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HomeMy WebLinkAbout1941_VILLAGE OF EDINA_AUDIT REPORTOW-1 l AUDIT MORT . .Far the Year &ded December 314 1941 COURM CI;UU DISTIICT SERVICE OOMPANr =eapolis" Rinnesots. A a l AUDIT MORT . .Far the Year &ded December 314 1941 COURM CI;UU DISTIICT SERVICE OOMPANr =eapolis" Rinnesots. 0 Country Club District service Company TABL& OF CflSTRUS PAGE 1 TO 6 - Letter of Transmittal and Comments PACE 7 = Certificate E ]IBIT g . - Balance Sheet,, as at December 31, 1941 EDIT B -Analysis of wed Surplus, for the year ended December 319 1941 . EXHIBIT C - Profit and boss Statement,, for the year - ended Ncember 31$ 19'aw. SCHEDULE' C-1 - Operating Costs egad Bxpenses9 for the-year . ennded,IIecember 34 1941 SCHUME.A -Fixed Assets and Depreciation, for the year ended December 31, 1941 SCHMME, A -2. - Notes Payable, as .at December 31,, . 1941 0 AUSTIN & COMPANY CERTIFIED PUBLIC ACCOUNTANTS ROANOKE BUILDING MINNEAPOLIS ALBERT B.AUSTIN,C.P.A. Mr. Oscar 0aarden, President Country.Club District Service Company Minneapolis, Minnesota Dear Sirs March 31, 1942 We have made an audit-of the books and records. 'of the COUNTRY CLUB DISTRICT SERVICE C010PARY, a Minnesota Corporation, MUNE®POLIS, MMFMTA, for the year ended December'31, 19411, and we are pleased to submit our report in the follow- ing co=ents and in the Exhibits and Schedules as listed in the preceding Table of Contents. HISTORICAL 1 complete history of the compW was set forth in our 'report for the year ended December 31,.19400 'and anyone interested may refer to that report. As explained in our report covering the year enders December 31, 1940, the.compagy had filed -a suit in the District -Court of Hennepin-Couuty against the Village -cf Edina to'collect rentals for the use of'bydrants. The village, in answer to the -suits claimed the water mains and storm sewers that were installed prior to 1936 were not the-property of the company but belonged to� the. property owners. The Court, in March, 1941, rendered ite'decision, granting an award to the company for hydrant rental, and at the same time held that the storm sewers in the Fairway Section of the Village of Edina belonged to the property owners. The village has appealed the derision to the Supreme Court of the State of Minnesota, therefore, the company is not making any adjustments in the value. of Fixed Assets until such time as the Court renders a final decision. 0 FINANCIAL POSITION We are submitting as Exhibit A and supporting Zchedules A-1 and A-2s the financial position of the company in detail.as of December 31, 1941. For your con- veniences we are submitting in summarised form this Balance Sheet in comparison with the one for December 31, 1940, together with increases and decreaees as follows: THE PUBLICATION OF ANY CONDENSATION OR MODIFICATION OF STATEMENTS HEREIN CONTAINED OR THE USE OF OUR CERTIFICATE DETACHED FROM ITS CONTEXT, OR THE USE OF OUR NAME IN CONNECTION WITH THE SALE OF SECURITIES OR OTHER PUBLICITY WILL NOT BE SANCTIONED UNLESS FIRST SUBMITTED FOR OUR APPROVAL. -2- Country Club District &Cdce- Co=mw DECMER 34 DECEMBER. 