consecutively by voyages or other accounting units. § 282.035 Advance and prepaid beyond charges, and miscellaneous manifested items. (a) When vessels manifests are journalized, this account shall be credited with advance charges, prepaid beyond charges, and miscellaneous manifested items, such as: Consular fees, cargo insurance, handling, transshipment, and transfer charges. The account shall be charged with expenses incurred in the performance of the services for which these collections were made. As transactions applicable to terminated voyages are completely accounted for, net debit balances in this account shall be transferred to account 700, "Operating expense-Terminated voyages," and net credit balances to account 600, “Operating revenue-Terminated voyages." (b) Subsidiary accounts should be subdivided as between advance charges, prepaid beyond charges, and miscellaneous manifested items. Each group of accounts should be maintained alphabetically by vessels and consecutively by voyages. § 282.040 Bar accounts. (a) This account shall be charged with inventories of bar supplies aboard vessels at the beginning of each voyage for sale to passengers, and with all purchases of such supplies during the voyage. The account shall be credited with the inventory of bar supplies on hand at the end of each voyage, and with gross sales during the voyage. As transactions applicable to terminated voyages are completely accounted for, net debit balances in this account shall be transferred to account 700, "Operating expense-Terminated voyages," and net credit balances to account 600, "Operating revenue-Terminated voyages." The balance remaining in this account after profits and losses, on sales appli. cable to voyages terminated during the accounting period, have been cleared to the vessel operating accounts, shall be reported on the balance sheet under the classification "Inventories". (b) The subsidiary accounts shall be maintained alphabetically by vessels and consecutively by voyages. vessels at the beginning of each voyage for sale to members of the crew, and with all purchases of such supplies during the voyage. The account shall be credited with the inventory of slop chest supplies on hand at the end of each voyage, and with all gross sales during the voyage. As transactions applicable to terminated voyages are completely accounted for, net debit balances in this account shall be transferred to account 700, "Operating expense-Terminated voyages," and net credit balances to account 600, "Operating revenue-terminated voyages." The balance remaining in this account after profits and losses, on sales applicable to voyages terminated during the accounting period, have been cleared to the vessel operating accounts, shall be reported on the balance sheet under the classification "Inventories". (b) The subsidiary accounts shall be maintained alphabetically by vessels and consecutively by voyages. § 282.050 Foreign exchange account. All gains or losses in foreign exchange shall be recorded in this account. At the close of each accounting period the balance in the account shall be transferred to account 690, "Miscellaneous other income" or accounts 979 "Miscellaneous deductions from income," as the case may be. § 282.055 Pool participation. (a) This account shall be charged with contributions to pools for the purpose of equalizing revenue in accordance with pooling agreements and shall be credited with gross collections received from pools for the same purpose. (b) Charges against the carrier in administering the pooling agreements shall be recorded in account 925, "Membership dues and subscription." The balances in this account at the close of each accounting period, as prescribed in pooling agreements, shall be transferred to account 640, "Collections from pools" and account 850, "Contributions to pools." (c) This account shall be maintained to show separately transactions under each pooling agreement and accounting period. § 282.060 Stores, supplies, and equipment aboard vessels. (a) Where inventories of vessels stores, 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 § 282.0-20 Account 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. § 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 Balance sheet statement. 541 549 550 Mortgage bonds and debentures. Other long-term debt. Total current liabilities. Voyages in progress (when a net credit balance): Less: Unterminated voyage expense. Long-term debt (due after one year): Mortgage notes: Maritime Administration. Mortgage bonds and debentures. Other long-term debt. Total long-term debt. Other liabilities: Non-current payables-Related companies. Non-current notes and accounts payable--Officers and employees. 554 Miscellaneous other liabilities. NOTE: Contingent liabilities (not included above). [G.O. 22, Rev., 15 F.R. 7935, Nov. 21, 1950, as amended by Amdt. 3, 23 F.R. 6283, Aug. 15, 1958] § 282.0-30 Account Income statement. 690 691 960 970 975 979 695 995 995 996 Miscellaneous other income. Release of premium on long-term debt. Total other income. Other deductions from income: Interest expense. Amortization of deferred charges. Doubtful notes and accounts receivable. Miscellaneous deductions from income. Total other deductions from income. Net profit (or loss) from shipping operations. Income from non-shipping operations. Gross profit (or loss) from non-shipping operations. Depreciation-Non-shipping property and equipment. Total expenses. Net profit (or loss) from non-shipping operations. Net profit (or loss) before provision for Federal income taxes. 999 Provision for Federal income taxes: Net profit (or loss) after income taxes. § 282.0-40 Water-line operating revenue and expense statement. PART 284-VALUATION OF VESSELS Sec. AUTHORITY: The provisions of this Part 284 issued under sec. 204, 49 Stat. 1987, as amended; 46 U.S.C. 1114; Pub. Law 86-518, 74 Stat. 216. Interpret or apply secs. 9 and 12(d), 60 Stat. 46, 50; 50 U.S.C. App. 1742, 1745. SOURCE: The provisions of this Part 284 contained in General Order 24, 3d Revision, 25 F.R. 7536, Aug. 10, 1960; 25 F.R. 7740, Aug. 13, 1960. § 284.1 Vessels included. The vessels to be valued pursuant to the provisions of this part are (a) all vessels subsidized under operating-differential subsidy agreements, (b) all vessels owned by the operator not so subsidized when, by reason of employment of such vessels in the subsidized services, the Maritime Administration has required (a) General. Except as hereinafter otherwise set forth, vessels shall be valued at the actual cost of acquisition (not the cost of replacement or reproduction), subject to the adjustments provided for hereinafter. (b) Acquisition from other than a predecessor or "related company”—(1) For cash or equivalent. The cost of acquisition of vessels acquired from other than a predecessor, or a subsidiary company, holding company, affiliate company, or associate company, of the operator (herein referred to as a "related company"), for cash or a consideration determined by the Maritime Administration to be the equivalent of cash, shall be the purchase price plus any |