For戰(zhàn)略分析報(bào)告－摩根斯坦利

PresentationtotheAutomotiveNewsWorldCongressStephenJ.Girsky

January2004DisclosuresAnalystCertificationAnalystCertificationThefollowinganalystsherebycertifythattheirviewsaboutthecompaniesandtheirsecuritiesdiscussedinthisreportareaccuratelyexpressedandthattheyhavenotreceivedandwillnotreceivedirectorindirectcompensationinexchangeforexpressingspecificrecommendationsorviewsinthisreport:StephenJ.Girsky.ImportantUSRegulartoryDisclosuresonSubjectCompaniesTheinformationandopinionsinthisreportwerepreparedbyMorganStanley&Co.Incorporated(“MorganStanley”).AsofNovember28,2003,MorganStanleybeneficiallyowned1%ormoreofaclassofcommonequitysecuritiesofthefollowingcompaniescoveredinthisreport:Delphi,GeneralMotors,GoodyearTire&Rubber,JohnsonControls,MagnaIntlInc.,TBCandTowerAutomotive.Withinthelast12months,MorganStanleymanagedorco-managedapublicofferingofsecuritiesofDaimlerChryslerAG,Delphi,Ford,GeneralMotors,StandardMotorProductsandTenneco.Withinthelast12months,MorganStanley,MorganStanleyoranaffiliatehasreceivedcompensationforinvestmentbankingservicesfromAftermarketTechnology,AmericanAxleandMfg.,BorgWarnerInc.,DaimlerChryslerAG,Delphi,Ford,GeneralMotors,StandardMotorProducts,SuperiorIndustries,Tenneco,TowerAutomotiveandVisteonCorporation.Inthenext3months,MorganStanleyexpectstoreceiveorintendstoseekcompensationforinvestmentbankingservicesfromAftermarketTechnology,AmericanAxleandMfg.,ArvinMeritor,AutoNation,BorgWarnerInc.,DaimlerChryslerAG,DanaCorp.,Delphi,Ford,GeneralMotors,GenuinePartsCo.,GoodyearTire&Rubber,JohnsonControls,LearCorp.,LithiaMotors,MagnaIntlInc.,StandardMotorProducts,SuperiorIndustries,Tenneco,TowerAutomotive,UnitedAutoGroupandVisteonCorporation.Theresearchanalysts,strategist,orresearchassociatesprincipallyresponsibleforthepreparationoftheresearchreporthavereceivedcompensationbaseduponvariousfactors,includingqualityofresearch,investorclientfeedback,stockpicking,competitivefactors,firmrevenuesandinvestmentbankingrevenues.MorganStanley&Co.IncorporatedmakesamarketinthesecuritiesofAftermarketTechnology,Delphi,DuraAutomotive,Ford,GeneralMotors,MagnaIntl.,TBCandTowerAutomotive.GlobalStockRatingsDistribution(asofDecember31,2003)(Continued)DisclosuresDataincludecommonstockandADRscurrentlyassignedratings.Fordisclosurepurposes(inaccordancewithNASDandNYSErequirements),wenotethatOverweight,ourmostpositivestockrating,mostcloselycorrespondstoabuyrecommendation;Equal-weightandUnderweightmostcloselycorrespondtoneutralandsellrecommendations,respectively.However,Overweight,Equal-weight,andUnderweightarenottheequivalentofbuy,neutral,andsellbutrepresentrecommendedrelativeweightings(seedefinitionsbelow).Aninvestor'sdecisiontobuyorsellastockshoulddependonindividualcircumstances(suchastheinvestor'sexistingholdings)andotherconsiderations.InvestmentBankingClientsarecompaniesfromwhomMorganStanleyoranaffiliatereceivedinvestmentbankingcompensationinthelast12months.AnalystStockRatingsOverweight(OorOver)-Thestock'stotalreturnisexpectedtoexceedtheaveragetotalreturnoftheanalyst'sindustry(orindustryteam's)coverageuniverse,onarisk-adjustedbasisoverthenext12-18months.

Equal-weight(EorEqual)-Thestock'stotalreturnisexpectedtobeinlinewiththeaveragetotalreturnoftheanalyst'sindustry(orindustryteam's)coverageuniverse,onarisk-adjustedbasisoverthenext12-18months.

Underweight(UorUnder)-Thestock'stotalreturnisexpectedtobebelowtheaveragetotalreturnoftheanalyst'sindustry(orindustryteam's)coverageuniverse,onarisk-adjustedbasis,overthenext12-18months.

Morevolatile(V)-Weestimatethatthisstockhasmorethana25%chanceofapricemove(upordown)ofmorethan25%inamonth,basedonaquantitativeassessmentofhistoricaldata,orintheanalyst'sview,itislikelytobecomemateriallymorevolatileoverthenext1-12monthscomparedwiththepastthreeyears.

Stockswithlessthanoneyearoftradinghistoryareautomaticallyratedasmorevolatile(unlessotherwisenoted).Wenotethatsecuritiesthatwedonotcurrentlyconsider"morevolatile"canstillperforminthatmanner.

