Examination of the Financial Statements of the Panama Canal Company and Canal Zone Government for Fiscal Year 1973: Report to the Congress |
Common terms and phrases
1973 operations accepted accounting principles accounting policies accruals being reflected additional expense allowance for doubtful amortized annual charge annuity CANAL COMPANY Statement Canal organization Canal Zone Government Canal Zone Government's capital expenditures casualty losses change resulted Changes During Fiscal charged to expense Coco Solo Company is required Company's financial statements COMPTROLLER Congress cost of property current liabilities deferred charge Depreciation and valuation described in Note doubtful accounts receivable Ended June 30 expense of approximately facilities Financial Condition financial position fiscal year 1973 funds Gatun Lake increase Investment June 30 law to absorb LIVERPOOL BAY lock overhauls losses arising million at June minor items Notes to Financial offset by valuation operating expense Panama Canal Company payments plant and equipment plant assets Plant valuation allowances policy changes present fairly providing for losses reserve Retirement benefits SCHEDULE service lives Statement of Financial Statement of Operations toll rates U.S. Treasury United ZONE GOVERNMENT STATEMENT
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Page 19 - Our examination was made in accordance with generally accepted auditing standards and included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances.
Page 4 - Tolls shall be prescribed at a rate or rates calculated to cover, as nearly as practicable, all costs of maintaining and operating the Panama Canal, together with the facilities and appurtenances related thereto, including interest and depreciation, and an appropriate share of the net costs of operation of the agency known as the Canal Zone Government.
Page 37 - Earned Capital" and equivalent payment made to the US Treasury. a. Property, plant and equipment. Property, plant and equipment are recorded at cost or, if acquired from another Government agency, at original cost to such agency. Administrative and other general expenses and the cost of funds used during construction are not capitalized. The cost of minor items of property, plant and equipment is charged to expense. b. Depreciation. Depreciation is provided using a straight-line method applied on...
Page 3 - ... to meet the sum of the expected increased requirements of the military services and of the Company. In order to economize on the cost to the military services of the construction of additional electric power generation capacity, the Commander in Chief, United States Southern Command (USCINCSO) and the Governor of the Canal Zone (who is also the President of the Panama Canal Company) have agreed that the available space within the Miraflores Plant should be made available to the military services....
Page 38 - June 30, 1975, to reduce to usable value the cost of property, plant and equipment transferred to the Company from the Panama Canal (agency) at July 1, 1951, and from other Government agencies subsequent to that date...
Page 39 - June 30, l974, to offset the cost of defense facilities and suspended construction projects, the latter being principally the partial construction of a third set of locks abandoned in the early part of World War II. Property, plant, and equipment offset by valuation allowances, when fully or partially reactivated, are reinstated by a reduction in the valuation allowance and by an increase to the interest-bearing contributed capital account.
Page 16 - ... of any facility or other property of the Panama Canal Company rendered excess, wholly or in part, by operation of articles V or XII of the treaty or items 2, 6, 9, or 10 of the memorandum of understandings reached shall be treated as extraordinary expenditures and losses incurred through directives based on national policy and not related to the operations of the corporation, within the meaning of section...
Page 20 - ... to the financial statements, have been applied on a basis consistent with that of the preceding year and with applicable Federal laws.
Page 33 - September 30, 1990 and 1989, to offset the cost of defense facilities and suspended construction projects, the latter being principally the partial construction of a third set of locks abandoned in the early part of World War II.
Page 19 - June 30, l973, and the related statements of operations, investment of the United States, and source of funds used for capital expenditures for the fiscal year then ended. Because the Company is required to assume the net cost of the Canal Zone Government as an operating expense and because it acts as an agent for the Canal Zone Government in...