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1、Supplement1FixedAssetsandDepreciationMethodsClassificationofAssetsCurrent Assets(流动资产)are assets which can be converted into Cash or consumed within one year or the normal Operating cycle of the businessFixed Assets(固定资产)or long-term assets,refer to those relatively long-lived assets which are held
2、by a business for use in its operation TwomajorcharacteristicsofFixedAssetsntheyarelong-livedassetswithaneconomiclifecoveringmanyaccountingperiods;ntheyareheldforuseintheoperationsofthebusiness,notforresale.MajorCategoriesofFixedAssetsn1.property,plantandequipment,n2.naturalresourcesn3.intangibleass
3、etsnGuangliServices:nproperty,plantandequipment:trucks,equipment,andhouseDepreciationMethodsofPlantAssetStraight-linemethodSum-of-the-years-digitsmethodDouble-declining-balanceMethodOthers:workinghoursmethod,units-of-outputmethodDepreciationBookValueCost-AccumulatedDepreciationAccumulatedDepreciatio
4、nRepresentstheportionofanassetscostthathasalreadybeenallocatedtoexpense.Bookvalueoflastyear=salvagevalueExamplenGuangliServicesboughtadditionalhouse-movingequipmentatacostof18000yuan.Theusefullifeoftheequipmentisexpectedtobefiveyearsandthesalvagevalueattheendofthefifthyearisestimatedtobe3000yuan.nHo
5、wtocalculateyearlydepreciation?Straight-line MethodnthesimplestandthemostpopularmethodofdepreciationnFormulanYearlydepreciation=nCostofasset-SalvagevaluenYearsusefullifeComputethecalculationnYearlydepreciation=n18000yuan3000yuann5yearsn=3000yuanYearDepreciationfortheYearAccumulatedDepreciationBookVa
6、lue115000/5=30003000 18000-3000=15000215000/5=30003000+3000=6000 18000-6000=12000315000/5=30006000+3000=9000 18000-9000=9000415000/5=30009000+3000=12000 18000-12000=6000515000/5=300012000+3000=15000 18000-15000=300015000Sum-of-the-Years-Digits MethodnAccelerateddepreciationmethod-fortaxpurposeDeprec
7、iationintheearlyyearsofanassetsestimatedusefullifeishigherthaninlateryears.theyearsinreverseorderThesumofnumberofyears1+2+3+4+5=1515,asthedenominatoroffractions,andusetheyearsinreverseorderasthenumerators.5/15+4/15+3/15+2/15+1/15=15/15YearDepreciationfortheYearAccumulatedDepreciationBookValue115000
8、x5/15=5000500018000-5000=13000215000 x4/15=40005000+4000=900018000-9000=9000315000 x3/15=30009000+3000=1200018000-12000=6000415000 x2/15=200012000+2000=1400018000-14000=4000515000 x1/15=100014000+1000=1500018000-15000=300015/1515000Double-Declining-Balance MethodDepreciationintheearlyyearsofanassets
9、estimatedusefullifeishigherthaninlateryears.InourexampleofGuangliServices,thestraight-linerateforthedepreciationoftheequipmentis1/5.Sounderthedouble-declining-balancemethod,wedoublethestraight-linerate,whichresultsin2/5YearDepreciation for theYearAccumulatedDepreciationBookValue1180002/5=72007200180
10、00-7200=108002108002/5=43207200+4320=1152018000-11520=6480364802/5=259211520+2592=1411218000-14112=388843888-3000=88814112+888=1500018000-15000=3000501500018000-15000=300015000Note:book value can not be less than the established salvage value.the maximum depreciation for the fourth year should be li
11、mited to 888(3 888-3000)yuan.In the fifth year,no depreciation is calculated.Supplement2BankAccountsandCashFundsDefinitionofCashandItsManagementnChina:Cash“cashonhand”andanydepositinbanksthatcanbeusedforeffectingpaymentsatanytimeCashonhandtheamountofcurrencyheldandusedinthedailyoperationsofabusiness
12、nTheUnitedStates:Cashthemoneydepositedinbanksandanyitemsthatbankswillacceptfordeposit(papercurrency,coins,checks,bankdrafts,moneyorders,creditcardreceiptsfromsales)OpeningaCheckingAccountnSignaturecard:Anyindividualwhoisauthorizedtosigncheckagainsttheaccountshouldsignthesignaturecard.Helptosafeguard
13、theinterestsofthebankandthedepositorOpeningaCheckingAccountAsamplesignaturecard:OpeningaCheckingAccountSamplechecks:OpeningaCheckingAccountBankStatementnFromtheviewpointofthebank,anydepositsfromitscustomersareliabilities.The bank usually records the customersdepositsbycreditingaliabilityaccountcalle
