Financial Accounting006PPT学习教案

1、会计学1Financial Accounting0066-2An exchange hastaken place.Collection isprobable.The earnings processis nearly complete.第1页/共68页6-3第2页/共68页6-44.To receive payment quicker.第3页/共68页6-5第4页/共68页6-6GENERAL JOURNALPage 34DateDescriptionDebitCreditJan.2第5页/共68页6-7GENERAL JOURNALPage 34DateDescriptionDebitCre

2、ditJan.2 Accounts Receivable2,910Credit Card Discounts90Sales Revenue3,000$3,000 3% = $90 Credit Card FeeCredit Card Discounts are reportedas a contra revenue account.第6页/共68页6-8第7页/共68页6-9Read as: “Two ten, net thirty”第8页/共68页6-10DiscountPercentage # of Days in Discount PeriodOtherwise, the Full Am

3、ount Is Due Maximum Days in Credit Period第9页/共68页6-11GENERAL JOURNALPage 34DateDescriptionDebitCreditJan.6第10页/共68页6-12GENERAL JOURNALPage 34DateDescriptionDebitCreditJan.6 Accounts Receivable1,000Sales Revenue1,000第11页/共68页6-13GENERAL JOURNALPage 34DateDescriptionDebitCreditJan. 14第12页/共68页6-14GENE

4、RAL JOURNALPage 34DateDescriptionDebitCreditJan. 14 Cash980Sales Discounts20Accounts Receivable1,000$1,000 2% = $20 sales discount$1,000 - $20 = $980 cash receiptContra-revenue account第13页/共68页6-15GENERAL JOURNALPage 34DateDescriptionDebitCreditJan. 20第14页/共68页6-16GENERAL JOURNALPage 34DateDescripti

5、onDebitCreditJan. 20 Cash1,000Accounts Receivable1,000Since the customer paid outside of the discount period, a sales discount is not granted.第15页/共68页6-17With discount terms of 2/10,n/30, a customersaves $2 on a $100 purchase by payingon the 10th day instead of the 30th day.Annual Interest Rate =36

6、5 Days20 Days 2.04% = 37.23% $2$98= 2.04%Interest Rate for 20 Days =Interest Rate for 20 Days =Amount SavedAmount Paid第16页/共68页6-18Debited for damaged merchandise.Debited for returned merchandise.Contra revenue account.第17页/共68页6-19GENERAL JOURNALPage 40DateDescriptionDebitCreditJuly8第18页/共68页6-20GE

7、NERAL JOURNALPage 40DateDescriptionDebitCreditJuly8Sales Returns and Allowances500Accounts Receivable500第19页/共68页6-21In 2000, Timberland reported gross profit of $508,512,000 on sales of $1,091,478,000.Gross ProfitPercentageGross ProfitNet Sales=All other things equal, a higher gross profit results

8、in higher net income. 第20页/共68页6-22TimberlandSkechers U.S.A.Wolverine46.6%42.1%31.9%2000 Gross Profit ComparisonsGross ProfitPercentage$508,512,000$1,091,478,000= 46.6%Gross ProfitPercentageGross ProfitNet Sales=All other things equal, a higher gross profit results in higher net income. 第21页/共68页6-2

9、3Accounts ReceivableAmounts owed by other companies or persons for cash, goods, or services.Open accounts owed to the business by trade customers.第22页/共68页6-24$1,200Wheaton, OhioJanuary 5, 2003Sixty daysafter date I promise to pay tothe order of Wheaton Mountain BankOne thousand two hundred - Dollar

10、sPayable atWheaton Mountain BankValue received with interest at per annumNo. Due Timberland Company10242March 6, 200312%Pat RogersDue DateMakerInterest RatePrincipalTermPayee第23页/共68页6-25第24页/共68页6-26Matching PrincipleBad Debt ExpenseSales RevenueRecord in same accounting period.第25页/共68页6-27第26页/共6

11、8页6-28GENERAL JOURNALPage 78DateDescriptionDebitCreditDec. 31第27页/共68页6-29GENERAL JOURNALPage 78DateDescriptionDebitCreditDec. 31 Bad Debt Expense2,395,000Allowance for Doubtful Accounts2,395,000Bad Debt Expense is normally classified as a selling expense and is closed at year-end.Contra asset accou

12、nt第28页/共68页6-30Amount the businessexpects to collect.Balance Sheet Disclosure第29页/共68页6-31第30页/共68页6-32GENERAL JOURNALPage 37DateDescriptionDebitCredit第31页/共68页6-33GENERAL JOURNALPage 37DateDescriptionDebitCreditAllowance for Doubtful Accounts1,480,000Accounts Receivable1,480,000第32页/共68页6-34account

13、s.第33页/共68页6-35Before Write-Off After Write-OffAccounts receivable81,000,000$ 79,520,000$ Less: Allow. for doubtful accts.2,000,000 520,000 Net realizable value79,000,000$ 79,000,000$ Notice that the total write-offs of $1,480,000 did not change the net realizable value nor did it affect any income

