HF 
 
 N3i 
 
 UC-NRLF 
 
 *B 1D1 fl^ 
 
 NATIONAL CANNERS 
 ASSOCIATION 
 
 SPECIAL BULLETIN NO. 3 
 
 STANDARD CLASSIFICATION OF ACCOUNTS 
 CLASSIFICATION A 
 
 
 WASHINGTON, D. C. 
 
 DECEMBER, 1917 
 
GIFT 
 
 THE LIBRARY 
 
 OF 
 
 THE UNIVERSITY 
 
 OF CALIFORNIA 
 
 HENRY RAND HATFIELD 
 MEMORIAL COLLECTION 
 
 PRESENTED BY 
 
 FRIENDS IN THE ACCOUNTING 
 
 PROFESSION 
 
Digitized by the Internet Archive 
 
 in 2007 with funding from 
 
 Microsoft Corporation 
 
 http://www.archive.org/details/classificationofOOnatirich 
 
Classification of Accounts 
 
 For Canners Who Manufacture Two or More 
 
 Lines of Canned Goods or Operate 
 
 Two or More Factories 
 
 CLASSIFICATION A 
 PROOF COPY 
 
 Adopted and approved December 28, 1917, by the National 
 Canners Association, Washington, D. C. 
 
 Prepared by Albert T. Bacon, C. P. A., Chicago, and Robert E. Belt, C. P. A., 
 Cleveland, formerly Chief Accountant of the Federal Trade Commis- 
 sion, in collaboration with the Cost Accounting Committee 
 of the National Canners Association 
 
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 A/33 
 
 INTRODUCTORY 
 
 The attention of the manufacturing world, through the Federal 
 Trade Commission, has been called to the necessity of obtaining 
 uniform methods of cost finding in the different industries, so that 
 the members of each industry may be upon a fair competitive basis. 
 Your committee, in undertaking its task, considered the plan of 
 devising a uniform system of accounts, the basic features of which 
 would be the same for all branches of the canning business, and 
 one which could be elaborated to meet the needs of any division of 
 the industry, or of any individual canning several different prod- 
 ucts; a system which would as a first and primary requirement be 
 simple and yet complete and adaptable to the needs of each factory 
 and each company. 
 
 It is not intended that factories adopting this Standard Classifi- 
 cation shall conform to it in all respects. Accounts may be further 
 subdivided to suit the needs of the individual plant, or expense and 
 income accounts under the same groups or divisional headings 
 may be combined. The account numbers are not continuous, and 
 account names may be added or dropped at any time without dis- 
 turbing the number arrangement. 
 
 Accounts prepared under Classification B (for one line) will 
 give the same results for any one commodity as Accounts for the 
 same commodity prepared under Classification A (for two or more 
 lines). That is to say, two factories packing corn, one using Clas- 
 sification A and the other using Classification B, may compare corn 
 costs critically, confident that they are comparing like figures. 
 
 This Classification conforms to the requirements imposed upon 
 Corporations and Individuals reporting for the Federal Income Tax. 
 
 STRUCTURE OF THE ACCOUNTS 
 
 The guiding principle in this — as in any Classification of accounts 
 — is to distinguish clearly between different general classes of 
 accounts, and also to distinguish between the several subheadings 
 under each general class. A brief summary of these general divi- 
 sions is therefore in order. 
 
 M513334 
 
Investment Investment Accounts represent Land, Buildings, 
 Accounts Machinery and other property and equipment of a 
 
 relatively permanent character. 
 
 The original investment in property of this class is a capital 
 investment. 
 
 Depreciation These are closely related to the Investment Ac- 
 Reserve counts. Instead of crediting depreciation directly to 
 Accounts Investment Accounts, and thus losing sight of the 
 original investment, depreciation is credited to a 
 Depreciation Reserve Account (a separate account for each class 
 of accounts to be depreciated) and charged to a depreciation ex- 
 pense account. 
 
 The Investment Account less the corresponding reserve repre- 
 sents the net book value of the property investment. 
 
 Capital These accounts represent the owner's net investment 
 
 Accounts in the property. If an incorporated company, own- 
 ership is expressed as : 
 
 Capital Stock. 
 Surplus (or Deficit). 
 
 If a partnership, ownership is expressed thus : 
 
 John Doe — Capital Account. 
 Richard Roe — Capital Account. 
 
 If the business is owned by a single proprietor, the owner's net 
 investment will read: 
 
 John Doe — Capital Account. 
 
 Factory Next as to the business operations, we consider that 
 
 Overhead class of expenses which are fairly constant without 
 Expense regard to the volume of manufacture, commonly 
 
 called Indirect or Factory Overhead Expense. 
 
 This includes, as to Factory, Factory Superintendent, Power, 
 Repairs, Insurance, Taxes, etc., which are expenses of manufacture 
 but do not, generally speaking, go into the product itself. 
 
 They are carried thus until the end of the fiscal year. Then, 
 when the exact total of this burden is known and when the exact 
 output of the factory which is to carry the burden is known, this 
 total is distributed to Commodity accounts, pro rata. 
 
Selling This group is not unlike Factory Overhead Ex- 
 
 Expense penses, except that these expenses relate to the sell- 
 
 ing of the finished goods. This is distributed to 
 Commodity Accounts pro rata at the year's end. 
 
 General This represents a class of expenses which relates 
 
 Overhead neither to the manufacture nor sale of goods but is 
 Expense so intimately concerned with both as to make an 
 
 apportioning mere guesswork. These items are dis- 
 tributed among the commodities at the year's end on as equitable 
 a basis as can be found. 
 
 Other The diverse nature of these accounts forbids their 
 
 Expense inclusion in any of the foregoing, and therefore they 
 
 are grouped here. 
 
 Stock Purchases of materials and supplies to be consumed 
 
 Accounts during the season are charged to appropriate stock 
 accounts. Shortage in supplies can be more readily 
 traced if thus kept separate. The amount used is determined 
 by inventory at close of year, and if the amount used, as thus 
 ascertained, is materially different from the amount used, based 
 on the factory reports, inquiry should be made to discover the 
 causes. 
 
 Miscellaneous The names of the accounts under this head sufn- 
 Income ciently indicate their nature, and therefore no ex- 
 
 tended comment is offered. 
 
 COMMODITY ACCOUNTS 
 
 Direct We now come to the DIRECT FACTORY COST, 
 
 Factory which, unlike the indirect or overhead expenses, 
 
 Cost vary directly with the quantities produced. In any 
 
 discussion of costs these items of Green Produce, 
 Labor, Cans, Boxes, Labels, etc., are always mentioned first. 
 They are therefore passed over in this introductory memo- 
 randum. Full particulars of these, as of all other accounts follow 
 in the Classification. 
 
 Factory These consist — first, of such items of factory over- 
 
 Overhead head expense as can be definitely allocated to one 
 Expense commodity at the time the expense is incurred, and 
 
 following this, at the year's end the proportion of 
 FACTORY OVERHEAD EXPENSE of the entire factory 
 which this one commodity should bear. 
 
 Selling This group is not unlike Factory Overhead Ex- 
 
 Expense penses, except that these expenses relate to the 
 
 selling of the finished goods. This is distributed as 
 (Commodity) SELLING EXPENSE at the year's end. 
 
All expenses must ultimately be charged to some Commodity 
 Account. The chief reason why all are not thus charged at once 
 is that some expense or burden cannot be charged to the com- 
 modities until the total expense is known, and until the total 
 production and sales are known. 
 
 Income Income is as distinct from Costs or Expenses as day- 
 
 Accounts light from dark . True, there may be a fringe of twi- 
 light where an incidental income (such as sales of 
 raw materials and supplies) affects Expense, or 
 where an expense (such as freight on returned product) dimin- 
 ishes income. But these minor and exceptional items rather 
 emphasize the fact that income is in a class by itself.' 
 
 The old time method of charging goods purchased to Mer- 
 chandise and crediting goods sold to the same account, is the best 
 method yet devised for effectually concealing business operations. 
 It tells you nothing — it gets you nowhere. The single entry method 
 of taking inventory of everything at the end of each year and com- 
 paring the inventories, without carrying any ledger accounts except 
 with Cash and with Customers, will supply as much information 
 as this faulty and all too common method of telescoping merchan- 
 dise purchases and sales. 
 
 Sales represent income directly applicable to the commodity and 
 the Commodity Sales Account receives credit as and when the buyer 
 is charged. 
 
 Farm If the canner grows his own product, or any part of it, 
 
 Accounts this is a separate and distinct activity — the result of 
 
 which is brought into the Factory Accounts at the 
 close of the year — based on his success at growing the crops. The 
 loss, if any, indicated by the excess of all Farm Expense over all 
 Farm Income represents the hazard attendant upon growing his own 
 produce. 
 
 The structure and arrangement of the accounts in 4;his Classi- 
 fication has been influenced to some extent by suggestions of the 
 Federal Trade Commission as to governmental requirements. 
 
INDEX 
 
 THE CANNING COMPANY 
 
 CLASSIFICATION OF ACCOUNTS 
 Effective , 191... 
 
 Investment Accounts 
 
 1. Factory Site. 
 
 2. General Buildings. 
 
 3. General Machinery. 
 
 4. Corn Buildings. 
 
 5. Corn Machinery. 
 
 6. Pea Buildings. 
 
 7. Pea Machinery. 
 
 8. Tomato Buildings. ' 
 
 9. Tomato Machinery. 
 
 10. Buildings. 
 
 11. Machinery. 
 
 20. Office Furniture and Fixtures. 
 25. Automobiles. 
 
 Depreciation Reserve Accounts 
 
 32. General Buildings Depreciation Reserve. 
 
 33. General Machinery Depreciation Reserve. 
 
 37. Corn Buildings Depreciation Reserve. 
 
 38. Corn Machinery Depreciation Reserve. 
 
 40. Pea Buildings Depreciation Reserve. 
 
 41. Pea Machinery Depreciation Reserve. 
 
 43. Tomato Buildings Depreciation Reserve. 
 
 44. Tomato Machinery Depreciation Reserve. 
 
 45. Buildings Depreciation Reserve. 
 
 46. Machinery Depreciation Reserve. 
 
 51. Office Furniture and Fixtures Depreciation Reserve. 
 Open ledger accounts with numbered accounts only. 
 
INDEX 
 
 Capital Accounts 
 
 60. Capital Stock. 
 
 61. Surplus (or Deficit) Account. 
 
 or 
 
 60. John Doe, Capital Account. 
 
 61. Richard Roe, Capital Account. 
 
 Direct Factory Cost 
 
 Direct Factory Costs are next in order, but to allow for ex- 
 pansion, these, together with the Commodity Income Accounts, 
 follow at the end of the Classification. 
 
 ^Factory Overhead Expense 
 
 70. Factory Superintendent. 
 
 71. ' Power Plant Expense. 
 
 72. Building and Machinery Repairs. 
 
 73. Insurance. 
 
 74. Taxes. 
 
 75. Factory Expense. 
 
 76. Factory Rent. 
 
 77. Interest on Short Term Notes. 
 
 88. Bonus — Factory Superintendent. 
 
 "Selling Expense 
 
 80. Selling Expense. 
 
 :: General Overhead Expense 
 
 89. Bonus — Officers and Managers. 
 
 90. Warehousing Expense. 
 
 91. Salaries — Officers and Managers. 
 
 92. Office Salaries and Expense. ' 
 
 93. General Expense. 
 
 94. Bad Debts. 
 
 95. Discount Allowed. 
 
 Income Accounts 
 
 Income Accounts are next in order, but to allow for expansion 
 they follow at the end of this Classification. 
 
 These represent expenses of the factory as a whole, which are ulti- 
 mately distributed to similar headings under specific commodities. 
 
