对外经贸会计专业六

ACCOUNTINGFORMERCHANDISINGACTIVITIESChapter6OperatingCycleofaMerchandisingCompanyOperatingcycle营业周期---Theaverageperiodbetweenthepurchaseofmerchandiseandtheconversionofthismerchandisebackintocash.OperatingCycleofaMerchandisingCompany1.Purchaseofmerchandise3.Collectionofthereceivables2.SaleofmerchandiseonaccountCashInventoryAccountsReceivableCashsalesComparingMerchandisingActivitieswithManufacturingActivitiesMerchandisingCompanyPurchaseinventoryinready-to-sellcondition.ManufacturingCompanyManufactureinventoryandhavealongerandmorecomplexoperatingcycleIncomeStatementofaMerchandisingCompanyCostofgoodssold销货成本representstheexpenseofgoodsthataresoldtocustomers.Grossprofitisausefulmeansofmeasuringtheprofitabilityofsalestransactions.WhatAccountingInformationDoesaMerchandisingCompanyNeed?FinancialReportingRequirementsDailyBusinessOperatingRequirementsSpecialReportingRequirementsExamplesRevenuesExpensesCustomerLedgersTaxReportsGeneralLedgerAccountsAlthoughgeneralledgeraccountsprovideusefulinformation,theydonotprovidemuchofthedetailedinformationneededinthedailybusinessoperations.Whoowesusmoney?SubsidiaryLedgers明细分类账:ASourceofNeededDetailsControllingAccount统制账户SubsidiaryLedgersAccountsreceivable(subsidiary)ledger应收账款明细账--AlistofallthechargecustomersandtheirrespectivebalanceAccountspayable(subsidiary)ledger应付账款明细账--AlistofallsuppliersandtheirrespectivebalanceInventorysubsidiaryledger存货明细账(p.227)--separateaccountforeachtypeofproductinthecompany’sinventorySubsidiaryLedgersAccountsreceivableledgerName:___________________________________________Address:_________________________________________DateItemPostDebitCreditBalanceRef.TwoApproachesUsedinAccountingforMerchandiseTransactionsPerpetualInventorySystemPeriodicInventorySystemPerpetualInventorySystem永续盘存制Theinventoryaccountiscontinuouslyupdatedtoreflectitemsonhand.Let’slookatsomeentries!PerpetualInventorySystemOnSeptember5,WorleyCo.purchased100laserlightsforresalefor$30perunitfromElectronicCityonaccount.PerpetualInventorySystemOnSeptember10,WorleyCo.sold10laserlightsfor$50perunitonaccounttoABCRadios.10*$30=$300PerpetualInventorySystemCostRetailOnSeptember10,WorleyCo.sold10laserlightsfor$50perunitonaccounttoABCRadios.PerpetualInventorySystemOnSeptember15,WorleyCo.paidElectronicCity$3,000fortheSeptember5purchase.PerpetualInventorySystemOnSeptember22,WorleyCo.received$500fromABCRadiosaspaymentinfullfortheirpurchaseonSeptember10.TheInventorySubsidiaryLedgerAttheendoftheperiod,managementcomparesthephysicalinventorycount实地盘存withtheinventoryledgertodetermineinventoryshrinkage存货损耗.PerpetualInventoryMethodInventoryAccountPayableAssetO’ELiabilityRevenueExpense=+-++-CostofgoodsoldSales-++--=+Sep.53000Sep.53000Sep.10500Sep.10500Sep.10300Purchase100units,30$@sales10units,50$@Sep.10300AccountRec.