Document 3QdZKJnQ9MJyVpVErQNNr5z9J

GENERAL LEDGER TRIAL BALANCE - MAY 31ST. 1938 Accounts Receivable - Customers Notes Receivable Accounts Payable - Customers New York Office Sales: Zinc Oxide White Lead Iead-in-Oil Purchases: Zinc Oxide White Lead Lead-in-Oil Dr. $ 40,345.03395.33- Cr. $ 94.90 40,645.46 59,889.79 31,961.5016,207.60- 59,689.79 31,961.50' 16.207.60- ________ $148,799.25 $148,799.25 RECAPITULATION 0? CASH BOOK APRIL 1ST. 1937 TO OCTOBER 31ST. 1937. INCLUSIVE Receipts - April l3t. 1957 to October Slat. 1937t inci Customers Accounts _. Notes Receivable Total Debits Deposits - April 1st. 1937 to October 31st, 1957, Inc; Deposited in the Continental-Hlinois Bank nbrf Trust Company, Chicago, Illinois - Revenue Account Total Credits $222,766.88 2.008.20 $224,775.08 $224.775.08. $224,775.03 j SROOJ098 ASSETS ACCOUNTS RECEIVABLE; Customers Ledger; Ledger Debit Balance, Slay 31st, 1938 This balance is made up as follows: Not yet due Past due (Over term date) 140,545.03 $33,035.95 7,509.08 (1) $40,345.03 (1) Included in this amount are accounts which, at May 31st, 1938, hare been on the books for a period of ninety days or more; also past due accounts which have been definitely established as very doubtful and carried as "Uncollectible", and which have not yet been cleared or charged off. Slow Accounts: H. 0. Byrd and Company - San Angelo, Texas: Balance dating from November, 1937. Correspondence from this customer, dated June 17th, 1938, indicates that payment will be made as soon as possible. Has good credit reputation and account ,is considered collectible. Golf Coast Paint Company - Houston. Texas: Account dating from November, 1937. This customer ignored repeated letters concerning this balance, but on June 4th, 1958, makes a request for settlement of this account at $.50 on the dollar. This account was turned over to the Chicago Association of Credit Men for collection. Stewart Palwt Manufacturing Co. - iHnni>poi-ia| iiimi.; Account dating from August, 1957. MaWng regular payments and reducing balance. Good credit reputation and account is considered collectible but slow. Ralph W. Millar - Thurmont. Maryland: - Account dating from January, 1938. Has ignored repeated letters fro* this office requesting payment of this account. His bank advises that he is a good credit risk nd account is considered collectible. $ 97.50 $ 42.25 $ 1.415.19 $ 86.50 ISR00109? ASSETS ACCOUNTS RCEIVABt (Continued^ . Customers Lodger (Continued); Slow Accounts (Continued'): Norfolk Paint and Yarniah Coapenv - North Quincy. Mass.t Account dating from December, 1937. Were placed on a C.Q.D. basis because payments were falling so far behind. Are gradually paying out and balance of account is considered collectible. $ 1,155,50 Uncollectible Accounts; Jamestown Wood Finishing Company - Jamestown. New York: Account dating from December, 1937. On March 21st, 1938 the above filed petition for reorganization. Our proof of claim was filed on April 18th, 1938. A letter dated July 1st, 1938, from G. U. Blackman, Chairman of the Creditors Capsittee advises that a probable 50$ settlement may be expected. Keaton Tire and Robber Company - Saw Francisco. Cal.: Balance dating from November, 1936. This company filed petition for voluntary bankruptcy in April, 1937. Our proof of claim was filed and acknow- 1 lodged in June, 1937. On July 18th, 1938 a latter was received from L. a. Butcher Company, San Francisco, California, our agents, advising that it is the opinion of the Bank and Mr. Bode, the Trustee, that there will be nothing for tbs general creditors. This balance was charged to Reserve for Bad Accounts in August, 1938 business. Swavaly Varnish Ce^"r - Flint. Michigan; Account dating from June, 1937. Original balance in the amount of $205.88 was turned over to the Chicago Association of Credit Men and on May 4th, 1938 a payment of $50.00 was received to apply against their account. Unless this balance is cleared, or satisfactory terms arranged by September 1st, 1936, suit win be instgated by the Credit Association. Trent Tile Company - Trent. New Jersey: Account dating from May, 1937. This company filed voluntary petition in bankruptcy on February Sth, 1938. Our proof of claim was filed and acknowledged Recovery, of a portion may be expected. The International Smelting and Refining Comjeny, White Lead Department, has a balance with the above concern in the amount of $819.50. $ 46.50 $ 159.70 t 175.SB $ 93.00 ASSETS ACCOUNTS RECEIVABLE (Continued): Customers Ledger (Continued): Uncollectible Accounts (Continued): E _M. and_F. Waldo. Inc. - Mulrltirk. Maryland; $ 43.75 Account dating from November, 1957. This customer filed a debtor's petition in bankruptcy on April 4th, 1958 and our proof of claim was executed and acknowledged in May, 1938. There is no late information on file to indicate the possible percentage of recovery from this account. King Paint Manufw-ctwiryr Company - Brooklyn. N. 1.: 1490.36 Balance dating from October, 1937. This company is now operating under a Creditors Agreement. The original balance of $1,361.36 set up in uncollectible accounts was reduced by $600.00 at December 31st, 1937, which was cleared to Bad Debts, and by $271.00 representing dividends received in March and April, 1958. A dividend of $23.25 which was for the account of the White Lead Department was applied against this account in error. I had this discrepancy corrected in July, 1958 business. Our interests are being looked after by the Fifth Avenue Protective Association who report that full recovery is very doubtful. Examined in detail, all correspondence, etc., in connection with slow azxi uncollectible accounts. NOTES RECEIVABLE: Ledger Debit Balance, May 31st, 1938 The following notes were on hand .t M*v 31st. 1938: Date Issued bv Issued Date Due Amount, American Paint and Supply Co. F. L. Voliva Hardware Co. Lehman Brothers _ Carried Forward 3- 8-37 4-18-37 2- 4-38 9-1-38 5-1-38 7-1-38 $262.88 101.08 1.04 $585.00 (1) This note was placed in hands of the Fifth Avenue Protective Association and payment was received at this office on' July 15th, 1958. (2) Paid August 8th, 1938. O tcnc ASSETS NOTES RECEIVABLE (Contlroadh The followine notes were on hand at May 31st. 1938: Issued bv Brought Forward Date Issued Lehman Brothers Lehman Brothers Lehman Brothers Lehman Brothers Lehman Brothers Lehman Brothers Lehman Brothers Lehman Brothers Lehman Brothers Lehman Brothers 2- 4-38 2- 4-38 2- 4-38 2- 4-38 2- 4-38 2- 4-38 2- 4-38 2- 4-38 2- 4-38 2- 4-38 10-1-38 1-1-39 4-1-39 7-1-39 10-1-39 1-1-40 4-1-40 7-1-40 10-1-40 1-1-41 $385.00 1.04 1.04 1.04 1.03 1.03 1.03 1.03 1.03 1.03 1.03 $595.33 Notes from Lehman Brothers, Jersey City, New Jersey, represent payment of dividend on balance of $60.26 which was cleared to bad debts at December 31st, 1937. LIABILITIES ACCOUNTS PAYABLEi Customers Ledger; Ledger Credit Balance, May 31st, 1938 The balance in this account was verified as being of a current nature. $94.90 O