UC-NRLF 
 
 9 
 
THE LIBRARY 
 
 OF 
 
 THE UNIVERSITY 
 
 OF CALIFORNIA 
 
 HENRY RAND HATFIELD 
 MEMORIAL COLLECTION 
 
 PRESENTED BY 
 
 FRIENDS IN THE ACCOUNTING 
 
 PROFESSION 
 
W TO UNDERSTAND 
 A BALANCE SHEET . 
 
 
 ^^y -r c#wf>4~*4^ 
 
-FT 
 
HOW 
 TO UNDERSTAND 
 A BALANCE SHEET 
 
 CYRUS PEIRCE ^COMPANY 
 
We make grateful acknowledgment 
 
 to the 
 
 New York Times Annalist 
 
 for much of the data from which 
 
 this book is compiled 
 
 H ^ ****** 
 

 HOW TO UNDERSTAND A BALANCE SHEET 
 
 M521575 
 
It will be apparent to the reader that the 
 method of analysis explained in this book- 
 let applies only to industrial companies. 
 
 Fourth Edition 
 
 Copyright 1921, Cyrus Pelrce YCompmr 
 
HOW TO UNDERSTAND A BALANCE SHEET 
 
 HE ability to read a balance 
 sheet and from it understand 
 the exact financial condition 
 of any company, is an impor- 
 tant aid to an investor. 
 <I When an Investment Bank- 
 ing House is offered the bonds, 
 notes or securities of a cor- 
 poration, the first and most 
 important step is to examine its balance sheet. 
 
 The Investment Banking House employs the 
 most capable public accountants available to pre- 
 pare and certify the corporations balance sheet, 
 because an accurate balance sheet is an exact register 
 of the organization's financial health. 
 
 We have found, in explaining the merits of secu- 
 rities, that many investors have not had special 
 training which enables them to form an independ- 
 ent judgment of a company's financial condition by 
 an inspection of the balance sheet. 
 
 Believing that a simple explanation of how to 
 read a balance sheet will be of value to many of our 
 clients, we are reproducing herewith four actual 
 balance sheets of well known companies which 
 will serve as examples for the discussion. 
 
 Cyrus Peirct fc? Company 
 
It will be observed that the amounts listed under 
 the column entitled "Desirable limits" are not the 
 same in the four examples nor are the comments 
 attached. In the first place, it must be kept in mind 
 that the limits fixed for the four examples depend 
 to some extent upon the dates of the balance sheet, 
 for relations among the various factors have seasonal 
 variations. Again, among any groups of factors, a 
 relation which might be desirable for one class of 
 industry would be highly unsuitable for another. 
 No hard and fast rule may be laid down, and in 
 individual instances experience must be the guide, 
 but it is believed that even under such conditions, 
 the method here presented will give any one a bet- 
 ter understanding of the average balance sheet. 
 
 ANALYSIS KEY 
 
 I 
 
 Ratio of Current Assets 
 
 to Current Liabilities 
 
 = Degree of liquidity. 
 
 2 
 
 Ratio of Reserves 
 
 to Total Assets 
 
 = Degree of conservatism. 
 
 3 
 
 Ratio of Cash 
 
 to Current Liabilities 
 
 = Cash position. 
 
 4 
 
 Ratio of Fixed Assets 
 
 to Net Worth 
 
 = Apportionment of Stockhold- 
 ers' interest. 
 
 5 
 
 Ratio of Receivables 
 
 to Sales 
 
 = Collection policy. 
 
 6 
 
 Ratio of Merchandise 
 
 to Sales 
 
 = Size of inventory. 
 
 7 
 
 Ratio of Sales 
 
 to Net Worth 
 
 = Activity of Stockholders' invest- 
 ment. 
 
 8 
 
 Ratio of Debt 
 
 to Net Worth 
 
 = Relation between money-inter- 
 est of Creditors and that of 
 Stockholders. 
 
 9 
 
 Ratio of Sales 
 
 to Fixed Assets 
 
 = Vitality of Fixed Assets. 
 
 IO 
 
 Ratio of Profits or Deficit 
 
 to Capitalization 
 
 = Degree of profitableness of bus- 
 iness. 
 
