Title 7
SECTION 1770.15
1770.15 Supplementary accounts required of all borrowers.
§ 1770.15 Supplementary accounts required of all borrowers.Accounts prescribed in the Stockholders' Equity and Patronage Capital section shall be maintained by stock companies and cooperatives as appropriate.
| Class of company | Account title | |
|---|---|---|
| Account No. | ||
| A | B | |
| Current Assets | ||
| 1130.1 | 1120.11 | Cash - General Fund. |
| 1130.2 | 1120.12 | Cash - Construction Fund Trustee. |
| 1130.3 | 1120.13 | Cash - Transfer of Funds. |
| 1120.21 | Special Cash Deposits. | |
| 1150.1 | 1120.31 | Petty Cash Fund |
| This account shall include funds in the custody of employees or agents for making minor disbursements. The fund shall be operated on an imprest basis. Expenditures shall be supported by receipts, and reimbursements to the fund shall be for the exact amount of such expenditures and shall be charged to the various accounts to which the expenditures are allocable. At all times, the total of the cash on hand and the unreimbursed expenditures shall equal the amount of the fund. | ||
| 1150.2 | 1120.32 | Change Fund. |
| Supplies | ||
| 1220.1 | 1220.1 | Materials and Supplies. |
| 1220.2 | 1220.2 | Property Held for Sale or Lease. |
| 1220.3 | 1220.3 | Exempt Materials - Clearing. |
| Prepayments | ||
| 1280.1 | Prepaid Rents. | |
| 1280.2 | Prepaid Taxes. | |
| 1280.3 | Prepaid Insurance. | |
| 1280.4 | Prepaid Directory Expenses. | |
| 1280.5 | Other Prepayments. | |
| Investments | ||
| 1402.1 | 1402.1 | Investments in Nonaffiliated Companies - Class B RTB Stock. |
| 1402.11 | 1402.11 | Investments in Nonaffiliated Companies - Class B RTB Stock - Cr. |
| 1402.2 | 1402.2 | Investments in Nonaffiliated Companies - Class C RTB Stock. |
| 1402.3 | 1402.3 | Other Investments in Nonaffiliated Companies. |
| Property, Plant, and Equipment | ||
| 2001.1 | 2001.1 | Telecommunications Plant in Service - Classified. |
| 2001.2 | 2001.2 | Telecommunications Plant in Service - Unclassified. |
| 2003.1 | 2003.1 | Telecommunications Plant Under Construction - Contract |
| 2003.2 | 2003.2 | Telecommunications Plant Under Construction - Force Account |
| 2003.3 | 2003.3 | Telecommunications Plant Under Construction - Work Orders |
| Telecommunications Plant in Service | ||
| 2210.11 | Central Office Switching - Analog. | |
| 2210.21 | Central Office Switching - Digital. | |
| 2210.31 | Central Office Switching - Electro-Mechanical - Step-by-Step. | |
| 2210.32 | Central Office Switching - Electro-Mechanical - Crossbar. | |
| 2210.33 | Central Office Switching - Electro-Mechanical - Other. | |
| 2212.1 | 2212.1 | Digital Electronic Switching - Circuit. |
| 2212.2 | 2212.2 | Digital Electronic Switching - Packet. |
| 2230.11 | Central Office Transmission - Radio Systems - Satellite and Earth Station Facilities. | |
| 2230.12 | Central Office Transmission - Radio Systems - Other. | |
| 2230.21 | Central Office Transmission - Circuit Equipment. | |
| Depreciation and Amortization | ||
| 3100x | 3100x | Retirement Work in Progress. |
| Current Liabilities | ||
| 2232.1 | 2232.1 | Circuit Equipment - Electronic. |
| 2232.2 | 2232.2 | Circuit Equipment - Optical. |
| 4010.11 | 4010.11 | Accounts Payable to Affiliated Companies. |
| 4010.21 | 4010.21 | Accounts Payable to Nonaffiliated Companies. |
| 4010.22 | 4010.22 | Accounts Payable - Employees' Income Tax Withheld. |
| 4010.23 | 4010.23 | Accounts Payable - FICA Taxes Withheld. |
| 4010.24 | 4010.24 | Accounts Payable - Federal Excise Taxes. |
| 4010.25 | 4010.25 | Accounts Payable - Payroll. |
| 4070.1 | 4070.1 | Income Taxes Accrued - Federal. |
| 4070.2 | 4070.2 | Income Taxes Accrued - State and Local |
| 4080.1 | 4080.1 | Other Taxes Accrued - Property. |
| 4080.2 | 4080.2 | Other Taxes Accrued - Employer's Portion - FICA. |
| 4080.3 | 4080.3 | Other Taxes Accrued - Federal Unemployment. |
| 4080.4 | 4080.4 | Other Taxes Accrued - State Unemployment. |
| 4080.5 | 4080.5 | Other Taxes Accrued - Miscellaneous. |
| 4120.1 | 4120.1 | Unmatured Interest Accrued - RUS Notes. |
| 4120.2 | 4120.2 | Unmatured Interest Accrued - Telephone Bank Notes. |
| 4120.3 | 4120.3 | Unmatured Interest Accrued - Federal Financing Bank Notes. |
| 4120.4 | 4120.4 | Unmatured Interest Accrued - Bank for Cooperatives Notes. |
| 4120.5 | 4120.5 | Unmatured Interest Accrued - Rural Telephone Finance Cooperative Notes. |
| 4120.6 | 4120.6 | Other Accrued Liabilities. |
| Long-Term Debt | ||
| 4210.11 | 4210.11 | Funded Debt - Other. |
| 4210.12 | 4210.12 | RUS Notes. |
| 4210.13 | 4210.13 | Telephone Bank Notes. |
| 4210.14 | 4210.14 | Federal Financing Bank Notes. |
| 4210.15 | 4210.15 | Bank for Cooperatives Notes. |
| 4210.16 | 4210.16 | Rural Telephone Finance Cooperative Notes. |
| 4210.17 | 4210.17 | RUS Notes - Deferred Interest. |
| 4210.18 | 4210.18 | RUS Notes - Advance Payments, Dr. |
| 4210.19 | 4210.19 | Funded Debt - Other - Unadvanced, Dr. |
| 4210.20 | 4210.20 | RUS Notes - Unadvanced, Dr. |
| 4210.21 | 4210.21 | Telephone Bank Notes - Unadvanced, Dr. |
| 4210.22 | 4210.22 | Federal Financing Bank Notes - Unadvanced, Dr. |
| 4210.23 | 4210.23 | Bank for Cooperatives Notes - Unadvanced, Dr. |
| 4210.24 | 4210.24 | Rural Telephone Finance Cooperative Notes - Unadvanced, Dr. |
| Stockholders' Equity and Patronage Capital | ||
| 4540.11 | 4540.11 | Capital Stock Subscribed. |
| 4540.12 | 4540.12 | Memberships Subscribed but Unissued. |
| 4540.13 | 4540.13 | Members' Equity Certificates Subscribed but Unissued. |
| 4540.21 | 4540.21 | Memberships Issued. |
| 4540.22 | 4540.22 | Members' Equity Certificates Issued. |
| 4540.23 | 4540.23 | Members' Equity - Other. |
| 4540.31 | 4540.31 | Installments Paid on Capital Stock. |
| 4540.32 | 4540.32 | Installments Paid on Memberships Subscribed. |
| 4540.33 | 4540.33 | Installments Paid on Equity Certificates Subscribed. |
| 4540.41 | 4540.41 | Other Capital - Miscellaneous. |
| 4550.1 | 4550.1 | Operating Margins. |
| 4550.2 | 4550.2 | Nonoperating Margins. |
| 4550.3 | 4550.3 | Other Margins. |
| 4550.4 | 4550.4 | Patronage Capital Assignable. |
| 4550.5 | 4550.5 | Patrons' Capital Credits Assigned. |
| 4550.6 | 4550.6 | Gain on the Retirement of Capital Credits. |
| Plant Specific Operations Expense | ||
| 6210.11 | Analog Electronic Expense. | |
| 6210.21 | Digital Electronic Expense. | |
| 6210.31 | Electro-Mechanical Expense. | |
| 6212.1 | 6212.1 | Digital Electronic Switching Expense - Circuit. |
| 6212.2 | 6212.2 | Digital Electronic Switching Expense - Packet. |
| 6230.11 | Radio Systems Expense. | |
| 6230.21 | Circuit Equipment Expense. | |
| 6232.1 | 6232.1 | Circuit Equipment Expense - Electronic. |
| 6232.2 | 6232.2 | Circuit Equipment Expense - Optical. |
| Plant Nonspecific Operations Expense | ||
| 6560.1 | Depreciation Expense. | |
| 6560.2 | Amortization Expense. | |
| 6620.1 | 6620.1 | Services - Wholesale. |
| 6620.2 | 6620.2 | Services - Retail. |
| Operating Taxes. | ||
| 7200.1 | Operating Investment Tax Credits - Net. | |
| 7200.2 | Operating Federal Income Taxes. | |
| 7200.3 | Operating State and Local Income Taxes. | |
| 7240.1 | 7200.41 | Operating Taxes - Property. |
| 7240.2 | 7200.42 | Operating Taxes - Miscellaneous. |
| 7200.5 | Provision for Deferred Operating Income Taxes - Net. | |
| Nonoperating Income and Expense | ||
| 7300.1 | Dividend Income. | |
| 7300.2 | Interest Income. | |
| 7300.3 | Income From Sinking and Other Funds. | |
| 7300.4 | Allowance for Funds Used During Construction. | |
| 7300.5 | Gains or Losses from the Disposition of Certain Property. | |
| 7300.6 | Other Nonoperating Income and Expense. | |
| Nonoperating Taxes | ||
| 7400.1 | Nonoperating Investment Tax Credits - Net. | |
| 7400.2 | Nonoperating Federal Income Taxes. | |
