会计学（第21版）课件：Accounting for Merchandising Businesses

AccountingforMerchandisingBusinessesAccounting,21stEditionWarrenReeveFess

Someoftheactionhasbeenautomated,soclickthemousewhenyouseethislightningboltinthelowerright-handcornerofthescreen.Youcanpointandclickanywhereonthescreen.1.

Distinguishtheactivitiesofaservicebusinessfromthoseofamerchandisingbusiness.2.

Describeandillustratethefinancialstatementsofamerchandisingbusiness.3.

Describetheaccountingforthesaleofmerchandise.4.

Describetheaccountingforthepurchaseofmerchandise.ObjectivesAfterstudyingthischapter,youshouldbeableto:5.

Describetheaccountingfortransportationcosts,salestaxes,andtradediscounts.6.

Illustratethedualnatureofmerchandisingtransactions.7.

Prepareachartofaccountsforamerchandisingbusiness.8.

Describetheaccountingcycleforamerchandisingbusiness.9.

Computetheratioofnetsalestoassetsasameasureofhoweffectivelyabusinessisusingitsassets.ObjectivesServiceBusinessFeesearned $XXXOperatingexpenses –XXXNetincome $XXXNatureofBusinessesMerchandisingBusinessSales $XXXCostofMerchandiseSold –XXXGrossProfit $XXXOperatingExpenses –XXXNetIncome $XXXNatureofBusinessesMultiple-StepIncomeStatementRevenuefromsales: Sales $720,185 Less:Salesreturnsandallowances $6,140

Salesdiscounts 5,790

11,930 Netsales $708,255Costofmerchandisesold 525,305Grossprofit $182,950NetSolutions

IncomeStatementFortheYearEndedDecember31,2007ContinuedOperatingexpenses: Sellingexpenses: Salessalariesexpense $56,230 Advertisingexpense 10,860 Depr.Expense–storeequipment 3,100 Miscellaneoussellingexpense 630 Totalsellingexpenses $70,820 Administrativeexpenses: Officesalariesexpense $21,020 Rentexpense 8,100 Depr.expense–officeequipment 2,490 Insuranceexpense 1,910 Officesuppliesexpense 610 Misc.administrativeexpense 760 Totaladmin.expenses 34,890 Totaloperatingexpenses 105,710Incomefromoperations $77,240ContinuedOtherincomeandexpenses: Rentrevenue $600 Interestexpense (2,440) (1,840)Netincome $75,400ConcludedPeriodicvs.PerpetualMethodsofAccountingPeriodicMethodAmethodofdeterminingthecostofmerchandisesoldandtheamountofmerchandiseonhandUnderthismethod,theinventoryrecordsdonotshowtheamountavailableforsaleortheamountsoldduringtheperiodUnderthismethod,eachpurchaseandsaleofmerchandiseisrecordedintheinventoryandthecostofmerchandisesoldaccounts.Theamountofmerchandiseavailableforsaleandtheamountsoldarecontinuouslydisclosedintheinventoryrecords.Periodicvs.PerpetualMethodsofAccountingPerpetualMethodCostofMerchandisePurchasedPurchases $521,980Less: Purchasereturnsand allowances $9,100 Purchasediscounts 2,525

11,625Netpurchases $510,355Addtransportation-in 17,400Costofmerchandisepurchased $527,755CostofMerchandiseSoldMerchandiseinventory,1/1/07 $59,700Purchases $521,980Less:Purchasereturnsand allowances $9,100 Purchasediscounts 2,525

11,625Netpurchases $510,355Addtransportation-in 17,400 Costofmerchandisepurchased 527,755Merchandiseavailableforsale $587,455Lessmerchandiseinventory,12/31/07 62,150Costofmerchandisesold $525,305Single-StepIncomeStatementforaMerchandisingBusinessRevenues: Netsales $708,255 Rentrevenue 600 Totalrevenues $708,855Expenses: Costofmerchandisesold $525,305 Sellingexpenses 70,820 Administrativeexpenses 34,890 Interestexpense 2,440 Totalexpenses 633,455Netincome $75,400NetSolutions

IncomeStatement

FortheYearEndedDecember31,2007StatementofOwner’sEquityforaMerchandisingBusinessChrisClark,capital,1/1/07 $153,800Netincomeforyear $75,400Lesswithdrawals 18,000Increaseinowner’sequity 57,400ChrisClark,capital,12/31/07 $211,200

NetSolutions

StatementofOwner’sEquity

FortheYearEndedDecember31,2007BalanceSheet

AssetsCurrentassets: Cash $52,950 Accountsreceivable 91,080 Merchandiseinventory 62,150 Officesupplies 480 Prepaidinsurance 2,650 Totalcurrentassets $209,310NetSolutions