++-TakingaPhysicalInventoryInordertoensuretheaccuracyoftheirperpetualrecords,mostbusinessestakeacompletephysicalcountofthemerchandiseonhandatleastonceayear.TakingaPhysicalInventoryReasonableamountsofinventoryshrinkageareviewedasanormalcostofdoingbusiness.Examplesincludebreakage,spoilageandtheft.OnDecember31,WorleyCo.countsitsinventory.Aninventoryshortageof$2,000isdiscovered.PerpetualInventoryMethodInventoryAssetO’ELiabilityRevenueExpense=+-++-Costofgoodsold+-=+Sep.53000Dec.312000Sep.10300InventoryshrinkageSep.10300Dec.312000PerpetualInventorySystemBeginninginventoryCostofgoodsavailable+Purchasesforsale-Costofgoodssold=EndinginventoryNetSales-Costofgoodsold=GrossprofitExercise6.4(p.253)Exercise6.6(p.254)ClosingEntriesinaPerpetualInventorySystemCloseRevenueaccounts(includingSales)toIncomeSummary.CloseExpenseaccounts(includingCostofGoodsSold)toIncomeSummary.CloseIncomeSummaryaccounttoRetainedEarnings.CloseDividendstoRetainedEarnings.Theclosingentriesarethesame!PeriodicInventorySystem定期盘存制Noeffortismadetokeepup-to-daterecordsofeitherinventoryorcostofgoodssold.Let’slookatsomeentries!PeriodicInventorySystemOnSeptember5,WorleyCo.purchased100laserlightsforresalefor$30perunitfromElectronicCityonaccount.NoticethatnoentryismadetoInventory.PeriodicInventorySystemOnSeptember10,WorleyCo.sold10laserlightsfor$50perunitonaccounttoABCRadios.RetailPeriodicInventorySystemOnSeptember15,WorleyCo.paidElectronicCity$3,000fortheSeptember5purchase.PeriodicInventorySystemOnSeptember22,WorleyCo.received$500fromABCRadiosaspaymentinfullfortheirpurchaseonSeptember10.PerpetualInventoryMethodInventoryAccountPayableAssetO’ELiabilityRevenueExpense=+-++-PurchaseSales-++--=+Sep.53000Sep.53000Sep.10500Sep.10500Purchase100units,30$@sales10units,50$@AccountRec.++-ComputingCostofGoodsSoldinaPeriodicInventorySystemTheyear-endinventoryisdeterminedbytakingacompletephysicalcountofthemerchandiseonhandBeginninginventoryCostofgoodsavailable+Purchasesforsale-Endinginventory=CostofgoodssoldComputingCostofGoodsSoldinaPeriodicInventorySystemTheaccountingrecordsofPartySupplyshowthefollowing:Inventory,Jan.1,2003$14,000Purchases(during2003)130,000AtDecember31,2003,PartySupplycountedthemerchandiseonhandat$12,000.CalculatePartySupply’scostofgoodssoldfor2003.ComputingCostofGoodsSoldinaPeriodicInventorySystemCostofGoodsSoldcanbecalculatedasfollows:CreatingCostofGoodsSoldinaPeriodicInventorySystemNow,PartySupplymustcreatetheCostofGoodsSoldaccount.CreatingCostofGoodsSoldinaPeriodicInventorySystemNow,PartySupplymustrecordtheendinginventoryamount.PerpetualInventoryMethodInventoryAssetO’ELiabilityRevenueExpense=+-++-PurchaseSales++--130000130000Dec.3112000Dec.3112000Dec.31130000PurchaseinthisyearAccountPay.+-CostofGoodSold+-Jan.114000Dec.3114000Dec.3113000014000EndinginventoryPeriodicinventorysystemExercise6.8(p.255)Question9(p.252)CompletingtheClosingProcessCloseRevenueaccounts(includingSales)toIncomeSummary.CloseExpenseaccounts(includingCostofGoodsSold)toIncomeSummary.CloseIncomeSummaryaccounttoRetainedEarnings.CloseDividendstoRetainedEarnings.Theclosingentriesarethesame!ComparisonofPerpetualandPeriodicInventorySystemsRefertotheexhibit6-6onpage236ComparisonofPerpetualandPeriodicInventorySystemsPeriodicInventorySystemJo’sDressShopPerpetualInventorySystemLargeDepartmentStoresModifyinganAccountingSystemMostbusinessesusespecialjournals特种