tailieunhanh - Lecture Survey of accounting - Chapter 5: Accounting for receivables and inventory cost flow

After completing this chapter, students will be able to: Explain how the allowance method of accounting for uncollectible accounts affects financial statements, determine uncollectible accounts expense using the percent of revenue method, determine uncollectible accounts expense using the percent of receivables method, explain how accounting for notes receivable and accrued interest affects financial statements, explain how accounting for credit card sales affects financial statements. | McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 5: Accounting for Receivables and Inventory Cost Flow Learning Objectives Explain how the allowance method of accounting for uncollectible accounts affects financial statements. Determine uncollectible accounts expense using the percent of revenue method. Determine uncollectible accounts expense using the percent of receivables method. Explain how accounting for notes receivable affects financial statements. Explain how accounting for credit card sales affects financial statements. Explain how different inventory cost flow methods (specific identification, FIFO, LIFO, and weighted average) affect financial statements. The learning objectives for Chapter 5 include: Explain how the allowance method of accounting for uncollectible accounts affects financial statements. Determine uncollectible accounts expense using the percent of revenue method. Determine uncollectible accounts expense | McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 5: Accounting for Receivables and Inventory Cost Flow Learning Objectives Explain how the allowance method of accounting for uncollectible accounts affects financial statements. Determine uncollectible accounts expense using the percent of revenue method. Determine uncollectible accounts expense using the percent of receivables method. Explain how accounting for notes receivable affects financial statements. Explain how accounting for credit card sales affects financial statements. Explain how different inventory cost flow methods (specific identification, FIFO, LIFO, and weighted average) affect financial statements. The learning objectives for Chapter 5 include: Explain how the allowance method of accounting for uncollectible accounts affects financial statements. Determine uncollectible accounts expense using the percent of revenue method. Determine uncollectible accounts expense using the percent of receivables method. Explain how accounting for notes receivable and accrued interest affects financial statements. Explain how accounting for credit card sales affects financial statements. Explain how different inventory cost flow methods (specific identification, FIFO, LIFO, and weighted average) affect financial statements. Financial Statements The financial statements for Allen’s Tutoring Services’ 2012 accounting period are shown in this slide. Notice that as a result of estimating uncollectible accounts, the balance sheet reports the amount of cash ($1,500 - $75 = $1,425), the company actually expects to collect (net realizable value of accounts receivable). Second, the income statement provides a clearer picture of managerial performance because it better matches the uncollectible accounts expense with the revenue it helped produce. The statements show that the cash flow from operating activities ($12,500) differs from net income ($13,925). The .

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