中級(jí)財(cái)會(huì)CashandReceivables現(xiàn)金及應(yīng)收賬款

1、Chapter 2 Cash and Receivables第二章第二章 現(xiàn)金及應(yīng)收款現(xiàn)金及應(yīng)收款Part A Cash and Cash Equivalents In this part, we are going to learn:Cash Cash equivalentsCash Cash includes currency and coins, balances in checking accounts, and items acceptable for deposit in these accounts. 現(xiàn)金包括紙幣、硬幣、銀行支票存款賬戶的余額以及現(xiàn)金包括紙幣、硬幣、銀行支票存款

2、賬戶的余額以及可以存入這些賬戶的款項(xiàng)?？梢源嫒脒@些賬戶的款項(xiàng)。 Simply, “cash”=money hold in hand + money in the bankCash Equivalents Cash Equivalents include money market funds, treasury bills, and commercial paper. 現(xiàn)金等價(jià)物包括貨幣市場(chǎng)基金、國(guó)庫(kù)券和商業(yè)票據(jù)等?，F(xiàn)金等價(jià)物包括貨幣市場(chǎng)基金、國(guó)庫(kù)券和商業(yè)票據(jù)等。 The maturity date (到期日到期日) for cash equivalents should be no longe

3、r than three months from the date of purchase.Part B Current Receivables 短期應(yīng)收款短期應(yīng)收款 In this part, we are going to learn:The classification of “Receivables”Accounts receivableNotes receivableReceivables Receivables are a companys claims to the future collection of cash, other assets or services. 應(yīng)收款是

4、企業(yè)在未來(lái)要求收取現(xiàn)金、其他應(yīng)收款是企業(yè)在未來(lái)要求收取現(xiàn)金、其他資產(chǎn)或者服務(wù)的權(quán)利。資產(chǎn)或者服務(wù)的權(quán)利。ReceivablesTrade receivables 商業(yè)應(yīng)收款商業(yè)應(yīng)收款: resulting from the sale of goods or services.Nontrade receivables 非商業(yè)應(yīng)收款非商業(yè)應(yīng)收款: not resulting from the sale of goods or services.Exp. Accounts ReceivableExp. Interest ReceivableAccounts Receivable Accounts r

5、eceivable are coming from credit sale (賒銷賒銷). Accounts receivable are supported by the customers credit and an invoice. Notes receivable are supported by the note and an invoice. Accounts receivable are classified as current assets, because their collection period (收款期收款期) is usually less than one y

6、ear. AR are recognized on the day when we deliver the goods/services. Initial Valuation of Accounts Receivable 應(yīng)收賬款的初始計(jì)量應(yīng)收賬款的初始計(jì)量 Two parts will be discussed:Trade discountsCash discountsTrade Discounts Trade Discounts: a percentage reduction from the list price that companies offer to their custome

7、rs. (price reduction) 商業(yè)折扣商業(yè)折扣：公司為顧客提供的、從零售價(jià)中扣減一定：公司為顧客提供的、從零售價(jià)中扣減一定百分比的折扣。百分比的折扣。(價(jià)格扣減價(jià)格扣減) Trade discounts are often offered to those customers who purchase goods/services in large quantity. In accounting, we use “net price” to record AR and sales revenue.Net price=full price trade discountTrade D

8、iscounts Exp. A company sells a machine at a price of $2,500, but sells it to a customer at list less a 10% discount. (credit sale) Net price=full price-trade discount=$2,500-$250010%=$2,250 Dr. Accounts Receivable 2,250 Cr. Sales Revenue 2,250 Cash Discounts Cash Discounts: often called sales disco

9、unts, represent reductions not in the selling price of a good or service but in the amount to be paid by a credit customer if paid within a specified period of time. (reduction in payment) 現(xiàn)金折扣現(xiàn)金折扣：又稱為銷售折扣，它并不是對(duì)商品或勞務(wù)：又稱為銷售折扣，它并不是對(duì)商品或勞務(wù)銷售價(jià)格的減少，而是對(duì)賒購(gòu)客戶在特定的期間內(nèi)付銷售價(jià)格的減少，而是對(duì)賒購(gòu)客戶在特定的期間內(nèi)付款而給予應(yīng)付款金額的減少?？疃o予應(yīng)付

