会计学人大出版英文版第23版Chap007.ppt

CashandReceivables,7,Copyright2011bytheMcGraw-HillCompanies,Inc.Allrightsreserved.,McGraw-Hill/Irwin,CashandCashEquivalents,Balancesincheckingaccounts,Currencyandcoins,Cashequivalentsareshort-term,highlyliquidinvestmentsthatcanbereadilyconvertedtocash.,Moneymarketfunds,Treasurybills,Commercialpaper,Cash,Itemsfordepositsuchaschecksandmoneyordersfromcustomers,InternalControl,Encouragesadherencetocompanypoliciesandprocedures,Promotesoperationalefficiency,Minimizeserrorsandtheft,Enhancesthereliabilityandaccuracyofaccountingdata,InternalControlProcedures,CashReceiptsSeparateresponsibilitiesforreceivingcash,recordingcashtransactions,andreconcilingcashbalances.Matchtheamountofcashreceivedwiththeamountofcashdeposited.Closesupervisionofcash-handlingandcash-recordingactivities.,CashDisbursementsAlldisbursements,exceptpettycash,madebycheck.Separateresponsibilitiesforcashdisbursementdocuments,checkauthorization,checksigning,andrecordkeeping.Checksshouldbesignedonlybyauthorizedindividuals.,RestrictedCashandCompensatingBalances,RestrictedCashManagementsintenttouseacertainamountofcashforaspecificpurposefutureplantexpansion,futurepaymentofdebt.CompensatingBalanceMinimumbalancethatmustbemaintainedinacompanysbankaccountassupportforfundsborrowedfromthebank.,U.S.GAAPvs.IFRS,Bankoverdraftsaretreatedasliabilities.,Ingeneral,cashandcashequivalentsaretreatedsimilarlyunderIFRSandU.S.GAAP.Onedifferenceishighlightedbelow.,Bankoverdraftsmaybeoffsetagainstothercashaccounts.,AccountsReceivable,Resultfromthecreditsalesofgoodsorservicestocustomers.,Areclassifiedascurrentassets.,Arerecordednetoftradediscounts.,increasesales,encourageearlypayment,increaselikelihoodofcollections,Cashdiscounts,CashDiscounts,2/10,n/30,CashDiscounts,CashDiscounts,Salesarerecordedattheinvoiceamounts.,Salesdiscountsarerecordedasreductionofrevenueifpaymentisreceivedwithinthediscountperiod.,GrossMethod,Salesarerecordedattheinvoiceamountlessthediscount.,Salesdiscountsforfeitedarerecordedasinterestrevenueifpaymentisreceivedafterthediscountperiod.,NetMethod,CashDiscounts,OnOctober5,Hawthornesoldmerchandisefor$20,000withterms2/10,n/30.OnOctober14,thecustomersentacheckfor$13,720takingadvantageofthediscounttosettle$14,000oftheamount.OnNovember4,thecustomerpaidtheremaining$6,000.,Merchandisemaybereturnedbyacustomertoasupplier.,Aspecialpricereduction,calledanallowance,maybegivenasanincentivetokeepthemerchandise.,SalesReturns,Toavoidmisstatingthefinancialstatements,salesrevenueandaccountsreceivableshouldbereducedbytheamountofreturnsintheperiodofsaleiftheamountofreturnsisanticipatedtobematerial.,SalesReturns,Duringthefirstyearofoperations,Hawthornesold$2,000,000ofmerchandisethathadcostthem$1,200,000(60%).Industryexperienceindicates10%returnrate.Duringtheyear$130,000wasreturnedpriortocustomerpayment.Recordthereturnsandtheendoftheyearadjustment.,ActualReturnsSalesreturns130,000Accountsreceivable130,000Inventory78,000Costofgoodssold(60%)78,000AdjustingEntriesSalesreturns70,000Allowanceforsalesreturns70,000Inventory-estimatedreturns42,000Costofgoodssold(60%)42,000,UncollectibleAccountsReceivable,Baddebtsresultfromcreditcustomerswhoareunabletopaytheamounttheyowe,regardlessofcontinuingcollectionefforts.,PASTDUE,Inconformitywiththematchingprinciple,baddebtexpenseshouldberecordedinthesameaccountingperiodinwhichthesalesrelatedtotheuncollectibleaccountwererecorded.,UncollectibleAccountsReceivable,Mostbusinessesrecordanestimateofthebaddebtexpensebyanadjustingentryattheendoftheaccountingperiod.,BaddebtexpensexxxAllowanceforuncollectibleaccountsxxx,AllowanceforUncollectibleAccounts,Netrealizablevalueistheamountoftheaccountsreceivablethatthebusinessexpectstocollect.,AccountsReceivableLess:AllowanceforUncollectibleAccountsNetRealizableValue,IncomeStatementApproachBalanceSheetApproachCompositeRateAgingofReceivables,IncomeStatementApproach,Focusesonpastcreditsalestomakeestimateofbaddebtexpense.Emphasizesthematchingprinciplebyestimatingthebaddebtexpenseassociatedwiththecurrentperiodscreditsales.,Baddebtexpenseiscomputedasfollows:,In2012,MusicLandhascreditsalesof$400,000andestimatesthat0.6%ofcreditsalesareuncollectible.WhatisBadDebtExpensefor2012?,IncomeStatementApproach,MusicLandcomputesestimatedBadDebtExpenseof$2,400.,Baddebtexpense2,400Allowanceforuncollectibleaccounts2,400,BalanceSheetApproach,Focusesonthecollectabilityofaccountsreceivabletomaketheestimateofuncollectibleaccounts.Involvesthedirectcomputationofthedesiredbalanceintheallowanceforuncollectibleaccounts.,ComputethedesiredbalanceintheAllowanceforUncollectibleAccounts.BadDebtExpenseiscomputedas:,OnDec.31,2012,MusicLandhas$50,000inAccountsReceivableanda$200creditbalanceinAllowanceforUncollectibleAccounts.Pastexperiencesuggeststhat5%ofreceivablesareuncollectible.WhatisMusicLandsBadDebtExpensefor2012?,BalanceSheetApproachCompositeRate,DesiredbalanceinAllowanceforUncollectibleAccounts,BalanceSheetApproachCompositeRate,Baddebtexpense2,300Allowanceforuncollectibleaccounts2,300,Year-endAccountsReceivableisbrokendownintoageclassifications.,Eachagegroupinghasadifferentlikelihoodofbeinguncollectible.,Computedesireduncollectibleamount.,BalanceSheetApproachAgingofReceivables,Comparedesireduncollectibleamountwiththeexistingbalanceintheallowanceaccount.,AtDecember31,2012,thereceivablesforEastCo,Inc.werecategorizedasfollows:,BalanceSheetApproachAgingofReceivables,BalanceSheetApproachAgingofReceivables,EastCosunadjustedbalanceintheallowanceaccountis$500.Perthepreviouscomputation,thedesiredbalanceis$1,350.,Baddebtexpense850Allowanceforuncollectibleaccounts850,UncollectibleAccounts,Asaccountsbecomeuncollectible,thisentryismade:,Whenacustomermakesapaymentafteranaccounthasbeenwrittenoff,twojournalentriesarerequired.,Allowanceforuncollectibleaccounts500Accountsreceivable500,Accountsreceivable500Allowanceforuncollectibleaccounts500Cash500Accountsreceivable500,Ifuncollectibleaccountsareimmaterial,baddebtsaresimplyrecordedastheyoccur(withouttheuseofanallowanceaccount).,DirectWrite-offMethod,BaddebtsexpensexxxAccountsreceivablexxx,NotesReceivable,Awrittenpromisetopayaspecificamountataspecificfuturedate.,Interest-BearingNotes,OnNovember1,2012,West,Inc.loans$25,000toWinnCo.Thenotebearsinterestat12%andisdueonNovember1,2013.PreparethejournalentryonNovember1,2012,December31,2012,(year-end)andNovember1,2013forWest.,November1,2012Notesreceivable25,000Cash25,000December31,2012Interestreceivable500Interestrevenue500November1,2013Cash28,000Notereceivable25,000Interestreceivable500Interestrevenue2,500,Noninterest-BearingNotes,Actuallydobearinterest.Interestisdeducted(discounted)fromthefacevalueofthenote.Cashproceedsequalfacevalueofnotelessdiscount.,Noninterest-BearingNotes,OnJan.1,2012,West,Inc.accepteda$25,000noninterest-bearingnotefromWinn,Coaspaymentforasale.Thenoteisdiscountedat12%andisdueonDec.31,2012.PreparethejournalentriesonJan.1,2012,andDec.31,2012.,January1,2012Notesreceivable25,000Discountonnotesreceivable3,000Salesrevenue22,000($25,000*12%=$3,000)December31,2012Cash25,000Discountonnotesreceivable3,000Interestrevenue3,000Notereceivable25,000,U.S.GAAPvs.IFRS,U.S.GAAPallowsa“fairvalueoption”foraccountingforreceivables.U.S.GAAPdoesnotallowreceivablestobeaccountedforas“availableforsale”investments.U.S.GAAPrequiresmoredisaggregationofaccountsandnotesreceivableinthebalancesheetornotes.,Ingeneral,IFRSandU.S.GAAPareverysimilarwithrespecttoaccountsreceivableandnotesreceivable.Differencesarehighlightedbelow.,IFRSrestrictsthecircumstancesinwhicha“fairvalueoption”foraccountingforreceivablesisallowed.Intheyearsbetween2010and2012,companiesmayaccountforreceivablesas“availableforsale”investmentsiftheapproachiselectedinitially.AfterJanuary1,2013,thistreatmentisnolongerallowed.,FinancingWithReceivables,Companiesmayusetheirreceivablestoobtainimmediatecash.,SaleofReceivables,SecuredBorrowing,FactoringArrangements,FACTOR(Transferee),SUPPLIER(Transferor),RETAILER,Afactorisafinancialinstitutionthatbuysreceivablesforcash,handlesthebillingandcollectionofthereceivablesandchargesafeefortheservice.,SecuredBorrowing,SaleofReceivables,Treatasasaleifalloftheseconditionsaremet:receivablesareisolatedfromtransferor.transfereehasrighttopledgeorexchangereceivables.transferordoesnothavecontroloverthereceivables.Transferorcannotrepurchasereceivablebeforematurity.Transferorcannotrequirereturnofspecificreceivables.,SaleofReceivables,WithoutrecourseAnordinarysaleofreceivablestothefactor.Factorassumesallriskofuncollectibility.Controlofreceivablepassestothefactor.Receivablesareremovedfromthebooks,fairvalueofcashandotherassetsreceivedisrecorded,andafinancingexpenseorlossisrecognized.,WithrecourseTransferor(seller)retainsriskofuncollectibility.Ifthetransactionfailstomeetthethreeconditionsnecessarytobeclassifiedasasale,itwillbetreatedasasecuredborrowing.,SaleofReceivables,InDecember2011,theSantaTeresaGlassCompanyfactoredaccountsreceivablethathadabookvalueof$600,000toFactorBank.Thetransferwasmadewithoutrecourse.Underthisarrangement,SantaTeresatransfersthe$600,000ofreceivablestoFactor,andFactorimmediatelyremitstoSantaTeresacashequalto90%ofthefactoredamount(90%$600,000=$540,000).Factorretainstheremaining10%tocoveritsfactoringfee(equalto4%ofthetotalfactoredamount;4%$600,000=$24,000)andtoprovideacushionagainstpotentialsalesreturnsandallowances.,Assumethesamefactsasabove,exceptthatSantaTeresasoldthereceivablestoFactorwithrecourseandestimatesthefairvalueoftherecourseobligationtobe$5,000.,Interestreceivable5,000Interestrevenue5,000,TransfersofNotesReceivable,OnDecember31,Stridewellacceptedanine-month10percentnotefor$200,000fromacustomer.ThreemonthslateronMarch31,Stridewelldiscountedthenoteatitslocalbank.Thebanksdiscountrateis12percent.,Beforepreparingthejournalentrytorecordthediscounting,StridewellmustrecordtheaccruedinterestonthenotefromDecember31untilMarch31.,TransfersofNotesReceivable,Cash202,100Lossonsaleofnotereceivable2,900Notesreceivable200,000Interestreceivable5,000,DecidingWhethertoAccountforaTransferasaSaleoraSecuredBorrowing,U.S.GAAPvs.IFRS,U.S.GAAPfocusesonwhethercontrolofassetshasshiftedfromthetransferortothetransferee.,TheU.S.GAAPandtheIFRSapproachesoftenleadtosimilaraccountingtreatmentfortransfersofreceivables.,IFRSrequiresamorecomplexdecisionprocess.Thecompanyhastohavetransferredtherightstoreceivethecashflowsfromthereceivable,andthenconsiderswhetherthecompanyhastransferred“substantiallyalloftherisksandrewardsofownership,”a