A Balance Sheet

As usual, the balance sheet of the Ford Motor Co., filed in Massachusetts, is the admiration and despair of rival automobile manufacturers. The Ford statement is as of Feb. 29, 1924, and shows total assets of $568,101,639--consisting of $93 million real estate; $87 million machinery and equipment; $94 million merchandise, materials and stock in process; $271 million in cash, accounts receivable, etc.; and $20 million good will. The large cash item also includes securities, patent rights and trademarks. As against these, the liabilities consist of $17 million capital stock; $71 million accounts payable; $37 million reserve for Federal taxes, etc.; $442 million in profit and loss surplus. The astonishing ratio of surplus to capital--26-1-- is probably unequalled by any other company in this country if not in the world.