NE\V YORK AIR>VAYS, 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 iVi 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)

1(11,138.76)

Less—Difference between adjustment of
mail pay and of related estimated Fed¬
eral 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