34 INCREASE ASSETS 1241 1940 lip. 4 Fixed Assets $ 182#141.68 185,380035 $.3,238.67 Current Assets 12.,210.55 5,9$1.00 60229.55 Referred Charges 51.06 73.70 22.64, TOTAL ASSETS 191.435.05 2 8. i.IABILITIES AND NET WORTH. Fixed Liabilities 26,468:078s600.86 2#132.79 Current Liabilities 9,979060 11,451.35 1,01.75 Net Worth 1 925.62 151,302.86 6.572.78 TOTAL LIABILITIES AND SET WORTH 191.435.05 2 8 The only substantial changes in the Balance Sheet of the company were brought about through ensign of ite-serviaes. The 6urpius .Account totaling-UM 39 is classified as .follows# Capital Surplus $ 117s494.77 Contributions in Aid of Construction -14,676.53 Earned Surplus ?,M4,32 Total 139.255.62 For a full, eagle 8t ®n of the Capital Surplus, please refer to our report of last bear. Contributions in Aid of Construction in the amount of $14,676.53 represents money contributed to the company for the extension of service facilities that become the property of the company and, therefore, are included'in its plant values. t The Earned Surplus totaling $7,084.32 is set forth in detail in Exhibit B, , which shoats it W increased to the extent.of $3,363.13 by earnings during 1941• OPMATIONS The operations for the year ended December 31, 194l are shown in detail in Exhibit C and supping Schedule C-1 and shows a net profit to surplus of $3 ,,363.13,, after providing for interest-charges and Income Taxes on earnings. In arriving at these profits, depreciation to the extent of $4730.93 has been included. In order that you may have a better understanding of the operations for the year, we submit a condensed comparison for the current year and for the year ended December 31, 19401, together with increases and decreases in both amount and percentages as followas COUNTRY CLUB DISTRICT SERVICE CO. 4611 Wooddale Avenue MINNEAPOLIS, MINNESOTA WALNUT 9817 May 5, 1941 Mr. Carl G. Westerberg, President, Village of Edina Minneapolis, Minnesota Dear Mr.- Westerberg: There is enclosed herewith, a copy of the audited report of the Country Club .District Service Company, for the year 1940. A change of auditors was made this year so that no charge of favoritism to any one auditing concern can be made. This was the.sole reason for the change.. The report goes into great detail on the financial setup so that extended comments by me will not be necessary.- It will be noted that while gross earnings were considerably more than last year, net earnings were less. The burden of taxes was very, very heavy. Very truly yours, Oscar Gaarden, President OG :LL Encl. Q3-. It is noted from the foregoing comparison that there was a substantial gain in revenue curing the year with only a small: increase in operating cost, which accounts for quite an inprovemerit in the showing over the previous year. 'COMMTS ON BALANCE SHEET PIM ASSETSn We are showing the Fixed Assets in summarized form on the Balance Sheets fthibi,t 4, and in still further detail in Schedule A-1. Now expenditures were made during -the -year to the extent of 64634.55, made UP as ,followsa Addition to the Water Distribution System 1,559.55 ,Addition to Miscellaneous Tools and Equipment Total. Depreciation to the extent of 64,730.93 has been taken into operating YEAR ENDED Y ENDED DECEMBER 1. 1941 DEC EWER 31, 1940 INMmag= MME R AMOUNT SALES AMMT SA ZS A SALES SALES $ : 2Q.,805.71 100.0Q 17.651.0 1C0.00 E. 3..1,..70 OPERATING.COSTS MD EXPENSES: deter Purchased for Resale .342,77 1.65 179?64 1.42 .6 16343 .63 Power and Pumping. 5#394.94 25.93 4,631,47 26.13 783.47 .20 • Distribution Expense 4,732.34 22•.74 4,981.59 28.22 249.25 5.48 Accounting and Co3.lection 2.9 824, �9 131.38 - 12.901.14 10.77. . 