LAW OFFICES 

PIERRE MURPHY 

SUITE590 

1200 NEW HAMPSHIRE AVENUE, NW 

WASHINGTON, D.C. 20036 

TELEPHONE: (202) 776-3980 

TELECOPIER: (202) 776·3975 

December 9, 2014 

VIA EMAIL (ORIGINAL VIA OVERNIGHT DELIVERY) 

Attn: Lauralyn J. Remo 

Chief 

Attn: Barbara Snoden 

Transportation Industry Analyst 

Air Carrier Fitness Division, X-56 

Office of Aviation Analysis 

US Department of Transportation 

1200 New Jersey Avenue, SE 

Room W86-307 

Washington, DC 20590 

E·MAIL: PMURPHY@LOPMURPHY.COM 

Re: Harris Aircraft Services, Inc. [Docket DOT-OST-2014-0145]; 

Response to Information Request Dated November 13, 2014 

Dear Ms. Remo & Ms. Snoden: 

I respectfully refer to your office's Information Request dated November 13, 2014 and 

Applicant responds as follows to your questions. 

1. In reference to Exhibit/Tab 7 of the application: 

a. In the Profit and Loss January through December 2012 statement, page 5, net 

income is shown as $142,798 on total revenue of$2,454,574 (page 2). However, 

on the "Income Statement" dated December 31, 2013, the January through 

December 2012 column shows net income of$46,233. Please explain the 

discrepancy and submit a revised or corrected version of the Profit and Loss 

statement. 

Harris Air's Response: 

The December 2012 P&L Statement provided in Exhibit/Tab 7 was printed out on 

February 19, 2013. However, the comparative 2013 & 2012 P&L Statement also provided in 

Exhibit/Tab 7 was printed on May 2, 2014 approximately 15 months later. 
The discrepancy you have identified is accounted for by an adjustment for 2012 P&L 

figures due to CPA tax adjustments on the owners' personal tax returns. A corrected version of 

the 2012 P &L Statement is attached hereto at Tab 1 and a corrected version of the December 31, 

2012 Balance Sheet is attached hereto at Tab 2. 

As a result of these adjustments, the following items were changed in the 2012 P&L 

figures altering the 2012 Net Income: 

(i) A Depreciation Expense Was Added for $113,171 [See: Tab 1, page 2]: 

This information is received from the CPA after taxes are prepared. At the time 

ofthe February 19,2013 printed version ofthe 2012 P&L's, this information was not available. 

(ii) Aircraft Repairs & Maintenance Expenses of <$143,872> Were Re-Classified 

[See: Tab 1, page 2]: 

This Aircraft & Repairs Maintenance Expenses amount was re-classified to the 

December 31, 2012 Balance Sheet under fixed assets, Aircraft Engines. See: Tab 2, page 1. 

I. b. On the December 31, 2012 balance sheet, total current assets of$713, 766 are 

shown. However, on the multi-year 201212013 balance sheet December 31, 2012 

column (page I of2), total current assets for 2012 are $351,396. Please explain 

the discrepancy and submit a revised or corrected version of the balance sheet. 

Harris Air's Response: 

A revised version of the December 31, 2012 Balance Sheet reviewed by Applicant's CPA 

is submitted hereto at Tab 2. This shows a total current assets figure of$455,145.32. The 

explanation for the discrepancy you have identified is addressed in the response to 1(a) above. 

The discrepancy between the December 31, 2012 Balance Sheet total current assets 

amount of$713,766 submitted in Exhibit/Tab 7 and the comparative 2013/2014 Balance Sheet 

total current assets amount of $315,396 submitted in Exhibit/Tab 7 is accounted for by a 

reduction by the CPA of the Total Inventory Asset amount from $375,825.06 to $14,164.00 

which was uncharacteristically low, thereby increasing the Cost-of-Goods-Sold item on the 2012 

P&L from $13,491.41 to $140,080.24. This was corrected on the corrected December 31, 2012 

Balance Sheet showing a revised total current assets amount of$455,145.32 [See: Tab 2, page 1] 

and the revised Cost-of-Goods-Sold amount of$140,080.24 [See: Tab 1, page 2]. 
1. c. Please explain the negative APB checking balance shown on the multi-year 

2012/2013 balance sheet as of December 31, 2013. Additionally, please explain 

the negative $42,142 for APC checking on the multi-year 2013/2014 balance 

sheet as of May 31, 2014. 

Harris Air's Response: 

Applicant's common practice is to keep low funds in the checking account and transfer 

funds from other account(s), as needed. On December 31,2013, checks payable were printed in 

the evening (from the home office) thereby reducing the balances in the checking account in the 

computer. The checks were then processed and held until Tuesday, January 2, 2014 when 

deposits totaling $44,563.25 were posted on January 2, 2014, after the New Year's banking 

holiday. 

The same issue happened on May 31,2014. Checks payable were cut on Saturday, May 

31,2014 from the home office, followed by transferring $50,000 from the credit card bank 

account and a deposit of $31,543.50 was made at the beginning ofthe work week. 

Neither of these negative balances were anything other than a timing issue between 

working from the home office after normal business hours and when money was transferred or 

deposited by the business office during business hours. 

1. d. Please explain the "Lawsuit Proceeds of$110,000" under "other current 

assets" on the May 31, 2014 balance sheet. 

Harris Air's Response: 

As stated in the May 31, 2014 Balance Sheet line item referenced, this $110,000 

amount represents mediation proceeds due to Harris Air as a result of a mediated breach-ofcontract claim Harris had against a customer. On June 20,2014, these settlement funds were 

received and deposited, and are reflected as income on the January 1- September 30, 2014 P&L 

Statement submitted herewith at Tab 3, page 1 ("Emergency Flight Services- Chieftain Contract 

Flights"). 

2. Please submit a September 30, 2014 balance sheet and income statement ending 

that same date. 

Harris Air's Response: 

A September 30, 2014 Balance Sheet is submitted hereto at Tab 4 and a P&L Statement 

for the period ending September 30, 2014 is submitted at Tab 3. 
Also submitted are the most recent P&L Statements dated November 30 (at TabS) and 

Balance Sheet dated November 30 (at Tab 6). 

Should you have any questions or concerns regarding this matter, please do not hesitate 

to contact me. 

I Re~:ectfulltsubmitted, 

/ . 1. ' 1: ----·- ···---'~··-~·-···· . 

Pierr'eVurphy 

· Attom~y for 

Harris Aircraft Services, Inc. 

cc: Lauralyn J. Remo (via email) 
18 U.S.C. §1001 Certification 

Pursuant to Title 18 of the United States Code Section 1 001, I, R. Laura L. 

Kronsperger, in my individual capacity and as Vice President & Secretary of Harris 

Aircraft Services, Inc. have not in any manner knowingly and willfully falsified, 

concealed or covered up any material fact or made any false, fictitious, or fraudulent 

statement or knowingly used any documents which contain such statements in connection 

with the preparation, filing or prosecution of this application. I understand that an 

individual who is found to have violated the provisions of 18 U.S.C. § 1001 shall be fined 

not more than $10,000 or imprisoned not more than five years, or both. 

