Viewing page 32 of 49

This transcription has been completed. Contact us with corrections.

NEW YORK AIRWAYS, INC.
STATEMENT OF EARNED SURPLUS
For the Year ended December 31, 1954

Balance, December 31, 1953 ............... $51,525.22

Sundry net credit adjustments made in 1954, relating to revenue and expenses for the 2 1/2 months ended December 31, 1952 (see Note 2) ...........     373.67

Adjustments made in 1954, relating to revenue and expenses for the year ended December 31, 1953 - credit (charges):
    Vacation pay earned by employees in 1953 (see Note 6) ....................... $(10,985.86)
    Sundry net charges....  (   152.90)
                            -----------
                           $(11,138.76)

            Less-Difference between adjustment of mail pay and of related estimated Federal income tax (see Note 2)...................... 9,709.51 (1,429.25)

                   Earned surplus, January 1, 1954, as adjusted .............................    $ 50,469.64 
 
Net Profit - year 1954 - per statement herewith ......................................      69,305.63

                   Earned surplus, December 31, 1954 - 
                       per Comparative Balance Sheet ......................................   $119,775.27 



See notes herewith relating to financial statements which are an integral part of this statement