Genitourinario 5 glomerulonefritis sx nefrotico pptx (3).pptx
ACC100 - Chapter 5 - Student Copy - 205yttr13 10 05(1).pptx
Transcript of ACC100 - Chapter 5 - Student Copy - 205yttr13 10 05(1).pptx
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Chapter 5
MerchandisingOperations
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1. Apply the revenue recognition principle(MASTER)
2. Apply the matching principle to
recognize expenses (MASTER)
LEARNING OBJECTIVES
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Revenue is recognized whenearned.More specifically when:lPerformance achievedl Amount measurablel Collection assured
LO1
BUT WHAT DOESTHIS MEAN?
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Performance achieved:The company must substantiallycomplete whatever it has to do toearn its revenues.
LO1
Examples to enhance your learning:Transferring ownership of goods, renderingservices, making leased space available,fulfilling obligations under a contract, etc.
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Amount measurable:The price to be received from thecustomer must be known or can beestimated.
LO1
Enhance your learning:Concept of reliably measurable (alsoapplies to costs or expenses incurredto generate the revenue). Allows
means related profit can be estimated.
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Collection assured:If we have not already received thecash, the accounts receivableamount must be collectible at apoint in the future.
LO1
Enhance your learning:Concept of reasonable assuranceas to collectability.
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Generally when we sell something we knowthe price and we have reasonable assurancethat we will collect the Account Receivable
(otherwise, we wouldnt deliver the goods orrender the service in the first place).
The key is often performance (or rather itscompletion and timing).
Most of the time, performance has occurredwhen a customer takes delivery but notalways.
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Publisher Inc. delivers newspapers to VeronicaVariety on a daily basis. At the end of the monthVeronica Variety returns all the unsold papers.On the 10th of the following month VeronicaVariety pays Publisher Inc. for the papers thathave been sold.
When should Publisher Inc. recognize revenue?
In order to answer that question, accountants need to
identify alternatives points when revenue might berecognized, then consider which alternative bestsatisfies ALL the recognition criteria, and make achoice or recommendation.
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Publisher Inc. delivers newspapers to VeronicaVariety on a daily basis. At the end of the monthVeronica Variety returns all the unsold papers.On the 10th of the following month VeronicaVariety pays Publisher Inc. for the papers thathave been sold.
When should Publisher Inc. recognize revenue? Possible points in time to recognize revenue are:
When delivered End of the month when unsold papers returned When Veronica Variety is paid in the following month
Discuss with an elbow partner the 3 criteria for EACH
of these points and then answer the M/C question on
the next slide.
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Publisher Inc. delivers newspapers to Veronica
Variety on a daily basis. At the end of the monthVeronica Variety returns all the unsold papers. Onthe 10th of the following month Veronica Variety paysPublisher Inc. for the papers that have been sold.
Publisher Inc. should recognize revenue:A. Daily, when the newspapers are delivered.B. At then end of the month when Veronica
Variety returns all the unsold papers.C. On the 10th of the following month, when
Veronica Variety pays for the papers sold.
(Be ready to support your answer with
REASONING based on all the criteria!)
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A hockey fan purchases season tickets. The priceincludes tickets for the teams 40 home gamesplus exhibition games. Ticket buyers pay the fullprice of the tickets in the summer before theseason begins and receive the tickets at the timeof payment. There are no refunds.
At what points could revenue be recognized?Analyze each of these points using the criteria.
A. ____________________________________________
B. ____________________________________________
C. ____________________________________________
In total, when the tickets are sold / purchasedIn total, when the season ends
Proportionately, as the games are played
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A toll highway sells passes to customers. The passes are
equipped with an electronic sensor that subtracts the toll feefrom a prepaid balance on a PASS as the motorist approachesa special toll booth. The PASSES are issued in $10increments. Refunds are available to motorists who do notuse the pass balance but these are issued very infrequently.Last year $2,000,000 of passes were issues and $1,700,000
of passes were used at the special toll booths.
At what points could revenue be recognized? Analyze each ofthese points using the criteria.
A. ____________________________________________
B. ____________________________________________
C. ____________________________________________
When the PASSES are sold to customers
Gradually, every month when use for the month is known.
In total at the end of the year.
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Expenses FOLLOWRevenues.More specifically when:when used up/consumed when sold ( transferred) when incurred (passage of t im e)TO HELP GENERATE REVENUE!