14、dDepositsPayable.On the otherhand,itrecordsthe amountsofcheckswrittenbyitscustomersforpaymentbydebitingtheDepositsPayableaccount.Once a month,the bank will send a bankstatement to its depositors to tell them thechangesintheiraccounts.BankStatementnA bank statement provides the followinginformationab
15、outthecustomersaccounts:thebalanceatthebeginningofthemonth;alldepositsandotheradditionstotheaccount;all checks paid and other deductions from theaccount;thebalanceattheendofthemonth.ReconcilingtheBankStatementSomeusualreasonsforthediscrepanciesbetweenthebankstatementbalanceandthebookbalance:Outstand
16、ingchecksDepositintransitServicechargeCollectionsNSF(NotSufficientFunds)checksordishonoredchecksErrorReconcilingtheBankStatementBasicstepsinreconcilingthebankstatement:Compareallthecanceledcheckswiththecorrespondingcheckstubortherelevantentriesinthecashpaymentsjournal.Comparethedepositshownonthebank
17、statementtothoseshownonthebooksofthebusiness.Addthedepositsintransittothebankstatementbalance.Checkagainstpreviousmonthsbankreconciliation.Checkthedebitmemorandumsandcreditmemorandumswiththejournal.ReconcilingtheBankStatementTakeGuangliServicesasanexample:JournalizingtheReconciliationTheaccountanton
18、lyjournalizestheadjustmentsthatappearontheBookBalanceofCashsideofthereconciliation.EstablishingthePettyCashFundGuangliServicesdecidestoestablishapettycashfundof500yuan.Accordingly,theaccountantofthebusinesswritesacheckfor500yuanandcashesitatthebank:Jan.1PettyCashFund500Cash500Establishedapettycashfu
19、ndJuly2Boughtpencilsandball-pens,110yuan,voucherno.1.4Boughtstamps,6.40yuan,voucherno.2.10Paidformailingpackages,23.50yuan,voucherno.3.15Boughtmemopads,112yuan,voucherno.4.18Boughtstamps,3.70yuan,voucherno.523Boughttypewriterribbons,35yuan,voucherno.6.27Mr.Li,theowner,withdrew50yuanforpersonaluse,vo
20、ucherno.7.PaymentfromthePettyCashFundPaymentfromthePettyCashFundReimbursementofthePettyCashFundToreimbursethefundistoreplacetheamountofcashthathasbeenspentsoastorestorethefundtoitsoriginalamount.July31OfficeSupplies257MiscellaneousExpense33.60Li,Drawing50Cash340.60ReimbursedthepettycashfundEstablish
21、ingChangeFundSupposeGuangliServicesdecidestosetupaChangeFundof350yuan.July1 ChangeFund350Cash350EstablishedachangefundIfthebusinesshas1950yuaninthecashregisterattheendofJuly1,itwilldeposit1600yuanreceivedduringtheday(1950yuan350yuan)July1 Cash1600IncomefromServices1600Torecordrevenueearnedduringthed
22、ayCashShortandOverJuly5 Cash1778CashShortandOver2IncomefromServices1780Torecordrevenueearnedduringthedayinvolvingacashshortageof2yuanCashShortandOverJuly10Cash2051IncomefromServices2050CashShortandOver1Torecordrevenueearnedduringthedayinvolvingacashoverageof1yuanSupplement3ApplicationsofPresentValue
23、TheConceptofPresentValuenThepresentvalueofanexpectedfuturecashreceiptistheamountthataknowledgeableinvestorwouldpaytodayfortherighttoreceivethatfutureamount.nThepresentvaluedependsonthreefactors:TheexpectedmoneyamounttobereceivedinthefutureThelengthoftimeuntilthefutureamountwillbereceivedTherateofret
24、urn(calledthediscountrate)requiredbytheinvestor.TheConceptofPresentValueP=presentamountF=FutureamountPT:thelengthoftime FPT:thediscountrateFT:thedifferencebetweenFandPTheConceptofPresentValueAnExample:Aspecificinvestmentisexpectedtoresultina100yuancashattheendofoneyear.Aninvestorrequiringa10%annualr
25、atereturnwouldbewillingtopay90.9yuantodayforthisfutureamount.TheConceptofPresentValueAmounttobeinvested(presentvalue)90.9Requiredreturnoninvestment(90.910%)9.1Amounttobereceivedinoneyear(futurevalue)100AnExample:Ifthe100yuanistobereceivedtwoyearsinthefuture,theinvestorwouldpayonly82.6yuanfortheinves
26、tmenttodayTheConceptofPresentValueAmounttobeinvested(presentvalue)82.6Requiredreturnoninvestmentinfirstyear(8.26 10%)8.3Amountinvestedafteroneyear90.9Requiredreturnoninvestmentinsecondyear(90.9 10%)9.1Amounttobereceivedintwoyears(futurevalue)100TheConceptofPresentValueSetthefuturevalueas1yuan.Thepre
