Pennsylvania Code
Title 7 - AGRICULTURE
Part VI - PENNSYLVANIA MILK BOARD
Chapter 149 - UNIFORM SYSTEM OF ACCOUNTS
CHART OF ACCOUNTS
Section 149.41 - Balance sheet accounts
Universal Citation: 7 PA Code ยง 149.41
Current through Register Vol. 54, No. 44, November 2, 2024
(a) Current assets. Current assets shall conform with the following:
(1)
Cash
undeposited. This account shall be a clearing account for all cash
received in the ordinary course of business and not yet deposited in the
bank.
(2)
Cash in
bank. This account shall include the total of all cash deposited. If
more than one bank account is maintained, this account may be
sub-accounted.
(3)
Petty
cash account. This shall be an account set aside for use to pay small
purchases that cannot conveniently be paid by check and as a change or cashier
fund.
(4)
Notes
receivable. This account shall include the total of the unpaid
balances of all notes due on demand or within 1 year from the date of
issue.
(5)
Accounts
receivable. This account shall include amounts due from customers for
sales of products, equipment and other accounts receivable arising from the
normal course of business and currently collectible.
(6)
Allowance for doubtful
accounts. This account shall include all amounts written off or
reserved for debts determined as uncollectible at month end.
(7)
Inventory: raw milk.
This account shall include the inventory of all raw milk.
(8)
Inventories: controlled milk
products. This account shall include all milk and cream products
inventory on which the Board establishes a resale price.
(9)
Inventories: non-controlled milk
products. This account shall include the inventory of milk and cream
products which are not subject to the resale pricing regulations of the
Board.
(10)
Inventory:
non-milk items. This account shall include the inventory of all
non-milk items.
(11)
Inventories: product ingredients. This account shall include
the inventory of any ingredients and materials which are added to the basic
product to produce the finished product.
(12)
Container
inventory-controlled. This account shall include all inventory items
of paper, glass bottles, plastic bottles, cartons, caps, closures, and so on,
for milk and cream products on which the Board establishes a resale price for
all products handled.
(13)
Container inventory: noncontrolled. This account shall include
all inventory items of paper, glass bottles, plastic bottles, cartons, caps,
closures, and so on, for milk and cream products handled which are not subject
to the pricing regulations of the Board.
(14)
Other inventory items.
This account shall include all inventory items which were not specified in
other accounts.
(15)
Prepaid expense. This account shall include amounts
representing prepaid items or portions thereof normally written off during the
next year, such as, prepaid insurance, taxes, licenses, advertising, interest,
workmen's compensation, group insurance, royalties and rent.
(16)
Short term investments.
This account shall include investments readily available for conversion into
cash which are intended by management to be held for less than 1
year.
(17)
Other current
assets. This account shall include all other current and accrued
assets appropriately designated and supported so as to show the nature of each
asset included.
(b) Investments. Investments shall conform with the following:
(1)
Cash surrender value-life
insurance. This account shall include the net cash surrender value of
all life insurance policies of which the licensee is owner and
beneficiary.
(2)
Investment
in subsidiaries. This account shall include any noncurrent advances to
subsidiaries and affiliated companies.
(3)
Advances to
subsidiaries. This account shall include current advances to
subsidiaries and affiliated companies.
(4)
Investment in real
estate. This account shall include the total investment in real estate
other than land and buildings actually used in the operation of the
licensee.
(5)
Other
investments. This account shall include any other investments that
would be normally included under any other specified investment
accounts.
(c) Fixed assets. Fixed assets shall conform with the following:
(1)
Land. This account shall
include the cost of land for use in the operation of the licensee.
(2)
Buildings. This account
shall include the cost of buildings purchased or constructed for use in the
business of the licensee, including the cost of improvements, alterations,
additions, and permanent fixtures attached to the buildings and the amount of
legal fees, architecture fees, excavating and grading costs, and so
on.
(3)
Allowance for
depreciation-buildings. This account shall include all reserve
accounts for depreciation on buildings.
(4)
Machinery and equipment.
This account shall include all assets, such as plant machines, and machine
tools, store equipment, ice cream cabinets, and milk vending
equipment.
(5)
Allowance
for depreciation-machinery and equipment. This account shall include
all reserve accounts for depreciation on machinery and equipment.
(6)
Transportation
equipment. This account shall include the book cost of all motor
vehicles, trailers, tanks, and so on used for the transportation of milk and
milk products in the business.
(7)
Allowance for depreciation-transportation equipment. This
account shall include all reserved depreciation accounts on transportation
equipment.
(8)
Furniture
and fixtures. This account shall include the book cost of such items
as desks, chairs, tables, carpets, showcases, window fixtures, and general
office items, of a fixed or permanent nature.