923.25. &: A Administrative and 4eaeal. 3.. _ 4.q6 9. 2.548.99 .,1-4-72.: 624.23 5. TWAT, OPERATING .COSTS AND EXPENSES $ 15,269.20 73.39 $ M.272.03 80.86 S 996.37 7. i 0 5,536.51 26.61 3,378.18 19..14 2,358.33 7.47 Other Income 40.152 .20 40469 .20 NET PROFIT BEFORE INTER,- - EST AND INCOME TAXES 5,577.20 26.81 .3,378.18 19.14 21,299.02 7.67 INTMEST PAID 1,077.90 _._�.Ib 1.I:29.55 6.40 %,075 1.22 4,499.40 21063 $ 21248.63 12.74 2,250.77. 8.89 PROVISION FOR INCME � TAXES 1,336..27 ...r5.�L6 322.79 '1.87 806.48 .3-!n NET PROFIT-To SUS 31,262.13 16.17 10.87 a 134". It is noted from the foregoing comparison that there was a substantial gain in revenue curing the year with only a small: increase in operating cost, which accounts for quite an inprovemerit in the showing over the previous year. 'COMMTS ON BALANCE SHEET PIM ASSETSn We are showing the Fixed Assets in summarized form on the Balance Sheets fthibi,t 4, and in still further detail in Schedule A-1. Now expenditures were made during -the -year to the extent of 64634.55, made UP as ,followsa Addition to the Water Distribution System 1,559.55 ,Addition to Miscellaneous Tools and Equipment Total. Depreciation to the extent of 64,730.93 has been taken into operating -4- Country Club_ District Service Company expenses. The Fixed Assets of the company have. been pledged to the St. Paul Fire and Marine Insurance Company for a loan in the original amount of ,`W,000.00 with a pr ®sent balance of $16 #000.001, bearing interest at.5%. As the operations of the company are, xapidly extending into newly developed subdivisions, it,i.s custokary to have the,prdmoter of these subdivisions furnish the money for the extending of the water manias - without merest. The company repays . these advances by turning over to.tho subdividers,, one -b®lf, of the revenue received from the users of these mains until.. paid for- but in no event are repayments made for a period to etceed ten years. The company now has advances -for construction, repayable out of revenue'as of December 33,,. 1941 as follows% 1 AWAHCED BY THORPE BROTH S: Wooddale Section. $ 4,499.31 - Brucewood Addition 3,023-32 Arden Avenue Extension 428.26 r v69 - Portion of Fast Sunnyelope 1,337.81 ., 6 9 6 ADVMCED HY TE,- NVOTOW. COMPANY Hidden Palley. - 1379. 7 Total Of these aces, the one made by Thorpe- Brothers for the'Nooddale Section, in.the amount of 54,499.31 is repayable by diverting to Thorpe- Brothers one -pelf of the revenue received from the sections nP to iTerch 31, 1948, and the amount remain- ing ing unpaid, if any, at that date becomes peyab3e in full by the company to Thorpe Brothers. -The othar advances are payable only by the diversion of 50% of the reven- ues from these subdivisions for the first ten years, unless they are fully paid up, . prior to that time, and any balances remaining at the end of ten. ;Tears becomes a con - tribution to the compmy in aid of construction. In addition to the above amounts referred to, the company received dontri- butione in aid of construction for specific extensions which certain customers want. s These contributions are - outright gifts to the company, in order to secure water ser- vice, and we have taken them in as part of the surplus. i • 0 .. 