INDEX 
 
 Stock Accounts — Supplies and Finished Goods 
 
 100. No. 2 Cans. 
 
 101. No, 2]/ 2 Cans. 
 
 102. No. 3 Cans. 
 Cans. 
 
 110. No. 2 Boxes. 
 
 111. No. iy 2 Boxes. 
 
 112. No. 3 Boxes. 
 Boxes. 
 
 120. Labels. 
 
 121. Sugar and Salt. 
 
 140. Canned Corn. 
 
 141. Canned Peas. 
 
 142. Canned Tomatoes. 
 
 Miscellaneous Accounts 
 
 160. Discount Received. 
 
 161. Interest Received. 
 
 162. Ensilage. 
 
 163. Incidental Income. 
 
 164. Interest Reserve. * 
 
 165. Profit and Loss. 
 
 166. Accounts Receivable Reserve. 
 
 167. Contingent Reserve. 
 
 168. Farm Profit and Loss. 
 
 98. Excess Profits Taxes. 
 
 99. Interest on Long Term Notes. 
 97. Income Taxes. 
 
INDEX 
 
 COMMODITY ACCOUNTS 
 
 Direct Factory Cost 
 
 200. Corn — Green. 
 
 201. Corn — Direct Labor. 
 
 202. Corn — Cans Used. 
 
 203. Corn — Boxes Used. 
 
 204. Corn— Labels. 
 
 205. Corn — Condiments LTsed. 
 
 Factory Overhead Expense 
 
 207. Corn — Depreciation Expense. 
 209. Corn — Factory Expense. 
 
 211. Corn — Interest on Short Term Notes. 
 
 Selling Expense 
 
 212. Corn — Brokerage and Commission. 
 
 213. Corn — Selling Expense. 
 
 214. Corn — Warehousing Expense. 
 
 216. Corn — Sales Allowances. 
 
 General Overhead Expense 
 
 215. Corn — General Expense. 
 
 Other Expense 
 
 217. Corn — Contingent Expense. 
 
 208. Corn — Income Taxes. 
 
 218. Corn — Interest on Long Term Notes. 
 
 219. Corn — Interest (a/c Investment). 
 
 Sales Accounts 
 
 220. Corn — Sales. 
 
 225. Corn — Sales Freight. 
 
 Commodity Accounts for all commodities are arranged on the 
 same general plan as above. 
 
 The index for all Commodity Accounts (Corn included) appears 
 on the next page. 
 
 10 
 
COMMODITY ACCOUNTS 
 
 Corn Peas Tom. 
 
 Direct Factory Cost 
 
 Green Produce 200 300 400 
 
 Direct Labor 201 301 401 
 
 Cans Used 202 302 402 
 
 Boxes Used 203 303 403 
 
 Labels 204 304 404 
 
 Condiments Used 205 305 405 
 
 Factory Overhead Expense 
 
 Depreciation Expense 207 307 407 
 
 Factory Expense 209 309 409 
 
 Interest on Short Term Notes 211 311 411 
 
 Selling Expense 
 
 Brokerage and Commission.. 212 312 412 
 
 Selling Expense 213 313 413 
 
 Warehousing Expense 214 314 414 
 
 Sales Allowances 216 316 416 
 
 General Overhead Expense 
 
 General Expense 215 315 415 
 
 Other Expense 
 
 Contingent Expense 217 317 417 
 
 Income Taxes 208 308 408 
 
 Interest on Long Term Notes. 218 318 418 
 
 Interest (a/c Investment) . . . 219 319 419 
 
 INDEX 
 
 500 
 
 600 
 
 501 
 
 601 
 
 502 
 
 602 
 
 503 
 
 603 
 
 504 
 
 604 
 
 505 
 
 605 
 
 507 
 
 607 
 
 509 
 
 609 
 
 511 
 
 611 
 
 512 
 
 612 
 
 513 
 
 613 
 
 514 
 
 614 
 
 516 
 
 616 
 
 515 615 
 
 508 
 
 608 
 
 518 
 
 618 
 
 519 
 
 619 
 
 Sales 
 
 Sales Freight 225 
 
 Sales Accounts 
 
 220 320 420 520 620 
 
 325 
 
 425 525 625 
 
 Insert names of commodities packed at head of each column. 
 
 11 
 
INDEX 
 
 FARM ACCOUNTS 
 
 900. Farm Labor. 
 
 901. Horses and Mules. 
 
 902. Farm Equipment. 
 
 903. Fertilizers. 
 
 904. Seed Corn. 
 
 905. Pea Seed. 
 
 906. Farm Rent. 
 
 907. Farm Depreciation Expense. 
 
 908. Miscellaneous Seed. 
 
 909. Cattle Account. 
 
 910. General Farm Expense. 
 
 911. Farm Maintenance. 
 
 912. Farm Interest (a/c Investment). 
 
 913. Farm Interest Paid. 
 920. Farm Income. 
 
 925. Farm Lands. 
 
 930. Farm Buildings. 
 
 935. Farm Buildings Depreciation Reserve. 
 
 168. Farm Profit and Loss. 
 
 12 
 
INVESTMENT ACCOUNTS 
 
 1 FACTORY SITE 
 
 Charge original cost, also filling, tiling, roadways 
 and other improvements. 
 
 2 GENERAL BUILDINGS 
 
 Includes switch track. 
 
 3 GENERAL MACHINERY 
 
 4 CORN BUILDINGS 
 
 5 CORN MACHINERY 
 
 6 PEA BUILDINGS 
 
 7 PEA MACHINERY 
 
 8 TOMATO BUILDINGS 
 
 9 TOMATO MACHINERY 
 
 Charge to the foregoing accounts cost of factory 
 buildings and factory machinery and equipment 
 and actual new additions, together with all ex- 
 penses of installation. 
 Charge electric, steam and water lines. 
 
 Note. — Charge to these accounts machinery and 
 equipment of a permanent character (usually such 
 as is screwed or bolted or strapped to or otherwise 
 permanently installed in the building) including 
 the original investment in machine tools, parts, and 
 belts and pulleys necessary to its complete installa- 
 tion for use. 
 
 Repairs, replacements and renewals of belts and 
 accessories or of the machines themselves are 
 charged to the appropriate machinery repair ac- 
 count. 
 
 20 OFFICE FURNITURE AND FIXTURES 
 
 DR. Office Equipment — including desks, safe, adding 
 machine, typewriter, check protector, etc. 
 Similar equipment in factory. 
 Time recording system, exclusive of wiring. 
 Charge new additional equipment only. 
 
 25 AUTOMOBILES 
 
 DR. Automobiles and all expenses of maintenance and 
 operation, including insurance. 
 
 "Horses, mules and wagons, factory" may be sub- 
 stituted or added if these are used only for fac- 
 tory purposes. 
 
 13 
 
DEPRECIATION RESERVE ACCOUNTS 
 
 A separate (Credit) Reserve Account is opened 
 for reserves against each property to be depre- 
 ciated, such as: 
 
 32 GENERAL BUILDINGS DEPRECIATION RESERVE 
 
 33 GENERAL MACHINERY DEPRECIATION 
 
 RESERVE 
 
 37 CORN BUILDINGS DEPRECIATION RESERVE 
 
 38 CORN MACHINERY DEPRECIATION RESERVE 
 
 40 PEA BUILDINGS DEPRECIATION RESERVE 
 
 41 PEA MACHINERY DEPRECIATION RESERVE 
 
 43 TOMATO BUILDINGS DEPRECIATION RESERVE 
 
 44 TOMATO MACHINERY DEPRECIATION RESERVE 
 
 51 OFFICE FURNITURE AND FIXTURES DEPRECIA- 
 TION RESERVE 
 
 CAPITAL ACCOUNTS 
 
 60 CAPITAL STOCK 
 
 61 SURPLUS 
 
 or 
 
 60 JOHN DOE—CAPITAL ACCOUNT 
 
 61 RICHARD ROE— CAPITAL ACCOUNT 
 
 14 
 
FACTORY OVERHEAD EXPENSE 
 
 70 FACTORY SUPERINTENDENT 
 
 DR. Salary and expenses of Superintendent. 
 
 71 POWER PLANT EXPENSE 
 
 DR. All expense of operating power plant, including 
 coal, freight and labor unloading. 
 
 Wages of engineer and fireman. 
 
 Electric lamps. 
 
 Electric Energy purchased. 
 
 Waste, packing, engine and boiler room supplies. 
 
 72 BUILDING AND MACHINERY REPAIRS 
 
 DR. Repairs and maintenance of general factory build- 
 ings, grounds, walks and roadways. 
 
 Maintenance of switch track. 
 
 DR. Repairs and renewals of general machinery, tools 
 and factory equipment. 
 
 Belting renewals. 
 
 Note. — Belting for original installation of new 
 machines is charged to an Investment Account. 
 
 73 INSURANCE 
 
 DR. Fire, boiler, fidelity, employers liability. 
 
 Note.- — Charge Insurance on automobile to Auto- 
 mobiles (25). 
 
 Charge Insurance on Canned Goods direct to 
 Warehousing Expense (90). 
 
 See note regarding insurance at Canners Exchange 
 on page 38. 
 
 74 TAXES 
 
 DR. Real and Personal taxes accrued, whether paid or 
 not paid. 
 
 For Income and Excess Profits taxes see accounts 
 Nos. 97 and 98. 
 
 15 
 
FACTORY OVERHEAD EXPENSE 
 
 75 FACTORY EXPENSE 
 
 DR. Wages of watchman. 
 
 Wages of foreman, except during pack. 
 Wages of Timekeeper and Paymaster. 
 Water taxes. Gas and electric light purchased. 
 Factory labor which cannot be charged to 
 Corn accounts 201 or 209. 
 Pea accounts 301 or 309. 
 Tomato accounts 401 or 409. 
 Royalties and rentals of leased machines used in 
 
 the manufacture of more than one commodity. 
 Miscellaneous factory expense not chargeable to 
 
 a specific commodity account. 
 
 Small tools and appliances for general factory use. 
 
 Following are items of portable equipment which 
 
 are chargeable to this account, except where 
 
 such expenditures can with reasonable accuracy 
 
 be charged to a specified commodity expense 
 
 account : 
 
 Aprons 
 
 Barrels 
 
 Baskets (wood, wire, steel) 
 Belt Tightener 
 
 Block and tackle 
 
 Box-making benches 
 
 Box nails 
 
 Brooms 
 
 Brushes 
 
 Card Punch 
 
 Clocks 
 
 Crates (wood, wire, steel) 
 
 Cuspidors 
 
 Disinfectants 
 
 Factory chairs and stools 
 
 Lanterns 
 
 Lacquer 
 
 Lubricating oil 
 
 Oil cans and other portable 
 containers for factory sup- 
 plies 
 
 Paste 
 
 Pipe threaders 
 
 Potato forks 
 
 Portable heaters 
 
 Shovels 
 
 Soap 
 
 Solder 
 
 Smithing tools 
 
 Scales (portable) 
 
 Fire extinguishers (portable) Stamps (rubber) 
 
 First Aid supplies 
 
 Flux 
 
 Grindstones (small) 
 
 Gasoline 
 
 Gloves 
 
 Husking baskets 
 
 Hose 
 
 Jack screws 
 
 Kerosene 
 
 Knives 
 
 Ladders 
 
 Stencils 
 
 Stoves 
 
 Toilet supplies 
 
 Towels 
 
 Taps and dies 
 
 Trays (wood, wire, steel) 
 
 Time and piece work checks 
 
 Trucks 
 
 Uniforms 
 
 Wheelbarrows 
 
 Wrenches 
 
 Credit inventory at end of fiscal year. 
 16 
 
FACTORY OVERHEAD EXPENSE 
 
 76 FACTORY RENT 
 
 DR. Rent actually paid for factory rented from others. 
 
 77 INTEREST ON SHORT TERM NOTES 
 
 DR. Interest paid on borrowed money or on negotiable 
 paper maturing within one year from its date. 
 
 (See also Account No. 99.) 
 
 88 BONUS— FACTORY SUPERINTENDENT 
 
 Charge extra compensation paid to Superintendent 
 above stipulated salary. 
 
 17 
 
• 
 GENERAL SELLING EXPENSE 
 
 80 SELLING EXPENSE 
 
 Charge selling expenses of a general character 
 which are not applicable to commodity Selling 
 Expense Accounts, including 
 
 Salaries and expenses of salesmen. 
 
 Advertising Price lists. 
 
 Cost of, samples and express on same — cartons and 
 parcel postage. 
 
 Demonstration and display. 
 
 Traveling and entertainment in the interest of 
 selling canned goods. 
 
 All expenses of selling goods, except brokerage. 
 
 95 DISCOUNT ALLOWED 
 
 DR. Cash discount allowed on sales. 
 
 IS 
 
GENERAL OVERHEAD EXPENSE 
 
 89— BONUS —OFFICERS AND MANAGERS 
 
 DR. Extra Compensation paid to officers and managers. 
 
 90 WAREHOUSING EXPENSE 
 
 DR. Insurance on Canned Goods. 
 
 Labelling and loading canned goods. 
 
