中级财务会计 李琦 北京大学ch03综述

1、Chapter 3-1Intermediate Accounting14th EditionKieso, Weygandt, and Warfield Prepared by Coby Harmon, University of California, Santa BarbaraChapter 3-2Chapter 3-3Chapter 3-4Resources (Assets)Claims against resources (Liabilities)Remaining claims accruing to owners (Owners Equity)Chapter 3-5Basic Acc

2、ounting IdentityChapter 3-6Chapter 3-7Chapter 3-8Chapter 3-9Current AssetsCashInventoriesReceivablesPrepaymentsChapter 3-10Noncurrent AssetsInvestments and fundsIntangiblesProperty, Plant, & EquipmentDeferred ChargesChapter 3-11Current LiabilitiesAccounts PayableShort-term Notes PayableCollectio

3、ns in advance of unearned revenueAccrued ExpensesChapter 3-12 = Working Capital RatioChapter 3-13Noncurrent LiabilitiesCapital LeasesLong-term Notes PayablePension LiabilitiesBonds PayableChapter 3-14Owners EquityCapital StockOther Contributed CapitalTreasury StockRetained EarningsChapter 3-15A corp

4、oration must disclose the changes in its stockholders equity account when issuing financial statements.This statement should show investments by and distributions to owners during the period, among other items.Chapter 3-16FASB Statement of Concepts No. 6 defined investments by owners and distributio

5、ns to owners, as follows:v Investments by owners are increases in the equity of a company resulting from transfers of something valuable to the company from other entities in order to obtain or increase ownership interests.v Distributions to owners are decreases in the equity of a company caused by

6、transferring assets, rendering services, or incurring liabilities to owners.Chapter 3-17Balance, Jan. 1, 2007 $65,000$143,400$ 64,900 $10,000$283,300 Unrealized increase in value of available- for-sale securities2,0002,000 Net income62,500 62,500 Cash dividends paid(11,200)(11,200)Common stock issue

7、d 6,500 30,500 37,000 Balance, Dec. 31, 2007$71,500$173,900$116,200 $12,000$373,600 SCHEDULE ACARON MANUFACTURING COMPANY Accumulated Common Additional Other Stock Paid-in Retained Comprehensive $5 par Capital Earnings Income TotalStatement of Changes in Stockholders EquityFor Year Ended December 31

8、, 2007Chapter 3-18Chapter 3-19LossProbable (?)Reasonably estimated (?)NoNoorDisclosureandYesYesReport amount in financial statementsReasonably possibleDisclose in notes to the financial statementsChapter 3-20Chapter 3-21Economic IncomeAccounting Incomevs.Chapter 3-22Capital Maintenance ConceptUnder

9、this concept, corporate income for a period of time is the amount that may be paid to stockholders during that period and still enable the corporation to be as well off at the end of the period as it was at the beginning.Chapter 3-23Assume a corporation has net assets of $45,000 at the beginning and

10、 $80,000 at the end of the year, and that no additional investments or withdrawals were made.Ending net assets$80,000 Less: Additional investment 0 Ending net assets excluding investment$80,000 Less: Beginning net assets(45,000 )Total income for the year$35,000 Capital Maintenance ConceptChapter 3-2

11、4Assume a corporation has net assets of $45,000 at the beginning and $80,000 at the end of the year. Stockholders made additional capital investments of $10,000.Ending net assets$80,000 Less: Additional investment(10,000 ) Ending net assets excluding investment$70,000 Less: Beginning net assets(45,0

12、00 )Total income for the year$25,000 Capital Maintenance ConceptChapter 3-25The transactional approach to income measurement is used in accounting today.Chapter 3-26Under this concept, a company records its net assets at their historical cost, and it does not record changes in the asset and liabilit

13、ies unless a transaction, event, or circumstance has occurred that provides reliable evidence of a change in value.Chapter 3-27Transactional ApproachA corporations net income for an accounting period currently is measured as follows:Net income = Revenues Expenses + Gains - LossesChapter 3-28Revenues

