Balance Sheet, December 31, 1928
ASSETS |
|||||
CASH in Banks |
$21,602.51 |
||||
ACCOUNTS RECEIVABLE |
|||||
Dues in Arrears |
$915.61 |
||||
From Advertisers |
858.08 |
||||
From Book Sales |
2,325.09 |
||||
Interest Accrued |
2,647.64 |
6,747.26 |
|||
OTHER ASSETS |
|||||
Bonds at Cost |
163,559.59 |
||||
Inventories |
|||||
Institute Publications |
$34,225.51 |
||||
Purchased Books |
9.441.74 |
43,667.25 |
|||
Furniture and Fixtures |
1,980.00 |
||||
Miscellaneous |
|||||
Donations—Naval Historical Foundation |
1.00 |
||||
Envelopes |
1.00 |
||||
Books charged off |
1.00 |
||||
Photographs charged off |
1.00 |
4.00 |
|||
Prepayments |
|||||
Royalties |
59.92 |
||||
Expense |
312.75 |
||||
Manuscript of Articles awaiting |
1,744.72 |
||||
Frontispieces and Engravings awaiting Publication |
1,693.78 |
3,811.17 |
|||
LIABILITIES |
|||||
ACCOUNTS PAYABLE |
|||||
Various Dealers |
$4,165.02 |
||||
Accrued Royalties |
492.80 |
||||
Naval Historical Foundation |
125.00 |
$4,782.82 |
|||
PREPAYMENTS |
|||||
Dues |
13,283.44 |
||||
Subscriptions |
492.80 |
||||
Sundries |
352.15 |
14,213.54 |
|||
RESERVE for UNCOLLECTABLE DUES |
1,500.00 |
||||
DEFERRED CREDITS |
|||||
Contingent Profits |
11,679.77 |
||||
SURPLUS |
209,096.65 |
||||
$241.371.78 |
$241.371.78 |
Statement of Profit and Loss for the Year Ended December 31, 1928
“PROCEEDINGS” |
||||
Sales |
$2,795.02 |
|||
Income from dues and subscriptions |
20,721.21 |
|||
Income from advertisements |
11,941.22 |
|||
TOTAL INCOME from “PROCEEDINGS” |
$35,457.45 |
|||
Publishing cost |
$30,104.00 |
|||
Payments to Authors of Articles |
3,950.09 |
|||
Prize Essay Awards |
150.00 |
|||
TOTAL COST of “PROCEEDINGS” |
43,204.09 |
|||
LOSS on “PROCEEDINGS” (excludes overhead) . |
$7,746.64 |
|||
INSTITUTE PUBLICATIONS |
||||
Sales |
$51,844.05 |
|||
Inventory January 1, 1928 |
$29,051.52 |
|||
Purchases |
31,172.13 |
|||
$60,223.35 |
||||
LESS: Inventory December 31, 1928 |
34,225.51 |
|||
$25,998.14 |
||||
Payments to Authors |
3,206.65 |
|||
TOTAL COST of BOOKS SOLD |
29,204.79 |
|||
$22,639.26 |
||||
LESS : Contingent Profits |
1,735.68 |
|||
GROSS PROFITS (excludes overhead) |
24,374.94 |
|||
PURCHASED BOOKS |
||||
Sales |
$10,838.47 |
|||
Inventory January 1, 1928 |
$2,474.99 |
|||
Purchases |
14,762.37 |
|||
$17,237.36 |
||||
LESS: Inventory December 31, 1928 |
9,441.74 |
|||
TOTAL COST of BOOKS SOLD |
7,795.62 |
|||
GROSS PROFIT (excludes overhead) |
3,042.85 |
|||
GROSS PROFIT from OPERATIONS |
$19,671.15 |
|||
OVERHEAD OPERATING EXPENSE |
||||
Postage, Express and Hauling |
$1,885.14 |
|||
Office Expense |
1,608.40 |
|||
Moody’s Service |
132.50 |
|||
Salaries |
14,060.82 |
|||
Board Meeting |
1,475.68 |
|||
Advertising |
566.57 |
|||
Cost of Collections |
21.34 |
|||
Insurance |
24.83 |
|||
Depreciation (Furniture and Fixtures) |
220.00 |
|||
Telegraph and Telephone |
156.44 |
|||
Auditing |
200.00 |
20,351.72 |
||
OTHER INCOME |
$680.57 |
|||
Income from Interest |
8,951.83 |
|||
NET PROFIT for year 1928 |
$8,271.26 |