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clude interest on obligations issued and assumed and owned by the carrier.

(b) This account shall be subdivided as follows: 961 Bank loans. 962 Insurance notes. 963 Notes and accounts payable-related

companies. 964 Notes and accounts payable-Others. 965 Mortgage notes: Maritime Administra.

tion. 966 Mortgage bonds. 967 Debentures. 968 Other long-term debt. 969 Miscellaneous. $ 282.970 Amortization of deferred

charges. This account shall be subdivided as set forth in $ $ 282.971, 282.973, and 282.974. § 282.971 Amortization; debt discount

and expense. This account shall include for each fiscal period such proportion of debt discount and expense on funded debt as is transferred from account 384, "Debt discount and expense." 8 282.973 Amortization; organization

and pre-operating expense. Amortization of expenses incurred in the formation or development of the business shall be charged to this account as transferred from account 386, "Organization and pre-operating expense.” § 282.974 Miscellaneous amortization

expense. Amortization of any deferred charges for which no other account is specifically provided shall be included in this account. & 282.975 Doubtful notes and accounts

receivable. (a) This account shall be charged with provisions for reserves against all notes and accounts receivable considered doubtful of collection,

(b) Separate subsidiary accounts shall be maintained for doubtful accounts of related companies as distinguished from those of non-related companies. $ 282.979 Miscellaneous deductions

from income. This account shall include amounts properly chargeable to income, not provided for elsewhere, such as: Calls for bids in accordance with provision

of mortgages.

Cost of advertising bonds drawn for re

demption. Losses due to conversion of foreign currencies. (Transferred from account

050, “Foreign exchange account.") Premiums on bonds to assure performance

of contracts when chargeable to income. Taxes on interest on funded debt payable at

source under tax-free covenants, Trusts, current expenses of maintaining, and

administering. Trustees' commissions and fees for paying

bond Interest on coupons and expenses

connected with such payments. & 282.995 Expense of non-shipping op

erations. (a) This account shall include the gross expense, other than amortization and depreciation, incurred in ventures other than shipping and shipping auxiliary operations.

(b) Separate accounts shall be maintained for each enterprise and location. $ 282.996 Depreciation; non-shipping

property and equipment. The annual or other periodical accrual of depreciation of property and equipment used in ventures other than shipping and shipping auxiliary operations shall be charged to this account with a corresponding credit to account 354, "Reserve for amortization and depreciation-Non-shipping property and equipment." 8 282.999 Provision for Federal income

taxes. This account shall be charged with accrued provision for Federal income taxes applicable to the accounting year.

APPENDIX

CLEARANCE ACCOUNTS 8 282.000 List of clearance accounts.

(a) This group of accounts is designed to accommodate transactions which cannot be allocated directly to balance sheet or income and expense accounts until such transactions have been completely accounted for. In the preparation of periodical financial and operating statements, it is essential that these clearance accounts be analyzed and the balances reflected therein be distributed to appropriate account classifications on such statements.

(b) The balances in this group of accounts applicable to terminated voyages, or other accounting units of a closed fiscal year, must not be carried forward to the succeeding fiscal year.

& 282.001

Masters and pursers. (a) This account shall be charged with amounts advanced to or collected by masters and pursers. The account shall be credited with the net amount of vessels' payrolls, with cash advances to members of the crew, with allowable expenses incurred, with endorsed travelers checks, and unexpended cash balances returned. (b) Subsidiary accounts shall

be maintained alphabetically by masters and pursers, and a separate account maintained for each voyage or other accounting unit. § 282.005 Allotments on wages of crews.

This account shall be charged with payments made to allottees of crews and shall be credited with deductions made therefor on vessels' payrolls. § 282.010 Agents and branch houses.

(a) This account shall serve as a clearance account for all current transactions with foreign and domestic agents, and branch houses of the carrier. The account shall be charged with cash advances to agents and branch houses, and with freight and other voyage revenue collectible by the agent or branch house in instances where arrangements are made with them to disburse vessels therefrom. Freight and other voyage revenues collectible by agents who are required to remit in full shall be recorded in account 151, “Traffic accounts receivable." This account shall be credited with remittances by the agents or branch houses, and with approved disbursements made for the account of the carrier.

(b) Subsidiary accounts shall be maintained alphabetically by names of agents or branch houses. § 282.012 Sub-agency operations.

(a) This account shall serve as a clearance account for all current transactions with other principals for whom the carrier acts as agent.

(b) The balances in this account shall be reflected in account 165, “Accounts receivable-Miscellaneous," and account 421, “Trade accounts payable," for balance-sheet purposes. $ 282.015 Related companies; accounts

current. (a) This account shall be charged with receivables and credited with payables which are customarily subject to current

settlement. Under no circumstances shall loans, advances, or other transactions, the settlement of which is deferred beyond one year, be recorded in this account.

