Document N2bJ70pXXowBNQY1mvjyj42vp

ACCOUNTS RECEIVABLE; Customers Ledger: Ledger Debit Balance, May Slat, 1936 This balance la made up as follows Not yet due Fast due (Over term date) t97.828.78 $84,313.06 15.SIS.72 (1) $97,828.78 (1) Included in this amount are slow accounts, which at May 31st, 1938, have been on the books for a period of ninety days or more, also accounts which have been definitely established as very doubtful or "Uncollectible" and have not yet been cleared or charged off to Bad Debtsi Slow Accounts! Bartlett Hurdmn r.nupTvr - Cuba. Sew Torki $ 26.63 Account dating from February 16th, 1938. Paid July 28th, 1938. Theodore S. Banner - Abingdon, TlHen-tm $ 81.94 Account dating from February 16th, 1938. Paid $42.00 in July, 1938. Good. R. F. Dengel and Son - Brooklyn. New York: $ 8.63 Account dating from January 10th, 1938. Considered collectible. Easterly Lumber - Carbon^1| TlUrmta, $ 51.63 Account dating from November 10th, 1937. Numerous letters have failed to expediate payment of this balance. Payment will be-very slow, but account is considered collectible. The Farmers Supply Store - Augusta, Illinois: $.50 Unearned discount dating from October, 1937. Customer has ignored repeated letters. Have recommended this balance be cleared from the books. rhTlnn Goldberg - Newark. New Jersey: $ 1.15 Unearned discount dating from August, 1937. No longer doing businass with this concern and I have asked that this balance be cleared. PNYC00001019 N10150 ACCOUNTS RECEIVABLE (Continued!i Onatoaars Ledger (Continued1) j Slow Accounts (Continued)s Kenner System. Inc. - Michigan City. Indiana ? <45.00 Balance of account dating froa April, 1957. Considered collectible. Paid $15.00 in July, 1938. Lund Hardware Cogrpanr - in mini-rat., Illinois i <36.27 Account dating froa August, 1937. Paid <10.27 In June, 1938. Considered good but slow. Merrlrllle Lumber and .Supply Company - Crown Point., Tndt < 2.43 Unearned discount dating from August, 1957. Customer has ignored repeated letters. Hare recommended this balance be cleared froa the books. Metzger T.umhep Connany - Tehnnan, Tnd-lanei < 1.00 Underpayment on Invoice of February', 1938. Considered collectible. (?. m. inner - Austin. Tenet <38.01 Disputed bill dating froa September, 1937. Correspondence indicates collection is very doubtful. O'lfaara and Company - Hillsdale. Michigan; <85.95 Account dating from September, 1937. Hu always been slow pay but is considered good. Raasay Brothers Hardware - Grove City. Pennsylvania; <55.27 Account dating Area July, 1937 was placed in the hands of Chicago Association of Credit Men and payment was received at this office on July 28th, 1938. RlseiuiTi'a Wallpaper A Pl"+ c. - SpringfieldT Illinoisl <80.00 Account dating from February, 1938. Considered collectible. Have always been slow pay. BneklanH Builder* Supply Cfpany - Soring Valley. H. 1.1 <81.44 Account dating from September, 1937. Paid <80.00 in July, 1938. Considered good. Albert Westrelch - Brooklyn. Hew Yorki I Account diting from February, 1938. Has very poor credit reputation, but it is felt that payment will be made in time. *15.36 ACCOUNTS RECEIVABLE (Continued! Customers Ledger fCont,lrmtH ^ j Slow Accounts (Continued1i Weshlnp-koTi Paint. Supply Company - Brooklyn. K. Y. i Unearned discount dating from October, 1937. Have paid no attention to repeated letters and I have asked that this balance be cleared. Uncollectible Acconnts: John P. Anderson - Manistee. Michigan, An estate account dating from July, 1935. Collection of account was turned over to the Grand Rapids Association of Credit Hen. During period of this audit account has been reduced by $17.88 which cowers four dividends received. Correspondence on file would Indicate that further recovery nay be expected. Bull Paint Company - ISekskill. New Yarki Account dating from April, 1937. The above company placed their business in the hands of an attorney in October, 1937 and correspondence would indicate that this balance will be paid out in tine. The account of $45.00 which was transferred to uncollectible accounts in October, 1937, has at July 31st, 1938, been reduced to $30.00 by two poyaenta. It is felt that a substantial part of this balance will be collected. Eckhart Palmer Hardware Company - Osgood. Indiana: Account dating from July, 1937. The above company was adjudged bankrupt in January, 1938 and our proof of slain was filed in February, 1938. A receiver was appointed to liquidate the above concern which was dons on April 7th, 1938, sale of stocks, fixtures, etc resulted in e return