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中级财务会计-英文版复习提纲-1
Chapter 9 &10 Property, Plant and Equipment 一、Acuisition 1. 购买取得：purchase price less any trade discount, less cash discounts available(现金折扣不计入取得成本，不 包括在固定资产的入账价值――享受现金折扣 则扣除；若不享受 则作为费用) ? Devon Company purchases a machine with a contract price of $100,000 on terms of 2/10, n/30. The company does not take the cash discount and incurs transportation costs of $2,500, as well as installation and testing costs of $3,000. Sales taxes total $5,000 on the purchase. During installation, uninsured damages of $500 are incurred. What is the cost of the machine? Contract price $100,000 Discount not taken (2,000) Transportation cost 2,500 Installation and testing 3,000 Sales tax 5,000 Cost of machine $108,500 ? ? ? ? ? 2. ? Dr. Machine 108,500 Discounts Lost 2,000 Repair Expense 500 Cr. Cash 111,000 Note: The company does not include the $500 damage as part of the cost of the machinery because it was not a necessary cost. Lump-sum purchase 一揽子采购：按公允价值分配，记录 cost A company pays $120,000 for land and a building. The land and building are appraised at $50,000 and $75,000, respectively.3.?Deferred payments 延期付款： 1) 首先比较资产的公允价值（the fair value of the assets）与票据的公允价值(the fair value of the liability) 哪个更可靠，record 可靠的那个 2) 如果二者均没有，则用现值记录。 例 1 On August 1, 2011 Darmow Corporation purchased a new machine on a deferred payment basis. It made a down payment of $1,000 and will make four monthly installments of $2,500 each beginning on September 1, 2011. The cash equivalent price of the machine was $9,500. Darmow incurred and paid installation cost amounting to $300. Required: Prepare the journal entry to record the acquisition of the machine. Cash equivalent price $9,500 Installation costs 300 Capitalized cost $9,800 Dr.Machinery 9,800 Discount on Notes Payable 1,500 Cr. Cash 1,300 Notes Payable 10,000?例 2 A company purchases equipment by issuing a $10,000 non-interest-bearing 5-year note. A $2,000 payment will be made at the end of each year. The market rate for obligations of this type is 12%. Equipment 7,210 Discount on Notes Payable 2,790 Notes Payable 10,000 Issuance of securities: 记录 资产公允价值 和股票公允价值中更可靠的一个 In January 2011 Cordova Company entered into a contract to acquire a new machine for its factory. The machine, which has a cash price of $215,000, was paid for as follows: Down payment $ 55,000 Note payable in four equal annual payments starting in January 0 600 shares of Cordova preferred stock with a mutually agreed value of $100 per share (par value $100) $60,000 Fair rate of interest on the non-interest-bearing note is 10%. Required 题 1. Prepare the journal entry to record the acquisition of the machine. 题 2. How would your answer change, if at all, if the $215,000 cash price were not available? Present value factor n=4, i=10% 3.169865 题 1.The fair value of the asset is considered to be the cash price of $215,000 and thus the machine is recorded at this fair value. Since a $55,000 down payment is made, the remaining $160,000 has to be allocated between the note and the preferred stock. In most situations, it would be considered that the 10% fair value of the note should take precedence over the agreed value of the preferred stock. Dr.Machinery 215,000 Discount on Notes Payable ($120,000 - $95,095.95) 24,904.05 Cr.Notes Payable 120,000 Preferred Stock, $100 par ($100 x 600) 60,000 Additional Paid-in Capital on Preferred Stock 4,904.05 Cash 55,000 题 2. If the $215,000 cash price were not known, the fair value of the note and the agreed value of the preferred stock would be used. Dr.Machinery [$55,000 + ($120,000 - $24,904.05) + $60,000] 210,095.95 Discount on Notes Payable 24,904.05 Cr.Notes Payable 120,000 Preferred Stock, $100 par 60,000 Cash 55,000 Assets acquired by donation: 政府捐赠与非政府捐赠，均记录其资产的公允价值 Exchange of other assets(non-monetary exchange) 非货币性交换： 当公允价值和账面价值不同时，要记录 gain or loss 1) exchange of dissimilar productive assets 非相似生产资产交换 ? dissimilar without boot company A building company B equipment Cost $100,000 Cost $60,000 Accum. depr. 54,000 Accum. depr. 32,000 Fair value 40,000 Fair value 40,0004. ??5. 6.