EXAMPLE NUMBER ONE 
 
 LARGE AUTO ACCESSORY CO' BALANCE SHEET 
 
 OCTOBER 31, I92O 
 
 ANALYSIS 
 
 Aftual 
 Condi- 
 tion 
 
 De- 
 sirable 
 
 Limits 
 
 COMMENT 
 
 Current Assets = $65,895,193! 
 Current Liabilities = 49,806,494/ 
 
 *3 2 % 
 
 200% 
 
 This signifies that there is but $1.32 of 
 Current Assets for every $1 .00 of Current 
 Liabilities. There should be at least $2.00 
 of Current Assets for every $1 .00 of Cur- 
 rent Liabilities. 
 
 2 Reserves = 1,716,575! 
 Total Assets = 169,012,832/" 
 
 *% 
 
 3% 
 
 This indicates that there is only ic. of 
 Reserves for every $1.00 of Total Assets. 
 Conservatism would demand at least 3c. 
 of Reserves for every $1.00 of Total As- 
 sets. 
 
 O Cash = 2,178,509! 
 Current Liabilities = 49,806,494/ ~ 
 
 4% 
 
 2 5% 
 
 This denotes there is 4c. of Cash on hand 
 for every $1.00 of Current Liabilities. 
 This is a very weak cash position. There 
 should be at least 15c. of Cash on hand 
 for every Ji.ooof Current Liabilities. 
 
 A Fixed Assets = 103,117,639! 
 T Net Worth = 111,597,519/" 
 
 92% 
 
 5o% 
 
 This shows that there is 92c. of Fixed 
 Assets for every £1 .00 of Net Worth. 
 
 Receivables = 12,519,035! 
 Sales = 188,866,024/" 
 
 6% 
 
 '°% 
 
 This registers'that the Receivables on 
 hand amount to 6c. per$i. 00 of Sales,and 
 also that the Receivables equal 22 days' 
 business. Both of these elements indicate 
 a good state of collectivity . There should 
 never be more than 10c. of Receivables 
 for every $1.00 of Sales. 
 
 6 
 
 Merchandise = 51,197,649! 
 Sales = 188,866,024] 
 
 2 7% 
 
 30% 
 
 This indicates 27c. of Merchandise on 
 hand for every $1 .00 of Sales; Merchan- 
 dise equals about 90 days of business,and 
 a merchandise turnover of about 4 times 
 per annum. This is normal showing. 
 Merchandise should not run over 30c. 
 per $1.00 of Sales. 
 
 7 Sales = 188,866,024! 
 Net Worth = 111,597,519/ 
 
 169% 
 
 200% 
 
 This reflects there was #1.69 of Sales for 
 every $1.00 of Net Worth. This is very 
 sluggish. There should be at least £1.00 
 of Sales per $1.00 of Net Worth (Stock- 
 holders' interest). 
 
 Debt = 55,698,000! 
 Net Worth = 111,597,519/ 
 
 49% 
 
 30% 
 
 This points to there being 49c. of Debt 
 for every $1 .00 of Net Worth (Stockhold- 
 ers' investment). There should not be 
 more than 30c. of debt for every £1.00 of 
 Net Worth. 
 
 9 Sales = 188,866,024! 
 Fixed Assets = 103,117,639/ 
 
 182% 
 
 300% 
 
 Signifies there was$i.82of Sales for every 
 $1 .ooFixed Assets. Thisi s much toosmali; 
 there should be at least $3 of Sales for ev- 
 ery $1 Fixed Assets. Volume of Sales does 
 not make Plant investment worth while. 
 
 1 Deficit = 2,046,731 ! _ 
 Capitalization = 132,050,000/"" 
 
 »#% 
 
 '5% 
 
 The operations of Company were con- 
 ducted at a loss equal to i^c. on every 
 $1.00 of Capitalization. Normal profits 
 should have been at least Ijc. on each 
 $1. 00 of Capitalization. 
 
 SUMMARY 
 
 The above analysis discloses the following 
 danger points: 
 
 A poor business balance. 
 
 Lack of conservative reserves. 
 
 Poor cash position. 
 
 Too heavy investment in plant. 
 
 Subnormal activity of invested funds. 
 
 Bad balance between capital invested 
 and capital secured by loans. 
 [9] This, together with No. 4, shows that 
 plant has been enlarged more rapidly than 
 net worth (stockholders' interest), and also 
 
 that sales activity is not keeping pace with 
 
 the increase in size of plant. 
 