December~. 2014 

"'\ 

on~s~p~er~g~~=-~ Vice President & Secre ry 

Harris Aircraft Services, Inc. 
Tab 1 
9:53PM 

11/24114 

Accrual Basis 

Harris Aircraft Services, Inc. 

Profit & Loss 

January through December 2012 

Ordinary Income/Expense 

Income 

Beaver Flight Services 

Charters 

Destinations 

Flightseeing 

Seat Fares 

Standby 

Total Beaver Flight Services 

Cessna 185 Flight Services 

Charters 

Destinations 

Flightseeing 

Seat Fares 

Standby 

Total Cessna 185 Flight Services 

Chieftain Flight Services 

Charters 

Destinations 

Seat Fares 

Standby 

Total Chieftain Flight Services 

Emergency Flight Services 

Beaver Flights 

Beaver Standby 

Chieftain Contract Flights 

Chieftain Excess Flights 

Total Emergency Flight Services 

Freight Fees 

Animals 

Excess Baggage 

Freight 

HazMat 

Freight Fees - Other 

Total Freight Fees 

Hangar Storage 

Maintenance Services 

Labor 

Outside Repair Reimbursements 

Part Sales 

Shipping Fee Reimbursements 

Total Maintenance Services 

Miscellaneous Sales 

Clothing 

Hats 

Shirts 

Sweatshirts 

Total Clothing 

Fuel Reimbursements 

AVGas 

Kicker 

Total Fuel Reimbursements 

Jan· Dec 12 

81,549.90 

207,457.57 

10,581.32 

149,414.51 

4,326.50 

453,329.80 

70,533.50 

133,026.17 

8,949.42 

126,320.72 

8,054.25 

346,884.06 

15,635.24 

89,189.73 

753,220.22 

330.00 

858,375.19 

25,830.00 

6,692.50 

507,000.00 

17,595.00 

557,117.50 

3,000.00 

20,166.98 

42,245.07 

50.00 

-67.48 

65,394.57 

42,240.00 

76,500.66 

2,743.46 

41,312.70 

1,393.41 

1,971.79 

266.24 

66.66 

121,950.23 

2,304.69 

2,648.75 

-47.24 

2,601.51 

Page 1 
9:53PM 

11124/14 

Accrual Basis 

Harris Aircraft Services, Inc. 

Pilot Tips Received 

Returned Checks 

Service Charges 

Trade Services 

Vending Commissions 

Miscellaneous Sales ·Other 

Total Miscellaneous Sales 

Rental Equipment 

Storage 

Freezer 

Luggage 

Parking 

Total Storage 

Total Income 

Cost of Goods Sold 

Cost of Goods Sold 

Freight 

Outside Repairs 

Parts 

Satellite Phone 

Cost of Goods Sold • Other 

Total Cost of Goods Sold 

Total COGS 

Profit & Loss 

January through December 2012 

Gross Profit 

Expense 

Advertising 

Aircraft Repair & Maintenance 

185 (6590E) 

Beaver (60TF) 

Chieftain (200SJ) 

Chieftain (3590N) 

Chieftain (38KC) 

Aircraft Repair & Maintenance • Other 

Total Aircraft Repair & Maintenance 

Bank Fees 

Charge backs 

Checking Fees 

Direct Deposit Fees 

Loan Fees 

NSF 

QB Credit Card Discounts (Intuit CC Discounts) 

Wires 

Bank Fees • Other 

Total Bank Fees 

Delivery Charges 

Expedited Shipping 

Freight 

Postage 

Total Delivery Charges 

Depreciation Expense (For TAXES only) 

Donations 

Dues & Subscriptions 

Jan. Dec 12 

0.00 

340.00 

17.00 

-2,479.50 

208.04 

2,688.44 

5,680.18 

1,760.00 

933.99 

61.36 

171.03 

1,166.38 

2,453,897.91 

48.97 

3,750.35 

5,128.79 

1,800.81 

129,351.32 

140,080.24 

140,080.24 

2,313,817.67 

13,377.49 

59,591.25 

95,469.56 

122,598.98 

23,221.86 

10.00 

-143,872.00 

157,019.65 

0.00 

39.22 

531.30 

7,555.83 

320.30 

23,779.16 

26.50 

180.59 

32,432.90 

7,036.69 

12,074.15 

2,740.88 

21,851.72 

113,171.00 

2,923.58 

4,634.30 

Page2 
9:53PM 

11/24/14 

Accrual Basis 

Equipment Fuel 

Beaver (60TF) 

Boat 

BulkAvGas 

Cessna 185 (6590E) 

Chieftain (200SJ) 

Chieftain (3590N) 

Chieftain (38KC) 

Propane 

Trucks 

Tugs 

Total Equipment Fuel 

Equipment Leases 

Boat (23' Packman) 

Chieftain (200SJ) 

Chieftain (3590N) 

Total Equipment Leases 

Equipment Maintenance 

Boat 

Bulk Fuel Tank 

Chrysler Van 

Cooler 

Ford Truck 

Scales 

Tugs/ATVs 

Harris Aircraft Services, Inc. 

Profit & Loss 

January through December 2012 

Equipment Maintenance - Other 

Total Equipment Maintenance 

Facility Maintenance & Repair 

KLW Terminal 

SIT HWH Hangar 

SIT Metal Shop 

SIT SEARHC Building 

Facility Maintenance & Repair- Other 

Total Facility Maintenance & Repair 

Flight Expenses 

Hangar Expenses 

Insurance 

401k Plan 

Boat 

General Liability Insurance 

Property 

Vehicle Liability 

Workers Compensation 

Total Insurance 

Interest Expense 

Beaver 

Cessna 185 

Excise Tax Loan-#3174 

Ford F250 

Internal Revenue Service (Interest paid on Federal Excise Tax Audit) 

Line of Credit-#3162 

Other Interest 

Total Interest Expense 

Memberships & Dues 

Miscellaneous 

Non-Taxable Expenses 

Jan- Dec 12 

1,396.78 

826.37 

493,124.00 

437.27 

3,133.08 

2,270.49 

3,519.19 

385.80 

3,321.97 

86.28 

508,501.23 

7,800.00 

35,431.80 

95,583.03 

138,814.83 

1,695.18 

424.00 

2,792.06 

1,979.68 

3,009.02 

2,130.32 

296.71 

800.00 

13,126.97 

5,028.87 

186.99 

1,000.00 

1,605.07 

216.61 

8,037.54 

1,687.45 

4,560.84 

85.00 

605.00 

113,571.00 

1,338.00 

2,213.79 

41,014.00 

158,826.79 

12,245.37 

804.41 

7,009.09 

245.91 

27,324.04 

1,131.63 

893.20 

49,653.65 

2,905.00 

1,700.87 

400.00 

Page3 
9:53PM 

11124114 

Accrual Basis 

Office Supplies 

General 

Software & Technology 

Office Supplies- Other 

Total Office Supplies 

Personnel Costs 

401(k) Plan Fees 

Airport ID 

Drug Testing 

Housing (Temporary) 

Moving Expenses 

Training 

Various 

Harris Aircraft Services, Inc. 

