会计学第五章.

Gross Profit
Minus
Expenses
Equals
Net Income
Merchandising Company Income Statement For Year Ended December 31, 2009 Net sales Cost of goods sold Gross profit Operating expenses Net income $ 150,000 80,000 $ 70,000 46,500 $ 23,500
Chapter 5
Accounting for Merchandising Operations
Conceptual Learning Objectives
C1: Describe merchandising activities and 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.
Ending inventory
+
Cost of goods sold
4-9
P1
Merchandise Purchases
On June 20, Jason, Inc. purchased $14,000 of Merchandise Inventory paying cash.
C4: Analyze and interpret cost flows and operating activities of a merchandising company.
4-3
Procedural Learning Objectives
P1: Analyze and record transactions for merchandise purchases using a perpetual system.
Revenues
Minus
EБайду номын сангаасpenses
Equals
Net income
4-5
C1
Merchandising Activities
Merchandising Companies
—acquire products/goods and resell to customers to earn revenue.
P2: Analyze and record transactions for merchandise sales using a perpetual system. P3: Prepare adjustments and close accounts for a merchandising company.
Manufacturer
Wholesaler
Retailer
Customer
Merchandise- products or goods, acquired to resell to customers
Merchandiser- earns net income by buying and selling merchandise
4-7
C2
Operating Cycle for a Merchandiser
Begins with the purchase of merchandise and ends with the collection of cash from the sale of merchandise. Cash Sale
Beginning inventory
+
=
Net purchases
Merchandise inventory, or inventory, refers to products that a company owns and intends to sell.
Merchandise available for sale
P4: Define and prepare multiple-step and single-step income statements.
4-4
C1
Merchandising Activities
Service organizations sell time to earn revenue.
Examples: Accounting firms, law firms and plumbing services
Merchandising companies sell products to earn revenue. Examples: sporting goods, clothing, and auto parts stores
Net Sales
Minus
Cost of Goods Sold
Equals
Principles of Accounting
会计学原理
John J. Wild Ken W. Shaw Barbara Chiappetta 19th Edition
McGraw-Hill/Irwin
Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved.
Wholesaler- an intermediary, buys products from … and sells to … Retailer- an intermediary, buys from … and sells to customers
4-6
P2
Reporting Income of a Merchandiser
Purchases
Credit Sale
Cash collection
Purchases
Cash sales
Accounts receivable
Merchandise inventory
Merchandise inventory
Credit sales
4-8
C3
Inventory Systems — 存货