 [10] Business operated at a loss instead of a 
 
 profit. 
 
 The following are normal points: 
 
 5] Efficient colleftion policy. 
 
 6 Turnover ofmerchandise is aftive enough 
 and is proportionate. 
 
 The above analysis shows a precarious finan- 
 cial condition; there is need for immediate 
 intelligent correction if this company is to be 
 saved from reorganization or worse. 
 
 Cyrus Peirce £s? Comfany 
 
EXAMPLE NUMBER TWO 
 
 LARGE AND WELL' KNOWN REFRIGERATOR CO ' 
 
 BALANCE SHEET AUG. 0, 1, I92O 
 
 ANALYSIS 
 
 Aaual 
 Condi- 
 tion 
 
 De- 
 tirable 
 Li mitt 
 
 COMMENT 
 
 I Current Assets = $1,077,187! 
 Current Liabilities = 606,430/ — 
 
 178% 
 
 3°0% 
 
 Indicates there is $1.78 ofCurrent Assets 
 for every $1.00 of Current Liabilities. 
 There should be at least $3 .00 of Current 
 Assets for every $1.00 of Current Liabil- 
 ities. 
 
 2 Reserves = ! 
 
 
 
 This shows a glaring unprotected Re- 
 serve condition, and is a strongindication 
 ofinferior financial ability. There should 
 be at least 5c. of Reserves for every $1.00 
 of Total Assets. 
 
 Total Assets == 2,395,036/ — 
 
 3 £ ash t . um .. = 45,7371 = 
 Current Liabilities = 606,430/ 
 
 7% 
 
 2 5% 
 
 Evidences there is 7c. of Cash for every 
 Ji.ooof Current Liabilities. This is poor 
 showing of Cash status. There should be 
 at least 25c. of Cash for every J1.00 of 
 Current Liabilities. 
 
 a Fixed Assets m 1,317,849! 
 Net Worth = 1,170,436/ 
 
 "3% 
 
 60% 
 
 Signifies there is fl.13 of Fixed Assets 
 per$i 00 of Net Worth. 
 
 J Receivables = 244,260! 
 Sales = 1,488,538/ 
 
 16% 
 
 20% 
 
 Reflects there is 16c. of Receivables on 
 hand for every $1 .00 of Sales; same equals 
 about 60 days of business. This is a nor- 
 mal collection showing. There should 
 not be more than 20c. of Receivables per 
 $1.00 of Sales. 
 
 6' 
 
 Merchandise = 787,190! 
 Sales - 1,488,538/" 
 
 5*% 
 
 40% 
 
 This shows that there is 52c.ofMerchan- 
 dise for every fi.aoof Sales; tame equals 
 189 days of business, and a merchandise 
 turnover of about 2 times per annum. 
 This it too large an inventory ttatut. 
 There should not be more than 40c. of 
 Merchandise for every $1 .00 of sales. 
 
 7 Sales = 1,488,538! 
 Net Worth = 1,170,436/ 
 
 127% 
 
 300% 
 
 Denotes therewas^l.27ofSales for every 
 $1 .00 of Net Worth (Stockholders' inter- 
 est). This is a striking case of'dry rot," 
 and a very overextended condition. 
 There should be at least £3.00 of Sales 
 for every J1.00 of Net Worth. 
 
 O 
 
 ° Debt - 1,224,600! 
 Net Worth = 1,170,436/ 
 
 io 4% 
 
 30% 
 
 Registers there it fl .04 of Debt for every 
 
 Si. 00 of Net Worth (Stockholders 'in vest- 
 ment). This meant that the Creditor! 
 have a greater interett by 4c. than the 
 legal owners. There should not be over 
 30c. of Debt to every Si .00 ofNet Worth. 
 
 Q 
 
 Sales m 1,488,538! 
 Fixed Assets = 1,317,849/ 
 
 "3% 
 
 400% 
 
 Indicates there was £1.1 j of Sales for ev- 
 ery fl .00 of Fixed Assets. This is much 
 too small. There should be at least $4.00 
 of Sales for every $1 .00 of Fixed Assets. 
 Viewed with No. 4, it shows that sales 
 productivity doet not warrant size of 
 plant. 
 