Profit & Loss 

January through December 2012 

Wellness Center Membership 

Total Personnel Costs 

Professional Fees 

Accounting 

Information Technology 

Legal 

Total Professional Fees 

Rent 

KLW Terminal Land Lease 

SIT HWH Hangar 

SIT Metal Shop Land Lease 

SIT SEARHC Hangar 

Total Rent 

Salaries and Wages 

Bonuses 

Mechanic 

Office Wages 

Officer/Mechanic 

Pilot Wages 

Ramp Support 

Total Salaries and Wages 

Salaries and Wages 401 k Expense 

Salary & Wage Payroll Taxes 

AK Unemployment 

Federal Unemployment 

Medicare 

Social Security 

Total Salary & Wage Payroll Taxes 

Supplies 

Aircraft Oil 

SIT 

Supplies - Other 

Total Supplies 

Taxes 

Airplane Property 

Boat Property 

General Property 

Metal Shop Land Property 

Total Taxes 

Tools Expense 

Jan- Dec 12 

675.60 

9,998.08 

5,058.68 

15,732.36 

600.00 

75.00 

1,636.00 

5,300.00 

11,151.59 

595.00 

1,407.55 

1,496.35 

22,261.49 

892.50 

525.00 

1,323.75 

2,741.25 

1,639.00 

31,875.00 

1,652.00 

38,400.00 

73,566.00 

41,150.00 

214,884.01 

105,468.26 

60,000.00 

297,683.73 

22,160.60 

741,346.60 

16,314.83 

13,292.38 

855.27 

10,749.51 

45,963.49 

70,860.65 

6,888.50 

6,044.54 

16,768.55 

29,701.59 

4,260.00 

50.00 

21.00 

597.00 

4,928.00 

6,156.47 

Page4 
9:53PM 

11/24/14 

Accrual Basis 

Harris Aircraft Services, Inc. 

Travel 

Lodging 

Meals 

Transportation 

Total Travel 

Utilities 

Electric, Water & Garbage 

KLW Terminal 

Profit & Loss 

January through December 2012 

SIT Apartment (319 Seward St Apt A) 

SIT HWH Hangar (365 Airport Rd) 

SIT Metal Shop (485 Airport Rd) 

SIT SEARHC Bldg(551 Airport Rd) 

Total Electric, Water & Garbage 

Heating Fuel 

KLW Terminal 

SIT HWH Hangar (Tank B) 

SIT Metal Shop (Tank C) 

SIT SEARHC Building (Tank A) 

Total Heating Fuel 

Telephone 

KLW Terminal 

SIT Cell Service 

SIT Long-Distance 

SIT Terminal 

Total Telephone 

Total Utilities 

Total Expense 

Net Ordinary Income 

Net Income 

Jan· Dec 12 

1,426.43 

1,323.39 

4,954.15 

848.58 

1,691.65 

3,367.36 

781.45 

11,262.66 

7,703.97 

17,951.70 

619.74 

2,013.89 

577.89 

8,287.13 

11,498.65 

726.78 

3,920.71 

6,806.70 

1,740.63 

13,194.82 

42,645.17 

2,267,584.19 

46,233.48 

46,233.48 

PageS 
Tab2 
9:52PM 

11/24114 

Accrual Basis 

ASSETS 

Harris Aircraft Services, Inc. 

Balance Sheet 

As of December 31,2012 

Current Assets 

Checking/Savings 

Checking 

QB Credit Card Deposits (Chkg) 

Total Checking/Savings 

Accounts Receivable 

Accounts Receivable 

Total Accounts Receivable 

Other Current Assets 

Inventory Asset 

Parts 

Inventory Asset • Other 

Total Inventory Asset 

N/R Michael Elwess 

Prepaid Utility Deposit 

Undeposited Funds 

Total Other Current Assets 

Total Current Assets 

Fixed Assets 

1989 Chevrolet K2500 Truck 

Accumulated Depreciation 

1989 Chevrolet K2500 Truck- Other 

Total1989 Chevrolet K2500 Truck 

1990 17' Boston Whaler+ Trailer 

Accumulated Depreciation 

1990 17' Boston Whaler+ Trailer - Other 

Total1990 17' Boston Whaler+ Trailer 

1995 GMC Pickup 

Accumulated Depreciation 

1995 GMC Pickup· Other 

Total1995 GMC Pickup 

2001 Chrysler Van 

2009 Ford F250 

Accumulated Depreciation 

2009 Ford F250- Other 

Total 2009 Ford F250 

Accumulated Depreciation 

Aeronca Sedan 15AC (N1272H) 

Accumulated Depreciation 

Aeronca Sedan 15AC (N1272H) - Other 

Total Aeronca Sedan 15AC (N1272H) 

Aircraft Engines 

Aircraft Tug 

Accumulated Depreciation 

Aircraft Tug - Other 

Total Aircraft Tug 

Cessna 185, Amphib (N6590E) 

Accumulated Depreciation 

Cessna 185, Amphib (N6590E)- Other 

Total Cessna 185, Amphib (N6590E) 

Dec 31, 12 

49,084.13 

228,085.90 

277,170.03 

46,409.91 

46,409.91 

141,876.75 

-23,964.01 

117,912.74 

4,750.00 

300.00 

8,602.64 

131,565.38 

455,145.32 

-15,778.00 

15,778.00 

-13,127.00 

13,127.00 

-16,900.00 

16,900.00 

0.00 

0.00 

0.00 

6,000.00 

-25,320.00 

42,199.45 

16,879.45 

-183,902.00 

-2,500.00 

2,500.00 

0.00 

143,872.00 

-8,969.52 

14,314.52 

5,345.00 

-197,375.00 

197,375.00 

0.00 

Page 1 
9:52PM 

11/24/14 

Accrual Basis 

Harris Aircraft Services, Inc. 

Balance Sheet 

As of December 31, 2012 

DeHavilland Beaver Amphib N60TF 

Accumulated Depreciation 

DeHavilland Beaver Amphib N60TF ·Other 

Total DeHavilland Beaver Amphib N60TF 

Flight Assets 

Accumulated Depreciation 

Cooler 

Honda 9.9hp kicker 

Flight Assets • Other 

Total Flight Assets 

Hangar Assets 

Accumulated Depreciation 

Cabinets 

Compressor 

Crown Stacker 

Scales 

Scissor Lift 

Work Platform 

Hangar Assets • Other 

Total Hangar Assets 

Metal Shop Assets 

Accumulated Depreciation 

Metal Shop Assets • Other 

Total Metal Shop Assets 

Office Equipment 

Accumulated Depreciation 

Office Equipment· Other 

Total Office Equipment 

Prince of Wales Island Terminal (Portable cabin) 

Total Fixed Assets 

TOTAL ASSETS 

LIABILITIES & EQUITY 

Liabilities 

Current Liabilities 

Accounts Payable 

Accounts Payable 

Total Accounts Payable 

Credit Cards 

Gold VISA (#4225-Supplies) 

Total Credit Cards 

Other Current Liabilities 

Direct Deposit Liabilities 

Federal Excise Tax Payable 

Transportation Tax (7.5%) 

