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NEW YORK AIRWAYS, INC.
COMPARATIVE BALANCE SHEET December 31, 1955 and December 31, 1954

Assets

At December 31 

[[3 Columned Table]]
| CURRENT ASSETS: | 1955 | 1954 |
| --- | --- | --- |
| Cash on hand and on deposit in banks | $ 145,760.97 | $ 83,994.39 | 
|Marketable securities, at cost plus accrued interest on U. S. Treasury Bills and Commercial Paper or Minus amortization of premiums:|   |   |
| U. S. Government securities (market value December 31, 1955-$548,700) | 549,202.34 | 674,062.28 |
| Other securities (market value December 31, 1955-$720,800). | 721,908.38 | 718,937.87 |
| Accounts receivable:|   |   |
| United States Government | 219,843.82 | 189,034.48 |
| Traffic | 44,948.90 | 18,781.21 |
| Other current receivables | 7,738.23 | 19,511.03 |
| Materials and miscellaneous supplies, at cost | 47,714.34 | 46,134.28 |
| Prepaid insurance | 62,027.72 | 35,093.18 |
| Total current assets | $1,799,144.70 | $1,785,548.72 |

INVESTMENTS AND SPECIAL FUNDS:

| Investments in and advances to subsidiary and related service companies | $ 947.22 | $ 922.22 |
| Deposit against equipment purchase contract | 202,473.75 | 20,000.00 |
|   | $ 203,420.97 | $ 20,922.22 | 

OPERATING PROPERTY AND EQUIPMENT (stated at cost):

| Flight equipment | $1,025,934.35 | $ 999,176.83 |
| Less-Reserve for depreciation (see Note 1) | 603,797.96 | 426,486.08 |
|   | $ 422,136.39 | $ 572,690.75 |
| Ground property and equipment | $ 151,074.50 | $ 114,726.91 | 
| Less-Reserve for depreciation (see Note 1) | 45,813.57 | 28,831.31 |
|   | $ 105,260.93 | $ 85,895.60 |
| Construction work in progress | $  -   | $ 13,221.64 |
| Operating property and equipment, less reserves for depreciation | $ 527,397.32] | $ 671,807.99 |

DEFERRED CHARGES:

| Extension and development costs (see Note 3) | $ 70,964.44 | $ 120,003.88 |
| Other deferred charges | 24,634.72 | 23,033.24 |
|   | $ 95,599.16 | $ 143,037.12 |
| total assets | $2,625,562.15 | $2,621,316.05 |

Liabilities, Capital and Surplus

At December 31

[[3 Columned Table]]
| CURRENT LIABILITIES | 1955 | 1954 |
| --- | --- | --- |
| Accounts payable:  |   |   |
| General | $56,078.82 | $ 52,658.08 |
| Collections as agent | 17,890.16 | 8,486.04 |
| Airline traffic | 654.98 | 903.14 |
| Accrued salaries and wages | 13,759.97 | 11,825.10 |
| Accrued vacation pay | 25,340.36 | 18, 539.19 |
| Accrued Taxes (see Note 5) | 58,900.92 | 168,029.33 |
| Other current and accrued liabilities | 10.901.58 | 8,788.98 |
| Total current liabilities | $ 183,526.79 | $ 269,229.86 |

| RESERVE FOR AIRCRAFT OVERHAUL | $ 9,756.40 | $ 24,885.62 |

CAPITAL AND SURPLUS:

| Capital stock, par value $1.00 per share: |     |     |
| Authorized 300,000 shares |     |     |
| Reserved pursuant to Employees' Stock Option Plan (see Note 4) 15,000 shares |     |     |
| Issued and outstanding 238,500 shares | $ 238,500.00 | $ 238,500.00 |
| Capital surplus (Paid-in) | 1,968,925.30 | 1,968,925.30 |
| Earned surplus | 224,853.66 | 119,775.27 |
| Total capital and surplus | $ 2,432,278.96 | $ 2,327,200.57 |

| Total liabilities, capital and surplus | $ 2,625,562.15 | $ 2,621,316.05 |

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