 Lacquering and relabelling damaged goods. 
 
 Heating and other warehouse expense. 
 
 Storage, insurance, lacquering, relabelling and other 
 expenses in connection with consigned and re- 
 jected goods. 
 
 91 SALARIES— OFFICERS AND MANAGERS 
 
 Charge Salaries, Officers and Managers. 
 
 92 OFFICE SALARIES AND EXPENSE 
 
 DR. Salaries of office help other than that which is 
 chargeable to the preceding account, No. 91. 
 
 Office supplies, stationery, postage, telephone and 
 telegraph. 
 
 Exchange and collection charges. 
 
 Light and heat for office. 
 
 Similar expenses of factory office. 
 
 19 
 
GENERAL OVERHEAD EXPENSE 
 
 93 GENERAL EXPENSE 
 
 DR. Legal fees. 
 
 Audit and appraisal fees. 
 
 Association membership and convention expenses. 
 
 Trade paper subscriptions. 
 
 Miscellaneous expense which cannot be charged to 
 other operating accounts. 
 
 Compensation paid to injured employees, not recov- 
 erable from Insurance Companies. 
 
 Charge to this account sparingly. 
 
 94 BAD DEBTS 
 
 DR. Uncollectable accounts. (See page 37.) 
 
 20 
 
STOCK ACCOUNTS—SUPPLIES AND FINISHED GOODS 
 
 100 No. 2 CANS 
 
 DR. No. 2 Cans, including* freight and labor unloading. 
 
 101 No. 2y 2 CANS 
 
 DR. No. 2J4 Cans, including freight and labor unloading. 
 
 102. No. 3 CANS 
 
 DR. No. 3 Cans, including freight and labor unloading. 
 
 110 No. 2 BOXES 
 
 DR. No. 2 Boxes, including freight and labor unloading. 
 No. 2 Shooks and labor making. 
 
 111. No. 2% BOXES 
 
 DR. No. 2^ Boxes, including freight and labor un- 
 loading. 
 No. 2]/2 Box Shooks and labor making. 
 
 112 No. 3 BOXES 
 
 DR. No. 3 Boxes, including freight and labor unloading. 
 No. 3 Box Shooks and labor making. 
 
 120 LABELS 
 
 If labels (with or without imprinting) may be used 
 for two or more commodities, charge same to this 
 account, including freight. 
 
 121 SUGAR AND SALT 
 
 DR. Sugar, salt and inward freight. 
 CR. Sales of these commodities. 
 
 140 CANNED CORN 
 
 141 CANNED PEAS 
 
 142 CANNED TOMATOES 
 
 DR. Inventory of canned goods at beginning of fiscal 
 period. 
 Canned goods purchased. 
 
 CR. Inventory of canned goods at close of fiscal period. 
 
 21 
 
MISCELLANEOUS ACCOUNTS 
 
 160 DISCOUNT RECEIVED 
 
 CR. Cash discounts received on purchases. 
 
 161 INTEREST RECEIVED 
 
 CR. Interest received on notes and accounts. 
 
 162 ENSILAGE 
 
 CR. Ensilage sold. 
 
 163 INCIDENTAL INCOME 
 
 CR. Sales of barrels and other containers. 
 
 Sale of hard corn, peas, ripe tomatoes, etc. 
 Storage and insurance billed to customers. 
 Sale of waste products of factory. 
 Sales of dented canned goods. 
 
 Miscellaneous factory income from every source, ex- 
 cept sales of sugar and salt. 
 Retail or accommodation sales of green produce. 
 
 164 INTEREST RESERVE 
 
 After crediting to this account at the close of the 
 fiscal year the amount of interest account invest- 
 ment, as directed on page 45, close the account 
 by transfer to Profit and Loss. 
 
 165 PROFIT AND LOSS 
 
 To be opened at end of year only. (See page 48.) 
 Balance to be carried to Account No. 61, 
 Surplus Account. 
 
 166 ACCOUNTS RECEIVABLE RESERVE 
 
 See page 37. 
 
 167 CONTINGENT RESERVE 
 
 See Account No. 217. 
 
 168 FARM PROFIT AND LOSS 
 
 To be opened at close of year only — see instruc- 
 tions elsewhere in this classification. 
 
 98 EXCESS PROFITS TAXES 
 
 DR. State and Federal Excess Profits Taxes. 
 
 99 INTEREST ON LONG TERM NOTES 
 
 DR. Interest on notes or bonds maturing one year or 
 more from date of issue. In case of notes re- 
 newed, the date of issue is construed as being the 
 date of issue of the original note. 
 (See also No. 77.) 
 
 97 INCOME TAXES 
 
 DR. State and Federal Income Taxes. 
 
 22 
 
COMMODITY ACCOUNTS 
 
 Direct Factory Cost 
 
 200 CORN — GREEN 
 
 DR. Seed furnished free to farmers who are under con- 
 tract to grow corn for factory (or loss on seed sold 
 to farmers at a concessional price). 
 
 Green corn purchased from farmers. 
 
 Green corn grown by factory at current prices 
 (credit Farm Income No. 920). 
 
 Transfer to this account, corn proportion of loss 
 or gain on Farm Operations. If a loss, this 
 figure represents the loss due to crop hazard. 
 
 201 CORN — DIRECT LABOR 
 
 DR. Direct labor receiving, preparing, processing and 
 stacking goods in warehouse. 
 
 Wages of foreman, during pack. 
 
 Railroad fare, board, expenses of help, including 
 bunk house equipment, and suits and boots for 
 field men if used for corn only. 
 
 Husking checks redeemed. All labor employed in 
 and about factory during corn pack, except as oth- 
 erwise provided for herein. 
 
 202 CORN — CANS USED 
 
 DR. Cans used for corn (by Journal transfer from Stock 
 accounts at close of season). 
 
 203 CORN — BOXES USED 
 
 DR. Boxes used for corn (by Journal transfer from Stock 
 accounts at close of season). 
 
 204 CORN — LABELS 
 
 DR. Labels purchased for corn, including freight and ex- 
 press on same. 
 
 Labels purchased and charged to Labels Account and 
 used for corn (by Journal transfer from Stock 
 account at close of season). 
 
 Label allowances to buyers of canned corn. 
 23 
 
COMMODITY ACCOUNTS 
 
 Direct Factory Cost 
 
 205 CORN — CONDIMENTS USED 
 
 DR. Sugar and Salt used for corn (by Journal transfer 
 from Stock accounts at close of season). 
 
 Other spices or seasonings used. 
 
 Factory Overhead Expense 
 207 CORN — DEPRECIATION EXPENSE 
 
 Instructions regarding depreciation are given else- 
 where in this Classification. 
 
 209 CORN — FACTORY EXPENSE 
 
 DR. Royalties and rentals of leased machines used ex- 
 clusively for corn. 
 
 Miscellaneous factory expense chargeable to corn. 
 
 Small tools and appliances used exclusively on corn. 
 
 Any item listed under Factory Expense (75) 
 which can be equitably charged to Corn Factory 
 Expense. 
 
 211 CORN — INTEREST ON SHORT TERM NOTES 
 
 Charge through Journal only at end of year, as ex- 
 plained on page 46. 
 
 24 
 
COMMODITY ACCOUNTS 
 Selling Expense 
 
 212 CORN — BROKERAGE AND COMMISSION 
 
 DR. Brokerage paid on corn sales. 
 
 213 CORN — SELLING EXPENSE 
 
 DR. Salaries and expenses of salesmen. 
 
 Advertising — Price Lists. 
 
 Cost of samples and express on same — Cartons and 
 parcel postage. 
 
 Demonstration and display. 
 
 Travelling and entertainment in the interest of sell- 
 ing canned corn. 
 
 All expenses of selling corn, except brokerage. 
 
 See also Selling Expense (80). 
 
 214 CORN — WAREHOUSING EXPENSE 
 
 Charge through Journal entry only, at close of fis- 
 cal year. (See page 44.) 
 
 216 CORN — SALES ALLOWANCES 
 
 DR. Allowances to buyers for overcharge, shortage, 
 spoils, swells. 
 
 Inward freight and cartage on canned corn re- 
 turned. 
 
 General Expense 
 215 CORN — GENERAL EXPENSE 
 
 Charge to this account direct, only such corn ex- 
 pense as cannot possibly be charged to other "two 
 hundred ,, accounts. 
 
 25 
 
COMMODITY ACCOUNTS 
 Other Expense 
 
 217 CORN — CONTINGENT EXPENSE 
 
 This account is created and used to provide a 
 margin of safety covering losses or expenses, 
 such as those resulting from fire, accidents to 
 employees not covered by insurance, or insuf- 
 ficiently covered ; crop failure, excessive spoil- 
 age, overproduction, etc. 
 
 Charge this account with cents per doz. for 
 
 all goods packed, and credit Contingent Reserve 
 167. 
 
 208 CORN — INCOME TAXES 
 
 Charge through Journal entry only at close of fiscal 
 year. (See page 43.) 
 
 218 CORN — INTEREST ON LONG TERM NOTES 
 
 Charge through Journal entry only at end of fiscal 
 year. (See page 46.) 
 
 219 CORN — INTEREST (a/c Investment) 
 
 At close of year transfer portion of the account In- 
 terest (a/c Investment) to this account, as ex- 
 plained on page 45. 
 
 26 
 
COMMODITY ACCOUNTS 
 
 Sales Accounts 
 
 220 CORN— -SALES 
 
 CR. Sales of canned corn, including outward freight 
 billed. 
 
 DR. Allowances for canned corn returned. 
 
 225 CORN-— SALES FREIGHT 
 
 DR. Outward freight and cartage paid on canned corn 
 sold. 
 
 Freight allowances to buyers. 
 
 Accounts 200-225 Corn, are typical of 
 
 Accounts 300-325 Peas 
 
 Accounts 400-425 Tomatoes, etc., as outlined on page 11 
 
 27 
 
FARM ACCOUNTS 
 
 900 FARM LABOR 
 
 DR. Labor plowing and fertilizing land and seeding, cul- 
 tivating and harvesting crops. 
 
 Salary of farm superintendent, farm and barn help. 
 
 901 HORSES AND MULES 
 
 DR. Horses and mules used in farming. 
 
 Feed, shoeing and veterinary service. 
 
 902 FARM EQUIPMENT 
 
 DR. Farming implements, wagons, harness, tools, etc. 
 
 903 FERTILIZERS 
 
 DR. Fertilizers purchased and freight thereon. 
 
 Fertilizers produced on own farms — if practicable. 
 
 904 SEED CORN 
 
 DR. Inventory at start. 
 
 Seed corn purchased. 
 Factory grown seed. 
 
 CR. Seed furnished free to farmers who are under con- 
 tract to grow corn for factory (or loss on seed 
 sold to farmers at a concessional price). 
 
 (Charge Corn— Green 200.) 
 
 CR. Inventory at close. 
 
 905 PEA SEED 
 
 DR. Inventory at start. 
 
 Pea seed purchased. 
 Factory grown seed. 
 
 CR. Seed furnished free to farmers who are under con- 
 tract to grow peas for factory (or loss on seed 
 sold to farmers at a concessional price). 
 
 (Charge Peas— Green 300.) 
 28 
 
FARM ACCOUNTS 
 
 906 FARM RENT 
 
 DR. Rent paid for farms actually rented from others. 
 
 907 FARM DEPRECIATION EXPENSE 
 
 DR. Depreciation of farm property subject to deprecia- 
 tion. 
 
 908 MISCELLANEOUS SEED 
 
 DR. Seed purchased for crop rotation. 
 
 909 CATTLE ACCOUNT 
 
 DR. Cattle purchased. 
 
 Feed purchased for cattle. 
 
 Ensilage and farm grown feed consumed. 
 
 Labor of barn man in charge of cattle. 
 
 CR. Cattle sold. 
 
 Open separate accounts with different classes of stock if 
 desired. 
 
 910 GENERAL FARM EXPENSE 
 
 DR. Gasoline for gas engines. 
 
 Coal for tank heaters. 
 
 Farm telephone rent. 
 
 All petty expenditures for the benefit of the whole 
 farm. 
 
 Livery and auto hire for farm use. 
 
 Insurance on live stock and farm buildings. 
 
 Taxes on farm property — real and personal. 
 
 911 FARM MAINTENANCE 
 
 DR. Cost of repairing fences, buildings and all expenses 
 of upkeep. 
 
