PHILLIPS-JONES CORPORATION: RECLASSIFICATION OF SURPLUS; DONATED AND LEASED ASSETS; RESERVES.
On August 27, 1919, the Phillips-Jones Corp. was incorporated in New York, succeeding Phillips-Jones Co. Inc., which had been organized in 1914. The business, dating back to 1887, consists of the manufacture and sale of fabrics, men's shirts, Van Heusen Co. collars, pajamas, and underwear. An examination of the financial statements of the corporation for the past few years reveals a striking transformation in surplus, from a substantial earned surplus and no capital surplus to an even more substantial deficit and a large capital surplus. The marked transition, which occurred in 1938, can be traced through the Statement of Profit and Loss and Deficit for the year ended December 31, 1938. The special charges and adjustments included an inventory adjustment of $326,041.17 arising from a change in the valuation of inventories whereby the basis of the lower of cost or market, was adopted. Another adjustment was necessitated by a change in policy as of December 31, 1938, whereby the outstanding stock of five subcontracting companies was transferred to the Phillips-Jones Corp., and the notes of these companies for which the stock had been held as collateral were canceled.
- DOI
- 10.2308/tar-7049695
- Volume
- 15 (4)
- Pages
- 495-499
- Language
- en
- Export
- BibTeX
- Sources
- openalex crossref