 I O Profit = 135,509! 
 Capitalization = 1,788,000/ " 
 
 8% 
 
 '5% 
 
 Shows that only 8c. per fl .00 of Capital- 
 ization was earned for the year. This 
 should have amounted to at least 15c. per 
 Si .00 of Capitalization . 
 
 SUMMARY 
 
 Above analysis shows these danger points: 
 1] Poor liquidity status. 
 
 2 Absence of reserves. 
 
 3 Weak cash position. 
 
 4 A too heavy investment in fixed assets 
 compared with amount of stockholders' in- 
 vestment. 
 
 [6] Merchandise on hand is abnormal, and 
 turnover of same is too small. 
 
 7] Vitality of money investment is sluggish. 
 
 8 Funds controlled by creditors are greater 
 than money investment of stockholders. 
 
 [9] Sales activity does not warrant plant in- 
 vestment, and, considered with No. 4, points 
 to an overextended status. 
 [10] Profits are much below a profitable 
 return. 
 
 The following is the normal point: 
 [5] Good collection policy. 
 This business is not far from so-called 
 "financial rocks." It has all the "ear-marks" 
 of incompetent, old-fashioned management. 
 Here is an example of a company that would 
 be practically impossible to rejuvenate. 
 
EXAMPLE NUMBER THREE 
 
 OLD AND WELL-ESTABLISHED MAIL ORDER HOUSE 
 BALANCE SHEET DEC. J I, I92O 
 
 ANALYSIS 
 
 Actual 
 Condi- 
 tion 
 
 De- 
 sirable 
 Limits 
 
 COMMENT 
 
 A Current Assets =$163,531,811! 
 Current Liabilities = 73,180,074] 
 
 22 3% 
 
 2 50% 
 
 Signifies there is $2.23 of Current Assets 
 for every $1.00 of Current Liabilities. 
 There should be at least $2.50 of Current 
 Assets for every $1 .00 of Current Liabili- 
 ties in view of quality of Current Assets 
 and character of clientele. 
 
 2 Reserves = 3,423,749] 
 Total Assets =230,668,197] 
 
 1% 
 
 3% 
 
 Indicates there is ic. of Reserves for each 
 $1 .00 of Total Assets. There should be at 
 least jc. of Reserves for each $1. 00 ofTo- 
 tal Assets for a sound showing. 
 
 3 Cash = 3» 26 3»353l = 
 Current Liabilities = 73,180,074] 
 
 4% 
 
 2 5% 
 
 Points to Cash of 4c. for every $1.00 of 
 Current Liabilities. This is very weak 
 Cash condition. There should be at least 
 25c. of Cash for every $1.00 ofCurrent 
 Liabilities. 
 
 a Fixed Assets = 67,136,385! 
 Net Worth = 90,554,374] 
 
 74% 
 
 60% 
 
 Registers that there is 74c. of Fixed As- 
 sets for every $1 .00 of Net Worth. 
 
 5 Receivables = 47,797,134! 
 Sales =233,856,872] 
 
 20% 
 
 3o% 
 
 This means that there are 20c. ofReceiv- 
 ableson hand for everyji .00 ofSales, Re- 
 ceivables amounting to72days'business. 
 There should not be more than joe. of 
 Receivables for every $1.00 of Sales in 
 this class of business. 
 
 6 
 
 Merchandise =105,071,243! 
 Sales = 233,856,872] 
 
 45% 
 
 2 5% 
 
 This points to there being 45c. of Mer- 
 chandise on hand for every$i.ooofSales; 
 it equals 162 days of business, and an an- 
 nual turnover of a little more than two 
 times. This is too heavy an Inventory. 
 There should not be more than 25c. of 
 Merchandise for every Jt.oo of Sales, 
 which would equal 90 days'business,and 
 a turnover per year of about four times. 
 
 7 Sales =233,856,872! 
 Net Worth = 90,554,374] 
 
 2 58% 
 
 3°o% 
 
 Reflects there was$2. 58 ofSales for every 
 Jl.ooof Net Worth (Stockholders' inter- 
 est) . To show a healthy status in this re- 
 gard there should be at least $3.00 of 
 Sales to every $1 .00 of Net Worth. 
 
