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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.