财务会计课件 from Professor CarterChapter08Word文档格式.docx
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Intermsoftheaccountingequation,merchandiseinventoryisanasset,asshownbelow.Thenumbersinparenthesesrefertothechaptersinwhichtheitemsarediscussed.
Assets
CurrentAssets
Cashandcashequivalents(6)
Accountsreceivable(7)
AllowanceforUncollectible
Accounts(7)
Merchandiseinventory(8)
=
Liabilities
+
Stockholders'
Equity
Revenues
Sales(7)
SalesReturns&
Allowances(7)
OperatingExpenses
UncollectibleAccounts
Expense(7)
BankServiceExpense(6)
OtherRevenues&
Expenses
InterestRevenue(6)
InterestExpense(6)
Theamountofmerchandiseinventorydiffersfromcompanytocompanyandfromyeartoyearwithinagivencompany.Forexample,Wal-Mart,thelargestretailcompanyintheUnitedStates,reportedmerchandiseinventoryof$33.2billiononJanuary31,2010.This$33.2billionwasapproximately19%ofWal-Mart’sJanuary31,2010totalassets.Aeon,thelargestretailcompanyoutsideoftheUnitedStates,reportedmerchandiseinventoryof334billionyenonFebruary28,2010.The334billionyenwasapproximately9%ofAeon’sFebruary28,2010totalassets.Oneyearearlier,onJanuary31,2009,Wal-Mart’smerchandiseinventorywas$34.5billionorapproximately21%ofWal-Mart’stotalassets.
Merchandising:
AnOverview
ThefollowingparagraphsbrieflydescribehowmerchandiseinventoryaffectsmerchandisingcompaniesbydiscussingonepartoftheoperationsoftheMatthewSportingGoodsCompany.AsyoumayrememberfromChapter7,theMatthewSportingGoodsCompanysellssportingequipmentandsuppliestoyouthorganizations.Thefollowingparagraphsarerestrictedtoonlythatpartofthecompany'
soperationsrelatingtothesaleofcustomizedbaseballshirts.Eachshirtisimprintedwithateam'
snameandlogo.AsshowninExhibit8-1,therearefourstepsinvolvedwiththecompany’smerchandiseinventory(baseballshirts):
(1)thepurchaseofmerchandisefromsuppliers,
(2)thesaleofmerchandisetocustomers,(3)thecollectionofcashfromcustomers,and(4)thepaymentofcashtosuppliers.Aswillbeshown,theMatthewSportingGoodsCompanyattemptstoincreaseitsresourcesthroughthesefoursteps.
Exhibit8-1
MatthewSportingGoodsCompany
MerchandisingOperations
2A
Step1:
purchasemerchandiseoncreditfromsuppliersInordertosellbaseballshirtstocustomers,theMatthewSportingGoodsCompanymustpurchasetheshirtsfromothercompanies.Theseothercompaniescouldalsobemerchandisingcompaniesortheycouldbecompaniesthatmaketheshirts,calledmanufacturers.AlthoughtheMatthewSportingGoodsCompanydoespurchasesomeproductsbypayingcash,thevastmajorityofitspurchasesareoncredit.Thatis,thecompanybuysmerchandisebypromisingtopayforitinthenearfuture,oftenwithin30days.Asaresultofbuyingmerchandiseoncredit,thecompany'
sresources(assets)increase,asshowninExhibit8-1bythearrowindicatingresourcescomingintothecompany(Step1).Sincethesourceoftheseresourceswascreditors,thecompany'
sliabilities,calledaccountspayable,alsoincrease.Ifthecompanybuys100shirtsatacostof$24pershirt,theeffectsofstep1,thepurchaseofmerchandisefromsuppliers,canbesummarizedasfollows.
TotalResources
SourcesofBorrowedResources
Sourcesof
OwnerInvestedResources
SourcesofManagement
Generated
Resources
purchase
ofmerchandiseoncredit
+$2,400
Step2:
sellmerchandiseoncredittocustomersWhentheMatthewSportingGoodsCompanysellssomeofitsshirtstocustomers,twothingshappensimultaneously:
thecompany’sresourcesdecreasewhentheshirtsgotothecustomersandthecompany’sresourcesincreasewhenthecustomerseitherpayfortheshirtsorpromisetopayfortheshirtsinthenearfuture.Remember,thecompany’sbusinessistosellproducts,notgivethemaway!