Unlessotherwisespecified,thetimeframeforpricetargetsincludedinthisreportis12to18months.RatingspriortoMarch18,2002:SB=StrongBuy;OP=Outperform;N=Neutral;UP=Underperform.Fordefinitions,pleasegoto/companycharts.AnalystIndustryViewsAttractive(A).Theanalystexpectstheperformanceofhisorherindustrycoverageuniversetobeattractivevs.therelevantbroadmarketbenchmarkoverthenext12-18months.In-Line(I).Theanalystexpectstheperformanceofhisorherindustrycoverageuniversetobeinlinewiththerelevantbroadmarketbenchmarkoverthenext12-18months.Cautious(C).Theanalystviewstheperformanceofhisorherindustrycoverageuniversewithcautionvs.thereleventbroadmarketbenchmarkoverthenext12-18months.OtherImportantDisclosuresForadiscussion,ifapplicable,ofthevaluationmethodsusedtodeterminethepricetargetsincludedinthissummaryandtherisksrelatedtoachievingthesetargets,pleaserefertothelatestrelevantpublishedresearchonthesestocks.ResearchisavailablethroughtyoursalesrepresentativeoronClientLinkatandotherelectronicsystems.Thisreportdoesnotprovideindividuallytailoredinvestmentadvice.Ithasbeenpreparedwithoutregardtotheindividualfinancialcircumstancesandobjectivesofpersonwhoreceiveit.Thesecuritiesdiscussedinthisreportmaybesuitableforallinvestors.MorganStanleyrecommendsthatinvestorsindependentlyevaluateparticularinvestmentsandstrategies,andencouragesinvestorstoseektheadviceofafinancialadviser.Theappropriatenessofaparticularinvestmentorstrategywilldependonaninvestor’sindividualcircumstancesandobjectives.Thisreportisnotanoffertobuyorsellanysecurityortoparticipateinanytradingstrategy.MorganStanley,MorganStanleyDWInc.,affiliatecompaniesand.ortheiremployeesmayhaveinvestmentsinsecuritiesorderivativesofsecuritiesofcompaniesmentionedinthisreport,andmaytradetheminwaysdifferentfromthisdiscussedinthisreport.DerivativesmaybeissuedbyMorganStanleyorassociatedpersons.(Continued)DisclosuresMorganStanleyisinvolvedinmanybusinessesthatmayrelatetocompaniesmentionedinthisreport.Thesebusinessesincludespecializedtrading,riskarbitrageandotherproprietarytrading,fundmanagement,investmentservicesandinvestmentbanking.MorganStanleymakeseveryefforttousereliable,comprehensiveinformation,butwemakenorepresentationthatitisaccurateorcomplete.Wehavenoobligationtotellyouwhenopinionsorinformationinthisreportchangeapartfromwhenweintendtodiscontinueresearchcoverageofsubjectcompany.ReportspreparedbyMorganStanleyresearchpersonnelarebasedonpublicinformation.Factsandviewspresentedinthisreporthavenotbeenreviewedby,andmaynotreflectinformationknownto,professionalsinotherMorganStanleybusinessareas,includinginvestmentbankingpersonnel.Thevalueofandincomefromyourinvestmentsmayvarybecauseofchangesininterestratesorforeignexchangerates,securitiespricesormarketindexes,operationalorfinancialconditionsofcompaniesorotherfactors.Theremaybetimelimitationsontheexerciseofoptionsorotherrightsinyoursecuritiestransactions.Pastperformanceisnotnecessarilyaguidetofutureperformance.Estimatesoffutureperformancearebasedonassumptionsthatmaynotberealized.ThispublicationisdisseminatedinJapanbyMorganStanleyJapanLimitedand/orMorganStanleyNipponSecuritiesLimited;inSingaporebyorganStanleyDeanWitterAsia(Singapore)Pte.,regulatedbytheMonetaryAuthorityofSingapore;inAustraliabyMorganStanleyDeanWitterAustraliaLimitedA.B.N.67003734576,alicenseddealer,whichacceptsresponsibilityforitscontents;incertainprovincesofCanadabyMorganStanleyCanadaLimited,whichhasapprovedof,andhasagreedtotakeresponsibilityfor,thecontentsofthispublicationinCanada;inSpainbyMorganStanley,S.V.,S.A.,aMorganStanleygroupcompany,whichissupervisedbytheSpanishSecuritiesMarketsCommission(CNMV)andstatesthatthisdocumenthasbeenwrittenanddistributedinaccordancewiththerulesofconductapplicabletofinancialresearchasestablishedunderSpanishregulations;intheUnitedStatesbyMorganStanley&Co.IncorporatedandMorganStanleyDWInc.,whichacceptresponsibilityforitscontents;andintheUnitedKingdom,thispublicationisapprovedbyMorganStanley&Co.InternationalLimited,solelyforthepurposesofsection21oftheFinancialServicesandMarketsAct2000.PrivateU.K.investorsshouldobtaintheadviceoftheirMorganStanley&Co.InternationalLimitedrepresentativeabouttheinvestmentconcerned.Thetrademarksandservicemarkscontainedhereinarethepropertyoftheirrespectiveowners.Third-partydataprovidersmakenowarrantiesorrepresentationsofanykindrelatingtotheaccuracy,completeness,ortimelinessofthedatatheyprovideandshallnothaveliabilityforanydamagesofanykindrelatingtosuchdata.TheGlobalIndustryClassificationStandard("GICS")wasdevelopedbyandistheexclusivepropertyofMSCIandS&P.Thisreportoranyportionhereofmaynotbereprinted,soldorredistributedwithoutthewrittenconsentofMorganStanley.Additionalinformationonrecommendedsecuritiesisavailableonrequest.OverviewAutoOutlook:Sameproblems;LessofthemGlobalDilemma:Mostparticipantsspendingforgrowthyettheindustrydoesnotgrow.Demandgrowthislikelytobemodestdespiteeconomicrecovery.Competitivepressuresarelikelytoremaindifficult.Weakerdollarcouldlevelprovidesomeoffset.Higherratescreateriskofweakerdemand,weakermixandlowerfinancecompanyearnings.BigThreeopportunity:Actualqualityisbetterthanperceivedquality.GlobalLightVehicleSales:SlowGrowthCAGR1.2%Source:LMC~J.D.Power&MorganStanleyResearchGlobalSalesForecasts:2003-2004Source:GlobalInsight&MorganStanleyResearch*NoteforecastsarederivedfromGlobalInsightU.S.Sales16.7mmUnitsFY03E16.8mmUnitsFY04ESource:Autodata&MorganStanleyResearchJapaneseSAAR5.6mmUnitsFY03E5.7mmUnitsFY04ESource:MorganStanleyResearchWesternEuropeanSAAR14.1mmFY03E14.2mmFY04ESource:MorganStanleyResearchGlobalExcessCapacityat25%-30%

