对外经贸会计专业相关资料(英文版)

1、accounting for merchandising activitieschapter61operating cycle of a merchandising companyoperating cycle 营业周期- the average period between the purchase of merchandise and the conversion of this merchandise back into cash. 2operating cycle of a merchandising company1. purchase of merchandise3. collec

2、tion of the receivables2. sale of merchandise on accountcashinventoryaccounts receivablecash sales3comparing merchandising activities with manufacturing activitiesmerchandising companypurchase inventory in ready-to-sell condition.manufacturing companymanufacture inventory and have a longer and more

3、complex operating cycle4income statement of a merchandising companycomputer barncondensed income statementfor the year ended december 31, 2002revenue from sales900,000$ less: cost of goods sold540,000 gross profit360,000$ less: expenses270,000 net income90,000$ cost of goods sold销货成本销货成本 represents

4、the expense of goods that are sold to customers.gross profit is a useful means of measuring the profitability of sales transactions.5what accounting information does a merchandising company need?financial reporting requirementsdaily business operating requirementsspecial reporting requirementsexampl

5、es revenues expenses customer ledgerstax reports6general ledger accountsgeneral ledgeraccounts receivabledatedebitcreditbalance2001june1 10,000 10,000 15 3,000 7,000 although general ledger accounts provide useful information, they do not provide much of the detailed information needed in the daily

6、business operations.who owes us money?7subsidiary ledgers 明细分类账: a source of needed detailssubsidiary ledgerheather jacobsdatedebitcreditbalance2001june1 7,000 7,000 15 2,000 5,000 general ledgeraccounts receivabledatedebitcreditbalance2001june1 10,000 10,000 15 3,000 7,000 subsidiary ledgerjake spa

7、rksdatedebitcreditbalance2001june1 3,000 3,000 15 1,000 2,000 controlling account统制账户统制账户8subsidiary ledgersaccounts receivable (subsidiary)ledger 应收账款明细账 - a list of all the charge customers and their respective balanceaccounts payable (subsidiary)ledger应付账款明细账 - a list of all suppliers and their r

8、espective balance inventory subsidiary ledger 存货明细账 (p.227) - separate account for each type of product in the companys inventory9subsidiary ledgersaccounts receivable ledger name: _address: _ date item post debit credit balance ref. 10controlling account in the general ledgerunit of organization wi

9、thin the subsidiary ledgerinventoryeach type of product offered for saleplant assetseach asset (or group of similar assets)accounts payableeach creditorcapital stockeach stockholdersaleseach department, branch location, or product linecost of goods soldsame organization as the sales ledgermany expen

10、se accounts each department incurring these types of expensespayroll expenseseach employee11two approaches used in accounting for merchandise transactionsperpetual inventory systemperiodic inventory system12perpetual inventory system永续盘存制the inventory account is continuously updated to reflect items

11、 on hand.lets look at some entries!13perpetual inventory systemon september 5, worley co. purchased 100 laser lights for resale for $30 per unit from electronic city on account .general journaldateaccount titles and explanationpr debitcreditsept. 5 inventory3,000accounts payable (electronic city)3,0

12、0014perpetual inventory systemon september 10, worley co. sold 10 laser lights for $50 per unit on account to abc radios.general journaldateaccount titles and explanationpr debitcreditsept. 10 accounts receivable (abc radios)500sales50010 cost of goods sold300inventory30010 * * $30 = $30015perpetual

13、 inventory systemgeneral journaldateaccount titles and explanationpr debitcreditsept. 10 accounts receivable (abc radios)500sales50010 cost of goods sold300inventory300costretailon september 10, worley co. sold 10 laser lights for $50 per unit on account to abc radios.16perpetual inventory systemon

14、september 15, worley co. paid electronic city $3,000 for the september 5 purchase.general journaldateaccount titles and explanationpr debitcreditsept. 15 accounts payable (electronic city)3,000cash3,00017perpetual inventory systemon september 22, worley co. received $500 from abc radios as payment i

15、n full for their purchase on september 10. general journaldateaccount titles and explanationpr debitcreditsept. 22 cash500accounts receivable (abc radios)50018the inventory subsidiary ledgerat the end of the period, management compares the physical inventory count 实地盘存实地盘存 with the inventory ledger