of $5,700.00. There is no late correspondence on file, but indications are that a very snail recovery will be realized. King Paint Manufacturing Company - Brooklyn. N. Y.: Account dates fren June, 1937. This company is now operating under a Creditors Committee who at November 9th, 1937 sold all assets exclusive of Accounts Receivable created prior to October 20th, 1937. Our interests are being looked after by tin Fifth Avenue Protective Association who report that full recovery is vary doubtful. ASSETS ACCOUNTS RECEIVABLE (Continue: Customers Ledger (Continued>i Uncollectible Accounts (Continued)j King Paint Manufacturing Co. - Brooklyn. N. Y. (Continued): The origins! balance set up In November, 1937 has been reduced by a 10$ dividend of $23.25 received in April, 1938. There was also a 10$ dividend received in March, 1938, which was posted to the Anaconda Sales Company in error. I had this correction made in July, 1938. There is also a balance of $467.11 carried by tbs Anaconda Sales Company which will be detailed upon completion of that audit. Kramer's Paint Store. Inc. - Chicago. TTllnolm $500.00 Account amounting to $691.89 dates from Hay, 1936 to September, 1936. This concern is working under a creditors agreement, H. If. Cline, Manager of tha Adjustment Bureau of the Chicago Association of Credit Hen, being appointed Trustee. The original balance was reduced by $391.89 which was charged to Bad Debts in December, 1937. This concern also has a consigned stock account which they have been keeping in a current position. Collection of the above balance appears to be very doubtful. The Lehr Hardware Company - Jackson. Michigan; $112.09 Balance dates from August, 1937. In May, 1938, the above executed a Trust Mortgage to John C. Dalton, Trustee, for benifit of creditors. Our formal proof of claim was filed in June, 1938. There is no late correspcodence on file frcm the Trustee to indicate what per cent of recovery may be expected. Realty Paint and Supply Company - Chicago. Illinois; $514.66 Account dates from August, 1937. The above company executed an assignment to the Chicago Association of Credit Hen, H. W. Clime, Trustee, for the benifit of all creditors, in October, 1937. Our consent to assignment was filed on October 15th, 1937. On March 18th, 1958 a 10$ dividend was received reducing account to present balance. A final dividend is expected about September, 1938. Full recovery is very doubtful. ASSETS ACCOUNTS RECEIVABLE (Continued): Customers Ledger (Continued^: Uncollectible Accounta (Continued)i South Jersey Class Company - Vineland. New Jersey! $577.90 Account dates from October, 1935. The above company refused to pay this balance claiming that our materials were of inferior quality and that they were forced to reimburse painters for several jobs they bad done. The account was turned over to an attorney to collect but the case was non-suited and it was decided that the matter should be dropped. In view of the fact that this balance was incurred through the shipment of inferior product by our company, this account was cleared through sales in July, 1938. Trent Tile Company - Trenton. New Jersey: $819.50 Account dates from Kerch, 1937. The above company filed voluntary petition of bankruptcy on February 8th, 1938. Our proof of claim was filed and acknowledged. Sale of this company's property was held on August 2nd, 1938 and a portion of the above balance may be recovered. There is also a balance of $93.00 on the records of the Anaconda Sales Company which will be detailed upon completion of that audit. Wellston Lumber Ccnraahv - We11ston. Ohio, $ 64.40 Balance on invoices dating from Hay, 1935. This company was placed" in hands of receiver on June 6th, 1936 and our proof of claim was filed November 17th, 1936. During period of this audit, account was reduced to present balance by a dividend of 7% received in February, 1958. Collection of the balance in this account is very doubtful. Willis Wood. Inc. - Chicago. Illinoisi $749.26 Account dates from September, 1937. Since Kerch 5th, 1938 tbs above company has been operating unier a creditors agreement with H. W. Cline of the Chicago Association of Credit Kan as Trustee. Our consent of assignment was filed on Kerch 14th, 1938. It was decided by the creditors to sell the assets of this company at public auction, aai on June 1st, 1958 an 8% dividend was received which reduces balance to $689.32. Full recovery of this-balance is very doubtful. Examined in detail ~n correspondence, etc., in connection with slow and uncollectible accounts. PNK00001022