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Lecture Financial and managerial accounting (4/e): Chapter 4 - Wild, Shaw, Chiappetta

Chapter 4 - Accounting for merchandising operations. After completing this chapter, students will be able to: Describe merchandising activities and identify income components for a merchandising company, identify and explain the inventory asset and cost flows of a merchandising company, compute the acid-test ratio and explain its use to assess liquidity,. | Financial and Managerial Accounting Wild, Shaw, and Chiappetta Fourth Edition McGraw-Hill/Irwin Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 4 Accounting for Merchandising Operations Conceptual Learning Objectives C1: Describe merchandising activities and identify income components for a merchandising company. C2: Identify and explain the inventory asset and cost flows of a merchandising company. 4- Analytical Learning Objectives A1: Compute the acid-test ratio and explain its use to assess liquidity. A2: Compute the gross margin ratio and explain its use to assess profitability. 4- Procedural Learning Objectives P1: Analyze and record transactions for merchandise purchases using a perpetual system. P2: Analyze and record transactions for merchandise sales using a perpetual system. P3: Prepare adjustments and close accounts for a merchandising company. P4: Define and prepare multiple-step and single-step income statements. P5: Appendix 4A – Record and compare merchandising transactions using both periodic and perpetual inventory systems (see text for details). 4- Manufacturer Wholesaler Retailer Customer Merchandising Companies Merchandising Activities C 1 4- Reporting Income for a Merchandiser Merchandising companies sell products to earn revenue. Examples: sporting goods, clothing, and auto parts stores Cost of goods sold Gross profit Expenses Net income Net sales Minus Equals Minus Equals C1 4- Operating Cycle for a Merchandiser Begins with the purchase of merchandise and ends with the collection of cash from the sale of merchandise. Purchases Merchandise inventory Credit sales Accounts receivable Cash collection Purchases Merchandise inventory Cash sales Cash Sale Credit Sale C 2 4- Inventory Systems + + Beginning inventory Net purchases Merchandise available for sale Ending inventory Cost of goods sold = C 3 4- Multiple-Step Income Statement P4 4- End of Chapter 4 4- | Financial and Managerial Accounting Wild, Shaw, and Chiappetta Fourth Edition McGraw-Hill/Irwin Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 4 Accounting for Merchandising Operations Conceptual Learning Objectives C1: Describe merchandising activities and identify income components for a merchandising company. C2: Identify and explain the inventory asset and cost flows of a merchandising company. 4- Analytical Learning Objectives A1: Compute the acid-test ratio and explain its use to assess liquidity. A2: Compute the gross margin ratio and explain its use to assess profitability. 4- Procedural Learning Objectives P1: Analyze and record transactions for merchandise purchases using a perpetual system. P2: Analyze and record transactions for merchandise sales using a perpetual system. P3: Prepare adjustments and close accounts for a merchandising company. P4: Define and prepare multiple-step and single-step income .