《会计学原理英文Chapter-05Accounting-for-Merchandising-Oper.ppt》由会员分享，可在线阅读，更多相关《会计学原理英文Chapter-05Accounting-for-Merchandising-Oper.ppt（38页珍藏版）》请在taowenge.com淘文阁网|工程机械CAD图纸|机械工程制图|CAD装配图下载|SolidWorks_CaTia_CAD_UG_PROE_设计图分享下载上搜索。
1、 2009 The McGraw-Hill Companies,Inc.,All Rights ReservedACCOUNTING FOR MERCHANDISING OPERATIONSChapter 5McGr a w-Hill/Ir win Slide 2 McGr a w-Hill/Ir win Slide 2 Service organizations sell time to earn revenue.Examples:Accounting firms,law firms and plumbing servicesNetincomeEqualsExpensesMinusReven
2、uesSERVICE COMPANIESMcGr a w-Hill/Ir win Slide 3 McGr a w-Hill/Ir win Slide 3Manufacturer Wholesaler Retailer CustomerMerchandising CompaniesMerchandising CompaniesMERCHANDISING ACTIVITIESC 1McGr a w-Hill/Ir win Slide 4 McGr a w-Hill/Ir win Slide 4REPORTING INCOME FOR A MERCHANDISER Merchandising co
3、mpanies sell products to earn revenue.Examples:sporting goods,clothing,and auto parts storesNetIncomeMinus Equals Minus EqualsCost ofGoods SoldGrossProfitExpensesNetSalesC1McGr a w-Hill/Ir win Slide 5 McGr a w-Hill/Ir win Slide 5McGr a w-Hill/Ir win Slide 6 McGr a w-Hill/Ir win Slide 6INVENTORY SYST
4、EMS+BeginninginventoryNet cost ofpurchases=Merchandiseavailable for saleEnding inventoryCost of goodssoldC 3McGr a w-Hill/Ir win Slide 7 McGr a w-Hill/Ir win Slide 7PERPETUAL AND PERIODIC INVENTORY SYSTEMS Perpetual systems continually update accounting records for merchandising transactions Periodi
5、c systems accounting records relating to merchandise transactions are updated only at the end of the accounting periodC 3McGr a w-Hill/Ir win Slide 8 McGr a w-Hill/Ir win Slide 8MERCHANDISE PURCHASES On November 2,Z-Mart purchased$1,200 of merchandise inventory for cash.P1McGr a w-Hill/Ir win Slide
6、9 McGr a w-Hill/Ir win Slide 9McGr a w-Hill/Ir win Slide 10 McGr a w-Hill/Ir win Slide 10Seller Invoice date PurchaserOrder dateCredit terms Freight termsGoodsTotal invoiceP1McGr a w-Hill/Ir win Slide 11 McGr a w-Hill/Ir win Slide 11PURCHASE DISCOUNTS A deduction from the invoice price granted to A
7、deduction from the invoice price granted to induce early payment of the amount due.induce early payment of the amount due.CreditTermsTimeAmountDue Discount PeriodDue:Invoice price minus discountCredit PeriodDue:Full Invoice PriceDate of Date of Invoice InvoiceP1McGr a w-Hill/Ir win Slide 12 McGr a w
8、-Hill/Ir win Slide 12McGr a w-Hill/Ir win Slide 13 McGr a w-Hill/Ir win Slide 13 On November 2 On November 2ndnd,Z-Mart purchased$1,200,Z-Mart purchased$1,200 of merchandise inventory on account,credit of merchandise inventory on account,credit terms are 2/10,n/30.terms are 2/10,n/30.PURCHASE DISCOU
9、NTSP1McGr a w-Hill/Ir win Slide 14 McGr a w-Hill/Ir win Slide 14McGr a w-Hill/Ir win Slide 15 McGr a w-Hill/Ir win Slide 15PURCHASE DISCOUNTS After we post these entries,the accounts After we post these entries,the accounts involved look like this:involved look like this:Merchandise Inventory Accoun
10、ts Payable 11/2 1,20011/2 1,20011/12 2411/12 1,200Bal.1,176Bal.0P1McGr a w-Hill/Ir win Slide 16 McGr a w-Hill/Ir win Slide 16PURCHASE RETURNS AND ALLOWANCESPurchase Return.Purchase Return.Merchandise returned by the purchaser to Merchandise returned by the purchaser to the supplier.the supplier.Purc
11、hase Allowance.Purchase Allowance.A reduction in the cost of defective A reduction in the cost of defective merchandise received by a purchaser from merchandise received by a purchaser from a supplier.a supplier.P1McGr a w-Hill/Ir win Slide 17 McGr a w-Hill/Ir win Slide 17McGr a w-Hill/Ir win Slide