记账分录： company A Equipment 40,000 Accum. depr. 54,000 Loss 6,000 Building 100,000 ? dissimilar with boot company A Cost $100,000 Accum. depr. 54,000 Fair value 40,000 Cash received 5,000记账分录： company B Building 40,000 Accum. Depr. 32,000 Equipment Gain 12,000 company B Cost $60,000 Accum. depr. 32,000 Fair value 35,000 Cash paid 5,000 记账分录： company B Building 40,000 Accum. Depr. 32,000 Equipment 60,000 Cash 5,000 Gain 7,00060,0002)记账分录： company A Equipment 35,000 Accum. depr. 54,000 Cash5,000 Loss 6,000 Building 100,000 similar productive assets ? ?首先，计算补价，如果补价过大（即≥25%的交换总价值） ，则按照非相似资产进行 若补价正常范围内，即是相似资产交换。再次，判断是收到补价一方还是支付补价一方。 A. 收到补价一方：判断是否 FV＜BV a. FV＜BV，cost=FV-boot received Loss=FV-BV b. FV＞BV，gain=boot/（boot+FV*(支付补价一方资产的公允价值)）x（FV-BV） cost=BV-boot received+ gain B. 支付补价一方：判断是否 FV＜BV a. FV＜BV， cost=FV+boot paid Loss=FV-BV b. FV＞BV， cost=BV+boot paid Gain not recongnized二、持有 1.折旧：如何计提折旧。四因素（asset cost、service life、residual value、method of cost allocation）1)各种计算折旧的方法? assets information Original Cost.....………….. $120,000 Date of purchase……… January 1, 2012 Estimated Residual Value... $20,000 Estimated service life....…....… 5 years, 10,000 hours, 20,000 units A. Units-of-Production MethodB.Straight-Line Method2)Additional depreciation methods (1). Group depreciation例题：A company purchased ten cars for $20,000 each, and the average expected life is 3 years with a residual value of $5,000 each. i. To record the purchase. Cars 200,000 Cash 200,000 ii. To record the first year’s depreciation expense. Depreciation Expense 50,000 iii. iv. Accumulated Depreciation 50,000 （ depreciation rate= 50,000/200,000=25%） This same depreciation entry would be made at in the end of the second year. Three cars were sold after 2 years for $8,000 each. Cash 24,000 Accumulated Depreciation 36,000 Cars 60,000 To record the third year’s depreciation expense. Depreciation Expense 35,000 Accumulated Depreciation 35,000 （25 %*($200,000 C $60,000)） Five cars were sold after 3 years for $6,000 each. Cash 30,000 Accumulated Depreciation 70,000 Cars 100,000 To record the fourth year’s depreciation expense. Depreciation Expense 1,000 Accumulated Depreciation 1,000 （To reduce the $11,000 book value to the salvage value.）v.vi.vii.viii.ix.Two cars were sold after 4 years for $4,800 each. Cash 9,600 Accumulated Depreciation 30,000 Loss on Disposal 400 Cars 40,000 (2). Composite depreciationBook value=$10,000 9,600 ） $ 400（Cash received = Lossi.例题：The Bowen Company purchased four delivery trucks on January 2, 2004 for $40,000 each. The company expected two of the trucks to last 4 years and have a residual value of $4,000 each. The other two trucks had an expected life of 8 years and no residual value. The company uses straight-line depreciation on a composite basis. To record the purchase. Trucks 160,000 Cash 160,000January 5, 2007. A new truck is acquired for $40,000. It has an expected life of 4 years and a residual value of $2,000. 新车进入，需要重新计算折旧率 Asset Cost Residual Value Life Depreciation 2 $40,000 $4,000 4 yrs. $9,000 3 40,000 -08 5,000 4 40,000 -08 5,000 New 40,000 2,000 4 9,500 $160,000 $6,000 $28,5003）计提折旧的开始与结束 A. 开始：如果在 15 号之前购买，则在当月需要计提折旧；如果 15 号之后购买，从下个月开始计提折旧 B. 结束：如果在 15 号之前处置，则折旧就提到上一个月；如果 15 号之后处置，则折旧计提到本月。 4）如果资产购买不是从会计年度的开始（一年的开始） ，则按照当年使用和下年使用分段计提折旧。 例 A company purchases a $6,000 asset with a 3-year life and no residual value on August 18. i. The firm uses the sums-of-the-years’-digits method ii. The firm uses the double-declining-balance method5）折旧政策的复核 在选择一个合适的折旧方法后， 估计使用年限和残值后再接下来的时间内一直使用。 在一致性或可比性原则下， 需要对可使用年限，残值进行复核。如果出现变化，则估计的使用年限和残值都需要改变。但是，折旧政策变 更只针对现在和未来，不追溯调整之前。A.(1). Review of useful life or residual value例题 A business purchased a non-current asset costing $12,000 with an estimated life of 4 years and no residual value. If it used the straight line method of depreciation, it would make an annual provision of 25% of $12,000=$3,000 per annum ? If the business decided after two years that the useful life of the asset has been underestimated, and it still had five more years in use to come. ? For the first two years, the asset would have been depreciated by $3,000 per annum, so that it net book value after two years would be $(12,000-6,000)=6,000. ? If the remaining life of the asset is now revised to five more years, the remaining amount to be depreciated (here $6,000) should be spread over the remaining life, giving an annual depreciation charge for the final five years of:B.