 29 
 
FARM ACCOUNTS 
 
 912 FARM INTEREST (a/c Investment) 
 
 Charge this account with interest on farm lands 
 owned by Company. 
 
 If there are mortgages against these farms charge 
 only the interest on equity to account 912. 
 
 Credit Interest Reserve (164) 
 
 913 FARM INTEREST PAID 
 
 Charge this account with interest paid on farm 
 mortgages. 
 
 920 FARM INCOME 
 
 CR. Produce grown for factory at current prices. 
 
 Sales of farm produce and waste products. 
 
 Hauling for farmers. 
 
 Other Farm Income, including teaming, house 
 rent, pasture rent, etc. 
 
 925 FARM LANDS 
 
 A separate account is carried with each parcel of 
 real estate owned. 
 
 Charge original cost, also filling, tiling, roadways 
 and other improvements. 
 
 930 FARM BUILDINGS 
 
 Charge this account with cost of farm buildings 
 and actual new additions. 
 
 Charge repairs and renewals to No. 911. 
 
 935 FARM BUILDINGS DEPRECIATION RESERVE 
 
 Credit Depreciation on Farm Buildings (charge 
 No. 907). 
 
 30 
 
INSTRUCTIONS FOR THE ACCOUNTANT 
 REGARDING METHOD OF USING CLASSIFICATION 
 
 What Books This system of keeping accounts does not necessarily 
 Are Necessary call for new books or different books from those now 
 in use. 
 
 It does require books, however, and books of the best quality are 
 recommended. 
 
 Books should be kept by double entry. 
 
 Ledger Any standard ledger, bound or loose-leaf, may be 
 
 used. Some considerations favor a loose-leaf book, 
 especially if accounts with customers and creditors are carried in 
 the same ledger. If a loose-leaf ledger is used, a standard size is 
 recommended — sheet 11 x 11, 9 x 12, or 12 x 11. 
 
 Get a good ledger. Cheap books are poor economy — to say noth- 
 ing of the respect and care that high grade materials command, 
 both from proprietor and bookkeeper. 
 
 Cash Book It is not possible to name any book which is alike 
 adaptable to all, but a 150 folio page, six column 
 journal, demi size, 15^ x 10*4 or thereabouts, will probably meet 
 the needs of the greater number. 
 
 Journal This may be a little smaller than the Cash Book, ruled 
 
 with 2 or 3' columns at right of writing space — 100 
 pages (cap size, 13^x8^4). 
 
 Sales For this purpose a standard size recapitulation sheet, 
 
 Journal %y 2 x 11, punched to fit a binder, is recommended. 
 
 Stationers in the larger cities carry multiple col- 
 umn books which serve the same purpose. 
 
 Pay-Roll No special form of pay-roll book is recommended. 
 
 Book 
 
 Stock and The use of stock or stores records and purchase requi- 
 
 Purchase sitions is optional. 
 
 Records 
 
 Designation Ledger accounts in this classification are designated 
 of Accounts both by name and number. These may be used inter- 
 changeably. The ledger account, for example, will 
 bear the name POWER PLANT EXPENSE and also show the 
 
 31 
 
account number 71." When charging labor or supplies to this 
 account the pay roll or invoice may carry either the number or the 
 name, or both, to indicate the account to be charged. 
 
 The terms "Corn," "Peas," "Tomatoes," used herein, are illus- 
 trative only. The names of any commodities manufactured may be 
 substituted therefor. 
 
 All account names given in this classification, for that matter, 
 are merely suggestive, and if some other name better suits any asset, 
 expense or income account, that name should be substituted. The 
 Classification should be made to fit the business, rather than try 
 to make the business fit the Classification. The general division 
 of accounts, however, should be closely adhered to. Combine or 
 subdivide under the divisional headings according to your individual 
 requirements. v 
 
 Adaptation of If two factories in different localities are operating 
 Classification substantially as a single enterprise then the "200" ac- 
 to Two or counts may be used for corn at Factory A and the 
 More Fac- "500" accounts may be used similarly for corn at 
 tories Factory B. It may be advisable further, in some in- 
 
 stances, to separate any or all of the general factory 
 expenses and general office expenses by having a separate set of 
 accounts. Use the same numbers, but follow the number with the 
 letter A to indicate Factory A, and a separate ledger account of 
 the same number followed by B, to provide for similar expenses at 
 Factory B. * 
 
 The method of gathering these expenses together at the year's 
 end, particularly the office expenses, is one that can scarcely be 
 discussed in an outline such as this. Special considerations might 
 favor combining all expenses of Factory B separately, to determine 
 the cost of producing goods at Factory B. In other instances, 
 accounts 74-A and 74-B, for example, or 91-A and 91-B, would 
 be combined and figured as one account at the end of the year, the 
 only object in keeping them separate during the year being to 
 obtain information concerning the total of these items at each 
 plant. Selling Expenses at both factories would almost invariably 
 be charged to a single set of selling expense accounts. 
 
 Treatment When packing an incidental or side line, it is not ad- 
 
 of Smaller visable to attempt to departmentize each separate 
 
 Commodity product, but rather group kindred items under the 
 
 Accounts headings : 
 
 Sweet Potatoes Costs. 
 Sweet Potatoes Sales. 
 
 Small Fruits Costs. 
 Small Fruits Sales. 
 
 32 
 
Similar consolidations of other miscellaneous or incidental lines 
 may be made, not so much for the information obtained concern- 
 ing these incidental lines as to distinguish these expenses and in- 
 come from those of the regular lines. 
 
 Investment The method of acquiring the property does not con- 
 Accounts cern us here. It may be given by the founders in 
 exchange for capital stock; it may be acquired from 
 the municipality without payment of cash, or at a concessional 
 price, in consideration of locating the factory at a certain place. 
 It may be acquired through consolidation of companies, or as a 
 straight out-and-out purchase for value, or taken in trade; but in 
 any case, the property acquired is very properly charged to a 
 ledger account, which accurately and briefly describes the asset. 
 
 Charges to Investment Accounts should be fully itemized so that 
 a list of the property can be made from the books, for appraisal, 
 for proof of fire loss, and for valuation in case of sale or purchase 
 of all or any part of plant equipment. 
 
 These values should not be changed except in case of sale or 
 abandonment of equipment, or purchase of new additional equip- 
 ment, or re-appraisal. 
 
 Charge cost or appraisal value, and actual new additions only. 
 Charge repairs, replacements and renewals to appropriate factory 
 expense or commodity accounts. 
 
 Machinery purchased and used exclusively for the manufacture 
 of peas, for example, is charged to Pea Machinery (7). Buildings 
 used exclusively for packing corn are charged to Corn Build- 
 ings (4). 
 
 Property used for manufacturing more than one commodity is 
 charged to General Buildings (2), General Machinery (3), etc. 
 Itemize all charges to Investment Accounts. 
 
 It is extremely important that a sharp distinction be observed 
 between charges to Investment accounts (2 to 20) and Repair 
 and renewal accounts (72 and 92). Investment Accounts should 
 be charged with new additional equipment only. Equipment pur- 
 chased to replace wornout equipment should be charged to the 
 appropriate repair account. Extraordinary repairs which it is not 
 advisable to charge against the profits of a single year should be 
 charged to a separate Rehabilitation Expense account. This ex- 
 pense may be spread over two or more years, but it should be 
 entirely charged off against operating expense within a compara- 
 tively short term. 
 
 33 
 
Depreciation Depreciation on Buildings, Machinery and Equipment 
 is charged at the end of the fiscal year only. 
 
 Depreciation on Corn Buildings is charged to Corn Depreciation 
 Expense (207) and credited to Corn Buildings Depreciation Re- 
 serve (37). 
 
 Depreciation on Corn Machinery is charged to Corn Deprecia- 
 tion Expense (207) and credited to Corn Machinery Depreciation 
 Reserve (38). 
 
 Depreciation on General Buildings is charged to: 
 
 Corn — Depreciation Expense (207) 
 
 Peas — Depreciation Expense (307) 
 
 Tomatoes — Depreciation Expense (407) 
 
 according to the proportion established for Accounts 70, 72, 75, 76. 
 Credit General Buildings Depreciation Reserve (32). 
 
 Depreciation on General Machinery, is charged to : 
 
 Corn — Depreciation Expense (207) 
 
 Peas — Depreciation Expense (307) 
 
 Tomatoes — Depreciation Expense (407) 
 
 Credit General Machinery Depreciation Reserve (33). 
 
 Depreciation on Office Furniture and Fixtures is charged to 
 Office Expense (92) and credited to Office Furniture and Fixtures 
 Depreciation Reserve (51). 
 
 Rates of The following rates of depreciation are taken from 
 
 Depreciation the report of the Cost Committee of the New York 
 Canners' Association. 
 
 The percentages here named are understood to be minimum 
 annual rates: 
 
 Per Cent 
 
 Buildings, Brick, Stone or Cement 2 
 
 Buildings, brick, stone or cement ; shingle, gravel 
 
 or composition roof — wood floor 3 
 
 Buildings, Frame — any roof — wood floors 4 
 
 Sheds, cement floors 4 
 
 Office Furniture and Fixtures 5 
 
 Machinery 10 
 
 i 
 
 24 
 
The question of depreciation must be squarely faced- and an 
 adequate rate applied to diminish the plant value, so that when 
 equipment is worn out or abandoned the cost of the property less 
 salvage value will have been charged off. 
 
 Canned Goods All sales of canned corn are credited to this account, 
 Sales without respect to size of cans. Sales are summarized 
 
 according- to sizes, and these summaries show the 
 number of dozens opposite the amount of each sale. That is to 
 say: No. 1 size is summarized both as to quantities and amounts; 
 No. 2 is summarized the same way. The total amount of No. 1 
 sales is credited to "Corn Sales." The total amount of No. 2 sales 
 is credited to "Corn Sales." The summary affords statistical 
 information concerning quantities and values of each size. 
 
 It is presumed that canned goods sold to officers and employees 
 or to local tradesmen will be billed the same as all other sales of 
 canned goods, so that the file containing copies of invoices will 
 exhibit a complete record of sales both as to the quantity and 
 value. This does not imply that a ledger account must be opened 
 for each person who buys canned goods. An account may be 
 opened if desired with CASH CUSTOMERS, which account is 
 charged through the Sales invoice and credited through the cash 
 book simultaneously. 
 
 Canned Goods The factory should keep a record of canned goods 
 Samples sent as samples. At the end of the year these goods 
 
 are charged to accounts 213, 313, etc., at the same 
 price at which finished goods are taken into the inventory. 
 Credit Sales Accounts 220-320, etc. 
 
 Quantity of The number of cans of finished goods produced is 
 Salable arrived at from day to day through the record of the 
 
 Canned Goods can counters or crates, or stacks warehoused. There 
 Produced is naturally some shrinkage after the goods'pass these 
 
 counters and before they are shipped. Furthermore, 
 the counters themselves may include some block of goods twice 
 or omit them altogether. The dented tins, spoilage or factory cut 
 samples reduce the total merchantable pack. For our purpose, 
 therefore, the following method is suggested for arriving at actual 
 pack: 
 
 Cases 
 Sold during year (including samples sent out) . . 250,000 
 Inventory at close 50,000 
 
 Total 300,000 
 
 Less Inventory at start . 60,000 
 
 Packed, current year 240,000 
 
 35 
 
Customers This classification is intended to cover "Company 
 
 and Creditors Accounts" only or as may be said, the accounts 
 
 which the Company keeps with itself: 
 
 Accounts with individual customers (Accounts Receivable) or 
 
 Accounts with individual creditors (Accounts Payable) are 
 not shown herein. 
 
 It is pertinent to say, however, that when the Company pays 
 out money for others, the safe rule is to charge the personal ac- 
 count of the individual or firm to whom or for whose account the 
 money is paid out. Under this head appear : 
 
 Freight paid on goods bought F. O. B. delivery point. 
 
 Freight paid on goods sold F. O. B. factory. 
 
 Advances to salesmen. 
 
 Advances on salary. 
 
 Advances for purchases, as to one who is going out to buy seed 
 or cattle. 
 
 Payments on account of contract, etc., etc. 
 
 Accounts Receivable may be grouped separately if desired, and 
 operated as a separate or subsidiary ledger. # 
 
 Green If allowance is made to farmers on account of bad 
 
 Produce crops, such allowances are an item of cost and 
 
 should be charged to the Green Produce accounts 
 200-300, etc. 
 
