provided for in account 192, "Other prepaid current expenses." Minor items and nominal payments covering such expenses may be charged directly to the appropriate expense accounts, even though they relate to periods in excess of one year. [G.O. 22, Rev., Amdt. 3, 23 F.R. 6283, Aug. 15. 1958] § 282.390 Goodwill and other intangible assets. This account shall be subdivided as set forth in §§ 282.391 and 282.399. § 282.391 Goodwill. This account shall include only Good Will actually purchased in taking over assets, trade name, etc., calculated to enhance future profits of the business. § 282.399 Other intangible assets. This account shall include the purchase price of such intangible assets as patents, copyrights, operating rights, etc. LIABILITIES § 282.400 Notes payable. (a) This account shall include the face value of notes, drafts, and other evidences of indebtedness issued or assumed by the carrier (except interest coupons) which are payable on demand or within one year from date of issue. (b) This account shall be subdivided as set forth in §§ 282.401, 282.410, and 282.414. credit balances in open accounts for services rendered, materials furnished, traffic and interline accounts, claims, rents, and for interest, dividends, loans, notes, and drafts. (b) No amount representing dividends payable shall be included in this account unless they have been declared. (c) Items which are not subject to current settlement shall be included in account 541, "Non-current payablesrelated companies." (d) Subsidiary accounts shall be maintained by companies and shall show all essential detail. § 282.420 Accounts payable. This account shall be subdivided as set forth in §§ 282.421, 282.422, 282.428, 282.430, 282.438, 282.439, 282.440, and 282.459. § 282.421 Trade accounts payable. This account shall include all liabilities currently due to trade creditors for services rendered and supplies furnished in the general conduct of the business. § 282.422 Traffic accounts payable. This account shall include exchange orders and other amounts due connecting carriers, freight and passenger brokerage, amounts due for hotel reservations and sightseeing tours, custodian funds payable such as head taxes, freight and passenger manifest stamp taxes, consular fees; advance, prepaid beyond, and transshipping charges, and claims payable, but excluding amounts due related companies. be reflected in account 415, "Notes and accounts payable-Related companies." § 282.439 Miscellaneous accounts payable. This account shall include all current accounts payable to other than related companies, including unclaimed wages, taxes withheld or collected from others for the account of taxing agencies, and other items for which no other account is specifically provided. § 282.440 Accrued taxes payable. (a) This account shall include the accruals of all taxes payable. Subsidiary accounts shall be maintained as between: (1) Federal income tax. (2) Federal old age benefit tax. shall be (b) Subsidiary accounts maintained to show separately each class of current liability. § 282.489 Miscellaneous reserves for unrecorded liabilities. This account shall include reserves provided to cover known current obligations or commitments, either actual or estimated. When the obligation or commitment falls due and the amount thereof is definitely known, this account shall be debited and the proper payable account credited. This account should not be confused with other reserve accounts created for specific purposes. § 282.495 Advance ticket sales and deposits. This account shall include the credit balance remaining in account 025, "Collections and deposits for passenger (a) This account shall be credited with the gross freight, passenger, mail, excess baggage, salvage, and other voyage revenue as soon as the manifests are ready for journalization. The account shall be charged with the total of the revenue of each terminated voyage, when account 600, “Operating revenueTerminated voyages," is credited. (b) The subsidiary accounts are to be maintained alphabetically by vessels and consecutively by voyages, according to the classification of revenue as shown on the chart of accounts. (c) Postings shall be subdivided as between revenue earned on outward, inward, and intermediate legs of voyages. (d) For purposes of postings in subsidiary accounts, coastwise and intercoastal service shall be deemed to be all commerce conducted by vessels between ports of the forty-eight states of the United States and foreign commerce shall be deemed to be all commerce conducted by vessels over the seas other than commerce between the ports of the forty-eight states of the United States, provided that, with respect to operators receiving an operating-differential subsidy, the subdivision in the subsidiary accounts shall be expanded so as to show, separately, revenue earned on coastwise and/or intercoastal legs of voyages described in section 605 (a) of Title VI of the Merchant Marine Act, 1936, as amended, as well as commerce between ports of the forty-eight states of the United States as hereinbefore required. § 282.525 Long-term debt. This account shall be subdivided as set forth in §§ 282.526, 282.527, 282.530, and 282.534. [G.O. 22, Rev., Amdt. 5, 25 F.R. 13892, Dec. 29, 1960] § 282.526 Mortgage notes; Maritime Ad ministration. (a) This account shall include all mortgage notes payable to the Maritime Administration. (b) Subsidiary accounts shall be maintained by vessel and subdivided as between Merchant Ship Sales Act of 1946 and Merchant Marine Act, 1936. § 