英文版中级会计(现金及应收账款).ppt

,UnderstandingCashandReceivables,Chapter6,IntermediateAccounting12thEditionKieso,Weygandt,andWarfield,PreparedbyCobyHarmon,UniversityofCalifornia,SantaBarbara,Identifyitemsconsideredascash.Indicatehowtoreportcashandrelateditems.Definereceivablesandidentifythedifferenttypesofreceivables.Explainaccountingissuesrelatedtorecognitionofaccountsreceivable.Explainaccountingissuesrelatedtovaluationofaccountsreceivable.Explainaccountingissuesrelatedtorecognitionofnotesreceivable.Explainaccountingissuesrelatedtovaluationofnotesreceivable.Explainaccountingissuesrelatedtodispositionofaccountsandnotesreceivable.Describehowtoreportandanalyzereceivables.,LearningObjectives,CashandReceivables,Whatiscash?ManagementandcontrolofcashReportingcashSummaryofcash-relateditems,Cash,Receivables,RecognitionofaccountsreceivableValuationofaccountsreceivableRecognitionofnotesreceivableValuationofnotesreceivableDispositionofaccountsandnotesreceivablePresentationandanalysis,MostliquidassetStandardmediumofexchangeBasisformeasuringandaccountingforallitemsCurrentassetExamples:coin,currency,availablefundsondepositatthebank,moneyorders,certifiedchecks,cashierschecks,personalchecks,bankdraftsandsavingsaccounts.,WhatisCash?,LO1Identifyitemsconsideredascash.,Cash,(1)toestablishpropercontrolstopreventanyunauthorizedtransactions,and(2)toprovideinformationnecessarytothepropermanagementofcashonhandandcashtransactions.Companiesneedeffectiveinternalcontrolovercash.,ManagementandControlofCash,LO1Identifyitemsconsideredascash.,Managementfacestwoproblems:,Companiessegregaterestrictedcashfrom“regular”cashforreportingpurposes.Examples,restrictedfor:(1)plantexpansion,(2)retirementoflong-termdebt,and(3)compensatingbalances.,ReportingCash,LO2Indicatehowtoreportcashandrelateditems.,RestrictedCash,Illustration7-1,Whenacompanywritesacheckformorethantheamountinitscashaccount.,ReportingCash,LO2Indicatehowtoreportcashandrelateditems.,BankOverdrafts,Generallyreportedasacurrentliability.Offsetagainstcashaccountonlywhenavailablecashispresentinanotheraccountinthesamebankonwhichtheoverdraftoccurred.,Short-term,highlyliquidinvestmentsthatareboth,ReportingCash,LO2Indicatehowtoreportcashandrelateditems.,CashEquivalents,readilyconvertibletocash,andsoneartheirmaturitythattheypresentinsignificantriskofchangesininterestrates.,Examples:Treasurybills,Commercialpaper,andMoneymarketfunds.,Receivables,LO3Definereceivablesandidentifythedifferenttypesofreceivables.,Writtenpromisestopayasumofmoneyonaspecifiedfuturedate.,Claimsheldagainstcustomersandothersformoney,goods,orservices.,Oralpromisesofthepurchasertopayforgoodsandservicessold.,AccountsReceivable,NotesReceivable,Examples:,NontradeReceivables,Advancestoofficersandemployees.Advancestosubsidiaries.Depositstocoverpotentialdamagesorlosses.Depositsasaguaranteeofperformanceorpayment.Dividendsandinterestreceivable.,Receivables,LO3Definereceivablesandidentifythedifferenttypesofreceivables.,RecognitionofAccountsReceivables,LO4Explainaccountingissuesrelatedtorecognitionofaccountsreceivable.,TradeDiscountsReductionsfromthelistpriceNotrecognizedintheaccountingrecordsCustomersarebillednetofdiscounts,10%DiscountfornewRetailStoreCustomers,RecognitionofAccountsReceivables,LO4Explainaccountingissuesrelatedtorecognitionofaccountsreceivable.,CashDiscountsInducementsforpromptpaymentGrossMethodvs.NetMethod,Paymenttermsare2/10,n/30,Example:OnJune3,BenedictCorp.soldtoChesterInc.,merchandisehavingasalepriceof$5,000withtermsof2/10,n/60,f.o.b.shippingpoint.OnJune12,BenedictreceivedacheckforthebalanceduefromChester.PreparerequiredjournalentriesassumingBenedictrecordsthesaleatgross.,Sales5,000,Accountsreceivable5,000,June3,RecognitionofAccountsReceivables,LO4Explainaccountingissuesrelatedtorecognitionofaccountsreceivable.,Cash($5,000 x98%)4,900Salesdiscounts100Accountsreceivable5,000,June12,GrossMethod,Example:OnJune3,BenedictCorp.soldtoChesterInc.,merchandisehavingasalepriceof$5,000withtermsof2/10,n/60,f.o.b.shippingpoint.OnJune12,BenedictreceivedacheckforthebalanceduefromChester.PreparerequiredjournalentriesassumingBenedictrecordsthesaleatnet.,Sales4,900,Accountsreceivable4,900,June3,RecognitionofAccountsReceivables,LO4Explainaccountingissuesrelatedtorecognitionofaccountsreceivable.,Accountsreceivable4,900,Cash4,900,June12,NetMethod,Example:OnJune3,BenedictCorp.soldtoChesterInc.,merchandisehavingasalepriceof$5,000withtermsof2/10,n/60,f.o.b.shippingpoint.OnJune29,BenedictreceivedacheckforthebalanceduefromChester.PreparerequiredjournalentriesassumingBenedictrecordsthesaleatnet.,Sales4,900,Accountsreceivable4,900,June3,RecognitionofAccountsReceivables,LO4Explainaccountingissuesrelatedtorecognitionofaccountsreceivable.,Accountsreceivable4,900,Cash5,000,June29,Salesdiscountsforfeited100,NetMethod,Acompanyshouldmeasurereceivablesintermsoftheirpresentvalue.Inpractice,companiesignoreinterestrevenuerelatedtoaccountsreceivablebecausetheamountofthediscountisnotusuallymaterial.,NonrecognitionofInterestElement,LO4Explainaccountingissuesrelatedtorecognitionofaccountsreceivable.,RecognitionofAccountsReceivables,HowaretheseaccountspresentedontheBalanceSheet?,AccountsReceivable,AllowanceforDoubtfulAccounts,Beg.500,25Beg.,End.500,25End.,AccountingforAccountsReceivable,LO4Explainaccountingissuesrelatedtorecognitionofaccountsreceivable.,AssetsCurrentAssets:Cash$346Accountsreceivable500Lessallowancefordoubtfulaccounts25475Inventory812Prepaids_40Totalcurrentassets1,673FixedAssets:Officeequipment5,679Furniture&fixtures6,600Less:Accumulateddepreciation(3,735)Totalfixedassets8,544TotalAssets$10,217,LO4Explainaccountingissuesrelatedtorecognitionofaccountsreceivable.,AssetsCurrentAssets:Cash$346Accountsreceivable,netof$25allowancefordoubtfulaccounts475Inventory812Prepaids_40Totalcurrentassets1,673FixedAssets:Officeequipment5,679Furniture&fixtures6,600Less:Accumulateddepreciation(3,735)Totalfixedassets8,544TotalAssets$10,217,LO4Explainaccountingissuesrelatedtorecognitionofaccountsreceivable.,Journalentryforcreditsaleof$100?Accountsreceivable100Sales100,AccountsReceivable,AllowanceforDoubtfulAccounts,Beg.500,25Beg.,End.500,25End.,AccountingforAccountsReceivable,LO4Explainaccountingissuesrelatedtorecognitionofaccountsreceivable.,Journalentryforcreditsaleof$100?Accountsreceivable100Sales100,AccountsReceivable,AllowanceforDoubtfulAccounts,Beg.500,25Beg.,End.600,25End.,Sale100,AccountingforAccountsReceivable,LO4Explainaccountingissuesrelatedtorecognitionofaccountsreceivable.,Collectedof$333onaccount?Cash333Accountsreceivable333,AccountsReceivable,AllowanceforDoubtfulAccounts