Document b3bwZ2b8EMDX0mLxqYxdnoQD

/7>t CONDENSED CONSOLIDATED BALANCE SHEET THE GLJDDEN COMPANY, CLEVELAND AND SUBSIDIARIES DECEMBER 31. 1921 GLD3128A CONDENSED CONSOLIDATED BALANCE SHEET THE GUDDEN COMPANY - CLEVELAND AND SUBSIDIARIES AS! OF THE CLOSE OF BUSINESS DECEMBER 31st, 1921 GLD3I285 CABLE ADDRESS "ERNSTAUDIT" NEW YORK ERNST & ERNST AUDITS a n d SYSTEMS TAX SERVICE CLEVELAND HANNA BUILDINO March 22, 1922. Mr. Adrian 2>. Joyce. President, The Glidden Company, Cleveland. Dear Sir:-- Submitted herewith is Consolidated Balance Sheet of THE GLIDDEN COMPANY* CLEVELAND and SUBSIDIARIES, as of the close of business December 81st, 1921. The greater portion of Cash and Customers' Notes Receivable at Cleveland and branches was either verified by actual count, correspondence or inspection or otherwise satisfactorily accounted for by us. Customers' Accounts Receivable have been determined from trial balances submitted, the accuracy of which has been thoroughly tested by com* paricon with the recorded ledger balances. It is our opinion, based upon all information obtained by us, that Reserves provided to cover doubtful accounts, discounts, etc., are am ple to cover any reasonably anticipated shrinkage. The Inventory of raw, in process and finished merchandise has been taken and priced under the direction of the management on the basis of the lower of cost or replacement values at December Slst, 1921. The inventory has been thoroughly tested by us as to method of valuation and clerical accuracy and has been certified to us by a responsible official of the Company as to quantities, prices and salability. Provision has been made in the accompanying Balance Sheet for alt ascertained liabilities at the date named, we having verified by correspondence the liability for notes payable, land contract payable and outstanding First Mortgage Gold Bonds. Information obtained by us as to the Companies' contractual situation at December Slst, 1921 Indicates that the eost of undelivered materials on purchase contracts will average at or below the prevailing market prices at that date. Subject to the foregoing, WE HEREBY CERTIFY, that, in our opinion, based upon the records examined and information obtained by ua and subject to any necessary adjustment upon determination of final liability for Federal Taxes, the accompanying Con solidated Balance Sheet Is drawn up so as to correctly set forth the financial position of THE GLIDDEN COMPANY CLEVELAND, and SUBSIDIARIES, at the date named. SEAL Very truly yours, ERNST & ERNST Certified Public Accountants. GLD312fi6