Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-10-06


Printing Company, Littleton, N. H.
Following the speaking. it was I'M
animously voted to hold the next
meeting of the Association at Port
land on the first Thursday and Fri
day In October. 1928. William G. XII
mer of the Biddeford Journal, Leigh
d. F1ynt, and Donald @. Burleigh.
both of the Kennebec Journal, were
voted in as new members.
Several of the members present
were guests of c. F. Flynt of the
kennebec Journal after the meeting
adjourned and. enjoyed an auto
mobile ride about the city. Cars will
be at the Augusta House at l o'clock
today to show any others that may
desire the beauties Of the city.
The first speaker Of the afternoon
was Lewis a. Burleigh of the Ken
nebec Journal, who presented very
scholarly paper on The Interlocking
Accounting System" Mr.. Burleigh
has made long study Of accounting.
with its especial relations to the
newspaper and printing business, and
his talk was listened to with close
attention. Mr.. Burleigh spoke as fol-
lows:
Lewis A. Burleieh
Mr.. President, Ladies and Gentle
men:
In those who have gathered here TO
listen to paper OH accounting l
seem to detect the same high grade
of heroism which has kept an occa-
sional unsung martyr in the Senate
gallery during a tariff debate on an
August afternoon. On the chance,
however, that some of you are really
interested in mighty important sub
ject, I'm going to give you an i'm
rressionist picture Of our accounting
system and conclude with some prac-
teal suggestions which l hope may
be of real value.
This loose leaf binder entitled
"Kennebec Journal Company-Finan-
cial Statements" embodies the net
results Of the Interlocking System
for Printers as we have worked it
out in our plant, and will answer the
first of the four questions which l
think you would like to ask us, name
~:
A. What Accounting Results Arc
Produced?
r. How Are They Produced?
C. Are They Worth While?
d. How Should the System Be
Installed?
A. WHAT ACCOUNTING RESULTS
ARE PRODUCED?
In this binder are inserted our
monthly financial statements, with
each latest statement on top imme-
diately beneath it's separate index
tab. At the end of the year they are
removed from the binder and par
manently bound. The forms were
drafted and printed in our own
plant. The ruling was done by Irish
s. Henley Of Portland.
l. Income and Expense Statement
On the left page, under the caption
Job Department" are shown the
Gross Sales Of that department for
the month, less Sales Allowances and
Discounts, with the resulting Net
Sales of the month. From this is de-
Quoted the Cost Of Completed Work,
thereby giving the Gross Profit on
Trading. From this Gross Profit is
deducted the Selling Expense under
which there is separately shown the
amount which has been absorbed by
individual jobs, and the amount not
so absorbed. The final result of all
trcSe figures is the Net Operating
Profit for the month. For purposes
of comparison each line runs through
five columns headed respectively:
This Month" Last Month";" Same
Month Last Year" Fiscal Period to
Date This Year" Fiscal Period to
Date Last Year"
Following this statement of the Job
Department is similar statement for
the News Department..
On the right page, under the same
captions, and with the same compar-
alive columns, is Il consolidated
statement for botl1~departments, fol-
lowed by sundry items Of income and
expense such as Interest Received
ord Paid, and the like, not belonging
to either the Job or News Depart
ment, but to the business as q whole.
This page shows the net profits for
the month of the entire business, and
concludes with an analysis of the
Surplus Account of the Corporation,
showing the Surplus at the begin
ming of the month, the net profit or
loss for the month, and the Surplus
at the end of the month.
2. Statement of Factory Opera
tons; job Department.-This shows
in detail for the month and for the
periods the cost Of the
completed work in the Job Depart
ard of stock handling, and the eX-
rense OF each Factory Department
s,.ch as Hand Composition, Intertype,
Small Job Presses, Large Job Presses.
etc. The total cost of Completed
Work. shown in detail on this sheet,
is carried in one item to the Income
and Expense Statement which mas
Just been described.
3. Statement of Factory Opera
Department.-This is
similar to the corresponding State
ment for the Job Department.
4. Balance Sheet-This is a state
ment of the Assets, Liabilities, Re
serves. Capital and Surplus of the
business. arranged under the two
captions This Month" and Last
Month" SO far as practicable it
follows the order of the General
Ledger, from which the figures are
taken. The Assets are grouped und4r
the main titles:
Current Assets, Fixed Assets, De
ferred Assets. Goodwin.
The Liabilities are grouped und.r