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1、Chapter 5,ACCOUNTING FOR MERCHANDISING OPERATIONS商业企业会计,Study Objectives,Identify the differences between a service enterprise and a merchandising companyExplain the entries for purchases under a perpetual inventory system.Explain the entries for sales revenues under a perpetual inventory system,Stu
2、dy Objectives,Explain the steps in the accounting cycle for a merchandiserDistinguish between multiple-step and single-step income statementExplain the computation and importance of gross profit.,MERCHANDISING COMPANY商业公司,A merchandising company is an enterprise that buys and sells goods to earn a p
3、rofitWholesalers批发商 sell to retailers零售商Retailers sell to consumers消费者A merchandisers primary source of revenue is sales销售,MEASURING NET INCOME,Expenses for a merchandising company are divided into two groups:cost of goods sold 销售商品成本operating expenses 经营费用,MEASURING NET INCOME,Cost of goods sold is
4、 the total cost of merchandise sold during the periodOperating expenses are expenses incurred in the process of earning sales revenue.Examples are sales salaries and insurance expense.,MEASURING NET INCOME,Gross profit毛利 is equal to sales revenue less cost of goods sold.Net income=gross profit opera
5、ting expenses,Sales Revenue,Cost ofGoods Sold,Gross Profit,Operating Expenses,Net Income(Loss),OPERATING CYCLES FOR A MERCHANDISING COMPANY,Cash,Receive Cash,Buy Inventory,Sell Inventory,OPERATING CYCLES FOR A SERVICE COMPANY 服务公司的经营循环,Receive Cash,Perform Services,Example,April 1:purchase 100 bottl
6、es of water$1.5 April 2:purchase 200 bottles of water$1.6April 5:selling 150 bottles at$2April 8:purchase 200 bottles of water$1.4 April 12 selling 300 bottles at$2,How to calculate cost of goods sold?,INVENTORY SYSTEMS存货系统,Merchandising entities may use either of the following inventory systems:Per
7、petual 永续制:Detailed records of the cost of each item are maintained,and the cost of each item sold is determined from records when the sale occursNow super markets use this system!,INVENTORY SYSTEMS存货系统,Periodic盘存制:Cost of goods sold is determined only at the end of an accounting period.Generally sm
8、all shops use this system!,COST OF INVENTORY存货成本,Under the periodic method,cost of inventory on hand is determined from a physical inventory requiring:Counting the units on hand for each inventory itemApplying unit costs to the total units on hand for each inventory itemAggregating the cost of each
9、item of inventory to determine total cost of goods on hand,COST OF GOODS SOLD销售商品成本,The cost of goods sold(COGS)may be determined each time a sale occurs or at the end of an accounting period.To make the determination when the sale occurs,a company uses a perpetual inventory system.When the cost of
10、goods sold is determined only at the end of an accounting period,a company is said to be using a periodic inventory system.,COST OF GOODS SOLD(COGS)UNDER PERIODIC,To determine the cost of goods sold under a periodic inventory system,it is necessary to:Determine cost of goods on hand at beginning of
11、accounting periodAdd the cost of goods purchased to the cost of goods on handSubtract cost of goods on hand at end of accounting period.,COGS=beginning cost of goods+cost of goods purchased-ending cost of goods,COGS=$15,000+$20,000-$5,000=$30,00,RECORDING PURCHASES OF MERCHANDISE UNDER PERPETUAL,Whe
12、n merchandise is purchased for resale to customers,the account,Merchandise Inventory商品存货,is debited for the cost of goods.Like sales,purchases may be made for cash or on account(credit).,RECORDING PURCHASES OF MERCHANDISE UNDER PERPETUAL,The purchase is normally recorded by the purchaser when the go
13、ods are received from the sellerEach credit purchase should be supported by a purchase invoice购货发票.,RECORDING PURCHASES OF MERCHANDISE,Under the perpetual inventory system,purchases of merchandise for sale are recorded as debits to the Merchandise Inventory account,while Accounts Payable is credited
14、.,RECORDING PURCHASES OF MERCHANDISE,Term:“2/10,n/30“means:if the buyer pay cash before the 10th day,the buyer will get 2%cash discount,or the buyer will pay the full cash before the 31th day.,PURCHASE RETURNS AND ALLOWANCES 购买退回和折让,A sales return and allowance on the sellers books is recorded as a
15、purchase return and allowance on the books of the purchaserUnder the perpetual system,Merchandise Inventory is credited when a purchase return and allowance occurs.,PURCHASE RETURNS AND ALLOWANCES购买退回和折让,The purchaser initiates the request for a reduction of the balance due through the issuance of a
16、 debit memorandum.The debit memorandum is a document issued by a buyer to inform a seller that the sellers account has been debited because of unsatisfactory merchandise.,Because Merchandise Inventory was debited when the goods were received,Merchandise Inventory is credited when the goods are retur
17、ned.,PURCHASE RETURNS AND ALLOWANCES,PURCHASE DISCOUNTS购买折扣,Credit terms信用条件 may permit the buyer to claim a cash discount现金折扣 for the prompt payment of a balance dueThe buyer calls this discount a purchase discountLike a sales discount,a purchase discount is based on the invoice cost 发票成本 less retu
