Stacks, including foundations and supports, stack steel and ladders, stack brick work, stack concrete, stack lining, stack painting , when set on separate foundations, independent of substructure or superstructure of building. Ash handling equipment, including hoppers, gates, cars, conveyors, hoists, sluicing equipment, including pumps and motors, sluicing water pipe and fittings, sluicing trenches and accessories, etc., except sluices which are a part of a building. Cost of obtaining certificates authorizing an enterprise to engage in the public-utility business.
These records shall be so kept as to readily furnish the basis of the computation of the net nuclear fuel costs. E. The book cost of land retired shall be credited to the appropriate land account. If the land is not used in utility service but is retained by the utility, the book cost shall be charged to account 105, Electric Plant Held for Future Use, or account 121, Nonutility Property, as appropriate. Appropriate adjustments of the accounts shall be made with respect to any structures or improvements located on land sold. Includes the net cost for the period of construction of borrowed funds used for construction purposes and a reasonable rate on other funds when so used, not to exceed, without prior approval of the Commission, allowances computed in accordance with the formula prescribed in paragraph of this subparagraph. No allowance for funds used during construction charges shall be included in these accounts upon expenditures for construction projects which have been abandoned.
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They cannot be removed without costly or extensive alterations or repairs to the building. The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Most importantly, this method enables financial managers to get a clear view of the current financial status of each project as well as the financial horizon as each project progresses. Notably, construction companies whose contracts include retainage typically do not recognize that revenue until a project is fully completed — which is usually when they first have the right to receive that payment. The accrual method offers a more forward-looking view of a company’s finances by recognizing revenues and expenses as soon as bills are sent and received. For example, a construction company that has sent a bill for payment will record it as revenue even though the payment itself has not yet been received. Similarly, when the business receives a bill from a vendor or supplier, it will be recorded as an expense even if payment hasn’t yet been sent.
Year-End Tax Planning for the Construction Industry
B. When liability for any injury or damage is admitted by the utility either voluntarily or because of the decision of a court or other lawful authority, such as a workmen’s compensation board, the admitted liability shall be charged to this account and credited to the appropriate current liability account. Details of these charges shall be maintained according to the year the casualty occurred which gave rise to the loss. The accounting for reacquired stock shall be as prescribed herein unless otherwise specifically required by statute.
All of the factors included in Figure 12-1 are not required to be present in order to conclude that a facility was constructed for sale or rental; however, to reach such a conclusion, a long-term lease or sales agreement should generally be part of the initial design of the facility. The existence of a short-term lease could also result in a conclusion that construction is for the purpose of sale or rental if the reporting entity has the intent and ability to renew the lease or subsequently enter into a similar agreement with another party. If a reporting entity determines that a facility was constructed for sale or rental, the accounting for indirect costs and ground lease rentals should be considered during the pre-acquisition and construction phases. The FERC Uniform System of Accounts, Electric Plant Instructions, 3.A and provides a framework for test power for utilities subject to its jurisdiction. In accordance with these requirements, the amount earned from sales that is credited to plant should equal the contractual amount, if applicable.
Percentage of Completion Method
C. When capital stock which has been actually issued is retired, the amount in this account applicable to the shares retired shall be transferred to account 210, Gain on Resale or Cancellation of Reacquired Capital Stock. B. Premium on capital stock shall not be set off against expenses. Further, a premium received on an issue of a certain class or series of stock shall not be set off against expenses of another issue of the same class or series. D. A separate ledger account, construction bookkeeping with a descriptive title, shall be maintained for each class and series of stock. The supporting records shall show the shares nominally issued, actually issued, and nominally outstanding. B. When the actual cash value of the consideration received is more or less than the par or stated value of any stock having a par or stated value, the difference shall be credited or debited, as the case may be, to the premium or discount account for the particular class and series.