 Salaries The time of the active head or heads directing the 
 
 . business should be charged as a part of the costs. 
 These salaries are to be reckoned at such compensation as would 
 be paid a man or men of similar capacity who otherwise would 
 be employed for such duty. 
 
 Prepaid Freight prepaid on goods sold f. o. b. factory should 
 
 Freight be charged to the buyer direct from the Cash Book. 
 
 If such an item is included in the invoice to the 
 buyer, be sure that it is not included (again) as a charge to 
 Accounts Receivable, or as a credit to sales accounts 220-320, etc. 
 
 Freight These and other expenses of transportation are 
 
 Cartage, charged to the account to which the thing trans- 
 
 Drayage, ported belongs. For example freight on cement 
 
 Parcel Post, used for a silo is charged to the same investment 
 Express account as the silo. Freight on cans is charged to 
 
 can accounts 100, 101, 102. 
 
Accounts At the end of the year, the Accounts Receivable out- 
 
 Receivable standing should be carefully reviewed with reference 
 Reserve to the probability of collection. Liberal allowances 
 
 should be made for accounts doubtful of collection. 
 Assume, for example, that the possible loss due to failure to col- 
 lect all Accounts Receivable at December 31st, is $500.00. Make 
 a journal entry thus : 
 
 DR. Bad Debts (94) $500.00 
 
 CR. Accounts Receivable Reserve (166) $500.00 
 
 To provide against anticipated loss 
 in collecting Accounts Receivable 
 outstanding Dec. 31, 191 — . 
 
 Any time after January 1st following, when any Accounts Receiv- 
 able prove to be uncollectable (as when the final dividend has 
 been declared on a bankrupt estate, or when a composition has 
 been made with a debtor) charge the uncollectable portion or 
 loss to Accounts Receivable Reserve and credit the debtor. At 
 the end of the succeeding year Accounts Receivable Reserve may 
 show either a debit or credit balance, and this balance must be 
 similarly adjusted at the end of this succeeding year, repeating 
 the method hereinabove described. 
 
 Daily Record Sometimes it is desirable to operate a Daily Record 
 of Costs of Costs for the purpose of comparing the green 
 
 produce, labor and supplies used with the canned 
 goods output. For this purpose all items used for the day or 
 week, or other period which the inquiry covers, which are charged 
 to accounts Nos. 200, 201, 202, 203, 204 and 205, should be totaled 
 and this total compared with finished goods produced within the 
 same period. 
 
 Total Factory Costs can be estimated by adding to the sum of 
 the above items the average cost of the items omitted, based on 
 your experience of past years. This total is of some value as a 
 gauge of factory efficiency, but it is not THE COST. True costs 
 cannot be accurately known until the close of the season or year, 
 when the total pack, total expenditures, costs, wastes, damage and 
 depreciation are finally determined. 
 
 37 
 
Insurance at Canners who carry this class of insurance will find 
 Canners it convenient to open three sub accounts 73 a, 73 b, 
 
 Exchange. 73 c. 
 
 73a CANNERS EXCHANGE EXPENSE AND GUARAN- 
 TEE FUND DEPOSIT. 
 
 DR. Unexpired Insurance at beginning of year. 
 Insurance premiums paid. 
 
 CR. Refund, account cancelled policies. 
 
 Annual refund from Canners Exchange. 
 Reserve accumulated during current year. 
 (Charge Surplus Reserve Deposit.) 
 Unexpired Insurance at close of year. 
 
 The debit balance appearing on this account at 
 the close of the year after all the foregoing entries 
 have been made represents cost of insurance for 
 the year, and as such should be handled the same 
 as account No. 73. 
 
 73 b CANNERS EXCHANGE RESERVE FUND DEPOSIT. 
 
 DR. Balance brought forward at beginning of year. 
 
 Reserve Fund portion of policies paid (Expense 
 and guarantee fund portion of new insurance is 
 charged to 73 a). 
 
 CR. Reserve Fund returned by Canners Exchange upon 
 
 cancellation of insurance. 
 
 The debit balance on this account should at all 
 times equal $2.00 for each $1,000.00 of insurance in 
 force. (The unit of $2.00 is not split.) 
 
 73 c CANNERS EXCHANGE SURPLUS RESERVE DE- 
 POSIT. 
 
 DR. Balance brought forward at beginning of year. 
 
 Interest credited on this Reserve per information 
 
 of Canners Exchange. 
 Surplus reserve (which reserve is simultaneously 
 credited to 73 a). 
 
 The debit balances appearing on 73 b and 73 c 
 are carried forward as assets to the year following, 
 as is also the Unexpired Insurance at close of the 
 year shown in 73 a. 
 
 38 
 
INSTRUCTIONS FOR CLOSING BOOKS 
 
 Accounts 100, 101, 102— CANS 
 
 At the close- of the fiscal year take inventory of these supplies 
 and transfer the cost of used cans by Journal Entry to the 
 following commodity accounts in proportion to the number 
 of cans of each commodity packed, taking up any shortage 
 pro rata. 
 
 Corn— Cans Used (202) 
 
 Peas— Cans Used (302) 
 
 Tomatoes — Cans Used (402) 
 
 Cans Used (502) 
 
 Cans Used (602) 
 
 Accounts 110, 111, 112— BOXES 
 
 At the close of the fiscal year take inventory of these supplies 
 and transfer the cost of used boxes by Journal Entry to the 
 following commodity accounts in proportion to the number 
 of cases of each commodity packed, taking up any shortage 
 pro rata. 
 
 Corn— Boxes Used • (203) 
 
 Peas— Boxes Used (303) 
 
 Tomatoes — Boxes Used (4&5) 
 
 Boxes Used (503) 
 
 —Boxes Used (603) 
 
 Account 120— LABELS 
 
 At the close of the fiscal year take inventory of these supplies 
 and transfer the cost of used labels by Journal Entry to the 
 following commodity accounts, according to the actual stock 
 used. 
 
 Corn— Labels (204) 
 
 Peas— Labels (304) 
 
 Tomatoes — Labels (404) 
 
 Labels (504) 
 
 Labels (604) 
 
 Under this method of distribution it is necessary for the stock- 
 man or other factory employee to keep a record of label stock 
 used in the manufacture of each commodity. 
 Account 99— INTEREST ON LONG TERM NOTES 
 
 At the close of year transfer balance of this account to the fol- 
 lowing accounts on the basis of number of dozens packed of 
 each commodity. 
 
 Corn — Interest on Long Term Notes (218) 
 
 Peas — Interest on Long Term Notes (318) 
 
 Tomatoes — Interest on Long Term Notes (418) 
 
 Interest on Long Term Notes (518) 
 
 L — Interest on Long Term Notes (618) 
 
 39 
 
Account 121— SUGAR AND SALT 
 
 At the close of the fiscal year take inventory of this account 
 and transfer the cost of used condiments by Journal Entry 
 to the following commodity accounts according to actual 
 stock used. 
 
 Corn — Condiments Used (205) 
 
 Peas — Condiments Used (305) 
 
 Tomatoes — Condiments Used (405) 
 
 Condiments Used (505) 
 
 Condiments Used (605) 
 
 Under this method of distribution it is necessary for the stock- 
 man or other factory employee to keep a record of quan- 
 tities of Sugar or Salt stock used in the manufacture of each 
 commodity. 
 
 Account 71— POWER PLANT EXPENSE 
 
 At the close of the fiscal year transfer the cost of coal used, by 
 Journal Entry to the following commodity accounts accord- 
 ing to actual coal used for each commodity. If this method 
 is impractical, distribute same as accounts 70-72, 75, 76. In 
 either case the charge will be made to the following accounts. 
 
 Corn — Condiments Used (205) 
 
 Peas — Condiments Used (305) 
 
 Tomatoes — Condiments Used (405) 
 
 Condiments Used (505) 
 
 Condiments Used (605) 
 
 Account 162— ENSILAGE 
 
 Ensilage should be divided according to the best judgment of 
 the management, based on the sources of revenue from sea- 
 son to season. For example, if Pea ensilage produced 80 
 per cent of the income in one year, credit 80 per cent of this 
 account to Green Peas (300) and if sweet corn was responsi- 
 ble for the remaining revenue, transfer the remaining 20 per 
 cent to Green Corn (200). 
 
 40 
 
Accounts 900 to 920 — Farm Accounts 
 
 Farm accounts Nos. 900 to 920 are handled as a separate and 
 distinct enterprise, Farm Income (920) is credited with the 
 produce grown for factory at current prices at which similar 
 produce can be purchased from others, which produce is 
 charged to Green Produce accounts — (200, 300, 400, etc.). 
 These ''900" accounts are closed into Farm Profit and Loss 
 account (168) and the resultant profit or loss after crediting 
 Farm Income (920) with the produce grown for factory, 
 may be transferred as a separate sum to commodity accounts 
 (200, 300, 400, etc.) or to Profit and Loss Account (165) ac- 
 cording to the best judgment of those in charge of operations. 
 
 Alternative Method of Distributing Farm Accounts 
 
 The balance on the Farm Profit and Loss Account (168) with- 
 out Crediting Farm Income (920) with the produce grown for 
 factory may be distributed according to the best judgment of the 
 managers to the several Green Produce accounts (200, 300, 400, 
 etc.). 
 
 It is assumed that Farm Equipment, Livestock and Supplies 
 on hand at close of year will be inventoried and a balance brought 
 down on each of these respective accounts, representing inventory. 
 The difference on each of these accounts — as well as the ledger 
 balance on operating accounts which show no inventory are car- 
 ried to Farm Profit and Loss (168). 
 
 U 
 
Accounts 70, 72, 75, 76, 88 
 
 At the close of the Fiscal year distribute, the balances of above 
 accounts among the several (Commodity) Factory Expense 
 Accounts according to the relative number of cans of each 
 commodity packed, after equalizing cans of different size ac- 
 cording to the following formula (assuming that the pack 
 is reduced to the No. 2 equivalent) : 
 
 200 No. 1 Cans is equivalent to 100 No. 2 
 
 80 No. 2y 2 Cans is equivalent to 100 No. 2 
 
 67 No. 3 Cans is equivalent to 100 No. 2 t 
 
 20 No. 10 Cans is equivalent to 100 No. 2 
 
 The accounts to be thus charged are: 
 
 Corn — Factory Expense (209) 
 
 Peas — Factory Expense (309) 
 
 Tomatoes — Factory Expense (409) 
 
 Factory Expense (509) 
 
 Factory Expense (609) 
 
 Table illustrating this method of distribution: 
 
 Total Corn Peas Tomatoes 
 
 Number of Cans 
 
 No. 2 Equivalent.... 4,320,000 1,200,000 2,400,000 720,000 
 
 Per cent 100.0 27.7 55.4 16.9 
 
 Factory Expense (75) 
 
 per ledger 2,326.10 644.33 1,288.66 393.11 
 
 All the above accounts may be distributed by a single Journal 
 
 Entry. 
 
 42 
 
Account 25— AUTOMOBILES 
 
 Automobiles belonging- to the factory are revalued at the end of 
 the fiscal year and this value carried forward to the follow- 
 ing year. The operating expense and loss through deprecia- 
 tion is chargeable to factory operations and is distributed the 
 same as accounts 70, 72, 75, 76. 
 Account 80— SELLING EXPENSE 
 
 At the close of the fiscal year transfer this account by Journal 
 Entry to Commodity Accounts in proportion to the net 
 amount of sales credited to 220, 320, 420, etc. The accounts 
 to be thus charged are : 
 
 Corn — Selling Expense (213) 
 
 Peas — Selling Expense (313) 
 
 Tomatoes — Selling Expense (413) 
 
 Selling Expense (513) 
 
 Selling Expense (613) 
 
 Accounts 73, 74 
 
 Insurance and Taxes on Factory property devoted to specific 
 commodities are transferred on the basis of relative investment 
 values, to : 
 
 Corn — Factory Expense (209) 
 
 Peas — Factory Expense (309) 
 
 Tomatoes — Factory Expense (409) 
 
 — '- Factory Expense (509) 
 
 Factory Expense (609) 
 
 Insurance and Taxes on General Buildings, Machinery and 
 other property, as. well as Liability Insurance, are distributed 
 the same as accounts 70, 72, 75, 76. 
 Accounts 89, 91, 92, 93, 94 
 
 At the close of fiscal year transfer by Journal Entry the balances 
 of these accounts among the following Commodity Accounts 
 according to the proportions established for accounts 70, 72, 
 75, 76. 
 