(9)
Allowance for
depreciation-furniture and fixtures. This account shall include all
reserved depreciation accounts for furniture and fixtures.
(10)
Reuseable containers.
This account shall include the book cost of such items as glass and plastic
returnable bottles, cases, and pallets.
(11)
Allowance for
depreciation-reuseable containers. This account shall include all
reserved depreciation accounts for reuseable containers.
(d) Deferred charges. Deferred charges shall conform with the following:
(1)
Unamortized debt discount and
expense. This account shall include the total of the debit balances of
those accounts having debit balances and the total of the discount, expense,
and premiums accounts for all classes of long term debt.
(2)
Miscellaneous deferred
charges. This account shall include all debits not elsewhere provided
for the proper final disposition of which is uncertain and shall include
unusual or extraordinary expenses not included in other accounts which are in
process of amortization.
(e) Current liabilities. Current liabilities shall conform with the following:
(1)
Notes payable. This
account shall include all notes payable to trade creditors, banks, officers,
stockholders, employes, and creditors for equipment purchases. Notes payable
that mature within the ensuing 12-month period are to be included under this
heading. Liabilities for all notes payable that mature beyond the ensuing
12-month period are to be classified as long-term debts, less any portions
currently payable, which are to be shown as current portions of long-term
debts.
(2)
Accounts
payable-milk patrons. This account shall include all obligations due
milk producers or any other supplier of raw milk.
(3)
Accounts payable-trade.
This account shall include all obligations to trade creditors except accounts
payable to milk patrons for purchases of goods and services, which are normally
paid on a regular basis.
(4)
Accrued salaries and wages. This account shall include all
amounts earned by dealer executives and employes, including drivers'
commissions, but not paid to date.
(5)
Accrued F.I.C.A. taxes.
This account shall include the liability account of all F.I.C.A. taxes withheld
from employes.
(6)
Accrued
unemployment taxes. This account shall include the liability account
of all unemployment taxes accrued.
(7)
Accrued interest. This
account shall include the accrued interest owned by the licensee for normal
business operations.
(8)
Accrued State income tax. This account shall include the
accrued State income taxes withheld from employes.
(9)
Accrued Federal income
tax. This account shall include accrued Federal income taxes withheld
from employes.
(10)
Other
current and accrued liabilities. This account shall include other
liabilities not specified in this subsection, such as cash dividends properly
declared by the board of directors and charged to retained earnings but not
paid. Dividends payable in the form of stock are to be recorded under the
capital section as retained earnings in process of transfer of capital
stock.
(f) Long-term debt. Long-term debts shall conform with the following:
(1)
Mortgage
payable. This account shall include any liabilities arising from
mortgage notes which are not presently classified as current.
(2)
Notes payable. This
account shall include the amounts due bank and finance companies on notes
payable, either secured by collateral or unsecured, which are due and payable
beyond one year.
(3)
Other
long-term debt. This account shall include all liabilities that are
not presently classified as current.
(g) Deferred credits. Deferred credits shall conform with the following:
(1)
Unamortized premium on
debt. This account shall include the total of the credit balances and
the discount expense and premium accounts for all classes of long-term
debts.
(2)
Other deferred
credits. This account shall include billings and receipts and other
deferred credit items not provided for elsewhere, including amounts which
cannot be entirely cleared or disposed of until additional information has been
received.
(h) Corporation equity. Corporation equity shall conform with the following:
(1)
Preferred
stock. This account shall include the outstanding preferred stock as
reflected in the appropriate stock certificate book.
(2)
Common stock. This
account shall include the amount of the outstanding common stock as reflected
in the appropiate stock certificate book.
(3)
Treasury stock. This
account shall include the total value of any preferred or common stock which
has been reacquired by the corporation.
(4)
Paid-in capital. This
account shall include the total amount received over and above the par value of
preferred and common stock issued.
(5)
Retained earnings. This
account shall reflect the amount of net earnings accumulated in prior years and
retained in the business.
(6)
Profit-loss. This account shall reflect the net earnings or
loss for the current year after provision for income taxes.
(j) Proprietorship or partnership equity. Proprietorship or partnership equity shall conform with the following:
(1)
Capital
accounts-proprietor or partners. This account shall represent the
total investment in the business, including the net earnings of prior years
retained in the business.
(2)
Drawing account-proprietor or partners. This account shall
represent the amount of withdrawals, cash or merchandise, or both, and credit
for that portion of salaries not taken.
(3)
Adjustments. This
account shall reflect all adjustments of a capital nature, such as adjustments
in proprietorship or partnership investment accounts.
(4)
Profit-loss. This
account shall reflect the net earnings or loss for the current year after
provision for income taxes.
Disclaimer: These regulations may not be the most recent version. Pennsylvania may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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