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LIABILITIES AND STOCKHOLDERS' INVESTMENT
1964
1963
CURRENT LIABILITIES
Current maturities of long-term debt
Accounts payable
Construction contract accruals
Accrued salaries, wages and bonuses
Accrued rent, utilities, insurance, taxes, etc.
Provision for income taxes (Notes 2 and 3)
Total current liabilities
156,113
$ 244,266
2,937,319
1,810,563
586,935
397,522
2,663,640
2,194,951
1,452,545
1,413,945
1,437,076
1,006,197
$ 9,233,628
7,067,444
LONG-TERM DEBT
Mortgages, 4>/2% to 5%, maturing to 1975
Notes, 4'/2% to 4%%, maturing to 1976
Total long-term debt
553,949
428,223
982,172
590,736
530,093
$ 1,120,829
DEFERRED INCOME TAXES
(related to accelerated depreciation)
Total liabilities
$ 3,479,221
$13,695,021
$ 2,616,436
$10,804,709
STOCKHOLDERS' INVESTMENT Capital stock-$l par value
Common—3,000,000 shares authorized; issued
Class B common—
750,000 shares authorized; outstanding
Capital surplus (Note 4)
Earned surplus
Treasury stock (895 shares, at cost)
Total stockholders' investment
TOTAL LIABILITIES AND STOCKHOLDERS' INVESTMENT
$ 2,100,815
$ 2,018,014
—
2,000
11,075,029
9,135,805
8,677,425
7,586,643
$21,853,269
$18,742,462
20,828
—
$21,832,441
$18,742,462
$35,527,462
$29,547,171
NOTE 3
Under the Revenue Act of 1962 the companies receive investment credits against their income tax liabilities, with certain
limitations, based on their annual investment in qualified property. These credits have been reflected as a reduction of Federal
income taxes and result in an increase of $155,300 and $66,500 in net income for 1964 and 1963, respectively.
NOTE 4
The increase of $1,939,224 in Capital Surplus represents the excess of fair market value over the par value of 80,801 shares of
capital stock issued as a 4% stock dividend.
NOTE 5
Construction of our new Atlanta Motor Hotel is proceeding on schedule although we are involved in a suit by a major stockholder
of a local motel to set aside our purchase of the ground from the Atlanta Housing Authority. The plaintiff's request for an
injunction against our construction has been denied and our attorneys advise that in their opinion we will prevail in the suit.
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