1280 Notes and accounts receivable— Other. Record here notes receivable and accounts due from others, which are to be settled currently, not provided for in accounts 1240 to 1260, inclusive. 1290 Reserve for uncollectible accounts. (a) Record here accruals for estimated losses from uncollectible accounts. (b) All accounts against which reserves have been established shall be examined at least annually for the purpose of redetermining the basis of accruals to be applied to subsequent accounting periods and the reasonableness of reserves already provided. 1310 Expendable spares. (a) Record here the cost of replacement parts of a type which ordinarily would be recurrently expended and replaced rather than repaired and reused. (b) Spares held in small supply and purchased currently may be charged to appropriate expense accounts when purchased. 1330 Materials and supplies. (a) Record here the cost of unissued and unapplied materials and supplies, including motor fuels and lubricating oils, held in stock such as expendable tools, stationery and office supplies, and pilotage service supplies. 1410 Short-term prepayments. Record here prepayments of obligations which if not paid in advance would require the expenditure of working capital within one year, such as prepaid rent, insurance, taxes, interest etc. Unexpired insurance and miscellaneous prepayments applicable to periods extending beyond one year where significant in amount shall be charged to balance sheet account 1820 Long-term prepayments. 1420 Other current assets. Record here current assets not provided for in balance sheet accounts 1010 to 1410 inclusive. INVESTMENTS AND SPECIAL FUNDS 1510 Advances to other Associations. Record here advances, loans, and other amounts not settled currently with other Associations. Balances receivable from and payable to Associations shall not be offset. 1530 Other investments and receivables. Record here notes and accounts receivable not due within one year and investments in securities issued by others. Securities held as temporary cash investments shall not be included in this account but in either balance sheet account 1110 United States Government securities or 1120 Other temporary cash investments as appropriate. Investments in and receivables from other Associations which are not settled currently shall be included in balance sheet account 1510 Advances to other Associations. 1550 Special funds. Record here special funds not of a current nature and restricted as to general availability. Include items such as sinking funds, cash and securities posted with courts of law, employee's funds for purchase of membership shares, pension funds under the control of the Association, and equipment purchase funds. PROPERTY AND EQUIPMENT Land. 1601 Record here the total cost to the Association of all land owned by the Association. Cost of land includes appraisal fees, clearing costs, damage to property of others, drainage, grading, legal fees and expenses, removal and relocation of property belonging to others, as part of purchase contract, removal of structures purchased but not used, less credit for salvaged material. The account will be supported by subsidiary records showing for each parcel the date acquired, description, cost and disposition. 1602 Buildings and structures. Record here the total cost to the Association of all buildings and structures owned by the Association. The cost inIcludes the original cost and cost of any capital improvements incurred after acquisition by the Association. This account includes fixtures and equipment built into the structure or permanently affixed thereto, such as: plumbing, heating and lighting fixtures, elevators, air conditioning systems, vaults and partitions. However, the cost of all machinery, furniture and special-use items, which are not a part of the realty, should be included in the Equipment Account. The account will be supported by subsidiary records describing the individ ual buildings, location, cost and date acquired, depreciation rate, and cumulative depreciation to date. 1603 Other improvements and facilities. Record here the total cost to the Association of all other improvements and facilities. Cost includes the purchase price, freight, and installation costs. Included in this account are structures and improvements to land, such as docks, piers, jetties, roads, culverts, sidewalks, parking areas and fences. The account will be supported by subsidiary records describing the improvements, location, cost, date improvements made, depreciation rates, and cumulative depreciation to date. 1604 Vessels and floating equipment. Record here the total cost to the Association of all vessels, tugs, barges, scows, launches, etc., owned by the Association. Cost includes all necessary communication and navigational equipment, engines, transmissions, equipment, furniture and fixtures, and other appurtenances necessary to equip the vessels for service. The account will be supported by subsidiary records describing each vessel and piece of floating equipment, cost, date acquired, depreciation rate, and depreciation to date. 1605 Improvements to leased property. Record here the total cost to the Association incurred in connection with modification, conversion or other improvements to leased property. The account will be subdivided as follows: 1605.2 Buildings and structures. 1605.3 Other improvements and facilities. 1605.4 Vessels and floating equipment. 1605.5 Other. The accounts will be supported by subsidiary records describing such improvement, cost, date made, amortization rate, and cumulative amortization to date. 1606 Other equipment. Record here the total cost to the Association of all other equipment owned by the Association. It includes the cost of all machinery, equipment, furniture and fixtures, automotive equipment and other nonexpendable property not otherwise classified. The account will be supported by subsidiary records describing each item by class or type, location, cost, date acquired, depreciation rate, cumulative depreciation, and method and date of disposal. 