 Corn — General Expense (215) 
 Peas — General Expense (315) 
 Tomatoes — General Expense (415) 
 General Expense (515) 
 
 -General Expense (615) 
 
 Account 97— INCOME TAXES 
 
 At close of year transfer balance of this account to the following 
 
 accounts on the basis of the earnings of each commodity : 
 
 Corn — Income Tax (208) 
 
 Peas — Income Tax (308) 
 
 Tomatoes — Income Tax (408) 
 
 Income Tax (508) 
 
 Income Tax (608) 
 
 43 
 
Account 90— WAREHOUSING EXPENSE 
 
 Warehousing Expense is distributed to the commodities in pro- 
 portion to the goods in storage. 
 
 At the end of each month estimate the canned goods stock of 
 each commodity on hand. Accumulate these stock estimates 
 for the year and distribute Warehousing Expense at the end 
 of the year on the basis of this summary. The Journal Entry 
 will read as follows: 
 
 DR. Corn— Warehousing Expense (214) $4.00 
 
 Peas — Warehousing Expense (314) 3.00 
 
 Tomatoes— Warehousing Expense (414) . 2.00 
 
 CR. Warehousing Expense (90) $9.00 
 
 Account 95— DISCOUNT ALLOWED 
 
 At the close of the fiscal year transfer this account by Journal 
 Entry to Commodity Accounts in proportion to the net 
 amount of sales credited to 220, 320, 420, etc. The accounts to 
 be thus charged are : 
 
 Corn — Selling Expense (213) 
 
 Peas — Selling Expense (313) 
 
 Tomatoes — Selling Expense (413) 
 
 Selling Expense (513) 
 
 Selling Expense (613) 
 
 Corn — General Expense (215) 
 
 Peas— General Expense (315) 
 
 Tomatoes — General Expense (415) 
 
 General Expense (515) 
 
 General Expense (615) 
 
 Account 160— DISCOUNT RECEIVED 
 
 If you are in the habit of deducting discount earned and charging 
 only the net amount to Expense accounts, there will be no 
 entries on the account Discount Received (160). If, however, 
 a "Discount Received" column is carried in the Cash Book 
 credit the monthly total to Discount Received ( 160) . 
 
 44 
 
Accounts 219, 319, 419, 164 
 
 At the close of the fiscal year (only) the following accounts are 
 used: 
 
 219 Corn — Interest (a/c Investment) 
 
 319 Peas — Interest (a/c Investment) 
 
 419 Tomatoes — Interest (a/c Investment) 
 
 519 
 
 164 Interest Reserve. 
 
 (A) Charge by Journal Entry, the interest on certain ac- 
 
 counts hereinafter named to the above commodity ac- 
 counts, apportioning the total interest on the basis of 
 relative number of cases packed. (See page 42.) 
 
 Credit account No. 164, Interest Reserve. 
 
 The accounts on which such interest is computed are : 
 
 1 Factory Site. 
 
 2 General Buildings. 
 
 3 General Machinery. 
 
 20 Office Furniture and Fixtures. 
 
 Figure interest on above ledger account less related De- 
 preciation Reserves on above properties at beginning 
 of current year, and less mortgages. 
 
 (B) Charge 219 Corn Interest (a/c Investment). 
 Credit 164 Interest Reserve. 
 
 The accounts on which such interest is computed are : 
 
 4 Corn Buildings. 
 
 5 Corn Machinery. 
 
 Figure interest on above ledger accounts less related De- 
 preciation Reserve Accounts at beginning of current year. 
 
 (C) In a similar manner: 
 
 Charge 319 Peas — Interest (a/c Investment). 
 Charge 419 Tomatoes — Interest (a/c Investment). 
 Credit 164 Interest Reserve. 
 
 45 
 
Accounts 77, 161 
 
 At the close of the fiscal year transfer above accounts to the fol- 
 lowing commodity accounts, according to the proportion estab- 
 lished for accounts 70, 72, 75, 76. 
 
 The accounts to be thus affected are : 
 
 Corn— Interest on Short Term Notes (211) 
 
 Peas— Interest on Short Term Notes (311) 
 
 Tomatoes — Interest on Short Term Notes (411) 
 
 Interest on Short Term Notes (511) 
 
 Interest on Short Term Notes (611) 
 
 Account 99— INTEREST ON LONG TERM NOTES 
 
 At the close of the fiscal year transfer this account to the follow- 
 ing commodity accounts according to the proportion established 
 for accounts 70, 72, 75 and 76. The accounts to be thus 
 affected are : 
 
 Corn — Interest on Long Term Notes (218) 
 
 Peas — Interest on Long Term Notes (318) 
 
 Tomatoes — Interest on Long Term Notes (418) 
 
 Interest on Long Term Notes (518) 
 
 Interest on Long Term Notes (618) 
 
 Account 163— INCIDENTAL INCOME 
 
 This income should be reviewed at the year's end and if prac- 
 ticable should operate as a credit against the expense accounts 
 which produced the revenue. If, however, it is not practicable 
 to so apply this income, or if there is any portion thereof that 
 is not so applied, transfer to the following accounts according 
 to the proportion established for accounts 70, 72, 75, 76, viz. : 
 
 Corn — Factory Expense (209) 
 
 Peas — Factory Expense (309) 
 
 Tomatoes — Factory Expense (409) 
 
 Factory Expense (509) 
 
 Factory Expense (609) 
 
 46 
 
Inventory Finished goods carried over should be priced at cost, 
 according to the average unit cost per dozen repre- 
 sented by the sum of the following accounts only : 
 
 200 Corn, Green 171 
 
 201 Corn, Direct Labor 250 
 
 202 Corn, Cans Used 264 
 
 203 Corn, Boxes Used 059 
 
 204 Corn, Labels . ... 036 
 
 205 Corn, Condiments Used 044 
 
 207 Corn, Depreciation Expense . 010 
 
 208 Corn, Income Taxes 009 
 
 209 Corn, Factory Expense 044 
 
 211 Corn, Interest on Short Term Notes. . .009 
 
 Total Inventory Cost ,. 896 
 
 Supplies carried over to the following year are inventoried at 
 cost, including freight 
 
 47 
 
At the close of the fiscal year, after making all trans- 
 Closing Jour- fers and adjustments herein directed, and after carry- 
 nal Entry ing inventories forward, the following Journal Entry 
 
 is in order : 
 
 220 Corn— Sales $192,143.35 
 
 140 Canned Corn (Inventory at close) 64,800.00 
 
 200 Corn—Green $34,123.45 
 
 201 Corn— Direct Labor 50,101.00 
 
 202 Corn— Cans Used 52,81974 
 
 203 Corn— Boxes Used 11,836.01 
 
 204 Corn— Labels 7,210.80 
 
 205 Corn— Condiments Used 8,863.92 
 
 207 Corn — Depreciation Expense 1,893.39 
 
 208 Corn— Income Tax 1,573.89 
 
 209 Corn— Factory Expense 9,155.39 
 
 211 Corn — Interest on Short Term Notes 1,634.00 
 
 214 Corn — Warehousing Expense 432.50 
 
 212 Corn — Brokerage and Commission 3,055.37 
 
 213 Corn — Selling Expense 436.48 
 
 216 Corn— Sales Allowances 1,124.00 
 
 215 Corn— General Expense 2,874.71 
 
 219 Corn— Interest (a/c Investment) 4,039.75 
 
 217 Corn— Contingent Expense 7,500,00 
 
 218 Corn— Interest on Long Term Notes 900.00 
 
 225 Corn— Sales Freight 2,125.00 
 
 140 Canned Corn (Inventory at start) 18,000.00 
 
 140 Canned Corn (Canned Goods Purchased) . 2,000.00 
 
 165 Profit and Loss 35,243.95 
 
 The above illustration covers Corn only. Similar entries will be 
 required for each commodity packed. 
 
 The following accounts are closed directly into Profit and 
 Loss: 
 
 Interest Reserve (164) 
 
 Discount Received (160) 
 
 Excess Profits Taxes (98) 
 
 Profit and Loss (165) $39,847.24 
 
 Surplus (61) $39,847.24 
 
 To close Profit and Loss for year. 
 48 
 
To Determine the After all operating accounts are transferred to 
 
 Average Cost per Dozen the Commodity Accounts, prepare the following: 
 
 CORN MANUFACTURING AND INCOME ACCOUNT 
 
 Year Ended December 31, 19—. 
 
 Per Doz. 
 
 No. 2 
 
 Direct Factory Cost Total Equiv. 
 
 200 Green Corn (including cost of seed, and 
 
 farm profit or loss and less ensilage, ac- 
 counts 162, 168 and 900 to 920) AA $ 34,123.45 .171 
 
 201 Direct Labor AA 50,101.00 .250 
 
 202 Cans Used (transferred from accounts 100, 
 
 101 and 102) AA 52,819.74 .264 
 
 203 Boxes Used (transferred from accounts 110, 
 
 111 and 112) AA 11,836.01 .059 
 
 204 Labels (including transfer from acct. 120) . AA 7,210.80 .036 
 
 205 Condiments Used (including sugar and salt 
 
 transferred from acct. 121) AA 8,863.92 .044 
 
 Total 100,000 cs $164,954.92 .824 
 
 Factory Overhead Expense 
 
 207 Depreciation Expense AA $ 1,893.39 .010 
 
 209 Factory Expense (including proportion of 
 
 accts. 25, 70, 71, 72, 75, 76, 88, 73, 74 and 
 
 163) AA 9,155.39 .044 
 
 211 Interest on short term notes (proportion of 
 
 accts 77 and 161) AA 1,634.00 .009 
 
 Total ■ $ 12,682.78 .063 
 
 Selling Expense 
 
 212 Brokerage and Commission % BB $ 3,055.37 .020 
 
 213 Other Selling Expense (including propor- 
 
 tion of accts. 80 and 95) BB 436.48 .003 
 
 214 Warehousing Expense (proportion of acct. 
 
 90) AA 432.50 .002 
 
 216 Sales Allowances BB 1,124.00 .007 
 
 Total $ 5,048.35 .032 
 
 General Overhead Expense 
 
 215 General Expense (including proportion of 
 
 accts. 91, 92, 93, 94 and 89) AA $ 2,874.71 .014 
 
 Other Expense 
 
 217 Contingent Expense AA $ 7,500.00 .075 
 
 208 Income Taxes (proportion of acct. 97).... AA 1,573.89 .009 
 
 218 Interest on Long Term Notes (proportion 
 
 of acct. 99) AA 900.00 .004 
 
 219 Interest (a/c Investment) AA 4,039.75 .020 
 
 Total $ 14,013.64 .108 
 
 GRAND TOTAL COST & EXPENSE. .100,000 cs $199,574.40 1.041 
 
 140 Inventory at Start 10,000 cs 18,000.00 .900 
 
 140 Canned Goods Purchased 1,000 cs 2,000.00 1.000 
 
 Total 111,000 cs $219,574.40 
 
 140 Deduct Inventory at close 36,161 cs 64.800.00 .896 
 
 Net Cost of Sales BB $154,774.40 1.034 
 
 Sales 
 
 220 Corn Sales $192,143.35 
 
 225 Deduct Sales Freight 2,125.00 
 
 NET SALES 74,839 BB $190,018.35 1.269 
 
 NET PROFIT $ 35,243.95 .235 
 
 49 
 
Y> determine the AVERAGE cost per dozen: 
 
 Divide accounts marked A A by the number of dozens packed 
 (No. 2 equivalent). 
 
 Divide accounts marked BB by the number of dozens sold 
 (No. 2 equivalent). 
 
 The net profit is Net Sales less Net Cost of Sales. 
 
 Prepare a separate statement for each commodity. 
 
 This method of arriving at unit costs per dozen furnishes 
 AVERAGE COSTS ONLY. Information as to determina- 
 tion of unit costs of different grades, while most essential, does 
 not lie within the scope of this Classification. 
 