or20mmunitsSource:Autofacts&MorganStanleyResearchCapEx/D&AFY2003E:

OEMsSpendingforGrowth

Source:Companydata&MorganStanleyResearch*AdjustedtofitscaleZeroSumGameGlobalDilemma:Mostparticipantsarespendingforgrowth,yettheindustrydoesnotgrow.Slowgrowth&excesscapacitysuggestdeflation/revenuepressuresarelikelytocontinue.Noteverybodycanbeawinner.Winnerswillbelowcostproducerswhodeliveragoodproductthatconsumersarewillingtopayfor.ModestDemandGrowthDemandgrowthislikelytobemodestdespiteeconomicrecovery:Autosalesdidnotweakenmateriallyinthemostrecentrecessionandthus,significantpent-updemandwasnevercreated.Thenumberofoff-leasevehiclesisfallingsharply–fewerconsumersarebeingforcedbacktoadealertobuyorleaseanewvehicle.Extendedfinancingtermsarelikelytoprolongvehicleturnover.Economicconditionsappearmixed.LightVehicleSalesTrendLineDemandSource:MorganStanleyResearchLightVehicleSalesCycle:TroughtoTroughSource:R.L.Polk,GlobalInsight&MorganStanleyResearchWeightedMedianAgeofaVehiclevs.Sales1YearLeadCorrelation77.6%Source:Polk&MorganStanleyResearchOffLeaseVehiclesBegintoDeclineSource:Manheim&MorganStanleyResearchFewerConsumersBeingForcedBacktotheDealershipsAverageMaturityofVehicleLoans(months)Source:FederalReserveBoard&MorganStanleyResearchTakingLongertoEstablishConsumerEquitySource:FRB&MorganStanleyResearchEconomicConditionsBetterthantheywere,butstillnotrobustSource:CPI&MorganStanleyResearchPeakTroughNowJan-02Oct-02Nov-03InterestRatesConsumerConfidenceGasolinePricesUsedCarPricesEmploymentAffordabilityNear25YearBestNumberofWeeksofIncometoPurchaseaVehicleSource:FRB&MorganStanleyResearchIntenseCompetitionCompetitivepressuresarelikelytoremaindifficult:Capacitygrowthtocontinuein2004.Pricingislikelytoremaindifficultalthoughaweakdollarmayprovideamodestoffset.Marketsharepressurestocontinueaswell.NACapacityAdditions,DespiteFlatSlsOutlookSource:Companydata&MorganStanleyResearch20052003FordNissan(122)2503082004FordGM(211)(98)80=100,000unitsGMFordHondaNissanToyota125(146)18020030NetIncreaseOf853,000UnitsorRoughly5.1%ofNAsales2006Toyota150389180ToyotaDCXHyundai2356ExcessCapacity&MoreIsOnTheWayEvery1%Pt.ofMarketShareTranslatesinto$1.0bninProfits853,000UnitsofAddedCapacityis5.1%ofNACapacity,or$5bninPretaxProfitsNAPretaxProfit

BigThreeFY03E(inMM)

$1,971 Source:MorganStanleyResearchEstimatesRevenuePressuresWorstSince1970’sNewCarCPIvs.DomesticLightVehicleSalesSource:CPI&MorganStanleyResearchY/YChangeinMonthlyNewCarCPISource:CPI&MorganStanleyResearchPriceReductionsPressureManufacturersEvery1%DeclineinPricesisWorth$1.0bnatGM$850mmatFord$550mmatDCXSource:MorganStanleyResearchBigThreeMarketShareContinuestoSlide76.0%60.2%61.7%Every1%PointofShareisWorthRoughly$1bninProfitSource:Autodata&MorganStanleyResearchMarketShareWinners/Losers–FY03Source:Autodata&MorganStanleyResearchBigThreeShareofSalesbySegment:

