Financial Accounting006PPT學(xué)習(xí)教案

1、會計(jì)學(xué)1Financial Accounting0066-2An exchange hastaken place.Collection isprobable.The earnings processis nearly complete.第1頁/共68頁6-3第2頁/共68頁6-44.To receive payment quicker.第3頁/共68頁6-5第4頁/共68頁6-6GENERAL JOURNALPage 34DateDescriptionDebitCreditJan.2第5頁/共68頁6-7GENERAL JOURNALPage 34DateDescriptionDebitCre

2、ditJan.2 Accounts Receivable2,910Credit Card Discounts90Sales Revenue3,000$3,000 3% = $90 Credit Card FeeCredit Card Discounts are reportedas a contra revenue account.第6頁/共68頁6-8第7頁/共68頁6-9Read as: “Two ten, net thirty”第8頁/共68頁6-10DiscountPercentage # of Days in Discount PeriodOtherwise, the Full Am

3、ount Is Due Maximum Days in Credit Period第9頁/共68頁6-11GENERAL JOURNALPage 34DateDescriptionDebitCreditJan.6第10頁/共68頁6-12GENERAL JOURNALPage 34DateDescriptionDebitCreditJan.6 Accounts Receivable1,000Sales Revenue1,000第11頁/共68頁6-13GENERAL JOURNALPage 34DateDescriptionDebitCreditJan. 14第12頁/共68頁6-14GENE

4、RAL JOURNALPage 34DateDescriptionDebitCreditJan. 14 Cash980Sales Discounts20Accounts Receivable1,000$1,000 2% = $20 sales discount$1,000 - $20 = $980 cash receiptContra-revenue account第13頁/共68頁6-15GENERAL JOURNALPage 34DateDescriptionDebitCreditJan. 20第14頁/共68頁6-16GENERAL JOURNALPage 34DateDescripti

5、onDebitCreditJan. 20 Cash1,000Accounts Receivable1,000Since the customer paid outside of the discount period, a sales discount is not granted.第15頁/共68頁6-17With discount terms of 2/10,n/30, a customersaves $2 on a $100 purchase by payingon the 10th day instead of the 30th day.Annual Interest Rate =36

6、5 Days20 Days 2.04% = 37.23% $2$98= 2.04%Interest Rate for 20 Days =Interest Rate for 20 Days =Amount SavedAmount Paid第16頁/共68頁6-18Debited for damaged merchandise.Debited for returned merchandise.Contra revenue account.第17頁/共68頁6-19GENERAL JOURNALPage 40DateDescriptionDebitCreditJuly8第18頁/共68頁6-20GE

7、NERAL JOURNALPage 40DateDescriptionDebitCreditJuly8Sales Returns and Allowances500Accounts Receivable500第19頁/共68頁6-21In 2000, Timberland reported gross profit of $508,512,000 on sales of $1,091,478,000.Gross ProfitPercentageGross ProfitNet Sales=All other things equal, a higher gross profit results

8、in higher net income. 第20頁/共68頁6-22TimberlandSkechers U.S.A.Wolverine46.6%42.1%31.9%2000 Gross Profit ComparisonsGross ProfitPercentage$508,512,000$1,091,478,000= 46.6%Gross ProfitPercentageGross ProfitNet Sales=All other things equal, a higher gross profit results in higher net income. 第21頁/共68頁6-2

9、3Accounts ReceivableAmounts owed by other companies or persons for cash, goods, or services.Open accounts owed to the business by trade customers.第22頁/共68頁6-24$1,200Wheaton, OhioJanuary 5, 2003Sixty daysafter date I promise to pay tothe order of Wheaton Mountain BankOne thousand two hundred - Dollar

10、sPayable atWheaton Mountain BankValue received with interest at per annumNo. Due Timberland Company10242March 6, 200312%Pat RogersDue DateMakerInterest RatePrincipalTermPayee第23頁/共68頁6-25第24頁/共68頁6-26Matching PrincipleBad Debt ExpenseSales RevenueRecord in same accounting period.第25頁/共68頁6-27第26頁/共6

11、8頁6-28GENERAL JOURNALPage 78DateDescriptionDebitCreditDec. 31第27頁/共68頁6-29GENERAL JOURNALPage 78DateDescriptionDebitCreditDec. 31 Bad Debt Expense2,395,000Allowance for Doubtful Accounts2,395,000Bad Debt Expense is normally classified as a selling expense and is closed at year-end.Contra asset accou

12、nt第28頁/共68頁6-30Amount the businessexpects to collect.Balance Sheet Disclosure第29頁/共68頁6-31第30頁/共68頁6-32GENERAL JOURNALPage 37DateDescriptionDebitCredit第31頁/共68頁6-33GENERAL JOURNALPage 37DateDescriptionDebitCreditAllowance for Doubtful Accounts1,480,000Accounts Receivable1,480,000第32頁/共68頁6-34account

13、s.第33頁/共68頁6-35Before Write-Off After Write-OffAccounts receivable81,000,000$ 79,520,000$ Less: Allow. for doubtful accts.2,000,000 520,000 Net realizable value79,000,000$ 79,000,000$ Notice that the total write-offs of $1,480,000 did not change the net realizable value nor did it affect any income

