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CONSOLIDATED INCOME STATEMENT
For the Year ended
April 30, April 30,
1957
1956
AND REAL ESTATE (brought forward)
Profit from Security Transactions
Less: Income Taxes Thereon ....
Net Profit from Transactions in Securities
Profit from Transactions in Real Estate
Less: 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 Ordinary Income ....
Applicable to Profit from Transactions in Real Estate
NET INCOME AND PROFITS FOR THE YEAR .
See Notes to Consolidated Financial Statements.
CTIONS IN SECURITIES
5,468,487
$ 76,726
5,100,839
$ 968,175
76,300
76,726
789,749
212,786
576,963'
891,875
1,897,029
421,733
1,475,296
6,122,176.
720,606
7,468,010
s
664,560
152,403
720,606
5,401,570
816,963
6,651,047
Report of Independent Public Accountants
To the Stockholders,
Sheraton Corporation of America,
Boston 10, Massachusetts.
We have examined the accompanying consolidated
balance sheet of Sheraton Corporation of America as at
April 30, 1957 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 standards, and accordingly
included such tests of the accounting records and such other
auditing procedures as we considered necessary in the
circumstances.
The bases of the book values of fixed assets and securities are stated in the Notes to Consolidated Financial
Statements.
The unrealized net gain on securities and investments
owned, representing the difference between book values
and market or estimated values April 30, 1957, has not
been brought into account.
On the basis of the foregoing explanations, in our
opinion, the accompanying consolidated balance sheet, its
supporting schedules, 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, 1957 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.
Harris, Kerr, Forster & Company
Boston, Massachusetts, July 29, 1957
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