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Statements Balance Sheets
 Kelly Services, Inc. and Subsidiaries

ASSETS 1998
 1997
 1996
  (In thousands of dollars)
Current Assets
  Cash and equivalents $59,799 $76,690 $33,408
  Short-term investments 12,069 67,301 28,035
  Accounts receivable, less allowances of $13,035, $12,375 and $8,320, respectively 584,653 572,134 554,025
  Prepaid expenses and other current assets 15,012 12,892 12,883
  Deferred taxes 48,343
 41,955
 30,235
     Total current assets 719,876 770,972 658,586
Property and Equipment
  Land and buildings 44,135 44,405 43,748
  Equipment, furniture and leasehold improvements 179,707 130,472 118,737
  Accumulated depreciation (77,491)
 (62,144)
 (64,763)
     Total property and equipment 146,351 112,733 97,722
Intangibles and Other Assets 98,020 83,524 82,571
Total Assets $964,247
 $967,229
 $838,879

See accompanying Notes to Financial Statements.

LIABILITIES AND STOCKHOLDERS' EQUITY 1998
 1997
 1996
  (In thousands of dollars)
Current Liabilities
  Short-term borrowings $47,629 $54,958 $41,616
  Accounts payable 79,089 60,408 48,111
  Payroll and related taxes 195,670 197,092 151,769
  Accrued insurance 66,830 61,077 53,119
  Income and other taxes 37,265
 33,865
 27,365
     Total current liabilities 426,483 407,400 321,980
Stockholders' Equity
  Capital stock, $1.00 par value
  Class A common stock, shares issued 36,540,770 in 1998, 36,537,584 in 1997 and 36,526,431 in 1996 36,541 36,538 36,527
  Class B common stock, shares issued 3,575,096 in 1998, 3,578,282 in 1997 and 3,589,435 in 1996 3,575 3,578 3,589
Treasury stock, at cost
  Class A common stock, 4,301,321 shares in 1998, 1,947,156 in 1997 and 2,051,038 in 1996 (81,669) (6,029) (6,012)
  Class B common stock, 7,767 shares in 1998 and 5,830 in 1997 and 1996 (248)
 (185)
 (185)
Paid-in capital 14,844 10,980 8,265
Earnings invested in the business 572,517 522,039 474,409
Accumulated foreign currency adjustments (7,796) (7,092) 306
  Total stockholders' equity 537,764 559,829 516,899
Total Liabilities and Stockholders' Equity $964,247
 $967,229
 $838,879

See accompanying Notes to Financial Statements.