,Beg.500,25Beg.,End.600,25End.,Sale100,AccountingforAccountsReceivable,LO4Explainaccountingissuesrelatedtorecognitionofaccountsreceivable.,Collectedof$333onaccount?Cash333Accountsreceivable333,AccountsReceivable,AllowanceforDoubtfulAccounts,Beg.500,25Beg.,End.267,25End.,Sale100,333Coll.,AccountingforAccountsReceivable,LO4Explainaccountingissuesrelatedtorecognitionofaccountsreceivable.,Adjustmentof$15forestimatedBad-Debts?Baddebtexpense15AllowanceforDoubtfulAccounts15,AccountsReceivable,AllowanceforDoubtfulAccounts,Beg.500,25Beg.,End.267,25End.,Sale100,333Coll.,AccountingforAccountsReceivable,LO4Explainaccountingissuesrelatedtorecognitionofaccountsreceivable.,Adjustmentof$15forestimatedBad-Debts?Baddebtexpense15AllowanceforDoubtfulAccounts15,AccountsReceivable,AllowanceforDoubtfulAccounts,Beg.500,25Beg.,End.267,40End.,Sale100,333Coll.,15Est.,AccountingforAccountsReceivable,LO4Explainaccountingissuesrelatedtorecognitionofaccountsreceivable.,Write-offofuncollectibleaccountsfor$10?AllowanceforDoubtfulaccounts10Accountsreceivable10,AccountsReceivable,AllowanceforDoubtfulAccounts,Beg.500,25Beg.,End.267,40End.,Sale100,333Coll.,15Est.,AccountingforAccountsReceivable,LO4Explainaccountingissuesrelatedtorecognitionofaccountsreceivable.,Write-offofuncollectibleaccountsfor$10?AllowanceforDoubtfulaccounts10Accountsreceivable10,AccountsReceivable,AllowanceforDoubtfulAccounts,Beg.500,25Beg.,End.257,30End.,Sale100,333Coll.,15Est.,W/O10,10W/O,AccountingforAccountsReceivable,LO4Explainaccountingissuesrelatedtorecognitionofaccountsreceivable.,AssetsCurrentAssets:Cash$346Accountsreceivable,netof$30allowancefordoubtfulaccounts227Inventory812Prepaids_40Totalcurrentassets1,673FixedAssets:Officeequipment5,679Furniture&fixtures6,600Less:Accumulateddepreciation(3,735)Totalfixedassets8,544TotalAssets$10,217,LO4Explainaccountingissuesrelatedtorecognitionofaccountsreceivable.,ValuationofAccountsReceivable,LO5Explainaccountingissuesrelatedtovaluationofaccountsreceivable.,ReportingReceivables,ClassificationValuation(netrealizablevalue)UncollectibleAccountsReceivableSalesonaccountraisethepossibilityofaccountsnotbeingcollected,UncollectibleAccountsReceivable,LO5Explainaccountingissuesrelatedtovaluationofaccountsreceivable.,AllowanceMethodLossesareEstimated:Percentage-of-salesPercentage-of-receivables,MethodsofAccountingforUncollectibleAccounts,DirectWrite-OffTheoreticallyundesirable:nomatchingreceivablenotstatedatnetrealizablevalue,IncomeStatementApproach,BalanceSheetApproach,PercentageofSalesMatchingSales-BadDebtExpense,PercentageofReceivablesNetRealizableValueReceivables-AllowanceforBadDebt,UncollectibleAccountsReceivable,LO5Explainaccountingissuesrelatedtovaluationofaccountsreceivable.,ExampleDataCreditsales$500,000Estimated%ofcreditsalesnotcollected1.25%Accountsreceivablebalance$72,500Estimated%ofA/Rnotcollected8%AllowanceforDoubtfulAccounts:CaseI$150(creditbalance)Case2$150(debitbalance),UncollectibleAccountsReceivable,LO5Explainaccountingissuesrelatedtovaluationofaccountsreceivable.,Chargesales$500,000Estimatedpercentagex1.25%Estimatedexpense$6,250=Whatshouldtheendingbalancebefortheallowanceaccount?