1612 Reserve for depreciation-Building and structures. 1613 Reserve for depreciation-Other improvements and facilities. 1614 Reserve for depreciation-Vessels and floating equipment. 1615 Reserve for depreciation-Leasehold improvements. 1616 Reserve for depreciation-Other equipment. The separate accounts for depreciation set out above parallel balance sheet accounts 1602 through 1606. Record in these accounts the accruals for depreciation reserves as provided in section 5, item 4. 1689 Construction work in progress. Record here the direct and indirect costs to the Association accumulated to the date of the balance sheet in connection with constructing and readying for installation property and equipment of all types and classes, as provided in section 5, item 3. The cost of completed construction shall be transferred to the appropriate asset account when it is completed and/or placed in operation. DEFERRED CHARGES 1820 Long-term prepayments. Record here prepayments of obligations applicable to periods extending beyond one year, such as payments on leased property and equipment and other payments and advances for rents, rights or other privileges. 1840 Unamortized discount and expense on debt. (a) Record here the excess of the par value of debt securities issued over the cash value of consideration received therefor, exclusive of accrued interest, together with expenses related to the assumption by the Association of longterm debt of all types and classes. (b) Amounts recorded in this account shall be amortized to profit and loss account 5510 Interest expense. 1850 Unamortized membership fee ex pense. Record here all commissions and expenses incurred in the original issuance and sale of capital stock. The Association may amortize the balance in this account to profit and loss account 5570 Miscellaneous nonoperating expenses. 1880 Other intangibles. Record here the cost of leaseholds, patents, copyrights and other intangible properties, rights and privileges and other intangible assets not provided for elsewhere. This account shall be subdivided to reflect the nature of each intangible asset included in this account. Amortization of each intangible asset recorded in this account shall be effected in accordance with generally accepted accounting principles. 1890 Other deferred charges. Record here debits not provided for elsewhere, the proper final disposition of which cannot be effected until additional information has been received. CURRENT LIABILITIES 2010 Current notes payable. Record here the face value of all notes, drafts, acceptances, or other similar evidences of indebtedness payable on demand or within one year, including the portion of long-term debt due within one year of the balance sheet date. The current portion of long-term debt expected to require the use of existing resources of a type not properly classifiable as current assets shall be included in appropriate noncurrent liability accounts and shall not be included in this account. 2020 Accounts payable-General. Record here all accounts payable within one year which are not provided for in accounts 2010 to 2050, inclusive. 2040 Collections as agent. Record here amounts collected for the account of others such as federal, state, local taxes, and other amounts deducted from employee salaries and wages for payments to others. 2050 Notes and accounts payable-Other associations. Record here gross amounts due on current notes and open accounts with other Associations which are settled currently. Balances receivable from other Associations shall not be offset against amounts carried in this account. Balances with other Associations which are not normally settled currently shall not be included in this account but in balance sheet account 2240 Advances from other Associations. 2110 Accrued personnel compensation. Record here amounts accrued for unpaid compensation to personnel. 2120 Accrued vacation liability. (a) Record here any accruals for liabilities against the Association for personnel vacations. At the option of the Association the cost of personnel vacations may be charged directly to the applicable personnel compensation expense account without accrual through this account. (b) This account shall be credited and the applicable personnel compensation expense account concurrently charged with the cost of any lag between vacations accrued and vacations taken. Accruals may be based upon standard rates of lag provided such standard rates are verified by physical inventory and adjusted accordingly at least once each calendar year. Adjustments of balances in this account shall be cleared to applicable compensation expense accounts. No accruals shall be made to this account for other than definitely demonstrable obligations of the Association (see section 2, item 3 for applicable accounting policy). 2131 Accrued Federal income taxes. Record here accruals for currently payable Federal income taxes. Provisions for deferred taxes shall be accrued as provided in balance sheet account 2340 Deferred Federal income taxes. 2139 Other accrued taxes. Record here accruals for taxes, exclusive of Federal income taxes. 2140 Dividends declared. Record here in separate subdivisions for each class and series of capital stock, all dividends declared but unpaid to Association members. 2190 Other current liabilities. Record here current and accrued liabilities not provided for in accounts 2010 to 2140, inclusive. NONCURRENT LIABILITIES 2210 Long-term debt. Record here the face value or principal amount of debt securities issued or assumed by the Association which has not been retired or cancelled and is not payable within 12 months of the balance sheet date, except as provided in section 5, item 7. 