会计学原理英文课件Chapter-05AccountingforMerchandisingOperations精选.ppt

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 servicesNetincomeEqualsExpensesMinusRevenues

2、SERVICE 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,and auto

3、 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.PurchasesMerchandisei

4、nventoryCredit salesAccountreceivableCashcollectionPurchasesMerchandiseinventoryCashsalesC 2McGraw-Hill/IrwinSlide 6McGraw-Hill/IrwinSlide 6INVENTORY SYSTEMS+BeginninginventoryNet cost ofpurchasesMerchandiseavailable for saleEnding inventoryCost of goodssoldC 3McGraw-Hill/IrwinSlide 7McGraw-Hill/Irw

5、inSlide 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 8McGraw-Hill/Irw

6、inSlide 8MERCHANDISE PURCHASES On November 2,Z-Mart purchased$1,200 of merchandise inventory for cash.P1McGraw-Hill/IrwinSlide 9McGraw-Hill/IrwinSlide 9TRADE DISCOUNTSQua ntity sold1,000 Price pe r unit5.25$Tota l5,250 Le ss 30%discount(1,575)Invoice price3,675$P1McGraw-Hill/IrwinSlide 10McGraw-Hill

7、/IrwinSlide 10Seller Invoice date PurchaserOrder dateCredit terms Freight termsGoodsTotal invoiceP1McGraw-Hill/IrwinSlide 11McGraw-Hill/IrwinSlide 11PURCHASE DISCOUNTSCreditTermsTimeAmountDue Discount PeriodDue:Invoice price minus discountCredit PeriodDue:Full Invoice PriceP1McGraw-Hill/IrwinSlide 1

8、2McGraw-Hill/IrwinSlide 12Discount PercentNumber of Days Discount Is AvailableOtherwise,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 D

9、ISCOUNTSP1McGraw-Hill/IrwinSlide 15McGraw-Hill/IrwinSlide 15PURCHASE DISCOUNTSMerchandise 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/IrwinSli

10、de 17PURCHASE RETURNS AND ALLOWANCESP1McGraw-Hill/IrwinSlide 18McGraw-Hill/IrwinSlide 18PURCHASE RETURNS AND ALLOWANCESP1McGraw-Hill/IrwinSlide 19McGraw-Hill/IrwinSlide 19PURCHASE RETURNS AND ALLOWANCESP1McGraw-Hill/IrwinSlide 20McGraw-Hill/IrwinSlide 20TRANSPORTATION COSTS AND OWNERSHIP TRANSFERFOB

11、 shipping point(buyer pays)FOB destination(seller pays)MerchandiseSellerBuyerTermsOwnership transfers to buyer when goods are passed toTransportation costs paid byFOB shipping pointCarrierBuyerFOB destinationBuyerSellerCarrierP1McGraw-Hill/IrwinSlide 21McGraw-Hill/IrwinSlide 21TRANSPORTATION COSTSP1

12、McGraw-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:Costs of transportation-in2,300Total cost of merchandise purchased232,400$McGraw-Hill/IrwinSl

13、ide 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 Net sales314,700 Cost of goods sold230,400 Gross profit84,300$McGraw-Hill/IrwinSlide 24McGra

14、w-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,n/60,and the account was paid in full within the discount period.SALES DISCOUNTSP2McGraw-Hill/Irw

15、inSlide 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 RETURNS AND ALLOWANCESP2McGraw-Hill/IrwinSlide 27McGraw-Hill/IrwinSlide 27 Recall the$800 of merchandise s

16、old 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/IrwinSlide 28MERCHANDISING COST FLOW IN THE ACCOUNTING CYCLEBeginning inventoryNet purchasesMerchandise avai

17、lable for saleEnding inventoryCost of goods soldTo Income StatementTo Balance SheetTo Income StatementTo Balance SheetPeriod 1Beginning inventoryNet purchasesMerchandise available for saleEnding inventoryCost of goods soldPeriod 2C 4McGraw-Hill/IrwinSlide 29McGraw-Hill/IrwinSlide 29ADJUSTING ENTRIES

18、 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$250 shrinkage.P3McGraw-Hill/IrwinSlide 30McGraw-Hill/IrwinSlide 30CLOSING ENTRIES FOR MERCHANDISERSP3McGraw-Hill/Irw

19、inSlide 31McGraw-Hill/IrwinSlide 31CLOSING ENTRIES FOR MERCHANDISERSP3McGraw-Hill/IrwinSlide 32McGraw-Hill/IrwinSlide 32CLOSING ENTRIES FOR MERCHANDISERSP3McGraw-Hill/IrwinSlide 33McGraw-Hill/IrwinSlide 33CLOSING ENTRIES FOR MERCHANDISERSP3McGraw-Hill/IrwinSlide 34McGraw-Hill/IrwinSlide 34INCOME STA

20、TEMENT 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 3

21、8McGraw-Hill/IrwinSlide 38A common rule of thumb is the acid-test ratio should have a value of at least 1.0 to conclude a company is unlikely to face liquidity problems in the near future.=ACID-TEST RATIOA1McGraw-Hill/IrwinSlide 39McGraw-Hill/IrwinSlide 39ACID-TEST RATIO($millions)201920192019Total

22、quick assets$3,010$3,286$4,923 Total current assets 6,648 6,702 8,232 Total current liabilities 3,492 2,762 3,297 Acid-test ratio 0.86 1.19 1.49 Current ratio 1.90 2.43 2.50 Industry acid-test ratio 0.56 0.61 0.66 Industry current ratio 2.43 2.55 2.67 A1McGraw-Hill/IrwinSlide 40McGraw-Hill/IrwinSlide 40GROSS MARGIN RATIOA2McGraw-Hill/IrwinSlide 41McGraw-Hill/IrwinSlide 41END OF CHAPTER 5