10、款金額的減少。(應(yīng)付款的減少應(yīng)付款的減少) It is a discount intended to provide incentive for quick payment. (encourage customers to pay the cash as soon as possible)Cash Discounts Exp. Our company offered cash discount: 2/10, n/30.2/10, meaning a 2% discount if paid within 10 days. (10 days-discount period)n/30, meanin

11、g no discount if paid within 30 days. Two ways to record cash discounts:Gross methodNet methodGross method 總價(jià)法總價(jià)法 How to use gross method: At first, use the full price to record accounts receivable. If the cash discount is realized (within discount period), then put the discount amount into “sales d

12、iscount”.Example of gross method Our companys credit terms are stated as 2/10, n/30. On Oct. 5, 2011, we sold merchandise at a price of $20,000. The customer paid 70% of its total price on Oct. 14 and the remaining balance of $6,000 on Nov. 4.Net method 凈價(jià)法凈價(jià)法 How to use net method: At first, use th

13、e net price to record accounts receivable. If the cash discount is not realized (beyond discount period), then record the discount amount as “interest revenue”.Example of net method Our companys credit terms are stated as 2/10, n/30. On Oct. 5, 2011, we sold merchandise at a price of $20,000. The cu

14、stomer paid 70% of its total price on Oct. 14 and the remaining balance of $6,000 on Nov. 4.Gross Method V.S. Net MethodThe gross method supposes all the cash discounts can not be taken. 總價(jià)法假設(shè)所有的現(xiàn)金折扣都不能被享總價(jià)法假設(shè)所有的現(xiàn)金折扣都不能被享受。受。But if cash discount is taken, then put the discount amount into “sales dis

15、counts”.The net method supposes all the cash discounts can be taken. 凈價(jià)法假設(shè)所有的現(xiàn)金折扣都可以被享受。凈價(jià)法假設(shè)所有的現(xiàn)金折扣都可以被享受。But if cash discount is not taken, then put the discount amount into “interest revenue”.Gross Method V.S. Net Method In America, most companies use the gross method because its easier than the

16、net method. But in China, only the gross method is allowed to use.Comparing trade discounts & cash discountsTrade discounts are often offered to those customers who purchase goods/services in large quantity.Cash discounts are offered to those customers who pay the cash within the discount period

17、.The purpose of trade discounts is to encourage large purchase.The purpose of cash discounts is to encourage quick payment.Comparing trade discounts & cash discountsTrade discounts are expressed as percentage reduction from price. (exp. 20% of trade discount)Cash discounts are expressed as terms

18、 of 2/10, n/30.Trade discounts only has one way to record: use the net price to record the accounts receivable and the revenue.Cash discounts has two ways to record: gross method & net method.l Exercise: P85 E2-4Uncollectible accounts receivable Uncollectible accounts receivable(無(wú)法收回的無(wú)法收回的應(yīng)收賬款應(yīng)收

19、賬款) or bad debts(壞賬壞賬): receivables that some customers are either unable or unwilling to pay. The costs which arise from uncollectible accounts are bad debt expense(壞賬損失壞賬損失).Bad debtscauses Bad debt expenseUncollectible accounts receivable Two ways to record bad debts: Direct write-off method(直接轉(zhuǎn)銷

20、法直接轉(zhuǎn)銷法) Allowance method(備抵法備抵法) Two questions we need to focus on: When to use this method? How to use this method?Direct write-off method 直接轉(zhuǎn)銷法直接轉(zhuǎn)銷法 When to use direct write-off method? If uncollectible accounts receivable are immaterial (amount of bad debts is small) Or if we can not reliably est

21、imate 不能合理估計(jì)不能合理估計(jì) the amount of uncollectible accounts receivable How to use direct write-off method?When accounts receivable actually become bad debts, just simply increase bad debt expense and decrease accounts receivable. 100% sure money can not be received Dr: bad debt expense1. Cr: accounts re

