会计学原理-约翰·J·怀尔德版-05
合集下载
相关主题
- 1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
- 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
- 3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。
© The McGraw-Hill Companies, Inc., 2007
McGraw-Hill/Irwin
P1
Merchandise Purchases
On June 20, Jason, Inc. purchased $14,000 of Merchandise Inventory paying cash.
Wholesaler
Retailer
Customer
McGraw-Hill/Irwin
© The McGraw-Hill Companies, Inc., 2007
P2
Reporting Income of a Merchandiser
Merchandising companies sell products to earn revenue.
Merchandise Inventory Accounts Payable
Purchase merchandise on account
Dr. 27,000
Cr. 27,000
McGraw-Hill/Irwin
© The McGraw-Hill Companies, Inc., 2007
P1
Purchase Discounts
Examples: sporting goods, clothing, and auto parts stores
Net Sales
Minus
Cost of Equals Goods Sold
Gross Profit
Minus
Expenses
Equals
Net Income
Merchandising Company Income Statement For Year Ended December 31, 2007 Net sales Cost of goods sold Gross profit Operating expenses Net income $ $ $ 150,000 80,000 70,000 46,500 23,500
McGraw-Hill/Irwin
© The McGraw-Hill Companies, Inc., 2007
C2
Operating Cycle for a Merchandiser
Begins with the purchase of merchandise and ends with the collection of cash from the sale of merchandise.
*$27,000 × 2% = $540 discount
McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2007
P1
Purchase Discounts
After we post these entries, the accounts involved look like this:
Revenues
Minus
Expenses
Equals
Net income
McGraw-Hill/Irwin
© The McGraw-Hill Companies, Inc., 2007
C1
Merchandising Activities
Merchandising Companies
Manufacturer
McGraw-Hill/Irwin
© The McGraw-Hill Companies, Inc., 2007
Analytical Learning Objectives
A1: Compute the acid-test ratio and explain its use to assess liquidity A2: Compute the gross margin ratio and explain its use to assess profitability
© The McGraw-Hill Companies, Inc., 2007
C3
Inventory Systems
Beginning inventory
+
Merchandise = available for sale
Net cost of purchases
Ending inventory
+
Cost of goods sold
McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2007
P1
Purchase Discounts
On May 7, Jason, Inc. purchased $27,000 of merchandise inventory on account, credit terms are 2/10, n/30.
McGraw-Hill/Irwin
© The McGraw-Hill Companies, Inc., 2007
Procedural Learning 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 single-step income statements P5: Appendix 5A: Record and compare merchandising transactions using both periodic and perpetual inventory systems
Quantity sold 1,000 Price per unit $ 5.25 Total 5,250 Less 30% discount (1,575) Invoice price $ 3,675
McGraw-Hill/Irwin
© The McGraw-Hill Companies, Inc., 2007
Due: Full Invoice Price
Date of Invoice
McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2007
P1
Purchase Discounts
2/10,n/30
Discount Percent Number of Days Discount Is Available Otherwise, Net (or All) Is Due in 30 Days Credit Period
We appreciate your business!
Sub Total Ship Chg. Tax Total $
27,000 27,000
McGraw-Hill/Irwin
© The McGraw-Hill Companies, Inc., 2007
P1
Purchase Discounts
A deduction from the invoice price granted to induce early payment of the amount due.
Terms Time Due
Discount Period
Credit Period
Due: Invoice price minus discount
Cash Sale
Purchases
Credit Sale
Cash collection Purchases
Cash sales
Account receivable
Merchandise inventory
Merchandise inventory
McGraw-Hill/Irwin
Credit sales
McGraw-Hill/Irwin
© The McGraw-Hill Companies, Inc., 2007
C1
Merchandising Activities
Service organizations sell time to earn revenue.
Examples: Accounting firms, law firms and plumbing services
P.O. 167 Item AC417
Sales: 25 Terms 2/10,n/30 Description 250 Backup System
Ship: FedEx Prepaid Quanity Price Amount 500 $ 54.00 $ 27,000
Seller Invoice date Purchaser Order number Credit terms Freight terms Goods Invoice amount
P1
Invoice
Main Source, Inc. 614 Tech Avenue
Nashville, TN 37651
S o l d T o
Invoice
Number 358-BI
Date 5/4/07
Name: Barbee, Inc. Attn: Tom Bell Address: One Willow Plaza Cookeville, Tennessee 38501
Chapter 5
Accounting for Merchandising Operations
McGraw-Hill/Irwin
© The McGraw-Hill C百度文库mpanies, Inc., 2007
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 C4: Analyze and interpret cost flows and operating activities of a merchandising company
Dr. Jun. 20 Merchandise Inventory Cash Purchase merchandise for cash 14,000 14,000 Cr.
McGraw-Hill/Irwin
© The McGraw-Hill Companies, Inc., 2007
P1
Trade Discounts
Used by manufacturers and wholesalers to offer better prices for greater quantities purchased.
Example
Matrix, Inc. offers a 30% trade discount on orders of 1,000 units or more of their popular product Racer. Each Racer has a list price of $5.25.
On May 15, Jason, Inc. paid the amount due on the purchase of May 7.
