课件-中级财务会计Ⅰ.ppt
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1、Cash and Receivables2-2.Accounts ReceivableResult from the credit sales of goods or services to customers.Are classified as current assets.Are recorded net of trade discounts.To give quantity discounts to large customersCash discountsCash Discounts2/10,n/30Number of days discount is availableOtherwi
2、se,net(or all)is due CreditperiodDiscount percentCash Discounts2-6Opportunity cost for Cash discount If interest rate of loan is 18%,a certain company provides credit policy is 2/10,n/30,this credit policy is useful,or not?Why?Work in group(10 minutes for discussion)Cash DiscountsSales are recorded
3、at the invoice amounts.Sales discounts are recorded as reduction of revenue if payment is received within the discount period.Gross MethodSales are recorded at the invoice amount less the discount.Sales discounts forfeited are recordedas interest revenue if payment is received after the discount per
4、iod.Net MethodSales DiscountsAlternative Methods of Accounting for Sales DiscountsGross Price Gross Price MethodMethodNet Price Net Price MethodMethodSold$7,000 of merchandise to various customers on December 4,2009 with terms of 2/10,n/30Accounts Receivable 7,000Sales7,000Accounts Receivable 6,860S
5、ales6,860$7,000-($7,000 x 0.02)Sales DiscountsAlternative Methods of Accounting for Sales DiscountsGross Price Gross Price MethodMethodNet Price Net Price MethodMethodOn December 13 received payment on goods at$5,500.Cash 5,390Sales Discount110Accts.Receivable5,500Cash5,390Accts.Receivable5,390$5,50
6、0-($5,500 x 0.02)Sales DiscountsAlternative Methods of Accounting for Sales DiscountsGross Price Gross Price MethodMethodNet Price Net Price MethodMethodReceived payment on goods at$1,500 on December 30Cash 1,500Accts.Receivable1,500Cash1,500Accts.Receivable1,470Interest revenues 30$1,500-($1,500 x
7、0.02)Cash Discounts On October 5,Hawthorne sold merchandise for$20,000 with terms 2/10,n/30.On October 14,the customer sent a check for$13,720 taking advantage of the discount to settle$14,000 of the amount.On November 4,the customer paid the remaining$6,000.Exercise P85 E 2-42-13Tracy Company,a man
8、ufacturer of air conditioners,sold 100 units to Thomas Company on November 17,2011.The units have a list price of$600 each,but Thomas was given a 30%trade discount.The terms of the sale were 2/10,n/30.Required:1.Prepare the journal entries to record the sale on November 17(ignore cost of goods)and c
9、ollection on November 26,2011,gross method 2.Prepare the journal entries to record the sale on November 17(ignore cost of goods)and collection on December 15,2011,gross method 3.Repeat requirements 1 and 2,net method.2-14Answer 2Requirement 1Sales price =100 units x$600 =$60,000 x 70%=$42,000Novembe
10、r 17,2011Accounts receivable42,000Sales revenue 42,000November 26,2011Cash(98%x$42,000)41,160Sales discounts(2%x$42,000)840Accounts receivable42,0002-15Requirement 2November 17,2011Accounts receivable42,000Sales revenue42,000December 15,2011Cash42,000Accounts receivable42,0002-16Requirement 3Require
11、ment 1,using the net method:November 17,2011Accounts receivable41,160Sales revenue(98%x$42,000)41,160November 26,2011Cash41,160Accounts receivable41,1602-17Requirement 2,using the net method:November 17,2011Accounts receivable41,160Sales revenue(98%x$42,000)41,160December 15,2011Cash42,000Accounts r
12、eceivable41,160Interest revenue 8402-18The net method the net method reflects the reality of the situation-the real price is$41,160 and$840 is an interest for not paying timely.customer should accept cash discount,for the interest is high,not 2%,but($2/$98)*365/20=37.23%effective rate Certainly,the
13、customer could consider the investment profit for these 20 days.2-19The gross or net method Which is correct?About income statement-no effect!Gross Method Net MethodSales$20,000$19,600Less:Sales discounts (280)0Net sales revenue 19,720 19,600Interest revenue 0 120Total revenue$19,720$19,7202-20About
14、 conceptsThe difference is the timing of the recognition of any discounts.the gross method is used by most companies,because it doesnt require adjusting entries for discounts not taken.2-21 Subsequent Valuation of Accounts Receivable 后续计量three situations could cause the cash collected to be less tha
15、n the initial valuation of the account receivables:(1)cash discount(2)sale return(3)some account receivables cant be collected2-22Merchandise may be returned by a customer to a supplier.A special price reduction,called an allowance,may be given as an incentive to keep the merchandise.Sales Returns2-
16、23Overstate or understate Suppose merchandise is sold for$10,000 in December 2011,the merchandise cost$6,000.If all of the merchandise is returned in 2012.gross profit will be overstated in 2011 and understated in 2012 by$4,000.Assets at the end of 2011 also will be overstated by$4,000 because a$10,
17、000 receivable would be recorded instead of$6,000 in inventory.2-24To avoid misstating the financial statements,sales revenue and accounts receivable should be reduced by the amount of returns in the period of sale if the amount of returns is anticipated to be material.estimated returns by debiting
18、a sales returns account(which is a contra account to sales revenue)and crediting an allowance for sales returns account(which is a contra account to accounts receivable)2-25Sales ReturnsDuring the first year of operations,Hawthorne sold$2,000,000 of merchandise that had cost them$1,200,000(60%).expe
19、rience indicates 10%return.During the year$130,000 was returned prior to customer payment.Record the returns and the end of the year adjustment.Actual ReturnsSales returns130,000Accounts receivable 130,000Inventory 78,000Cost of goods sold(60%)78,000Adjusting EntriesSales returns 70,000Allowance for
20、 sales returns 70,000Inventory-estimated returns 42,000Cost of goods sold(60%)42,000If the estimates are correct in the future:Allowance for sales returns 70,000 Accounts receivable 70,0002-26Keywords 2Allowance method 备抵法Direct write-off method 直接冲销法Bad debts expense 坏账损失Allowance for uncollectible
21、 account 坏账准备Percentage of credit sales 销售额百分比法Percentage of accounts receivable 应收账款余额百分比法Aging of accounts receivable 账龄法Desired balance 期望的余额2-27Uncollectible Accounts Receivable Bad debts result from credit customers who are unable to pay the amount they owe,regardless of continuing collection e
22、fforts.Bad debts expense is an inherent cost of providing credit.Its an operating expense incurred to make sales.提供信贷的固有成本,为提高销售额而发生的营业费用.2-28Uncollectible Accounts ReceivableMost businesses record an estimate of the bad debt expense by an adjusting entry at the end of the accounting period.Bad debt
23、 expensexxxAllowance for uncollectible accounts xxxContra asset account toAccounts Receivable.Normally classified asa selling expense andclosed at year-end.2-29Allowance for Uncollectible AccountsNet realizable value is the amount of the accounts receivable that the business expects to collect.Accou
24、nts ReceivableLess:Allowance for Uncollectible AccountsNet Realizable Value2-301.Relationship to sales(income statement approach):a.Percentage of sales2.Relationship to accounts receivable(balance sheet approach):a.Percentage of accounts receivableb.Aging of accounts receivableEstimated Bad Debts Me
25、thod2-31Income Statement ApproachFocuses on past credit sales to make estimate of bad debt expense.Emphasizes the matching principle by estimating the bad debt expense associated with the current periods credit sales.Bad debt expense is computed as follows:2-32In 2012,MusicLand has credit sales of$4
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