会计学第五章.ppt

1、Principles of Accounting,John J. Wild Ken W. Shaw Barbara Chiappetta 19th Edition,McGraw-Hill/Irwin,Copyright 2009 by The McGraw-Hill Companies, Inc. All rights reserved.,会计学原理,Chapter 5,Accounting for Merchandising Operations,Conceptual Learning Objectives,C1: Describe merchandising activities and

2、identify income components for a merchandising company. C2: Identify and explain the inventory asset of a merchandising company. C3: Describe both perpetual and periodic inventory systems. C4: Analyze and interpret cost flows and operating activities of a merchandising company.,4-3,Procedural Learni

3、ng Objectives,P1: Analyze and record transactions for merchandise purchases using a perpetual system. P2: Analyze and record transactions for merchandise sales using a perpetual system. P3: Prepare adjustments and close accounts for a merchandising company. P4: Define and prepare multiple-step and s

4、ingle-step income statements.,4-4,Merchandising Activities,Service organizations sell time to earn revenue. Examples: Accounting firms, law firms and plumbing services,Revenues,C 1,4-5,Manufacturer,Wholesaler,Retailer,Customer,Merchandising Companies acquire products/goods and resell to customers to

5、 earn revenue.,Merchandising Activities,C 1,4-6,Merchandise- products or goods, acquired to resell to customers Merchandiser- earns net income by buying and selling merchandise Wholesaler- an intermediary, buys products from and sells to Retailer- an intermediary, buys from and sells to customers,Re

6、porting Income of a Merchandiser,Merchandising companies sell products to earn revenue. Examples: sporting goods, clothing, and auto parts stores,Cost ofGoods Sold,GrossProfit,Expenses,NetIncome,Equals,Minus,Equals,P2,4-7,Operating Cycle for a Merchandiser,Begins with the purchase of merchandise and

7、 ends with the collection of cash from the sale of merchandise.,Purchases,Merchandiseinventory,Credit sales,Accountsreceivable,Cashcollection,Purchases,Merchandiseinventory,Cashsales,Cash Sale,Credit Sale,C 2,4-8,Inventory Systems 存货,+,Beginninginventory,Net purchases,Merchandiseavailable for sale,E

8、nding inventory,Cost of goodssold,=,C 3,4-9,+,Merchandise inventory, or inventory, refers to products that a company owns and intends to sell.,Merchandise Purchases,On June 20, Jason, Inc. purchased $14,000 of Merchandise Inventory paying cash.,P1,4-10,Seller Invoice date Purchaser Order numberCredi

9、t terms Freight termsGoods Invoice amount,P1,4-11,Merchandise Purchases,Purchase Discounts,A deduction from the invoice price granted to induce early payment of the amount due.,Terms Time Due,Discount Period,Due: Invoice price minus discount,Credit Period,Due: Full Invoice Price,Date of Invoice,P1,4

10、-12,2/10,n/30,Purchase Discounts,Discount Percent,Number of Days Discount Is Available,Otherwise, Net (or All) Is Due in 30 Days,CreditPeriod,P1,4-13,Purchase Discounts,On May 7, Jason, Inc. purchased $27,000 of merchandise inventory on account, credit terms are 2/10, n/30.,P1,4-14,Purchase Discount

11、s,On May 15, Jason, Inc. paid the amount due on the purchase of May 7.,*$27,000 2% = $540 discount,P1,4-15,Purchase Discounts 折扣,After we post these entries, the accounts involved look like this:,P1,4-16,When Discount is Not Taken,If we fail to take a 2/10, n/30 discount, is it really expensive?,X36

12、5 days 20 days 2% = 36.5% annual rate,P1,4-17,Implied annual interest rate,X,365,2%,3010,When Discount is Not Taken,You purchase a batch of products on terms of 3/10, n/90, but your company has limited cash and you must borrow funds at an 11% annual rate if you are to pay within the discount period.

13、 Do you take advantage of the purchase discount? Not to use the discount term, pay the full amount (100%) on Day 90th. Use the discount term: Borrow at 11% for 80 days Pay 97% on Day 10th Pay 97%11%80/3652.34%,3% enjoyed; 2.34% incurred; So, 0.66% saved!,Purchase Returns terms of 2/10,n/30. The ship

14、ping terms were FOB shipping point. The shipping cost was $100. Which of the following will be part of Buyers July 6 journal entry? a. Credit Sales $7,500 b. Credit Purchase Discounts $150 c. Debit Merchandise Inventory $7,600 d. Debit Accounts Payable $7,450,FOB shipping point indicates the buyer u

15、ltimately pays the freight. This is recorded witha debit to Merchandise Inventory.,P1,4-25,Cost of Merchandise Purchased,P1,4-26,Accounting for Merchandise Sales,P2,4-27,Sales of MerchandiseTwo parts: to recognize revenue in form of an asset to recognize cost of merchandise sold,On March 18, Diamond

16、 Store sold $25,000 of merchandise on account. The merchandise was carried in inventory at a cost of $18,000.,P2,4-28,Sales Discounts 销售折扣,On June 8, Barton Co. sold merchandise costing $3,500 for $6,000 on account. Credit terms were 2/10, n/30. Lets prepare the journal entries.,P2,4-29,Sales Discou

17、nts 销售折扣,On June 17, Barton Co. received a check for $5,880 in full payment of the June 8 sale.,P2,4-30,Sales Returns & Allowances销售退回与折让,On June 12, Barton Co. sold merchandise costing $4,000 for $7,500 on account. The credit terms were 2/10, n/30.,P2,4-31,Sales Returns & Allowances销售退回与折让,On June

18、14, merchandise with a sales price of $800 and a cost of $470 was returned to Barton. The return is related to the June 12 sale.,P2,4-32,Sales Returns & Allowances销售退回与折让,On June 20, Barton received the amount owed to it from the sale of June 12.,P2,4-33,Lets complete the accounting cycle by prepari

19、ng the closing entries for Barton,C 4,4-34,Step 1: Close Credit Balances in Temporary Accounts to Income Summary,P3,4-35,Step 2: Close Debit Balances in Temporary Accounts to Income Summary,P3,4-36,Step 3: Close Income Summary to Retained Earnings,P3,4-37,Step 4: Close Dividends to Retained Earnings

20、,P3,4-38,Multiple-Step I/S,P4,4-39,Single-Step Income Statement,P4,4-40,Classified Balance Sheet,P4,4-41,Two Alternative Inventory Accounting Systems两种存货核算制度-collect information about COGS and cost of inventory,Perpetual inventory system -永续盘存制 Continually update accounting records for merchandising transactions Records of inventory available for sale and invent