General Motors Of Canada Essay

4495 words - 18 pages

Report of General Motors
FOR THE

Corporation

Fiscal Year ended

December

31, 1918.

GENERAL

MOTORS
Board

CORPORATI0.N

of Directors F.W. HOHENSEE L.G. KAUFMAN J.H. MCCLEMENT R.S. MCLAUGHLIN C. S. MOTT J.J. RASKOB A. P. SLOAN, JR.
EDWARD VERLINDEN II;‘. w. TiVARNER

PIERRE S. DUPONT, Chairman

A.G. W.P. R.H. W. L. H.F.

BISHOP CHRYSLER COLLINS DAY DUPONT

IRENEEDUPONT LA~IMOTDUPONT

W.C. DURANT J.A. HASKELL Finance
DUPONT

Committee
LAZVIRIOT DUPONT

J. J. RASROB, Chairman H.F.
IRENEEDUPONT PIERRE SDUPONT

W.C. DURANT J.A. HASKELL Executive Committee F. W. HOHENSEE R.S. MCLAUGHLIN A. P. SLOAN, JR.
EDWARDVERLINDEN

W. C. DURANT, Chairrnan W. P. ...view middle of the document...

The income and profit and loss accounts include the earnings and surplus of the Corporation and its share of earnings and surplus of subsidiary companies.
INCOME ACCOUNT FOR TWELVE MONTHS ENDED

DECEMBER Net

31, 1918.

profits after deducting all expenses of manufacture (including selling and administration, as well as ordinary maintenance), and depreciation .................. ........ taxes, insurance, Provision for Federal taxes and extraordinary expenditures. .

$35,504,576.41 2O,llj,548.19 $15,391,025.22

Less:

General Preferred Debenture

Motors

Corporation

proportion

thereof.

...

$14,825,530,19 1,920,467.00 $12,905,063.19

dividends dividends

for 12 mos. at rate of 6% . . . . . . . $1,150,901.00 739,566.OO for 5 mos. at rate of 6% . . . . . . . ended December 5 31, 1918. . . . .

Undivided

profits for 12 months

PROFIT AND Profit and Loss Surplus Add undivided making debenture profits dividend), at the beginning for 12 months

Loss

ACCOUNT $11,508,392.57

of the year. . . . . . . . . . . . . . . 31, 1918 (after of preferred and

ended December Account

provision

for all taxes and the payment as per Income

shown on preceding 12,905,063.19

page..................................................... Additions United Other through Motors acquisition Company Corporation. of properties: (of Delaware) . . . . . . $8,065,083.10 9,714,607.59 653,100.98 4,800,OOO.OO ....... . ........ stock ............. stock: . . _ _. 2,292,567.00 3,205,704.00 3,446,889.00

Chevrolet

Motor

Companies.

. . . . . . . . . . . . . . . , . . _. . . . . . . .

Profit from sale of new common Less: Cash Dividends February May August November

23,232,791.67 $47,646,247.43

paid on common

1, 19181, 19181, 19181,1918-

30/, . . . . . . . . . . . . . . . . . . . $2,292,150.00 3y0 . . . . . . . . . . . 3y0 . . . . . . . . . . . . . . . . . 3% . . . . . . . . . . . . . . . . . . . . December 31, 1918

11,237,310.00 $36,408,937.43

Profit and Loss Surplus

The net manufacturing profits of $35,504,576.41 are after deducting the sum of $4,616,344.37, to cover depreciation of buildings, machinery and equipment. The plants have been maintained in good operating condition. These profits are exclusive of profits which accrued to the several companies in 1918, prior to their acquisition by the Corporation. The combined profits of General Motors Corporation and subsidiary companies before deducting Federal taxes for the twelve months ended December 31, 1918, including the proportion of profits which accrued to the several companies in 1918, prior to the acquisition of the assets by the General Motors Corporation amounted to $45,541,726.00. Full charges have been included in operating expenses to cover all Inventories at the close of the year were on a depreciation in inventories. thoroughly conservative basis of valuation, being valued at or below cost. The Condensed Consolidated Balance 1918, as...

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