22、ceivableExample of direct write-off method In 2011, one of our customers went bankrupt (破產(chǎn)破產(chǎn)), he was unable to pay the debt $10,000 (which were our companys accounts receivable). Suppose $10,000 are immaterial amount for our company.Use direct write-off methodDr. Bad debt expense 10,000 Cr. Account

23、s receivable 10,000Allowance method 備抵法備抵法 When to use allowance method? If uncollectible accounts receivable are material amount (amount of bad debts is large) And if we can reliably estimate 能合理估計(jì)能合理估計(jì) the amount of uncollectible accounts receivable How to use allowance method? First estimate the

24、amount of probable bad debts 估計(jì)估計(jì)可能發(fā)生壞賬的金額可能發(fā)生壞賬的金額 Put it into “allowance for uncollectible accounts” （壞賬準(zhǔn)備壞賬準(zhǔn)備） Dr: bad debt expense1. Cr: allowance for UAAllowance method Allowance for uncollectible accountsAlso called “allowance for doubtful accounts”A contra account (備抵賬戶備抵賬戶) to accounts recei

25、vableAllowance for uncollectible accountsDr. DecreaseBeginning Bal.Cr.IncreaseEnding Bal.Allowance method Three events under allowance method: (備抵備抵法下的法下的“三個(gè)三個(gè)”會(huì)計(jì)事件會(huì)計(jì)事件) Estimate the amount of probable bad debts 估計(jì)可能發(fā)生壞賬的金額估計(jì)可能發(fā)生壞賬的金額 When accounts are deemed uncollectible 壞賬真實(shí)發(fā)生壞賬真實(shí)發(fā)生1. When previo

26、usly written-off accounts are collected 之前的壞賬重新收回之前的壞賬重新收回Estimate the amount of probable bad debts Three ways to estimate the amount of future bad debts: 三種估計(jì)壞賬的方法三種估計(jì)壞賬的方法 Income statement approach 利潤(rùn)表法利潤(rùn)表法 Balance sheet approach 資產(chǎn)負(fù)債表法資產(chǎn)負(fù)債表法 A combination of two approaches 兩種方法兩種方法的組合的組合Income st

27、atement approach 利潤(rùn)表法利潤(rùn)表法 How to use income statement approach?We estimate bad debt expense as a percentage of each periods net credit sales. (按每期凈賒銷銷按每期凈賒銷銷售收入的百分比估計(jì)售收入的百分比估計(jì)“壞賬費(fèi)用壞賬費(fèi)用”)Bad debt expense=credit sales P%Example of income statement approach P55 illustration 2-3Bad debt expense=credit s

28、ales P%In this case, Bad debt expense=$1,200,000 2%=$24,000Dr. Bad debt expense 24,000 Cr. Allowance for uncollectible accounts 24,000Accounts receivable $305,000Less: Allowance for uncollectible accounts (24,000)Net accounts receivable (NRV of AR) $281,000It will be reported in the balance sheet.Ba

29、lance sheet approach 資產(chǎn)負(fù)債表法資產(chǎn)負(fù)債表法How to use balance sheet approach? (two ways) We estimate uncollectible accounts as a percentage of the receivable balance. (按總應(yīng)收賬按總應(yīng)收賬款余額的百分比估計(jì)壞賬款余額的百分比估計(jì)壞賬)Allowance for uncollectible accounts=the total AR P% Or, applying different percentages to accounts receivabl

30、e balances. (對(duì)不同應(yīng)收賬款余額應(yīng)用不同對(duì)不同應(yīng)收賬款余額應(yīng)用不同的百分比的百分比)Allowance for uncollectible accounts=AR1 P1%+AR2 P2%+ AR3 P3%+ ARn Pn%1. AR1, AR2, AR3, , ARn are different accounts receivable balances depending on the length of time outstanding. 按應(yīng)收賬款的賬齡長(zhǎng)短劃分不同的按應(yīng)收賬款的賬齡長(zhǎng)短劃分不同的余額余額 (exp. P56)Example of balance sheet

