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The Advance Aircraft Company

STATEMENT OF PROFIT AND LOSS, FOR NINE MONTHS PERIOD BEGUN APRIL 1ST AND ENDED DECEMBER 31, 1928.

SALES
[[3 columned table]]
Airplanes | 1,374,769.86 |---|
Parts | 151,313.35 |---|
Total sales | 1,526,083.21 |---|
Less discounts to distributors & deal's | 279,070.06 |---|
Balance | 1,247,013.15 | 1,247,013.15
[[/table]]

COST OF SALES
[[5 columned table]]
|---|---|---|---|
Material: 
Inventory | Apr 1, 1928 | 321,926.03 |---|---|
Purchases |---| 554,709.51 | 876,635.54 |---|
Less--Inventory | 12/31/28 |---| 301,968.88 |---|
Material cost |---||---| 574,666.66 |---|

Labor:
Direct Labor |---| 139,550.71 |---|---|
Outside Labor |---| 22,389.54 |---|---|
     Labor Cost |---|---| 161,940.25 |---|
Factory Expense |---| 73,012.82 |---|---|
Fixed Expense |---| 14,006.33 | 87,019.15 |---|
Total costs of sales |---|---|---| 823,626.06
Gross Manufacturing margin |---|---|---| 423,387.09
[[/table]]

OTHER EXPENSE
[[3 columned table]]
|---|---|---|
Engineering & Experimantal [[Experimental]] expense | 9,311.19 |---|
Selling expense | 25,001.14 |---|
Administrative expense | 36,577.34 | 70,889.67
NET OPERATING PROFIT |---| 352,497.42
[[/table]]

OTHER DEDUCTIONS
[[2 columned table]]
|---|---|
Interest paid, Cash Discounts allowed, Organization expense, etc. | 10,851.77 
[/table]

OTHER INCOME
[[3 columned table]]
|---|---|---|
Interest Earned, Discounts earned, Commissions earned etc. | 8,228.69 | 2,623.08
NET PROFIT FOR PERIOD |---| 349,874.34
[/table]

[[Dividing line]]
Minutes of Stockholders meeting approved.
[[Signature line]], President
[[signature line]], Secretary