会计学原理 第五章.ppt

Chapter5 AccountingforMerchandisingOperations ConceptualLearningObjectives C1 DescribemerchandisingactivitiesandidentifyincomecomponentsforamerchandisingcompanyC2 IdentifyandexplaintheinventoryassetofamerchandisingcompanyC3 DescribebothperpetualandperiodicinventorysystemsC4 Analyzeandinterpretcostflowsandoperatingactivitiesofamerchandisingcompany AnalyticalLearningObjectives A1 Computetheacid testratioandexplainitsusetoassessliquidityA2 Computethegrossmarginratioandexplainitsusetoassessprofitability ProceduralLearningObjectives P1 AnalyzeandrecordtransactionsformerchandisepurchasesusingaperpetualsystemP2 AnalyzeandrecordtransactionsformerchandisesalesusingaperpetualsystemP3 PrepareadjustmentsandcloseaccountsforamerchandisingcompanyP4 Defineandpreparemultiple stepandsingle stepincomestatementsP5 Appendix5A Recordandcomparemerchandisingtransactionsusingbothperiodicandperpetualinventorysystems MerchandisingActivities Serviceorganizationsselltimetoearnrevenue Examples Accountingfirms lawfirmsandplumbingservices Revenues C1 Manufacturer Wholesaler Retailer Customer MerchandisingCompanies MerchandisingActivities C1 ReportingIncomeofaMerchandiser Merchandisingcompaniessellproductstoearnrevenue Examples sportinggoods clothing andautopartsstores CostofGoodsSold GrossProfit Expenses NetIncome Equals Minus Equals P2 OperatingCycleforaMerchandiser Beginswiththepurchaseofmerchandiseandendswiththecollectionofcashfromthesaleofmerchandise Purchases Merchandiseinventory Creditsales Accountreceivable Cashcollection Purchases Merchandiseinventory Cashsales CashSale CreditSale C2 InventorySystems Beginninginventory Netcostofpurchases Merchandiseavailableforsale Endinginventory Costofgoodssold C3 MerchandisePurchases OnJune20 Jason Inc purchased 14 000ofMerchandiseInventorypayingcash P1 TradeDiscounts Usedbymanufacturersandwholesalerstoofferbetterpricesforgreaterquantitiespurchased ExampleMatrix Inc offersa30 tradediscountonordersof1 000unitsormoreoftheirpopularproductRacer EachRacerhasalistpriceof 5 25 P1 Seller Invoicedate Purchaser Ordernumber Creditterms Freightterms Goods Invoiceamount P1 PurchaseDiscounts Adeductionfromtheinvoicepricegrantedtoinduceearlypaymentoftheamountdue TermsTimeDue DiscountPeriod Due Invoicepriceminusdiscount CreditPeriod Due FullInvoicePrice DateofInvoice P1 2 10 n 30 PurchaseDiscounts DiscountPercent NumberofDaysDiscountIsAvailable Otherwise Net orAll IsDuein30Days CreditPeriod P1 PurchaseDiscounts OnMay7 Jason Inc purchased 27 000ofmerchandiseinventoryonaccount credittermsare2 10 n 30 P1 PurchaseDiscounts OnMay15 Jason Inc paidtheamountdueonthepurchaseofMay7 27 000 2 540discount P1 PurchaseDiscounts Afterweposttheseentries theaccountsinvolvedlooklikethis P1 WhenDiscountisNotTaken Ifwefailtotakea2 10 n 30discount isitreallyexpensive 365days 20days 2 36 5 annualrate P1 PurchaseReturnsandAllowances PurchaseReturn Merchandisereturnedbythepurchasertothesupplier PurchaseAllowance Areductioninthecostofdefectivemerchandisereceivedbyapurchaserfromasupplier P1 PurchaseReturnsandAllowances OnMay9 Matrix Inc purchased 20 000ofmerchandiseinventoryonaccount credittermsare2 10 n 30 P1 PurchaseReturnsandAllowances OnMay10 Matrix Inc returned 500ofdefectivemerchandisetothesupplier P1 PurchaseReturnsandAllowances OnMay18 Matrix Inc paidtheamountowedforthepurchaseofMay9 P1 TransportationCosts FOBshippingpoint buyerpays FOBdestination sellerpays Merchandise Seller Buyer P1 TransportationCosts OnMay12 Jason Inc purchased 8 000ofmerchandiseinventoryforcashandalsopaid 100transportationcosts P1 QuickCheck OnJuly6 2007 SellerCo sold 7 500ofmerchandisetoBuyer Co onaccount termsof2 10 n 30 TheshippingtermswereFOBshippingpoint Theshippingcostwas 100 WhichofthefollowingwillbepartofBuyer sJuly6journalentry a CreditSales 7 500b CreditPurchaseDiscounts 150c DebitMerchandiseInventory 7 600d DebitAccountsPayable 7 450 FOBshippingpointindicatesthebuyerultimatelypaysthefreight ThisisrecordedwithadebittoMerchandiseInventory P1 CostofMerchandisePurchased P1 AccountingforMerchandiseSales P2 SalesofMerchandise OnMarch18 DiamondStoresold 25 000ofmerchandiseonaccount Themerchandisewascarriedininventoryatacostof 18 000 P2 SalesDiscounts OnJune8 BartonCo soldmerchandisecosting 3 500for 6 000onaccount Credittermswere2 10 n 30 Let spreparethejournalentries P2 SalesDiscounts OnJune17 BartonCo receivedacheckfor 5 880infullpaymentoftheJune8sale P2 SalesReturnsandAllowances OnJune12 BartonCo soldmerchandisecosting 4 000for 7 500onaccount Thecredittermswere2 10 n 30 P2 SalesReturnsandAllowances OnJune14 merchandisewithasalespriceof 800andacostof 470wasreturnedtoBarton ThereturnisrelatedtotheJune12sale P2 SalesReturnsandAllowances OnJune20 BartonreceivedtheamountowedtoitfromthesaleofJune12 P2 Let scompletetheaccountingcyclebypreparingtheclosingentriesforBarton C4 Step1 CloseCreditBalancesinTemporaryAccountstoIncomeSummary P3 Step2 CloseDebitBalancesinTemporaryAccountstoIncomeSummary P3 Step3 CloseIncomeSummarytoOwner sCapital P3 Step4 CloseWithdrawalstoOwner sCapital P3 IncomeStatementFormats Multiple StepSingle Step P4 Multiple StepIncomeStatement P4 Single StepIncomeStateme