 In reporting to the Government on cost of canned goods 
 manufactured and sold, supplement the information shown in the 
 preceding statement with the details of items included in ac- 
 counts No. 209 — Factory Overhead Expense, and No. 215 — Gen- 
 eral Overhead Expense, viz: 
 
 FACTORY OVERHEAD EXPENSE 
 
 25 Automobiles (operating expense and deprecia- 
 tion) $ 1,800.00 
 
 70 Factory Superintendent 1,500.00 
 
 71 Power Plant Expense 2,115.00 
 
 72 Building and Machinery Repairs 905.50 
 
 75 Factory Expense 3,010.00 
 
 76 Factory Rent 5,000.00 
 
 88 Bonus — Factory Superintendent 1,460.60 
 
 73 Insurance 910.00 
 
 74 Taxes 1,140.00 
 
 Total $17,841.10 
 
 Less — 
 163 Incidental Income 950.00 
 
 Total Factory Overhead Expense $16,891.10 
 
 Total chargeable to Corn 9,004.49 
 
 209 Corn — Factory Expense (already charged) 150.90 
 
 209 Corn— Factory Expense (total) $ 9,155.39 
 
 The proportion of the above Factory Overhead Expense ac- 
 counts to be charged to Corn is indicated in the instructions 
 given on pages 40, 42, 43 and 46. 
 
 50 
 
GENERAL OVERHEAD EXPENSE 
 
 91 Salaries— Officers and Managers $3,000.00 
 
 92 Office Salaries and Expense 1,224.75 
 
 93 General Expense 375.15 
 
 94 Bad Debts 48.00 
 
 89 Bonus— Officers and Managers 900.00 
 
 Total $5,547.90 
 
 Total chargeable to Corn $2,704.50 
 
 215 General Overhead Expense (already charged) . 170.21 
 
 215 General Overhead Expense (total) $2,874.71 
 
 The proportion of the above General Overhead Expense ac- 
 counts to be charged to Corn is indicated in the instructions given 
 on page 43. 
 
 165 PROFIT AND LOSS ACCOUNT 
 
 Credit 
 
 Net Profit on Corn brought forward .$35,243.95 
 Net Profit on Peas brought forward . 9,890.13 
 
 160 Discount received 1,721.00 
 
 164 Interest (a/c Investment) charged 
 
 as part of manufacturing cost. . . . 6,006.51 
 
 $52,861.59 
 
 Debit 
 
 Fire Loss (net) $ 387.49 
 
 Adjustment 1916 Tax Account 106.00 
 
 493.49 
 
 Balance— $52,368.10 
 
 98 Excess Profits Tax 12,520.86 
 
 Balance carried to Surplus $39,847.24 
 
 61 SURPLUS ACCOUNT 
 
 Balance at start $ 75,000.00 
 
 Credit Profit and Loss brought down 39,847.24 
 
 Balance at close $114,847.24 
 
 51 
 
After books are closed for the year, the open accounts on the ledger, 
 representing Assets, Liabilities and Capital, may be arranged according 
 to the following general form to show financial condition of Company 
 at close of fiscal year. 
 
 BALANCE SHEET, DECEMBER 31, 191— 
 
 A c c f*t"C * 
 
 925 Farm Lands $ 14,000.00 
 
 1 Factory Site 2,007.17 
 
 930 Farm Buildings $ 4,926.31 
 
 935 Less depreciation reserve 1,675.92 3,250.39 
 
 2 Factory Buildings— General $ 60,012.00 
 
 4 Factory Buildings — Corn 12,017.21 
 
 6 Factory Buildings— Peas 5,020.63 
 
 $ 77,049.84 
 Less depreciation reserve 6,932.02 70,117.82 
 
 3 Factory Machinery— General $ 30,013.09 
 
 5 Factory Machinery — Corn 6,018.58 
 
 7 Factory Machinery— Peas 3,021.80 
 
 $ 39,053.47 
 Less depreciation reserve 11,784.60 27,268.87 
 
 20 Office Furniture and Fixtures $ 1,027.45 
 
 51 Less depreciation reserve _ 312.84 714.61 
 
 25 Automobiles (valued at) 1,290.51 
 
 Inventories: 
 
 71 Coal $ 240.84 
 
 100 No. 2 Cans 2,448.07 
 
 110 No. 2 Boxes 2,086.04 
 
 204 Labels 1,120.15 
 
 121 Sugar and Salt 824.22 - 
 
 904 Seed Corn 805.62 
 
 905 Pea Seed 2,783.66 
 
 140 Canned Corn 64,800.00 
 
 141 Canned Peas 5,200.00 
 
 73 Insurance Unexpired 315.47 
 
 901 Horses and Mules 4,000.00 
 
 902 Farm Equipment 1,000.00 
 
 909 Cattle 3,909.00 89.533.07 
 
 Accounts Receivable $ 6,060.00 
 
 166 Less reserve for doubtful accounts 433.00 5,627.00 
 
 Cash in bank $ 11,106.30 
 
 Cash in office 50.00 11,156.30 
 
 Total $224,965.74 
 
 Liabilities 
 
 Notes Payable ....$ 4,200.00 
 
 Accounts Payable 1,279.18 $ 5,479.18 
 
 74 Reserve for Taxes $ 15,311.69 
 
 77 Accrued Interest 1 17-00 15,428.69 
 
 167 Reserve for Contingencies 14,210.63 
 
 60 Capital Stock $75,000.00 __ 
 
 61 Surplus 114.847.24 189,847.24 
 
 Total $224,965.74 
 
 52 
 
[NDEX TO ACCOUNTS AND ITEMS CHARGED AND 
 CREDITED THERETO 
 
 Accounts, interest received on, 161 
 
 receivable reserve, 166 
 Adding machines, 20 
 Advertising price lists, 80, 213, 313, 
 
 413 
 Allowances, freight, 225, 325, 425 
 
 labels, 95, 204, 304, 404 
 
 returned goods, 220, 320, 420 
 
 sales, 216, 316, 416 
 Appraisers' fees, 93 
 Aprons, 75 
 
 Association fees and expenses, 93 
 Audit fees, 93 
 Automobiles, 25 
 Auto expense, 25 
 
 hire, farm, 910 
 
 insurance, 25 
 
 oil and gasoline, 25 
 
 repairs and renewals, 25 
 
 B 
 
 Bad debts, 94 
 
 Bank exchange and collections, 92 
 
 Barn labor, 900 
 
 Barrels, 75 
 
 sold, 163 
 Baskets, 75 
 Beds, 201, 301, 401 
 Belting, investment, 3 
 
 repairs and renewals, 72 
 Belt tightener, 75 
 Benches, 75 
 Blankets, 201, 301, 401 
 Block and tackle, 75 
 Board, factory help, 201, 301, 401 
 Boiler and engine supplies, 71 
 Boiler insurance, 73 
 Bonus, factory superintendent, 88 
 
 officers and managers, 89 
 Boots, factory or field men, 201, 301, 
 
 401 
 Boxes and shooks bought, 110, 111, 
 112 
 
 used, 203, 303, 403 
 
 making benches, 75 
 
 nails, 75 
 Brokerage, 212, 312, 412 
 
 Brooms, 75 
 Brushes, 75 
 
 Buildings, depreciation expense, 207, 
 307, 407 
 depreciation reserve, 32, 37, 40, 
 
 43, 911, 935 
 factory, 2, 4, 6, 8 
 factory, depreciation reserve, 32 
 farm, 930 
 
 farm, depreciation, 911, 935 
 insurance, 910 
 repairs, 911 
 repairs and maintenance, 72 
 Bunk-house equipment, 201, 301, 401 
 
 Canned corn, 140 
 
 Canned goods, finished, 140, 141, 142 
 
 insurance, 90 
 
 inventory, 140, 141, 142 
 
 labelling, 90 
 
 labor, 201, 301, 401 
 
 loading, 90 
 
 purchased, 140, 141. 142 
 
 returns, 220, 320, 420 
 
 sales, 220, 320, 420 
 Canned peas, 141 
 
 tomatoes, 142 
 Cans (Nos. 2, 2y 2 , 3) bought, 100, 
 101, 102 
 
 freight and unloading, 100, 101, 
 102 
 
 used, 100, 101, 102; 202, 302, 402 
 Capital account, 60, 61 
 
 stock, 60 
 Card punch, 75 
 
 Cartage, 216, 316, 416; 225, 325, 425 
 Cartons, sample, 80, 213, 313, 413 
 Cash discount received, 160 
 Cattle, 909 
 
 feed, 909 
 
 labor, 909 
 
 purchased, 909 
 
 sold, 909 
 Chairs, factory, 75 
 Check protector, 20 
 Checks redeemed, labor, 201, 301, 401 
 Clocks, 75 
 Coal and freight thereon, 71 
 
 53 
 
Coal, labor unloading, 71 
 
 office, 92 
 
 power plant, 71 
 
 tank heaters, farm, 910 
 
 warehouse, 90 
 Collection charges, 92 
 Commercial rating books, 92 
 Commission, 212, 312, 412 
 Compensation, employees', 93 
 Condiments used, 205, 305, 405 
 Consigned goods expense, 90 
 storage, 90 
 insurance, 90 
 lacquering, 90 
 other expense, 90 
 relabelling, 90 
 Containers, sale of, 163 
 Contingent expense, 217, 317, 417 
 
 reserve, 167 
 Convention expense, 93 
 Corn, boxes used, 203 
 
 brokerage and commission, 212 
 
 buildings, 4 
 
 buildings depreciation reserve, 37 
 
 cans used, 202 
 
 condiments used, 205 
 
 depreciation expense, 207 
 
 direct labor, 201 
 
 factory expense, 209 
 
 foreman's wages (except during 
 pack), 209 
 
 general expense, 215 
 Corn, green, purchased from farm- 
 ers, 200 
 
 labels, 204 
 
 machinery, 5 
 
 packing, labor, 201 
 
 sales, 220 
 
 sales allowances, 216 
 
 sales, freight, 225 
 
 seed, 904 
 
 selling expense, 213 
 Crates, 75 
 Cultivating, 900 
 Cuspidors, 75 
 
 Damaged goods, lacquering and 
 
 relabelling, 90 
 Demonstration and display, 80, 213, 
 
 313, 413 
 Dented canned goods, sales, 163 
 Depreciation expense, factory, 207, 
 
 307, 407 
 
 farm, 907, 911,935 
 reserve, 32 to 51 
 Deficit account, 61 
 Desks, factory, 75 
 Desks, office, 20 
 Direct labor, 201, 301, 401 
 
 Discount allowed, 95 
 
 received, 160 
 Disinfectants, 75 
 
 E 
 
 Electric current purchased, 71, 75 
 
 Electric lamps, 71 
 
 Employers liability insurance, 73 
 
 Engineers, firemen wages, 71 
 
 Engineers supplies, 71 
 
 Ensilage consumed, 909 
 
 sold, 162 
 Entertainment, 80, 213, 313, 413 
 Excess profits taxes, 98 
 Exchange, bank, 92 
 Expense, automobile, 25 
 
 convention, 93 
 
 factory, 75, 92, 209, 309, 409 
 
 farm, 910, 911 
 
 general, 93, 215, 315, 415 
 
 legal, 93 
 
 office, 92 
 
 overhead, 75, 93 
 
 salesmen, 80, 213, 313, 413 
 
 selling, 80, 213, 313, 413 
 
 warehousing, 90, 214, 314, 414 
 Express and freight, see p. 38 
 
 Factory buildings, depreciation 
 reserve, 32 
 repairs and maintenance, 72 
 
 chairs, stools, etc., 75 
 
 depreciation, 207, 307, 407 
 
 expense, 75, 209, 309, 409 
 
 grown seed, 904, 905 
 
 income, 163 
 
 labor, 75, 201, 301, 401 
 
 machinery, depreciation re- 
 serve, 33, 38, 41, 44 
 repairs and maintenance, 72 
 
 office supplies, 92 
 
 office expense, 92 
 
 rent, 76 
 
 repairs, 72 
 
 site, 1 
 
 superintendent, 70 
 bonus, 88 
 expenses, 70 
 Farm buildings, 930 
 
 depreciation, 907, 935 
 insurance, 910 
 
 coal for tank heaters, 910 
 
 depreciation, 907 
 reserve, 935 
 
 equipment, 902 
 
 expense, 910 
 
 54 
 
Farm, grown feed consumed, 909 
 
 implements, 902 
 
 income, 920 
 
 interest (account investment), 
 912 
 
 interest paid, 913 
 Farm labor, 900 
 
 land, 925 
 
 livery and auto hire, 910 
 
 maintenance, 911 
 
 petty expense, 910 
 
 produce, 920 
 
 profit and loss, 168 
 
 rent, 906 
 
 repairs, 911 
 
 superintendent's salary, 900 
 
 taxes, 910 
 
 telephone, 910 
 Federal taxes, excess profits, 98 
 
 income, 97 
 Feed, 901, 909 
 Fees, 93 
 
 Fences, farm, repairs, 911 
 Fertilizers, 903 
 Fidelity insurance, 73 
 Filling, 1, 925 
 
