Viewing page 50 of 56

This transcription has been completed. Contact us with corrections.

COLONIAL AIRLINES, INC.

BALANCE SHEET -- AT DECEMBER 31, 1948

ASSETS

[[Four column table]]
| CURRENT ASSETS: | --- | --- | --- |
| Cash | --- | --- | $1,032,374 |
| Accounts receivable (including $864,328 for mail carried, due from U.S. Post Office Department -- Note 1) | --- | --- | 1,154,325 |
| Consumable supplies, gasoline, oil, etc., at or below cost (on first-in first-out basis) |  |  |  |
| Total current assets | --- | --- | 267,865 |
| INVESTMENTS AND SPECIAL FUNDS, at cost | --- | --- | 51,960 |
| PROPERTY AND EQUIPMENT, at cost: | --- | --- | --- |
| Flying equipment | --- | $2,081,827 | --- |
| Less: Reserve for obsolescence and depreciation | --- | 1,166,072 | --- |
| --- | --- | $915,755 | --- |
| Radio ground stations, office, and other equipment | $323,833 | --- | --- |
| Less: Reserve for obsolescence and depreciation | 134,434 | 189,399 | --- |
| Leasehold improvements, less amortization | --- | 23,001 | 1,128,155 |
| --- | --- | --- | --- |
| DEFERRED CHARGES: | --- | --- | --- |
| Prepaid insurance | --- | $36,333 | --- |
| Other prepaid and deferred charges | --- | 20,967 | 57,300 |
| --- | --- | --- | --- |
| --- | --- | --- | $3,691,979 |

NOTES TO FINANCIAL STATEMENTS

Note 1: In an order dated December 30, 1948, the Civil Aeronautics Board determined an additional amount of compensation for mail carried, other than over the Bermuda route ,for the period from April 15, 1946 to April 30, 1948, on a temporary basis.  Accounts receivable due from U.S. Post Office Department includes such additional compensation in the amount of $688,957 of which the amount of $648,794, applicable to the period to December 31, 1947, has been credited to surplus and the balance credited to operating revenue.  The temporary rate of thirty-five cents per airplane mile set forth in the order of the Civil Aeronautics Board, dated March 4, 1948, remained in effect from May 1, 1948.  The temporary rates are less than those requested by the Company in its petitions.  It is impossible at this time to determine what the permanent rate, retroactive to such date as the Civil Aeronautics Board shall determine, will be when it is established.

Revenue for mail carried over the Bermuda route has been included in operating revenue at the rates, which are on a sliding scale basis, established in an order of the Civil Aeronautics Board dated February 5, 1948. The Company on April 21, 1948 filed a petition for increase in these rates, but the amount of additional compensation, if any, that may be received is not now determinable.