14、 are inflows (or increases) of assets of a company or settlement of its liabilities during a period from delivering or producing goods, rendering services, or other activities that are the companys ongoing major or central operations.Chapter 3-29Recognition is the process of formally recording and r

15、eporting an item in a companys financial statements when they are earned.Chapter 3-30A company usually recognizes revenue at the time goods are sold or services are rendered.Chapter 3-31Expenses are outflows of assets of a company or incurrences of liabilities during a period from delivering or prod

16、ucing goods, rendering services, or carrying out other activities that are the companys ongoing major or central operations.Chapter 3-32Expenses should be matched or recognized in the same period as the revenues they help generate.Chapter 3-33Gains and losses are reported net (not net of tax) in con

17、trast to revenues and expenses, which are reported gross. They appear in the Other section of a multiple step income statement.Chapter 3-341. Income from continuing operationsChapter 3-35Results from discontinued operationsChapter 3-36Thats it!Chapter 3-37Proper HeadingCentral CompanyIncome Statemen

18、tFor the Year Ended 12/31/X9Revenues and gains: Sales, net785,250$ Interest income62,187 Gain on sale of plant assets24,600 Total revenues and gains872,037 Expenses and losses: Cost of goods sold351,800$ Selling Expenses197,350 General and Admin. Exp.78,500 Depreciation17,500 Interest27,000 Income t

19、axes62,500 Loss: sale of investment9,000 Total expenses & losses743,650 Net income128,387$ Chapter 3-38Expenses & LossesCentral CompanyIncome StatementFor the Year Ended 12/31/X9Revenues and gains: Sales, net785,250$ Interest income62,187 Gain on sale of plant assets24,600 Total revenues and

20、 gains872,037 Expenses and losses: Cost of goods sold351,800$ Selling Expenses197,350 General and Admin. Exp.78,500 Depreciation17,500 Interest27,000 Income taxes62,500 Loss: sale of investment9,000 Total expenses & losses743,650 Net income128,387$ Revenues & GainsProper HeadingChapter 3-39L

21、etS take a look at a Multi-Step Income Statement, next.Chapter 3-40Central CompanyIncome StatementFor the Year Ended 12/31/X9Sales, net785,250$ Cost of goods sold351,800 Gross margin433,450 Operating expenses: Selling expenses197,350$ General & Admin.78,500 Depreciation17,500 293,350 Income from

22、 Operations140,100 Other revenues & gains: Interest income62,187$ Gain24,600 86,787 Other expenses: Interest27,000$ Loss9,000 (36,000) Income before taxes190,887 Income taxes62,500 Net income128,387$ Proper HeadingChapter 3-41BANNER CORPORATIONSchedule 1: Cost of Goods SoldFor Year Ended Decembe

23、r 31, 2007Inventory, January 1, 2007$ 41,000 Purchases$80,300 Freight-in 5,500 Cost of purchases$85,800 Less: Purchases returns(2,800)Net purchases 83,000 Cost of goods available for sale$124,000 Less: Inventory, December 31, 2007(38,000)Cost of goods sold$ 86,000 Chapter 3-42Proper HeadingGross Mar

24、ginCentral CompanyIncome StatementFor the Year Ended 12/31/X9Sales, net785,250$ Cost of goods sold351,800 Gross margin433,450 Operating expenses: Selling expenses197,350$ General & Admin.78,500 Depreciation17,500 293,350 Income from Operations140,100 Other revenues & gains: Interest income62

25、,187$ Gain24,600 86,787 Other expenses: Interest27,000$ Loss9,000 (36,000) Income before taxes190,887 Income taxes62,500 Net income128,387$ Chapter 3-43Proper HeadingGross MarginOperating ExpensesCentral CompanyIncome StatementFor the Year Ended 12/31/X9Sales, net785,250$ Cost of goods sold351,800 G