LO1
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Income Statement
InventorySuppliesPrepaid assetsPP&EIntangibles
as used /consumed
Balance Sheet
when sold
over period as theyare incurred
ASSETS: EXPENSES:Cost of goods soldSupplies expenseInsurance expenseRent expenseAmortization expenseOther expenses (e.g.salaries) - as incurred
LO2
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INDIRECT EXPENSESExpenses thatare connected torevenues (i.e. therevenue causes ortriggers the expense)
e.g. Cost of goods sold
DIRECT EXPENSESExpenses thatresult from or arise inthe course of runninga business butare not directly
connected torevenue.
e.g. Hydro costs
LO2
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Direct or Indirect?
Record the cost
as either a:
1. Asset first,expense later,
OR
2. Expenseimmediately.
Asset or Expense?
The cost is either:
1. Directly related to
revenues,
OR
2. Indirectly related
to revenues.
LO2
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A. Asset first, expense later, direct
B. Expense immediately, direct
C. Asset first, expense later, indirect
D. Expense immediately, indirect
(ensure you can expla in w hy yo u ch oose th is op t ion!)
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A. Asset first, expense later, direct
B. Expense immediately, direct
C. Asset first, expense later, indirect
D. Expense immediately, indirect
(ensure you can expla in w hy yo u ch oose th is op t ion!)
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A. Asset first, expense later, direct
B. Expense immediately, direct
C. Asset first, expense later, indirect
D. Expense immediately, indirect
(ensure you can explain why you choo se th is opt ion! )
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A. Asset first, expense later, direct
B. Expense immediately, direct
C. Asset first, expense later, indirect
D. Expense immediately, indirect
(ensure you can expla in w hy yo u ch oose th is op t ion!)
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LO3: Describe the basic format and the content of the income
statement. (UNDERSTAND)LO4: Prepare entries for purchases under a perpetual
inventory system. (MASTER)
LO5: Prepare entries for sales under a perpetual inventory
system. (MASTER)
The remaining LearningObjectives will be covered in thefollow order:
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Revenues $$$
Less: expenses ($$)
Net income $$ SingleStep
LO3
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Multiple-StepIncomeStatement-Four
importantsubtotals
Multi-Step Income Statement
LO3
Income Statement Format
Gross Sales $XXX
Less: Sales returns and allowances XX
Less: Sales discounts XX
Net sales XXX
Cost of goods sold XX
Gross profit XXX
Operating Expenses
Selling expenses XX
General & Admin expenses XX
Total operating expenses XXX
Income from operations XXX
Other revenues and gains XX
Other expenses and losses XX
Income before taxes XXX
Income tax expense XX
Net Income $XXX
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A. Yes because.
B. No because.
C. Could not tell you if my life depended onit!
Remember if you answer a question like this on the midterm or finalexam you have to support your answer with reasoning!
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Total sales revenue $ 368,000Less: Sales returns &
allowances ( 6,000)Sales discounts ( 4,500)
Net sales $ 357,500
Are these expense accounts?
Net Sales
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The issue in a merchandising company is that you, theaccountant, wear two different hats:
The Purchaser of Inventory
The Seller of Inventory
This is because merchandising companies are both:they purchase inventory from suppliers and theysell inventory to their customers.
If you are completing a question, ask yourself: what ismy role at this time: Purchaser or Seller?
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The Purchaser of Inventory
Lets wear the Purchaser hatfirst to see what affect thesetransactions have on the
accounting equation.
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Baby Room Inc. has 20 change tables in their store,each costing $120 on April 1, 2013. This is theiropening balance in their inventory account.
Assets = Liabilities + Shareholders EquityShould an entry be made for the opening balancein inventory?
A. Yes, absolutely.
B. No, definitely not.C. Uncertain!
b h h bl f $
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Baby Room Inc. purchases 50 change tables for $120each on account on April 3, 2013. What is the impacton the accounting equation?
Assets = Liabilities + Shareholders EquityA. Increase assets, decrease assets.B. Decrease assets, decrease shareholders equity
through expenses.C. Increase assets, increase liabilities.
D. Increase assets, increase shareholders equitythrough revenue.E. Uncertain!
b h 0 h bl f $ 20
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Baby Room Inc. purchases 50 change tables for $120each on account on April 3, 2013. What is the impacton the accounting equation?
Assets = Liabilities + Shareholders Equity
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To record purchases:
If purchased for cash:
Assets + (inventory)
Assets - (cash)
If purchased on account:Liabilities + (accounts payable)
Assets + (inventory)
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FOB Destination: Freight is paid by the seller(supplier/shipper).
FOB Shipping Point: Freight is paid by thepurchaser (buyer)
B b R I h 50 h bl f $120
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Baby Room Inc. purchases 50 change tables for $120each on account on April 3, 2013, FOB destination. Theappropriate party paid $200 freight costs on April 4.What is the impact on the accounting equation?