31、approach Exp. P56 illustration 2-3AAccounts Receivable Aging Schedule 應(yīng)收賬款賬齡應(yīng)收賬款賬齡分析表分析表Allowance for uncollectible accounts=AR1 P1%+AR2 P2%+ AR3 P3%+ ARn Pn%Allowance for uncollectible accounts=AR1 P1%+AR2 P2%+ AR3 P3%+ AR4 P4%=220,0005%+50,00010%+25,00020%+10,00045%=25,500The longer the account re

32、ceivable has been outstanding the more likely it will prove uncollectible. 應(yīng)收賬款拖欠的時(shí)間越長(zhǎng)，越有可能成應(yīng)收賬款拖欠的時(shí)間越長(zhǎng)，越有可能成為壞賬。（壞賬提取比率應(yīng)該越大）為壞賬。（壞賬提取比率應(yīng)該越大）Example of balance sheet approach Exp. P56 illustration 2-3AAllowance for uncollectible accounts=$25,500Dr. Bad debt expense 25,500 Cr. Allowance for uncollect

33、ible accounts 25,500Here, $25,500 is the ending bal. for “allowance for uncollectible accounts”Allowance for uncollectible accountsDr. DecreaseBeginning Bal. 0Cr. 25,500IncreaseEnding Bal. 25,500First year of operationsExample of balance sheet approach lets suppose it was not the first year of opera

34、tions. The beginning credit bal. for the allowance account was $4,000.Dr. Bad debt expense 21,500 Cr. Allowance for uncollectible accounts 21,500Allowance for uncollectible accountsDr. DecreaseBeginning Bal. 4,000Cr. 21,500IncreaseEnding Bal. 25,500Example of balance sheet approach lets suppose it w

35、as not the first year of operations. The beginning debit bal. for the allowance account was $4,000.Dr. Bad debt expense 29,500 Cr. Allowance for uncollectible accounts 29,500Allowance for uncollectible accountsBeginning Bal. 4,000Dr. DecreaseCr. 29,500IncreaseEnding Bal. 25,500A combination of two a

36、pproaches Some companies use a combination of two approaches. 有些公司使用兩種方法的組合有些公司使用兩種方法的組合。They use the income statement approach at the end of every month.But they use the balance sheet approach at the end of the year.A combination of two approachesExp. Suppose 2011 is the first year of operation. Du

37、ring 2011, sales on credit are $1,200,000. The company anticipates that 2% of all credit sales will finally become uncollectible.Using income statement approach at the end of every month:Bad debt expense=S12%+S22%+.+S122%=(S1+ S2+ S12)2%=SYear2%Bad debt expense=$1,200,0002%=24,000Dr. Bad debt expens

38、e 24,0001. Cr. Allowance for uncollectible accounts 24,000A combination of two approachesUse balance sheet approach at the end of the year:Allowance for uncollectible accounts=AR1 P1%+AR2 P2%+ AR3 P3%+ ARn Pn%Allowance for uncollectible accounts=220,0005%+50,00010%+25,00020%+10,00045%=25,500Age Grou

39、pAmountP%0-60 days220,0005%61-90 days50,00010%91-120 days25,00020%Over 120 days10,00045%A combination of two approachesAllowance for uncollectible accounts=220,0005%+50,00010%+25,00020%+10,00045%=25,500 (ending bal.)Suppose this year is the companys first year, so beginning bal.=0.Allowance for unco

40、llectible accountsDr. DecreaseBeginning Bal. 0Cr. 24,000 1,500Ending Bal. 25,500Using income statement approachUsing balance sheet approachA combination of two approachesDr. bad debt expense 1,500 Cr. Allowance for uncollectible accounts 1,500Accounts receivable $305,000Less: Allowance for uncollect

41、ible accounts IS (24,000) Allowance for uncollectible accounts BS (1,500)Net accounts receivable $279,500When accounts are deemed uncollectible 壞賬真實(shí)發(fā)生壞賬真實(shí)發(fā)生If we are sure that part of accounts receivable will not be collected, then record it as a debit to allowance for uncollectible accounts and a c