| 7400.3 | Nonoperating State and Local Income Taxes. | |
| 7400.4 | Nonoperating Other Taxes. | |
| 7400.5 | Provision for Deferred Nonoperating Income Taxes - Net. | |
| Extraordinary Items | ||
| 7600.1 | Extraordinary Income Credits. | |
| 7600.2 | Extraordinary Income Charges. | |
| 7600.3 | Current Income Tax Effect of Extraordinary Items - Net. | |
| 7600.4 | Provision for Deferred Income Tax Effect of Extraordinary Items - Net. | |
| 1130.1 | 1120.11 | Cash - General Fund |
| This account shall include all unrestricted funds derived from revenues and other sources which are on deposit in banks or other financial institutions and available on demand. It shall also include funds in transit to the depository for which customers and agents have received credit on their accounts. Separate subaccounts should be maintained for each bank account in which general fund cash is deposited. | ||
| 1130.2 | 1120.12 | Cash - Construction Fund Trustee |
| This account shall include all loan funds received from RUS, the Rural Telephone Bank, the Federal Financing Bank, the Bank for Cooperatives, the Rural Telephone Finance Cooperative, and all non-loan funds supplied by the borrower under the terms of the loan contract or otherwise required by RUS. The offsetting credit for funds received from RUS shall be to Account 4210.20, RUS Notes - Unadvanced, Dr.; funds received from the Rural Telephone Bank, to Account 4210.21, Telephone Bank Notes - Unadvanced, Dr.; funds received from the Federal Financing Bank, to Account 4210.22, Federal Financing Bank Notes - Unadvanced, Dr.; funds received from the Bank for Cooperatives, to Account 4210.23, Bank for Cooperatives Notes - Unadvanced, Dr.; and funds received from the Rural Telephone Finance Cooperative, to Account 4210.24, Rural Telephone Finance Cooperative Notes - Unadvanced, Dr. | ||
| 1130.3 | 1120.13 | Cash - Transfer of Funds |
| This account shall include all transfers of funds from one bank account to another. This account shall be charged with the amount of a check drawn for the transfer, and credited when the amount transferred is entered into the Cash Receipts Book. | ||
| 1120.21 | Special Cash Deposits | |
| This account shall include all cash on special deposit, other than in sinking and other special funds provided for elsewhere, to pay dividends, interest, and other debts, when such payments are due one year or less from the date of deposit; the amount of cash deposited to insure the performance of contracts to be performed within one year from the date of the deposit; and other cash deposits of a special nature not provided for elsewhere. This account shall include the amount of cash deposited with trustees to be held until mortgaged property sold, destroyed, or otherwise disposed of is replaced, and also cash realized from the sale of the company's securities and deposited with trustees to be held until invested in physical property of the company or for disbursement when the purposes for which the securities were sold are accomplished. | ||
| 1150.1 | 1120.31 | Petty Cash Fund |
| This account shall include funds in the custody of employees or agents for making minor disbursements. The fund shall be operated on an inprest basis. Expenditures shall be supported by receipts, and reimbursements to the fund shall be for the exact amount of such expenditures and shall be charged to the various accounts to which the expenditures are allocable. At all times, the total of the cash on hand and the unreimbursed expenditures shall equal the amount of the fund. | ||
| 1150.2 | 1120.32 | Change Fund |
| This account shall include funds in the custody of employees or agents for making change. Records shall be kept of the amount held by each person. Disbursements shall not be made from the fund. | ||
| 1220.1 | 1220.1 | Materials and Supplies* |
| This account shall include the cost of materials and supplies held in stock including plant supplies, motor vehicles supplies, tools, fuel, other supplies and material and articles of the company in process of manufacture for supply stock. | ||
| Transportation charges and sales and use taxes, as far as practicable, shall be included as a part of the cost of the particular material to which they relate. Transportation and sales and use taxes which are not included as part of the cost of particular material shall be equitably apportioned among the accounts to which material is charged. | ||
| As far as practicable, cash and other discounts on material shall be deducted in determining cost of the particular material to which they relate or credited to the account to which the material is charged. When such deduction is not practicable, discounts shall be equitably apportioned among the accounts to which material is charged. | ||
| Material recovered in connection with construction, maintenance or retirement of property shall be charged to this account as follows: | ||
| - Reusable items that, when installed or in service, were retirement units shall be included in this account at the original cost. | ||
| - Reusable minor items that, when installed or in service, were not retirement units shall be included in this account at current prices new. | ||
| - The cost of repairing reusable material shall be charged to the appropriate Plant Specific Operations Expense accounts. | ||
| - Scrap and nonusable material included in this account shall be carried at the estimated amount which will be received therefor. The difference between the amounts realized for scrap and nonusable material sold, and the amounts at which it is carried in this account shall be adjusted in the accounts credited when the material was taken up in this account. | ||
| Interest paid on material bills, the payments of which are delayed, shall be charged to Account 7540, Other Interest Deductions. | ||
| Inventories of materials and supplies shall be taken during each calendar year and the adjustments to this account shall be charged or credited to Account 6512, Provisioning Expense. | ||
| 1220.2 | 1220.2 | Property Held for Sale or Lease* |
| This account shall include the cost of all items purchased for resale or lease. The cost shall include applicable transportation charges, sales and use taxes, and cash and other purchase discounts. Inventory shortages and overages shall be charged and credited, respectively to Account 7991, Other Nonregulated Revenues. | ||
| *These accounts shall not include items which are related to a nonregulated activity unless that activity involves joint or common use of assets and resources in the provision of regulated and nonregulated products and services. | ||
| 1220.3 | 1220.3 | Exempt Materials - Clearing |
| This account shall include the cost of materials and supplies designated as exempt material on the carrier's “Exempt Material List”. Charges to this account shall be cleared monthly to the primary plant and maintenance accounts in accordance with percentages developed by the individual carriers. | ||
| When there is a substantial amount of exempt material on hand at the end of the year, substantial enough to distort net income or margins, a physical inventory may be taken. The cost of the inventory on hand shall be debited to this account and credited to the appropriate primary plant and maintenance accounts on a pro-rata basis related to the original charges to these accounts. This entry shall be reversed at the first of the year. | ||
| 1280.1 | Prepaid Rents | |
| This account shall include the amount of rents paid in advance of the period in which it is chargeable to income, except amounts chargeable to telecommunications plant under construction and minor amounts which may be charged directly to the final accounts. As the term expires for which the rents are paid, this account shall be credited monthly and the appropriate account charged. | ||