2240 Advances from other Associations. Record here net amounts due other Associations for notes, loans and advances which are not settled currently. Balances payable to and receivable from different Associations shall not be offset. 2250 Pension liability. Record here the liability of the Association under employee pension plans, to which either or both employees and the Association contribute, if the plan is administered by the Association. 2290 Other noncurrent liabilities. Record here noncurrent liabilities not provided for in balance sheet accounts 2210 to 2250, inclusive. 2330 DEFERRED CREDITS Unamortized premium on debt. (a) Record here the excess of the cash value of consideration received over the par value plus accrued interest on debt securities issued. (b) Amounts recorded in this account shall be amortized to profit and loss account 5510 Interest expense. 2340 Deferred Federal income taxes. (a) Accruals of deferred Federal Income Tax liability shall be recorded in this account. (See section 2, item 4 for applicable accounting policy.) (b) Accruals to this account shall be made by charges to profit and loss account 5550 Federal income taxes. Such accruals shall be based upon tax rates currently applicable to income of the periods in which the tax liability is determined. (c) This account shall be debited and profit and loss account 5550 Federal income taxes shall be credited with proportionate amounts which will amortize prior accruals for deferred Federal income taxes over the periods in which depreciation expense normally used in computing net income exceeds depreciation or amortization of property recognized for tax purposes. (d) Any applicable balance remaining in this account upon termination of the normal service life or retirement of property and equipment to which related shall be credited to profit and loss account 5550 Federal income taxes. (e) Each Association is restricted in its use of this account to the purposes set forth above. Deferred tax accruals shall not be reversed or revised without prior approval of the Director. This prohibition, however, does not apply to the correction of clerical errors. [27 F.R. 8617, Aug. 29, 1962, as amended at 32 F.R. 14223, Oct. 13, 1967] 2390 Other deferred credits. Record here credits, not provided for elsewhere, the proper final disposition of which cannot be effected until additional information has been received. STOCKHOLDER EQUITY 2820 Preferred stock. Record here in separate subdivisions for each class and series, the par or stated value of preferred capital stock issued or in the case of no-par stock without stated value, the full consideration received. 2840 Common stock. Record here in separate subdivisions for each class and series, the par or stated value of common stock issued or in case of no-par stock without stated value, the full consideration received. 2860 Capital stock subscribed and unissued. Record here in separate subdivisions for each class and series, the par or stated value, or the subscription price in the case of stock without par or stated value, of legally enforceable subscriptions to the capital stock of the Association. 2890 Other paid-in capital. Record here in separate subdivisions for each class and series, the difference between the price at which capital stock is sold and the par or stated value of such gains or losses arising from the reacquisition and the resale or retirement of each class and series of capital stock; donations; the excess of retained earnings capitalized over par or stated value of capital stock issued; and adjustments in capital resulting from reorganization or recapitalization. For unincorporated Associations this account shall include the capital contributions to the business enterprise by the members. 2930 Appropriations of retained earnings. (a) Record here amounts of retained earnings segregated for contingencies and other special purposes. (b) Charges resulting from the materialization of events for which retained earnings have been appropriated shall not be entered in this account but in appropriate profit and loss accounts. Balances in this account shall be returned to balance sheet account 2940 Unappropriated retained earnings when the reason for which created no longer exists. 2940 Unappropriated retained earnings. (a) Record here the net income or loss from operations of the Association and dividends declared. (b) Delayed credits or charges to income shall not be entered in this account directly but in appropriate profit and loss accounts. (c) Net income or loss accounted for during the current fiscal year shall not be entered in this account until the close of the fiscal year. Unincorporated Associations may clear net income or loss accounted for during the year directly to balance sheet account 2890 Other paid-in capital, or optionally, to this account for subsequent transfer to balance sheet account 2890 Other paidin capital. 2990 Treasury stock. (a) Charge here the cost of capital stock issued by the Association reacquired by it and not retired or cancelled. Capital credits or debits resulting from the resale or retirement of capital stock held in this account shall be entered in balance sheet account 2890 Other paid-in capital. (b) Separate records shall be established for each class and series of capital stock held in this account. Profit and Loss Classifications 7. CHART OF PROFIT AND LOSS ACCOUNTS Account No. Account Title 4100 Pilotage revenue. 4200 Nonoperating income and gains. 5120 5130 5140 5150 Pilots' salaries and wages. Subsistence and travel expenses. Payroll taxes and fringe benefits. 5160 Other. 5200 Operation, maintenance etc.-Vessels and floating equipment. Record here all expenses incurred for rental, operation, maintenance, repair and depreciation of vessels and floating equipment. These expenses include wages and payroll taxes, fringe benefits, and subsistence expenses of crews and |