Đang chuẩn bị liên kết để tải về tài liệu:
Lecture Survey of Accounting (First edition): Chapter 6 – Kimmel, Weygandt

Chapter 6 - Recording and analyzing merchandising transactions, receivables, and inventory. The main goals of this chapter are to: Describe inventory systems and record purchases and sales, discuss how to classify and determine cost of inventory under a periodic approach, explain how companies recognize and value receivables,. | WILEY Recording and Analyzing Merchandising Transactions, Receivables, and Inventory 6 Prepared by Coby Harmon University of California, Santa Barbara Westmont College Kimmel ● Weygandt ● Kieso Survey of Accounting, First Edition Discuss how to classify and determine cost of inventory under a periodic approach. CHAPTER OUTLINE Describe inventory systems and record purchases and sales. 1 2 LEARNING OBJECTIVES Explain how companies recognize and value receivables. 3 Prepare a multiple-step income statement and a comprehensive income statement. 4 Compute and analyze gross profit rate and profit margin. 5 Merchandising Companies Buy and Sell Goods Wholesaler Consumer The primary source of revenues is referred to as sales revenue or sales. Retailer LEARNING OBJECTIVE Describe inventory systems and record purchases and sales. 1 LO 1 Income Measurement Cost of goods sold is the total cost of merchandise sold during the period. Not used in a Service business. Net Income (Loss) Less Less Equals Equals Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses ILLUSTRATION 6-1 Income measurement process for a merchandising company Merchandising Company LO 1 Companies use either a perpetual inventory system or a periodic inventory system to account for inventory. FLOW OF COSTS ILLUSTRATION 6-2 Flow of costs LO 1 Perpetual System Maintain detailed records of the cost of each inventory purchase and sale. Records continuously show inventory that should be on hand for every item. Company determines cost of goods sold each time a sale occurs. FLOW OF COSTS LO 1 Does not keep detailed records of the goods on hand. Cost of goods sold determined by count at the end of the accounting period. Calculation of Cost of Goods Sold: Beginning inventory $ 100,000 Add: Purchases, net 800,000 Goods available for sale 900,000 Less: Ending inventory 125,000 Cost of goods sold $ 775,000 Periodic System FLOW OF COSTS LO 1 INVESTOR INSIGHT Improve Stock Appeal Investors are often eager to . | WILEY Recording and Analyzing Merchandising Transactions, Receivables, and Inventory 6 Prepared by Coby Harmon University of California, Santa Barbara Westmont College Kimmel ● Weygandt ● Kieso Survey of Accounting, First Edition Discuss how to classify and determine cost of inventory under a periodic approach. CHAPTER OUTLINE Describe inventory systems and record purchases and sales. 1 2 LEARNING OBJECTIVES Explain how companies recognize and value receivables. 3 Prepare a multiple-step income statement and a comprehensive income statement. 4 Compute and analyze gross profit rate and profit margin. 5 Merchandising Companies Buy and Sell Goods Wholesaler Consumer The primary source of revenues is referred to as sales revenue or sales. Retailer LEARNING OBJECTIVE Describe inventory systems and record purchases and sales. 1 LO 1 Income Measurement Cost of goods sold is the total cost of merchandise sold during the period. Not used in a Service business. Net Income (Loss) Less Less .