40 Coua= Club District Servic® Comnm CURRM ASSETS: The cash in bank in the amount of $6,,493414 is deposited with the Northwest- ern fiatironal. Bark and Tract Cozy of neapolis, and we have reconciled thf.e account and verified the balance by direct correspondence. ,idle ha4e also made a detailed check of all deposits and withdrawals from the bra and found them to be properly recorded and in order.. The Acommts Receivable in the amount of 44040.07 have -been classified on the Balance Sheet as to their nature. We have made a detailed: check-of these accounts and have reviewed the methods used to handle these accounts end found them to be in goad order. The inventories a=unting to $1077.34 consist of :peters valued at $1,197.41 and miscellaneous items of $179.93• Iffe were not present when tiara inventories were taken, but we have eumined the records of the campsny with regard to these inventories and they appeared to be proper. We note that cartain of the moters are secoadhand,. but these seeondbaud meters are carsi ed at a much redzzced coew so that the valuations app- eared to be coneervative. FIX0, LIABILIT.I : The compW negotiated a first mortgage on its operating properties as of November 11 1937 with the St. Paul Fire and Mari-no insttranc Company in =the total amount of $20,000.00,. bearing.i.nterest at 5 %, *hich interest is payable on Way 1-and November Y of each year. The principal is payable $1,OOO.00 annually up to Novezaber 1, 1951, and rem i� ,C?f?J.OQ becomes due on November 1, 1952• The present paid balance of this mortgage is 16p=..00s and of this waount ve have placed $1,000.00 among the Current liabilities because it becomes dae an Dovemaber 1, 1942. The balance of Fired Uabili.t.ies, totaling $11,468.07 is ;made up of advances for construction which is repa"bl.e out of revenues over a period of years as explained in a previous mph. CURRENT LIABILITIES: 0 The Accotmts Payable are classified as follows: Trade $ 637.65 Refund of Construction Advances 1,025.00 To Officer 307.99 Total ISM- E • 4- Country Club Mis•trlet Service Company The.trade accounts are those usual in the regular course of business and are paid on a current basis. The refund.of construction advances are the payments due out of revenues to subdividers as explained.in,a previous paragraph. The amount of $307.99 due to of'ficer. is oaring to FJr. Oscar Gaarden for engineering and other ser- vices ^endered. We are shoeing, a. 31st of accrued. taxes in the amount of C,21,630.93 on the Balance Sheet. These taxes -are all appl.cable. to 3941, payable in 1942• - The accrued interest pa7able is itemized on Schedule 'A-2, and the notes payable to officers are also itemized on'Schedae -2. 1f 'FOR,TM. The particulars of Net earth are set fortb on the Balance Sheets Exhibit A, and-in Ekbibit B. P_U of tbe. Oapital .Stock Outstanding is held by Mr, Oscar Gaerden. The Preferred Stock provides. for 6% annual cumulative dividenide, and these dividends are tbro® years in arrears which makes a total of x.00 per shale or 12, :160.00 in all. The Surplus. Aceo-ant has been claseifiad on i ha Balance Sheet amd totclr' X139,255.620 These classifications are exp wined in a previous paragraph. We f�md that the zomp=7 keeps very accurate and complete records so that tun information on all activities are roed3.1:y available. Ve wisb to express our appreciation of the courtesies extended and the co- operation e£forded us during the course of this engagement. Respect-fully s~ubl fitted, Certified Public Accountants -? AUSTIN & COMPANY CERTIFIED PUBLIC ACCOUNTANTS ROANOKE