 8 
 
 Debt =110,103,823! 
 Net Worth = 90,554,374] 
 
 122% 
 
 60% 
 
 This points to a debt of £1.22 for every 
 $1 .00 of Net Worth(Stockholders' invest- 
 ment). This is a strong point of inferior 
 financial management, showing that the 
 creditors have a greater interest in the 
 business by 22c. than the legal owners. 
 There should not be over 6oc.ofDebt for 
 every Jt.ooof Net Worth. 
 
 9 Sales =233,856,872! 
 FixedAssets = 67, 1 36,385 J 
 
 348% 
 
 4°o% 
 
 This indicates that volume ofSales 
 amounted to$3.48per$i.ooof Fixed As- 
 sets. It means that amount of capital in- 
 vested in Fixed Assets is not warranted 
 by volume ofSales. Sales should at least 
 equal$4.ooforevery$i.ooofFixedAssets. 
 
 I O Profit — 11,746,670! 
 Capitalization = I 5 4 , 064 , 3 7 3 ] ~~ 
 
 7% 
 
 i5% 
 
 Operations of company were conducted 
 at a profit of but 7c. for every $1.00 of 
 Capitalization. Normal showing would 
 call for a yield of at least lye. of Profit 
 for every $1.00 of Capitalization. 
 
 SUMMARY 
 
 Above analysis shows these danger points: 
 [1] Poor liquidity balance. 
 [2 j Unprotected reserve position. 
 [3] Dangerous cash showing. 
 [4] Too great investment in fixed assets for 
 total stockholders' investment. 
 [6] Too heavy inventory showing. 
 £7] Vitality of unit of money investment is 
 too small. 
 
 £8] Striking example of a poor balance be- 
 tween money supplied business by stock- 
 holders and that by creditors. 
 
 [9] Sales do not warrant plant investment, 
 and, considered with No. 4, show that the 
 organization is overextended. 
 [10] Profits are one-half the minimum re- 
 turn that would reflect a healthy return. 
 
 The following is the normal point: 
 [5] A good collectivity showing. 
 
 The above analysis shows that the manage- 
 ment will have a number of difficult prob- 
 lems on its hands in bringing this business 
 back into proper balance. 
 
 Cyrus Peirce tjf Comfany 
 
!ELOW is reproduced the balance sheet of 
 a well-known tradtor company. Because 
 it reflects a strong position in view of re- 
 cent trade conditions, it will be used as Example 
 Number Four. On the opposite page we have ana- 
 lysed this Balance Sheet, believing that the method 
 will be apparent and will aid the reader in making 
 an independent analysis of other balance sheets. 
 
 ACTUAL BALANCE SHEET OF 
 
 WELL-KNOWN TRACTOR COMPANY 
 
 AS OF MARCH 3 1, I92I 
 
 / 
 
 ASSETS 
 
 Cash in Banks and On Hand $ 209,281.40 
 
 Inventory 1,648,624.90 
 
 Notes and Accounts Receivable 237,398.16 $2,095,304.46 
 
 Patents 1.00 
 
 Land Buildings and Equipment $ 901,761.43 
 
 Less: Reserve for Depreciation 189,587.00 $ 712,174.43 
 
 Claim for Refund of Overpayment to U. S. 
 
 Government 1 9 1 7 Federal Income Taxes . . 28,200.01 
 
 Deferred Charges 25,001.48 
 
 Total Assets $2,860,681.38 
 
 LIABILITIES 
 
 Notes Payable $ 225,900.00 
 
 Accounts Payable 105,412.92 $ 331,312.92 
 
 Debenture Serial Notes 450,000.00 
 
 Reserve for Workmen's Compensation . . . 20,000.00 
 
 Capital Stock: 
 
 Preferred 7% Cumulative . . $1,250,000.00 
 
 Common 500,000.00 $1,750,000.00 
 
 Surplus, Subjeft to Provision for 
 
 Federal Income and Profit Taxes . 309,368.46 $2,059,368.46 
 
 Total Liabilities $2,860,681.38 
 
EXAMPLE NUMBER FOUR 
 
 BALANCE SHEET OF WELL'KNOWN TRACTOR COMPANY 
 MARCH 31, I92I 
 
 ANALYSIS 
 
 Adtual 
 Condi- 
 tion 
 
 De- 
 sirable 
 Limits 
 
 COMMENT 
 
 Current Assets =$2,095,304.46! 
 Current Liabilities = 331,312.92] — 
 
 630% 
 
 200% 
 
 This shows $6.30 of Current Assets for 
 every $1.00 of Current Liabilities as 
 against a normal requirement of $2.00, 
 a very satisfactory position. 
 
