会计学第五章

$
Seller Invoice date Purchaser Order number Credit terms Freight terms Goods Invoice amount
Amount 27,000
We appreciate your business!
Sub Total Ship Chg. Tax Total $
Beginning inventory
+
=
Net purchases
Merchandise inventory, or inventory, refers to products that a company owns and intends to sell.
Merchandise available for sale
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
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.
Purchase Return . . .
Merchandise returned by the purchaser to the supplier.
Name: Barbee, Inc. Attn: Tom Bell Address: One Willow Plaza Cookeville, Tennessee 38501 Terms 2/10,n/30 Description 250 Backup System
Sales: 25


Ship: FedEx Prepaid Quanity Price 500 $ 54.00
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
27,000 27,000

4-11
P1
Purchase Discounts
A deduction from the invoice price granted to induce early payment of the amount due.
Terms Time
Discount Period
Credit Period
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.
① ② ③
1. 2.
Borrow at 11% for 80 days Pay 97% on Day 10th Pay 97%×11%×80/365＝2.34%
2.34% incurred; So, 0.66% saved!
P1
Purchase Returns & Allowances ——退回与折让
Dr. 27,000 Cr. 26,460 540
May 15 Accounts Payable Cash Merchandise Inventory*
Paid accounts payable in full
*$27,000 × 2% = $540 discount
4-15
P1
Purchase Discounts — 折扣
Purchases
Credit Sale
Cash collection
Purchases
Cash sales
Accounts receivable
wenku.baidu.comMerchandise inventory
Merchandise inventory
Credit sales
4-8
C3
Inventory Systems — 存货
P2: Analyze and record transactions for merchandise sales using a perpetual system. P3: Prepare adjustments and close accounts for a merchandising company.
Due
Date of Invoice
Due: Invoice price minus discount
Due: Full Invoice Price
4-12
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
Implied annual interest rate
Days in a year Number of additional days before payment Percent paid to keep money
4-17
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. 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: 3% enjoyed;
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
Manufacturer
Wholesaler
Retailer
Customer
Merchandise- products or goods, acquired to resell to customers
Merchandiser- earns net income by buying and selling merchandise
4-10
P1
Merchandise Purchases
Invoice
Main Source, Inc.
614 Tech Avenue Nashville, TN 37651


Invoice
Date 5/4/09 Number 358-BI


P.O. 167 Item AC417
S o l d T o
4-13
P1
Purchase Discounts
On May 7, Jason, Inc. purchased $27,000 of merchandise inventory on account, credit terms are 2/10, n/30.
Dr. 27,000 Cr. 27,000
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
Ending inventory
+
Cost of goods sold
4-9
P1
Merchandise Purchases
On June 20, Jason, Inc. purchased $14,000 of Merchandise Inventory paying cash.
Dr. Jun. 20 Merchandise Inventory Cash Purchase merchandise for cash 14,000 14,000 Cr.
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.
May 7
Merchandise Inventory Accounts Payable
Purchase merchandise on account
4-14
P1
Purchase Discounts
On May 15, Jason, Inc. paid the amount due on the purchase of May 7.
After we post these entries, the accounts involved look like this:
Merchandise Inventory
5/7 27,000 5/15 540
Accounts Payable
5/15 27,000 5/7 27,000
Bal. 26,460
Bal.
0
4-16
P1
When Discount is Not Taken
If we fail to take a 2/10, n/30 discount, is it really expensive?
X
365
＝
2%
30－10
X＝365 days ÷ 20 days × 2% = 36.5% annual rate
Revenues
Minus
Expenses
Equals
Net income
4-5
C1
Merchandising Activities
Merchandising Companies
—acquire products/goods and resell to customers to earn revenue.
Merchandising companies sell products to earn revenue. Examples: sporting goods, clothing, and auto parts stores
Net Sales
Minus
Cost of Goods Sold
Equals