-Case1andCase2,UncollectibleAccountsReceivable,PercentageofSalesMethod,LO5Explainaccountingissuesrelatedtovaluationofaccountsreceivable.,UncollectibleAccountsReceivable,Actualbalance(credit),(150),150,Adjustment,(6,250),(6,250),Endingbalance,(6,400),(6,100),Journalentry:,Allowancefordoubtfulaccounts6,250,Baddebtexpense6,250,Case1,Case2,PercentageofSales,LO5Explainaccountingissuesrelatedtovaluationofaccountsreceivable.,UncollectibleAccountsReceivable,Accountsreceivable$72,500Estimatedpercentagex8%Desiredbalance$5,800=Whatshouldtheendingbalancebefortheallowanceaccount?-Case1andCase2,PercentageofReceivables,LO5Explainaccountingissuesrelatedtovaluationofaccountsreceivable.,UncollectibleAccountsReceivable,Actualbalance(credit),(150),150,Desiredbalance,(5,800),(5,800),Adjustment,(5,650),(5,950),JournalentryCase1:,Allowancefordoubtfulaccounts5,650,Baddebtexpense5,650,Case1,Case2,PercentageofReceivables,LO5Explainaccountingissuesrelatedtovaluationofaccountsreceivable.,UncollectibleAccountsReceivable,Actualbalance(credit),(150),150,Desiredbalance,(5,800),(5,800),Adjustment,(5,650),(5,950),JournalentryCase2:,Allowancefordoubtfulaccounts5,950,Baddebtexpense5,950,Case1,Case2,PercentageofReceivables,LO5Explainaccountingissuesrelatedtovaluationofaccountsreceivable.,PercentageofSalesapproach:,Summary,Baddebtexpenseestimateisrelatedtoanominalaccount(Sales),anybalanceintheallowanceaccountisignored.Therefore,themethodachievesapropermatchingofcostandrevenues.,UncollectibleAccountsReceivable,PercentageofReceivablesapproach:,Resultsinamoreaccuratevaluationofreceivablesonthebalancesheet.Methodmayalsobeappliedusinganagingschedule.,LO5Explainaccountingissuesrelatedtovaluationofaccountsreceivable.,Supportedbyaformalpromissorynote.,RecognitionofNotesReceivable,LO6Explainaccountingissuesrelatedtorecognitionofnotesreceivable.,NotesReceivable,AnegotiableinstrumentMakersignsinfavorofaPayeeInterest-bearing(hasastatedrateofinterest)ORNoninterest-bearing(interestincludedinfaceamount),RecognitionofNotesReceivable,LO6Explainaccountingissuesrelatedtorecognitionofnotesreceivable.,Generallyoriginatefrom:,CustomerswhoneedtoextendthepaymentperiodofanoutstandingreceivableHigh-riskornewcustomersLoanstoemployeesandsubsidiariesSalesofproperty,plant,andequipmentLendingtransactions(themajorityofnotes),LO6Explainaccountingissuesrelatedtorecognitionofnotesreceivable.,RecognitionofNotesReceivable,Short-Term,Long-Term,RecordatFaceValue,lessallowance,RecordatPresentValueofcashexpectedtobecollected,InterestRatesStatedrate=MarketrateStatedrateMarketrateStatedrateMarketrate,NoteIssuedatFaceValuePremiumDiscount,ExerciseBalanceBarCo.lendsBioFoods$100,000inexchangefora$100,000,5-yearnotebearinginterestat8percentannually.Themarketrateofinterestforanoteofsimilarriskisalso8percent.HowdoesBalanceBarrecordthereceiptofthenote?,NoteIssuedatFaceValue,LO6Explainaccountingissuesrelatedtorecognitionofnotesreceivable.,0,1,2,3,4,5,6,8,000,8,000,8,000,$8,000,8,000,$100,000,Table6-4,$8,000 x3.99271=$31,942,Interest,Factor,PresentValue,PVofInterest,NoteIssuedatFaceValue,LO6Explainaccountingissuesrelatedtorecognitionofnotesreceivable.,Table6-2,$100,000 