会计学原理英文ppt课件Chapter05Accounting for Merchandising Operations

1、 2009 the mcgraw-hill companies, inc., 2009 the mcgraw-hill companies, inc., all rights reservedall rights reservedaccounting for merchandising operationschapter 5mcgraw-hill/irwinslide 2mcgraw-hill/irwinslide 2examples: accounting firms, law firms and plumbing servicesnetincomeequalsexpensesminusre

2、venuesservice companiesmcgraw-hill/irwinslide 3mcgraw-hill/irwinslide 3manufacturerwholesalerretailercustomermerchandising activitiesc 1mcgraw-hill/irwinslide 4mcgraw-hill/irwinslide 4reporting income for a merchandiser merchandising companies sell to earn revenue. examples: sporting goods, clothing

3、, and auto parts storesnetincomeminusequalsminusequalscost ofgoods soldgrossprofitexpensesnetsalesc1mcgraw-hill/irwinslide 5mcgraw-hill/irwinslide 5operating cycle for a merchandiser begins with the purchase of merchandise and ends with the collection of cash from the sale of merchandise.purchasesme

4、rchandiseinventorycredit salesaccountreceivablecashcollectionpurchasesmerchandiseinventorycashsalesc 2mcgraw-hill/irwinslide 6mcgraw-hill/irwinslide 6inventory systems+beginninginventorynet cost ofpurchasesmerchandiseavailable for saleending inventorycost of goodssoldc 3mcgraw-hill/irwinslide 7mcgra

5、w-hill/irwinslide 7perpetual and periodic inventory systemsperpetual systemscontinually update accounting records for merchandising transactionsperiodic systemsaccounting records relating to merchandise transactions are updated only at the end of the accounting periodc 3mcgraw-hill/irwinslide 8mcgra

6、w-hill/irwinslide 8merchandise purchases on november 2, z-mart purchased $1,200 of merchandise inventory for cash.p1mcgraw-hill/irwinslide 9mcgraw-hill/irwinslide 9trade discountsp1mcgraw-hill/irwinslide 10mcgraw-hill/irwinslide 10seller invoice date purchaserorder datecredit terms freight termsgood

7、stotal invoicep1mcgraw-hill/irwinslide 11mcgraw-hill/irwinslide 11purchase discountscredittermstimeamountdue discount perioddue: invoice price minus discountcredit perioddue: full invoice pricep1mcgraw-hill/irwinslide 12mcgraw-hill/irwinslide 12discount percentnumber of days discount is availableoth

8、erwise, net (or all) is due in 30 dayscreditperiodpurchase discountsp1mcgraw-hill/irwinslide 13mcgraw-hill/irwinslide 13purchase discountsp1mcgraw-hill/irwinslide 14mcgraw-hill/irwinslide 14$1,200 2% = $24 discountpurchase discountsp1mcgraw-hill/irwinslide 15mcgraw-hill/irwinslide 15purchase discoun

9、tsmerchandise inventory accounts payable 11/2 1,20011/2 1,20011/12 2411/12 1,200bal. 1,176bal. 0p1mcgraw-hill/irwinslide 16mcgraw-hill/irwinslide 16purchase returns and allowancesp1mcgraw-hill/irwinslide 17mcgraw-hill/irwinslide 17purchase returns and allowancesp1mcgraw-hill/irwinslide 18mcgraw-hill

10、/irwinslide 18purchase returns and allowancesp1mcgraw-hill/irwinslide 19mcgraw-hill/irwinslide 19purchase returns and allowancesp1mcgraw-hill/irwinslide 20mcgraw-hill/irwinslide 20transportation costs and ownership transferfob shipping point(buyer pays)fob destination(seller pays)merchandisesellerbu

11、yercarrierp1mcgraw-hill/irwinslide 21mcgraw-hill/irwinslide 21transportation costsp1mcgraw-hill/irwinslide 22mcgraw-hill/irwinslide 22accounting for merchandisep1 invoice cost of merchandise purchases235,800$ less:less: purchase discounts(4,200)$ less: purchase returns and allowances(1,500)add: cost

12、s of transportation-in2,300total cost of merchandise purchased232,400$ mcgraw-hill/irwinslide 23mcgraw-hill/irwinslide 23accounting for merchandise salesp2z-martcomputation of gross profitfor year ended december 31, 2009sales321,000$ less:sales discounts4,300$ sales returns and allowances2,000 6,300

13、 net sales314,700 cost of goods sold230,400 gross profit84,300$ mcgraw-hill/irwinslide 24mcgraw-hill/irwinslide 24accounting for merchandise sales p2mcgraw-hill/irwinslide 25mcgraw-hill/irwinslide 25 z-mart completes a credit sale for $1,000 on november 12th, the merchandise cost $800. terms of 2/10

14、, n/60, and the account was paid in full within the discount period.sales discountsp2mcgraw-hill/irwinslide 26mcgraw-hill/irwinslide 26 recall z-marts sale for $2,400 that had a cost of $1,600. assume the customer returns part of the merchandise. the returned items sell for $800 and cost $600.sales

15、returns and allowancesp2mcgraw-hill/irwinslide 27mcgraw-hill/irwinslide 27 recall the $800 of merchandise sold by z-mart to a customer. the merchandise was defective but the customer agreed to keep it because z-mart offers a $100 price reduction.sales allowancesp2mcgraw-hill/irwinslide 28mcgraw-hill

16、/irwinslide 28merchandising cost flow in the accounting cyclebeginning inventorynet purchasesmerchandise available for saleending inventorycost of goods soldto income statementto balance sheetto income statementto balance sheetperiod 1beginning inventorynet purchasesmerchandise available for saleend

17、ing inventorycost of goods soldperiod 2c 4mcgraw-hill/irwinslide 29mcgraw-hill/irwinslide 29adjusting entries for merchandisers z-marts merchandise inventory account at the end of 2009 has a balance of $21,250, but a physical count reveals that only $21,000 of inventory exists. z-mart suffered a $25

18、0 shrinkage.p3mcgraw-hill/irwinslide 30mcgraw-hill/irwinslide 30closing entries for merchandisersp3mcgraw-hill/irwinslide 31mcgraw-hill/irwinslide 31closing entries for merchandisersp3mcgraw-hill/irwinslide 32mcgraw-hill/irwinslide 32closing entries for merchandisersp3mcgraw-hill/irwinslide 33mcgraw

19、-hill/irwinslide 33closing entries for merchandisersp3mcgraw-hill/irwinslide 34mcgraw-hill/irwinslide 34income statement formatsp4mcgraw-hill/irwinslide 35mcgraw-hill/irwinslide 35multiple-step income statementp4mcgraw-hill/irwinslide 36mcgraw-hill/irwinslide 36single-step income statementp4mcgraw-hill/irwinslide 37mcgraw-hill/irwinslide 37classified balance sheethighlyliquidlessliquidp4mcgraw-hill/irwinslide 38mcgraw-hill/irwinslide 38a common rule of