18 BULLETIN 362^ U. S. DEPARTMENT OF AGEICULTUEE. 



To determine the profit and loss for the year, all income accounts 

 should he credited and all expense accounts debited to this account. 

 When the amount of profit has been ascertained, dividends may be 

 declared and paid, and the remainder transferred to the surplus 

 account. 



After the books have been closed for the year, any errors discovered 

 affecting the previous year's business should be entered in the account 

 affected and carried to the opposite side of the surplus account, the 

 profit and loss account being reserved for the current year's business. 



The individual needs and the peculiar conditions surrounding 

 elevators in different parts of the United States may require other 

 accounts besides those discussed above, and if such is the case, 

 accounts covering these special requirements may be opened along 

 the same general Hues as those previously discussed. 



The following balance sheet is submitted as a guide in the arrange- 

 ment of assets and liabilities. Other asset and liabihty accounts 

 may appear on the books of an elevator and in such case should be 

 included. 



statement. 



Balance Sheet, Year Ending 



ASSETS. 



Cash $287. 50 



AccoTinta receivable $3, 208. 00 



Lesa reserve for bad debts 400. 00 



— — 2, 808. 00 



Notes receivable 325. 00 



Plant and real estate 9, 500. 00 



Less reserve for depreciation 1, 300. 00 



8,200.00 



Grain commission accounts : 860. 00 



Inventory : 



Wheat 1, 458. 00 



Com 395. 00 



Oats 536. 00 



Rye 28. 00 



Barley 106. 50 



Hard coal J 281. 00 



Soft coal 354. 00 



Other merchandise (supplies) 2, 976. 70 



6, 135. 20 



18, 615. 70 



LIABILITIES. 



Accounts payable 876. 55 



Notes payable : 4, 200. 00 



Capital paid in 8, 950. 00 



Surplus 4, 589. 15 



18,615.70 