(2). Review of change in depreciation method例题 Jakon Co purchased an asset for $100,000 on 2011 Jan.1. It had an estimated useful life of 5 years and it was depreciated using the reducing balance method at a rate of 40%. On 2013 Jan.1 it was decided to change the method to straight line. Required: Show the depreciation charge for each year (to Dec.31 ) of the asset’s life. Year Depreciation charge $ $100,000×40% $60,000×40% ($100,000－64,000)÷3 40,000 24,000 12,000 12,000 12,000 Aggregate depreciation $ 40,000 64,000 76,000 88,000 100,00013 C.depletion 折耗（关于自然资源的折旧）记录折耗一般用工作量法a. 例题 A company purchases land for $3,000,000 from which it expects to extract 1,000,000 tons of coal, the estimated residual value is $200,000, and it mines 80,000 tons of coal in 2011. 减少了 natural cost, 形成 inventory. 分录：Dr inventory Cr Accumulated Depletion (或者 asset)b. 当其他的资本性支出发生，折耗政策也要发生复核，计算新的折耗率 例题 A company purchases land for $3,000,000 from which it expects to extract 1,000,000 tons of coal, the estimated residual value is $200,000, and it mines 80,000 tons of coal in 2011. ? Suppose that at the beginning of the second year of the operation of the coal mine, a new estimation indicates that the mine has a capacity to produce 1,600,000 tons, and it mines 100,000 tons of coal in 2012.2.后续支出 1) capital expenditures: A cost that increase the future economic benefits of the asset above those that originally were expected is a capital expenditures. ? The future economic benefits of a productive asset or product can be increased by-Extending the life of the asset. Improving the productivity. Producing the same product at lower cost. Increasing the quality of the product. 2) revenue expenditures: A cost that does not increase the economic benefits but is incurred to maintain the existing benefits is a revenue expenditures.3)关于 capital expenditure a) additions 增加固定资产b) ?improvements and replacementsubstitution method 替代法 (当旧资产的账面价值已知，原来的成本和累计折旧都要移除，然后记录新的资产) 例题 A company decides to replace its oil furnace with a gas furnace. The oil furnace is carried on the books at a cost of $50,000 with an accumulated depreciation of $30,000. The scrap value of the old furnace is $5,000, and the new furnace costs $70,000. Furnace (New) 70,000 Accumulated Depreciation: Furnace 30,000 Loss on Disposal of Furnace 15,000 Furnace(Old) 50,000 Cash($70,000-$ reduced accumulated depreciation 减少累计折旧法 例题 The cost of improvement and replacements are often debited to Accumulated Depreciation on the ground that some of the service potential that previously was written off has been restored. ? A capital expenditure of $50,000 is incurred in replacing a roof on a factory building. Accumulated Depreciation 50,000 Cash 50,000 increase the asset account (增加资产账户) 例题 The costs of improvements and replacements may be capitalized directly to the asset account on the ground that an addition to the service potential of the asset has been made. ? A capital expenditure of $50,000 is incurred to enlarge a factory. Factory 50,000 Cash 50,000 关于 revenue expenditure 如果企业发生经常性维修与保持费用，则作为当期费用 expensed the costs in the period incurred 如果企业不经常性维护，则使用备抵账户 来平衡现金收付与权责发生的不平衡。 例题 Suppose a company anticipated spending $60,000 repair and maintenance during the year, but $45,000 will be spent in the third quarter, which the remainder spread equally over the remaining three quarters. ? First quarter: ? Dr. Repair expense ($60,000/4) 15,000 ? Cr. Allowance for repairs 10,000 ? Cash 5,000 ? Second quarter: ? Dr. Repair expense ($60,000/4) 15,000 ? Cr. Allowance for repairs 10,000 ? Cash 5,000 ? Third quarter: ? Dr. Repair expense ($60,000/4) 15,000 ? Allowance for repairs 30,000 ? Cr. Cash ? Fourth quarter: ? Dr. Repair expense ($60,000/4) 15,000 ? Cr. Allowance for repairs 10,000 ? Cash 5,000 注：Allowance for repairs 账户年末余额为零 若期末不为 0，即假设第四期 ? Dr. Repair expense ($60,000/4) 15,000 ? Cr. Allowance for repairs 10,500 ? Cash 4,500 则需要做结转： Dr. allowance for repairs 500 Cr. repairs expense 500??4)45,0003.对外报告 固定资产减值问题 impairment of p,p,e ? 不管是否存在减值，都需要在 BS date 进行资产评估。根据重要性原则（materiality） ，只有减值须要记录。 1) 减值的确认 identifying A. 外部信息：资产市场价值的下降，市场利率大幅上涨以致影响折现率 B. 内部信息：关于资产破损等 2) impairment test3) 4)steps: 例题 On January 1, 2006, the Hall Company purchased a factory for $1 million (20-year life) and machinery for $3 million (10-year life). Late in 2009, the company believes that its asset(s) may be impaired and the remaining useful life is 5 years. The company estimates that the asset will produce cash inflows of $700,000 and incur cash outflow of $300,000 each year for the next 5 years. A. 