Assets = Liabilities + Shareholders EquityA. Increase assets, decrease assets.B. Decrease assets, decrease shareholders equity
through expenses.C. Increase assets, increase liabilities.
D. No entry.E. Uncertain!
B b R I h 50
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Assume that INSTEAD, Baby Room Inc. purchases 50change tables for $120 each on account on April 3,2013, FOB shipping point. The appropriate party paid$200 freight costs on April 4. What is the impact onthe accounting equation?
Assets = Liabilities + Shareholders EquityA. Increase assets, decrease assets.B. Decrease assets, decrease shareholders equity
through expenses.C. Increase assets, increase liabilities.D. No entry.E. Uncertain!
B b R I h 50
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Assume that INSTEAD, Baby Room Inc. purchases 50change tables for $120 each on account on April 3,2013, FOB shipping point. The appropriate party paid$200 freight costs on April 4. What is the impact onthe accounting equation?
Assets = Liabilities + Shareholders Equity
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To record freight:
If paid for cash:
Assets + (inventory)
Assets - (cash)
Bab Room Inc ret rns 5 change tables d e to defects
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Baby Room Inc. returns 5 change tables due to defectson April 8. What is the impact on the accountingequation?
Assets = Liabilities + Shareholders EquityA. Decrease assets, increase assets.B. Decrease assets, decrease shareholders equity
through expenses.C. Decrease assets, Decrease liabilities.D. No entry.E. Uncertain!
Baby Room Inc returns 5 change tables due to defects
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Baby Room Inc. returns 5 change tables due to defectson April 8. What is the impact on the accountingequation?
Assets = Liabilities + Shareholders Equity
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To record returns you simply reverse the originalentry:
If originally purchased for cash:
Assets + (cash)
Assets - (inventory)
If purchased on account:Liabilities - (accounts payable)
Assets (inventory)
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In order to encourage early payment ofaccounts some companies provide terms
These terms relate to how much needs to bepaid and when.
Example: 2/10, n/30 means:
Pay within 10 days, get a 2% discount on
the purchase price
If you choose not to pay within 10 days,you must pay the n = net amount
by the 30th day.
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To record payments to suppliers, you haveto consider if the buyer has takenadvantage of the terms.
If paying NET amount (no discount taken):
Liabilities - (accounts payable)
Assets (cash)
If paying DISCOUNTED amount (pay within10 days) how would your entry change?
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Steps to determine how much needs to be paid:
1. FIRST, determine correct accounts payable amount(go back to original entry and deduct any returns).
2. SECOND, determine what the last date to take thediscount was (add # of days to the DAY that theoriginal shipment was received).
3. THEN, determine the amount that you need to pay
the supplier.
Baby Room Inc purchases 50 change tables for $120
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Baby Room Inc. purchases 50 change tables for $120each, terms 2/10, n/30 on April 3, 2013. They pay onApril 12. What is the impact on the accountingequation on the date they pay?
Assets = Liabilities + Shareholders Equity
Follow the steps on the next slide inorder to determine what the impactwill be.
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Steps to determine how much needs to be paid:
1. FIRST, original purchase was 50 @ $120 = $6,000.There were returns of 5 @ $120 = $600.
Therefore, the total amount is $5,400 in A/P.2. SECOND, the last day to take the discount is April 3
plus 10 days = April 13th. They are paying on April12 so they can take the discount.
3. Amount that should be paid is $5,400 * 98% (asthey get 2% discount) which is $5,292.
Baby Room Inc purchases 50 change tables for $120
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Baby Room Inc. purchases 50 change tables for $120each, terms 2/10, n/30 on April 3, 2013. They pay onApril 12. What is the impact on the accountingequation on the date they pay?
A. Decrease cash, decrease A/P by $5,292.B. Decrease cash by $5,292, decrease A/P by
$5,400.
C. Decrease cash by $5,292, decrease A/P by$5,400, decrease Sales Discounts by $108.
D. Decrease cash by $5,292, decrease PurchaseDiscounts by $108, decrease A/P by $5,400.
E. Decrease cash by $5,292, decrease Inventoryby $108, decrease A/P by $5,400.
Baby Room Inc purchases 50 change tables for $120
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Baby Room Inc. purchases 50 change tables for $120each, terms 2/10, n/30 on April 3, 2013. They pay onApril 12. What is the impact on the accountingequation on the date they pay?
Assets = Liabilities + Shareholders Equity
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To record payments:
If pay the NET amount:
Assets - (cash)
Liabilities - (A/P)
If pay the DISCOUNTED amount:
Assets (cash @ the discounted amount)
Assets - (Inventory @ the amount of thediscount)
Liabilities - (A/P the original amount)
E i 6 13 279
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Complete with an elbow partner.