(b) The balances in this account shall be reflected in account 140, “Notes and accounts receivable — Related companies,” or account 415, “Notes and accounts payable—Related companies," for balance-sheet purposes.

(c) Subsidiary accounts shall be arranged alphabetically by companies, and a description of each transaction shall be reflected in the accounts. $ 282.025 Collections and deposits for

passenger transportation. (a) Gross passenger ticket sales and deposits, including those for future reservations, hotel accommodations, shore excursions, passenger taxes, etc., shall be credited to this account.

(b) As transportation is furnished to passengers by vessels of the carrier, this account shall be charged and account 500, “Unterminated voyage revenue," credited. Deposits or collections for other purposes, including commissions earned or payable incident thereto, shall be cleared from this account as soon as practicable to appropriate accounts designated in the Chart. The credit balances remaining in this account shall be reflected in account 495, “Advance ticket sales and deposits," for balance sheet purposes.

(c) Subsidiary accounts shall be maintained in sections corresponding to the classifications shown on the daily ticket sales report, examples of which are: Prepaid orders, one-way tickets, roundtrip tickets, exchange orders, railroad fares, hotel reservations, sightseeing tours, head tax, U. S. Government stamp tax, foreign government passenger taxes, commissions due agents and brokers, and commissions earned. § 282.030 Collections unrecorded

freight manifests. (a) This account shall be credited with all collections of freight revenue from shippers or consignees prior to the recording of the revenue manifests. When the manifest is recorded, the balance in this account applicable thereto shall be cleared with a corresponding credit to account 500, “Unterminated voyage revenue."

(b) Subsidiary accounts shall be maintained alphabetically by vessels and

on

consecutively by voyages or other ac- vessels at the beginning of each voyage counting units.

for sale to members of the crew, and

with all purchases of such supplies dur§ 282.035 Advance and prepaid beyond

ing the voyage. The account shall be charges, and miscellaneous manifested items.

credited with the inventory of slop chest

supplies on hand at the end of each (a) When vessels manifests are jour

voyage, and with all gross sales during nalized, this account shall be credited the voyage. As transactions applicable with advance charges, prepaid beyond to terminated voyages are completely charges, and miscellaneous manifested

accounted for, net debit balances in this items, such as: Consular fees, cargo in- account shall be transferred to account surance, handling, transshipment, and

700, “Operating expense-Terminated transfer charges. The account shall be

voyages,” and net credit balances to accharged with expenses incurred in the

count 600, "Operating revenue-termiperformance of the services for which nated voyages.” The balance remaining these collections were made. As trans

in this account after profits and losses, actions applicable to terminated voyages on sales applicable to voyages termiare completely accounted for, net debit

nated during the accounting period, have balances in this account shall be trans- been cleared to the vessel operating acferred to account 700, "Operating ex- counts, shall be reported on the balance pense-Terminated voyages, and net sheet under the classification "Invencredit balances to account 600, "Operat- tories”. ing revenue-Terminated voyages."

(b) The subsidiary accounts shall be (b) Subsidiary accounts should be maintained alphabetically by vessels and subdivided as between advance charges, consecutively by voyages. prepaid beyond charges, and miscellaneous manifested items. Each group of

§ 282.050 Foreign exchange account. accounts should be maintained alpha- All gains or losses in foreign exchange betically by vessels and consecutively by shall be recorded in this account. At voyages.

the close of each accounting period the

balance in the account shall be trans$ 282.040 Bar accounts.

ferred to account 690, "Miscellaneous (a) This account shall be charged with other income" or accounts 979 "Miscelinventories of bar supplies aboard vessels laneous deductions from income,” as the at the beginning of each voyage for sale case may be. to passengers, and with all purchases of such supplies during the voyage. The

§ 282.055 Pool participation. account shall be credited with the inven- (a) This account shall be charged with tory of bar supplies on hand at the end of contributions to pools for the purpose of each voyage, and with gross sales dur- equalizing revenue in accordance with ing the voyage.

As transactions ap- pooling agreements and shall be credplicable to terminated voyages are ited with gross collections received from completely accounted for, net debit bal. pools for the same purpose. ances in this account shall be trans- (b) Charges against the carrier in adferred to account 700, “Operating ministering the pooling agreements shall expense-Terminated voyages,” and net be recorded in account 925, “Membercredit balances to account 600, "Oper- ship dues and subscription.” The balating revenue—Terminated voyages." ances in this account at the close of each The balance remaining in this account accounting period, as prescribed in poolafter profits and losses, on sales appli. ing agreements, shall be transferred to cable to voyages terminated during the account 640, "Collections from pools" accounting period, have been cleared to and account 850, “Contributions to the vessel operating accounts, shall be pools.” reported on the balance sheet under the (c) This account shall be maintained classification "Inventories”.

to show separately transactions under (b) The subsidiary accounts shall be each pooling agreement and accounting maintained alphabetically by vessels and period. consecutively by voyages.