BalanceSheet

December31,2007ContinuedProperty,plant,andequipment: Land $20,000 Storeequipment $27,100 Lessaccumulated depreciation 5,700 21,400 Officeequipment $15,570 Lessaccumulated depreciation 4,720

10,850 Totalproperty,plant,and equipment 52,250Totalassets $261,560

Continued

LiabilitiesCurrentliabilities: Accountspayable $22,420 Notepayable(currentportion) 5,000 Salariespayable 1,140 Unearnedrent 1,800 Totalcurrentliabilities $30,360Long-termliabilities: Notepayable(due2017) 20,000Totalliabilities $50,360

Owner’sEquityChrisClark,capital 211,200Totalliabilitiesandowner’sequity $261,560ConcludedSalesTransactionsJOURNALDateDescriptionPost.Ref.DrCr.1234PAGE265 Jan.3 Cash 1800002007Sales 180000Torecordcashsales.OnJanuary3,afirmsold$1,800ofmerchandiseforcash.CashSalesCashSalesUsingaperpetualinventory,theinventorycostof$1,200mustberecorded.67893 CostofMerchandiseSold 128000MerchandiseInventory 128000Torecordthecostofmerchandisesold.10Creditcardsales(MasterCardorVisa)arerecordedascashsales.Attheendofthemonth,$48wassenttocoverthisservicecharge.JOURNALDateDescriptionPost.Ref.DrCr.1234PAGE285Cash 4800 Jan.31 CreditCardExpense 48002007CashSalesTorecordservicechargesoncreditcardsalesforthemonth. Jan.12 AccountsReceivable—SimsCo. 51000InvoiceNo.7172.Sales 51000 12 CostofMerchandiseSold 28000MerchandiseInventory 28000CostofmerchandisesoldonInvoiceNo.7172.SalesonAccountOnJanuary12,afirmsoldSimsCompanymerchandiseonaccount,$510.Thecostofthemerchandisetothesellerwas$280.SalesDiscountsThetermsforwhenpaymentsformerchandisearetobemadearecalledcreditterms.Ifbuyerisallowedanamountoftimetopay,itisknownasthecreditperiod.Ifinvoiceispaidwithin10daysof

invoicedateSalesDiscountsCreditTermsInvoicefor$1,500Terms:2/10,n/30$1,470paid(less2%asacashdiscount)IfinvoiceisNOTpaidwithin10daysof

invoicedateSalesDiscountsCreditTermsInvoicefor$1,500Terms:2/10,n/30$1,500PAIDSalesDiscountsOnJanuary21,thefirmreceivestheamountduefromSims(refertoSlide25),lessthe2percentdiscount. Jan.21 Cash 49980AccountsReceivable—SimsCo. 51000 SalesDiscounts 1020CollectionofInvoiceNo.7172,lessdiscount.SalesReturnsandAllowancesMerchandisethatisreturnedtothevendorisreferredtoasasalesreturn.Ifthereisadefectintheproductorthewrongitemwasshipped,thesellermayreducetheinitialpriceatwhichthegoodsweresold.Thisisknownasasalesallowance. Jan.13 SalesReturnsandAllowances 22500CreditMemoNo.32.AccountsReceivable—KrierCo. 22500 13 MerchandiseInventory 14000CostofMerchandiseSold 14000Costofmerchandisereturned—CreditMemo32.SalesReturnsandAllowancesOnJanuary13,issuedCreditMemo32toKrierCompanyformerchandisereturnedtoNetSolutions.Sellingprice,$225;costtoNetSolutions,$140.PurchaseTransactionsDateDescriptionPost.Ref.DrCr.12345Jan. 3 MerchandiseInventory 2510002007 Cash 251000PurchasedinventoryfromBowenCo.PurchaseTransactionsOnJanuary3,PurchasedmerchandiseforcashfromBowenCompany,$2,510.What’sthelastdaytheinvoicecanbepaid?PurchaseDiscountsAlphaTechnologiesissuesaninvoicefor$3,000toNetSolutionsdatedMarch12,withterms2/10,n/30.Invoiceperiod 30DaysinMarch 31Dateofinvoice 12Remainingdays 19April 11Let’sdoasimplecalculation.ThefullamountisdueonApril11.PurchaseDiscountsWecanborrowatanannualinterestrateof6%.Shouldweborrowtopaytheinvoicewithinthediscountperiod?PurchaseDiscounts$60discount(2%x$3,000)?Discount $60.00Interestfor20days attherateof6% on$2,940 –9.80Savingsfrom borrowing $50.20Let’ssee…Interestontheamountdueof$3,000lessthe2percent…PurchaseDiscountsLookslikeweshouldtakeadvantageofthediscountevenifwehavetoborrowthemoney.PurchaseDiscountsDiscount $60.00Interestfor20days attherateof6% on$2,940 –9.80Savingsfrom borrowing $50.20JOURNALDateDescriptionPost.Ref.DrCr.1234PAGE275OnMarch12,NetSolutionspurchasedmerchandiseonaccountfromAlphaTechnologies,$3,000. Mar.12 MerchandiseInventory 3000002007AccountsPayable—AlphaTechnologies 300000PurchaseDiscountsJOURNALDateDescriptionPost.Ref.DrCr.1234PAGE275IfpaymentismadebyMarch22NetSolutionsrecordsthediscountasareductionincost. Mar.22 AccountsPayable—AlphaTechnol. 300000 Cash 294000 MerchandiseInventory 6000 2007PurchaseDiscountsJOURNALDateDescriptionPost.Ref.DrCr.1234PAGE275IfNetSolutionsdoesnotpaytheinvoiceuntilApril11,itwouldpaythefullamount. Apr.11 AccountsPayable—AlphaTechnol. 300000 Cash 300000

