MICHIGAN STATE AGRICULTURAL SOCIETY. 881 



Accounts Receivable: 



Some of the old accounts receivable are considered uncollectible, and we recom- 

 mend that a sufficient reserve to offset the amount of probable losses in the col- 

 lection of accounts receivable be set up on your ledger by transferring the 

 amount from surplus account. 



Fixed Assets: 



The values of fixed assets are shown in the balance sheet, as exhibited by the 

 books, and are subject to revaluation by appraisal. 



Liabilities : 



The liabilities, as shown herein, represent all those ascertainable, and, in our 

 opinion, are substantially correct. 



General Comment: 



As requested by your Mr. Dickinson, we have reclassified some of the expense 

 accounts in order to more clearly apply expenses to the departments affected. 



While this results in a more comprehensive report, yet comparisons between 

 this year's operations with those of former years, may, in some instances, be 

 found difficult. 



The scope of our work performed in addition to the usual duties incident to 

 auditing the books, covered the clerical work of keeping the general books, in- 

 spection of the sales of tickets, admissions to the grounds, side-show commis- 

 sions, verification of space allotted to exhibitors, etc., etc., also audits of receipts 

 and disbursements pertaining to various other attractions during the year. 



We are pleased to state, and without solicitation, that the conduct of the 

 affairs of the Society, which came within our notice, were all conducted in such 

 a manner as to reflect most creditably, in our opinion, upon the management 

 and its entire staff. 



Respectfully submitted, 



A. W. EHRMAN & CO., 



Public Accountants. 



EXHIBIT "A" 



BALANCE SHEET 

 As at November 30, 1915. 



ASSETS. 

 Current : 



Peoples State Bank $1,501 06 



American Savings Banit 17.350 00 



Accounts Receivable (Schedule "1') 9,714 97 



Contracts Receivable (Schedule "2") 1,177 00 



$29,743 03 



Fixed : 



Land (Schedule "3") $285,104 92 



Buildings (Schedule "4") 316,210 3S 



Electric Plant and Equipment (Schedule "5") 19,902 92 



Office Furniture and Fixtures (Schedule "6") 1,281 49 



Sundry Equipment (Schedule "7") 7,947 94 



630,447 65 



Invcntor.v : 



Lumber and Brick 139 50 



Deferred Charges : 



Bond Expenses Prepaid $775 88 



Advertising Prepaid 30 00 



805 88 



LIABILITIES. 

 Current : 



Sundry Accrued Items $1,080 00 



Accounts Payable 10 00 



Accrued Interest on Bonds 1,225 00 



111 



$661,136 06 



$2,315 00 