42、redit to accounts receivable.100% sure money can not be received (actually become bad debts)Dr: Allowance for UA Cr: Accounts receivableExp. Assume that actual bad debts in 2012 are $25,000, (we are 100% sure that in 2012, $25,000 will not be received)Dr. Allowance for uncollectible accounts 25,000

43、Cr. Accounts receivable 25,000When previously written-off accounts are collected 之前的壞賬重新收回之前的壞賬重新收回Sometimes, accounts receivable that have become bad debts will be collected in part or in full.When this happens, the receivable and the allowance should be reinstated. 當(dāng)壞賬重新收回時(shí)，應(yīng)當(dāng)壞賬重新收回時(shí)，應(yīng)收賬款和壞賬準(zhǔn)備應(yīng)該予以

44、恢復(fù)。收賬款和壞賬準(zhǔn)備應(yīng)該予以恢復(fù)。Exp. Assume that the previous bad debts of $1,200 is collected this year.Dr. Accounts receivable 1,200 Cr. Allowance for uncollectible account 1,200Dr. cash 1,200 Cr. Accounts receivable 1,200Exercise P86 E2-9 P86 E2-8 P86 E2-11Financing with receivables In this part, we are going

45、to learn: Secured borrowing 擔(dān)保借款擔(dān)保借款 Sale of receivables 應(yīng)收款的出售應(yīng)收款的出售Secured borrowing Secured borrowing: the transferor (borrower) borrowed money from transferee (lender), with the receivables serving as collateral for the loan. 擔(dān)保借款：轉(zhuǎn)讓人以應(yīng)收款為擔(dān)保借款：轉(zhuǎn)讓人以應(yīng)收款為抵押抵押 (collateral)向向出讓人貸款。出讓人貸款。 The receivab

46、les belong to the transferor or transferee?The receivables still belong to the transferor.Example P65 illustration 2-5 Transferor (borrower): Santa Teresa GlassTransferee (lender): Finance Bank Dr. cash 490,700 Finance charge expense 財(cái)務(wù)費(fèi)用財(cái)務(wù)費(fèi)用 9,300 Cr. Liability-financing arrangement 500,000 負(fù)債負(fù)債-融資

47、合同融資合同Loan: $500,000Finance fee 融資費(fèi)用融資費(fèi)用: $620,0001.5%=9,300Balance 余額余額: 500,000-9,300=490,700Notes payable/short-term borrowing 500,000Signing a noteWithout signing a noteExample P65 illustration 2-5 Santa collected $400,000 of the receivables in Dec.:Dr. cash 400,000 Cr. Accounts receivable 400,0

48、00Santa should use the $400,000 to repay the loan borrowing from Finance Bank.Dr. notes payable 400,000 Cr. Cash 400,000During December, one-month of interest=$500,00012%1/12=$5,000Dr. Interest expense 5,000l Cr. cash 5,000Exercise P87 2-15 Transferor (borrower): High Five SurfboardTransferee (lende

49、r): Equitable Finance Corporation Dr. cash 439,200 Finance charge expense 10,800 Cr. Notes payable 450,000Loan: $450,000Finance fee: $600,0001.8%=10,800Balance: 450,000-10,800=439,200Sale of receivables 應(yīng)收款的出售應(yīng)收款的出售 The transferor (seller) sells the receivables to transferee (buyer).Sale of receivab

50、lesSale without recourseSale with recourseThe receivables belong to transfereeCan not ask to paySale without recourse 無(wú)追索權(quán)的銷售無(wú)追索權(quán)的銷售 If the sale is made without recourse, the buyer cant ask the seller for more money if customers dont pay the receivables.ACustomer BARCreditor債權(quán)人債權(quán)人debtor債務(wù)人債務(wù)人CSells

51、ARCreditor債權(quán)人債權(quán)人Did not paySale without recoursetransferortransfereesellerbuyerSale without recourse Who takes the risk if customers dont pay the receivables? A or C? The transferee (buyer) takes the risk of uncollectibility when accounts receivable are sold without recourse. 當(dāng)采用無(wú)追索權(quán)的方式銷售應(yīng)收賬款時(shí)，買方應(yīng)承當(dāng)