2007PurchaseDiscountsPurchasesReturnsandAllowancesApurchasesreturninvolvesactuallyreturningmerchandisethatisdamagedordoesnotmeetthespecificationsoftheorder.Whenthedefectiveorincorrectmerchandiseiskeptbythebuyerandthevendormakesapriceadjustment,thisisapurchasesallowance.NetSolutionsreceivedthedeliveryfromMaximSystemsanddeterminedthat$900oftheitemswerenotthemerchandiseordered.Debit

memorandum#18isissuedtoMaximSystems.PurchasesReturnsandAllowancesYousentmethewronginterfacecards.We’llsendadebitmemorandumwiththereturneditems. Mar.7 AccountsPayable—MaximSystems 90000DebitMemoNo.18MerchandiseInventory 90000PurchasesReturnsandAllowancesPurchasesReturnsandAllowancesOnMay2,NetSolutionspurchased$5,000ofmerchandisefromDeltaDataLink,subjecttoterms2/10,n/30.May 2 MerchandiseInventory 500000Purchasedmerchandise.AccountsPayable—DeltaData 500000PurchasesReturnsandAllowancesOnMay4,NetSolutionsreturns$3,000ofthemerchandise.May 4 AccountsPayable—DeltaDataLinks 300000Returnedportionofmerchandisepurchased.MerchandiseInventory 300000PurchasesReturnsandAllowancesOnMay12,NetSolutionspaystheamountdue.May 12 AccountsPayable—DeltaDataLinks 200000Paidinvoice.Cash 196000MerchandiseInventory 4000($5,000–$3,000)x2%TransportationCostsFOBShippingPointBuyerpaysfreightcostsanddebitsMerchandiseInventoryFruitExpressTitlepassestobuyerasshipmentleavesshippingpoint.June10MerchandiseInventory 90000Purchasedmerchandise,termsFOBshippingpoint.AccountsPayable—MagnaData 90000 10 MerchandiseInventory 5000Cash 5000Paidshippingcost.OnJune10,NetSolutionsbuysmerchandisefromMagnaDataonaccount,$900,termsFOBshippingpointandpaysthetransportationcostof$50.FOBShippingPointFOBDestinationTitlepassestobuyeruponarrivalatdestination.SellerpaysfreightcostsanddebitsTransportationOutFruitExpressOnJune15,NetSolutionssellsmerchandisetoKranzCompanyonaccount,$700,termsFOBdestination.Thecostofthemerchandisesoldis$480.NetSolutionspaysthetransportationcostof$40.FOBDestinationJune15AccountsReceivable—KranzCo. 70000Soldmerchandise,termsFOBdestination.Sales 70000 15 CostofMerchandiseSold 48000MerchandiseInventory 48000CostofsaleofKranzCo.FOBDestination June15TransportationOut 4000 Cash 4000Paidshippingcostonmerchandisesold.OnJune15,NetSolutionssellsmerchandisetoKranzCompanyonaccount,$700,termsFOBdestination.Thecostofthemerchandisesoldis$480.NetSolutionspaysthetransportationcostof$40.SalesTaxesOnAugust12,merchandiseissoldonaccounttoLemonCompany,$100.Thestatehasa6%salestax. Aug.12 AccountsReceivable—LemonCo. 10600 Sales 10000 SalesTaxesPayable 600InvoiceNo.339SalesTaxesOnSeptember15,thesellersendsinapaymentof$2,900tothetaxingunitfortheAugusttaxescollected. Sept.15 SalesTaxPayable 290000 Cash 290000PaymentforsalestaxescollectedduringAugust.IllustrationofAccountingforMerchandiseTransactionsJuly1.ScullyCompanysoldmerchandiseonaccounttoBurtonCo.,$7,500,termsFOBshippingpoint,n/45.Thecostofthemerchandisesoldwas$4,500.ScullyCompany(Seller)AccountsReceivable—BurtonCo. 