EXHIBIT D

AMERICAN STATES UTILITIES CORPORATION AND SUBSIDIARIES
Income accounts for the 12 months ended Nov. 30, 1945

Cumulative preferred stock, $25 par value:

6% shares, 20,000 shares outstanding__

5% shares, 12,000 shares outstanding---

Common stock, $25 par value, 61,932 shares outstanding

Current liabilities_.

Other liabilities___.

Reserves for depreciation and uncollectible accounts....
Donations in aid of construction___

Capital surplus__.

Earned surplus....

Total liabilities_

892,002.55

100, 301. T 167,895.29

11, 058, 717.22

3,500,000.00 300, 000, 00 3,800,000.00

500,000.00 300,000.00

1, 548, 300.00

672, 704. 55 107, 102. 37

2,784, 573.

607, 496.87

140, 847.09

597, 692. 48

11, 058, 717.32

Common stock, no par value, 34,400 shares outstanding....

Current liabilities___

Other liabilities____

Reserve for depreciation and uncollectible accounts..

Contributions in aid of construction__

Capital surplus__

Earned surplus___.

Total liabilities--.

990, 000.00 25,000.00

1,015, 000. 00 860,000.00 175, 996. 56

13, 123. 33

1, 009, 923. 78

45, 288. 21

48, 947.00

185, 033.82

3,353, 312.70

EXHIBIT D

AMERICAN STATES UTILITIES CORPORATION AND SUBSIDIARIES
Income accounts for the 12 months ended Nov. 30, 1945

If the provisions in lieu of Federal income and State franchise taxes in the amounts
of $7,618 and $45,708 for 1941 and 1940, respectively, had been included in amortization
of debt discount and expense (the procedure which we believe to be proper and which was
followed in 1942) instead of operating expenses and taxes, the coverage of income deductions
and preferred stock dividend requirements would have been 1.27 times in 1941 and 1.26
times in 1940.

The Southern California Water Company has made these provisions in amounts
equivalent to the additional Federal income and State franchise taxes which would have
been payable if that company did not have the benefit for income tax purposes of deduc-
tions for discount, redemption premium and expense applicable to bonds called for re-

demption in 1940. Such provisions have been applied in reduction of the unamortized
portion of such discount, premium and expense carried in the balance sheet. No provi-
sion has been made by this company for excess profits tax because of deductions for bond
discount, redemption premium and expense and allowable credits in computing the
amount of income subject to such tax in 1940 and 1941.

• Special amortization of debt discount and expense has been charged with an amount
($24,000) equivalent to the reduction in Federal income and excess profits taxes arising
from the deductions for Federal income tax purposes of call premiums, discount, dupli-
cate interest and expense applicable to bonds redeemed by Edison Sault Electric Com-
pany during 1942.