Goto Section: 32.3999 | 32.4040 | Table of Contents
Revised as of September 1, 2021
Goto Year:2020 |
§ 32.4000 Current accounts and notes payable.
(a) This account shall include:
(1) All amounts currently due to others for recurring trade
obligations, and not provided for in other accounts, such as those for
traffic settlements, material and supplies, repairs to
telecommunications plant, matured rents, and interest payable under
monthly settlements on short-term loans, advances, and open accounts.
It shall also include amounts of taxes payable that have been withheld
from employees' salaries.
(2) Accounts payable arising from sharing of revenues.
(3) The face amount of notes, drafts, and other evidences of
indebtedness issued or assumed by the company (except interest coupons)
which are payable on demand or not more than one year or less from date
(b) If any part of an obligation, otherwise includable in this account
matures more than one year from date of issue, it shall be included in
Account 4200, Long term debt and funded debt, or other appropriate
(c) The records supporting the entries to this account shall be kept so
that the company can furnish complete details as to each note, when it
is issued, the consideration received, and when it is payable.
(d) Subsidiary record categories shall be maintained for this account
in order that the company may separately report the amounts contained
herein that relate to nonaffiliates and affiliates. Such subsidiary
record categories shall be reported as required by part 43 of this
[ 67 FR 5688 , Feb. 6, 2002]
Goto Section: 32.3999 | 32.4040
Goto Year: 2020 |
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