 Finished goods, 140, 141, 142 
 Fire # extinguishers, portable, 75 
 
 insurance, 73 
 Firemen's wages, 71 
 First aid supplies, 75 
 Foreman, factory, wages during 
 pack, 201, 301, 401 
 except during pack, 209, 309, 
 409 
 Freight allowance, 225, 325, 425 
 
 boxes and shooks, 110, 111, 112 
 
 cans, 100, 101, 102 
 
 fertilizers, 903 
 Freight, labels, 204, 304, 404 
 
 out, canned goods, 220, 320, 
 420, 225, 325, 425 
 
 power plant, 71 
 
 sugar and salt 121 
 Furniture and fixtures office, 20 
 factory, 75 
 reserve, 51 
 Flux, 75 
 
 Gas purchased, 75 
 
 Gasoline for factory, 75 
 for farm, 910 
 
 General buildings, depreciation re- 
 serve, 32 
 repairs, 72 
 
 expense, 93, 215, 315, 415 
 farm expense, 910 
 
 General buildings, machinery, depre- 
 ciation reserve, 33 
 repairs and renewals, 72 
 overhead expense, 93 
 selling expense, 80, 213, 313, 
 413 
 
 Gloves, 75 
 
 Green produce purchased, 200, 300, 
 400 
 sold, 163 
 
 H 
 
 Hard corn, sale of, 163 
 Harness, 902 
 Harvesting, 900 
 Hauling for farmers, 920 
 Hose, 75 
 
 Horses and mules, 25, 901 
 Horse shoeing, 25, 901 
 House rentals, 920 
 Husking baskets, 75 
 
 checks redeemed, 201 
 
 Implements, farm, 902 
 Incidental Income, 163 
 Income, farm 920 
 
 taxes, 97, 208, 308, 408 
 Insurance, 73 
 
 auto, 25 
 
 billed customers, 163 
 
 boiler, 73 
 
 canned goods, 90 
 
 consigned goods, 90 
 
 employees' liability, 73 
 
 factory, 73 
 
 farm, 910 
 
 fire, 73 
 
 live stock, 910 
 Interest (account investment), 219, 
 319, 419, 912 
 
 farm, 913 
 
 on long term notes, 99, 218, 
 318, 418 
 
 paid, 77, 211, 311, 411, 913 
 
 received, 161 
 Interest, reserve, 164 
 
 short term paper, 77, 211, 311, 
 411 
 Inventory, canned goods, 140, 141, 
 142 
 
 finished goods, 140, 141, 142 
 
 pea seed, 905 
 
 seed corn, 904 
 Inward freight, returned goods, 
 
 216, 316, 416 
 Investment accounts, 1 to 25 
 
 Jackscrews, 75 
 
 55 
 
Kerosene, 75 
 Knives, 75 
 
 Label allowances, 204, 304, 404 
 Labeling canned goods, 90 
 Labels and express thereon, 120, 
 204, 304, 404 
 bought, 120 
 used, 204, 304, 404 
 Labor, barn, 900, 909 
 
 direct factory, 201, 301, 401 
 engineer and firemen, 71 
 farm, 900 
 foremen, 75, 201, 301, 401, 209, 
 
 309, 409 
 indirect, 75 
 labelling, 201, 301, 401 
 making boxes, 110, 111, 112 
 packing, 201, 301, 401 
 Labor, receiving, preparing proc- 
 essing and warehousing, 201, 
 301, 401 
 unloading boxes, 110, 111, 112 
 cans, 100, 101, 102 
 power plant, 71 
 Lacquer, 75 
 Lacquering, 90 
 Ladders, 75 
 Land, factory, 1 
 
 farm, 925 
 Lanterns, 75 
 Leased machines, rental, 75, 209, 
 
 309, 409 
 Legal expense and fees, 93 
 Liability insurance, 73 
 Light, office, 92 
 Livery, farm, 910 
 Live stock, 909 
 
 insurance, 910 
 Loading canned goods, 90 
 Long term notes, interest, 99, 218, 
 
 318, 4L8 
 Loss and gain, 165 
 
 farm, 168 
 Lubricating oil, 75 
 
 M 
 
 Machinery depreciation reserve, 33, 
 38, 41, 44 
 factory, 3, 5, 7, 9 
 investment, 3 
 repairs, 72 
 Machine rentals and royalties, 75, 209, 
 309, 409 
 tools and parts, 3, 5, 7, 9 
 
 Machinists' supplies, 75 
 Maintenance, farm, 911 
 
 general factory buildings, 72 
 
 grounds, etc., 72 
 Manager's bonus, 89 
 
 salary, 91 
 Mattresses, 201 
 Medicines, horse, 901 
 Medicines, physicians services and 
 
 other first aid, 75 
 Miscellaneous factory expense, 75, 
 209, 309, 409 
 
 general, 93 
 
 income, 163 
 
 seeds, 908 
 Mortgage interest, 77 
 
 farm, 913 
 Mules, 901 
 
 N 
 
 Nails, box, 75 
 
 Notes, interest received on, 161 
 
 long term, 99, 218, 318, 418 
 
 short term, 77 
 
 Office, equipment, 20 
 
 expense, 92 
 
 furniture and fixtures, 20 
 
 furniture and fixtures, reserve, 51 
 
 supplies, 92 
 Officers' bonus, 89 
 
 salaries, 91 
 Oil cans, 75 
 
 Outward freight, 220, 320, 420 
 Overcharge allowed, 216, 316, 416 
 Overhead expense, factory, 75 
 
 general, 93 
 
 Packing, for machinists, 71 
 
 Parcel post, on samples, 80, 213, 313, 
 
 413 
 Paste, 75 
 Pasture, 920 
 Paymaster, wages, 75 
 Pea buildings, 6 
 
 depreciation reserve, 40 
 Pea machinery, 7 
 
 depreciation reserve, 41 
 Pea seed, 905 
 Peas, boxes used, 303 
 
 brokerage and commission, 312 
 
 canned, 141 
 
 cans used, 302 
 
 condiments used, 305 
 
 depreciation expense, 307 
 
 56 
 
Peas, direct labor, 301 
 
 factory expense, 309 
 
 general expense, 315 
 
 sale of, 163 
 
 green, 300 
 
 selling expense, 313 
 
 warehousing, 314 
 
 sales, 320 
 
 allowances, 316 
 
 freight, 325 
 Personal and real estate taxes ac- 
 crued, 74 
 
 farm, 910 
 Piece work checks, 75 
 Pipe threaders, 75 
 Plowing, 900 
 Pork, 205, 305, 405^ 
 Portable heaters, 75 
 Postage, 92 
 Potato forks, 75 
 Power plant expense, 71 
 Produce, grown, 920 
 
 sold, 920 
 Profit and loss, 165 
 
 farm, 168 
 Pulleys, 3, 5, 7, 9 
 
 repairs and renewals, 72 
 Purchase discounts, cash, 160 
 
 Railroad fare, 80 
 
 help, 201, 301, 401 
 
 track, 2 
 Real and personal taxes accrued, 74 
 
 farm, 910 
 Rejected goods, 90 
 Relabelling goods, 90 
 Rent, factory, 76 
 
 farm, 906 
 Rentals, house and pasture, farm, 920 
 
 machines, 75 
 Repairs and renewals, farm, 911 
 
 maintenance and renewals, 72 
 Reserve for accounts receivable, 166 
 
 for contingencies, 167 
 Reserves for depreciation, 32 to 51, 
 
 935 
 Reserve for interest, 164 
 Retail sales, green produce, 163 
 Return sales, canned goods, 220, 320, 
 
 420 
 Rovalties on machines, 75, 209, 309, 
 409 
 
 S 
 
 Safe, 20 
 
 Salary, factory superintendent, 70 
 farm superintendent, 910 
 
 Salary, office help, 92 
 
 officers and managers, 91 
 
 managers, 91 
 
 salesmen, 80, 213, 313, 413 
 Sales allowances, 216, 316, 416 
 
 barrels, containers, etc., 163 
 
 canned goods, 220, 320, 420 
 
 dents, 163 
 
 farm produce, 920 
 
 freight, 225, 325, 425 
 
 green produce, 163 
 
 hard corn, etc., 163 
 
 waste products, 163 
 Salt, and freight thereon, 121 
 Samples, cost of, 80, 213, 313, 413 
 
 express and postage, 80 
 Scales, portable, 75 
 Seed corn, 904 
 
 Seed, factory grown, 904, 905 
 Seed, miscellaneous, 908 
 
 peas, 905 
 Selling expense, 80, 213, 313, 413 
 Shooks, including freight, 110, 111, 
 112 
 
 labor making, 110, 111, 112 
 Shortage, allowances, 220, 320, 420 
 Shovels, 75 
 Smithing coal, 75 
 Smithing tools, 75 
 Soap, 75 
 Solder, 75 
 
 Spices and seasoning, 205, 305, 405 
 Spoils, 216, 316, 416 
 Stamps, rubber, 75 
 Stationery and printing, 92 
 Stencils, 75 
 Stools, factory, 75 
 Storage billed, 163 
 Storage, consigned and rejected 
 
 goods, 90 
 Stoves, 75 
 
 Subscriptions, trade paper, 93 
 Sugar and freight thereon, 121 
 Suits, factory, 75 
 Suits, farm, 100 
 Superintendent, factory, 70 
 
 bonus, 88 
 Supplies, factory, 75 
 
 office, 92 
 Surplus account, 61 
 Swells, 216, 316, 416 
 Switch track, 2 
 
 maintenance, 72 
 
 Tables, factory, 75 
 
 office, 20 
 Taps and dies, 75 
 
 57 
 
Taxes, 74 
 
 excess profits, 98 
 
 farm, 910 
 
 income, 97 
 
 water, 75 
 Teaming, 920 
 Telephone and telegraph, 92 
 
 farm, 910 
 Tiling, factory land, 1 
 Tiling, farm land, 925 
 Time checks, 75 
 Timekeeper, wages, 75 
 Toilet supplies, 75 
 Tomato buildings, 8 
 
 buildings, depreciation reserve, 
 43 
 
 machinery, 9 
 Tomatoes, boxes used, 403 
 
 brokerage and commission, 412 
 
 cans used, 402 
 
 condiments used, 405 
 
 direct labor, 401 
 
 factory expense, 409 
 
 general expense, 415 
 
 green, 400 
 
 labels, 404 
 
 machinery, 9 
 
 ripe, sale of, 163 
 
 sales, 420 
 allowances, 416 
 freight, 425 
 Tomatoes, selling expense, 413 
 Tools, farm, 902 
 
 repairs and renewals, 72 
 
 small, 75 
 Towels, 75 
 Trade papers, 93 
 Traveling expense, 80, 213, 313, 413 
 
 Trays, 75 
 Trucks, 75 ' 
 Typewriter, 20 
 
 U 
 
 Uncollectible accounts, 94 
 Uniforms, factory, 75 
 Unloading boxes, 110, 111, 112 
 
 cans, 100, 101, 102 
 
 coal, 71 
 
 Veterinary services and medicine, 
 901 
 
 W 
 
 Wages, engineer and fijreman, 71 
 factory, 75 
 
 foreman during pack, 201, 301, 
 401 
 
 except durmg pack, 75 
 paymaster, 75 
 timekeeper, 75 
 watchman, 75 
 Wagons, 902 
 Warehousing expense, 90, 214, 314, 
 
 414 
 Waste cotton, 71 
 
 products sold, 163, 920 
 Water taxes, 75 
 Wheelbarrows, 75 
 Whetstones, 75 
 Wire and steel, baskets, crates and 
 
 trays, 75 
 Wrenches, 75 
 
 58 
 
"™ -as?- —v 
 
 Return to desk from which borrowed 
 This book is DUE on #i,„ 1 j 
 _________J^^ last da * stamped below. 
 
 21Isn55FC 
 
 A#W* 
 
 *» ; 
 
 RECTD LD 
 
 MAY 41958 
 
 M9RARY USE 
 
 FEB 1 4 1959 
 W U I9KST 
 
 LD21-100m.9,'48(B899sl6)476 
 
YC V25U7 
 
 ■1 
 
 
 
 
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 ?MM 
 
 
 M513334 
 
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