NOTE: record the PERPETUAL entries
ONLY and only to Oct. 8th.
You have 5 minutes.
Exercise 6-13, page 279
Th S ll f I
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The Seller of Inventory
Now that we have inventory on ourshelves to sell to our customers,lets wear the Seller hat to seewhat affect sales transactions have
on the accounting equation.
Baby Room Inc sells 6 change tables on April 7 for
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Baby Room Inc. sells 6 change tables on April 7 for$256 each, terms 1/10, n/45. The change tables wereshipped FOB Destination. What is the impact on theaccounting equation?
Assets = Liabilities + Shareholders Equity
Sales always have 2 entries:1. Sales entry at the selling price to the Sales
account.2. Cost entry at the cost of inventory to the Cost
of goods sold account.
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Sell inventory sales entry @ the selling price:
Assets + (cash or A/R)
Revenues + (Sales)
Sell inventory cost entry @ the cost of inventory:
Assets - (inventory)
Expenses + (cost of goods sold)
Note that when we sell our inventory there are 2 entries a sales entryat the price we sold the inventory for and a cost entry at theoriginal price we paid for the inventory.
The change tables were shipped FOB Destination. On
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The change tables were shipped FOB Destination. OnApril 8 the appropriate party paid $90 for freight. Whatis the impact on the accounting equation?
Assets = Liabilities + Shareholders Equity
Who would pay the shipping costs?
A. Baby Room Inc.B. Buyer of change tables.
The change tables were shipped FOB Destination. On
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The change tables were shipped FOB Destination. OnApril 8 the appropriate party paid $90 for freight. Whatis the impact on the accounting equation?
Assets = Liabilities + Shareholders EquityA. Decrease cash, increase inventory by $90
B. Decrease cash, decrease shareholders equitythrough the Freight Out Expense by $90.
C. Increase A/P, decrease shareholders equitythrough the Freight Out Expense by $90.
D. None of the above.
The change tables were shipped FOB Destination. On
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The change tables were shipped FOB Destination. OnApril 8 the appropriate party paid $90 for freight. Whatis the impact on the accounting equation?
Assets = Liabilities + Shareholders Equity
The customer returns 1change table on April 10 as it
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The customer returns 1change table on April 10 as itwas the wrong wood colour. For any return of inventoryby the customer we would have to
A. Reverse the sales entry only.B. Reverse the cost entry only.
C. Reverse both the sales entry and the costentry.
D. Not sure!
The customer returns 1change table on April 10 as it
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e custo e etu s c a ge tab e o p 0 as twas the wrong wood colour. For any return of inventoryby the customer we would have to
Assets = Liabilities + Shareholders Equity
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A. Reverse the sales entry only.B. Reverse the cost entry only.
C. Reverse both the sales entry and the costentry.
D. Not sure!
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Return inventory reverse sales entry @ the sellingprice:
Assets - (cash or A/R)
Revenue - (Sales returns and allowances)
Return inventory reverse cost entry @ the cost ofinventory:
Assets + (inventory)
Expenses - (cost of goods sold)
Note: this is a reversal of the original entries EXCEPT for the useof the Sales Returns and Allowances account instead ofSales!
The customer of Baby Room Inc. pays the outstanding
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y p y gbalance on their account on April 17. What is theimpact on the accounting equation?
Assets = Liabilities + Shareholders Equity
Similar to a purchaser, there are steps that the sellermust follow in order to determine the amount thatthe customer must pay.
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Steps to determine how much will be received :
1. FIRST, determine correct accounts receivableamount (go back to original entry and deduct any
returns made by the customer).2. SECOND, determine what the last date that the
customer can take the discount (add # of days tothe DAY that the original shipment was received bythe customer).
3. THEN, determine the amount that you will receivefrom the customer.
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Steps to determine how much will be received:Use this empty slide to calculate the numbers.
The customer of Baby Room Inc. pays the outstanding
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y p y gbalance on their account on April 17. What is theimpact on the accounting equation?
Assets = Liabilities + Shareholders Equity
IF the customer of Baby Room Inc. had paid their bill on
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April 18th (beyond the discount period) then the entrywould have been as follows:
Assets = Liabilities + Shareholders Equity
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Complete as a class on the whiteboard.
Problem 6-1, page 280
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Exercise 5-6, page 229Problem 6-1A, page 284Problem 5-3, page 231
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Complete as a class on the whiteboard.
Exercise 5-6, page 229
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Complete as a class on the whiteboard.
Problem 6-1A, page 284
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Give students time to categorize theaccounts, then take up on next slide.
Problem 5-3, page 231
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