财务管理ch 应收款和库存

1、Chapter 5-3Accounts Receivable and Inventory Management应收账款与存货管理Credit and Collection Policies of the Firm(1) Average Collection Period(2) Bad-debtLossesQuality ofTrade AccountLength ofCredit PeriodPossible CashDiscountFirmCollectionProgramCredit Standards(信用标准）Credit Standards - The minimum quality

2、 of credit worthiness of a credit applicant that is acceptable to the firm.Five Cs of CreditCharacter willingness to meet financial obligationsCapacity ability to meet financial obligations out of operating cash flowsCapital financial reserves（储备）Collateral assets pledged as securityConditions gener

3、al economic conditions related to customers businessCredit and Collection Policies of the Firm(1) Average Collection Period(2) Bad-debtLossesQuality ofTrade AccountLength ofCredit PeriodPossible CashDiscountFirmCollectionProgramCredit Terms（信用条款）Credit Period - The total length of time over which cr

4、edit is extended to a customer to pay a bill. For example, “net 30” requires full payment to the firm within 30 days from the invoice date.Credit Terms - Specify the length of time over which credit is extended to a customer and the discount, if any, given for early payment. For example, “2/10, net

5、30.”Credit and Collection Policies of the Firm(1) Average Collection Period(2) Bad-debtLossesQuality ofTrade AccountLength ofCredit PeriodPossible CashDiscountFirmCollectionProgramCredit TermsCash Discount - A percent (%) reduction in sales or purchase price allowed for early payment of invoices. Fo

6、r example, “2/10” allows the customer to take a 2% cash discount during the cash discount period.Cash Discount Period - The period of time during which a cash discount can be taken for early payment. For example, “2/10” allows a cash discount in the first 10 days from the invoice date.Terms of SaleB

7、asic Form: 2/10 net 452% discount if paid in 10 daysTotal amount due in 45 days if discount not takenBuy $500 worth of merchandise with the credit terms given abovePay $500(1 - .02) = $490 if you pay in 10 daysPay $500 if you pay in 45 daysExample: Cash DiscountsFinding the implied interest rate whe

8、n customers do not take the discountCredit terms of 2/10 net 45 and $500 loan$10 interest (.02*500)Period rate = 10 / 490 = 2.0408%Period = (45 10) = 35 days365 / 35 = 10.4286 periods per yearEAR = (1.020408)10.4286 1 = 23.45%The company benefits when customers choose to forego discountsCredit and C

9、ollection Policies of the Firm(1) Average Collection Period(2) Bad-debtLossesQuality ofTrade AccountLength ofCredit PeriodPossible CashDiscountFirmCollectionProgramCollection Policy and ProceduresThe firm should increase collection expenditures until the marginal reduction in bad-debt losses equals

10、the marginal outlay to collect. Collection Procedures LettersPhone callsPersonal visitsLegal actionSaturationPointCollection ExpendituresBad-Debt LossesAnalyzing the Credit ApplicantObtaining information on the credit applicantAnalyzing this information to determine the applicants creditworthinessMa

11、king the credit decisionInventory Management and ControlRaw-materials inventoryWork-in-process inventoryIn-transit inventoryFinished-goods inventoryInventories form a link between production and sale of a product.Inventory types:Appropriate Level of InventoriesEmploy a cost-benefit analysisCompare t

12、he benefits of economies of production, purchasing, and product marketing against the cost of the additional investment in inventories.How does a firm determine the appropriate level of inventories?ABC Method of Inventory ControlMethod which controls expensive inventory items more closely than less

13、expensive items.Review “A” items most frequently Review “B” and “C” items less rigorously and/or less frequently.ABC method of inventory control0 15 45 100Cumulative Percentage of Items in Inventory7090100Cumulative Percentage of Inventory ValueABC存货ABC分类管理 所谓ABC分类管理就是按照一定的标准，将企业的存货划分为A、B、C三类，分别实行分品

14、种重点管理、分类别一般控制和按总额灵活掌握的存货管理方法。 分类的标准主要有两个：一是金额标准， 二是品种数量标准。 其中金额标准是最基本的，品种数量标准仅作为参考。 A类存货的特点是金额巨大，但品种数量较少； B类存货的金额一般，品种数量相对较多； C类存货品种数量繁多，但价值金额却很少。 【例62】滨江百货企业拥有2 000余种商品，其中：家用电器、高档皮货、家具、摩托车、大型健身器械等商品的品种数量并不很多，只有近200种，占所有品种数的比重不足10%，但价值额却相当大，占所有商品价值的70%多，企业管理当局把此类存货划归为A类，按品种重点管理；大众化的服装、鞋帽、床上用品、布匹、文具用

15、具等商品品种数量比较多，有400多种，占20%多，但价值额相对A类商品要小得多，只占全部商品价值的20%，企业管理当局把此类存货划归为B类，按类别进行一般控制；至于各种小百货，如针线、钮扣、日常卫生用品等，品种数量非常多，达到近1 500种，占所有品种数的70%多，但所占金额却很小，不到全部商品价值的10%，于是管理当局把此类存货划归为C类，按总额灵活控制。How Much to Order? Forecast usage Ordering cost Carrying costOrdering can mean either the purchase or production of the

16、item.The optimal quantity to order depends on:Total Inventory CostsC: Carrying costs per unit per periodO: Ordering costs per orderS: Total usage during the periodTotal inventory costs (T) =C (Q / 2) + O (S / Q)TIMEQ / 2QAverageInventoryINVENTORY (in units)Economic Order Quantity（经济订货量）The EOQ or op

17、timal quantity (Q*) is:The quantity of an inventory item to order so that total inventory costs are minimized over the firms planning period.Q* =2 (O) (S)CExample of the Economic Order QuantityBasket Wonders is attempting to determine the economic order quantity for fabric used in the production of

18、baskets. 10,000 yards of fabric were used at a constant rate last period.Each order represents an ordering cost of $200.Carrying costs are $1 per yard over the 100-day planning period.What is the economic order quantity?Economic Order QuantityWe will solve for the economic order quantity given that ordering costs are $200 per order, total us