Pennsylvania Code › Title 7 - AGRICULTURE › Part VI - Milk Marketing Board › Chapter 149 - UNIFORM SYSTEM OF ACCOUNTS › CHART OF ACCOUNTS › Section 149.41 - Balance sheet accounts

Current through Register Vol. 54, No. 28, July 13, 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.