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Merchandising Activities презентация
Содержание
- 1. Merchandising Activities
- 2. Comparing Merchandising Activities with Manufacturing Activities Merchandising
- 3. Operating Cycle of a Merchandising Company 1.
- 4. Retailers and Wholesalers Retailers sell merchandise directly
- 5. Income Statement of a Merchandising Company
- 6. Accounting System Requirements for Merchandising Companies Control Account
- 7. On September 5, Worley Co. purchased 100
- 8. On September 10, Worley Co. sold 10
- 9. On September 15, Worley Co. paid Electronic
- 10. On September 22, Worley Co. received $500
- 11. In order to ensure the accuracy of
- 12. Closing Entries in a Perpetual Inventory
- 13. On September 5, Worley Co. purchased 100
- 14. On September 10, Worley Co. sold 10
- 15. On September 15, Worley Co. paid Electronic
- 16. On September 22, Worley Co. received $500
- 17. Computing Cost of Goods Sold The accounting
- 18. Creating a Cost of Goods Sold Account
- 19. Selecting an Inventory System
- 20. Credit Terms and Cash Discounts 2/10, n/30
- 21. Recording Purchases at Net Cost $4,000 ×
- 22. On July 15, Jack & Jill, Inc.
- 23. Now, assume that Jack & Jill, Inc.
- 24. Recording Purchases at Gross Invoice Price On
- 25. On July 15, Jack & Jill, Inc.
- 26. Now, assume that Jack & Jill, Inc.
- 27. $500 × 98% = $490 On August
- 28. Transportation costs related to the acquisition of
- 29. Credit terms and merchandise returns affect the
- 30. On August 2, Kid’s Clothes sold $2,000
- 31. Contra-revenue On August 5, Jack & Jill,
- 32. On July 6, Kid’s Clothes sold $4,000
- 33. On July 15, Kid’s Clothes receives the
- 34. Now, assume that it wasn’t until July
- 35. Delivery costs incurred by sellers are debited to Delivery Expense, an operating expense. Delivery Expenses
- 36. Businesses collect sales tax at the point
- 37. Modifying an Accounting System Most businesses use
- 38. Financial Analysis Net Sales Gross Profit Margins
- 39. Ethics, Fraud, and Corporate Governance Sales discounts
- 40. End of Chapter 6
Слайд 2Comparing Merchandising Activities with Manufacturing Activities
Merchandising Company
Purchase inventory in ready-to-sell condition.
Manufacturing
Company
Manufacture inventory and have a longer and more complex operating cycle.
Слайд 3Operating Cycle of a Merchandising Company
1. Purchase of merchandise
3. Collection of
2. Sale of merchandise on account
Cash
Inventory
Accounts Receivable
Слайд 4Retailers and Wholesalers
Retailers sell merchandise directly to the public.
Wholesalers buy merchandise
Слайд 7On September 5, Worley Co. purchased 100 laser lights for resale
Perpetual Inventory Systems
Слайд 8On September 10, Worley Co. sold 10 laser lights for $50
10 × $30 = $300
Perpetual Inventory Systems
Слайд 9On September 15, Worley Co. paid Electronic City $3,000 for the
Perpetual Inventory Systems
Слайд 10On September 22, Worley Co. received $500 from ABC Radios as
Perpetual Inventory Systems
Слайд 11In order to ensure the accuracy of their perpetual records, most
Taking a Physical Inventory
Reasonable amounts of inventory shrinkage are viewed as a normal cost of doing business.
Examples include breakage, spoilage and theft.
Слайд 12
Closing Entries in a Perpetual Inventory System
Close Revenue accounts (including Sales)
Close Expense accounts (including Cost of Goods Sold) to Income Summary.
Close Income Summary account to Retained Earnings.
Close Dividends to Retained Earnings.
Слайд 13On September 5, Worley Co. purchased 100 laser lights for resale
Notice that no entry is made to Inventory.