计算过程the reduced bool value should be accounted as the new costB.会计分录Loss from Impairment 1,290,282 Accumulated Depreciation: Factory 200,000 Accumulated Depreciation: Machinery 1,200,000 Factory (new cost) 327,429 Machinery (new cost) 982,289 Factory (old cost) 1,000,000 Machinery (old cost) 3,000,000 三、资产的处置 1. disposed ways a) discarded 废弃 例 A piece of equipment acquired at a cost of $25,000 is fully depreciation. On February 14, the equipment is discarded.例 Equipment costing $6,000 is depreciation at an annual straight-line rate of 10%. After the adjusting entry, Accumulated Depreciation―Equipment had a $4,750 balance (last adjusted at December 31) . The equipment was discarded on March 24.b) sale of fixed assets 出售 会出现 gain or loss 例题 Equipment costing $10,000 is depreciated at an annual straight-line rate of 10%. The equipment is sold for cash on October 12. Accumulated Depreciation (last adjusted at December 31) has a balance of $7,000.?Assumption 1: The equipment is sold for $2,250, so there is no gain or loss.?Assumption 2: The equipment is sold for $1,000, so there is a loss of $1,250.?Assumption 3: The equipment is sold for $2,800, so there is a gain of $550.chapter 7&8 inventory 一、存货取得 1. cost of inventories 存货成本：purchase、costs of conversion、other costs incurred in bringing the inventories to their present location and condition cost of purchase: purchase price + import duties and other taxes + transport(FOB shipping point 离岸价-买方支付 运费), handling and 其他使获得最终商品的费用 ― trade discounts and similar amounts. 2. costs of conversion: 与每单位产品直接相关的成本，固定和可变产品中将材料转换为最终产品的成本 3. 一些不算作存货成本的类型（不包括） ：非正常的材料、劳动力浪费以及其他生产成本；仓储费用不算（除了 在生产过程中--即在再加工阶段之前必要的成本） ；管理费用--没有是存货处于现状的；销售支出 counting inventories---- perpetual system& periodic system 1. A company using a perpetual system maintains a continuous record of the physical quantities in its inventory. A company using a periodic system does not maintain a continuous record of the physical quantities on hand. 2. comparison of two systems 1. 补：computation of net purchases2.3.关于结算分录 A. perpetual inventory system（因为有销货记录，所以之前的购货退回或者折扣都已经记录在 inventory） Dr. Income Summary Cr. Cost of Goods Sold (因为每笔都有记录，所以销货成本已知) B. periodic inventory system(因为没有销货记录，只有期初和期末存货数)(1) Valuing the opening inventory Dr. Income Summary Cr. Inventory account (Opening inventory) (2)Purchases: Dr. Income Summary Cr. Purchases account Dr. Income Summary Cr. Freight-in 3.Dr. Purchase Returns and Allowance Cr. Income Summary Dr. Purchase Discounts (Taken) Cr. Income Summary (3) Valuing the closing inventory Dr. Inventory account (Closing inventory) Cr. Income Summarygross price-method 总价法 net price method 净价法 1. 总价法 Under the gross price method，当折扣被使用了，才进行记录 A. 实际盘存制 Purchaser： Cr. Cash 1,920 (a) When purchase inventory： Dr. Purchase 2,000 Cr. Purchase Discounts (Taken) 80 Cr. Accounts Payable 2,000 (c) Paid beyond the given discount period： Dr. Accounts Payable 2,000 (b) Paid during the given discount period： Dr. Accounts Payable 2,000 Cr. Cash 2,000 B. 永续盘存制 Purchaser： Cr. Cash 1,920 (a) When purchase inventory： Dr. Inventory 2,000 Cr. Inventory 80 Cr. Accounts Payable 2,000 (c) Paid beyond the given discount period： Dr. Accounts Payable 2,000 (b) Paid during the given discount period： Dr. Accounts Payable 2,000 Cr. Cash 2,000 2. 净价法 Under the net price method 默认使用折扣，不用记录折扣的使用 A. Periodic inventory system：Purchaser Dr. Accounts Payable 1,920 (a) When purchase inventory： Dr. Purchase 1,920 Dr. Purchase Discount Lost 80 Cr. Accounts Payable 1,920 Cr. Cash 2,000 (b) Paid during the given discount period： Dr. Accounts Payable 1,920 Cr. Cash 1,920 (c) Paid beyond the given discount period： B. Perpetual inventory systemPurchaser (a) When purchase inventory： Dr. Inventory 1,920 Cr. Accounts Payable 1,920 (b) Paid during the given discount period： Dr. Accounts Payable 1,920 Cr. Cash 1,920 Note：对于 Purchase Discount Lost 可以作为购货 成本的加项也可以作为理财不当而发生的财务 费用。(c) Paid beyond the given discount period： Dr. Accounts Payable 1,920 Dr. Purchase Discount Lost or Inventory 80 Cr. Cash 2,0003.