 2 
 
 * Reserves = 189,587.00! _ 
 
 Total Assets = 3,050,268.3s/ - 
 
 6.22% 
 
 3% 
 
 Indicates there is 6.22 Cents of Reserves 
 for each #1 .00 of Total Assets, which is 
 ultra conservative and over twice the 
 amount necessary in the normal course 
 of events. 
 
 J Cash = 209,281.40! 
 Current Liabilities = 331,312.92/ — 
 
 63% 
 
 25% 
 
 Points to Cash of 63c. for each £1.00 of 
 Current Liabilities. This reflects a very 
 strong Cash position, as 25c. for each 
 £1 .00 of Current Liabilities is ordinarily 
 a safe margin. 
 
 a Fixed Assets = 901,761.43! 
 ^* Net Worth = 2,059,368.46 J 
 
 43-8% 
 
 5°% 
 
 Signifies that there is 43.8c. of Fixed As- 
 sets for every $1. 00 of Net Worth. 
 
 5 Receivables = 237,398.16] 
 Sales* = 2,835,646.82] 
 
 8^% 
 
 •°% 
 
 This means that there is 8J^c. of Receiv- 
 ables on hand for every £1 .00 of Sales. 
 Receivables amount to about 30 days' 
 business. A 10% limit is satisfactory in 
 this class of business. 
 
 6 Merchandise = 1,648,624.90! 
 Sales* = 2,835,646.82] 
 
 58% 
 
 40% 
 
 This reflects too heavy an inventory. In 
 this business an inventory of40% of Sales 
 is considered normal. 
 
 7 Sales* = 2,835,646.82! 
 Net Worth = 2,059,368.46/ 
 
 137-7% 
 
 200% 
 
 This shows there was $l.37 7 /io of Sales for 
 every fl. 00 of Net Worth (Stockholders' 
 interest). Normally this figure should be 
 #2.00 or more to each^i.ooofNet Worth. 
 
 O 
 
 Debt = 801,312.92! 
 Net Worth = 2,059,368.46] 
 
 39% 
 
 5°% 
 
 Registers there is 39c. of Debt for every 
 $1.00 of Net Worth (Stockholders' In- 
 vestment) which is about the normal ra- 
 tio for a company of this kind. 
 
 9 Sales* = 2,835,646.82! 
 Fixed Assets m 90 1 ,761 .43 ] 
 
 3*4% 
 
 4°°% 
 
 This indicates that volume of Sales 
 amounted to$3. 14 per§l.ooof Fixed As- 
 sets. This means that this Company's 
 plant was not turning out tractors up to 
 its normal capacity. 
 
 IO Profit* = 111,916.99! 
 Capitalization = 1,750,000.00/ 
 
 6-4% 
 
 15% 
 
 Shows that operations of Company pro- 
 duced 6.4 Cents per $1 .00 of Capitaliza- 
 tion. Normal showing would call for a 
 yield of at least ice. of profit for every 
 $1 .00 of Capitalization. 
 
 •These figures are not obtained from the balance sheet but are taken from the Company's earning statement. 
 
 SUMMARY 
 
 Above analysis shows: 
 [1] Extraordinary Current position. 
 [2} Adequate reserves. 
 [3] Strong Cash position. 
 £4} Normal investment in plant. 
 [5] Strong Colleftivity showing. 
 £6] Too heavy inventory showing. 
 [7] Aftivity of invested funds about one- 
 third under normal. 
 
 [8} Shows money properly supplied by 
 
 Stockholders instead of by Creditors. 
 
 [9] Points to Sales activity not up to Plant 
 
 capacity. 
 
 [io] Profits are sub-normal. 
 
 Above Analysis shows that this Company's 
 
 condition is sound, and with increased sales 
 
 efforts it should show normal profit for the 
 
 year. This is a remarkable balance sheet in 
 
 view of present conditions. 
 
 Cyrus Peirce &f Comfany 
 
The Symbol of 
 Cyrus ^eirce & Company 
 
 Cyrus Peirce 6? Company 
 
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 M521575