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COLONIAL AIRLINES, INC.

BALANCE SHEET -- AT DECEMBER 31, 1954 AND 1953

LIABILITIES, CAPITAL STOCK AND SURPLUS

[[ Three column table ]]

|  -  | 1954 | 1953 |
| CURRENT LIABILITIES:
| Accounts payable | $847,472 | $744,722 |
| Accrued liabilities | 174,474 | 137,269 |
| Deposits on air travel plan | 30,680 | 31,955 |
| Unearned transportation revenue | 123,092 | 139,423 |
| Reserve for employees' retirement plan (Note 2) | 128,565 | - |
                                                   --------------
| Total current liabilities 1,304,283 | 1,053,369 |

| RESERVE FOR AIRCRAFT AND ENGINE OVERHAUL | 264,879 | 251,565 |

| CAPITAL STOCK AND SURPLUS: 
| Capital stock -- par value $1 per share: | --- | --- |
| Authorized -- 1,000,000 shares | --- | --- |
| Issued and outstanding -- 515,600 shares (Note 4) | 515,600 | 515,600 |
| Capital surplus paid-in | 3,108,047 | 3,108,047 |
| Earned surplus (deficit) since December 31, 1934 (per accompanying statement) | (1,448,205) | (1,539,150) |
| Total capital stock and surplus | 2,175,442 | 2,084,497 |
| --- | --- | --- |
| --- | $3,755,604 | $3,389,431 |

Reference is made to notes to financial statements