例题 The Green Corporation purchased $8,000 of merchandise from a supplier on December 4, 2011 with terms of 2/10, n/EOM. On December 11 Green paid cash on goods originally billed at $5,500. Green paid cash on goods billed at $1,500 on December 30. The remaining $1,000 was not paid by the end of the year.Gross price method To record purchase on Dec. 4, 2011 To record payment on Dec. 11, 2011Net price method A/P 8000×（1-0.02） Dr. Purchase 7,840 Cr. A/P 7,840 Dr. A/P 5,390 Cr. Cash 5,390Dr. Purchase 8,000 Cr. A/P 8,000 Dr. A/P 5,500 Cr. Purchase Discounts Taken110 Cr. Cash 5,390Gross price method To record payment on Dec. 30, 2011 To adjust the accounts at the end of the period Dr. A/P Cr. Cash 1,500 1,500Net price method Dr. A/P 1,470 Dr. Purchase Discounts Lost 30 Cr. Cash 1,500 Dr. Purchase Discounts Lost 20 Cr. A/P 20No entry required二、存货持有 1. 存货成本流转假设： 1) 发出计价 Specific Identification、FIFO、LIFO、AVCO a. 永续盘存制下 Specific Identification：存货发出哪个就记录哪个，然后用期初存货+购货成本-销货成本=期末存货 FIFO：记录销货成本时都是先进的的先销 LIFO：销货成本计算时后进的先出 AVCO：每次销货后和购货后均计算所有剩余存货的平均成本，作为下次销货成本 b. 实际盘存制 Specific Identification：有期末不同存货的不同成本，然后用期初存货+购货成本-期末存货=倒挤销货成本 FIFO： 只记录了期初存货与购货， 所以知道期末存货数， 则从最后几笔购货中扣除期末存货数 （期末存货成本可知） ， 则销货成本可以倒挤 LIFO：记录了期初存货与购货，从期初存货和最早的几笔购货中扣除期末存货数 AVCO： 认为所有存货成本相同， 用期初存货和购货总成本算出所有存货的平均成本， 然后用销货数乘以平均成本。 2) comparison of the four a. inventory aluation 先进先出法 FIFO 有在 BS 资产负债表中较高的期末存货计价；后进先出法 LIFO 有较低的期末存货计价；加权 平均计价法 AVCO 居于两者之间。 b. income manipulation: LIFO 在实际盘存制下：原来求得销货成本是 1610，假设此时在购进一批存货，会出现新的销货成本 1650，即 销货成本增加了。――存在人为调整。 ? 只有后进先出法才会出现：收入会被企业的购货行为影响（因为改变了销货成本） ? FIFO、AVCO 均不会出现 c. income taxes effects ? LIFO 有较低的期末存货计价，则会产生高的销货成本，因此会有低收入。 ? 同时低的应税收入又会导致税额减少。 ? 如果采用 LIFO，则会计处理和税收处理方面保持一致。 d. holding gains comparison: a holding gain 历史成本与重置成本的差异 例题 若重置成本增加? ? ?When price is rising, FIFO method matches the earliest costs with revenue and includes all the holding gains in income. LIFO method can exclude from some of the holding gains in income. (Prudence) 把一部分持有利得排除在外 Therefore LIFO excludes from a company’s income some (but not all) of the holding gains, so that the income reflects the earnings after capital has been maintained and is a better measure of the increase in wealth of a company. liquidation of LIFO layers: 当销售的存货超过获得的存货时，需要销售期初存货（上一个会计年度） 。此时 假设物价上涨，那么之前的存货就会有较低的成本，进行 LIFO 的清算，则总的销货成本就会下降，毛利 润上升。 ? 由于后进先出法清算一般发生在期末存货减少的会计期间，因此避免后进先出法清算的最简单方法就是 保证各年存货的购买量不小于销售量或耗用量，故有的企业在可能发生后进先出法清算的会计期末大量 购入存货 例题 e.此时 2004 年购进存货不够销售，则需要销售前几年存货。 若 2004 年购进正好足够 04 年销货，即 In 2004 the company purchases 60,000 units at $35 per unit and sells 60,000 units.则 ? Cost of goods sold=$2,100,000 ? The difference of $86,000 ($2,100,000-$2,014,000) is the LIFO liquidation profit (before income taxes) 此时 LIFO 产生了低的销货成本，即高的应税收入，需要 支付额外的税额。 2. 期末计价 LCM（当存货的效用下降时，记录存货的市场价值） 1) LCM：compare cost to market value a. 首次注意 upper constraint 市价不能超过变现净值；lower constraint 市价不能低于（变现值-正常利润） 可变现净值（net realisable value）=预计售价-进一步加工成本-预计销售费用 2) 成本与市价孰低法? ? ? ? ? 3) 4) 例题不一定使用重置成本作为市价 当重置成本高于上限时，则用上限（变现净值）作为 重置成本 当重置成本低于下限时，则用下限（变现净值-正常利 润）作为重置成本 比较重置成本和市场价值，看孰高孰低 如果存在 loss,则需要记录a company may apply the LCM rule : to each item、to category、to the total of inventory 记录减值 record the reduction of inventory to market(直接法和备抵法) Cost Market December 31,
$20,000 December 31,
22,000 December 31,
28,000 Assume the company uses a periodic system, and purchases in each year are $100,000.对于直接法的 loss，不做调整分录，因为之前已经将 loss 记录为销货成本 Dr. cost of goods sold 3000 Cr. inventory 3000 Dr. cost of goods sold 2000 Cr. inventory 20003.对于 2004 年，存货成本为 5000，而市场价值为 2000，所以存在 loss 3000 对于 2005 年，存货成本为 5000，而市场价值为 6000，所以 loss recovery 1000 存货成本估计 estimation of cost 1) gross profit method a. 使用情况：企业没有实际的计数；当进行内外部检查时等 b. 计算过程? ?Beginning inventory at cost + Purchases at cost = Cost of goods available for sale Cost of goods available for sale－Cost of goods sold[Sales ×(1－Estimated gross profit rate)]=Ending inventory at cost 首先计算 Estimated gross profit rate（前一期估计得出） ，之后 Estimated cost of goods sold，之后算最终结果。2) ? ? ? ?retail inventory method 零售价法 Beginning inventory at retail + Purchases at retail = Retail value of goods availablea.Retail value of goods available－Retail value of goods sold (sales)=Ending inventory at retail Ending inventory at retail×actual cost-to-retail ratio = Ending inventory at cost 首先列式 cost 和 retail 在 beginning inventory 、 purchases 、 good available for sales 下的价格，然后计算 cost-to-retail ratio。 之后用 retail 零售下： goods available for sale- sale=ending inventory at retail.