Table T-5.12
J.C. Penney Company Inc.
Normalized Balance Sheet
	1998	1997
Assets	.	.
Cash	0	1
Receivables	19	16
Inventory	26	26
Other current assets	2	5
Total Current Assets	47	49
Fixed Assets	23	23
Intangibles	12	13
Other	17	16
Total Assets	100	100
Liabilities	.	.
Notes payable	8	6
Current portion of LTD	2	2
Trade Payable	15	17
Tax Payable	1	0
Other Current Liabilites	0	0
Total Current Liabilities	25	26
Long Term Debt (LTD)	30	30
Deferred Taxes	6	6
Other	8	8
Equity	30	31
Total	100	100
Source: J.C. Penney Company Inc. 1998 Annual Report