MASTERS FUEL OIL CO.

Income Statement for the year ended December 31, 1957

Fuel Purchase 143,367.00 Fuel oil, Non- Budget Acc. 97,587.00

Burner Parts 3,877.00 Budget plan income 80,895.00
Installation Cost 5,219.00 Installation Work 10,980.00
Subcontractor 1,472.00 Burner service and repair 14,876.00
Difference in Sales 1,891.00
Closing Stock 5,490.00
Gross profit 57,784.00
211,719.00 211,719.00
Depriciation 17,717.00 Gross profit 57,784.00
Wages 6,751.00
Utilities 437.00
Vehical Exp. 2,496.00
supplies 198.00
telephone 219.00
advertising 3,423.00
Tax 912.00
Office and Printing 1,019.00
Proffissional Fees 1,480.00
Rented Uniforms 386.00
Pay roll Taxes 335.00
Misc. Exp. 1,766.00

Net Profit 20,645.00

57,784.00 57,784.00
 MASTERS FUEL OIL CO.
Balance sheet, December 31, 1957

Capital: Fixed Assets:

Leonard Masters 28,970.00 Furnitures & Fixtures 1,481.00
Less: Drawing 10,364.00 less: Dep 566.00 915.00
18,606.00
Add: Half share of Profit 10,322.50 28,928.50 Delivery & service Eqp. 23,786.00
Less: Dep. 9,787.00 13,999.00
Louis Webster 29,860.00
Less: Drawing 10,365.00 Bulding 21,699.00
19,495.00 Less: Dep. 7,364.00 14,335.00
Add: Half share of Profit 10,322.50 29,817.50
Land 6,000.00
Accounts Payble 4,382.00
others Liabilities 256.00 Current Assets :
Account Receivable: 14,377.18
Cash In Bank 13,993.00

Closing Stock 5,490.00

Deposits on commercial bids 900.00

Difference 6,625.18
63,384.00 70,009.18