Balance Sheet, December 31, 1927
ASSETS |
|||||
CASH in Banks |
30,944.39 |
||||
ACCOUNTS RECEIVABLE |
|||||
Dues in Arrears |
$889.54 |
||||
From Advertisers |
1,304.25 |
||||
From Book Sales |
4,390-63 |
||||
Interest Accrued |
2,680.97 |
||||
TOTAL RECEIVABLES |
9,265.39 |
||||
OTHER ASSETS |
|||||
Bonds at Cost |
157,395.09 |
||||
Inventories |
|||||
Institute Publications |
$29,723.66 |
||||
Purchased Books |
2,474.99 |
32,198.65 |
|||
Furniture and Fixtures |
2,082.31 |
||||
Miscellaneous |
|||||
Donations—Naval Historical Foundation |
1.00 |
||||
Envelopes |
1.00 |
||||
Books written off |
1.00 |
||||
Certified Check Outstanding as Bond |
175.00 |
178.00 |
|||
Prepayments |
|||||
Royalties |
249.81 |
||||
Expense |
368.43 |
||||
Manuscript of Articles awaiting |
981.63 |
||||
Photographs and Engravings awaiting Publication |
3,650.70 |
||||
LIABILITIES |
|||||
ACCOUNTS PAYABLE |
|||||
Various Dealers |
5.902.06 |
||||
Accrued Royalties |
763.08 |
||||
Naval Historical Foundation |
125.00 |
6,790.14 |
|||
PREPAYMENTS |
|||||
Dues |
10,965.49 |
||||
Subscriptions |
1,581.39 |
||||
Sundries |
391.69 |
12,938.57 |
|||
RESERVE for UNCOLLECTABLE DUES |
1,500.00 |
||||
DEFERRED CREDITS |
|||||
Contingent Profits |
14,041.10 |
||||
SURPLUS |
202,044.59 |
||||
$237,314.40 |
$237,314.40 |
Statement of Profit and Loss for the Year Ended December 31, 1927
“PROCEEDINGS” |
||||
Sales |
$1,509.67 |
|||
Income from dues and subscriptions |
17,465.01 |
|||
Income from advertisements |
12,594.95 |
|||
TOTAL INCOME from “PROCEEDINGS” |
$31,569.63 |
|||
Publishing cost |
$28,487.89 |
|||
Payments to Authors of Articles |
4,465.75 |
|||
Prize Essay Awards |
169.60 |
|||
TOTAL COST of “PROCEEDINGS” |
33,123.24 |
|||
LOSS on “PROCEEDINGS” (excludes overhead) . |
$1,553.61 |
|||
INSTITUTE PUBLICATIONS |
||||
Sales |
$58,420.76 |
|||
Inventory January 1, 1927 |
$24,492.61 |
|||
Purchases |
33,848.54 |
|||
$58,341.15 |
||||
LESS: Inventory December 31, 1927 |
29,723.66 |
|||
$28,617.49 |
||||
Payments to Authors |
3,170.29 |
|||
TOTAL COST of BOOKS SOLD |
31,787.78 |
|||
$26,632.98 |
||||
LESS : Contingent Profits |
4,077.72 |
|||
GROSS PROFITS (excludes overhead) |
22,555.26 |
|||
PURCHASED BOOKS |
||||
Sales |
$4,684.40 |
|||
Inventory January 1, 1927 |
$437.31 |
|||
Purchases |
5,963.45 |
|||
$6,400.76 |
||||
LESS: Inventory December 31, 1927 |
2,474.99 |
|||
TOTAL COST of BOOKS SOLD |
3,925.77 |
|||
GROSS PROFIT (excludes overhead) |
758.63 |
|||
GROSS PROFIT from OPERATIONS |
$21,760.28 |
|||
OVERHEAD OPERATING EXPENSE |
||||
Postage, Express and Hauling |
$2,331.55 |
|||
Office Expense |
4,292.01 |
|||
Moody’s Service |
120.00 |
|||
Salaries |
13,603.87 |
|||
Board Meeting |
1,495.68 |
|||
Advertising |
1,004.87 |
|||
Cost of Collections |
10.95 |
|||
Insurance |
42.03 |
|||
Depreciation (Furniture and Fixtures) |
235.93 |
|||
Telegraph and Telephone |
449.71 |
|||
Auditing |
200.00 |
23,786.60 |
||
OTHER INCOME |
$2,026.32 |
|||
Income from Interest |
9,199.94 |
|||
NET PROFIT for year 1927 |
$7,173.62 |