| 1280.2 | Prepaid Taxes | |
| This account shall include the balance of all taxes paid in advance of the period in which they are chargeable to income, except amounts chargeable to telecommunications plant under construction and minor amounts which may be charged directly to the final accounts. As the term expires for which the taxes are paid, this account shall be credited monthly and the appropriate account charged. | ||
| 1280.3 | Prepaid Insurance | |
| This account shall include the amount of insurance premiums paid in advance of the period in which they are chargeable to income, except premiums chargeable to telecommunications plant under construction and minor amounts which may be charged directly to the final accounts. As the term expires for which the premiums are paid, this account shall be credited monthly and the appropriate account charged. | ||
| 1280.4 | Prepaid Directory Expenses | |
| This account shall include the cost of preparing, printing, binding, and delivering directories and the cost of soliciting advertisements for directories, except minor amounts which may be charged directly to Account 6620, Services. Amounts in this account, shall be cleared to Account 6620 by monthly charges representing that portion of the expenses applicable to each month. | ||
| 1280.5 | Other Prepayments | |
| This amount shall include prepayments, other than those includable in Accounts 1280.1 through 1280.4 except minor amounts which may be charged directly to the final accounts. As the term expires for which the payments apply, this account shall be credited monthly and the appropriate account charged. | ||
| 1402.1 | 1402.1 | Investments in Nonaffiliated Companies - Class B RTB Stock |
| This account shall include the par value of the required purchase of Class B Rural Telephone Bank stock and the par value of the Class B Rural Telephone Bank stock received as a patronage refund. This account shall be debited at the time the refund is received and Account 1402.11, Investments in Nonaffiliated Companies - Class B RTB Stock - Cr., credited. | ||
| This account shall be credited and Account 1402.11 debited when the patronage refund is redeemed. | ||
| 1402.11 | 1402.11 | Investments in Nonaffiliated Companies - Class B RTB Stock - Cr. |
| This account shall include the par value of Class B Rural Telephone Bank stock received as a patronage refund. This account shall be credited at the time the refund is received and Account 1402.1, Investments in Nonaffiliated Companies - Class B RTB Stock, debited. | ||
| This account shall be debited and Account 1402.1 credited when the patronage refund is redeemed. | ||
| 1402.2 | 1402.2 | Investments in Nonaffiliated Companies - Class C RTB Stock |
| This account shall include the par value of the company's investment in Class C Rural Telephone Bank stock. Cash dividends on Class C stock shall be recorded in Account 7310/7300.1, Dividend Income, when declared. | ||
| 1402.3 | 1402.3 | Other Investments in Nonaffiliated Companies |
| This account shall include the acquisition cost of the company's investment in securities issued by non-affiliated companies, other than securities held in special funds which shall be charged to Account 1408, Sinking Funds, and also its investment advances to such parties and special deposits of cash for more than one year from the date of deposit. | ||
| Declines in value of investments shall be charged to Account 4540.41, Other Capital, if temporary and as a current period loss if permanent. Detailed records shall be maintained to reflect unrealized losses for each investment. | ||
| 2001.1 | 2001.1 | Telecommunications Plant in Service - Classified |
| This account shall include the original cost of the property capitalized in Accounts 2110 through 2690. | ||
| 2001.2 | 2001.2 | Telecommunications Plant in Service - Unclassified |
| This account shall include the original cost of telecommunications property which has been completed and placed in service but which has not been classified pending completion of final inventories of construction, final cost summaries, etc. The balance in this account is subject to depreciation charges. | ||
| 2003.1 | 2003.1 | Telecommunications Plant Under Construction - Short Term - Contract |
| This account shall include all costs incurred in the construction of telecommunications plant performed under contract and the cost of software development projects that are not yet ready for their intended use. Included among these costs are contractor payments and charges for engineering, supervision, taxes, insurance, transportation, and other costs incurred in contract construction. This account shall be maintained such that the various items of cost are readily identifiable. | ||
| 2003.2 | 2003.2 | Telecommunications Plant Under Construction - Short Term - Force Account |
| This account shall include all costs incurred in the construction of telecommunications plant performed by the borrowers' own employees and the cost of software development projects performed by the borrowers' own employees that are not yet ready for their intended use. Included among these costs are charges for material, labor, engineering, supervision, taxes, insurance, transportation, supply expense, and other costs incurred in the construction. This account shall be maintained such that the various items of cost are readily identified. Specific subaccounts should be maintained to distinguish individual projects. | ||
| 2003.3 | 2003.3 | Telecommunications Plant Under Construction - Short Term - Work Orders |
| This account shall include all costs incurred in the construction of telecommunication plant performed under a work order system or line extension contract. This type of construction generally includes service installations, subscriber extensions, and minor plant improvements after the completion of the initial system. Included among these costs are charges for labor, material and supplies, transportation, payroll taxes, insurance, supervision, and other costs incurred in the construction. Subsidiary records shall be maintained to reflect the cost of the individual jobs. These records shall be reconciled periodically with the general ledger control account. Specific subaccounts should be maintained to accumulate costs incurred under line extension contracts. | ||
| 2210.11 | Central Office Switching - Analog* | |
| This account shall include the original cost of stored program control analog circuit-switching and associated equipment. This account shall also include the original cost of remote analog electronic circuit switches. | ||
| 2210.21 | Central Office Switching - Digital* | |
| This account shall include the original cost of stored program control digital switches and their associated equipment. Included in this account is the original cost of digital switches which utilize either dedicated or non-dedicated circuits. This account shall also include the original cost of remote digital electronic switches. | ||
| 2210.31 | Central Office Switching - Electro-Mechanical - Step-by-Step* | |
| This account shall include the original cost of step-by-step and associated circuit-switching equipment. | ||
| 2210.32 | Central Office Switching - Electro-Mechanical - Crossbar* | |
| This account shall include the original cost of crossbar and associated circuit switching equipment. Also included in this account is the original cost of electronic translator system equipment used in switching. | ||
| 2210.33 | Central Office Switching - Electro-Mechanical - Other* | |
| This account shall include the original cost of all other types of non-electronic circuit-switching equipment such as panel systems and their associated circuit-switching equipment. | ||