FY-03vs.FY-02Source:Autodata&MorganStanleyResearchUSDollarperEuro:Jan03-PresentSource:FactSet&MorganStanleyResearchJapaneseYenvs.U.S.DollarSource:FactSet&MorganStanleyResearchYentoUSDollarPriceSensitivity:YTD03Source:CompanyData&MorganStanleyResearchNote:*IncludesAcura,Infiniti,LexusWeakerDollarCouldHelpaLittleSource:MorganStanleyResearchGlobalOperatingMarginsFY02Source:Companydata&MorganStanleyResearch*MorganStanleyEstimatesExcludingPension&OPEBExpensefortheBigThreePorscheNissanBMWHondaToyotaHyundaiGMPeugeotKiaVWDCXRenaultFordFiat16.4%10.6%8.9%8.4%8.1%6.1%5.7%5.0%4.7%4.0%3.8%1.7%1.8%-6.2%HigherRatesCouldbeaNegativeHigherratescreateriskofweakerdemand,weakermixandlowerfinancecompanyearningsExtendedtermssuggestlongerreplacementrates.Every1%increaseinfinancingrateson5-yearloansisworth$730-750pervehicle.AutoFinanceTerms:Fall2001vs.NowSource:FRB&MorganStanleyResearchGMAC/FMCCBorrowingCostsSource:FRB&MorganStanleyResearchBig3Opportunity:

ActualQualityisBetterthanPerceivedQualitySource:JDPower,CNW&MorganStanleyResearchTheBigThree:Positives&NegativesEachCompanyFacesUniqueChallenges:GMhasoperationalmomentumandhasmadesignificantstridesrelativetoitsfixedlegacycosts.Ford’sshareislikelytoremainunderpressure.Whileearningsandcostcuttinghavebeenstrong,cashflowneedstocatchup.DCXcontinuestostrugglewithitsproductline.Qualityissues,bothperceived(Chrysler)andactual(Mercedes)continuetolinger.BigThreeRelativeStockPerformance:2003Source:FactSet&MorganStanleyResearchGeneralMotorsGMstillappearstohaveavariablecostadvantagevs.F&DCXandafixedcostdisadvantage.GM’saggressivefundingofpensionandhealthcarehavehelpedtonarrowthefixedcostdisadvantage.SignificantnewproductlaunchesgiveGMitsbestchanceofgainingshare/reducingincentivesinyears.GMisgoinginto2004withaboveaverageinventory.Financecompanyearningsarelikelytodeclineduetohigherinterestratesandlowermortgagerefinancingactivity.GMMarketShare35.5%28.0%28.4%Source:Autodata&MorganStanleyResearchU.S.Healthcare&PensionCost/UnitFY03Source:Companydata&MorganStanleyResearch$1,134$601$1,159$814$889$740$1,899$902$1074$185$88GMPensionFundedStatus:2003UpdateSource:CompanyData&MorganStanleyResearchGMHasBuiltInventoryin2003Source:Autodata&MorganStanleyResearchFinancialServiceEarningsUnlikelytoMatch2003Source:Companydata&MorganStanleyResearchGMNew/Replacement/RedesignedProductsSource:CompanyData,Ward’sAutomotive&MorganStanleyResearchFordMotorCompanyEarningshaveexceededexpectations.Nowcashflowneedstocatchup.WiththeexceptionoftheF-Series,newproductsarelimiteduntilyear-end,suggestingsharepressureislikelytocontinue.InternationalOperations/PremierAutoGroupneedtostartpullingtheirweight.Stabilityinmanagementranksisimportant.FMarketShareSource:Autodata&MorganStanleyResearch19.6%19.5%20.2%25.7%Fvs.GMCashFlowSource:Companyreports&MorganStanleyResearchFAutoPre-TaxProfit,1999-2004ESource:CompanyData&MorganStanleyResearchFGeographicPre-taxProfit:3Q03vs.3Q02Source:Companyreports&MorganStanleyResearchFNew/Replacement/RedesignedProductsSource:CompanyData,Ward’sAutomotive&MorganStanleyResearchFNewProductMonitorSource:Autodata&MorganStanleyResearchGM/FordOutlook;WhatTheySayGMexpectsmarketstogrowaroundtheworldandtheirmarketsharetogrowineveryregion.FordexpectsprofitstodeclineinNorthAmerica.Theywerenotspecificbutsuggestcostissueslingering.GMexpectsEuropeanprofitstogrowby$300-400mm($500-$700mmpretax)in2004,whileFordexpectsprofitstogrowby$900-1,000mm.Itisunclearhowthisprofitgrowthcanoccurgiventhedifficultmarketconditionsthere.DaimlerChryslerProductlinehasbeenplayingdefenseforsometime.Offenseneedstogetonthefield.Chryslerfacesperceivedqualityproblems.Mercedeshasactualqualityproblems.Affiliateissuesmayloomlargein2004.CommercialtruckbusinessatDCXcouldbeapositivesourceofearningsforthecompanyin2004.DCXMarketShare12.2%12.8%13.1%Source:Autodata&MorganStanleyResearchDCXCar&Lt.TruckSalesAsA%ofParentCarsLightTrucksSource:Autodata&MorganStanleyResearchChrysler&DCXOperatingMarginsSource:Companyreports&MorganStanleyResearchDCXNew/Replacement/RedesignedProductsSource:CompanyData,Ward’sAutomotive&MorganStanleyResearchImplicationsGMwillcontinuetopursueits“growourwayout”strategy.DCXimprovedcoststructureiskeepingitinthegame.Newproductiscriticaltoalleviatingrevenuepressure.ForeignOEMsarelikelytocontinuetoaddcapacityinNA.Fordlikelytobeplayingdefenseforonemoreyear.Thecompanyneedstohangonandcontinuetoattacktheircostsuntilnewproductarrives.Onthebrightside,theBigThreeproductisthebestitseverbeen.Source:MorganStanleyResearchSuppliers’RelativeStockPerformance:2003Source:FactSet&MorganStanleyResearchDealers’RelativeStockPerformance:2003Source:FactSet&MorganStanleyResearchExpectations:YearAgovs.TodaySource:MorganStanleyResearchStephen.Girsky@MorganS主要經(jīng)濟(jì)業(yè)務(wù)采購(gòu)業(yè)務(wù)生產(chǎn)業(yè)務(wù)銷(xiāo)售業(yè)務(wù)利潤(rùn)形成及分配業(yè)務(wù)資金籌集業(yè)務(wù)借貸復(fù)式記賬法的應(yīng)用

