会计学原理英文ppt课件Chapter-05Accounting-for-Merchandising-Operations.ppt

AccountingforMerchandisingOperations,Chapter5,Serviceorganizationsselltimetoearnrevenue.Examples:Accountingfirms,lawfirmsandplumbingservices,Revenues,ServiceCompanies,Manufacturer,Wholesaler,Retailer,Customer,MerchandisingCompanies,MerchandisingActivities,C1,ReportingIncomeforaMerchandiser,Merchandisingcompaniessellproductstoearnrevenue.Examples:sportinggoods,clothing,andautopartsstores,C1,OperatingCycleforaMerchandiser,Beginswiththepurchaseofmerchandiseandendswiththecollectionofcashfromthesaleofmerchandise.,Purchases,Merchandiseinventory,Creditsales,Accountreceivable,Cashcollection,Purchases,Merchandiseinventory,Cashsales,CashSale,CreditSale,C2,InventorySystems,+,+,Beginninginventory,Netcostofpurchases,=Merchandiseavailableforsale,Endinginventory,Costofgoodssold,C3,PERPETUALANDPERIODICINVENTORYSYSTEMS,Perpetualsystemscontinuallyupdateaccountingrecordsformerchandisingtransactions,Periodicsystemsaccountingrecordsrelatingtomerchandisetransactionsareupdatedonlyattheendoftheaccountingperiod,C3,MerchandisePurchases,OnNovember2,Z-Martpurchased$1,200ofmerchandiseinventoryforcash.,P1,TradeDiscounts,Usedbymanufacturersandwholesalerstoofferbetterpricesforgreaterquantitiespurchased.,ExampleZ-Martoffersa30%tradediscountonordersof1,000unitsormoreoftheirpopularproductRacer.EachRacerhasalistpriceof$5.25.,P1,SellerInvoicedatePurchaserOrderdateCredittermsFreighttermsGoodsTotalinvoice,P1,PurchaseDiscounts,Adeductionfromtheinvoicepricegrantedtoinduceearlypaymentoftheamountdue.,CreditTermsTimeAmountDue,DiscountPeriod,Due:Invoicepriceminusdiscount,CreditPeriod,Due:FullInvoicePrice,DateofInvoice,P1,2/10,n/30,DiscountPercent,NumberofDaysDiscountIsAvailable,Otherwise,Net(orAll)IsDuein30Days,CreditPeriod,PurchaseDiscounts,P1,OnNovember2nd,Z-Martpurchased$1,200ofmerchandiseinventoryonaccount,credittermsare2/10,n/30.,PurchaseDiscounts,P1,OnNovember12th,Z-MartpaidtheamountdueonthepurchaseofNovember2nd.,$1,2002%=$24discount,PurchaseDiscounts,P1,PurchaseDiscounts,Afterweposttheseentries,theaccountsinvolvedlooklikethis:,P1,PurchaseReturnsandAllowances,PurchaseReturn.Merchandisereturnedbythepurchasertothesupplier.PurchaseAllowance.Areductioninthecostofdefectivemerchandisereceivedbyapurchaserfromasupplier.,P1,OnNovember2nd,Z-Martpurchased$1,200ofmerchandiseinventoryonaccount,credittermsare2/10,n/30.,PurchaseReturnsandAllowances,P1,OnNovember5th,Z-Martreturned$300ofdefectivemerchandisetothesupplier.,PurchaseReturnsandAllowances,P1,OnNovember12th,Z-MartpaidtheamountowedforthepurchaseofNovember2nd.,PurchaseReturnsandAllowances,P1,TransportationCostsandOwnershipTransfer,FOBshippingpoint(buyerpays),FOBdestination(sellerpays),Merchandise,Seller,Buyer,Carrier,P1,TransportationCosts,OnNovember2nd,Z-Martpurchased$1,200ofmerchandiseinventoryforcashandalsopaid$75transportationcosts.,P1,AccountingforMerchandise,P1,AccountingforMerchandiseSales,P2,Z-MART,ComputationofGrossProfit,ForYearEndedDecember31,2009,Sales,321,000,$,Less:,Salesdiscounts,4,300,$,Salesreturnsandallowances,2,000,6,300,Netsales,314,700,Costofgoodssold,230,400,Grossprofit,84,300,$,OnNovember3rd,Z-Martsold$2,400ofmerchandiseoncredit.ThemerchandisehasacostbasistoZ-Martof$1,600.,AccountingforMerchandiseSales,P2,Z-Martcompletesacreditsalefor$1,000onNovember12th,themerchandisecost$800.Termsof2/10,n/60,andtheaccountwaspaidinfullwithinthediscountperiod.,SalesDiscounts,P2,RecallZ-Martssalefor$2,400thathadacostof$1,600.Assumethecustomerreturnspartofthemerchandise.Thereturneditemssellfor$800andcost$600.,SalesReturnsandAllowances,P2,Recallthe$800ofmerchandisesoldbyZ-Marttoacustomer.ThemerchandisewasdefectivebutthecustomeragreedtokeepitbecauseZ-Martoffersa$100pricereduction.,SalesAllowances,P2,MerchandisingCostFlowintheAccountingCycle,C4,AdjustingEntriesforMerchandisers,Z-MartsMerchandiseInventoryaccountattheendof2009hasabalanceof$21,250,butaphysicalcountrevealsthatonly$21,000ofinventoryexists.Z-Martsuffereda$250shrinkage.,P3,ClosingEntriesforMerchandisers,P3,ClosingEntriesforMerchandisers,P3,ClosingEntriesforMerchandisers,P3,ClosingEntriesforMerchandisers,P3,IncomeStatementFormats,Multiple-StepSingle-Step,P4,Multiple-StepIncomeStatement,P4,Single-StepIncomeStatement,P4,ClassifiedBalanceSheet,HighlyLiquid,LessLiquid,P4,Acommonruleofthumbistheacid-testratioshouldhaveavalueofatleast1.0toconcludeacompanyisunlikelytofaceliquidityp