1954 Balance Sheet OSCAR J. SCHUELEIN
C E R T I F I E D P U B L I C ACCOUNTANT 607 NORTHWESTERN FEDERAL BUILDING
MINNEAPOLIS 3, MINNESOTA
January 25, 1955
Mr. Peter Brook, Manager
Municipal Liquor Stores
Fridley, Minnesota
Dear Mr. Brook:
In accordanoe with your request, by permission of Mayor Hughes, the results
of the examination of the accounts and records of the Fridley Municipal Liquor Stores
for the year ended December 31, 1954, are submitted to you for your information,
Our examination was made in accordance with generally accepted auditing
standards and included such tests of records and other supporting evidence as were
considered necessary in the circumstances.
The following Exhibits and Schedule are taken without change from the regular
audit report given to the Council of the Village of Fridley, dated January 25, 1955.
Page No.
EXHIBIT "C" - Liquor Stores Fund Balance Sheet,
December 31, 1954 8
"D" - Liquor Stores Fund Profit and Loss Statement,
For the Year ended December 31, 1954 9
SCHEDULE #5 - Liquor Stores Insurance in Force,
December 31, 1954 21
BALANCE SHEET WI ENTS
Cash
Cash on hand was physically counted and cash in bank was verified directly
with the depository*.
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Municipal Liquor Stores
Merchandise Inventory
Physical inventory was taken of the liquor stock and other merchandise
January 2 , 1955. The physical count of such stock was made by this office assisted
by Liquor Store employees. The pricing of these inventories was on the basis of
the lower of cost or market and ouch pricing, footings and extensions were checked
by us and found to be correct, In our opinion, these inventories are properly
valued.
Fixed Assets
Fixed assets were verified with purchase invoices and are recorded at
cost, less depreciation allowance currently provided for. Allowance for deprecia-
tion has been continued at the following rates per annum:
Furniture and Fixtures 10%
Building Improvements @ 55
Outdoor and Permanent Signs @ 10%
Building 2%
Deferred :assets
This represents unexpired insurance properly chargeable to subsequent
operations. These policies are sot forth on Schedule 5.
Liabilities
Accounts payable represents outstanding unpaid invoices at the close of
the year for merchandise purchases. Other items reflected in the current liabilities
section of the balance shoot include the current portion of the Contract for 'Deed
for purchase of land on which the new liquor store was constructed at 3710 East
River Road.
GENERAL
Exhibit "D" sets forth the operations for the year ended December 31, 1954,
and shows net income for the period of $57,375022.
I .
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Fridley 1.1unicipal Liquor Stores
Condensed comparative summary of operations for the years 1953 and
1954, together with percentages to sales is set forth in the following:
1954 1953
SALES $315,979.94 100.00;; $225,107.43* 1000001,
COST OF SALES 2201747.46 69066 142,099.95 63012
GROSS PROFIT 95,232.48 30.14 83,007.48 36.88
EXPENSES 47,019.87 14,88 38,049055. 16.90
NET OPERATING PROFIT 48,212.61 15.26 11)1,957.97 19.98
OTHER INCOLIE 9,162.61 2.90 2,027.25 .90
;TET I!TCOLIE ,35?,375.22 16.16% 346,985.18 20.685
*Includes, in the year 1953, approximately five weeks of
operations of Store y'-2 as compared to a full twelve-
month period in 1954.
CERTIFICATE
In my opinion, the attached balance sheet and profit and loss statement
fairly present the position of the Fridley Liquor Stores at December 51, 1954,
and the results of their operations for the year then ended, in conformity with
generally accepted accounting principles consistently maintained.
Respectfully submitted,
C ' if ied Public :accountant
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1.
Village of Fridley
Fridley, Minnesota
EXHIBIT "C"
LIQUOR STORES FUND BALANCE SHEET
DECEMBER 31, 1954
ASSETS
CURRZNT ASKS
Cash on Hand $25,390.57
Cash in Bank 13,1141.78 $ 38,532.35
Merchandise Inventory 56.317.67.
Total Current Assets 914,850.02
Deprec.
FIXED ASSETS Cost Reserve Net
Land Site and improvements V4,585.00 4,585.00
Bldg. and improvements #2 314,018.17 $ 328.47 13,689,70
Bldg. Dnproveiaents #1 4,04042 771.05 3,269.37
Furniture & Fixtures #1v1 ,628042 5,062.32 8,566.10
Furniture & Fixtures j 4,849 .66 542001 4,307,65
Permanent Signs #1 832.22 320.26 511.96
Permanent Signs #2 590.00 68.83 471.17
Driveway #2 0 2 0 10 1.90
30038.89 $7,116,014 35,922.85
DEFERRED ASSETS '`'
Unexpired Insurance 3.62704
TOTAL ASSETS $134,399.87
LIABILITIES
CURRENT LIABILITIES
Note Payable $ 5,000.00
Accounts Payable 22,777.80
Employees' Income Tax Withheld 762.90
0 Public Employees Retirement Act 85.39
Accrued Interest 30.84
Current Portion Contract for Deed 1,0004,00
Total Current Liabilities $29,656.93
LANG-TERM LIABILITIES
Contract for Deed 1,500.00
Less: Current Portion Above 1,000.00 500.00
TOTAL LIABILITIES 30,156.93
--- NET WORTH
SURPLUS
Balance, January 1, 1954 82,367.72
Net Income from Exhibit "C" 22
Less: Transfers to General Fund 135,500000 1014.242.91 ,
TOTAL LIABILITIES & NET WORTH $134,399.87
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Village of Fridley
Fridley, Minnesota
EXHIBIT "D"
LIQUOR STORES FUND PROFIT AND LOSS STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 1954
SALES $315,979.94
COST OF SALES $ 49,795075
Inventory, January 1, 1954
Merchandise purchased 227.26 •38
277,065.13
Less: Inventory, December 31, 1954 56, 17.67 220.747.46
GROSS PROFIT 95,232.48
GENERAL EXPENSES 27,358.91
Rennt t Wages 2,700.00
Rent
Heat, Light and Power 2,592.23
Repairs 309.97
Advertising 28.30
Laundry 390.91
Telephone ,��pp 3 12
Bar Supplies 381.85
Professional Fees 2,255°OO
Store Expense 0'
2929 3
Insurance 1,373.51
Store Supplies 553.01
Interest
Depreciation 2,353.69 47.019.87
NET OPERATING INCOME 48,212061
OTHER INCOME ,690.
Discounts Taken 7 7,0.67
Amusement Machines 123.67 9,162.61
Prior Period Adjustment
NET INCOME TO EXHIBIT "B" $57- ,375.22
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Village of Fridley
Fridley, Minnesota
SCHEDULE #5
LIQUOR STORES INSURANCE IN FORCE
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