About the Book
This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1920 Excerpt: ...500,000.00----Bills Payable 120,000.00 175,000.00 80,000.00 Accounts Payable... 340,000.00 270,000.00 420,000.00 Bond Sinking Fund.. 45,000.00----Reserve for Bad Debts 20,000.00 24,000.00 11,000.00 Reserve for Depre-ciation 195,000.00 240,000.00 172,000.00 Surplus 275,000.00--206,000.00 $2,495,000.00 $2,098,000.00 The results from operations for the year 1917 were as follows: Profit And Loss Account--Year 1917. Sales (Net). $1,500,000.00 $1,200,000.00 $ 900,000.00 Cost of Sales 750,000.00 480,000.00 520,000.00 $ 750,000.00 $ 720,000.00 $ 380,000.00 Miscellaneous Income Bank Interest 1,000.00 1,200.00 6000000 Profit on Insurance Recovery (account plant unit destroyed by fire)--600000.00--Profit on sale of real estate 10,000.00----$ 761,000.00 $ 727,200.00 $ 380,600.00 Deduct--Management Salaries $ 50,000.00 $ 6,000.00 $ 24,000.00 Selling and General Expenses 360,000.00 390,000.00 180,000.00 Interest on Bonds.. 25,000.00----Interest on Bills Payable 7,000.00 14,000.00 6,000.00 Bond Sinking Fund 15,000.00----Federal Taxes 51,000.00 48,500.00 8,300.00 Balance carried to $ 508,000.00 $ 458,500.00 $ 218,300.00 Surplus $ 253,000.00 $ 268,700.00 $ 162,300.00 The agreements for the transfer contain the following provisions: (a) That the Net Tangible Assets shall be paid for on the basis of 25% in cash and 75% in Preferred Stock of the new Company. (b) For the purpose of the consolidation, the Real Estate, Buildings, and Machinery were appraised, the sound values at December 31,1917, being found to be as follows: A Company $1,400,000.00 B Company 1,150,000.00 C Company 1,020,000.00 c) That allowance be made to the vendors for Goodwill, payable in Common Stock, the amount to be determined thus: -two times the Net Earnings from operations for the year 1917 exclusive of ..
