Quartz 4

Accounting for Receivables and Cash Control (应收账款与现金内部控制)

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Accounting for Receivables and Cash Control (应收账款与现金内部控制)

1. Gross Profit Percentage (毛利率)

  • Formula / 公式: Gross Profit Percentage = Gross Profit ÷ Net Sales
  • Gross Profit = Net Sales – COGS
  • Net Sales = Gross Revenue – Discounts – Returns & Allowances
  • Example / 例子: Deckers (2003): 121,055,000 = 42.4%
  • Interpretation / 含义: Higher gross profit percentage → higher net income.

2. Accounts Receivable (应收账款)

  • Definition / 定义: Amounts owed to the business by customers.
  • Classification / 分类:
    • Trade Receivables: from credit sales of goods or services.
    • Nontrade Receivables: from non-business transactions.

3. Bad Debts (坏账)

  • Meaning / 含义: Amounts customers fail to pay regardless of collection efforts.
  • Accounting Principle / 会计原则: Matching Principle — record Bad Debt Expense in the same period as Sales Revenue.
  • Estimation / 估计: Recorded by adjusting entry at year-end.

4. Recording Bad Debt Expense (坏账费用的记录)

  • Adjusting Entry Example (例子):
    Dec. 31 —
    Dr. Bad Debt Expense 504,000
  • Classification / 分类: Bad Debt Expense = Selling Expense (closed at year-end).
  • Allowance for Doubtful Accounts: Contra-asset account.

5. Allowance for Doubtful Accounts (坏账准备)

  • Balance Sheet Presentation / 资产负债表列示:
    Accounts Receivable
    Less: Allowance for Doubtful Accounts
    = Net Realizable Value (预计可收回净额)
  • Meaning: Amount the business expects to collect.

6. Writing Off Uncollectible Accounts (冲销无法收回的账款)

  • Condition / 条件: Specific account identified as uncollectible.
  • Journal Entry:
    Dr. Allowance for Doubtful Accounts
    Cr. Accounts Receivable
  • Effect: No change in Net Realizable Value or Income Statement.

7. Estimating Bad Debts Methods (坏账估计方法)

  • Two Methods / 两种方法:
    1. Percentage of Credit Sales
    2. Aging of Accounts Receivable

7.1 Percentage of Credit Sales Method (赊销百分比法)

  • Focus: Determine Bad Debt Expense on the Income Statement.
  • Formula: Net Credit Sales × % Bad Debt Loss Rate
  • Example:
    6,000
    Adjusting Entry →
    Dr. Bad Debt Expense 6,000
    Cr. Allowance for Doubtful Accounts 6,000

7.2 Aging of Accounts Receivable Method (应收账款账龄分析法)

  • Focus: Determine desired Allowance balance on Balance Sheet.
  • Process / 步骤:
    1. Classify receivables by age.
    2. Apply % Uncollectible to each age group.
    3. Total = Estimated Uncollectible Accounts.
  • Example:
    Total Estimated Uncollectible = 50
    → Adjusting Entry = $1,151
  • Journal Entry:
    Dr. Bad Debt Expense 1,151
    Cr. Allowance for Doubtful Accounts 1,151

8. Receivables Turnover Ratio (应收账款周转率)

  • Formula:
    Receivables Turnover = Net Sales ÷ Average Net Trade Receivables
  • Example:
    Deckers 2003 = 18,745,000 + $20,851,000)/2] = 6.1 times
  • Meaning: Measures how often receivables are collected during the year.
  • Comparison:
    • Deckers: 6.1
    • Skechers: 8.5
    • Timberland: 10.4

9. Cash Flow Relation (现金流关系)

  • Rule:
    • Add decrease in Accounts Receivable → increases cash
    • Subtract increase in Accounts Receivable → decreases cash
  • Formula:
    Sales Revenue ± Change in A/R = Cash Collected from Customers

10. Cash and Cash Equivalents (现金及现金等价物)

  • Includes / 包括:
    • Checks
    • Money Orders
    • Bank Drafts
    • Certificates of Deposit
    • Treasury Bills (T-Bills)

11. Internal Control of Cash (现金内部控制)

  • Purpose / 目的:
    • Properly account for assets
    • Safeguard assets
    • Ensure accuracy of financial records
  • Cash: Most susceptible asset to theft and fraud.

11.1 Separation of Duties (职责分离)

  • Components:
    • Custody (保管)
    • Recording (记录)
    • Authorization (授权)

11.2 Cash Control Practices (现金控制措施)

  • Key Controls:
    • Bank Reconciliations (银行调节表)
    • Daily Deposits (每日存款)
    • Payment Approval (付款审批)
    • Purchase Approval (采购审批)
    • Check Signatures (支票签字)
    • Prenumbered Checks (预编号支票)

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