在用 cost-to-retail ratiox ending inventory at retail 得出最后结果。 Markup. 加价 The original markup from cost to the first selling price. Additional markup.再加价 An increase above the original sales price. Markup cancellation. 加价取消 A reduction in the selling price after there has an additional markup. The markup cancellation cannot be greater than the additional markup. Net markup. 净加价 The total additional markups less the total markup cancellations.b.在 FIFO method 下 The FIFO method excludes the beginning inventory in determiningc.在 AVCO method The Average Cost method includes the beginning inventory in determining the cost-to-retail ratio.d.在 LIFO method 下 A separate cost-to-retail ratio is also computed for each layer.e.the LCM method 下 The lower of cost or market method includes the beginning inventory, but excludes any net markdowns in determining the cost-to-retail ratio.f.综合比较chapter 6 receivables 一、accounts receivable 1. cash discounts (2/10,1/20,n/30) ; (2/10,n/EOM) 总价法和净价法 (1) Gross price method (2) Net price method Dr. Accounts Receivable――××Co. Dr. Accounts Receivable――××Co. Cr. Sales Cr. Sales Dr. Cash Dr. Cash Dr. Sales Discounts (Taken) Cr. Accounts Receivable――××Co. Cr. Accounts Receivable――××Co. Or Dr. Cash Or Dr. Cash Cr. Accounts Receivable――××Co. Cr. Accounts Receivable――××Co. Cr. Sales Discounts Not Taken (Other items) 例题 The Howe Corporation sold $8,000 of merchandise to various customers on December 4, 2012 with terms of 2/10, n/EOM. ? On December 11 Howe Received payment on goods originally billed at $5,500. ? Howe received payment on goods billed at $1,500 on December 30. ? The remaining $1,000 was not collected by the end of the year.2.sales returns and allowances 1) 直接法 Dr. Sales Returns and Allowances Cr. Accounts Receivable 备抵法 Dr. Sales Returns and Allowance Cr. Allowance for Sales Returns and Allowance When actually occurred: Dr. Allowance for Sales Returns and Allowance Cr. Accounts Receivable――××Co.2)例题 Towbin products sells merchandise on credit for $7,000 on Dec. 1, 2011. The sales of 2011 is $1,000,000.The company estimates that returns and allowances will amount to 0.4% of sales. On Dec. 22, 2012 a customer returns for credit merchandise originally sold on Dec. 1,2011 for $3,000. The sales of 2012 is $2,000,000. The company estimates that returns and allowances will amount to 0.3% of sales. ? ? ? Required: 1. Prepare journal entries to record the preceding sale and the return of merchandise if returns are recorded as they occur. 2. Prepare journal entries to record the preceding sale, the estimation of returns and allowances, and the actual return of goods. ? 3.How would the preceding information be reflected on Towbin’s Dec. 31, 2012 financial statements if ? (a) returns are recorded as they occur, and ? (b) returns are estimated in the period of sale? ? Answer ： 1. 2011 Dec. 1 Dr. Sales Returns and Allowances 6,000 Dr. Accounts Receivable 7,000 Cr. Allowances for Sales Returns and Allowances 6,000 Cr. Sales 7,000 3.(a) 2012 Dec. 22 Income statements: Dr. Sales Returns and Allowances 3,000 Sales Cr. Accounts Receivable 3,000 less :Sales Returns and Allowances $3,000 2. 2011 Dec. 1 Balance sheet Dr. Accounts Receivable 7,000 Accounts receivable (deduct $3,000) Cr. Sales 7,000 (b) 2011 Dec. 31 Income statements: Dr. Sales Returns and Allowances 4,000 Sales Cr. Allowances for Sales Returns and Allowances 4,000 Less: sales returns and allowances $6,000 2012 Dec.22 Balance sheet Dr. Allowances for Sales Returns and Allowances 3,000 Accounts receivable Cr. Accounts Receivable 3,000 Less: Allowances for Sales returns and Allowances $7,000 2012 Dec. 31 3. credit card sales 对于消费者的好处：顾客可以递延支付 defer their payment 对于销售者的好处：首先，seller 不用评估信用；其次，可以避免风险；seller 可以很快从银行得到钱；潜在增加了销 售量 注：销售者要给信用卡公司付钱 Dr. Credit Card Expense 40 ? 及时收到 cash receipt: Dr. Cash 960 Cr. Sales 1,000 Dr. Credit Card Expense 40 ? When cash is received from the credit company: Cr. Sales 1,000 Dr. Cash 960 Cr. Accounts Receivable--Credit Card Co. 960 ? 没有及时收到 cash receipt Dr. Accounts Receivable―Credit Card Co. 960Note: Credit card expense are usually recorded and incurred at the time of their related sales, not when cash is received from the credit card company. 二、notes receivable 1. 取得：按面值入账 2. 