Viewing page 3 of 49

New York Airways, INC. 
Balance Sheet
December 31, 1952

Assets
Current assets:
Cash on hand and on deposit in banks ... $85,274.19
United States Treasury Bills, at cost plus accrued interest -- (value based on market quotations -- $199,327.77) ... 199,324.43
Note receivable ... 752.29
Accounts receivable -- United State Government ... 43,260.62
Other current receivables... 2,384.42
Materials snd miscellaneous supplies, at cost ... 10,285.60
Prepaid insurance ... 63,210.72
Total current assets ... $404,492.27

Special funds -- advances and deposits under equipment purchase agreements ... 41,634.76

Operating property and equipment -- (stated generally at cost): 
Flight equipment (including spare parts and assemblies, $36,354.08) ... $507,306.08
Less -- Reserve for description (see Note 4) ... 23,462.09     $483,843.99
Ground property and equipment...$52,896.01
Less -- Reserve for depreciation ... 1,975.32     50,920.69     534,764.68

Deferred charges:
Extension and development costs (see Note 5) ... $229,465.78
Deferred capital stock expense ... 222.60
Other deferred charges ... 838.39     230,526.77

S1,211,418,48

Liabilities and Capital

Current Liabilities:
Accounts payable:
General ... $75,123.76
Collections as agent ... 2,571.69  $  77,695.45
Accrued salaries and wages ... 2,771.05
Accrued interest ... 1,430.00
Accrued taxes ... 3,496.73
Other current and accrued liabilities ... 1,080.00
Total current liabilities ... $86,473.23

Long-term debt -- note payable to the oder of officer, due February 7, 1962, bearing interest at 4% per annum (see Note 6) ... 90,000.00

Reserves for aircraft and engine overhaul ... 4,005.49

Capital and surplus:
Capital stock, par value $1.00 per share -- authorized 300,000 shares; reserved for conversion under right of note holder, 9,000 shares; reserved pursuant to Employees' Stock Option Plan, 15,000 shares; issued and outstanding, 138,000 shares (see Note 6 and 7) ... $138,500.00
Capital surplus -- per statement herewith ... 974,066.93
Earned surplus (deficit) -- per statement herewith ... (81,627.17) 1,030,939.76

$1,211,418,48

See notes herewith relating to financial statements which are an integral part of this statement.
Please note that the language and terminology used in this collection reflects the context and culture of the time of its creation, and may include culturally sensitive information. As an historical document, its contents may be at odds with contemporary views and terminology. The information within this collection does not reflect the views of the Smithsonian Institution, but is available in its original form to facilitate research. For questions or comments regarding sensitive content, access, and use related to this collection, please contact transcribe@si.edu.