14、statement accounts.第34頁/共68頁6-36?第35頁/共68頁6-37Bad debt percentage is based on actual uncollectible accounts from prior years credit sales.Focus is on determining the amount to record on the income statement asBad Debt Expense. 第36頁/共68頁6-38第37頁/共68頁6-39第38頁/共68頁6-40第39頁/共68頁6-41GENERAL JOURNALPage 7

15、6DateDescriptionDebitCreditDec. 31 Bad Debt Expense600Allowance for Doubtful Accounts600第40頁/共68頁6-42Now lets discuss another method that is used to account for uncollectible accounts.第41頁/共68頁6-43Focus is on determining the desired balance in the Allowance for Doubtful Accounts on the balance sheet

16、.第42頁/共68頁6-44第43頁/共68頁6-45第44頁/共68頁6-46Days Past Due CustomerNot Yet Due1-3031-6061-90Over 90Total A/R BalanceAaron, R.235$ 235$ Baxter, T.1,200$300 1,500 Clark, J.50$ 200$ 500$ 750 Zak, R.325 325 Total3,500$2,550$1,830$1,540$1,240$10,660$Based on past experience, the business estimates the percent

17、age of uncollectible accounts in each time category.第45頁/共68頁6-47Days Past Due CustomerNot Yet Due1-3031-6061-90Over 90Total A/R BalanceAaron, R.235$ 235$ Baxter, T.1,200$300 1,500 Clark, J.50$ 200$ 500$ 750 Zak, R.325 325 Total3,500$2,550$1,830$1,540$1,240$10,660$% Uncollectible0.01 0.04 0.10 0.25

18、0.40 These percentages are then multiplied by the appropriate column totals.第46頁/共68頁6-48Days Past Due CustomerNot Yet Due1-3031-6061-90Over 90Total A/R BalanceAaron, R.235$ 235$ Baxter, T.1,200$300 1,500 Clark, J.50$ 200$ 500$ 750 Zak, R.325 325 Total3,500$2,550$1,830$1,540$1,240$10,660$% Uncollect

19、ible0.01 0.04 0.10 0.25 0.40 EstimatedUncoll. Amount35$ 102$ 183$ 385$ 496$ 1,201$ The column totals are then added to arrive at the total estimate of uncollectible accounts of $1,201.第47頁/共68頁6-49Days Past Due CustomerNot Yet Due1-3031-6061-90Over 90Total A/R BalanceAaron, R.235$ 235$ Baxter, T.1,2

20、00$300 1,500 Clark, J.50$ 200$ 500$ 750 Zak, R.325 325 Total3,500$2,550$1,830$1,540$1,240$10,660$% Uncollectible0.01 0.04 0.10 0.25 0.40 EstimatedUncoll. Amount35$ 102$ 183$ 385$ 496$ 1,201$ 第48頁/共68頁6-50GENERAL JOURNALPage 76DateDescriptionPost. Ref.DebitCreditDec. 31 Bad Debt Expense1,151Allowance

21、 for Doubtful Accounts1,151第49頁/共68頁6-51Allowance for Doubtful Accounts50Balance at 12/31/2003before adj.1,151 2003 adjustment1,201Balance at 12/31/2003after adj.Notice that the balance after adjustment is equal to the estimate of $1,201 based on the aging analysis performed earlier.第50頁/共68頁6-52Tim

22、berland reported 2000 net sales of $1,091,478,000.December 31, 1999, receivables were $78,696,000 andDecember 31, 2000, receivables were $105,727,000.This ratio measures how many times average receivables are recorded and collected for the year. Net Sales Average Net Trade ReceivablesReceivable Turn

23、over=第51頁/共68頁6-53= 11.8 times $1,091,478,000($105,727,000 + $78,696,000) 2Receivable Turnover=TimberlandSkechersWolverine2000 Receivables Turnover ComparisonsThis ratio measures how many times average receivables are recorded and collected for the year. Net Sales Average Net Trade Receiva

24、blesReceivable Turnover=第52頁/共68頁6-54Sales RevenueAdd Decrease in Accounts ReceivableSubtract Increase in Accounts ReceivableCash Collected from Customers第53頁/共68頁6-55Now lets start our discussion of cash.第54頁/共68頁6-56Cash and Cash EquivalentsChecksMoney OrdersBank DraftsCertificates of DepositT-Bil

25、ls第55頁/共68頁6-57Cash is the asset most susceptible to theft and fraud.Properly account for assets.Ensure the accuracy of financial records.Safeguard assets.Internal control refers to policies and procedures that are designed to:第56頁/共68頁6-58Separationof DutiesCustodyRecordingAuthorization第57頁/共68頁6-5

26、9Daily DepositsPurchase ApprovalPrenumbered ChecksPayment ApprovalCash Controls Check SignaturesBank Reconciliations第58頁/共68頁6-60Provides information for reconciling journal entries.Explains the difference between cash reported on bank statement and cash balance on companys books.第59頁/共68頁6-61 Balance per Bank+ Deposits in Transit- Outstanding Checks Bank Errors= Adjusted Balance Balance per Book+ Deposits by Bank (credit memos)- Service Charge - NSF Checks Book Errors= Adjusted Balance第60頁/共68頁6-62 Balance per Bank+ Deposits in Transit- Outstanding Checks Bank Errors= Adjusted Balan