AIRWAYS, INC.

^BALANCE SHEET
iDecember 31, 1953
 

LIABILITIES,     CAPITAL    AND    SURPLUS

Current   liabilities:                                                                                                               December 31, 1954     December 31. 1953

Accounts payable:

General   .................................................................................................................................   $     52,658.08    $     87,719.28

Collections as agent ...............................................................................................           8,486.04           6,732.44

Airline traffic ..................................................................................................................             903.14              463.80

Accrued salaries and wages ..........................................................................................         11,825.10           7,689.74

Accrued vacation pay  (see Note 6)  ..................................................................         18,539.19                —

Accrued interest .......................................................................................................................               —                1,430.00

Accrued taxes (see Note 2) ......................................................................................       168,029.33            5.498.51

Other current and accrued liabilities ..................................................................           8,788.98           2.777.22
 

Total current liabilities.............................................   $   269,229.86    $   112,310.99

Long-term debt — note payable, due February 7, 1962,

bearing interest at 4% per annum (paid in cash May 7, 1954)......               —              90,000.00

Deferred credits .......................................................................................................................................               —                7,706.66

Reserve for aircraft overhaul ......................................................................................................         24,885.62          15,788.00

Capital and surplus:

Capital stock, par value $1.00 per share:

1954             1953

Shares authorized .......................................      300,000        300,000

Shares reserved for conversion

under right of note holder............         —              9,000

Shares reserved pursuant to

Employees'  Stock  Option  Plan

(see Note 5)  ..........................................        15,000         15,000

Shares issued and outstanding.........      238,500        238,500            238,500.00        238,500.00

Capital surplus (Paid-in) ................................................................................................     1,968,925.30      1,968,925.30

Earned surplus — per statement herewith ...................................................        119,775.27          51,525.22

Total capital and surplus ...................................   $2,327,200.57    ,'52,258.950.52

Total liabilities, capital and surplus............   $2,621,316.05    $2,484,756.17

which are an integral part of this statement.