16、to determine inventory shrinkage 存货损耗存货损耗.item ll002primary supplier electronic citydescription laser lightsecondary supplier electric companylocation storeroom 2inventory level: min: 25 max: 200 purchasedsoldbalancedateunitsunit costtotalunitsunit costcost of goods soldunits unit costtotalsept. 510

17、030$ 3,000$ 10030$ 3,000$ sept. 101030$ 300$ 9030 2,700 19perpetual inventory methodinventory account payable assetoeliabilityrevenueexpense=+-+-cost of good sold sales -+-=+sep.53000sep. 53000sep.10500sep.10500sep.10300purchase 100 units, 30$sales10 units,50$sep.10300account rec. +-taking a physica

18、l inventoryin order to ensure the accuracy of their perpetual records, most businesses take a complete physical count of the merchandise on hand at least once a year.21taking a physical inventorygeneral journaldateaccount titles and explanationpr debitcreditdec. 31 cost of goods sold2,000inventory2,

19、000reasonable amounts of inventory shrinkage are viewed as a normal cost of doing business. examples include breakage, spoilage and theft.on december 31, worley co. counts its inventory. an inventory shortage of $2,000 is discovered. 22perpetual inventory methodinventory assetoeliabilityrevenueexpen

20、se=+-+-cost of good sold +-=+sep.53000dec. 312000sep.10300inventory shrinkage sep.10300dec. 312000perpetual inventory systembeginning inventory cost of goods available + purchases for sale - cost of goods sold = ending inventory net sales- cost of good sold= gross profitexercise 6.4 (p.253)exercise

21、6.6 (p.254)24closing entries in a perpetual inventory systemclose revenue accounts (including sales) to income summary.close expense accounts (including cost of goods sold) to income summary.close income summary account to retained earnings.close dividends to retained earnings.the closing entries ar

22、e the same!25periodic inventory system定期盘存制no effort is made to keep up-to-date records of either inventory or cost of goods sold.lets look at some entries!26periodic inventory systemon september 5, worley co. purchased 100 laser lights for resale for $30 per unit from electronic city on account .ge

23、neral journaldateaccount titles and explanationpr debitcreditsept. 5 purchases3,000accounts payable (electronic city)3,000notice that no entry is made to inventory.27periodic inventory systemon september 10, worley co. sold 10 laser lights for $50 per unit on account to abc radios.general journaldat

24、eaccount titles and explanationpr debitcreditsept. 10 accounts receivable (abc radios)500sales500retail28periodic inventory systemon september 15, worley co. paid electronic city $3,000 for the september 5 purchase.general journaldateaccount titles and explanationpr debitcreditsept. 15 accounts paya

25、ble (electronic city)3,000cash3,00029periodic inventory systemon september 22, worley co. received $500 from abc radios as payment in full for their purchase on september 10. general journaldateaccount titles and explanationpr debitcreditsept. 22 cash500accounts receivable (abc radios)50030perpetual

26、 inventory methodinventory account payable assetoeliabilityrevenueexpense=+-+-purchase sales -+-=+sep.53000sep. 53000sep.10500sep.10500purchase 100 units, 30$sales10 units,50$account rec. +-computing cost of goods sold in a periodic inventory systemthe year-end inventory is determined by taking a co

27、mplete physical count of the merchandise on hand beginning inventory cost of goods available + purchases for sale - ending inventory = cost of goods sold32computing cost of goods sold in a periodic inventory systemthe accounting records of party supply show the following:inventory, jan. 1, 2003 $ 14

28、,000purchases (during 2003) 130,000at december 31, 2003, party supply counted the merchandise on hand at $12,000.calculate party supplys cost of goods sold for 2003.33computing cost of goods sold in a periodic inventory systeminventory (beginning of the year)14,000$ add: purchases130,000 cost of goo

29、ds available for sale144,000 less: inventory (end of year)12,000 cost of goods sold132,000$ cost of goods sold can be calculated as follows:34creating cost of goods sold in a periodic inventory systemgeneral journaldateaccount titles and explanationpr debitcreditdec. 31 cost of goods sold144,000inve

30、ntory (beginning of year)14,000purchases130,000now, party supply must create the cost of goods sold account.35creating cost of goods sold in a periodic inventory systemgeneral journaldateaccount titles and explanationpr debitcreditdec. 31 inventory (end of year)12,000cost of goods sold12,000now, par