18、rns and allowances,if any.,If payment is made within the discount period,Accounts Payable is debited,Merchandise Inventory is credited for the discount taken,and Cash is credited.,PURCHASE DISCOUNTS,If payment is made after the discount period,Accounts Payable is debited and Cash is credited for the
19、 full amount.,PURCHASE DISCOUNTS,FREE ON BOARD（FOB）离岸价格,The sales agreement销售合同 should indicate whether the seller or the buyer is to pay the cost of transporting the goods to the buyers place of business.,FREE ON BOARD（FOB）离岸价格,FOB Shipping PointGoods placed free on board the carrier by sellerBuyer
20、 pays freight costs运输成本FOB DestinationGoods placed free on board at buyers businessSeller pays freight costs,ACCOUNTING FOR FREIGHT COSTS,Merchandise Inventory is debited if buyer pays freightFreight-out(or Delivery Expense发送费用)is debited if seller pays freight.,When the purchaser directly incurs th
21、e freight costs,the account Merchandise Inventory is debited and Cash is credited.,ACCOUNTING FOR FREIGHT COSTS,Freight costs incurred by the seller on outgoing merchandise are debited to Freight-out(or Delivery Expense)and Cash is credited.,ACCOUNTING FOR FREIGHT COSTS,RECORDING SALES OF MERCHANDIS
22、E,Revenues are reported when earned in accordance with the revenue recognition principle,and in a merchandising company,revenues are earned when the goods are transferred from seller to buyer.,RECORDING SALES OF MERCHANDISE,All sales should be supported by a document such as a cash register tape or
23、sales invoice销售发票,RECORDING CASH SALES现金销售,For cash sales,the Cash account is debited and the Sales account is credited;and,under the perpetual inventory system,the cost of the merchandise sold and the reduction in merchandise inventory are also recorded.,RECORDING CASH SALES现金销售,RECORDING CREDIT SA
24、LES信用销售,For credit sales,Accounts Receivable is debited and Sales is credited;and,Cost of Goods Sold is debited and Merchandise Inventory is credited.,RECORDING CREDIT SALES信用销售,SALES RETURNS AND ALLOWANCES 销售返回和折让,Sales returns result when customers are dissatisfied with merchandise and are allowed
25、 to return the goods to the seller for credit or a refundSales allowances result when customers are dissatisfied,and the seller allows a deduction from the selling price.,SALES RETURNS AND ALLOWANCES,To grant the return or allowance,the seller prepares a credit memorandum to inform the customer that
26、 a credit has been made to the customers account receivable.Sales Returns and Allowances is a contra revenue account to the Sales account.The normal balance of Sales Returns and Allowances is a debit balance.,RECORDING SALES RETURNS AND ALLOWANCES,The sellers entry to record a credit memorandum invo
27、lves a debit to the Sales Returns and Allowances account and a credit to Accounts Receivable at the$300 selling price,and a debit to Merchandise Inventory.,RECORDING SALES RETURNS AND ALLOWANCES,SALES DISCOUNTS 销售折扣,A sales discount is the offer of a cash discount to a customer for the prompt paymen
28、t of a balance dueExample:If a credit sale has the terms 3/10,n/30,a 3%discount is allowed if payment is made within 10 days.After 10 days there is no discount,and the balance is due in 30 daysSales Discounts is a contra revenue account with a normal debit balance.,CREDIT TERMS 信用条件,Credit terms spe
29、cify the amount and time period for the cash discount.They also indicate the length of time in which the purchaser is expected to pay the full invoice price,CREDIT TERMS 信用条件,2/10,n/30:A 2%discount may be taken if payment is made within 10 days of the invoice date1/10 EOM:A 1%discount is available i
30、f payment is made by the 10th of the next month.,RECORDING SALES DISCOUNTS,When cash discounts are taken by customers,the seller debits Sales Discounts.,STATEMENT PRESENTATION OF SALES REVENUE SECTION,As contra revenue accounts,sales returns and allowances and sales discounts are deducted from sales
31、 in the income statement to arrive at Net Sales.,STATEMENT PRESENTATION OF SALES REVENUE SECTION,Gross profit is determined as follows:Net sales$460,000Cost of goods sold-316,000Gross profit$144,000,COMPUTATION OF GROSS PROFIT,COMPUTING NET INCOME,Net income is determined as follows:Gross profit$144
32、,000Operating expenses-114,000Net income$30,000,ADJUSTING ENTRIES AND CLOSING ENTRIES,Adjusting entries are journalized from the adjustment columns of the work sheetThe journalizing and posting of the entries are the same as they are for a service enterpriseAll accounts that affect the determination
33、 of net income are closed to Income SummaryData for the preparation of closing entries may be obtained from the income statement columns of the work sheet,ADJUSTING ENTRIES,CLOSING ENTRIES,CLOSING ENTRIES,CLOSING ENTRIES,POST-CLOSING TRIAL BALANCE,MULTIPLE-STEP INCOME STATEMENT 多步式利润表,Includes sales
34、 revenue,cost of goods sold and gross profit sectionsAdditional non-operating 非经营业务sections may be added for:Revenues and expenses resulting from secondary or auxiliary operationsGains and losses unrelated to operations,MULTIPLE-STEP INCOME STATEMENT 多步式利润表,Non-operating sections are reported after
35、income from operations 经营利润 and are classified as:Other revenues and gains其他收入Other expenses and losses其他费用Operating expenses may be subdivided into:Selling Expenses 销售费用Administrative Expenses 管理费用,SINGLE-STEP INCOME STATEMENT单步式利润表,Revenue Less:expenses Net income,Homework,E5-1,E5-4,E5-7P5-1A,P5-3A,