27、sentvalueof1yuanis:p=1/(1+i)nTableofpresentvaluesTheConceptofPresentValueAnExample:Iftheabove-mentionedinvestorexpectstoearn100yuanfromhisinvestmenteachyearofthenextthreeyears,howmuchshouldheinvestnow?YearExpectednet Presentvalueof=Presentvalueofcashflow 1yuandiscountednetcashflowsat10%1100yuan.9099
28、0.9yuan2 100.82682.63 100.75175.1Totalpresentvalueoftheinvestment:248.6yuanAnnuitytableAccountingApplicationsofthePresentValueConceptValuationofLongTermNotesReceivableandPayableGuangliCo.Ltdissuedaninstallmentnotepayablewithafaceamountof9600yuanandnostatedrateofinterest.Itistobepaidin24monthlyinstal
29、lmentsof400yuaneach.Thepresentvalueofthisnote,discountedattherealisticmarketinterestrateof1%permonth,was8497yuanThedifferencebetweenthe9600yaunfaceamountofthenoteanditspresentvalueof8497yuanis1103yuan,whichrepresentstheinterestchargeincludedinthefaceamount.Purchases8497DiscountonNotesPayable1103Note
30、sPayable9600PurchasedmerchandisefromNandaCo.byissuinga24-monthinstallmentnotepayablewitha1%monthlyinterestchargeincludedinthefaceamountAccountingApplicationsofthePresentValueConceptValuationofLongTermNotesReceivableandPayableIfGuangliCo.Ltdusestheeffectiveinterestmethodtoamortizethediscountonthenote
31、,theentrytorecordthefirstmonthlypaymentandtherelatedinterestexpenseisasfollows:NotesPayable400InterestExpense85DiscountonNotesPayable85Cash.400TorecordfirstmonthlypaymentoninstallmentnotepayableandrecognizeonemonthsinterestexpenseAccountingApplicationsofthePresentValueConceptEstimatingtheValueofGood
32、willnGoodwillisanintangibleassetofabusiness.nItmaybedefinedasthepresentvalueofexpectedfutureearningsinexcessofthenormalreturnonnetidentifiableassets.nOnemethodofestimatinggoodwillistoestimatetheannualamountsbywhichearningsareexpectedtoexceedanormalreturnandthentodiscounttheseamountstotheirpresentval
33、ue.AccountingApplicationsofthePresentValueConceptMarketPriceofBondsPresentvalueoffutureprincipalpayments:100000yuandueafter6semiannualperiods,discountedat7%perperiod:100000.66634(from table of present values)66634Presentvalueoffutureinterestpayments:6000yuanperperiodfor6semiannualperiods,discounteda
34、t7%perperiod,6000 4.76654(from annuity table)28599Expectedissuancepriceofbondissue95233AccountingApplicationsofthePresentValueConceptCapitalLeaseAcapitalleaseisregardedasasaleoftheleasedassetbythelessortothelessee.Atthedateofthissale,thelessorrecognizedsalesrevenueequaltothepresentvalueofthefuturele
35、asepaymentsreceivable,discountedatarealisticrateofinterest.Thelesseealsousesthepresentvalueofthefuturepaymentstodeterminethecostoftheleasedassetandthevaluationoftherelatedliability.AccountingApplicationsofthePresentValueConceptCapitalLeaseAccounting by the lessor(Nanji Co.):LeasedPaymentReceivable(n
36、et)10621500CostofGoodsSold10200000Inventory10200000Sales10621500FinancedsaleofaproductionlinetoGuangliCo.Ltdusingacapitalleaserequiring24monthlypaymentsofHK$500000paymentsincludea1%monthlyinterestchargeAccountingApplicationsofthePresentValueConceptCapitalLeaseAccounting by the lessor(Nanji Co.):Cash
37、500000InterestRevenue106215LeasedPaymentsReceivable(net)393785ReceivedfirstleasepaymentfromGuangliCoLtd:Leasepaymentreceived500000Interestrevenue(10621500 1%)106215Reductioninleasepaymentsreceivable393785TheentryonDecember31torecordcollectionofthefirstmonthlyleasepayment:AccountingApplicationsoftheP
38、resentValueConceptCapitalLeaseAccounting by the lessee(Guangli Co.Ltd):LeasedEquipment10621500LeasePaymentObligation10621500TorecordacquisitionofaproductionlinethroughacapitalleasefromNanjiCo.Termscallfor24monthlypaymentsofHK$500000whichincludea1%monthlyinterestcharge.AccountingApplicationsofthePres
39、entValueConceptCapitalLeaseInterestExpense106215LeasePaymentObligation 393785Cash500000TorecordfirstmonthlyleasepaymenttoNanjiCo.:Amountofpayment500000Interestofexpense(10621500 1%)106215Reductioninleasepaymentobligation393785TheentryonDecember31torecordthefirstmonthlyleasepayment:Accounting by the lessee(Guangli Co.Ltd):