock, 106,476 and 96,513 shares, at cost, respectively  (1,483,768) (1,254,293)  Accumulated other comprehensive income (loss)  (9,959)  (10,489) Unearned compensation  (41,401)  (42,848) Officer notes receivable  (1,138)  (1,579) Total stockholders’ equity  $1,245,770  $1,196,191 Total liabilities and stockholders’ equity  $2,780,348  $2,664,633 See accompanying notes to consolidated financial statements. Darden Restaurants  35