Periodic Inventory System
Слайд 14On September 10, Worley Co. sold 10 laser lights for $50
Retail
Periodic Inventory System
Слайд 15On September 15, Worley Co. paid Electronic City $3,000 for the
Periodic Inventory System
Слайд 16On September 22, Worley Co. received $500 from ABC Radios as
Periodic Inventory System
Слайд 17Computing Cost of Goods Sold
The accounting records of Party Supply show
Inventory, Jan. 1 $ 14,000
Purchases (during year) 130,000
Inventory, Dec. 31 12,000
Слайд 18Creating a Cost of Goods Sold Account
Party Supply must create the
Слайд 20Credit Terms and Cash Discounts
2/10, n/30
When manufacturers and wholesalers sell
Слайд 21Recording Purchases at Net Cost
$4,000 × 98% = $3,920
On July 6,
2/10, n/30 from Kid’s Clothes.
Prepare the journal entry for Jack & Jill, Inc.
Слайд 22On July 15, Jack & Jill, Inc. pays the full amount
Recording Purchases at Net Cost
Слайд 23Now, assume that Jack & Jill, Inc. waited until July 20
Prepare the journal entry for Jack & Jill, Inc.
Recording Purchases at Net Cost
Слайд 24Recording Purchases at Gross Invoice Price
On July 6, Jack & Jill,
Prepare the journal entry for Jack & Jill, Inc.
Слайд 25On July 15, Jack & Jill, Inc. pays the full amount
Prepare the journal entry for Jack & Jill, Inc.
Recording Purchases at Gross Invoice Price
Слайд 26Now, assume that Jack & Jill, Inc. waited until July 20
Prepare the journal entry for Jack & Jill, Inc.
Recording Purchases at Gross Invoice Price
Слайд 27$500 × 98% = $490
On August 5, Jack & Jill, Inc.
Returns of Unsatisfactory Merchandise
Слайд 28Transportation costs related to the acquisition of assets are part of
Transportation Costs on Purchases
Слайд 29Credit terms and merchandise returns affect the amount of revenue earned
Transactions Related to Sales
Слайд 30On August 2, Kid’s Clothes sold $2,000 of merchandise to Jack
Because Kid’s Clothes uses a perpetual inventory system, they must make two entries.
Sales
Слайд 31Contra-revenue
On August 5, Jack & Jill, Inc. returned $500 of unsatisfactory
Because Kid’s Clothes uses a perpetual inventory system, they must make two entries.
Sales Returns and Allowances
Слайд 32On July 6, Kid’s Clothes sold $4,000 of merchandise to Jack
Because Kid’s Clothes uses a perpetual inventory system, they must make two entries.
Sales Discounts
Слайд 33On July 15, Kid’s Clothes receives the full amount due from
Prepare the journal entry for Kid’s Clothes.
Sales Discounts
Слайд 34Now, assume that it wasn’t until July 20 that Kid’s Clothes
Prepare the journal entry for Kid’s Clothes.
Sales Discounts
Слайд 35Delivery costs incurred by sellers are debited to Delivery Expense, an
Delivery Expenses
Слайд 36Businesses collect sales tax at the point of sale.
Then, they remit
$1,000 sale × 7% tax = $70 sales tax
Accounting for Sales Taxes
Слайд 37Modifying an Accounting System
Most businesses use special journals rather than a
Слайд 38Financial Analysis
Net Sales
Gross Profit Margins
Trends over time
Comparable store sales
Gross profit ÷ Net sales
Overall gross profit margin
Gross profit margins by
department and products
Слайд 39Ethics, Fraud, and
Corporate Governance
Sales discounts and allowances are contra-revenue accounts. Sales
The pressure brought to bear on subordinates to implement fraudulent schemes developed by top management can often be intense. Top management can threaten employees with termination if they fail to participate in the fraud. Unfortunately, employees who acquiesce to such pressure face tremendous legal risks.