12、18 McGr a w-Hill/Ir win Slide 18 On November 5th,Z-Mart returned$300 of defective merchandise to the supplier.PURCHASE RETURNS AND ALLOWANCESP1McGr a w-Hill/Ir win Slide 19 McGr a w-Hill/Ir win Slide 19 On November 12th,Z-Mart paid the amount owed for the purchase of November 2nd.PURCHASE RETURNS AN
13、D ALLOWANCESP1McGr a w-Hill/Ir win Slide 20 McGr a w-Hill/Ir win Slide 20TRANSPORTATION COSTS AND OWNERSHIP TRANSFERFOB shipping point(buyer pays)FOB destination(seller pays)MerchandiseSellerBuyerCarrierP1McGr a w-Hill/Ir win Slide 21 McGr a w-Hill/Ir win Slide 21TRANSPORTATION COSTS On November 2 O
14、n November 2nd nd,Z-Mart purchased$1,200 of,Z-Mart purchased$1,200 of merchandise inventory for cash and also paid merchandise inventory for cash and also paid$75 transportation costs.$75 transportation costs.P1McGr a w-Hill/Ir win Slide 22 McGr a w-Hill/Ir win Slide 22ACCOUNTING FOR MERCHANDISEP1 I
15、nvoice cost of merchandise purchases 235,800$Less:Less:Purchase discounts(4,200)$Less:Purchase returns and allowances(1,500)Add:Costs of transportation-in 2,300Total cost of merchandise purchased 232,400$McGr a w-Hill/Ir win Slide 23 McGr a w-Hill/Ir win Slide 23McGr a w-Hill/Ir win Slide 24 McGr a
16、w-Hill/Ir win Slide 24 On November 3 On November 3rd rd,Z-Mart sold$2,400 of,Z-Mart sold$2,400 of merchandise on credit.The merchandise has a merchandise on credit.The merchandise has a cost basis to Z-Mart of$1,600.cost basis to Z-Mart of$1,600.ACCOUNTING FOR MERCHANDISE SALES P2McGr a w-Hill/Ir wi
17、n Slide 25 McGr a w-Hill/Ir win Slide 25 Z-Mart completes a credit sale for$1,000 on November 12th,the merchandise cost$800.Terms of 2/10,n/60,and the account was paid in full within the discount period.SALES DISCOUNTSP2McGr a w-Hill/Ir win Slide 26 McGr a w-Hill/Ir win Slide 26 Recall Z-Marts sale
18、for$2,400 that had a cost of$1,600.Assume the customer returns part of the merchandise.The returned items sell for$800 and cost$600.SALES RETURNS AND ALLOWANCESP2McGr a w-Hill/Ir win Slide 27 McGr a w-Hill/Ir win Slide 27McGr a w-Hill/Ir win Slide 28 McGr a w-Hill/Ir win Slide 28MERCHANDISING COST F
19、LOW IN THE ACCOUNTING CYCLEBeginning inventoryNet purchasesMerchandise available for saleEnding inventoryCost of goods soldTo Income StatementTo Balance SheetTo Income StatementTo Balance SheetPeriod 1Beginning inventoryNet purchasesMerchandise available for saleEnding inventoryCost of goods soldPer
20、iod 2C 4McGr a w-Hill/Ir win Slide 29 McGr a w-Hill/Ir win Slide 29ADJUSTING ENTRIES FOR MERCHANDISERS Z-Marts Merchandise Inventory account at the end of 2009 has a balance of$21,250,but a physical count reveals that only$21,000 of inventory exists.Z-Mart suffered a$250 shrinkage.P3McGr a w-Hill/Ir
21、 win Slide 30 McGr a w-Hill/Ir win Slide 30McGr a w-Hill/Ir win Slide 31 McGr a w-Hill/Ir win Slide 31CLOSING ENTRIES FOR MERCHANDISERSP3McGr a w-Hill/Ir win Slide 32 McGr a w-Hill/Ir win Slide 32CLOSING ENTRIES FOR MERCHANDISERSP3McGr a w-Hill/Ir win Slide 33 McGr a w-Hill/Ir win Slide 33CLOSING EN
22、TRIES FOR MERCHANDISERSP3McGr a w-Hill/Ir win Slide 34 McGr a w-Hill/Ir win Slide 34INCOME STATEMENT FORMATS Multiple-Step Single-StepP4McGr a w-Hill/Ir win Slide 35 McGr a w-Hill/Ir win Slide 35MULTIPLE-STEP INCOME STATEMENTP4McGr a w-Hill/Ir win Slide 36 McGr a w-Hill/Ir win Slide 36SINGLE-STEP INCOME STATEMENTNOTE:INTEREST REVENUE 3500P4McGr a w-Hill/Ir win Slide 37 McGr a w-Hill/Ir win Slide 37CLASSIFIED BALANCE SHEETHighlyLiquidLessLiquidP4McGr a w-Hill/Ir win Slide 38 McGr a w-Hill/Ir win Slide 38END OF CHAPTER 5