Sam Speier Financial Statement

In accordance with your request we have prepared a financial statement of your holdings as at May 31, 1936, together with an income statement for the year 1935.

In Exhibit A, and supporting schedules, we submit a Balance Sheet as of May 31, 1936. In this Balance Sheet we have consolidated your business and personal holdings. The value of business accounts has been taken from a statement as prepared by your bookkeeper at May 31, 1936. Inasmuch as we have had occasion to review your business operations for the past three years, and knowing that you are following good and consistent accounting practices, we believe that statement as submitted to us is fairly representative and accurate, although we did not make an audit of the records at this time. Cash in Bank and personal checking account was verified by inspection of the statement submitted by the bank.

Stocks and bonds are itemized in detail in Exhibit A-1. Values are conservatively stated, particularly on stocks held in closed corporations.

In Schedule A-3 we submit a detailed list of your holdings showing legal description, value and pertinent remarks pertaining to each item. Values in most cases were supplied by you and verification by us as to costs was not possible.

Due to the fact that your income tax returns have been prepared by us for the pest three years, we know that, with the exception of the Colorado land and the home, each real estate item is an income producing property and favorably situated in the community and the going values is set forth by Mr. Speier are, in our opinion, fairly stated. We wish to call your attention to the fact that we have included in your real estate holdings a home which is recorded in the name of your wife Irma Speier.

Included in your Balance Sheet, Exhibit A, is an item entitled " One-third interest in Helen Speier estate $10,000.00” We were unable to verify this item, and have included it as an asset at the estimated value as given us by you.

Liabilities of record are itemized in detail on Exhibit A and which we believe to be self explanatory. Accrued taxes, which have been assessed but are not due, are not included as a liability as they are handled on a cash basis when due. We have not included as a liability any small personal items which you may have incurred in personal living expenses.

During our inspection of the various documents, stocks and bonds, we noted the fact that you did not include many items owned by you which, in your opinion, you considered had little or no value. Neither is the cash value of your life insurance policies included as an asset.

In Schedule A-2 we submit a detail of the life insurance in force on your life totaling $70,000.00; all policies were called for and examined by us.

In Exhibit B we submit a statement of your income for the year 1935 as taken from your Federal Income Tax Return, which was prepared by us. The net income in the amount of $15,661.54, is before taking personal exemptions allowed by the Government in computing the tax due, and after taking all business expenses, taxes, insurance, repairs and depreciation on the income producing properties.

We hereby certify, that we have prepared the attached Exhibit A and supporting schedules reflecting the financial standing of Samuel Speier as at May 31, 1936, and in our opinion, subject to the foregoing coments, we believe that Exhibit A fairly represents the assets and liabilities of Samuel Speier as at May 31, 1936.