8 282.060 Stores, supplies, and equip8 282.045 Slop chest account.

ment aboard vessels. (a) This account shall be charged with (a) Where inventories of vessels stores, inventories of slop chest supplies aboard supplies, and/or equipment are not taken and priced at the end of each voyage, the value of such inventories shall be charged to this account at the beginning of each contract period and at the beginning of each subsequent accounting period. The account should also be credited with the value of inventories of stores, supplies, and/or equipment at the end of each accounting period, after which any balance therein shall be charged or credited, as the case may be, to the last voyage of each vessel involved terminated during the accounting period.

(b) The accounts will not be used in instances where inventories of stores, supplies, and/or equipment are taken and priced at the end of each voyage.

(c) The balance in the account at the end of each accounting period, applicable to the subsequent accounting period, will be reflected in balance sheet account 200, “Unterminated voyage expense." & 282.090 Adjustments applicable to

prior periods. (a) Adjustments arising during the current year which are applicable to

profit and loss of prior accounting years shall be charged or credited to this account as the case may be. At the end of the accounting year the total debits and credits in this account shall be transferred to account 599, “Earned surplusUnappropriated."

(b) Subsidiary accounts shall be maintained by the prior accounting year to which the adjustments apply, showing vessels and voyage numbers (where applicable thereto) and classes of income and expense involved. 8 282.095 Profit and loss account.

At the end of the accounting year this account shall be credited or charged, as the case may be, with the balances in all revenue and expense accounts, except where it has been otherwise specifically indicated. After all entries have been made the account should reflect the net profit or loss for the accounting year. The net balance in this account after adjustments have been made for the accounting year shall be transferred to account 599, "Earned surplus-Unappropriated.”

FINANCIAL STATEMENTS
8 282.0–20 Balance sheet statement.
Account
NOS.

ASSETS
Current assets:
100 Cash
115 Special cash deposits.
120 Marketable securities.
130 Notes receivable.
140 Notes and accounts receivable-Related companies.
150 Accounts receivable.
170 Inventories.
199 All other current assets.

Total current assets. 369

Less: Reserve for doubtful accounts.

Total current assets after reserves. Voyages in progress (when a net debit balance): 200 Unterminated voyage expense. 500 Less: Unterminated voyage revenue.

Special funds and deposits: 301 Capital reserve fund. 302 Special reserve fund. 303 Construction reserve fund. 304

Insurance funds. 806-312 Other special funds and deposits.

Total special funds and deposits. Investments: 316

Securities of related companies. 320 Non-current receivables-Related companies. 325 Cash value of life insurance. 328 Other investments.

Total investments. 329

Less: Reserve for revaluation of investments.
Total investments after reserve for revaluation.

FINANCIAL STATEMENTS-Continued

Account

ASSETS—Continued
Nos.

Property and equipment:
331 Floating equipment-Vessels.
332 Less: Reserve for amortization and depreciation.
337 Other floating equipment.
338 Less: Reserve for amortization and depreciation.
343 Terminal property and equipment.
344 Less: Reserve for amortization and depreciation.
349 Other shipping property and equipment.
350 Less: Reserve for amortization and depreciation,
353 Non-shipping property and equipment.
354 Less: Reserve for amortization and depreciation.
359 Construction work in progress.

Total property and equipment after reserves.
Other assets:
361 Claims pending.
362 Spare parts.
864 Notes and accounts receivable from oficers and employees.
365 Interest accruals for deposit in capital reserve fund.
367 Deferred operating-differential subsidy receivable.
368 Other non-current notes and accounts receivable.
374 Miscellaneous other assets.

Total other assets.
369

Less: Reserve for doubtful accounts.

Total other assets after reserve.
375 Deferred charges and prepaid expenses.
390 Goodwill and other intangible assets.

Total assets.
NOTE: Contingent assets (not included above),

LIABILITIES AND CAPITAL
Current liabilities:
400 Notes payable.
415 Notes and accounts payable Related compania.
420 Accounts payable.
479 Other current llabilities.
489 Miscellaneous reserves for unrecorded llabuities.

Long-term debt (due within one year).
495 Advance ticket sales and deposits.
526 Mortgage notes: Maritime Administration.
530 Mortgage bonds and debentures.
534 Other long-term debt.

Total current llabilities.
Voyages in progress (when a net credit balance):
600 Unterminated voyage revenue.
200 Less: Unterminated voyage expense.

Long-term debt (due after one year):
526 Mortgage notes: Maritime Administration.
530 Mortgage bonds and debentures.
534 Other long-term debt.

Total long-term debt.
Other liabilities:
541 Non-current payables-Related companies.
549 Non-current notes and accounts payable--Officers and employees.
550 Recapturable profits: Maritime Administration.
554 Miscellaneous other liabilities.

Total other labilities.
Deferred credits:
656 Premium on funded debt.
564

Miscellaneous deferred credits.

Total deferred credits.

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