西方财务会计培训教材(英文版).pptx
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西方财务会计培训教材(英文版).pptx
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Chapter4-1Chapter4-2CHAPTER4INCOMESTATEMENTANDRELATEDINFORMATIONIntermediateAccounting13thEditionKieso,Weygandt,andWarfieldChapter4-31.Understandtheusesandlimitationsofanincomestatement.2.Prepareasingle-stepincomestatement.3.Prepareamultiple-stepincomestatement.4.Explainhowtoreportirregularitems.5.Explainintraperiodtaxallocation.6.Identifywheretoreportearningspershareinformation.7.Preparearetainedearningsstatement.8.Explainhowtoreportothercomprehensiveincome.LearningObjectivesChapter4-4ElementsSingle-stepMultiple-stepCondensedincomestatementsIncomeStatementFormatoftheIncomeStatementReportingIrregularItemsSpecialReportingIssuesUsefulnessLimitationsQualityofEarningsDiscontinuedoperationsExtraordinaryitemsUnusualgainsandlossesChangesinaccountingprinciplesChangesinestimatesCorrectionsoferrorsIntraperiodtaxallocationEarningspershareRetainedearningsstatementComprehensiveincomeIncomeStatementandRelatedInformationChapter4-5Evaluatepastperformance.IncomeStatementLO1Understandtheusesandlimitationsofanincomestatement.Helpassesstheriskoruncertaintyofachievingfuturecashflows.Predictingfutureperformance.UsefulnessChapter4-6Companiesomititemsthatcannotbemeasuredreliably.IncomeStatementLimitationsLO1Understandtheusesandlimitationsofanincomestatement.Incomemeasurementinvolvesjudgment.Incomeisaffectedbytheaccountingmethodsemployed.Chapter4-7CompanieshaveincentivestomanageincometomeetorbeatWallStreetexpectations,sothatmarketpriceofstockincreasesandvalueofstockoptionsincrease.IncomeStatementLO1Understandtheusesandlimitationsofanincomestatement.Qualityofearningsisreducedifearningsmanagementresultsininformationthatislessusefulforpredictingfutureearningsandcashflows.QualityofEarningsChapter4-8FormatoftheIncomeStatementLO1Understandtheusesandlimitationsofanincomestatement.RevenuesInflowsorotherenhancementsofassetsorsettlementsofitsliabilitiesthatconstitutetheentitysongoingmajororcentraloperations.SalesFeerevenueInterestrevenueDividendrevenueRentrevenueExamplesofRevenueAccountsElementsoftheIncomeStatementChapter4-9FormatoftheIncomeStatementLO1Understandtheusesandlimitationsofanincomestatement.ExpensesOutflowsorotherusing-upofassetsorincurrencesofliabilitiesthatconstitutetheentitysongoingmajororcentraloperations.CostofgoodssoldDepreciationexpenseInterestexpenseRentexpenseSalaryexpenseExamplesofExpenseAccountsElementsoftheIncomeStatementChapter4-10FormatoftheIncomeStatementLO1Understandtheusesandlimitationsofanincomestatement.GainsIncreasesinequity(netassets)fromperipheralorincidentaltransactions.Losses-Decreasesinequity(netassets)fromperipheralorincidentaltransactions.Gainsandlossescanresultfromsaleofinvestmentsorplantassets,settlementofliabilities,write-offsofassets.ElementsoftheIncomeStatementChapter4-11Single-StepFormatLO2Prepareasingle-stepincomestatement.Thesingle-stepstatementconsistsofjusttwogroupings:
RevenuesExpensesNetIncomeSingle-StepNodistinctionbetweenOperatingandNon-operatingcategories.IncomeStatement(inthousands)Revenues:
Sales285,000$Interestrevenue17,000Totalrevenue302,000Expenses:
Costofgoodssold149,000Sellingexpense10,000Administrativeexpense43,000Interestexpense21,000Incometaxexpense24,000Totalexpenses247,000Netincome55,000$Earningspershare0.75$Chapter4-12Single-StepFormatLO2Prepareasingle-stepincomestatement.E4-4:
Prepareanincomestatementfromthedatabelow.SolutiononnotespageAdministrativeexpense:
Revenues:
Officerssalaries4,900$Sales96,500$Depreciation3,960Rentalrevenue17,230Costofgoodssold63,570Totalrevenues113,730Rentalrevenue17,230Expenses:
Sellingexpense:
Costofgoodssold63,570Transportation-out2,690Sellingexpense17,150Salescommissions7,980Administrativeexense8,860Depreciation6,480Interestexpense1,860Sales96,500Incometaxexpense7,580Incometaxexpense7,580Totalexpenses99,020Interestexpense1,860Netincome14,710$IncomeStatementFortheyearendedDec.31,2011Chapter4-13Thesingle-stepincomestatementemphasizesa.thegrossprofitfigure.b.totalrevenuesandtotalexpenses.c.extraordinaryitemsmorethanitisemphasizedinthemultiple-stepincomestatement.d.thevariouscomponentsofincomefromcontinuingoperations.ReviewSingle-StepFormatLO2Prepareasingle-stepincomestatement.Chapter4-14Separatesoperatingtransactionsfromnonoperatingtransactions.Matchescostsandexpenseswithrelatedrevenues.Highlightscertainintermediatecomponentsofincomethatanalystsuse.LO3Prepareamultiple-stepincomestatement.Multiple-StepFormatBackgroundChapter4-151.Operatingsection2.Nonoperatingsection3.Incometax4.Discontinuedoperations5.Extraordinaryitems6.EarningspershareLO3Prepareamultiple-stepincomestatement.Multiple-StepFormatIncomeStatementSectionsChapter4-16Multiple-StepFormatLO3Prepareamultiple-stepincomestatement.Thepresentationdividesinformationintomajorsections.1.OperatingSection2.NonoperatingSection3.IncometaxIncomeStatement(inthousands)Sales285,000$Costofgoodssold149,000Grossprofit136,000Operatingexpenses:
