Chap007会计学基础.ppt
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1、,FINANCIAL ASSETS,Chapter 7,How Much Cash Should a Business Have?,$,Every business needs enough cash to pay its bills!,How Much Cash Should a Business Have?,Cash,Short-term Investments,Receivables,Financial Assets,How Much Cash Should a Business Have?,The Valuation of Financial Assets,Estimated coll
2、ectible amount,Cash,Coins and paper money,Checks,Money orders,Travelers checks,Bank credit card sales,Cash is defined as any deposit banks will accept.,Combined with cash on balance sheet,Reporting Cash in the Balance Sheet,Liquid short-term investments,Stable market values,Matures within 90 days of
3、 acquisition,Not available for paying current liabilities,Reporting Cash in the Balance Sheet,Not a current asset,Listed as an investment,“Restricted” Cash,Bank agrees in advance to lend money.,Reporting Cash in the Balance Sheet,Liability is incurred when line of credit is used.,Unused line of cred
4、it is disclosed in notes.,Lines of Credit,The Statement of Cash Flows,Summarizes cash transactions for an accounting period.,Statement of Cash Flows,Includes cash and cash equivalents.,Cash Management,Accurately account for cash. Prevent theft and fraud. Assure the availability of adequate amounts o
5、f cash. Avoid unnecessarily large amounts of idle cash.,Using Excess Cash Balances Efficiently,Cash available for long-term investment may be used to finance growth and expansion of the business, or to repay debt.,Cash not needed for business purposes should be distributed to the companys stockholde
6、rs.,Internal Control Over Cash,Segregate authorization, custody and recording of cash. Prepare a cash budget. Prepare a control listing of cash receipts. Require daily deposits. Make all payments by check. Verify every expenditure before payment. Promptly reconcile bank statements.,Cash Over and Sho
7、rt,Cash Over and Short is debited for shortages and credited for overages.,On May 5, XBAR, Inc.s cash drawer was counted and found to be $10 over.,Bank Statements,Shows the beginning bank balance, deposits made, checks paid, other debits and credits in the month, and the ending bank balance.,Bank St
8、atement,Reconciling the Bank Statement,Explains the difference between cash reported on bank statement and cash balance in depositors accounting records.,Provides information for reconciling journal entries.,Reconciling the Bank Statement,Balance per Bank,+ Deposits in Transit,- Outstanding Checks,
9、Bank Errors,= Adjusted Balance,Balance per Depositor,+ Deposits by Bank (credit memos),- Service Charge - NSF Checks, Book Errors,= Adjusted Balance,Reconciling the Bank Statement,All reconciling items on the book side require an adjusting entry to the cash account.,Balance per Depositor,+ Deposits
10、by Bank (credit memos),- Service Charge - NSF Checks, Book Errors,= Adjusted Balance,Reconciling the Bank Statement,Prepare a July 31 bank reconciliation statement and the resulting journal entries for the Simmons Company. The July 31 bank statement indicated a cash balance of $9,610, while the cash
11、 ledger account on that date shows a balance of $7,430. Additional information necessary for the reconciliation is shown on the next page.,Outstanding checks totaled $2,417. A $500 check mailed to the bank for deposit had not reached the bank at the statement date. The bank returned a customers NSF
12、check for $225 received as payment of an account receivable. The bank statement showed $30 interest earned on the bank balance for the month of July. Check 781 for supplies cleared the bank for $268 but was erroneously recorded in our books as $240. A $486 deposit by Acme Company was erroneously cre
13、dited to our account by the bank.,Reconciling the Bank Statement,Reconciling the Bank Statement,Used for minor expenditures.,Petty Cash Funds,Has one custodian.,Replenished periodically.,Petty Cash Funds,Short-Term Investments,Bond Investments,Capital Stock Investments,Current Assets,Almost As Liqui
14、d As Cash,Readily Marketable,Marketable Securities are . . .,A Principle of Asset Valuation,Most short-term investments in marketable securities are classified as available for sale and appear on the balance sheet at their current market value.,Lets turn our attention to accounts receivable.,Uncolle
15、ctible Accounts,If a company makes credit sales to customers, some accounts inevitably will turn out to be uncollectible.,PAST DUE,Reflecting Uncollectible Accounts in the Financial Statements,At the end of each period, record an estimate of the uncollectible accounts.,The Allowance for Doubtful Acc
16、ounts,The net realizable value is the amount of accounts receivable that the business expects to collect.,Writing Off an Uncollectible Account Receivable,When an account is determined to be uncollectible, it no longer qualifies as an asset and should be written off.,Writing Off an Uncollectible Acco
17、unt Receivable,Assume that on January 5, K-Max determined that Jason Clark would not pay the $500 he owes. K-Max would make the following entry.,Writing Off an Uncollectible Account Receivable,Assume that before this entry, the Accounts Receivable balance was $10,000 and the Allowance for Doubtful A
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