| *Switching plant excludes switchboards which perform operator assistance functions and equipment which is an integral part thereof. It does not exclude equipment used solely for the recording of calling telephone numbers in connection with customer dialed charged traffic, dial tandem switches, and special switchboards used in conjunction with private line service; such equipment shall be classified to the particular switch that it serves. | ||
| 2230.11 | Central Office Transmission - Radio Systems - Satellite and Earth Station Facilities | |
| This account shall include the original cost of an ownership interest in satellites (including land-side spares), other spare parts, materials, and supplies. It shall include launch insurance and other satellite launch costs. This account shall also include the original cost of earth stations and spare parts, materials, and supplies therefor. | ||
| 2230.12 | Central Office Transmission - Radio Systems - Other | |
| This account shall include the original cost of radio equipment used to provide radio communication channels. Radio equipment is that equipment which is used for the generation, amplification, propagation, reception, modulation, and demodulation of radio waves in free space over which communications channels can be provided. This account shall also include the associated carrier and auxiliary equipment and patch bay equipment which is an integral part of the radio equipment. Such equipment may be located in central office buildings, terminal rooms, or repeater stations or may be mounted on towers, masts, or other supports. | ||
| 2230.21 | Central Office Transmission - Circuit Equipment | |
| This account shall include the original cost of equipment which is used to reduce the number of physical pairs otherwise required to serve a given number of subscribers by utilizing carrier systems, concentration stages or combinations of both. It shall include equipment that provides for simultaneous use of a number of interoffice channels on a single transmission path. This account shall also include the original cost of equipment which is used for the amplification, modulation, regeneration, circuit patching, balancing or control of signals transmitted over interoffice communications transmission channels. This account shall include the original cost of equipment which utilizes the message path to carry signaling information or which utilizes separate channels between switching offices to transmit signaling information independent of the subscribers' communication paths or transmission channels. This account shall also include the original cost of associated material used in the construction of such plant. Circuit equipment may be located in central offices, in manholes, on poles, in cabinets or huts or at other locations. | ||
| This account excludes carrier and auxiliary equipment and patch bay which are recorded in Account 2230.12, Central Office Transmission - Radio Systems - Other | ||
| 3100x | 3100x | Retirement Work in Progress |
| This account shall be charged with the original cost of property retired from the telecommunications plant accounts. It shall also be charged with all of the costs incurred in removing the retired plant from service. This account shall be credited with the salvage value of materials recovered in the retirement of the telecommunications plant. At such time as the retirement work order is complete, the net income/loss resulting therefrom shall be transferred from this account to the appropriate primary plant depreciation reserve account. | ||
| 4010.11 | 4010.11 | Accounts Payable to Affiliated Companies |
| This account shall include all amounts currently due to affiliated companies for recurring trade obligations, and not provided for in other accounts, such as those for traffic settlements, material and supplies, repairs to telecommunications plant, matured rents, and interest payable under monthly settlements on short-term loans, advances, and open accounts. | ||
| 4010.21 | 4010.21 | Accounts Payable to Nonaffiliated Companies |
| This account shall include all amounts currently due to nonaffiliated companies for recurring trade obligations, and not provided for in other accounts, such as those for traffic settlements, materials and supplies, repairs to telecommunications plant, matured rents, and interest payable under monthly settlements on short-term loans, advances, and open accounts. | ||
| 4010.22 | 4010.22 | Accounts Payable - Employees' Income Tax Withheld |
| This account shall include income taxes payable that have been withheld from employees' salaries. | ||
| 4010.23 | 4010.23 | Accounts Payable - FICA Taxes Withheld |
| This account shall include FICA taxes payable that have been withheld from employees' salaries. | ||
| 4010.24 | 4010.24 | Accounts Payable - Federal Excise Taxes |
| This account shall include Federal excise taxes payable. | ||
| 4010.25 | 4010.25 | Accounts Payable - Payroll |
| This account shall include amounts payable to the company's employees in the form of salaries or wages. | ||
| 4070.1 | 4070.1 | Income Taxes Accrued - Federal |
| For Class A companies, this account shall be credited and Accounts 7220, 7420, and 7630, as appropriate, shall be debited for the amount of Federal income taxes accrued during the current operating period. | ||
| For Class B companies, this account shall be credited and Accounts 7220.2, 7400.2, and 7600.3, as appropriate, shall be debited for the amount of Federal income taxes accrued during the current operating period. | ||
| 4070.2 | 4070.2 | Income Taxes Accrued - State and Local |
| For Class A companies, this account shall be credited and Accounts, 7230, 7430, and 7630, as appropriate, shall be debited for the amount of state and local income taxes accrued during the current operating period. | ||
| For Class B companies, this account shall be credited and Accounts, 7200.3, 7400.3, and 7600.3, as appropriate, shall be debited for the amount of state and local income taxes accrued during the current operating period. | ||
| 4080.1 | 4080.1 | Other Taxes Accrued - Property |
| This account shall be credited and Account 7240.1/7200.41, Operating Taxes - Property, shall be debited for the amount of property taxes accrued during the current operating period. | ||
| 4080.2 | 4080.2 | Other Taxes Accrued - Employer's Portion - FICA |
| This account shall be credited and the appropriate construction, depreciation, or expense account shall be debited for the employer's portion of FICA taxes accrued during the current operating period. | ||
| 4080.3 | 4080.3 | Other Taxes Accrued - Federal Unemployment |
| This account shall be credited and the appropriate construction, removal, or expense account shall be debited for the amount of Federal unemployment taxes accrued during the current operating period. | ||
| 4080.4 | 4080.4 | Other Taxes Accrued - State Unemployment |
| This account shall be credited and the appropriate construction, removal, or expense account shall be debited for the amount of state unemployment taxes accrued during the current operating period. | ||
| 4080.5 | 4080.5 | Other Taxes Accrued - Miscellaneous |
| This account shall be credited and Account 7240.2/7200.42, Operating Taxes - Miscellaneous, shall be debited for the amount of all other taxes accrued during the current operating period and not provided for elsewhere such as a gross receipts tax, franchise taxes, and capital stock taxes. | ||
| 4120.1 | 4120.1 | Unmatured Interest Accrued - RUS Notes |
| This account shall include the interest accrued as of the balance sheet date but not payable until after that date on RUS mortgage notes. | ||