BUILDING MINNEAPOLIS ALBERT B. AUSTIN, C. P. A. - CERTIFICATE We have made an examination of the Balance Sheet of the COUNTRY CLUB DISTRICT SERVICE COMPANY, AMEAPOLISs, MISNESOTAI, as at December 31, 1941, -and, of the Statement of Income and Surplus for the calendar year ended, December 31, 19414, In connection theretoith, we have examined or tested accounting records of the company and other supporting evidence and obtained information and explan- ations, from officers of the company, but-we did not make a detailed audit'of the transactions. In our opinion, based upon such examination and subject to the comments contained in this report, the-accompanying Balance Sheet and related Statement of Income and Surplus fairly present, in accordance with accepted principles of. accounting consistently maintained by the COUNTRY CLUB DISTRICT SERVICE COMPANY during the calendar year under review, its 'position at December 31, 1941, and the results of operations for the year. Respectfully submitted, Certified Public Accountants 'march 26, 1942 THE PUBLICATION OF -ANY CONDENSATION OR MODIFICATION O STATEMENTS HEREIN CONTAINED OR THE USE OF OUR CERTIFICATE DETACHED FROM ITS CONTEXT. OR THE USE OF OUR NAME IN CONN TION WITH THE SALE OF SECURITIES OR OTHER PUBLICITY WILL NOT BE SANCTIONED UNLESS IRST SUBMITTED FOR OUR APPROVAL. Exhibit A TOTAL ASSFrTB Country -Club District 'Service - Compaq BALANCE SHE , As at December , 31, 1941 LIABILITIES AND NK BtiRTS PS SSgTSs Rate A Schedule 6 -1 gIgffil LIABILITIffis � 5 First•ortgage dated November 1, 1937 to 3,0.E DomPr Land St. Pte]. Fire and E�ariri® Insurance 1 e33s,. Building, Tank, Distribution System,-Toole and 6 230,802.16' .` due $1,OOO.CO enuu,el3,8 on November 3 of each . ;�res►r to November 1, 1951,' and X6,000 00 on .Equipment Lessa�kccumdlated Depreciation • 51.66t31.81� N ®vember li 1952• Secured by all operating ovem Nov " 16,0©O.003 (InclndiYi .vq,178.19 accrued - at date of ¢pprsieal) at properties. Origin—amount $20,ow.00, : - 1S2,141•68 Least Due within ono gear, shown in Curt t $ 15,x.00 TOTAL Fi%ED - ( ) Li*dlities X0.00 The above valuati®ns.were based on Independent Advances for Constructions . Appraisal as of January 12, 19371, , plus subse- paYabla from - Revenues �- � 49499.31 quent additions at coat. Due.March'31, 1948 The above assets are pledged to secure -a 5% Fist Payable only to extent 50% mortgage origina3.ly' ,000•OO.,. now $16,000.00 of revenues during 10 years 6.968.76 11.468.07 after eomstruction CURRENT ASSETSi -TOTAL FIXED LIABILITIffi 6,493.14 263468.07 Cash Bank Accounts Receivable - 234.05 CURB= yI_=LIT ESa. Water 8. 45. 19 Accounts` Payable _ 637.65 Sewer 2 3.5gd83 Construction Contributions s Trade Refund of Construction - Advances 1,025.00 30'1`.99 1,910.64 Miscellaneous (Inclu $174.53 from Officers i.489o0O - 4,34©.07' . To Officer Accounts Receivable - Credit Balances - 14,74 inventories - 1 Meters ,19741 ..i,ocal Accruals x Taxes = :,. 1s328.59 miscellaneous 179.93 � - Capital Stock !. 3'i.50 108.57 TOTAL CURRM ASSETS:• -. Social S ®cupitg 3,2,210.55. 80 - State and Federal Income 1_._136. 27 2,630.93 163.33 Accrual - Interest Payable Schedule A-2 T3F MED _CRARO&SE r Unexpired Insurance 51.06 dotes Payable - To Officers schedule 4 -2 � 4.,200.00 - current maturity -First mortgage Due November It 1942 (See Abovee)_ . 