282.527 U.S. Government insured Merchant Marine mortgage bonds and mortgage notes. This account shall include all U.S. Government insured Merchant Marine mortgage bonds and mortgage notes issued pursuant to the provisions of contracts or agreements, and shall be maintained by vessel. [G.O. 22, Rev., Amdt. 5, 25 F.R. 13892, Dec. 29, 1960] § 282.530 Other mortgage bonds and debentures. This account shall include the face amount of bonds and debentures not provided for in other accounts and shall be maintained to show full particulars in respect to each issue outstanding. Reacquired bonds and debentures shall be charged to this account at face amount. [G.O. 22, Rev., Amdt. 5, 25 F.R. 13892, Dec. 29, 1960] § 282.534 Other long-term debt. This account shall include all longterm obligations, excluding amounts due related companies, for which no other account has been specifically provided, and shall be subdivided to show separately long-term obligations secured by capital assets and unsecured long-term debt. § 282.540 Other liabilities. This account shall be subdivided as set forth in §§ 282.541, 282.549, 282.550, and 282.554. § 282.541 Noncurrent payables; related companies. (a) This account shall include all loans, advances, and other payables to related companies not subject to current settlement. § 282.550 Recapturable profits; Maritime Administration. (a) If excess profits accrue to the Maritime Administration under the “recapture" provisions of sections 606 and 607 of the Merchant Marine Act, 1936, as amended, this account shall, at the end of the first accounting period in which such profits accrue, be credited with the amount thereof. At the close of each succeeding accounting period within the recapture period involved, this account shall be adjusted so as to reflect the net amount of such excess profits accrued to the Administration as at that date. (b) The account shall be charged with amounts transferred to account 430, "Maritime Administration-Accounts payable." § 282.554 Miscellaneous other liabilities. This account shall include all liabilities which cannot be allocated properly to any other account classification. § 282.555 Deferred credits. This account shall be subdivided as set forth in §§ 282.556 and 282.564. § 282.556 Premium on funded debt. (a) This account shall include premiums for all classes of funded debt which are to be amortized periodically over the respective lives of the securities by credit to account 691, "Release of premium on long-term debt." (b) When an issue of funded debt or any part thereof is refunded and at the date of refunding there is a balance of unamortized premium relating thereto, the amount of such balance shall be credited to account 690, "Miscellaneous other income," or to account 990, "Extraordinary items," as may be appropriate, in accordance with the text of these accounts. [G.O. 22, 15 F.R. 7935, Nov. 21, 1950, as amended by Amdt. 6, 32 F.R. 20776, Dec. 23, 1967] § 282.564 Miscellaneous deferred credits. This account shall include all deferred income and unadjusted credits for which no other account is specifically provided, such as unexpended proceeds from insurance recoveries. § 282.565 Operating reserves. This account shall be subdivided as set forth in §§ 282.566, 282.570, 282.571, and 282.579. § 282.566 Reserve for repairs. (a) When reserves are provided for equalization of repair expenses incurred at domestic ports, this account shall be credited and account 200, "Unterminated voyage expense," charged. Actual repair expenses incurred at the domestic ports will be charged to this account. Repair expenses incurred at foreign ports will be charged direct to account 200. Any balance in this account applicable to terminated voyages at the end of the accounting year shall be distributed equally to such voyages in account 700, "Operating expense-Terminated voyages," after all repair expenses actually incurred and all commitments against voyages terminated during the period have been recorded. (b) Subsidiary accounts shall be arranged alphabetically by vessel and consecutively by voyages. § 282.570 Reserve for insurance. (a) Agreed amounts for Marine and P. & I. Insurance deductibles (if provided in the policies) should be charged to each voyage in account 200, "Unterminated voyage expense," and the corresponding credits posted to this account. When the amount within the deductibles average chargeable against each voyage is determined, it should be transferred from account 361, "Claims pending," as a charge to this account. (b) This account may also be used for equalization of other insurance risks assumed by the carrier, as for example, self-carried workmen's compensation, and public liability insurance. At the end of each accounting year, any balance in this account applicable to voyages terminated during the preceding accounting year, in those instances where the records indicate that all claims have been settled, shall be transferred to the appropriate insurance expense account, consistent with § 282.0-11(c). (c) Subsidiary accounts shall be maintained by the various classes of insurance for which provisions are made and shall be arranged alphabetically by vessel and consecutively by voyage. [G.O. 22, 15 F.R. 7935, Nov. 21, 1950, as amended by Amdt. 6, 32 F.R. 20776, Dec. 23, 1967] (a) This account shall include all provisions for the equalization of operating expenses for which no other reserve account is specifically provided. (b) Subsidiary accounts shall be maintained by the various classes of reserve arranged