SECTION III-FINANCIAL. Total business profit (to Section IV). $228,300.00 Balance from Section II. $206,500.00 1890-1900 Interest at 4% on unexpended Cash during development.... 12,000.00 1903 Dec. 3 1904 Dec. 31 31 $228,300.00 5,000.00 $228,300.00 SECTION IV-SINKING FUND RESERVES. 1902 Balance from Sec. III. $228,300.00 $120,000.00 Dec. 31 Reserved for purchase of Bonds (50% of sales) 1903 Dec. 31 Reserved for purchase of Bonds (up to $150,000.00). $228,300.00 Net profit earned and available or dividends.. $78,300.00 Deficit Account; excess distribution of dividends, being $51,700 repayment of capital 51,700.00 $130,000.00 $130,000.00 1890 Jan. 1 Capital Stock paid in... 1890-1900 Interest on unexpired cash during development.. BALANCE SHEET (as at January 1, 1905). $15,800.00 Capital Stock... $100,000.00 Sinking Fund Reserve %. 150,000.00 Real Estate ((10 acres at $325). Deficit. Representing liquidating dividends, same being amount paid in excess of earnings. $250,000.00 $250,000.00 $5,075,000.00 $2,504,166.67 $97,500.00 $41,650.00 $55,850.00 In arranging above I have assumed that all policies had run one year. This is not very probable in actual affairs but it may be taken as a basis for solution. $26,847.25 Premiums earned. 7,428.10 Interest... 1,510.83 Balance to Section II. 3,598.43 16,582.72 1,822.03 of $1,776.40) (Representing a deficiency for current period (Organization Expense charged off, $1,822.03) Balance (deficit) from Section I. $3,598.43 Total deficit Excess of Expenses and losses over income... $25,595.18 Adjusted, not paid. |