1.000.00 NOTE A. -The valuatian® of Fined Assets contain certain 9,979.60 sewers and water mains, the omnership of which TOTAL CURRENT LIABILITIES- is being contested in a case now before the Suprome court of ]�irn�esota. Should the decision NET VOATHs be adverse to the eomganY, the valuations, as Eapt�. Stock - Authorised shown abov e, would have to be adjusted. - 6% ��2ative Preferred, �iC10.00 000.00 Far Value Callable at Par 200 bares Common -No Par Value NOTE B '- Accumulated dividends on, Preferred Stock to the of $18.00 per share or a total of $20160.1 Outstanding - Preferred- 20 Shares (see Note B) 12pOOO -00 extent as at December 31, 1941. eYls. Unpaid- common.QW Shares 6.700.0Q 189700-00 . Surplus. - Capital. Surplus $ 117,494.77 contributions in Aid of Construction 14,676.53_ 7".08$.2 5.62 Ed Surplus- Exhibit B arne _�, _ TOTAL NET VOnH � 157.955•!b2 - - � TOTAL_ bu-. BiLITIES AND NET i�ORTH 8 1944403 •1 TOTAL ASSFrTB Country. Club District Service CompMW AUALYSIS OF EARNED SWLUS Fbr the Year Ended December 31, 1941' BAWCE PER AUDIT REPORT, DECEMER 31. 1940 $ 31305.47 ADDS Not Profi:b for Year 3,363.13 Reversal of Accrual for Stete Unemployment Insurance applicable to Prior gears 216.12 • TOTAL smED SEfR ws, PEA maam A L084,22 a s 0 Country Club District Service Company PROFIT AND LOSS STATOM For the Year Ended Decembe3r 31, 1941 OPMTIIgG RZVENUES: Sales and Services to Customers Miscellaneous Revenues (Net) GROSS SALES OPERATING COSTS AND EXPENSESt 'Schedule C-1 Water Purchased-for Resale Power and PmVing' Distribution dense Accounting and Collection Administrative and General- TOTAL OPERATING COSTS - AND 'EXPENSES 4TH8R INCOME: Profit on Sale of Water b'ain Exteratioa SET PROFIT BEFORE INTEMT AM INCONE TAXES • PROVISION FOR INCOLM TAXES:. Federal State Exhibit :C SEMM WATER - COMBINER DEPARTMENT DWART' $ 20,607.28 .$ 594.39 $ 20,0122.89 198.43 - 198.43'. 20,805.71 584°39 Z 2OP221.32 342.77. - - 342.77 5,394.94- 192.35 5,202:59 .4,732.34 1,868.07 2,,864.27-- •,824.39 63.66 2,760.73 1,974.76 94.20. , 1.880..56 15,269.2O, 2.218.28 13.x50.92 5,536.51 1,633.89 70-170.40 40m69 - 40.69_ 5 :577..20 $ 1 *633.89 . 7,2UX 951.44 - - 951.44 $ 1 136.27 6 -- - 12136.27 4,440.93 6 Zs633.89 6*074.82, INTFJMT CAAROR6 1,07,7.80 - - 1,077.80 NET PROFIT OR () Provision for Depreciation Included Above $ 4,730.93 1,672.05 39058.88 NOT£t No- credit is-given to the later Division-or charge made to the Sewer Division for Water used in Sevier flushing. 4 11 a O Scbedule C-3 Country Club District Service Company OPERATING COST AND EXPIjiSBS For the Year Ended December 31, 1941 SEWER WATER COMBIRFD DEPT DEFT MATER PURCHASED FOR RESALE 342.71 342.77 POVER AID PUN INGe Power Puro'besed ` , � 2054-00 2, 554.00 Operating Labor 236.25 _ - 236.25 Depreciation X1,03 %.81, - - 1103%.81`/ - Loeal Taxes 1 328, 59, 192.35 1 #136..24 , Supplies and Expenses 350.68 - - 150.68 Maintenance 87.61 TOTAL POMM AND PUIRPrNG PER -EXHIBIT C 5.394.91+ 19 2. 0 5,202.59_ DISTRIBUTION EXPENSESt ;f Depreciation P � 3,6'76.67 05 � 1, 672v . , 62 / 2 004. �aintenamce..of one 333.9% 67,79 . 266..18 6®rviees on Consumers' Premises X3;16 - .. 303.16 Operation.of Distribution,Lines 418: 128.23 290.31 TOTAL DISTRIBUTION EXPENSE PER EKHIBIT C 4, 7 32.34 S 1,866.07 2,864.27 ACCOUNTING AND COLLLCTION'a Meter Reading 0 160.00 4 - - 160.00 �9iscellaneorae. 