7,500 Sales 7,500CostofMerchandiseSold 4,500 MerchandiseInventory 4,500BurtonCompany(Buyer)MerchandiseInventory. 7,500 AccountsPayable—ScullyCo. 7,500IllustrationofAccountingforMerchandiseTransactionsScullyCompany(Seller)Noentry.BurtonCompany(Buyer)MerchandiseInventory 150 Cash 150July2.BurtonCompanypaidtransportationchargesof$150onJuly1purchasefromScullyCompany.IllustrationofAccountingforMerchandiseTransactionsJuly5.ScullyCompanysoldmerchandiseonaccounttoBurtonCo.,$5,000,termsFOBshippingpoint,n/30.Thecostofthemerchandisesoldwas$3,500.ScullyCompany(Seller)AccountsReceivable—BurtonCo. 5,000 Sales 5,000CostofMerchandiseSold 3,500 MerchandiseInventory 3,500BurtonCompany(Buyer)MerchandiseInventory. 5,000 AccountsPayable—ScullyCo. 5,000IllustrationofAccountingforMerchandiseTransactionsJuly7.ScullyCompanypaidtransportationcostsof$250fordeliveryofmerchandisesoldtoBurtonCompanyonJuly5.ScullyCompany(Seller)TransportationOut 250 Cash 250BurtonCompany(Buyer)Noentry.IllustrationofAccountingforMerchandiseTransactionsJuly13.ScullyCompanyissuedBurtonCompanyacreditmemorandumfor$1,000ofmerchandisereturnedfromaJuly5purchaseonaccount.Thecostofthemerchandisewas$700.ScullyCompany(Seller)SalesReturnsandAllowances 1,000 AccountsReceivable—BurtonCo. 1,000MerchandiseInventory 700 CostofMerchandiseSold 700BurtonCompany(Buyer)AccountsPayable—ScullyCo. 1,000 MerchandiseInventory 1,000IllustrationofAccountingforMerchandiseTransactionsJuly15.ScullyCompanyreceivedpaymentfromBurtonCompanyforpurchaseofJuly5.ScullyCompany(Seller)Cash 4,000 AccountsReceivable—BurtonCo. 4,000BurtonCompany(Buyer)AccountsPayable—ScullyCo. 4,000 Cash 4,000IllustrationofAccountingforMerchandiseTransactionsJuly18.ScullyCompanysoldmerchandiseonaccounttoBurtonCompany,$12,000,termsFOBshippingpoint,2/10,n/eom.Scullyprepaidtransportationcostsof$500,whichwereaddedtotheinvoice.Thecostofthemerchandisesoldwas$7,200.ScullyCompany(Seller)AccountsReceivable—BurtonCo. 12,000 Sales 12,000AccountsReceivable—BurtonCo. 500 Cash 500BurtonCompany(Buyer)MerchandiseInventory 12,500 AccountsPayable—ScullyCo. 12,500IllustrationofAccountingforMerchandiseTransactionsJuly18.ScullyCompanysoldmerchandiseonaccounttoBurtonCompany,$12,000,termsFOBshippingpoint,2/10,n/eom.Scullyprepaidtransportationcostsof$500,whichwereaddedtotheinvoice.Thecostofthemerchandisesoldwas$7,200.Continued(Seller)CostofMerchandiseSold 7,200 MerchandiseInventory 7,200BurtonCompany(Buyer)IllustrationofAccountingforMerchandiseTransactionsJuly28.ScullyCompanyreceivedpaymentfromBurtonCompanyforpurchaseofJuly18,lessdiscount(2%x$12,000).ScullyCompany(Seller)Cash 12,260SalesDiscounts 240 AccountsReceivable—BurtonCo. 12,500BurtonCompany(Buyer)AccountsPayable—ScullyCo. 12,500 MerchandiseInventory 240 Cash 12,260BalanceSheetAccounts 200Liabilities210 AccountsPayable211 SalariesPayabl