——工業(yè)企業(yè)主要經(jīng)濟(jì)業(yè)務(wù)的核算目錄采購(gòu)業(yè)務(wù)核算采購(gòu)業(yè)務(wù)核算的主要內(nèi)容從結(jié)算方式看錢(qián)貨兩清貨到款未付款付貨未到預(yù)付定金，日后購(gòu)進(jìn)貨在途中（2）從資金內(nèi)容看②支付價(jià)外費(fèi)用（記入所購(gòu)資產(chǎn)的價(jià)值）。①支付買(mǎi)價(jià)③支付增值稅進(jìn)項(xiàng)稅額購(gòu)進(jìn)材料時(shí)，包括運(yùn)費(fèi)、保險(xiǎn)費(fèi)、挑選整理費(fèi)、裝卸費(fèi)、途中損耗等；購(gòu)進(jìn)固定資產(chǎn)時(shí)，包括運(yùn)費(fèi)、安裝費(fèi)、保險(xiǎn)費(fèi)、調(diào)試費(fèi)等2.需設(shè)置的賬戶借原材料貸（1）原材料，資產(chǎn)類(lèi)發(fā)出庫(kù)存材料的成本驗(yàn)收入庫(kù)材料的成本借在途物資貸（2）在途物資，資產(chǎn)類(lèi)期末庫(kù)存材料的成本已購(gòu)入但尚未驗(yàn)收入庫(kù)材料的成本驗(yàn)收入庫(kù)材料的成本期末在途材料的成本借固定資產(chǎn)貸（3）固定資產(chǎn)，資產(chǎn)類(lèi)取得的固定資產(chǎn)的原始價(jià)值（4）應(yīng)付賬款，負(fù)債類(lèi)減少的固定資產(chǎn)的原始價(jià)值借應(yīng)付賬款貸購(gòu)進(jìn)商品、勞務(wù)時(shí)，應(yīng)付未付對(duì)方的款項(xiàng)償還時(shí)借應(yīng)付票據(jù)貸因購(gòu)進(jìn)商品、勞務(wù)而簽發(fā)商業(yè)匯票時(shí)。票據(jù)到期還款時(shí)（5）應(yīng)付票據(jù)，負(fù)債類(lèi)（6）應(yīng)交稅費(fèi)——應(yīng)交增值稅，負(fù)債類(lèi)對(duì)商品的增值額征收的一種稅，在商品的銷(xiāo)售環(huán)節(jié)按銷(xiāo)售額的17%征稅，先由銷(xiāo)售方向購(gòu)貨方收取，由銷(xiāo)售方月末向稅務(wù)局繳納，繳納時(shí)，可以扣除購(gòu)進(jìn)材料時(shí)已支付的增值稅。購(gòu)進(jìn)材料1萬(wàn)元（向?qū)Ψ街Ц抖惤?700元——稱為進(jìn)項(xiàng)稅）生產(chǎn)時(shí)耗用材料1萬(wàn)元，發(fā)生其他生產(chǎn)費(fèi)用1萬(wàn)元以3萬(wàn)元的價(jià)格將生產(chǎn)的商品銷(xiāo)售出去，收取5100元的稅金——稱為銷(xiāo)項(xiàng)稅。增值額20000元，月末按實(shí)際增值額向稅務(wù)局交納增值稅3400元。（月末交稅=銷(xiāo)項(xiàng)稅--進(jìn)項(xiàng)稅）應(yīng)交稅費(fèi)——應(yīng)交增值稅（進(jìn)項(xiàng)稅額）（銷(xiāo)項(xiàng)稅額）（已交稅金）借應(yīng)交稅費(fèi)——應(yīng)交增值稅貸月末，繳納稅金購(gòu)進(jìn)時(shí)，支付進(jìn)項(xiàng)稅額銷(xiāo)售時(shí)，收取銷(xiāo)項(xiàng)稅額該賬戶需要設(shè)三級(jí)明細(xì)賬戶：借預(yù)付賬款貸（7）預(yù)付賬款，資產(chǎn)類(lèi)購(gòu)進(jìn)商品后，注銷(xiāo)原預(yù)付定金按合同預(yù)付采購(gòu)定金時(shí)（1）1日，向紅星工廠購(gòu)進(jìn)甲材料一批，價(jià)款10萬(wàn)元，增值稅進(jìn)項(xiàng)稅額1.7萬(wàn)元，款項(xiàng)尚未支付，材料已驗(yàn)收入庫(kù)。借：原材料——甲材料100000

