Classification of Income, Profit and Loss, and General Balance Sheet Accounts for Steam Roads: Prescribed by the Interstate Commerce Commission in ... Issue of 1914; Effective on July 1, 1914 - Tapa blanda

Sinopsis

Excerpt from Classification of Income, Profit and Loss, and General Balance Sheet Accounts for Steam Roads: Prescribed by the Interstate Commerce Commission in Accordance With Section 20 of the Act to Regulate Commerce; Issue of 1914; Effective on July 1, 1914

When the compensation for the use of equipment held under lease covers only rent and depreciation (the lessee being responsible for the current repairs) the lessor shall determine the proportion of the gross rent applicable to rent and that applicable to depreciation. The lessor shall credit the portion cover ing rent to the appropriate rent account in Income, and the portion covering depreciation to the accrued depreciation account for equipment. The lessee shall charge the portion covering rent to the appropriate rent account in Income, and the portion covering depreciation to the appropriate depreciation account in Operating Expenses.

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