52、采用無(wú)追索權(quán)的方式銷售應(yīng)收賬款時(shí)，買方應(yīng)承擔(dān)發(fā)生壞賬的風(fēng)險(xiǎn)。擔(dān)發(fā)生壞賬的風(fēng)險(xiǎn)。Sale without recourse If it is the sale without resource, the seller (transferor) will do three things:Removes accounts (or notes) receivable, and any allowance for bad debts associated with them 把應(yīng)收賬款（或應(yīng)收票據(jù)）從賬戶中把應(yīng)收賬款（或應(yīng)收票據(jù)）從賬戶中剔除剔除，以及，以及剔除與之相關(guān)的壞賬準(zhǔn)備剔除與之相關(guān)的壞賬準(zhǔn)備R

53、ecognizes at fair value any assets acquired or liabilities assumed by seller in the transaction 把把從交易中獲得資產(chǎn)或承擔(dān)的負(fù)債以從交易中獲得資產(chǎn)或承擔(dān)的負(fù)債以公允價(jià)值公允價(jià)值確認(rèn)確認(rèn)1. Records the difference as a gain or loss 將差額確將差額確認(rèn)為認(rèn)為利得或者損失利得或者損失AR=$600,000Example Illustration 2-6 Seller (transferor): Santa Teresa Glass Buyer (transfere

54、e): Factor Bank AR=$600,000 Sale without recourseSFCash + beneficial interest$540,000Fair value - 4% fee$50,000-$24,000=$26,000sellerbuyerWill be paid now (cash)Will be paid in the future(receivable)Example Removes accounts (or notes) receivable, and any allowance for bad debts associated with themR

55、ecognizes at fair value any assets acquired or liabilities assumed by seller in the transactionRecords the difference as a gain or lossSFAR=$600,000Cash + beneficial interest$540,000Fair value - 4% fee$50,000-$24,000=$26,000sellerbuyerWill be paid now (cash)Will be paid in the future(receivable) Exa

56、mple Dr. Cash 540,000 Receivable from factor 26,000 (other receivable) Loss on sale of receivables 34,000 Cr. Accounts receivable 600,000Exercise P87 E2-16Can ask to paySale with recourse 有追索權(quán)的銷售有追索權(quán)的銷售 If the sale is made with recourse, the buyer can ask the seller for more money if customers dont

57、pay the receivables.ACustomer BARCreditor債權(quán)人債權(quán)人debtor債務(wù)人債務(wù)人CSells ARCreditor債權(quán)人債權(quán)人Did not paySale with recoursetransferortransfereesellerbuyerSale with recourse Who takes the risk if customers dont pay the receivables? A or C? The transferor (seller) retains the risk of uncollectibility when account

58、s receivable are sold with recourse. 當(dāng)采用有追索權(quán)的方式銷售應(yīng)收賬款時(shí)，壞賬的風(fēng)當(dāng)采用有追索權(quán)的方式銷售應(yīng)收賬款時(shí)，壞賬的風(fēng)險(xiǎn)仍歸賣方所有。險(xiǎn)仍歸賣方所有。Sale with recourse If it is the sale with resource, the seller (transferor) will do four things:(the same as “sale without recourse”)(the same as “sale without recourse”)(the same as “sale without recour

59、se”)1. The seller should record the estimated fair value of its recourse obligation as a liability.賣方需要估賣方需要估計(jì)計(jì)追索義務(wù)追索義務(wù)的公允價(jià)值并將其確認(rèn)為一項(xiàng)負(fù)債。的公允價(jià)值并將其確認(rèn)為一項(xiàng)負(fù)債。 Example Illustration 2-7 Sale with recourse Estimated fair value of recourse obligation is $5,000.SFAR=$600,000Cash ($540,000)sellerbuyerReceivable

60、($50,000-$24,000=$26,000)Recourse liability ($5,000)Assets Liability Example Dr. Cash 540,000 Receivable from factor 26,000 Loss on sale of receivables 39,000 Cr. Accounts receivable 600,000 recourse liability 追索負(fù)債追索負(fù)債 5,000 Example Illustration 2-7 If the buyer (Factor Bank) collects all of the receivables, Dr. r