持有期间：计算 maturity date and period 对月计算； 计算 interest ： principal 本金 x rate x time 计算 maturity value: principal + interest 3. 到期日：receipt a note: ? A $6,000 30-day, 12% note dated November 21 is received from W. A Bunn Company in exchange for merchandise.?honored note 到期日获清偿: On December 21, when the note matures, the firm receives $6,060 from W. A. Bunn Company ($6,000 plus $60 interest).?dishonored note 到期日没获得清偿（将 N/R 转化为 A/R） If W. A. Bunn Company fails to pay the note on the due date, The note and interest are transferred to the customer’s account.4.期末利息调整 A 90-day, 12% note dated December 1, 2006, is received from Crawford Company to settle its account, which has a balance of $4,000.Assuming that the accounting period ends on December 31, an adjusting entry is required to record the accrued interest of $40 ($4,000 x 0.12 x 30/360).三、A/R 与 N/R 到期前的处置 1. A/R pledging 抵押（所有权和风险不能转移） 2. A/R assigning 转让（允许受让方转移所有权和风险） 转让人一般保留应收账款的所有权， 而受让人也可以共同承担风险。 一些情况下， 所有权和风险会转移给受让方。 受让方可以直接要求收 payment，而如果受让方收不回，可以通过转让方收回。 （with recourse 追索权） 例题 Example: ? White corporation has entered into a long-term assignment agreement with a finance company in 2011. ? The terms of this agreement: (1)White receives 80% of the value of all accounts assigned and is charged 1% service charge which is based upon the actual dollar amount of cash received. (2) The finance company charges white 12% annual interest rate on the outstanding loan. ? The following transaction relate to this agreement: (a)Dec.1,2011 ,A/R of $160,000 are assigned (b)Dec.11,2011, a sales return of $1,000 on an assigned account is allowed by White. (c)Dec.31,2011 collections are made on $86,000 of assigned accounts. This amount and 1 month’s interest on the outstanding loan are remitted to the finance company. (d)Jan.29, of assigned accounts are collected and the remainder of the loan is repaid.?Required: 1. Prepare journal entries to record the related transactions 2. How would this assignment be reported on White Dec.31,2011 BS (assumed the note payable is short-term) ? ? Answer : 1. Dec. 1, 2011 Jan. 29 ,2012 Dr. Cash [($160,000 x 0.80) - $1,280] 126,720 Dr. Cash 50,000 Assignment Service Charge Expense Cr. Accounts Receivable Assigned 50,000 ($160,000 x 0.80 x 0.01) 1,280 Dr. Notes Payable 42,000($128,000 - $86,000) Cr. Notes Payable ($160,000 x 0.80) 128,000 Interest Expense 420 Dr. Accounts Receivable Assigned 160,000 ($42,000 x0.12 x 1/12) Cr. Accounts Receivable 160,000 Cr. Cash 42,420 Dec. 11, 2011 Jan. 29, 2012 Dr. Sales Returns and Allowances 1,000 Dr. Accounts Receivable 23,000 Cr. Accounts Receivable Assigned 1,000 Cr. Accounts Receivable Assigned 23,000 Dec. 31, 2011 ($160,000 - $1,000 -$86,000 - $50,000) Dr. Cash 86,000 2. On the December 31, 2011 balance sheet of the White Cr. Accounts Receivable Assigned 86,000 Corporation: Dec. 31, 2011 Current Assets: Dr. Notes Payable 86,000 Accounts receivable assigned $73,000 Interest Expense Current Liabilities: ($128,000 x0.12 x 1/12) 1,280 Note payable $42,000 Cr. Cash 87,280 A description of the financing agreement should include in The interest expense on any future remittances is based the notes to the financial statements. upon the balance remaining in the Note Payable account. A/R factoring 让售 （factor 代理人，接受让售者） 无追索权，代理人拥有所有权和风险。企业让售需要支付委托费（commission expenses） 如果企业正常让售则委托费记作 f如果没有正常让售，则记作 loss from factoring 而代理人只支付 80%-90% of the A/R，作为防止销售退回及折让。 代理人没有支付的部分，可能 be returned， 用 receivable from factor account 记录 例题 Example: The Inder Corporation is experiencing a temporary cash shortage and decide to factor a group of its accounts receivable. The factor accepts $80,000 of Inder’s accounts receivable, remits 90% of the accounts receivable factored, and charges a 16% commission on the gross amount of the factored receivable. 3.During the period, sales returns and allowances on factored accounts amounted to $1,500. When the accounts receivable is due, the factor remits $6,500 to Inder. ? Required: Prepare all the journal entries necessary by Inder to record the preceding information. Dr. Cash [($80,000 x 0.90) - $12,800)] 59,200 Loss from Factoring ($80,000 x 0.16)* 12,800 Receivable from Factor ($80,000 x 0.10) 8,000 Cr. Accounts Receivable 80,000 *Assuming the company does not normally factor its accounts receivable, as implied in the exercise. If a company normally does, use “Factoring Fee Expense” account. Dr. Sales Returns and Allowance 1,500 Cr. Receivable from Factor To record sales returns and allowance. Dr. Cash 6,500 Cr. Receivable from Factor To record the remittance from the factor.1,5006,5004. N/R discounting 票据贴现 在到期日之前转化为现金，如果不带追索权，相当于出售，银行承担坏账损失的风险，而且企业没有或有负债。