Total Federal Excise Tax Payable 

Payroll Liabilities 

AK Unemployment Compensation 

FUTA Liability 

Total Payroll Liabilities 

Security Deposits Payable 

Sitka Sales Tax Payable 

Total Other Current Liabilities 

Total Current Liabilities 

Dec 31,12 

-549,833.34 

549,833.34 

-19,579.31 

15,762.20 

2,855.00 

17,423.31 

0.00 

16,461.20 

-16,891.72 

4,241.48 

11,884.00 

3,060.00 

11,588.75 

8,150.00 

4,418.00 

4,639.00 

31,089.51 

-50,000.00 

50,000.00 

-19,685.19 

30,235.11 

0.00 

10,549.92 

40,612.60 

86,907.68 

542,053.00 

48,047.08 

48,047.08 

15,428.27 

15,428.27 

35,651.61 

10,728.42 

10,728.42 

1,824.29 

149.62 

1,973.91 

900.00 

804.84 

50,058.78 

113,534.13 

Page2 
9:52PM 

11/24114 

Accrual Basis 

Harris Aircraft Services, Inc. 

Long Term Liabilities 

AK Pacific Bank 

Balance Sheet 

As of December 31, 2012 

Dehavilland Beaver (Loan #2665. Term 1117) 

IRS Loan #3174 (Loan for IRS Excise Tax Audit) 

Line of Credit· #3162 

Total AK Pacific Bank 

Ford Motor Credit 

2009 Ford F250 Super Duty 

Total Ford Motor Credit 

Total Long Term Liabilities 

Total Liabilities 

Equity 

Paid in Capital 

Retained Earnings 

Net Income 

Total Equity 

TOTAL LIABILITIES & EQUITY 

Dec 31,12 

194,126.42 

250,263.21 

35,131.63 

479,521.26 

3,260.98 

3,260.98 

482,782.24 

596,316.37 

194,330.10 

-294,826.95 

46,233.48 

-54,263.37 

542,053.00 

Page3 
Tab3 
3:35PM 

11123114 

Accrual Basis 

Harris Aircraft Services, Inc. 

Ordinary lncomeiExpense 

Income 

Profit & Loss 

January through September 2014 

Beaver Flight Services 

Charters 

Destinations 

Flightseeing 

Seat Fares 

Seat Fares (SEARHC) 

Standby 

Total Beaver Flight Services 

Cessna 185 Flight Services 

Charters 

Destinations 

Flightseeing 

Seat Fares 

Seat Fares (SEARHC) 

Standby 

Total Cessna 185 Flight Services 

Chieftain Flight Services 

Charters 

Destinations 

Seat Fares 

Seat Fares (SEARHC) 

Standby 

Total Chieftain Flight Services 

Emergency Flight Services 

Beaver Standby 

Chieftain Contract Flights 

Reconfiguration Fee 

Total Emergency Flight Services 

Freight Fees 

Animals 

Excess Baggage 

Freight 

Total Freight Fees 

Hangar Storage 

Maintenance Services 

Labor 

Outside Repair Reimbursements 

Part Sales 

Shipping Fee Reimbursements 

Shop Supplies 

Total Maintenance Services 

Miscellaneous Sales 

Cancellation Fee 

Clothing 

Hats 

Shirts 

Sweatshirts 

Total Clothing 

Fuel Reimbursements 

AVGas 

Diesel 

Fuel Handling 

Kicker 

Total Fuel Reimbursements 

Jan- Sep 14 

109,932.45 

160,608.78 

23,974.55 

131,878.43 

30.711.91 

4,423.25 

461,529.37 

106,384.40 

111,675.74 

13,943.37 

83,174.54 

22,400.12 

5,134.25 

342,712.42 

43,051.16 

75,469.99 

624,241.61 

298,235.38 

634.88 

1,041,633.02 

726.00 

110,000.00 

400.00 

111,126.00 

2,500.00 

29,930.51 

57,231.22 

89,661.73 

29,258.35 

65,625.02 

250.00 

52,219.22 

1,198.58 

467.22 

855.19 

811.38 

438.85 

119,760.04 

75.00 

2,105.42 

2,102.94 

20.00 

-176.39 

80.00 

2,026.55 

Page 1 
3:35PM 

11/23/14 

Accrual Basis 

Harris Aircraft Services, Inc. 

Gift Certificates 

Interest Income 

Profit & Loss 

January through September 2014 

Invoice Reimbursements 

Pilot Tips Received 

Returned Checks 

Vending Commissions 

Miscellaneous Sales -Other 

Total Miscellaneous Sales 

Rental Equipment 

Storage 

Cooler 

Freezer 

Parking 

Total Storage 

Total Income 

Cost of Goods Sold 

Cost of Goods Sold 

Clothing 

Freight 

Outside Repairs 

Satellite Phone 

Total Cost of Goods Sold 

Total COGS 

Gross Profit 

Expense 

Advertising 

JNU 

PSG 

SIT 

WRG 

Total Advertising 

Aircraft Repair & Maintenance 

185 (6590E) 

Beaver (60TF) 

Chieftain (200SJ) 

Chieftain (38KC) 

Total Aircraft Repair & Maintenance 

Bad Debt 

Bank Fees 

Avalon Credit Card Discounts 

Checking Fees 

Direct Deposit Fees 

Loan Fees 

NSF 

QB Credit Card Discounts (Intuit CC Discounts) 

Wires 

Total Bank Fees 

Cash <Over>/Short 

Delivery Charges 

Expedited Shipping 

Freight 

Postage 

Total Delivery Charges 

Donations 

Dues & Subscriptions 

Jan- Sep 14 

980.00 

23.83 

4,833.96 

20.00 

-460.00 

194.34 

0.00 

9,799.10 

2,190.00 

85.72 

458.54 

332.63 

876.89 

2,208,546.92 

3,623.08 

82.60 

4,500.00 

579.99 

8,785.67 

8,785.67 

2,199,761.25 

455.38 

1,057.35 

6,449.59 

741.51 

8,703.83 

26,973.62 

16,190.17 

34,276.05 

163,798.40 

241,238.24 

800.40 

7.00 

78.15 

456.70 

1,769.50 

251.50 

33,175.29 

53.00 

35,791.14 

-8.34 

7,794.36 

1,599.61 

2,487.09 

11,881.06 

1,181.68 

1,204.50 

Page2 
3:35PM 

11/23/14 

Accrual Basis 

Harris Aircraft Services, Inc. 

