《会计英语第四版》课件单元3.ppt
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1、Lesson ThreeCurrent Assets Aims:1.To explain the importance of cash and the accounting treatment of cash.2.To introduce four inventory valuation methods.3.To explain two systems of inventory accounting.4.To discuss the bad debt and the accounting treatment.5.To make allowance for doubtful account re
2、ceivable.6.To write off an un-collectible account receivable.3.1Introduction to Assets Assets are future economic benefits obtained or controlled by an entity as a result of past transactions or events.Assets may be physical,such as land,buildings,inventory of supplies,material,or finished products.
3、Assets may also be intangible,such as patents and trademarks.Assets are normally divided into two major categories:current assets and long-term assets.3.2Current Assets Current assets are assets:(1)in the form of cash;(2)will normally be realized in cash;(3)or conserve the use of cash during the ope
4、rating cycle of a firm or for one year,whichever is longer.3.3Cash Cash is money in the form of bills or coins,which can prompt payment for goods or services in currency or by check.Cash is listed first in the balance sheet,because it is the most liquid of all current assets.3.4Inventory Inventory r
5、efers to various assets that are stocked for the purpose of sale,production or consumption during the process of the production and operation for a business.3.5Four Common Inventory Cost Flow Methods The four methods are:(1)Specific identification;(2)First-in,first-out(FIFO);(3)Last-in,fast-out(LIFO
6、);(4)Weighted-average.Specific identification is usually used when a company buys goods that are easy to identify.Computers,airplanes,ships can serve as examples.The second method(first-in,first-out)sets that the cost of the items purchased first must be assigned to the cost of goods sold.The third
7、method(last-in,first-out)assumes that the cost of the goods purchased last is charged to the cost of goods sold.The fourth method(weighted-average)provides that the average unit cost is included in the cost of goods sold.3.6Impact on the Income Statement of the Cost Flow Method The cost flow method
8、a company uses in its accounting has a straight influence on the income statement,cost of goods sold,and the gross margin,So the income must be influenced.3.7Impact on the Balance Sheet of the Cost Flow Method Since the cost of inventory is allocated between the cost of goods sold and the ending inv
9、entory,the type of the cost flow method employed by a company has effects on the balance sheet as well as the income statement.3.8An Example of the Perpetual Inventory System Assume that a company named Youth Electric Motor had such ending balances in its accounts:Assets=ClaimsCash+Inventory=Contrib
10、uted Capital+Retained Earnings$9 000+$3 000=$9 000+$3 000 Now consider the following transactions that happened in 2012:(1)Two purchases of electric motor were made;(2)One sale of the goods took place.Beginning Inventory200 units$15=$3 000(at cost)Purchase One240 units$18=$4 320(at cost)Purchase Two
11、160 units$20=$3 200(at cost)Sale540 units$40=$21 600(at selling price)3.9FIFO Method In our example it is$21 600 for 540 electric motor sold.The revenue recognition increases both assets(Cash)and equity(Sales Revenue).The difference occurs to the cost of goods sold.Under FIFO(first-in,first-out),the
12、 later is determined by adding up the 540 electric motor that came to the company first.The first 540 units brought to Youth Electric motor consist of:200 units of the beginning inventory at the price of$15 each,240 units from the first purchase$18 each,and 100 from the second purchase$20 each.The c
13、alculation of the goods sold under FIFO is therefore as follows:Beginning Inventory200 units$15=$3 000Purchase One240 units$18=$4 320Purchase Two100 units$20=$2 000Total$9 3203.10LIFO Method As it names implies(last-in,first-out),the cost of goods sold is calculated using the costs of the electric m
14、otor that the company purchased last.The 60 units from the beginning inventory remain in Inventory.The computations are below:Purchase Two160 units$20=$3 200Purchase One240 units$18=$4 320Beginning Inventory140 units$15=$2 100Total$9 6203.11Weighted-average Method The weighted-average cost per unit
15、is$17.53(i.e.,$10 520/600 units).In our illustration,the cost to be moved from Inventory to the expense account is$9 466.2(i.e.,$17.53 540 units).3.12The Differences in the Financial Statements under the Three MethodsIncome StatementFIFOLIFOWeighted-averageSales$21 600$21 600$21 600Cost of Goods Sol
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