31、ty supply must record the ending inventory amount.36perpetual inventory methodinventory assetoeliabilityrevenueexpense=+-+-purchase sales +-130000130000dec.3112000dec.3112000dec.31130000purchase in this yearaccount pay. +-cost of good sold+-jan.114000dec.3114000dec.3113000014000ending inventoryperio

32、dic inventory systemexercise 6.8 (p.255)question 9 ( p .252) 38completing the closing processclose revenue accounts (including sales) to income summary.close expense accounts (including cost of goods sold) to income summary.close income summary account to retained earnings.close dividends to retaine

33、d earnings.the closing entries are the same!39comparison of perpetual and periodic inventory systemsrefer to the exhibit 6-6 on page 23640comparison of perpetual and periodic inventory systemsperiodic inventory systemjos dress shopperpetual inventory systemlarge department stores41modifying an accou

34、nting systemgeneral journaldateaccount titles and explanationpr debitcreditmost businesses use special journals特特种日记账种日记账 rather than a general journal to record routine transactions that occur frequently.42credit terms and cash discounts信贷信贷/信用条件信用条件 2/10, n/30read as: “two ten, net thirty” when ma

35、nufacturers and wholesalers sell their products on account, the credit terms are stated in the invoice.43credit terms and cash discounts2/10, n/30percentage of discount# of days discount is availableotherwise, the full amount is due # of days when full amount is due44cash discount 现金折扣sales discount

36、s in terms of sellerpurchase discounts in terms of buyer credit terms and cash discountspurchases are recorded at their net amounts.purchase discounts（购货（购货折扣）折扣） lost are recorded when payment is made outside the discount period.net (price) method净价法净价法46credit terms and cash discountson july 6, pl

37、ay clothes purchased $4,000 of merchandise on credit with terms of 2/10, n/30 from kids clothes. prepare the journal entry for play clothes.general journaldateaccount titles and explanationpr debitcredit47credit terms and cash discountsgeneral journaldateaccount titles and explanationpr debitcreditj

38、uly6 inventory3,920accounts payable (kids clothes)3,920$4,000 * 98% = $3,920on july 6, play clothes purchased $4,000 of merchandise on credit with terms of 2/10, n/30 from kids clothes. prepare the journal entry for play clothes.48credit terms and cash discountson july 15, play clothes pays the net

39、amount due to kids clothes. prepare the journal entry for play clothes.general journaldateaccount titles and explanationpr debitcredit49credit terms and cash discountsgeneral journaldateaccount titles and explanationpr debitcreditjuly 15 accounts payable (kids clothes)3,920cash3,920on july 15, play

40、clothes pays the net amount due to kids clothes. prepare the journal entry for play clothes.50credit terms and cash discountsnow, assume that play clothes waited until july 20 to pay the amount due in full to kids clothes. prepare the journal entry for play clothes.general journaldateaccount titles

41、and explanationpr debitcredit51credit terms and cash discountsgeneral journaldateaccount titles and explanationpr debitcreditjuly 20 accounts payable (kids clothes)3,920purchase discounts lost80cash4,000nonoperating expensenow, assume that play clothes waited until july 20 to pay the amount due in f

42、ull to kids clothes. prepare the journal entry for play clothes.52managing discounts365 days 20 days 2% = daysin ayearnumberof additionaldays beforepaymentpercentpaid to keep moneyrecording purchases at gross invoice pricepurchases are recorded at their gross amounts.purchase discounts taken are rec

43、orded when payment is made inside the discount period.gross (price) method毛额法毛额法/总价法总价法54recording purchases at gross invoice priceon july 6, play clothes purchased $4,000 of merchandise on credit with terms of 2/10, n/30 from kids clothes. prepare the journal entry for play clothes.general journald

44、ateaccount titles and explanationpr debitcredit55recording purchases at gross invoice pricegeneral journaldateaccount titles and explanationpr debitcreditjuly6 inventory4,000accounts payable (kids clothes)4,000on july 6, play clothes purchased $4,000 of merchandise on credit with terms of 2/10, n/30

45、 from kids clothes. prepare the journal entry for play clothes.56recording purchases at gross invoice priceon july 15, play clothes pays the net amount due to kids clothes. prepare the journal entry for play clothes.general journaldateaccount titles and explanationpr debitcredit57recording purchases