Profit & Loss 

January through September 2014 

Equipment Fuel 

Beaver (60TF) 

Boat 

BulkAvGas 

Chieftain (38KC) 

Propane 

Trucks 

Tugs 

Total Equipment Fuel 

Equipment Leases 

Boat (23' Packman) 

Chieftain (200SJ) 

Chieftain (38KC) 

Total Equipment Leases 

Equipment Maintenance 

Boat 

Bulk Fuel Tank 

Chrysler Van 

Ford Truck 

Freezer 

Total Equipment Maintenance 

Equipment Rentals 

Facility Maintenance & Repair 

KLW Terminal 

SIT HWH Hangar 

SIT Metal Shop 

SIT SEARHC Building 

Total Facility Maintenance & Repair 

Flight Expenses 

General 

Subscriptions 

Takeflite 

Total Flight Expenses 

Gifts 

Hangar Expenses 

Insurance 

401k Plan 

General Liability Insurance 

Vehicle Liability 

Workers Compensation 

Total Insurance 

Interest Expense 

·Beaver 

Excise Tax Loan-#3174 

Line of Credlt-#3162 

Other Interest 

Total Interest Expense 

Licenses and Permits 

Memberships & Dues 

Miscellaneous 

Office Supplies 

KAE 

KLW 

PSG 

SIT 

Total Office Supplies 

Jan- Sep 14 

108.10 

239.91 

468,924.48 

2,106.17 

361.27 

2,991.97 

72.30 

474,804.20 

5,850.00 

33,750.00 

33,750.00 

73,350.00 

881.31 

1,735.35 

903.78 

400.00 

116.60 

4,037.04 

94.14 

121.99 

645.77 

2,251.69 

3,533.94 

6,553.39 

3,644.85 

1,711.56 

4,839.67 

10,196.08 

96.75 

1,170.00 

85.00 

61,555.50 

2,202.63 

35,650.05 

99,493.18 

5,434.07 

8,796.30 

1 '197.54 

2,687.41 

18,115.32 

725.00 

2,899.00 

914.28 

81.42 

32.65 

1,149.98 

4,574.57 

5,838.62 

Page3 
3:35PM 

11/23/14 

Accrual Basis 

Personnel Costs 

Harris Aircraft Services, Inc. 

Profit & Loss 

January through September 2014 

401(k) Plan Fees 

AirportiD 

Drug Testing 

Housing (Temporary) 

Travel 

Various 

Wellness Center Membership 

Total Personnel Costs 

Professional Fees 

Accounting 

Legal 

Total Professional Fees 

Purchased Transportation 

KAE 

Total Purchased Transportation 

Rent 

JNU Airport Lease 

PSG Airport Lease 

SIT HWH Hangar 

SIT Metal Shop Land Lease 

SIT SEARHC Hangar 

Total Rent 

Salaries and Wages 

Bonuses 

Flight Coordinators 

Hangar/Maintenance Assistant 

Mechanic 

Office Wages 

Officer/Mechanic 

Pilot Wages 

Ramp Support 

Vacation Pay 

Total Salaries and Wages 

Salaries and Wages 401 k Expense 

Salary & Wage Payroll Taxes 

AK Unemployment 

Federal Unemployment 

Medicare 

Social Security 

Total Salary & Wage Payroll Taxes 

Supplies 

Aircraft Oil 

KAE 

SIT 

Total Supplies 

Taxes 

Airplane Property 

JNU Terminal Property 

Total Taxes 

Jan· Sep 14 

600.00 

512.15 

1,462.30 

4.654.18 

673.70 

1,919.25 

2,345.79 

12,167.37 

1,590.00 

49,038.23 

50,628.23 

380.00 

4.474.53 

5,750.00 

24,075.00 

3,673.04 

28,800.00 

380.00 

66,772.57 

0.00 

35,684.13 

1,701.38 

172,968.64 

122,762.92 

45,000.00 

236,614.46 

17,246.06 

12,189.51 

644,167.10 

9,904.78 

11,881.81 

1,092.72 

9,301.55 

39,772.19 

62,048.27 

8,490.95 

460.14 

10.437.64 

19,388.73 

3,182.70 

154.94 

3,337.64 

Page4 
3:35PM 

11/23/14 

Accrual Basis 

Technology 

Harris Aircraft Services, Inc. 

Profit & Loss 

January through September 2014 

Domain Hosting 

Network Administration 

Software 

Supplies 

Website 

Technology· Other 

Total Technology 

Tools Expense 

Travel 

Lodging 

Transportation 

Total Travel 

Utilities 

Electric, Water & Garbage 

KLW Terminal 

PSG Terminal· 

SIT HWH Hangar (365 Airport Rd) 

SIT Metal Shop (485 Airport Rd) 

SIT SEARHC Bldg(551 Airport Rd) 

Total Electric, Water & Garbage 

Heating Fuel 

SIT HWH Hangar (Tank B) 

SIT Metal Shop (Tank C) 

SIT SEARHC Building (Tank A) 

Total Heating Fuel 

Internet Communications 

KLW Terminal 

SIT SEARHC Building 

Total Internet Communications 

Telephone 

JNU Terminal 

KLW Terminal 

PSG Terminal 

SIT Cell Service 

SIT Terminal 

WRG Terminal 

Total Telephone 

Total Utilities 

Total Expense 

Net Ordinary Income 

Net Income 

Jan. Sep 14 

438.11 

7,893.26 

2,577.86 

3,061.77 

1,590.00 

2,779.88 

18,340.88 

91.95 

416.25 

2,203.39 

1,057.16 

989.20 

3,530.30 

1,155.66 

9,851.31 

2,619.64 

16,583.63 

1,254.98 

920.23 

3,631.25 

5,806.46 

1,062.84 

9,281.01 

10,343.85 

840.22 

505.62 

534.69 

4,019.91 

2,411.77 

526.72 

8,838.93 

41,572.87 

1,930,499.54 

269,261.71 

269,261.71 

PageS 
Tab4 
3:35PM 

11/23/14 

Accrual Basis 

ASSETS 

Harris Aircraft Services, Inc. 

Balance Sheet 

As of September 30, 2014 

Current Assets 

Checking/Savings 

Checking 

QB Credit Card Deposits (Chkg) 

TF Credit Card Deposits (Svgs) 

Total Checking/Savings 

Accounts Receivable 

Accounts Receivable 

Total Accounts Receivable 

Other Current Assets 

Inventory Asset 

Parts 

Inventory Asset - Other 

Total Inventory Asset 

N/R Michael Elwess 

Prepaid Utility Deposit 

Undeposited Funds 

Total Other Current Assets 

Total Current Assets 

Fixed Assets 

1989 Chevrolet K2500 Truck 

Accumulated Depreciation 

1989 Chevrolet K2500 Truck· Other 

Total1989 Chevrolet K2500 Truck 

1990 17' Boston Whaler+Trailer 

Accumulated Depreciation 

1990 17' Boston Whaler+ Trailer- Other 

Total1990 17' Boston Whaler+ Trailer 

1995 GMC Pickup 

Accumulated Depreciation 

1995 GMC Pickup- Other 

Total1995 GMC Pickup 

2001 Chrysler Van 

2009 Ford F250 

Accumulated Depreciation 

2009 Ford F250 • Other 

Total 2009 Ford F250 

Accumulatep Depreciation 

Aeronca Sedan 15AC (N1272H) 

Accumulated Depreciation 

Aeronca Sedan 15AC (N1272H)- Other 

Total Aeronca Sedan 15AC (N1272H) 

Aircraft Engines 

Aircraft Tug 

Accumulated Depreciation 

Aircraft Tug -Other 

Total Aircraft Tug 

Cessna 185, Amphib (N6590E) 

Accumulated Depreciation 

Cessna 185, Amphib (N6590E) - Other 

Total Cessna 185, Amphib (N6590E) 

Sep 30,14 

-14,654.47 

24,509.23 

277,410.16 

287,264.92 

155,783.73 

155,783.73 

815,770.00 

-437,689.87 

378,080.13 

-982.00 

300.00 

1,463.95 

378,862.08 

821,910.73 

-15,778.00 

15,778.00 

-13,127.00 

13,127.00 

-16,900.00 

16,900.00 

0.00 

0.00 

0.00 

6,000.00 

-25,320.00 

42,199.45 

16,879.45 

-183,902.00 

-2,500.00 

2,500.00 

0.00 

143,872.00 

-8,969.52 

14,314.52 

5,345.00 

-197,375.00 

197,375.00 

0.00 

Page 1 
3:35PM 

11/23/14 

Accrual Basis 

Harris Aircraft Services, Inc. 