26、ross margin433,450 Operating expenses: Selling expenses197,350$ General & Admin.78,500 Depreciation17,500 293,350 Income from Operations140,100 Other revenues & gains: Interest income62,187$ Gain24,600 86,787 Other expenses: Interest27,000$ Loss9,000 (36,000) Income before taxes190,887 Incom

27、e taxes62,500 Net income128,387$ Chapter 3-44Operating expenses are those primary recurring costs (other than cost of goods sold) incurred to generate sales revenue.Chapter 3-45Proper HeadingGross MarginOperating ExpensesNon- operating ItemsCentral CompanyIncome StatementFor the Year Ended 12/31/X9S

28、ales, net785,250$ Cost of goods sold351,800 Gross margin433,450 Operating expenses: Selling expenses197,350$ General & Admin.78,500 Depreciation17,500 293,350 Income from Operations140,100 Other revenues & gains: Interest income62,187$ Gain24,600 86,787 Other expenses: Interest27,000$ Loss9,

29、000 (36,000) Income before taxes190,887 Income taxes62,500 Net income128,387$ Chapter 3-46Proper HeadingGross MarginOperating ExpensesNon- operating ItemsCentral CompanyIncome StatementFor the Year Ended 12/31/X9Sales, net785,250$ Cost of goods sold351,800 Gross margin433,450 Operating expenses: Sel

30、ling expenses197,350$ General & Admin.78,500 Depreciation17,500 293,350 Income from Operations140,100 Other revenues & gains: Interest income62,187$ Gain24,600 86,787 Other expenses: Interest27,000$ Loss9,000 (36,000) Income before taxes190,887 Income taxes62,500 Net income128,387$ TaxesChap

31、ter 3-47Reported separately on the income statement.2. Shown .Chapter 3-48Income tax expense is matched against the following:Chapter 3-49Interperiod tax allocation involves allocating a corporations income tax obligation as an expense to various accounting periods because of temporary (timing) diff

32、erences between its taxable income and pretax financial income.Chapter 3-50Intraperiod tax allocation involves allocating a corporations total income tax expense for a period to the various components of its net income, retained earnings, and other comprehensive income.Chapter 3-51An extraordinary i

33、tem is an event or transaction that is both unusual in nature and infrequent in occurrence.Unusual nature-the underlying event or transaction possesses a high degree of abnormality and is of a type clearly unrelated to, or only incidentally related to, the ordinary and typical activities of the comp

34、any.Infrequency of occurrence-the underlying event or transaction is of a type that is not reasonably expected to recur in the foreseeable future.Chapter 3-52Unusual?Report Gain (Loss) AsIncome from Continuing Operation (Other Items section)Infrequent?orIncome from Continuing Operation (Other Items

35、section)EventChapter 3-53EventUnusual?Report Gain (Loss) AsInfrequent?orandExtraordinary ItemChapter 3-54Chapter 3-55Events that the APB Opinion No. 30 identified as not qualifying as extraordinary:Chapter 3-56Events that the APB Opinion No. 30 identified as not qualifying as extraordinary:Chapter 3

36、-57One other item is required to be reported as an extraordinary item. As prescribed by FASB Statement No. 141, when a company purchases another company and pays less than the fair value of the other company, it reports the difference as an extraordinary gain.Chapter 3-58During 19X8, Apex Co. experi

37、enced a loss of $75,000 due to an earthquake at one of its manufacturing plants in Nashville. This was considered an extraordinary item. The company reported income from continuing operations of $128,387. All gains and losses are subject to a 30% tax rate.How would this item appear on the 19X8 incom

38、e statement?Chapter 3-59Chapter 3-60In c o m e b e fo re e x tra o rd in a ry ite m1 2 8 ,3 8 7$ E x tra o rd in a ry L o ss: E a rth q u a k e lo ss (n e t o f ta x b e n e fit o f $ 2 2 ,5 0 0 )(5 2 ,5 0 0 ) N e t in c o m e7 5 ,8 8 7$ Income Statement Presentation:Chapter 3-61I wonder how I shoul

