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LIABILITIES AND STOCKHOLDERS' INVESTMENT
CURRENT LIABILITIES
Current Portion of Mortgages and Notes Payable (Note 1]
Accounts Payable
Construction Contract Accruals
Accrued Salaries, Wages, and Bonuses
Provision for Income Taxes
Other Accrued Taxes
Accrued Rent, Utilities, Insurance, etc
Total Current Liabilities
1961
1960
$ 361,696
$ 270,229
2,284,940
1,970,039
215,080
1,133,070
1,901,630
1,499,897
845,251
1,228,891
483,014
344,209
733,798
563,755
$ 6,825,409
$ 7,010,090
LONG-TERM DEBT (Excluding Current Portion Above)
Mortgages Payable
Notes Payable
Total Long-Term Debt (Note 1)
RESERVE FOR DEFERRED INCOME TAXES (Note 2). . .
Total Liabilities
$ 984,026
712,500
$ 1,696,526
$ 1,173,099
$ 9,695,034
$ 4,820,421
2,525,000
$ 7,345,421
$ 817,013
$15,172,524
STOCKHOLDERS' INVESTMENT
Capital Stock—$1 Par Value
Common—3,000,000 Shares Authorized; outstanding....
Class B Common—750,000 Shares Authorized; outstanding.
Total Capital Stock
Capital Surplus (Note 3)
Earned Surplus (Notes 2 and 4)
Unrestricted
Restricted as to Cash Dividends
Total Stockholders' Investment
TOTAL LIABILITIES AND STOCKHOLDERS' INVESTMENT
$ 1,416,116
451,997
$ 1,868,113
5,363,082
6,103,433
813,072
$14,147,700
$23,842,734
675,125
221,126
$ 896,251
4,477,262
4,492,276
2,589,479
$12,455,268
$27,627,792
(2) The companies have retroactively changed from an accelerated method
of providing for depreciation to the straight line method. Accelerated depreciation will continue to be used for tax purposes.
Net income for fiscal 1960 and prior years has been recalculated on the
basis of straight line depreciation and retroactive adjustments are reflected
in the accompanying financial statements. The effect of such adjustments,
after providing for deferred income taxes, has been to increase reported net
income for 1960 by $265,537 and aggregate net income for years prior to
1960 by $552,268.
The income taxes deferred by using accelerated depreciation for tax
purposes have been retroactively recorded in a Reserve for Deferred Income Taxes.
(3) The increase of $885,820 in Capital Surplus during the year ended
July 30, 1961, represents:
Excess of fair market value over par
value of 69,663 shares of capital stock
issued as a dividend $ 1,706,744
Amount transferred to capital stock
account representing par value of
899,225 shares issued as a 100% stock
dividend to effect 2:1 stock split (899,225)
Excess of proceeds over $1 par value
on sale of 2,974 shares of capital stock 78,301
Net increase $ 885,820
(4) Under the terms of an equipment rental agreement, dividends, distributions, and payments on capital stock shall be paid only from consolidated
net income accumulated subsequent to July 28, 1957, and then only if consolidated net current assets equal at least $1,000,000 after giving effect to
such proposed dividend or distribution.
(5) The companies operate the properties and equipment at a substantial
number of locations under renewable leases of various terms ranging, to a
maximum of thirty-one years with an average of fourteen years. Minimum
average annual rental payments amount to approximately $3,400,000.
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