Balance Sheet 

As of September 30, 2014 

DeHavilland Beaver Amphib N60TF 

Accumulated Depreciation 

DeHavilland Beaver Amphib N60TF -Other 

Total DeHavilland Beaver Amphib N60TF 

Flight Assets 

Accumulated Depreciation 

Cooler 

Honda 9.9hp kicker 

Flight Assets -Other 

Total Flight Assets 

Hangar Assets 

Accumulated Depreciation 

Cabinets 

Compressor 

Crown Stacker 

Scales 

Scissor Lift 

Work Platform 

Hangar Assets - Other 

Total Hangar Assets 

Metal Shop Assets 

Accumulated Depreciation 

Metal Shop Assets - Other 

Total Metal Shop Assets 

Metal Shop Building 

Office Equipment 

Accumulated Depreciation 

Office Equipment- Other 

Total Office Equipment 

Prince of Wales Island Terminal (Portable cabin) 

Total Fixed Assets 

TOTAL. ASSETS 

L.IABIL.ITIES & EQUITY 

Liabilities 

Current Liabilities 

Accounts Payable 

Accounts Payable 

Total Accounts Payable 

Credit Cards 

Business VISA (#11 07-Parts) 

Gold VISA (#4225--Supplies) 

Total Credit Cards 

Other Current Liabilities 

Federal Excise Tax Payable 

Transportation Tax (7.5%) 

Total Federal Excise Tax Payable 

Payroll Liabilities 

401(k) Deferrals 

AK Unemployment Compensation 

Federal Withholding Liability 

FICAISS 

FUTAL.iability 

Medicare 

Total Payroll Liabilities 

Sep 30,14 

-549,833.34 

549,833.34 

-19,579.31 

15,762.20 

2,855.00 

18,425.01 

0.00 

17,462.90 

-16,891.72 

4,241.48 

11,884.00 

3,060.00 

11,588.75 

8,150.00 

4,418.00 

4,639.00 

31,089.51 

-50,000.00 

50,000.00 

0.00 

53,000.00 

-19,685.19 

60,811.41 

41,126.22 

40,612.60 

171,485.68 

993,396.41 

121,041.15 

121,041.15 

2,167.61 

12,824.67 

14,992.28 

1,051.87 

1,051.87 

0.50 

4,542.97 

-518.01 

-209.02 

144.18 

-48.92 

3,911.70 

Page 2 
3:35PM 

11/23/14 

Accrual Basis 

Harris Aircraft Services, Inc. 

Balance Sheet 

As of September 30, 2014 

Security Deposits Payable 

Sitka Sales Tax Payable 

Total Other Current Liabilities 

Total Current Liabilities 

Long Term Liabilities 

AK Pacific Bank 

Dehavilland Beaver (Loan #2665- Term 1/17) 

IRS Loan #3174 (Loan for IRS Excise Tax Audit) 

Line of Credit - #3162 

Total AK Pacific Bank 

K.Meyers Note 

Total Long Term Liabilities 

Total Liabilities· 

Equity 

Common Dividends Paid 

Paid in Capital 

Retained Earnings 

Net Income 

Total Equity 

TOTAL LIABILITIES & EQUITY 

Sep 30,14 

900.00 

2,887.86 

8,751.43 

144,784.86 

114,017.87 

212,610.10 

20,038.33 

346,666.30 

53,000.00 

399,666.30 

544,451.16 

-10,000.00 

349,630.10 

-159,700.56 

269,261.71 

449,191.25 

993,642.41 

Page3 
TabS 
2:15PM 

12/08/14 

Accrual Basis 

Ordinary Income/Expense 

Income 

Harris Aircraft Services, Inc. 

Profit & Loss 

January through November 2014 

Beaver Flight Services 

Charters 

Destinations 

Fllghtseeing 

Seat Fares 

Seat Fares (SEARHC) 

Standby 

Total Beaver Flight Services 

Cessna 185 Flight Services 

Charters 

Destinations 

Flightseeing 

Seat Fares 

Seat Fares (SEARHC) 

Standby 

Total Cessna 185 Flight Services 

Chieftain Flight Services 

Charters 

Destinations 

Seat Fares 

Seat Fares (SEARHC) 

Standby 

Total Chieftain Flight Services 

Emergency Flight Services 

Beaver Standby 

Chieftain Contract Flights 

Reconfiguratlon Fee 

Total Emergency Flight Services 

Freight Fees 

Animals 

Excess Baggage 

Freight 

Freight Fees • Other 

Total Freight Fees 

Hangar Storage 

Maintenance Services 

Labor 

Outside Repair Reimbursements 

Part Sales 

Shipping Fee Reimbursements 

Shop Supplies 

Total Maintenance Services 

Miscellaneous Sales 

Cancellation Fee 

Clothing 

Hats 

Shirts 

Sweatshirts 

Total Clothing 

Fuel Reimbursements 

AVGas 

Diesel 

Fuel Handling 

Kicker 

Propane 

Total Fuel Reimbursements 

Jan- Nov 14 

121,005.95 

177,808.43 

24,281.15 

177,415.29 

38,544.43 

4,707.50 

543,762.75 

109,650.40 

125,505.05 

13,943.37 

86,929.08 

23,135.00 

5,261.75 

364,424.65 

43,051.16 

105,237.38 

788,903.79 

360,774.41 

634.88 

1 ,298,601.62 

1,071.00 

110,000.00 

800.00 

111,871.00 

3,250.00 

36,574.26 

68,828.26 

-2,124.45 

106,528.07 

35,508.35 

73,904.12 

250.00 

53,314.40 

1,198.58 

491.93 

911.80 

830.25 

438.85 

129,159.03 

75.00 

2,180.90 

2,811.44 

86.00 

-176.39 

80.00 

18.95 

2,820.00 

Page 1 
2:15PM 

12/08/14 

Accrual Basis 

Harris Aircraft Services, Inc. 