應(yīng)交稅費(fèi)——應(yīng)交增值稅（進(jìn)項(xiàng)稅額）17000

貸：應(yīng)付賬款——紅星工廠1170003.會(huì)計(jì)核算舉例（某企業(yè)11月份業(yè)務(wù)）（2）2日，向天龍工廠購(gòu)進(jìn)乙材料一批，價(jià)款3萬(wàn)元，增值稅進(jìn)項(xiàng)稅額5100元，運(yùn)雜費(fèi)300元，款已通過(guò)銀行支付，貨未到。借：在途物資——乙材料30300

應(yīng)交稅費(fèi)——應(yīng)交增值稅（進(jìn)項(xiàng)稅額）5100

貸：銀行存款35400（3）11日，以銀行存款向東華工廠預(yù)付購(gòu)料款9萬(wàn)元。借：預(yù)付賬款—東華工廠90000

貸：銀行存款90000（4）12日，以銀行存款向方正公司償還前欠的購(gòu)料款35100元。借：應(yīng)付賬款—方正公司35100

貸：銀行存款35100（5）15日，向東華工廠購(gòu)進(jìn)乙材料一批，價(jià)款7萬(wàn)元，增值稅進(jìn)項(xiàng)稅額11900元，對(duì)方代墊運(yùn)雜費(fèi)100元，貨款前已預(yù)先支付，材料已驗(yàn)收入庫(kù)。（6）16日，本月2日向天龍工廠購(gòu)進(jìn)的乙材料已到，驗(yàn)收入庫(kù)。借：原材料——乙材料30300

貸：在途物資——乙材料30300借：原材料—乙材料

70100

應(yīng)交稅費(fèi)-應(yīng)交增值稅（進(jìn)項(xiàng)稅額）11900

貸：預(yù)付賬款——東華工廠82000（7）19日，向光明工廠購(gòu)進(jìn)甲、乙兩種材料，甲材料20噸，單價(jià)1000元每噸；乙材料10噸，單價(jià)1500元。價(jià)款合計(jì)35000元，增值稅進(jìn)項(xiàng)稅額5950元，對(duì)方代墊運(yùn)雜費(fèi)1500元，按材料重量分?jǐn)?。開(kāi)出為期三個(gè)月的商業(yè)匯票抵付貨款，材料已驗(yàn)收入庫(kù)。借：原材料—甲材料

21000—乙材料

15500

應(yīng)交稅費(fèi)-應(yīng)交增值稅（進(jìn)項(xiàng)稅額）5950

貸：應(yīng)付票據(jù)——光明工廠

42450（8）20日，東華工廠退回預(yù)付的購(gòu)料款中多付的款項(xiàng)。（9）22日，購(gòu)入新設(shè)備一臺(tái)，支付設(shè)備價(jià)款3萬(wàn)元，增值稅5100元，運(yùn)費(fèi)1000元，款項(xiàng)以銀行存款支付。借：固定資產(chǎn)31000

應(yīng)交稅費(fèi)-應(yīng)交增值稅（進(jìn)項(xiàng)稅額）5100

貸：銀行存款36100借：銀行存款8000

貸：預(yù)付賬款—東華工廠8000借預(yù)付賬款貸90000（3）82000（5）4.說(shuō)明：材料采購(gòu)過(guò)程中采購(gòu)人員差旅費(fèi)的核算其他應(yīng)收款－××人職工借款時(shí)職工報(bào)銷(xiāo)或還款時(shí)余：尚未收回或

報(bào)銷(xiāo)的款項(xiàng)資產(chǎn)類(lèi)賬戶核算要點(diǎn)：一次借款，一次報(bào)銷(xiāo)，一次結(jié)清例1：3月1日，采購(gòu)員李明因公出差，預(yù)借差旅費(fèi)500元，財(cái)務(wù)科當(dāng)即以現(xiàn)金付給。借：其他應(yīng)收款－李明500

貸：庫(kù)存現(xiàn)金500例2：3月5日，采購(gòu)員李明出差歸來(lái)，報(bào)銷(xiāo)差旅費(fèi)450元，余款50元退回。借：管理費(fèi)用

450庫(kù)存現(xiàn)金

50貸：其他應(yīng)收款－李明

500假設(shè)3月5日，采購(gòu)員李明出差歸來(lái)，報(bào)銷(xiāo)差旅費(fèi)550元，財(cái)務(wù)科補(bǔ)付現(xiàn)金50元。？？？借：管理費(fèi)用

