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Island Air Ferries, INC.
Balance Sheet
December 31,1948

Assets



Current Assets:                              
Cash in Banks                                $6,897.18
Working funds and special deposits:  
Working Funds                      $300.00
Special Deposits                    150.00       450.00

Accounts receivable                           10,909.92
Material and Supplies              $2,683.07
Motor fuels                         2,875.15
Lubricating Oils                    3,448.20  9,006.42

Other current assets and accrued assets       1,329.78
Total Current Assets                           $28,599,30

Operating Property and Equipment:
Flight Equipment                    $61,417.83
Less: Accrued Depreciation           25,770.78 $35,647.05

Other Property and Equipment        $5,459.24
Less: Accrued Depreciation           1,962.65  3,496.59 39,143.64

Deferred Charges:
Prepayments                          $2,727.64
Other Deferred charges                   59.50  2,787.14

Capital Stock Expense                           15,589.01