日记账ratherthanageneraljournaltorecordroutinetransactionsthatoccurfrequently.CreditTermsandCashDiscounts信贷/信用条件2/10,n/30Readas:“Twoten,netthirty”Whenmanufacturersandwholesalersselltheirproductsonaccount,thecredittermsarestatedintheinvoice.CreditTermsandCashDiscounts2/10,n/30PercentageofDiscount#ofDaysDiscountIsAvailableOtherwise,theFullAmountIsDue#ofDayswhenFullAmountIsDueCashdiscount现金折扣SalesdiscountsintermsofsellerPurchasediscountsintermsofbuyerCreditTermsandCashDiscountsPurchasesarerecordedattheirnetamounts.Purchasediscounts（购货折扣）lostarerecordedwhenpaymentismadeoutsidethediscountperiod.Net(price)Method净价法CreditTermsandCashDiscountsOnJuly6,PlayClothespurchased$4,000ofmerchandiseoncreditwithtermsof2/10,n/30fromKid’sClothes.PreparethejournalentryforPlayClothes.CreditTermsandCashDiscounts$4,000*98%=$3,920OnJuly6,PlayClothespurchased$4,000ofmerchandiseoncreditwithtermsof2/10,n/30fromKid’sClothes.PreparethejournalentryforPlayClothes.CreditTermsandCashDiscountsOnJuly15,PlayClothespaysthenetamountduetoKid’sClothes.PreparethejournalentryforPlayClothes.CreditTermsandCashDiscountsOnJuly15,PlayClothespaysthenetamountduetoKid’sClothes.PreparethejournalentryforPlayClothes.CreditTermsandCashDiscountsNow,assumethatPlayClotheswaiteduntilJuly20topaytheamountdueinfulltoKid’sClothes.PreparethejournalentryforPlayClothes.CreditTermsandCashDiscountsNonoperatingExpenseNow,assumethatPlayClotheswaiteduntilJuly20topaytheamountdueinfulltoKid’sClothes.PreparethejournalentryforPlayClothes.ManagingDiscountsIfwefailtotakea2/10,n/30discount,isitreallyexpensive?365days÷20days×2%=36.5%annualrateDaysinayearNumberofadditionaldaysbeforepaymentPercentpaidtokeepmoneyRecordingPurchasesatGrossInvoicePricePurchasesarerecordedattheirgrossamounts.Purchasediscountstakenarerecordedwhenpaymentismadeinsidethediscountperiod.Gross(price)Method毛额法/总价法RecordingPurchasesatGrossInvoicePriceOnJuly6,PlayClothespurchased$4,000ofmerchandiseoncreditwithtermsof2/10,n/30fromKid’sClothes.PreparethejournalentryforPlayClothes.RecordingPurchasesatGrossInvoicePriceOnJuly6,PlayClothespurchased$4,000ofmerchandiseoncreditwithtermsof2/10,n/30fromKid’sClothes.PreparethejournalentryforPlayClothes.RecordingPurchasesatGrossInvoicePriceOnJuly15,PlayClothespaysthenetamountduetoKid’sClothes.PreparethejournalentryforPlayClothes.RecordingPurchasesatGrossInvoicePriceReducesCostofGoodsSold$4,000´98%=$3,920OnJuly15,PlayClothespaysthenetamountduetoKid’sClothes.PreparethejournalentryforPlayClothes.RecordingPurchasesatGrossInvoicePriceNow,assumethatPlayClotheswaiteduntilJuly20topaythefullamountduetoKid’sClothes.PreparethejournalentryforPlayClothes.RecordingPurchasesatGrossInvoicePriceNow,assumethatPlayClotheswaiteduntilJuly20topaythefullamountduetoKid’sClothes.PreparethejournalentryforPlayClothes.ReturnsofUnsatisfactoryMerchandiseOnAugust5,PlayClothesreturned$500ofunsatisfactorymerchandisepurchasedfromKid’sClothesoncredittermsof2/10,n/30.Thepurchasewasoriginallyrecordedatnetcost.PreparethejournalentryforPlayClothes.ReturnsofUnsatisfactoryMerchandise$500´98%=$490OnAugust5,PlayClothesreturned$500ofunsatisfactorymerchandisepurchasedfromKid’sClothesoncredittermsof2/10,n/30.Thepurchasewasoriginallyrecordedatnetcost.PreparethejournalentryforPlayClothes.TransportationCostsonPurchases（p.241)Transportationcostsrelatedtotheacquisitionofassetsarepartofthecostoftheassetbeingacquired.ExerciseProblem6.4onpage258TransactionsRelatingtoSalesCredittermsandmerchandisereturnsaffecttheamountofrevenueearnedbytheseller.SalesReturnsandAllowances销售退回与折让OnAugust2,Kid’sClothessold$2,000ofmerchandisetoPlayClothesoncreditterms2/10,n/30.Kid’sClothesoriginallypaid$1,000forthemerchandise.BecauseKid’sClothesusesaperpetualinventorysystem,theymustmaketwoentries.SalesReturnsandAllowancesOnAugust2,Kid’sClothessold$2,000ofmerchandisetoPlayClothesoncreditterms2/10,n/30.Kid’sClothesoriginallypaid$1,000forthemerchandise.BecauseKid’sClothesusesaperpetualinventorysystem,theymustmaketwoentries.SalesReturnsandAllowancesOnAugust5,PlayClothesreturned$500ofunsatisfactorymerchandisetoKid’sClothesfromtheAugust2sale.Kid’sClothescostforthismerchandisewas$250.BecauseKid’sClothesusesaperpetualinventorysystem,theymustmaketwoentries.Contra-revenueOnAugust5,PlayClothesreturned$500ofunsatisfactorymerchandisetoKid’sClothesfromtheAugust2sale.Kid’sClothescostforthismerchandisewas$250.BecauseKid’sClothesusesaperpetualinventorysystem,theymustmaketwoentries.SalesReturnsandAllowancesSalesDiscounts销售折扣OnJuly6,Kid’sClothessold$4,000ofmerchandisetoPlayClothesoncreditwithtermsof2/10,n/30.ThemerchandiseoriginallycostKid’sClothes$2,000.BecauseKid’sClothesusesaperpetualinventorysystem,theymustmaketwoentries.SalesDiscountsOnJuly6,Kid’sClothessold$4,000ofmerchandisetoPlayClothesoncreditwithtermsof2/10,n/30.ThemerchandiseoriginallycostKid’sClothes$2,000.BecauseKid’sClothesusesaperpetualinventorysystem,theymustmaketwoentries.SalesDiscountsOnJuly15,Kid’sClothesreceivesthenetamountduefromPlayClothes.PreparethejournalentryforKid’sClothes.SalesDiscounts$4,000´98%=$3,920Contra-revenueOnJuly15,Kid’sClothesreceivesthenetamountduefromPlayClothes.PreparethejournalentryforKid’sClothes.SalesDiscountsNow,assumethatitwasn’tuntilJuly20thatKid’sClothesreceivedthefullamountduefromPlayClothes.PreparethejournalentryforKid’sClothes.SalesDiscountsNow,assumethatitwasn’tuntilJuly20thatKid’sClothesreceivedthefullamountduefromPlayClothes.PreparethejournalentryforKid’sClothes.Revenue-SalesSalesReturnsandAllowancesSalesDiscount++++---Slide6-*EndofthechapterExercise6.10(p.255)DeliveryExpenses送货费用DeliverycostsincurredbysellersaredebitedtoDeliveryExpense,anoperatingexpense.AccountingforSalesTaxesBusinessescollectsalestaxatthepointofsale.Then,theyremitthetaxtotheappropriategovernmentalagencyattimesspecifiedbylaw.$1,000sale´7%tax=$70salestaxEvaluatingthePerformanceofaMerchandisingCompanyNetSalesGrossProfitMarginsTrendsovertimeComparablestoresalesSalespersquarefootofsellingspaceGrossProfit¸NetSalesOverallGrossProfitMarginGrossProfitMarginsbyDepartmentandProducts(refertoexampleonpage245)EndofthechapterExercise6.11(p.255)Groupassignment---Problem6.6(p.259)Groupfivewillpresentnextweek