Gift Certificates 

Interest Income 

Profit & Loss 

January through November 2014 

Invoice Reimbursements 

Pilot Tips Received 

Returned Checks 

Vending Commissions 

Miscellaneous Sales - Other 

Total Miscellaneous Sales 

Rental Equipment 

Storage 

Cooler 

Freezer 

Parking 

Total Storage 

Total Income 

Cost of Goods Sold 

Cost of Goods Sold 

Clothing 

Freight 

Outside Repairs 

Satellite Phone 

Cost of Goods Sold - Other 

Total Cost of Goods Sold 

Total COGS 

Gross Profit 

Expense 

Advertising 

JNU 

PSG 

SIT 

WRG 

Total Advertising 

Aircraft Repair & Maintenance 

185 (6590E) 

Beaver (60TF) 

Chieftain (200SJ) 

Chieftain (38KC) 

Total Aircraft Repair & Maintenance 

Bad Debt 

Bank Fees 

Avalon Credit Card Discounts 

Checking Fees 

Direct Deposit Fees 

Loan Fees 

NSF 

QB Credit Card Discounts (Intuit CC Discounts) 

Wires 

Total Bank Fees 

Cash <Over>/Short 

Delivery Charges 

Expedited Shipping 

Freight 

Postage 

Total Delivery Charges 

Donations 

Dues & Subscriptions 

Jan- Nov 14 

980.00 

23.83 

13.433.96 

0.00 

-460.00 

283.91 

7,318.05 

26,655.65 

2,190.00 

85.72 

496.28 

418.35 

1,000.35 

2,619,701.47 

3,623.08 

214.26 

13,175.00 

1,037.83 

69.99 

18,120.16 

18,120.16 

2,601 ,581.31 

455.38 

1,076.43 

11,419.76 

741.51 

13,693.08 

27.790.65 

13,298.17 

37,319.15 

166,514.38 

244.922.35 

800.40 

116.00 

78.15 

555.90 

1,769.50 

251.50 

37,865.04 

53.00 

40,689.09 

-8.86 

8,064.52 

1.599.61 

2,759.32 

12.423.45 

1.231.68 

4,707.14 

Page2 
2:15PM 

12/08114 

Accrual Basis 

Harris Aircraft Services, Inc. 

Equipment Fuel 

Beaver (60TF) 

Boat 

BulkAvGas 

Chieftain (38KC) 

Propane 

Trucks 

Tugs 

Profit & Loss 

January through November 2014 

Total Equipment Fuel 

Equipment Leases 

Boat (23' Packman) 

Chieftain (200SJ) 

Chieftain (38KC) 

Total Equipment Leases 

Equipment Maintenance 

Boat 

Bulk Fuel Tank 

Chrysler Van 

Ford Truck 

Freezer 

Total Equipment Maintenance 

Equipment Rentals 

Facility Maintenance & Repair 

KLW Terminal 

SIT HWH Hangar 

SIT Metal Shop 

SIT SEARHC Building 

Total Facility Maintenance & Repair 

Flight Expenses 

General 

Subscriptions 

Takeflite 

Total Flight Expenses 

Gifts 

Hangar Expenses 

Insurance 

401k Plan 

General Liability Insurance 

Vehicle Liability 

Workers Compensation 

Total Insurance 

Interest Expense 

Beaver 

Excise Tax Loan-#3174 

Line of Credit-#3162 

Other Interest 

Interest Expense • Other 

Total Interest Expense 

Licenses and Permits 

Memberships & Dues 

Miscellaneous 

Office Supplies 

KAE 

KLW 

PSG 

SIT 

Total Office Supplies 

Jan. Nov 14 

108.10 

1,234.19 

573,100.74 

3,652.71 

361.27 

3,423.21 

72.30 

581,952.52 

7,150.00 

41,250.00 

41,250.00 

89,650.00 

1,324.51 

1,984.35 

903.78 

639.23 

116.60 

4,968.47 

94.14 

121.99 

645.77 

2,251.69 

4,084.94 

7,104.39 

3,644.85 

3,680.59 

6,479.78 

13,805.22 

96.75 

1,170.00 

85.00 

79,131.62 

2,202.63 

28,894.05 

110,313.30 

6,477.31 

10,592.37 

1,090.77 

3,320.40 

4.65 

21,485.50 

725.00 

5,299.00 

947.17 

81.42 

32.65 

1 '149.98 

5,774.66 

7,038.71 

Page 3 
2:15PM 

12/08/14 

Accrual Basis 

Harris Aircraft Services, Inc. 

Personnel Costs 

401(k) Plan Fees 

Airport ID 

Profit & Loss 

January through November 2014 

Drug Testing 

Housing (Temporary) 

Travel 

Various 

Wellness Center Membership 

Total Personnel Costs 

Professional Fees 

Accounting 

Legal 

Total Professional Fees 

Purchased Transportation 

KAE 

Total Purchased Transportation 

Rent 

JNU Airport Lease 

PSG Airport Lease 

SIT HWH Hangar 

SIT Metal Shop Land Lease 

SIT SEARHC Hangar 

Total Rent 

Salaries and Wages 

Bonuses 

Flight Coordinators 

Hangar/Maintenance Assistant 

Mechanic 

Office Wages 

Officer/Mechanic 

Pilot Wages 

Ramp Support 

Vacation Pay 

Total Salaries and Wages 

Salaries and Wages 401 k Expense 

Salary & Wage Payroll Taxes 

AK Unemployment 

Federal Unemployment 

Medicare 

Social Security 

Total Salary & Wage Payroll Taxes 

Supplies 

Aircraft Oil 

KAE 

SIT 

Total Supplies 

Taxes 

Airplane Property 

Boat Property 

JNU Terminal Property 

Metal Shop Land Property 

Total Taxes 

Jan- Nov 14 

600.00 

562.15 

1,647.30 

5,492.23 

673.70 

2,344.36 

2,345.79 

13,665.53 

1,590.00 

52,581.67 

54,171.67 

530.00 

4,474.53 

6,325.00 

29,425.00 

3,673.04 

36,280.00 

530.00 

80,177.57 

0.00 

54,159.21 

1,701.38 

208,681.98 

137,863.01 

55,000.00 

295,651.48 

17,449.19 

14,590.79 

785,097.04 

12,544.84 

13,059.73 

1,148.74 

11,345.06 

48,509.88 

74,063.41 

9,676.75 

460.14 

11,788.15 

21,925.04 

6,079.80 

55.50 

154.94 

662.67 

6,952.91 

Page4 
2:15PM 

12/08/14 

Accrual Basis 

Harris Aircraft Services, Inc. 

