18 BULLETIN 362, U. S. DEPARTMENT OF AGRICULTURE. 
To determine the profit and loss for the year, all income accounts 
should be 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 lines as those previously discussed. 
The following balance sheet is submitted as a guide in the arrange- 
ment of assets and liabilities. Other asset and liability 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 
Accounts receivable $3, 208. 00 
Less 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 
Corn 395. 00 
Oats 536. 00 
Rye 28. 00 
Barley 106. 50 
Hard coal 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 