550貸：其他應(yīng)收款－李明

500庫(kù)存現(xiàn)金

50二、生產(chǎn)過(guò)程核算（一）生產(chǎn)過(guò)程核算的主要內(nèi)容生產(chǎn)經(jīng)營(yíng)過(guò)程中的耗費(fèi)直接費(fèi)用間接費(fèi)用期間費(fèi)用直接為生產(chǎn)產(chǎn)品發(fā)生的費(fèi)用，如生產(chǎn)產(chǎn)品領(lǐng)用原材料（直接材料）、生產(chǎn)工人的工資和福利費(fèi)（直接人工）間接為生產(chǎn)產(chǎn)品發(fā)生的費(fèi)用（主要是車(chē)間發(fā)生的費(fèi)用），如車(chē)間領(lǐng)用原料、車(chē)間管理人員的工資和福利費(fèi)、車(chē)間固定資產(chǎn)的折舊費(fèi)、車(chē)間照明的電費(fèi)等其他部門(mén)發(fā)生的與生產(chǎn)無(wú)關(guān)的費(fèi)用，包括：管理費(fèi)用（企業(yè)管理部門(mén)發(fā)生的費(fèi)用，如管理部門(mén)人員的工資、企業(yè)的辦公費(fèi)等）財(cái)務(wù)費(fèi)用（為籌集資金發(fā)生的費(fèi)用，如利息）銷(xiāo)售費(fèi)用（為銷(xiāo)售發(fā)生的費(fèi)用（如廣告費(fèi)）記入產(chǎn)品生產(chǎn)成本記入當(dāng)期損益按與產(chǎn)品生產(chǎn)之間的關(guān)系分（二）需設(shè)置的賬戶借生產(chǎn)成本貸1、生產(chǎn)成本，成本類(lèi)，核算處于生產(chǎn)階段的產(chǎn)品的生產(chǎn)費(fèi)用（即：在產(chǎn)品的價(jià)值）生產(chǎn)領(lǐng)用的原材料生產(chǎn)工人的工資、福利費(fèi)月末分配轉(zhuǎn)入的制造費(fèi)用產(chǎn)品完工，驗(yàn)收入庫(kù)時(shí)，入庫(kù)產(chǎn)品的生產(chǎn)費(fèi)用月末在產(chǎn)品生產(chǎn)成本借制造費(fèi)用貸

2、制造費(fèi)用，成本類(lèi)，核算為生產(chǎn)產(chǎn)品而發(fā)生的各種間接費(fèi)用。月末按一定的標(biāo)準(zhǔn)，全額分配轉(zhuǎn)入生產(chǎn)成本車(chē)間管理人員工資、福利費(fèi)車(chē)間設(shè)備、廠房的折舊費(fèi)車(chē)間辦公費(fèi)、水電費(fèi)、機(jī)物料消耗借管理費(fèi)用貸（3）管理費(fèi)用，損益類(lèi)（核算內(nèi)容見(jiàn)書(shū)上P241）期末轉(zhuǎn)入“本年利潤(rùn)”賬戶，以便計(jì)算當(dāng)期利潤(rùn)發(fā)生各項(xiàng)管理費(fèi)用時(shí)借財(cái)務(wù)費(fèi)用貸（4）財(cái)務(wù)費(fèi)用，損益類(lèi)期末轉(zhuǎn)入“本年利潤(rùn)”賬戶，以便計(jì)算當(dāng)期利潤(rùn)發(fā)生各項(xiàng)財(cái)務(wù)費(fèi)用時(shí)借銷(xiāo)售費(fèi)用貸（5）銷(xiāo)售費(fèi)用，損益類(lèi)（核算內(nèi)容見(jiàn)書(shū)上P242）期末轉(zhuǎn)入“本年利潤(rùn)”賬戶，以便計(jì)算當(dāng)期利潤(rùn)發(fā)生各項(xiàng)銷(xiāo)售費(fèi)用時(shí)借庫(kù)存商品貸（6）庫(kù)存商品，資產(chǎn)類(lèi)，核算企業(yè)庫(kù)存的各種商品的增減變動(dòng)情況驗(yàn)收入庫(kù)產(chǎn)品的成本發(fā)出庫(kù)存產(chǎn)品的成本庫(kù)存產(chǎn)品的成本借應(yīng)付職工薪酬－工資貸（7）應(yīng)付職工薪酬，負(fù)債類(lèi)應(yīng)付未付的職工工資、獎(jiǎng)金實(shí)際支付的工資、獎(jiǎng)金借應(yīng)付職工薪酬－職工福利貸應(yīng)付未付的職工福利費(fèi)（可以每月按工資總額的14%計(jì)提）實(shí)際使用的福利費(fèi)尚未支付的工資尚未使用的福利費(fèi)（8）累計(jì)折舊，資產(chǎn)類(lèi)，反映固定資產(chǎn)的磨損、折耗程度，是固定資產(chǎn)的抵減賬戶。累計(jì)折舊的增加是固定資產(chǎn)凈值的減少。借累計(jì)折舊貸固定資產(chǎn)減少時(shí)，注銷(xiāo)已提的折舊每月提取的折舊數(shù)（當(dāng)月的磨損數(shù)）累計(jì)提取的折舊數(shù)借固定資產(chǎn)貸增加固定資產(chǎn)的原值減少固定資產(chǎn)的原值現(xiàn)有固定資產(chǎn)的原值現(xiàn)有固定資產(chǎn)的凈值（折余價(jià)值）（1）3日，生產(chǎn)車(chē)間為生產(chǎn)A產(chǎn)品200件領(lǐng)用甲材料86000元，為生產(chǎn)B產(chǎn)品200件領(lǐng)用乙材料32000元。借：生產(chǎn)成本——A產(chǎn)品86000——B產(chǎn)品32000