alphabetically by vessels and consecutively by voyages, or by other accounting units. § 282.580 Net worth. This account shall be subdivided as set forth in §§ 282.581, 282.585, 282.587, 282.590, 282.595, 282.598, and 282.599. § 282.581 Capital stock. (a) This account shall include the par value, or for stock without par value the money value of the consideration received, in respect of capital stock or other form of proprietary interest in the carrier which has been issued to purchasers and has not been reacquired and canceled. It shall also include stock issued representing appropriations of surplus for stock dividends. When capital stock is retired, this account shall be charged with the book value at which such stock is recorded herein. Capital stock reacquired and held for resale or investment shall be charged to this account at a value equivalent to its book liability. The book value of nonpar stock reacquired shall be determined by a prorate of the amount recorded for shares of the particular subclass of stock of which the shares reacquired are a part actually outstanding immediately prior to acquisition. (b) The credits hereto shall be divided as follows: (1) Preferred stock. (Stock having a preference or priority in respect to dividend participation.) (2) Common stock. (Stock entitled to a dividend, if any, after preferred stock.) (c) A separate record shall be kept for each subclass showing the number of shares authorized by the articles of in corporation and amendments, the number of shares issued, the number of shares reacquired, the number of shares canceled, the number of shares outstanding, and their book value. § 282.585 Capital stock subscribed. This account shall include the amount of subscriptions to capital stock of the carrier. It shall be credited with the par value, or with the subscription price of stock without par value, exclusive of dividends, if any. Concurrently, account 135, "Subscriptions to capital stock," shall be debited with the agreed price and any discount or premium shall be included in the appropriate account. When properly executed stock certificates are issued, this account shall be debited and account 581, "Capital stock," credited. § 282.587 Discount on capital stock. (a) This account shall include the discount suffered and commissions paid in connection with the sale of capital stock. Records supporting the entries to this account shall be maintained to show the discount and commissions on each class and series of capital stock. (b) When capital stock is reacquired, the amount in this account with respect to the shares reacquired shall be credited hereto. § 282.590 Capital surplus. (a) This account shall include the amount of capital donated or paid in as surplus (including premiums and assessments on capital stock) and also gains from reacquired or donated shares of capital stock, from forfeiture of subscriptions and from reduction of the par or recorded value of capital stock. (b) This account shall be charged with amounts included herein capitalized by stock dividends or otherwise; losses from retirement or resale of reacquired shares not exceeding the credit herein applicable thereto; and may be charged with discount, commissions, and expense on capital stock to the extent of credits herein applicable thereto. § 282.598 Earned surplus; appropriated. (a) Surplus appropriated for replacement of capital assets, debt retirement, contingencies, and other funded reserves shall be credited to this account with a corresponding charge to account 599, "Earned surplus-Unappropriated." be (b) Subsidiary accounts shall maintained by classes of appropriations. § 282.599 Earned surplus; unappropriated. (a) All profits and losses shown in account 095, "Profit and loss account," at the end of the accounting year shall be recorded in this account. (b) Any part of earned surplus appropriated for any purpose shall be charged to this account, including excess profits accruing to the Maritime Administration under the "recapture" clauses in sections 606 and 607 of the Merchant Marine Act, 1936, which shall be credited to account 550, "Recapturable profits; Maritime Ad ministration." (c) This account shall include losses on resale of reacquired capital stock and charges which reduce or write off discount on capital stock issued by the company but only to the extent that such charges exceed credit balances in capital surplus for shares reacquired. (d) This account shall include other adjustments, net of assigned Federal income taxes, not provided for elsewhere in this system but only after such inclusion has been authorized by the Administration. [G.O. 22, Rev., Amdt. 6, 32 F.R. 20776, Dec. 23, 1967] INCOME ACCOUNTS Water Line Operating Revenue § 282.600 Operating revenue; terminated voyages. (a) This account shall include all revenue on terminated voyages transferred from account 500, "Unterminated voyage revenue." Revenue items recorded on terminated voyages, after the transfer has been made, shall be posted in detail direct to this account. Revenue items arising in connection with voyages terminated in prior years shall be accounted for as ordinary delayed items pursuant to § 282.011(c). (b) Subsidiary accounts shall be maintained alphabetically by vessels and consecutively by voyages, according to the classification of revenues, as shown in the chart of accounts. Postings shall be subdivided as between revenues earned on outward, inward, and intermediate legs of voyages. (c) For purposes of postings in subsidiary accounts, coastwise and inter |