804,39 18.66 785.73 Billing and Accounting 1,860.00•/ 45.00 1.815.00 TOTAL ACCOUNTING & COLLECTION PER ffi*BIT C S 2.824.39 $ 63.66 2.760.73 ADMINISTRATIVE AND GENER11La Salaries and Wages $ 1,367.0 .., 48.00 1019.00 ` Miscellaneous 244.00.` ' 23.00 221,00 Insurance ,. ' 160.14 4.50 155064. Expenses of General Officers 18424. 3.00 15.24. - Federal Capital Stock Tax. 12�i.00: 13.75 106.25 .i Supplies and Expense 4.41 - - 4.41 Payroll Taxes 44:52 1.95 42--57, Depreciation,on Office Equipment 16.45 - - 16.45 - TOTAL AMINISTRATM - PSD GENbRAL PEBiIBIT C S 1,97/ 76 94.200+ 1,880.56 TOTAL OPERATING COSTS AND EXPENSES PER EXHIBIT C 1 15.2 .2A 1,24218.28 g 1j.,055O DATER :DIVISION t Land Buildings Well #2 $1evated Tank and Piping, Pumping, Equipment Witter Distribution System T. TOTAL WATER DIVISIOR!", SEffM DIVISI03i Sanitary Sewer 8yatem Storm Seww -System. TOTAL SEWER DIVISION - Ig-SCELLANEDUSt AftsceLlaneoue -Tools'and Equipment 410.61 485-61 10% Office Furniture and Equipment 164.50 164-5Q 10% TOM MISCELLANEOUS TOTALS 32x .22 Schedule A-1. D.EPRECIATIO-N BALANCE BALANCE 11 -41, - CURRENT DEDUMONS $ 386.11 83.53 469-64 42.97 257.03 113.75 32.50 146.25 4j,710-85 402-13 5,11.2.98 1034-88 432.87 11967*75 -18,476.05 2.004:62_ 20,00.67 A 250436. 2nV8*62 28m435.12 $ 12A04.11 1v030-46 0 13,534.57 8;533.31 641-59- 9,1749- 117.25 $ 343-81 $ $ - 161 1 .06 30.38 16.45 54-.-83 155.63 60.26', 215.82 46a222z It 4.7,30.93; NOTEs. - The above assets vortgaged to the St. Paul. Fire and Marine Insurance Company to secure a -loan bearing interest, at. 5%,,. in an original amount of .620,000.00,, now $16,,000.00. DEPRECIATED VALUE 3s,618.7i - 29320." Ij 803,75 4940.36 69741.531VX,.?j ,100,689-67 121,01.14,_4_6 37,688.22 22.204.78 60, W_ ado 324.55 109.6 7 22 Country Club District'Service CompwW Y=.ASSM7AND DEPRECIATION Ydar Ended December 31, 1941 -A 8 S. E T S BALANCE BALANCE: 1= ...ADDITIONS DEDUCTIONS jk&.111 RATE 3pOOO.00 3000D.00 2,088-35 2,9088o35 2 0 2g578.27 1-2/-% -.11,95OX0. 1j,950-00 = 1.2f3% IOA53-34 - lOpO53-34 ..A%' 8631-351' 77-93 8p769*28 --,'5% 119.831,.01 1,48142 142-29, 121,170.24, 1.2/x-'. --ja !A. it/9.I- 4 51 511529.79 791 32:079,68-.r. 2,079:68-: Ig-SCELLANEDUSt AftsceLlaneoue -Tools'and Equipment 410.61 485-61 10% Office Furniture and Equipment 164.50 164-5Q 10% TOM MISCELLANEOUS TOTALS 32x .22 Schedule A-1. D.EPRECIATIO-N BALANCE BALANCE 11 -41, - CURRENT DEDUMONS $ 386.11 83.53 469-64 42.97 257.03 113.75 32.50 146.25 4j,710-85 402-13 5,11.2.98 1034-88 432.87 11967*75 -18,476.05 2.004:62_ 20,00.67 A 250436. 2nV8*62 28m435.12 $ 12A04.11 1v030-46 0 13,534.57 8;533.31 641-59- 9,1749- 117.25 $ 343-81 $ $ - 161 1 .06 30.38 16.45 54-.-83 155.63 60.26', 215.82 46a222z It 4.7,30.93; NOTEs. - The above assets vortgaged to the St. Paul. Fire and Marine Insurance Company to secure a -loan bearing interest, at. 5%,,. in an original amount of .620,000.00,, now $16,,000.00. DEPRECIATED VALUE 3s,618.7i - 29320." Ij 803,75 4940.36 69741.531VX,.?j ,100,689-67 121,01.14,_4_6 37,688.22 22.204.78 60, W_ ado 324.55 109.6 7 22 Schedule A-2 CeUntX7 Club District Service Company NOTES PAYABLE As at Decenber 31, 1941 ACCRUtb DA'C'E RO. DUE RATE ,AMUNT V T .� 12-3141 Oscar i Garden 6-30-42 3%- ... $2 400'*'00 . 4f , . r r 12 -31 -41 Oscar Gaerden 6 -30-2 5 600.00 _.. 12 -31-40 Lorraine Gaerden 6-30-42 5 6W..00- 30.00 12-31-41 . Lorraine Gaarden- 6 -30-12 5 600.00 TOTS PER ffiM A 200 00 30.00 AMITIONAL ACCRUED INTEREST 'On First Mortgage 626.000.00 at 5% 2 Monthe x.33.33 TOTAL. PER: F, MMIT A 6 .