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Chapter 6
Reporting and Interpreting Sales Revenue, Receivables, and Cash
PowerPoint Authors:
Susan Coomer Galbreath, Ph.D., CPA Charles W Caldwell, D.B.A., CMA
Jon A. Booker, Ph.D., CPA, CIA Cynthia J. Rooney, Ph.D., CPA
McGrawHill/Irwin Copyright © 2014 by The McGrawHill Companies, Inc. All rights reserved.
Accounting for net Sales Revenue
The revenue realization principle requires that
Goods have been delivered or servicesen earned.
There is persuasive evidence of an arrangement for customer payment.
Price is fixed or determinable.
Collection is reasonably assured.
6-2
Sales Discounts to Businesses
When customers purchase on open account, they may be offered a sales discount to encourage early payment.
Read as: “Two ten, net thirty”
6-3
Sales Returns andAllowances
Customers have a right to return unsatisfactory or damaged merchandise and receive a refund or an adjustment to their bill. Such returns are often
accumulated in a separate account called Sales Returns and Allowances.
Damaged Merchandise
Returned Merchandise
6-4
Reporting Net Sales
Companies record credit card discounts, sales discounts, and sales returns and allowances
separately to allow management to monitor these transactions.
Salesrevenue
Less: Creditcarddiscounts Salesdiscounts Salesreturnsandallowances
Netsales
6-5
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