如果 带有追索权贴现，当 note 的支付人没有在到期日之前支付，那么企业需要支付，即企业有或有负债。 例题 Example: ? On August 31, 2011, the Kasper Corporation discounts a customer’s note at its bank at a 14% discount rate. ? The note was received from the customer on August 1, for 90 days, has a face value of $5,000, and carries an interest rate of 12%. 1.Face value of note $5,000.00 2.Interest to maturity($5,000 x 0.12 x 90/360) 150.00 3.Maturity value of note $5,150.00 4.Discount ($5,150 x 0.14 x 60/360） (120.17) 5.Proceeds $5,029.83 6.Accrued interest revenue: $50 7.Book value of note ($5,000 + $50) (5,050.00) 8.Loss from discounting of note $ (20.17) ? 会计分录： 1.August 31, 2011 Cr. Notes Receivable Discounted 5,000 Dr. Interest Receivable 50 Interest Receivable 50 Cr. Interest Revenue 50 2.October 30, 2011 Dr. Cash 5029.83 Dr. Notes Receivable Discounted 5,000 Loss from Discounting of Note 20.17 Cr. Notes Receivable 5,000Note: Gain/Loss from Discounting of Note――not often discount notes（不经常贴现票据的企业） Interest Revenue/ Interest Expense――often discount notes（经常贴现票据的企业） ? Presentation on the BS: (1) BS: Current assets Note receivable (gross) $43,000 Less: Notes receivable discounted (5000) Note receivable (net) $38,000 (2) An alternative way of reporting the discounted note is to list the notes receivable at the net $38,000 on the balance sheet and to disclose the contingent liability in the notes to the financial statements. “The company is contingently liable for a $5,000 note receivable discounted with recourse” ? Assume instead that on Oct. 30, 2011 the bank notified Kasper that the note had not been paid and also charged Kasper a $10 fee. Dr. Notes Receivable Discounted 5,000 Cr. Notes Receivable 5,000 Dr. Accounts Receivable 5,160 Cr. Cash 5,160 四、坏账处理 1. direct write-off method 2. allowance method 1) Relationship to sales (income statement approach): a.Percentage of net credit sales b. Percentage of sales(If cash sales is not major) 2) Relationship to accounts receivable (balance sheet approach): a. Percentage of outstanding accounts receivable b. Aging of accounts receivable 3) 基本步骤： ? Step 1 When an allowance is first made: Cr. Allowance for Receivables Dr. Bad Debts Expense or Uncollectible Accounts Expense () If a lower allowance is needed now than before: Cr. Allowance for Doubtful Accounts or Allowance for Dr. Allowance for Receivables bad debts or Allowance for receivables Cr. Bad Debts Expense ? Step 2 Adjustments needed to the amount of the ? Step 3 When bad debts occurs in the future allowance Dr. Allowance for Receivables (a) Calculate the new allowance required. Cr. Accounts Receivable ――××Co. (b) Compare it with the existing balance on the allowance ? Step 4 When bad debts is recovered in the future account. Dr. Accounts Receivable ――××Co. (c) Calculate increase or decrease required. Cr. Allowance for Receivables Dr. Cash () If a higher allowance is required now: Dr. Bad Debts Expense Cr. Accounts Receivable ――××Co. 4) 具体方法应用 a. 赊销百分比法 percentage of net credit sales If a company’s net credit sales during the year were $525,000 and bad debts historically amount to 2% of net credit sales, what is the required adjusting entry?b. 应收账款余额百分比法 percentage of outstanding accounts receivable X company’s outstanding receivables balances at the various balance sheet dates and the rate of allowances are as follows: BS date OR$ % of allowances
16,500 3%Required: Calculate the allowances for receivables every year and the figure of A/R at every BS date.Dec.31,2006 Allowance for receivables=15,000×2%=$300 Dr. Bad Debts Expense 300 Cr. Allowance for Receivables 300 A/R on the BS at ＝15,000－300＝$14,700Dec.31,2007 The decrease in the allowances =18,200×1%－300=－$118 Dr. Allowance for Receivables 118 Cr. Bad Debts Expenses 118 A/R on the BS at ＝18,200－182＝$18,018Dec.31, 2008 The increase in the allowance=16,500×3%－182=$313 Dr. Bad debts Expense 313 Cr. Allowance for Receivables 313 A/R on the BS at ＝16,500－495＝$16,005 c. 应收账款年限法 aging of accounts receivable3.writing off uncollectibles
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