| Interest expense incurred during the period of construction of telecommunications plant shall be charged to Account 2004, Telecommunications Plant Under Construction - Long Term, and credited to Account 7340/7300.4, Allowance for Funds Used During Construction. | ||
| 4120.2 | 4120.2 | Unmatured Interest Accrued - Telephone Bank Notes |
| This account shall include the interest accrued as of the balance sheet date but not payable until after that date on Rural Telephone Bank mortgage notes. | ||
| Interest expense incurred during the period of construction of telecommunications plant shall be charged to Account 2004, Telecommunications Plant Under Construction - Long Term, and credited to Account 7340/7300.4, Allowance for Funds Used During Construction. | ||
| 4120.3 | 4120.3 | Unmatured Interest Accrued - Federal Financing Bank Notes |
| This account shall include the interest accrued as of the balance sheet date but not payable until after that date on Federal Financing Bank mortgage notes. | ||
| Interest expense incurred during the period of construction of telecommunications plant shall be charged to Account 2004, Telecommunications Plant Under Construction - Long Term, and credited to Account 7340/7300.4, Allowance for Funds Used During Construction. | ||
| 4120.4 | 4120.4 | Unmatured Interest Accrued - Bank for Cooperatives Notes |
| This account shall include the interest accrued as of the balance sheet date but not payable until after that date on Bank for Cooperatives mortgage notes. | ||
| Interest expense incurred during the period of construction of telecommunications plant shall be charged to Account 2004, Telecommunications Plant Under Construction - Long Term, and credited to Account 7340/7300.4, Allowance for Funds Used During Construction. | ||
| 4120.5 | 4120.5 | Unmatured Interest Accrued - Rural Telephone Finance Cooperative Notes |
| This account shall include the interest accrued as of the balance sheet date but not payable until after that date on Rural Telephone Finance Cooperative mortgage notes. | ||
| Interest expense incurred during the period of construction of telecommunications plant shall be charged to Account 2004, Telecommunications Plant Under Construction - Long Term, and credited to Account 7340/7300.4, Allowance for Funds Used During Construction. | ||
| 4120.6 | 4120.6 | Other Accrued Liabilities |
| This account shall include the amount of wages, compensated absences, interest on indebtedness of the company, dividends on capital stock, and rents accrued as of the balance sheet date but not payable until after the date. | ||
| This account shall not include interest accrued on RUS, Rural Telephone Bank, Bank for Cooperatives, Federal Financing Bank, or Rural Telephone Finance Cooperative debt. | ||
| 4210.11 | 4210.11 | Funded Debt - Other |
| This account shall include the total face amount of unmatured debt, maturing more than one year from the date of issue, issued by the company and not retired, and the total face amount of similar unmatured debt of other companies, the payment of which has been assumed by the company, including funded debt the maturity of which has been extended by specific agreement. | ||
| This account shall not include unmatured RUS, Rural Telephone Bank, Federal Financing Bank, Bank for Cooperatives, or Rural Telephone Finance Cooperative debt. | ||
| 4210.12 | 4210.12 | RUS Notes |
| This account shall include the total face amount of unmatured RUS mortgage notes. Account 4210.20, RUS Notes - Unadvanced, Dr., shall be charged and this account credited upon execution of the notes. | ||
| If principal installments are not paid at the maturity date, the amount due shall be transferred to Account 4050, Current Maturities - Long-Term Debt. | ||
| 4210.13 | 4210.13 | Telephone Bank Notes |
| This account shall include the total face amount of unmatured Rural Telephone Bank mortgage notes. Account 4210.21, Telephone Bank Notes - Unadvanced, Dr., shall be changed and this account credited upon execution of the notes. | ||
| If principal installments are not paid at the maturity date, the amount due shall be transferred to Account 4050, Current Maturities - Long-Term Debt. | ||
| 4210.14 | 4210.14 | Federal Financing Bank Notes |
| This account shall include the total face amount of unmatured Federal Financing Bank mortgage notes. Account 4210.22, Federal Financing Bank Notes - Unadvanced, Dr., shall be charged and this account credited upon execution of the notes. | ||
| If principal installments are not paid at the maturity date, the amount due shall be transferred to Account 4050, Current Maturities - Long-Term Debt. | ||
| 4210.15 | 4210.15 | Bank for Cooperatives Notes |
| This account shall include the total face amount of unmatured Bank for Cooperatives mortgage notes. Account 4210.23, Bank for Cooperatives Notes - Unadvanced, Dr., shall be charged and this account credited upon execution of the notes. | ||
| If principal installments are not paid at the maturity date, the amount due shall be transferred to Account 4050, Current Maturities - Long-Term Debt. | ||
| 4210.16 | 4210.16 | Rural Telephone Finance Cooperative Notes |
| This account shall include the total face amount of unmatured Rural Telephone Finance Cooperative mortgage notes. Account 4210.24, Rural Telephone Finance Cooperative Notes - Unadvanced, Dr., shall be charged and this account credited upon execution of the notes. | ||
| If principal installments are not paid at the maturity date, the amount due shall be transferred to Account 4050, Current Maturities - Long-Term Debt. | ||
| 4210.17 | 4210.17 | RUS Notes - Deferred Interest |
| This account shall include interest accrued on RUS mortgage notes, the payment of which has been deferred in accordance with the terms of the notes or extension agreements. The offsetting charge shall be to Account 7510, Interest on Funded Debt, for Class A companies and Account 7500, Interest and Related Items, for Class B companies. | ||
| If interest payments are not made at the due date, this account shall be debited and Account 4010.21, Accounts Payable to Nonaffiliated Companies, credited with the amount of the matured interest. | ||
| 4210.18 | 4210.18 | RUS Notes - Advance Payments, Dr. |
| This account shall include all payments on RUS mortgage notes made in advance of the due date and not applied to a specific quarterly payment. As these payments are applied to specific notes, this account shall be credited and the long-term debt and interest liability accounts debited. | ||
| 4210.19 | 4210.19 | Funded Debt - Other - Unadvanced, Dr. |
| This account shall include the total face amount of notes executed to others, for which funds have not been received. | ||
| This account shall be credited and Account 1130.1/1120.11, Cash - General Funds, debited when funds are received from the lender. | ||
| 4210.20 | 4210.20 | RUS Notes - Unadvanced, Dr. |
| This account shall include the total face amount of RUS mortgage notes for which funds have not been received. | ||
| This account shall be credited and Account 1130.2/1120.12, Cash - Construction Fund Trustee, debited when funds are received from RUS. | ||
| 4210.21 | 4210.21 | Telephone Bank Notes - Unadvanced, Dr. |
| This account shall include the total face amount of Rural Telephone Bank mortgage notes for which funds have not been received. | ||
| This account shall be credited and Account 1130.2/1120.12, Cash - Construction Fund Trustee, debited when funds are received from the Rural Telephone Bank. | ||
| 4210.22 | 4210.22 | Federal Financing Bank Notes - Unadvanced, Dr. |
| This account shall include the total face amount of Federal Financing Bank mortgage notes for which funds have not been received. | ||