貸：原材料——甲材料86000——乙材料32000（2）4日，以現(xiàn)金支付廠部辦公人員張三出差預(yù)借的差旅費(fèi)800元。3.會(huì)計(jì)核算舉例（某企業(yè)12月份業(yè)務(wù)）借：其他應(yīng)收款——張三800

貸：庫(kù)存現(xiàn)金800（3）5日，購(gòu)買(mǎi)廠部用辦公用品計(jì)900元，以銀行存款支付。借：管理費(fèi)用900

貸：銀行存款900（4）6日，以銀行存款支付廣告費(fèi)用1000元。借：銷(xiāo)售費(fèi)用1000

貸：銀行存款1000（5）11日，張三出差回來(lái)報(bào)銷(xiāo)差旅費(fèi)650元，退回現(xiàn)金150元。（6）13日，生產(chǎn)車(chē)間領(lǐng)用潤(rùn)滑油3200元。借：庫(kù)存現(xiàn)金150管理費(fèi)用650貸：其他應(yīng)收款——張三800借：制造費(fèi)用3200

貸：原材料——潤(rùn)滑油3200（7）18日，從銀行存款提取現(xiàn)金60000元，備發(fā)職工上月工資。借：庫(kù)存現(xiàn)金60000

貸：銀行存款60000（8）18日，以現(xiàn)金60000元發(fā)放職工上月工資。借：應(yīng)付職工薪酬－工資60000

貸：庫(kù)存現(xiàn)金60000（9）19日，從銀行存款支付本月辦公用品費(fèi)1200元，其中，企業(yè)行政管理部門(mén)800元，基本生產(chǎn)車(chē)間400元。借：管理費(fèi)用800

制造費(fèi)用400

貸：銀行存款1200（10）22日，從銀行存款支付本月水電費(fèi)2000元，其中，企業(yè)行政管理部門(mén)1020元，基本生產(chǎn)車(chē)間照明用980元。借：管理費(fèi)用1020

制造費(fèi)用980

貸：銀行存款2000（11）31日，用銀行存款支付本月短期銀行借款利息600元。（12）31日，用銀行存款支付本月份負(fù)擔(dān)的財(cái)產(chǎn)保險(xiǎn)費(fèi)1000元，其中，企業(yè)行政管理部門(mén)負(fù)擔(dān)700元，基本生產(chǎn)車(chē)間負(fù)擔(dān)300元。借：管理費(fèi)用700

制造費(fèi)用300

貸：銀行存款1000借：財(cái)務(wù)費(fèi)用600

貸：銀行存款600（13）31日，分配本月職工工資68000元，其中，生產(chǎn)工人工資50000元（工時(shí)記錄為：A產(chǎn)品耗用工時(shí)3000小時(shí)，B產(chǎn)品耗用工時(shí)2000小時(shí)），車(chē)間管理人員工資8000元，企業(yè)行政管理部門(mén)人員工資10000元。借：生產(chǎn)成本——A產(chǎn)品30000——B產(chǎn)品20000

管理費(fèi)用10000

制造費(fèi)用8000

貸：應(yīng)付職工薪酬－工資68000（14）31日，按規(guī)定以職工工資總額的14%計(jì)提本月福利費(fèi)9520元，其中，按制造A產(chǎn)品的生產(chǎn)工人工資提4200元，按制造B產(chǎn)品的生產(chǎn)工人工資提2800元，按車(chē)間管理人員工資提1120元，按企業(yè)行政管理部門(mén)人員工資提1400元。借：生產(chǎn)成本——A產(chǎn)品4200——B產(chǎn)品2800

管理費(fèi)用1400

制造費(fèi)用1120

貸：應(yīng)付職工薪酬－職工福利9520（15）31日，按規(guī)定計(jì)提本月固定資產(chǎn)折舊費(fèi)9000元，其中，生產(chǎn)車(chē)間6000元，企業(yè)行政管理部門(mén)3000元。借：管理費(fèi)用3000

制造費(fèi)用6000

貸：累計(jì)折舊9000（16）31日，分配本月制造費(fèi)用20000元，其中A產(chǎn)品12000元，B產(chǎn)品8000元。借制造費(fèi)用貸（6）3200（9）400（10）980（12）300（13）8000（14）1120（15）6000（16）20000本期發(fā)生額20000本期發(fā)生額20000將制造費(fèi)用按生產(chǎn)工時(shí)比例在A、B產(chǎn)品之間進(jìn)行分配借：生產(chǎn)成本——A產(chǎn)品12000——B產(chǎn)品8000

貸：制造費(fèi)用20000分配率＝20000/5000＝4元/小時(shí)A產(chǎn)品應(yīng)分?jǐn)偟慕痤~＝4×3000＝12000元B產(chǎn)品應(yīng)分?jǐn)偟慕痤~＝4×2000