Dr. 27,000 Cr. 26,460 540
May 15
Accounts Payable Cash Merchandise Inventory*
Paid accounts payable in full
Merchandise Inventory
5/7 27,000 5/15 540 Bal. 26,460
McGraw-Hill/Irwin
P1
Merchandise Purchases
On June 20, Jason, Inc. purchased $14,000 of Merchandise Inventory paying cash.
Wholesaler
Retailer
Customer
McGraw-Hill/Irwin
© The McGraw-Hill Companies, Inc., 2007
P2
Reporting Income of a Merchandiser
Merchandising companies sell products to earn revenue.
Merchandise Inventory Accounts Payable
Purchase merchandise on account
Dr. 27,000
Cr. 27,000
McGraw-Hill/Irwin
© The McGraw-Hill Companies, Inc., 2007
P1
Purchase Discounts
Examples: sporting goods, clothing, and auto parts stores
Net Sales
Minus
Cost of Equals Goods Sold
Gross Profit
Minus
Expenses
Equals
Net Income
Merchandising Company Income Statement For Year Ended December 31, 2007 Net sales Cost of goods sold Gross profit Operating expenses Net income $ $ $ 150,000 80,000 70,000 46,500 23,500
McGraw-Hill/Irwin
© The McGraw-Hill Companies, Inc., 2007
C2
Operating Cycle for a Merchandiser
Begins with the purchase of merchandise and ends with the collection of cash from the sale of merchandise.
*$27,000 × 2% = $540 discount
McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2007
P1
Purchase Discounts
After we post these entries, the accounts involved look like this:
Revenues
Minus
Expenses
Equals
Net income
McGraw-Hill/Irwin
© The McGraw-Hill Companies, Inc., 2007
C1
Merchandising Activities
Merchandising Companies
Manufacturer
McGraw-Hill/Irwin
© The McGraw-Hill Companies, Inc., 2007
Analytical Learning Objectives
A1: Compute the acid-test ratio and explain its use to assess liquidity A2: Compute the gross margin ratio and explain its use to assess profitability
© The McGraw-Hill Companies, Inc., 2007
C3
Inventory Systems
Beginning inventory
+
Merchandise = available for sale
Net cost of purchases
Ending inventory
+
Cost of goods sold
McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2007
P1
Purchase Discounts
On May 7, Jason, Inc. purchased $27,000 of merchandise inventory on account, credit terms are 2/10, n/30.
McGraw-Hill/Irwin
© The McGraw-Hill Companies, Inc., 2007
Procedural Learning 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 single-step income statements P5: Appendix 5A: Record and compare merchandising transactions using both periodic and perpetual inventory systems
Quantity sold 1,000 Price per unit $ 5.25 Total 5,250 Less 30% discount (1,575) Invoice price $ 3,675
McGraw-Hill/Irwin
© The McGraw-Hill Companies, Inc., 2007
Due: Full Invoice Price
Date of Invoice
McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2007
P1
Purchase Discounts
2/10,n/30
Discount Percent Number of Days Discount Is Available Otherwise, Net (or All) Is Due in 30 Days Credit Period
We appreciate your business!
Sub Total Ship Chg. Tax Total $
27,000 27,000
McGraw-Hill/Irwin
© The McGraw-Hill Companies, Inc., 2007
P1
Purchase Discounts
A deduction from the invoice price granted to induce early payment of the amount due.
Terms Time Due
Discount Period
Credit Period
Due: Invoice price minus discount
Cash Sale
Purchases
Credit Sale
Cash collection Purchases
Cash sales
Account receivable
Merchandise inventory
Merchandise inventory
McGraw-Hill/Irwin
Credit sales
McGraw-Hill/Irwin
© The McGraw-Hill Companies, Inc., 2007
C1
Merchandising Activities
Service organizations sell time to earn revenue.
Examples: Accounting firms, law firms and plumbing services
P.O. 167 Item AC417
Sales: 25 Terms 2/10,n/30 Description 250 Backup System
Ship: FedEx Prepaid Quanity Price Amount 500 $ 54.00 $ 27,000
Seller Invoice date Purchaser Order number Credit terms Freight terms Goods Invoice amount
P1
Invoice
Main Source, Inc. 614 Tech Avenue
Nashville, TN 37651
S o l d T o
Invoice
Number 358-BI
Date 5/4/07
Name: Barbee, Inc. Attn: Tom Bell Address: One Willow Plaza Cookeville, Tennessee 38501
Chapter 5
Accounting for Merchandising Operations
McGraw-Hill/Irwin
© The McGraw-Hill C百度文库mpanies, Inc., 2007
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 C4: Analyze and interpret cost flows and operating activities of a merchandising company
Dr. Jun. 20 Merchandise Inventory Cash Purchase merchandise for cash 14,000 14,000 Cr.
McGraw-Hill/Irwin
© The McGraw-Hill Companies, Inc., 2007
P1
Trade Discounts
Used by manufacturers and wholesalers to offer better prices for greater quantities purchased.
Example
Matrix, Inc. offers a 30% trade discount on orders of 1,000 units or more of their popular product Racer. Each Racer has a list price of $5.25.
On May 15, Jason, Inc. paid the amount due on the purchase of May 7.
Dr. 27,000 Cr. 26,460 540
May 15
Accounts Payable Cash Merchandise Inventory*
Paid accounts payable in full
Merchandise Inventory
5/7 27,000 5/15 540 Bal. 26,460