x.68058=$68,058,Principal,Factor,PresentValue,PVofPrincipal,NoteIssuedatFaceValue,LO6Explainaccountingissuesrelatedtorecognitionofnotesreceivable.,Summary,PresentvalueofInterest$31,942PresentvalueofPrincipal68,058Bondcurrentmarketvalue$100,000,NoteIssuedatFaceValue,LO6Explainaccountingissuesrelatedtorecognitionofnotesreceivable.,ExerciseBalanceBarCo.receivesa5-year,$100,000zero-interest-bearingnote.Themarketrateofinterestforanoteofsimilarriskis6percent.HowdoesBalanceBarrecordthereceiptofthenote?,Zero-Interest-BearingNote,LO6Explainaccountingissuesrelatedtorecognitionofnotesreceivable.,0,1,2,3,4,5,6,0,0,0,$0,0,$100,000,PresentvalueofPrinciple:$100,000(PVF5,6%)=$100,000 x.74726=$74,726,AmortizationScheduleNon-Interest-BearingNote,LO6Explainaccountingissuesrelatedtorecognitionofnotesreceivable.,Zero-Interest-BearingNote,JournalEntriesforNon-Interest-Bearingnote,PresentvalueofPrincipal$74,726,LO6Explainaccountingissuesrelatedtorecognitionofnotesreceivable.,Zero-Interest-BearingNote,ExerciseBalanceBarCo.madealoantoBioFoodsandreceivedinexchangea5-year,$100,000notebearinginterest8percent.Themarketrateofinterestforanoteofsimilarriskis10percent.HowdoesBalanceBarrecordthereceiptofthenote?,Interest-BearingNote,LO6Explainaccountingissuesrelatedtorecognitionofnotesreceivable.,PresentvalueofPrinciple:$100,000(PVF5,10%)=$100,000 x.62092=$62,092PresentvalueofInterest:$8,000(PVF5,10%)=$8,000 x3.79079=30,326Presentvalueofnote$92,418,AmortizationScheduleInterest-BearingNote,LO6Explainaccountingissuesrelatedtorecognitionofnotesreceivable.,Interest-BearingNote,JournalEntriesforInterest-BearingNote,LO6Explainaccountingissuesrelatedtorecognitionofnotesreceivable.,Interest-BearingNote,ValuationofNotesReceivable,LO7Explainaccountingissuesrelatedtovaluationofnotesreceivable.,Short-TermreportedatNetRealizableValue(sameasaccountingforaccountsreceivable).Long-Termnoteisimpairedwhencollectingallamountsdue(bothprincipalandinterest)willlikelynotoccur.AccountingforimpairmentsdiscussedinAppendix14A.,DispositionofAccountsandNotesReceivable,LO8Explainaccountingissuesrelatedtodispositionofaccountsandnotesreceivable.,Ownermaytransferaccountsornotesreceivablestoanothercompanyforcash.Reasons:,Competition.Sellreceivablesbecausemoneyistight.Billing/collectionaretime-consumingandcostly.,Transferaccomplishedby:,SecuredborrowingSaleofreceivables,E7-13OnApril1,2007,RasheedCompanyassigns$400,000ofitsaccountsreceivabletotheThirdNationalBankascollateralfora$200,000loandueJuly1,2007.TheassignmentagreementcallsforRasheedCompanytocontinuetocollectthereceivables.ThirdNationalBankassessesafinancechargeof2%oftheaccountsreceivable,andinterestontheloanis10%(arealisticrateofinterestforanoteofthistype).,SecuredBorrowing-Exercise,LO8Explainaccountingissuesrelatedtodispositionofaccountsandnotesreceivable.,Instructions(a)PreparetheApril1,2007,journalentryforRasheedCompany.(b)PreparethejournalentryforRasheedscollectionof$350,000oftheaccountsreceivableduringtheperiodfromApril1,2007,throughJune30,2007.(c)OnJuly1,2007,RasheedpaidThirdNationalallthatwasduefromtheloanitsecuredonApril1,2007.,Exercise7-13continued,LO8Explainaccountingissuesrelatedtodispositionofaccountsandnotesreceivable.,SecuredBorrowing-Exercise,Factorsarefinancecompaniesorbanksthatbuyreceivablesfrombusinessesforafee.,LO8Explainaccountingissuesrelatedtodispositionofaccountsandnotesreceivable.,SalesofReceivables,Illustration7-16,SaleWithoutRecourse,PurchaserassumesriskofcollectionTransferisoutrightsaleofreceivableSellerrecordslossonsaleSelleruseDuefromFactor(receivable)accountto