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“Sales Discounts” account is a contra-sales revenue account, and it is deducted from the gross sales revenue to reach net sales revenue in the income statement.
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“Sales Returns & Allowances” account is a contra-sales revenue account, and it is deducted from the gross sales revenue to reach net sales revenue in the income statement.
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In the closing process at first all revenues and expenses are closed to a pool account, called “income summary”. Then the net balance in income summary account is transferred to owner’s capital account.
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When the buyers are not satisfied with the goods they have purchased, they are usually allowed to return the goods. If this happens, buyers use another contra-purchase account, called “Purchase Returns & Allowances” to record the decrease in amount of purchases.
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Merchandising companies do not make production. They only purchase goods and resell to either consumers or retailers. Considering the type of their customers, merchandising companies are called either as retailer or whole seller. A retailer buys merchandise inventory either from a producer or a wholesaler and then sells those goods to consumers. A whole seller buys merchandising inventory from a producer and then sells them to retailers.
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Operating cycle begins with the purchase of merchandise inventory and ends when the cash from sales is collected from customers. When the company sells in cash, operating cycle becomes shorter; because in the case of credit sales company records a receivable at first and cash is collected at a later time. As the cycle shortens, companies become more profitable and liquid.
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A merchandising company must first purchase merchandise inventory to sell to its customers. Merchandise on hand (not sold) is called merchandise inventory asset. If the merchandise inventory is sold, its cost is taken from inventory account in balance sheet and recognized as an expense (cost of goods sold) in the income statement.
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The purchase discount is credited to the Merchandise Inventory account because companies record inventory at cost and, by paying within the discount period, early payment decreases the actual cost paid for Merchandise Inventory. In this case, it will be enough to pay 2,104.90 TL to close the total debt, and the cost of inventory to the company will decrease by 65.10 TL.
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When a merchandise inventory is purchased, it is recorded in an account called “Purchases” (not inventory) with its net cost to company. Net cost is the amount that the buyer is suggested to pay considering any trade discount received.
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Inventories can simply be defined as asset items that a company holds for sale in the ordinary course of business, or items that will be used or consumed in the production of goods to be sold.
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Raw Materials Inventory reports the cost of goods and materials on hand which will be used in production.
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Work in Process Inventory reports the cost of goods, materials and other components of manufacturing process used for the inventory which are still in production process, in other words unfinished at the time financial statements are prepared.
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Finished Goods Inventory reports the cost of goods, materials and other components of manufacturing process used for the inventory produced and available for sale.
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Inventories are usually made up of a combination of goods, raw materials and finished products.
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Generally Accepted Accounting Principles (GAAP) rests on a conceptual framework that identifies the objectives, characteristics, elements, and implementation of financial statements and creates the accepted accounting principles.
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The consistency principle holds that companies should use the same accounting methods and procedures in each accounting period, so that the information provided will help investors and creditors to compare a company’s financial statements from one period to the next.
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The disclosure principle holds that a company should report enough information for financial statement users to understand methods and procedures used for each component of the financial statements to make wise decisions about the company by providing additional information.
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The materiality concept states that a company must perform strictly proper accounting only for significant items.2 Information is significant (material in accounting terms) when it would cause someone to change a decision. The most important point about this concept is to understand what is significant or material.
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Conservatism in accounting means being careful in reporting items in the financial statements.
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The purpose of conservatism is to report realistic figures and never exaggerate assets or net income.
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There are two basic inventory accounting systems: “Perpetual Inventory System” and “Periodic Inventory System”.
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Perpetual Inventory System is an inventory system of tracking and recording inventory and cost of goods sold on a continual basis.
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Periodic Inventory System is a system of determining the quantity of inventory on hand only periodically.
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Inventory Cost Flow Method is a method of approximating the flow of inventory costs in a business that is used to determine the amount of cost of goods sold and ending merchandise inventory.
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Specific Identification Method is an inventory costing method based on the specific cost of particular units of inventory.
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