46、 at gross invoice pricegeneral journaldateaccount titles and explanationpr debitcreditjuly 15 accounts payable (kids clothes)4,000cash3,920purchase discounts taken80reduces cost of goods sold$4,000 98% = $3,920on july 15, play clothes pays the net amount due to kids clothes. prepare the journal entr

47、y for play clothes.58recording purchases at gross invoice pricenow, assume that play clothes waited until july 20 to pay the full amount due to kids clothes. prepare the journal entry for play clothes.general journaldateaccount titles and explanationpr debitcredit59recording purchases at gross invoi

48、ce pricegeneral journaldateaccount titles and explanationpr debitcreditjuly 20 accounts payable (kids clothes)4,000cash4,000now, assume that play clothes waited until july 20 to pay the full amount due to kids clothes. prepare the journal entry for play clothes.60returns of unsatisfactory merchandis

49、eon august 5, play clothes returned $500 of unsatisfactory merchandise purchased from kids clothes on credit terms of 2/10, n/30. the purchase was originally recorded at net cost. prepare the journal entry for play clothes.general journaldateaccount titles and explanationpr debitcredit61returns of u

50、nsatisfactory merchandisegeneral journaldateaccount titles and explanationpr debitcreditaug.5 accounts payable (kids clothes)490inventory490$500 98% = $490on august 5, play clothes returned $500 of unsatisfactory merchandise purchased from kids clothes on credit terms of 2/10, n/30. the purchase was

51、 originally recorded at net cost. prepare the journal entry for play clothes.62transportation costs on purchases（p.241)transportation costs related to the acquisition of assets are part of the cost of the asset being acquired.63exercise problem 6.4 on page 258transactions relating to salescomputer b

52、arnpartial income statementfor the year ended december 31, 2002revenuesales912,000$ less: sales returns and allowances8,000$ sales discounts4,000 12,000 net sales900,000$ credit terms and merchandise returns affect the amount of revenue earned by the seller.65sales returns and allowances销售退回与折让gener

53、al journaldateaccount titles and explanationpr debitcreditaug.2 accounts receivable (play clothes)2,000sales2,000on august 2, kids clothes sold $2,000 of merchandise to play clothes on credit terms 2/10, n/30. kids clothes originally paid $1,000 for the merchandise.because kids clothes uses a perpet

54、ual inventory system, they must make two entries.66sales returns and allowancesgeneral journaldateaccount titles and explanationpr debitcreditaug.2 cost of goods sold1,000inventory1,000on august 2, kids clothes sold $2,000 of merchandise to play clothes on credit terms 2/10, n/30. kids clothes origi

55、nally paid $1,000 for the merchandise.because kids clothes uses a perpetual inventory system, they must make two entries.67sales returns and allowanceson august 5, play clothes returned $500 of unsatisfactory merchandise to kids clothes from the august 2 sale. kids clothes cost for this merchandise

56、was $250.because kids clothes uses a perpetual inventory system, they must make two entries.general journaldateaccount titles and explanationpr debitcreditaug.5 sales returns and allowances500accounts receivable (play clothes)500contra-revenue68on august 5, play clothes returned $500 of unsatisfacto

57、ry merchandise to kids clothes from the august 2 sale. kids clothes cost for this merchandise was $250.because kids clothes uses a perpetual inventory system, they must make two entries.sales returns and allowancesgeneral journaldateaccount titles and explanationpr debitcreditaug.5 inventory250cost

58、of goods sold25069sales discounts 销售折扣on july 6, kids clothes sold $4,000 of merchandise to play clothes on credit with terms of 2/10, n/30. the merchandise originally cost kids clothes $2,000.because kids clothes uses a perpetual inventory system, they must make two entries.general journaldateaccou

59、nt titles and explanationpr debitcreditjuly6 accounts receivable (play clothes)4,000sales4,00070sales discountsgeneral journaldateaccount titles and explanationpr debitcreditjuly6 cost of goods sold2,000inventory2,000on july 6, kids clothes sold $4,000 of merchandise to play clothes on credit with terms of 2/10, n/30. the merchandise originally cost kids clothes $2,000.because kids clothes uses a perpetual invent