| This account shall be credited and Account 1130.2/1120.12, Cash - Construction Fund Trustee, debited when funds are received from the Federal Financing Bank. | ||
| 4210.23 | 4210.23 | Bank for Cooperatives Notes - Unadvanced, Dr. |
| This account shall include the total face amount of Bank for Cooperatives mortgage notes for which funds have not been received. | ||
| This account shall be credited and Account 1130.2/1120.12, Cash - Construction Fund Trustee, debited when funds are received from the Bank for Cooperatives. | ||
| 4210.24 | 4210.24 | Rural Telephone Finance Cooperative Notes - Unadvanced, Dr. |
| This account shall include the total face amount of Rural Telephone Finance Cooperative mortgage notes for which funds have not been received. | ||
| This account shall be credited and Account 1130.2/1120.12, Cash - Construction Fund Trustee, debited when funds are received from the Rural Telephone Finance Cooperative. | ||
| 4540.11 | 4540.11 | Capital Stock Subscribed. |
| This account shall include the par value of capital stock for which legally enforceable subscriptions have been received but for which, at the date of the balance sheet, stock certificates have not been issued. | ||
| This account shall be debited and Account 4510, Capital Stock, credited when a subscriber has paid the subscription in full and stock certificates are issued. | ||
| 4540.12 | 4540.12 | Memberships Subscribed but Unissued. |
| This account shall include the face amount of memberships subscribed but not issued. This account shall be credited at the time the subscription is received and Account 1350.2, Subscriptions to Memberships, debited. | ||
| This account shall be debited and Account 4540.21, Memberships Issued, credited when a subscriber has paid the subscription in full and the membership certificates are issued. | ||
| 4540.13 | 4540.13 | Members' Equity Certificates Subscribed but Unissued. |
| This account shall include the face amount of members' equity certificates subscribed but not issued. This account shall be credited at the time the subscription is received and Account 1350.3, Subscriptions to Members' Equity Certificates, debited. | ||
| This account shall be debited and Account 4540.22, Members' Equity Certificates Issued, credited when a subscriber has paid the subscription in full and the members' equity certificates are issued. | ||
| 4540.21 | 4540.21 | Memberships Issued. |
| This account shall include the face amount of membership certificates outstanding. A subsidiary membership certificate record shall be maintained to reflect the detail of the balance in this account. | ||
| 4540.22 | 4540.22 | Member's Equity Certificates Issued. |
| This account shall include the face amount of members' equity certificates outstanding. A subsidiary members' equity certificate record shall be maintained to reflect the detail of the balance in this account. | ||
| 4540.23 | 4540.23 | Members' Equity - Other. |
| This account shall include credit amounts arising from donations, forfeitures of membership fees, forgiveness of debts of the cooperative, and member's equities not otherwise provided for. | ||
| 4540.31 | 4540.31 | Installments Paid on Capital Stock. |
| This account shall include the amount of installments paid on capital stock on a partial or installment payment plan by subscribers against whom there is no legally enforceable subscription contract, and who are entitled to be reimbursed the principal amount of their payments, with or without interest, in the event they fail to complete payment for the stock and receive certificates therefore. | ||
| This account shall be debited and Account 4510, Capital Stock, credited with the par value of capital stock when the total subscription is received and the stock certificates are issued. Any difference between the purchase price of the subscription and the par value of the stock shall be credited to Account 4520, Additional Paid-In Capital. | ||
| A subsidiary ledger shall be maintained to record for each subscriber, the amount subscribed, payments made, and the balance due. The balance in this account shall be reconciled monthly with the subscription ledger. | ||
| 4540.32 | 4540.32 | Installments Paid on Memberships Subscribed. |
| This account shall include the amount of installments paid by prospective members on membership subscriptions against whom there is no legally enforceable subscription contract, and who are entitled to be reimbursed for the principal amount of their payments, with or without interest, in the event they fail to complete payment for the membership and receive certificates therefor. | ||
| This account shall be debited and Account 4540.21, Memberships Issued, credited with the face amount of the membership when the total subscription is received and the membership certificates are issued. | ||
| A subsidiary ledger shall be maintained to record for each subscriber, the amount subscribed, payments made, and the balance due. The balance in this account shall be reconciled monthly with the subscription ledger. | ||
| 4540.33 | 4540.33 | Installments Paid on Equity Certificates Subscribed |
| This account shall include the amount of installments paid by prospective members on equity certificate subscriptions against whom there is no legally enforceable subscription contract, and who are entitled to be reimbursed for the principal amount of their payments, with or without interest, in the event they fail to complete payment for the membership and receive equity certificates therefor. | ||
| This account shall be debited and Account 4540.22, Members' Equity Certificates Issued, credited with the face amount of the memberships when the total subscription is received and the equity certificates are issued. | ||
| A subsidiary ledger shall be maintained to record for each subscriber, the amount subscribed, payments made, and the balance due. The balance in this account shall be reconciled monthly with the subscription ledger. | ||
| 4540.41 | 4540.41 | Other Capital - Miscellaneous |
| This account shall include amounts which are credits arising from capital recorded upon the reorganization or recapitalization of the company and temporary declines in the value of marketable securities held for investment purposes. | ||
| 4550.1 | 4550.1 | Operating Margins |
| This account shall include amounts received or receivable from the furnishing of telecommunications service in excess of costs incurred in the furnishing of such service. If costs exceed revenues, the excess cost of furnishing telecommunications service shall be recorded as a debit to this account. | ||
| 4550.2 | 4550.2 | Nonoperating Margins |
| This account shall include margins arising from transactions or activities not related to the furnishing of telecommunications service. Included in this account are receipts from investments, income from investments, income from nonoperating plant, and revenues derived from services performed for others incident to the company's regulated telecommunications operations. | ||
| 4550.3 | 4550.3 | Other Margins |
| This account shall include patronage capital credits assigned to the cooperative by other nonprofit organizations prior to January 1, 1970, which were not credited directly to an operating expense account as a reduction in the cost of furnishing telecommunications service. | ||
| No entries shall be made to this account unless it is to distribute or eliminate prior balances in conformance with the bylaws of the cooperative. | ||
| 4550.4 | 4550.4 | Patronage Capital Assignable |
| This account shall include all amounts transferred from operating margins, nonoperating margins, and other margin accounts which are assignable to individual patrons. | ||
| 4550.5 | 4550.5 | Patrons' Capital Credits Assigned |
