CHART OF ACCOUNTS
§ 149.41. Balance sheet accounts.
(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.
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