39、d report these items.Chapter 3-62I wonder how I should report these items.Psst! Why dont you try reporting them in Income from Operations?Chapter 3-63A company may decide to “discontinue” some of its operations and sell a component of these operations.What is a component?Chapter 3-64A component of a

40、 company involves operations and cash flows that can be clearly distinguished, operationally and for financial purposes, from the rest of the company.A component may be a subsidiary, an operating segment or an asset group.Chapter 3-65If a component of an entity has either been disposed of or classif

41、ied as held for sale,we report the results of its operations separately in discontinued operations if two conditions are met:The operations and cash flows of the component have been(or will be) eliminated from the ongoing operation.The entity will not have any significant continuing involvement in t

42、he operations of the component after the disposal transaction.Chapter 3-66FASB Statement No. 144 requires that all of the following criteria be met to qualify for “held for sale”:Management has committed to a plan to sell the component.The component is available for immediate sale in its present con

43、dition.Management has begun an active program to locate a buyer.The sale is probable within one year.The component is being marketed for sale at a price that is reasonable in relation to components fair market value.It is unlikely that management will make significant changes to the plan.Held for Sa

44、leChapter 3-67Chapter 3-68Income from continuing operations$93,000 Results from discontinued operations:Income from operations of discontinued Division X (net of $2,880 income taxes)$ 6,720 Loss on disposal of Division X (net of $6,000 income tax credit)(14,000 ) (7,280)Income before extraordinary i

45、tems$85,720 Chapter 3-69Note that discontinued operations are reported on the income statement after the continuing operations, but before extraordinary items.Chapter 3-70Income from continuing operations$93,000 Results from discontinued operations:Income from operations of discontinued Division X (

46、net of $2,880 income taxes)$ 6,720 Income before extraordinary items$85,720Chapter 3-71Income from continuing operations$93,000 Results from discontinued operations:Income from operations of discontinued Division X (net of $2,880 income taxes)$ 6,720 Loss on disposal of Division X (net of $6,000 inc

47、ome tax credit)(14,000 ) (7,280)Income before extraordinary items$85,720Chapter 3-72On September 30, 2007, Duvall Company sells Division C (a component of its operations) for $102,000 and incurs $2,000 of legal fees and closing costs. At the time of the sale, the book values of Division Cs assets an

48、d liabilities are $150,000 and $80,000, respectively. Duvall Company is subject to a 30% income tax rate.Sale IllustrationChapter 3-73Net cash received ($102,000 $2,000)$100,000Book value of net assets of Division C:Assets$150,000Liabilities (80,000)Net book value (70,000)Pretax gain$ 30,000Income t

49、ax (30%) (9,000)After-tax gain$ 21,000Chapter 3-74When a company classifies a significant component as held for sale, it records and reports the component at the lower of (1) its book value (book value of assets minus book value of liabilities) or (2) its fair value (the amount at which the assets a

50、nd liabilities as a whole could be sold in a current single transaction) less any cost to sell.Chapter 3-75Elmo Company classifies Division M (a significant component of its operations) as “held for sale” at the end of 2007. Elmo Company expects to sell Division M in 2008 at its fair value of $200,0

51、000 (consisting of assets with a fair value of $300,000 and liabilities with a fair value of $100,000). At the end of 2007, the book value of Division M is $240,000 (assets book value, $330,000; liabilities book value, $90,000). The company is subject to a 30% income tax rate.Chapter 3-76Fair value

52、of Division M$200,000Book value of net assets of Division M:Assets$330,000Liabilities (90,000)Net book value (240,000)Pretax loss$ (40,000)End of 2007Loss on Write-Down of Held-For-SaleDivision M (pretax)40,000Liabilities of Division M10,000Assets of Division M30,000Chapter 3-77Disclosures Required

53、by FASB Statement No. 144v A description of the facts and circumstances leading up to the sale, and, if held-for-sale, the expected manner and timing of the sale.v The revenues and pretax income (loss) of the component included in its operating income (loss) reported in the results of discontinued operations section of the companys inc