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[[preprinted]]
UNITED VERDE EXTENSION MINING COMPANY
[[line]]
STATEMENT OF EARNINGS
FOR
TWELVE MONTHS ENDING DECEMBER 31, 1922
Gross Revenue from Metals and Ore Produced ... $4,538,588.36
Other Revenue ...                                 271,241.54
                                                ____________
                                               $4,809,829.90
Deductions:
Mine and Smelter Operating, Freight, Refining and Selling Expenses, etc. ... 
                                               $2,169,328.94
Other Expenses ...                                408,460.13
                                                ____________
                                                2,577,789.07
                                               _____________
Earnings from Operations ...                   $2,232,040.83
Less:
Amounts written off to Reserves for Depletion and Depreciation ... 
                                                2,752,872.09
                                                ____________
Net Loss to Surplus ...                          $520,831.26

BALANCE SHEET 
AS AT
DECEMBER 31, 1922

[[column 1]]
ASSETS
Mining property, including appraised value of Developed Ore Body ... 
                           $41,647,699.14
Less: Depletion Reserve ... 15,953,344.33
                            _____________
                           $25,694,354.81
Smelter Plant, Mine and Other Machinery, Equipment and Buildings ...
                              $5,880,242.31
Less Depreciation Reserve ...  2,853.524.21
                              _____________
                               3,026,718.10
Investments, at Cost ...                1,467,136.43
Land, Ranches, Etc ...                    269,768.42
Accounts and Notes Receivable, including Interest Accrued ...
                                          967,166.12
Inventories of Materials and Supplies ... 333,241.98
Cash in Banks and on Hand ...           1,067,431.78
Liberty Bonds, at par ...               3,364,350.00
(Market Price $3,319,234.91)
Due on Metals Sold, Ore and Bullion
on hand ...                             2,525,408.93
                                        ____________
                                      $38,715,576.57
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[[/column 1]]

[[column 2]]

LIABILITIES
Capital Stock, authorized . . . $750,000.00
Less: Treasury Stock . . . 225,000.00
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$525,000.00

Accounts Payable, including Taxes and other Accrued Charges . . .  1,108,492.17
Reserve for Liability Insurance . . . 84,098.33
Surplus from appraisal of Developed Ord Bodies, Balance as at January 1st, 1922 . . . $38,425,000.00
Less: Part of Dividend 23, together with Dividends 24, 25, and 26 refunded out of Reserve Fund for Depletion . . . 906,182.67
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37,518,817.33
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$39,236,407.83

Surplus Account, Balance as at January 1, 1922 . . . $406,317.33
Less Dividend 22 and part of 23 . . . 406,317.33
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$ nil

Less: Net Loss for 1922 as shown on above Statement of Earnings.. 520,831.26
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Deduct Debit Balance on Surplus Account . . . 520,831.26
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$38,715,576.57
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[[/column 2]]

Douglas, Arizona, February 10th, 1923. I have examined the accounts and records of the United Verde Extension Mining Company, and, in ,my opinion, the above Balance Sheet shows the true financial condition of the Company as at December 31st, 1922, and the attached Statement of Earnings is correct as shown by the Books of the Company.

H. T. CUTHBERT, C. A.
Member American Institute of Accountants. 
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