AMERICA AND SUBSIDIARIES
NET INCOME BEFORE PROFIT FROM TRANSACTIONS IN
SECURITIES AND REAL ESTATE (Brought forward)
Profit from Securities Transactions .....
Less — Income Taxes thereon ......
NET PROFIT FROM TRANSACTIONS IN SECURITIES
Profit from Transactions in Real Estate .
Less — Discounts Allowed on Dispositions of Mortgages Received on Sales of
Real Estate ......
Income Taxes thereon ....
Net Profit from Transactions in Real Estate .
Income and Profits for the Year ....
Net Income and Profits Applicable to Minority Interests
Applicable to Stock Outstanding during the year .
Applicable to Stock Purchased during the year
Net Income and Profits for the Year
Adjustments of Prior Years' Federal Taxes
TOTAL ADDITIONS TO EARNED SURPLUS FOR THE YEAR
See Notes lo Financial Statements on page 19.
For the Year ended
April 30, 1953 April 30, 1952
Report of Independent Public Accountants
To tike Stockholders,
Sheraton Corporation of America
We have examined the accompanying consolidated balance
sheet of Sheraton Corporation of America as at April 30, 1953 and
the related consolidated surplus and income statements for the year
ended at that date.
These consolidated statements have been prepared from financial statements of Sheraton Corporation .of America and Subsidiaries which have been audited by us or by other independent
accountants who have submitted to us their certificates concerning
the underlying statements which were examined by them.
The results of the operations of the companies purchased, sold
or liquidated are included in the surplus and income statements for
the periods during which they were majority owned.
Our examinations of the statements of Sheraton Corporation
of America and of those subsidiaries which were examined by us
were made in accordance with generally accepted auditing stand
ards, and accordingly included such tests of the accounting records
and such other auditing procedures as we considered necessary in
The bases of the book values of fixed assets and securities are
stated in the Notes to Financial Statements.
The unrealized net gain, representing the difference between
book values and market or estimated values April 30, 1953, has
not been brought into account. ,
On the basis of the foregoing explanations, in our opinion, the
accompanying consolidated balance sheet, the related consolidated
statements of surplus and income, and the explanatory notations
fairly present the financial condition of Sheraton Corporation 'of
America and Subsidiaries as at April 30, 1953 and the results of
their transactions for the year then ended, in conformity with generally accepted principles of accounting applied on a basis consistent
with that of the preceding year.
Chandler H. Foster & Company
Boston, Massachusetts, August 10, 1953