Becauseknowledgeofeachofthesetwoeffectsisimportanttomanagers,thesaleofproductstocustomersisseparatedintoitstwoparts:
thedecreaseinresourceswhentheshirtsgotocustomersandtheincreaseinresourceswhenthecustomerspayorpromisetopayfortheshirts.
TheflowofmerchandisetocustomersWhentheMatthewSportingGoodsCompany’sshirtsgotoitscustomers,theobviouseffectisadecreaseinthecompany’sresources,asshowninExhibit8-1bythearrowindicatingresourcesgoingoutofthecompany(Step2,part2A).Consistentwithourtreatmentofresourcesinpreviouschapters,thisdecreasemaybeviewedasaresultofmanagementusingupsomeresources.Theresources(shirts)werenotsenttocreditors,norweretheydistributedtoowners.Theresources(shirts)wereusedupbymanagementintheperformanceofmanagement’sresponsibilityforoperatingthecompany.Whenmanagementusesupresourcesintheoperationofthecompany,suchusesarereportedasexpenses.Withmerchandiseinventory,the“usingup”ofshirtsbythemgoingtocustomersisreportedasadecreaseinmerchandiseinventoryandanincreaseinanexpensecalledthecostofgoodssold.Sinceexpensesdecreasestockholders’equity,theultimateresultofshirtsgoingtocustomersisadecreaseinresources(assets)andanequaldecreaseinstockholders’equity(throughtheincreaseinthecostofgoodssold“expense”).Ifall100oftheMatthewSportingGoodsCompany’sshirtsgotoitscustomers,theeffectscanbesummarizedaspresentedasstep2Abelow.Sinceeachoftheshirtscostthecompany$24,theresourcesdecreaseandstockholders’equitydecreaseare$2,400(100x$24).
SourcesofManagementGenerated
Step2A:
flowofmerchandisetocustomers(expense)
-$2,400
Totals
$0
Theflowofpromises(accountsreceivable)fromcustomersAtthesametimetheMatthewSportingGoodsCompany’scustomersreceivetheshirts,theymustgivesomethinginreturntothecompany.Usuallycustomersgiveeithercashorpromisesofcash.Thus,thecompanyreceiveseithercashoraccountsreceivable.Ineithercase,theobviouseffectisanincreaseinthecompany’sresources,asshowninExhibit8-1bythearrowindicatingresourcescomingintothecompany(Step2,part2B).Consistentwithourtreatmentofresourcesinpreviouschapters,thisincreasemaybeviewedasaresultofmanagementgeneratingresources.Theresources(cashoraccountsreceivable)werenotborrowedfromcreditorsnorinvestedbyowners.Theresourcesweregeneratedbymanagementintheperformanceofmanagement’sresponsibilityforoperatingthecompany.Whenmanagementgeneratesresourcesintheoperationofthecompany,suchgenerationsarereportedasrevenues.Withthesaleofproductstocustomers,thereceiptofcashoraccountsreceivablefromcustomersisreportedasanincreaseincashoraccountsreceivableandanincreaseinarevenuecalledsales.Sincerevenuesincreasestockholders’equity,theultimateresultofthereceiptofcashoraccountsreceivablefromcustomersisanincreaseinresources(assets)andanequalincreaseinstockholders’equity(throughtheincreaseinsales“revenue”).Ifthe100shirtsoftheMatthewSportingGoodsCompanyweresoldtoitscustomersoncredit,atapriceof$37each,theeffectscanbesummarizedaspresentedasstep2Bbelow.Theresourceincreaseandthestockholders’equityincreaseare$3,700(100x$37).
Step2B:
flowofaccountsreceivablefromcustomers(revenue)
+$3,700
+$1,300
Step3:
collectcashfromcustomersWithinaveryshorttime,often30daysorless,theMatthewSportingGoodsCompanycollectscashfromcustomerstowhomitsoldshirtsoncredit.Asaresult,ascashincreasesandaccountsreceivabledecrease,thecompany’sresourcesincreaseanddecreasebythesamedollaramount,asshowninExhibit8-1bythearrowsatStep3.IftheMatthewSportingGoodsCompanycollectsallofitsaccountsreceivablefromitsc