14、statement accounts.第34页/共68页6-36?第35页/共68页6-37Bad debt percentage is based on actual uncollectible accounts from prior years credit sales.Focus is on determining the amount to record on the income statement asBad Debt Expense. 第36页/共68页6-38第37页/共68页6-39第38页/共68页6-40第39页/共68页6-41GENERAL JOURNALPage 7

15、6DateDescriptionDebitCreditDec. 31 Bad Debt Expense600Allowance for Doubtful Accounts600第40页/共68页6-42Now lets discuss another method that is used to account for uncollectible accounts.第41页/共68页6-43Focus is on determining the desired balance in the Allowance for Doubtful Accounts on the balance sheet

16、.第42页/共68页6-44第43页/共68页6-45第44页/共68页6-46Days Past Due CustomerNot Yet Due1-3031-6061-90Over 90Total A/R BalanceAaron, R.235$ 235$ Baxter, T.1,200$300 1,500 Clark, J.50$ 200$ 500$ 750 Zak, R.325 325 Total3,500$2,550$1,830$1,540$1,240$10,660$Based on past experience, the business estimates the percent

17、age of uncollectible accounts in each time category.第45页/共68页6-47Days Past Due CustomerNot Yet Due1-3031-6061-90Over 90Total A/R BalanceAaron, R.235$ 235$ Baxter, T.1,200$300 1,500 Clark, J.50$ 200$ 500$ 750 Zak, R.325 325 Total3,500$2,550$1,830$1,540$1,240$10,660$% Uncollectible0.01 0.04 0.10 0.25

18、0.40 These percentages are then multiplied by the appropriate column totals.第46页/共68页6-48Days Past Due CustomerNot Yet Due1-3031-6061-90Over 90Total A/R BalanceAaron, R.235$ 235$ Baxter, T.1,200$300 1,500 Clark, J.50$ 200$ 500$ 750 Zak, R.325 325 Total3,500$2,550$1,830$1,540$1,240$10,660$% Uncollect

19、ible0.01 0.04 0.10 0.25 0.40 EstimatedUncoll. Amount35$ 102$ 183$ 385$ 496$ 1,201$ The column totals are then added to arrive at the total estimate of uncollectible accounts of $1,201.第47页/共68页6-49Days Past Due CustomerNot Yet Due1-3031-6061-90Over 90Total A/R BalanceAaron, R.235$ 235$ Baxter, T.1,2

20、00$300 1,500 Clark, J.50$ 200$ 500$ 750 Zak, R.325 325 Total3,500$2,550$1,830$1,540$1,240$10,660$% Uncollectible0.01 0.04 0.10 0.25 0.40 EstimatedUncoll. Amount35$ 102$ 183$ 385$ 496$ 1,201$ 第48页/共68页6-50GENERAL JOURNALPage 76DateDescriptionPost. Ref.DebitCreditDec. 31 Bad Debt Expense1,151Allowance

21、 for Doubtful Accounts1,151第49页/共68页6-51Allowance for Doubtful Accounts50Balance at 12/31/2003before adj.1,151 2003 adjustment1,201Balance at 12/31/2003after adj.Notice that the balance after adjustment is equal to the estimate of $1,201 based on the aging analysis performed earlier.第50页/共68页6-52Tim

22、berland reported 2000 net sales of $1,091,478,000.December 31, 1999, receivables were $78,696,000 andDecember 31, 2000, receivables were $105,727,000.This ratio measures how many times average receivables are recorded and collected for the year. Net Sales Average Net Trade ReceivablesReceivable Turn

23、over=第51页/共68页6-53= 11.8 times $1,091,478,000($105,727,000 + $78,696,000) 2Receivable Turnover=TimberlandSkechersWolverine2000 Receivables Turnover ComparisonsThis ratio measures how many times average receivables are recorded and collected for the year. Net Sales Average Net Trade Receiva

24、blesReceivable Turnover=第52页/共68页6-54Sales RevenueAdd Decrease in Accounts ReceivableSubtract Increase in Accounts ReceivableCash Collected from Customers第53页/共68页6-55Now lets start our discussion of cash.第54页/共68页6-56Cash and Cash EquivalentsChecksMoney OrdersBank DraftsCertificates of DepositT-Bil

25、ls第55页/共68页6-57Cash is the asset most susceptible to theft and fraud.Properly account for assets.Ensure the accuracy of financial records.Safeguard assets.Internal control refers to policies and procedures that are designed to:第56页/共68页6-58Separationof DutiesCustodyRecordingAuthorization第57页/共68页6-5

26、9Daily DepositsPurchase ApprovalPrenumbered ChecksPayment ApprovalCash Controls Check SignaturesBank Reconciliations第58页/共68页6-60Provides information for reconciling journal entries.Explains the difference between cash reported on bank statement and cash balance on companys books.第59页/共68页6-61 Balance per Bank+ Deposits in Transit- Outstanding Checks Bank Errors= Adjusted Balance Balance per Book+ Deposits by Bank (credit memos)- Service Charge - NSF Checks Book Errors= Adjusted Balance第60页/共68页6-62 Balance per Bank+ Deposits in Transit- Outstanding Checks Bank Errors= Adjusted Balan