Larry M. Walther; Christopher J. Skousen Current Assets Download free books at Download free eBooks at bookboon.com 2 Current Assets © 2009 Larry M. Walther, under nonexclusive license to Christopher J. Skousen & Ventus Publishing ApS All material in this publication is copyrighted, and the exclusive property of Larry M. Walther or his licensors (all rights reserved). ISBN 978-87-7681-485-4 Download free eBooks at bookboon.com Click on the ad to read more Current Assets 3 Contents 8 9 10 10 11 12 12 15 15 15 16 16 18 18 19 21 24 24 25 27 29 Contents Part 1. Special Issues for Merchants 1. The Merchandising Operation - Sales 1.1 Sales 1.2 Sales Returns and Allowances 1.3 Trade Discounts 1.4 Credit Cards 1.5 Cash Discounts 2. Purchase Considerations for Merchandising Business 2.1 Merchandise Acquisition 2.2 Periodic Inventory System 2.3 Purchase Returns and Allowances 2.4 Cash Discount 2.5 Gross Recording of Purchases/Discounts 2.6 Net Recording of Purchases/Discounts Lost 2.7 Comparison of Gross vs. Net 2.8 Freight Charges 2.9 The Calculation of Net Purchases 2.10 Cost of Goods Sold 2.11 Detailed Income Statement for Merchandise Operation 2.12 Closing Entries 3. Alternative Inventory System www.sylvania.com We do not reinvent the wheel we reinvent light. Fascinating lighting offers an infinite spectrum of possibilities: Innovative technologies and new markets provide both opportunities and challenges. An environment in which your expertise is in high demand. Enjoy the supportive working atmosphere within our global group and benefit from international career paths. Implement sustainable ideas in close cooperation with other specialists and contribute to influencing our future. Come and join us in reinventing light every day. Light is OSRAM Download free eBooks at bookboon.com Click on the ad to read more Current Assets 4 Contents 4. Income Statement Enhancements 4.1 Analysis of a Detailed Income Statement 5. The Control Structure 5.1 Internal Control in the Merchandising Environment 5.2 Internal Control and the Purchasing Cycle 5.3 Generalizing About Control Part 2. Cash and Highly-Liquid Investments 6. Cash Composition 6.1 Cash Equivalents 7. Cash Management 7.1 Strategies to Enhance Cash Flows 8. Bank Reconciliation 8.1 Comprehensive Illustration of Bank Reconciliation 8.2 Proof of Cash 9. Petty Cash 9.1 Replenishment of Petty Cash 9.2 Cash Short and Over 9.3 Increasing the Base Fund 10. Trading Securities 10.1 An Illustration 10.2 Rationale for Fair Value Accounting 31 33 35 36 37 37 39 40 40 41 41 44 46 50 52 52 53 54 55 55 56 360° thinking . © Deloitte & Touche LLP and affiliated entities. Discover the truth at www.deloitte.ca/careers