Profit & Loss 

January through November 2014 

Technology 

Domain Hosting 

Network Administration 

Software 

Supplies 

Website 

Technology • Other 

Total Technology 

Tools Expense 

Travel 

Lodging 

Transportation 

Total Travel 

Utilities 

Electric, Water & Garbage 

KLW Terminal 

PSG Terminal 

SIT HWH Hangar (365 Airport Rd) 

SIT Metal Shop (485 Airport Rd) 

SIT SEARHC Bldg(551 Airport Rd) 

Total Electric, Water & Garbage 

Heating Fuel 

KLW Terminal 

SIT HWH Hangar (Tank B) 

SIT Metal Shop (Tank C) 

SIT SEARHC Building (Tank A) 

Total Heating Fuel 

Internet Communications 

KLW Terminal 

SIT SEARHC Building 

Total Internet Communications 

Telephone 

JNU Terminal 

KLW Terminal 

PSG Terminal 

SIT Cell Service 

SIT Terminal 

WRG Terminal 

Total Telephone 

Total Utilities 

Total Expense 

Net Ordinary Income 

Net Income 

Jan· Nov 14 

690.08 

7,893.26 

3,161.92 

3,526.77 

1,590.00 

4,967.46 

21,829.49 

91.95 

416.25 

2,203.39 

1,286.32 

1,069.03 

3,855.10 

1,406.68 

10,885.19 

2,619.64 

18,502.32 

139.28 

1,254.98 

920.23 

4,303.40 

6,617.89 

1,262.82 

10,957.31 

12,220.13 

899.81 

548.39 

702.39 

4,616.30 

3,379.03 

581.34 

10,727.26 

48,067.60 

2,284,845.19 

316,736.12 

316,736.12 

Page 5 
Tab6 
2:13PM 

12108/14 

Accrual Basis 

ASSETS 

Harris Aircraft Services, Inc. 

Balance Sheet 

As of November 30, 2014 

Current Assets 

Checking/Savings 

Checking 

QB Credit Card Deposits (Chkg) 

TF Credit Card Deposits (Svgs) 

Total Checking/Savings 

Accounts Receivable 

Accounts Receivable 

Total Accounts Receivable 

Other Current Assets 

Inventory Asset 

Parts 

Inventory Asset - Other 

Total Inventory Asset 

N/R Michael Elwess 

Prepaid Utility Deposit 

Undeposited Funds 

Total Other Current Assets 

Total Current Assets 

Fixed Assets 

1989 Chevroiet K2500 Truck 

Accumulated Depreciation 

1989 Chevrolet K2500 Truck· Other 

Total1989 Chevrolet K2500 Truck 

1990 17' Boston Whaler+ Trailer 

Accumulated Depreciation 

1990 17' Boston Whaler+ Trailer. Other 

Total1990 17' Boston Whaler+ Trailer 

1995 GMC Pickup 

Accumulated Depreciation 

1995 GMC Pickup· Other 

Total1995 GMC Pickup 

2001 Chrysler Van 

2009 Ford F250 

Accumulated Depreciation 

2009 Ford F250 • Other 

Total 2009 Ford F250 

Accumulated Depreciation 

Aeronca Sedan 15AC (N1272H) 

Accumulated Depreciation 

Aeronca Sedan 15AC (N1272H)- Other 

Total Aeronca Sedan 15AC (N1272H) 

Aircraft Engines 

Aircraft Tug 

Accumulated Depreciation 

Aircraft Tug - Other 

Total Aircraft Tug 

Cessna 185, Amphib (N6590E) 

Accumulated Depreciation 

Cessna 185, Amphib (N6590E). Other 

Total Cessna 185, Amphib (N6590E) 

Nov 30,14 

55,182.82 

45,418.06 

202,412.24 

303,013.12 

156,074.58 

156,074.58 

857,261.44 

-451,966.07 

405,295.37 

-1,402.00 

300.00 

27,455.50 

431,648.87 

890,736.57 

-15,778.00 

15,778.00 

-13,127.00 

13,127.00 

-16,900.00 

16,900.00 

0.00 

0.00 

0.00 

6,000.00 

-25,320.00 

42,199.45 

16,879.45 

-183,902.00 

-2,500.00 

2,500.00 

0.00 

143,872.00 

-8,969.52 

14,314.52 

5,345.00 

-197,375.00 

197,375.00 

0.00 

Page 1 
2:13PM 

12/08/14 

Accrual Basis 

Harris Aircraft Services, Inc. 

Balance Sheet 

As of November 30, 2014 

DeHavilland Beaver Arnphib N60TF 

Accumulated Depreciation 

DeHavilland Beaver Arnphib NSOTF ·Other 

Total DeHavilland Beaver Arnphib NSOTF 

Flight Assets 

Accumulated Depreciation 

Cooler 

Honda 9.9hp kicker 

Flight Assets • Other 

Total Flight Assets 

Hangar Assets 

Accumulated Depreciation 

Cabinets 

Compressor 

Crown Stacker 

Scales 

Scissor Lift 

Work Platform 

Hangar Assets • Other 

Total Hangar Assets 

Metal Shop Assets 

Accumulated Depreciation 

Metal Shop Assets • Other 

Total Metal Shop Assets 

Metal Shop Building 

Office Equipment 

Accumulated Depreciation 

Office Equipment • Other 

Total Office Equipment 

Prince of Wales Island Terminal (Portable cabin) 

Total Fixed Assets 

TOTAL ASSETS 

LIABILITIES & EQUITY 

Liabilities 

Current Liabilities 

Accounts Payable 

Accounts Payable 

Total Accounts Payable 

Credit Cards 

Business VISA (#11 07 --Parts) 

Gold VISA (#4225-Supplles) 

Total Credit Cards 

Other Current Liabilities 

Federal Excise Tax Payable 

Transportation Tax (7.5%) 

Total Federal Excise Tax Payable 

Payroll Liabilities 

401 (k) Deferrals 

AK Unemployment Compensation 

Federal Withholding Liability 

FICAISS 

FUTA Liability 

Medicare 

Total Payroll Liabilities 

Nov 30,14 

-549,833.34 

549,833.34 

-19,579.31 

15,762.20 

2,855.00 

18,425.01 

0.00 

17,462.90 

-16,891.72 

4,241.48 

11,884.00 

3.060.00 

11,588.75 

8,150.00 

4,418.00 

4,639.00 

31,089.51 

-50.000.00 

50,000.00 

0.00 

53,000.00 

-19,685.19 

61,261.87 

41,576.68 

40,612.60 

171,936.14 

1 ,062,672. 71 

162,889.86 

162,889.86 

1,722.35 

9,677.19 

11,399.54 

4.496.47 

4,496.47 

0.50 

1,448.89 

-518.01 

-209.02 

56.02 

-48.92 

729.46 

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Accrual Basis 

Harris Aircraft Services, Inc. 

Balance Sheet 

As of November 30, 2014 

Security Deposits Payable 

Sitka Sales Tax Payable 

Total Other Current liabilities 

Total Current liabilities 

long Term liabilities 

AK Pacific Bank 

Dehavilland Beaver (loan #2665 ·Term 1/17) 

IRS loan #3174 (loan for IRS Excise Tax Audit) 

Line of Credit· #3162 

Total AK Pacific Bank 

K.Meyers Note 

Total Long Term liabilities 

Total Liabilities 

Equity 

Common Dividends Paid 

Paid in Capital 

Retained Earnings 

Net Income 

Total Equity 

TOTAL LIABIUTIES & EQUITY 

Nov 30,14 

900.00 

767.26 

6,893.19 

181.182.59 

106,074.85 

208,833.19 

18,931.56 

333,839.60 

51,035.86 

384,875.46 

566,058.05 

-10,000.00 

349,630.10 

-159,700.56 

316,736.12 

496,665.66 

1,062,723.71 

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