Total other income. Total income. 1,335,590 3,292,544 Operating expenses Operating expenses, excluding items listed below. 1,916,463 Provision for losses. 1,100,128 Provision for supplemental compensation. 218,667 Interest expense.. 12,562 Total expenses. 3,247,820 Income before federal income taxes 44,724 Provision for federal income taxes.. Net income.. 13,034 $ 31,690 (On January 16, 1961, Ford Motor Company, the sole stockholder, made an addi- We have examined the balance sheet of Ford Motor Credit Company as at December 31, 1960 and the related statements of income, paid-in surplus and earnings retained for use in the business for the year then ended. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, the accompanying balance sheet and statements of income, paid-in surplus and earnings retained for use in the business present fairly the financial position of Ford Motor Credit Company at December 31, 1960 and the results of its operations for the year then ended, in conformity with generally accepted accounting principles applied on a consistent basis. FORD MOTOR CREDIT COMPANY BRANCH OFFICES At December 31, 1960, services of Ford Motor Credit Company were offered in the following 22 cities, located in 15 states and the District of Columbia: Atlanta, Georgia Baltimore, Maryland Birmingham, Alabama Chicago, Illinois Cleveland, Ohio Dallas, Texas Denver, Colorado Detroit, Michigan Indianapolis, Indiana Jacksonville, Florida Kansas City, Missouri New Orleans, Louisiana Washington, D. C. |