| This account shall include the amounts of patronage capital which have been credited to individual patrons. A subsidiary patronage capital ledger shall be maintained so as to reflect the amount of capital furnished by each patron and the amount of such capital returned to the patron. | ||
| 4550.6 | 4550.6 | Gain on the Retirement of Capital Credits |
| This account shall include credits resulting from the retirement of patronage capital through settlement of individual patrons' accounts at less than 100 percent of the capital assigned to the patron. The portion of patronage capital not returned to patrons under such settlements shall be debited to Account 4550.5, Patrons' Capital Credits Assigned, and credited to this account. | ||
| This account shall also include amounts representing patronage capital authorized to be retired to patrons who cannot be located. Returned checks issued for retirements of patronage capital, after an appropriate waiting period, shall be credited to this account and a record shall be maintained adequate to enable the cooperative to make payment to the patron if and when a claim has been established by the patron. | ||
| 6210.11 | Analog Electronic Expense | |
| This account shall include expenses associated with analog electronic switching. | ||
| 6210.21 | Digital Electronic Expense | |
| This account shall include expenses associated with digital electronic switching. | ||
| 6210.31 | Electro-Mechanical Expense | |
| This account shall include expenses associated with electro-mechanical switching. | ||
| 6230.11 | Radio Systems Expense | |
| This account shall include expenses associated with radio systems. | ||
| 6230.21 | Circuit Equipment Expense | |
| This account shall include expenses associated with circuit equipment. | ||
| 6560.1 | Depreciation Expense | |
| This account shall include the depreciation expense associated with telecommunications plant in service (Accounts 2112 through 2441) and property held for future telecommunications use (Account 2002). | ||
| 6560.2 | Amortization Expense | |
| This account shall include the amortization expense associated with capital leases and leasehold improvements (Accounts 2681 and 2682), intangibles (Account 2690), and telecommunications plant adjustments (Account 2005). | ||
| 7200.1 | Operating Investment Tax Credits - Net | |
| This account shall be charged and Account 4320, Unamortized Operating Investment Tax Credits - Net, shall be credited with investment tax credits generated from qualified expenditures related to regulated operations which the company defers rather than recognizes currently in income. | ||
| This account shall be credited and Account 4320 shall be charged ratably with the amortization of each year's investment tax credits included in Account 4320 for investment services for ratemaking purposes. Such amortization shall be determined in relation to the period of time used for computing book depreciation on the property with respect to which the tax credits relate. | ||
| 7200.2 | Operating Federal Income Taxes | |
| This account shall be charged and Account 4070.1, Income Taxes Accrued - Federal, shall be credited for the amount of Federal income tax expense incurred in the current operating period. This account shall also reflect subsequent adjustments to amounts previously charged. | ||
| Taxes should be accrued each month on an estimated basis and adjustments made as later data becomes available. | ||
| 7200.3 | Operating State and Local Income Taxes | |
| This account shall be charged and Account 4070.2, Income Taxes Accrued - State and Local, shall be credited for the amount of state and local income tax expense incurred in the current operating period. This account shall also reflect subsequent adjustments to amounts previously charged. | ||
| Taxes should be accrued each month on an estimated basis and adjustments made as later data becomes available. | ||
| 7240.1 | 7200.41 | Operating Taxes - Property |
| This account shall be charged and Account 4080.1, Other Taxes Accrued - Property, shall be credited for the amount of property tax expense incurred in the current operating period. This account shall also reflect subsequent adjustments to amounts previously charged. | ||
| Taxes should be accrued each month on an estimated basis and adjustments made as later data becomes available. | ||
| 7240.2 | 7200.42 | Operating Taxes - Miscellaneous |
| This account shall be charged and Account 4080.5, Other Taxes Accrued - Miscellaneous, shall be credited for the amount of all other taxes accrued during the current operating period and not provided for elsewhere such as gross receipts, franchise, and capital stock tax expense incurred in the current operating period. This account shall also reflect subsequent adjustments to amounts previously charged. | ||
| Taxes should be accrued each month on an estimated basis and adjustments made as later data becomes available. | ||
| 7200.5 | Provision for Deferred Operating Income Taxes-Net | |
| This account shall be charged or credited, as appropriate, with contra entries recorded in either Account 4100, Net Current Deferred Operating Income Taxes, or Account 4340, Net Noncurrent Deferred Operating Income Taxes, as appropriate, for income tax expense that has been deferred. | ||
| Subsidiary record categories shall be maintained to distinguish between property and nonproperty related deferrals and so that the company may separately report the amounts contained herein that relate to Federal, state, and local income taxes. | ||
| 7300.1 | Dividend Income | |
| This account shall include dividends on investments in common and preferred stock, which is the property of the company, whether such stock is owned by the company and held in its treasury, or deposited in trust, or otherwise controlled. | ||
| This account shall not include dividends or other returns on securities issued or assumed by the company and held by or for it, whether pledged as collateral, or held in its treasury, in special deposits, or in sinking or other funds. | ||
| Dividends on stocks of other companies held in sinking or other funds shall be credited to Account 7300.3, Income from Sinking and Other Funds. | ||
| Dividends received and receivable from affiliated companies accounted for on the equity method shall be included in Account 1401, Investments in Affiliated Companies, as a reduction of the carrying value of the investments. | ||
| 7300.2 | Interest Income | |
| This account shall include interest on securities, including notes and other evidences of indebtedness which are the property of the company, whether such securities are owned by the company and held in its treasury, or deposited in trust (except in sinking or other funds) or otherwise controlled. It shall also include interest on bank balances, certificates of deposits, open accounts, and other analogous items. There shall be included in this account for each month, the applicable amount requisite to extinguish, during the interval between the date of acquisition and the date of maturity, the difference between the purchase price and the par value of securities owned, the income from which is includable in this account. Amounts thus credited or charged shall be concurrently included in the accounts in which the securities are carried. Any such difference remaining unextinguished at the sale or upon the maturity and satisfaction of such securities shall be cleared to Account 7300.6. Other Nonoperating Income and Expense. | ||
| 7300.3 | Income from Sinking and Other Funds | |
| This account shall include the income accrued on cash, securities issued by other companies, and other assets (not including securities issued or assumed by the company) held in sinking and other funds. | ||
