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Report on Eastern Manufacturing Company and Subsidiaries
Consolidated Statement of Operations For the Year Ended December 31, 1929
GROSS SALES $7,184,949.55 LESS: Freight, Discount and Charges to Sales............................... 470,561.18
NET SALES ..................... $6,714,388.37
COST OF GOODS SOLD: Cost of Goods Sold—Before Depreciation.................................... $4,913,184.14 Depreciation of Plant............................ 298,375.30
TOTAL COST OF GOODS SOLD.........5,211,559.44
GROSS OPERATING INCOME.......................................................
$1,502,828.93
LESS: Selling and Administrative Expenses..................................
401,704.18
NET OPERATING INCOME ...........................................................
$1,101,124.75
ADD: Other Income ..........................................................................
116,062.70
TOTAL INCOME FOR THE YEAR ..............................
$1,217,187.45
LESS: Bond Interest..........................................................................$ 161,139.02 Other Interest ........................................................................
52,674.24
Other Charges Against Income...........................................
73,856.25
TOTAL DEDUCTIONS FROM INCOME........................
287,669.51
NET INCOME FOR THE YEAR .....................................................
$ 929,517.94
PROFIT AND LOSS CHARGES: Passamaquoddy Stumpage Charged Off......................................$94,898.66
Unusual and Non-Recurring Charges...........................................
152,332.76
TOTAL PROFIT AND LOSS CHARGES.....................
247,231.42
NET INCOME CARRIED TO SURPLUS......................................
$ 682,286.52
SURPLUS—JANUARY 1, 1929 .......................................................$1,849,501.21 LESS: 1929 Surplus Adjustments.....................................................
401,912.10 1,447,589.11
SURPLUS—DECEMBER 31, 1929 ...................................................
$2,129,875.63
CERTIFICATE: We have examined the books of account and records of the Eastern Manufacturing Company and its subsidiaries, and prepared therefrom the foregoing statement, which, in our opinion, correctly reflects the operations for the year ended December 31, 1929. MILLER, FRANKLIN AND COMPANY, INC.
February 12, 1930.
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