| There shall be included in this account for each month the applicable amount requisite to extinguish, during the interval between the date of acquisition and the date of maturity, the difference between the purchase price and the par value of securities held in sinking or other funds. Amounts thus credited or charged shall be concurrently included in the accounts in which the securities are carried. Any such differences remaining unextinguished upon the maturity and satisfaction of such securities shall be cleared to Account 7300.6. Other Nonoperating Income and Expense. | ||
| 7300.4 | Allowance for Funds Used During Construction | |
| This account shall be credited with such amounts as are charged to the telecommunications plant accounts for the purpose or recording an allowance for funds used for construction purposes. | ||
| 7300.5 | Gains or Losses from the Disposition of Certain Property | |
| This account shall include gains or losses resulting from the disposition of land or artworks; plant with traffic, and nonoperating telecommunications plant not previously used in the provision of telecommunication services. | ||
| 7300.6 | Other Nonoperating Income and Expense | |
| This account shall include all other items of income and gains or losses from activities not specifically provided for elsewhere such as gains or losses realized on the sale of temporary cash investments or marketable equity securities; fees collected in connection with the exchange of coupon bonds for registered bonds; uncollectible amounts previously credited to Accounts 7300.1, 7300.2, 7300.3, 7300.4, 7300.5, and 7300.6, gains or losses from the extinguishment of debt made to satisfy sinking fund requirements; gains or losses of a nonoperating nature arising from the exchange or translation of foreign currency; net unrealized losses on investments in current marketable equity securities; write-downs or write-offs of the book costs of investments in equity securities due to permanent impairment; amortization of goodwill; the company's share of earnings or losses of affiliated companies accounted for on the equity method; and the net balance of the revenue from and the expenses of property, plant, and equipment, the cost of which is includable in Account 2006, Nonoperating Plant. | ||
| 7400.1 | Nonoperating Investment Tax Credits - Net | |
| This account shall be charged and Account 4330, Unamortized Nonoperating Investment Tax Credits - Net, shall be credited with nonoperating investment tax credits generated from qualified expenditures related to other operations which the company has elected to defer rather than recognize currently in income. | ||
| This account shall be credited and Account 4330, Unamortized Nonoperating Investment Tax Credits - Net, shall be charged with the amortization of each year's investment tax credits included in such accounts relating to amortization of previously deferred investment tax credits of other property or regulated property, the amortization of which does not serve to reduce costs of service (but the unamortized balance does reduce rate base) for ratemaking purposes. Such amortization shall be determined with reference to the period of time used for computing book depreciation on the property with respect to which the tax credits relate. | ||
| 7400.2 | Nonoperating Federal Income Taxes | |
| This account shall be charged and Account 4070.1, Income Taxes Accrued - Federal, shall be credited for the amount of nonoperating Federal income taxes for the current period. This account shall also reflect subsequent adjustments to amounts previously charged. | ||
| Taxes shall be accrued each month on an estimated basis and adjustments made as later data becomes available. Companies that adopt the flowthrough method of accounting for investment tax credits shall reduce the calculated provision in this account by the entire amount of the credit realized during the year. Tax credits, if normalized, shall be recorded consistent with the accounting for investment tax credits. | ||
| No entries shall be made to this account to reflect interperiod tax allocation. | ||
| 7400.3 | Nonoperating State and Local Income Taxes | |
| This account shall be charged and Account 4070.2, Income Taxes Accrued - State and Local, shall be credited for the amount of nonoperating state and local income taxes for the current period. This account shall also reflect subsequent adjustments to amounts previously charged. | ||
| Taxes shall be accrued each month on an estimated basis and adjustments made as later data becomes available. | ||
| No entries shall be made to this account to reflect interperiod tax allocation. | ||
| 7400.4 | Nonoperating Other Taxes | |
| This account shall be charged and Account 4080.5, Other Taxes Accrued - Miscellaneous, shall be credited for all nonoperating taxes, other than Federal, state, and local income taxes, and payroll related taxes for the current period. Among the items includable in this account are property, gross receipts, franchise and capital stock taxes. This account shall also reflect subsequent adjustments to amounts previously charged. | ||
| 7400.5 | Provision for Deferred Nonoperating Income Taxes - Net | |
| This account shall be charged or credited, as appropriate, with contra entries recorded in either Account 4110, Net Current Deferred Nonoperating Income Taxes, or Account 4350, Net Noncurrent Deferred Nonoperating Income Taxes, as appropriate, for nonoperating tax expenses that have been deferred. | ||
| Subsidiary record categories shall be maintained to distinguish between property and nonproperty related deferrals and so that the company may separately report the amounts contained herein that relate to Federal, state, and local income taxes. | ||
| 7600.1 | Extraordinary Income Credits | |
| This account shall be credited with nontypical, noncustomary, and infrequently recurring gains which would significantly distort the current year's income computed before such extraordinary items, if reported other than as extraordinary items. Income tax relating to the amounts recorded in this account shall be recorded in Account 7600.3, Current Income Tax Effect for Extraordinary Items - Net, and Account 7600.4, Provision for Deferred Income Tax Effect of Extraordinary Items - Net. | ||
| 7600.2 | Extraordinary Income Charges | |
| This account shall be debited with nontypical, noncustomary, and infrequently recurring losses which would significantly distort the current year's income computed before such extraordinary items, if reported other than as extraordinary items. Income tax relating to the amounts recorded in this account shall be recorded in Account 7600.3, Current Income Tax Effect for Extraordinary Items - Net, and Account 7600.4, Provision for Deferred Income Tax Effect of Extraordinary Items - Net. | ||
| 7600.3 | Current Income Tax Effect of Extraordinary Items - Net | |
| This account shall be charged or credited and Account 4070.1, Income Taxes Accrued - Federal, or Account 4070.2, Income Taxes Accrued - State and Local, shall be credited or charged, as appropriate, for all current income tax effects (Federal, state, and local) of items included in Account 7600.1, Extraordinary Income Credits, and Account 7600.2, Extraordinary Income Charges. | ||
| 7600.4 | Provision for Deferred Income Tax Effect of Extraordinary Items - Net | |
| This account shall be charged or credited, as appropriate, with a contra amount recorded in Account 4350, Net Noncurrent Deferred Nonoperating Income Taxes, or Account 4110, Net Current Deferred Nonoperating Income Taxes, for the income tax effects (Federal, state, and local) of items included in Account 7600.1, Extraordinary Income Credits, and Account 7600.2, Extraordinary Income Charges, that have been deferred. | ||