Sellingexpenses10,000Administrativeexpenses43,000Totaloperatingexpense53,000Incomefromoperations83,000Otherrevenue(expense):
Interestrevenue17,000Interestexpense(21,000)Totalother(4,000)Incomebeforetaxes79,000Incometaxexpense24,000Netincome55,000$Earningspershare0.75$Chapter4-17Multiple-StepFormatIllustration(E4-4):
Prepareanincomestatementfromthedatabelow.SolutiononnotespageAdministrativeexpense:
Sales96,500$Officerssalaries4,900$Costofgoodssold63,750Depreciation3,960Grossprofit32,750Costofgoodssold63,750OperatingExpenses:
Rentalrevenue17,230Sellingexpense17,150Sellingexpense:
Administrativeexense8,860Transportation-out2,690Totaloperatingexpenses26,010Salescommissions7,980Incomefromoperations6,740Depreciation6,480Otherrevenue(expense):
Sales96,500Rentalrevenue17,230Incometaxexpense7,580Interestexpense(1,860)Interestexpense1,860Totalother15,370Incomebeforetax22,110Incometaxexpense7,580Netincome14,530$IncomeStatementFortheyearendedDec.31,2011Chapter4-18ReviewAseparationofoperatingandnonoperatingactivitiesofacompanyexistsina.bothamultiple-stepandsingle-stepincomestatement.b.amultiple-stepbutnotasingle-stepincomestatement.c.asingle-stepbutnotamultiple-stepincomestatement.d.neitherasingle-stepnoramultiple-stepincomestatement.Multiple-StepFormatLO3Prepareamultiple-stepincomestatement.Chapter4-19Companiesarerequiredtoreportirregularitemsinthefinancialstatementssouserscandeterminethelong-runearningpowerofthecompany.LO4Explainhowtoreportirregularitems.ReportingIrregularItemsIllustration4-5NumberofIrregularItemsReportedinaRecentYearby600LargeCompaniesChapter4-20Irregularitemsfallintosixcategories1.Discontinuedoperations.2.Extraordinaryitems.3.Unusualgainsandlosses.4.Changesinaccountingprinciple.5.Changesinestimates.6.Correctionsoferrors.ReportingIrregularItemsLO4Explainhowtoreportirregularitems.Chapter4-21DiscontinuedOperationsoccurswhen,(a)companyeliminatestheresultsofoperationsandcashflowsofacomponent.(b)thereisnosignificantcontinuinginvolvementinthatcomponent.Amountreported“netoftax.”ReportingIrregularItemsLO4Explainhowtoreportirregularitems.Chapter4-22Illustration:
KCCorporationhadaftertaxincomefromcontinuingoperationsof$55,000,000in2008.During2008,itdisposedofitsrestaurantdivisionatapretaxlossof$270,000.Priortodisposal,thedivisionoperatedatapretaxlossof$450,000in2008.Assumeataxrateof30%.PrepareapartialincomestatementforKC.ReportingDiscontinuedOperationsIncomefromcontinuingoperations$55,000,000Discontinuedoperations:
Lossfromoperations,netof$135,000tax315,000Lossondisposal,netof$81,000tax189,000Netincome$54,496,000Totallossondiscontinuedoperations504,000LO4Explainhowtoreportirregularitems.Chapter4-23ReportingDiscontinuedOperationsDiscontinuedOperationsarereportedafter“Incomefromcontinuingoperations.”Previouslylabeledas“NetIncome”.MovedtoLO4Explainhowtoreportirregularitems.Otherrevenue(expense):
Interestrevenue17,000Interestexpense(21,000)Totalother(4,000)Incomebeforetaxes79,000Incometaxexpense24,000Incomefromcontinuingoperations55,000Discontinuedoperations:
Lossfromoperations,netoftax315Lossondisposal,netoftax189Totallossondiscontinuedoperations504Netincome54,496$IncomeStatement(inthousands)Sales285,000$Costofgoodssold149,000Chapter4-24Extraordinaryitemsarenonrecurringmaterialitemsthatdiffersignificantlyfromacompanystypicalbusinessactivities.ExtraordinaryItemmustbebothofanUnusualNatureandOccurInfrequentlyCompanymustconsidertheenvironmentinwhichitoperates.Amountreported“netoftax.”ReportingIrregularItemsLO4Explainhowtoreportirregularitems.Chapter4-25AretheseitemsExtraordinary?
(a)Alargeportionofatobaccomanufacturerscropsaredestroyedbyahailstorm.Severedamagefromhailstormsinthelocalitywherethemanufacturergrowstobaccoisrare.(b)AcitrusgrowersFloridacropisdamagedbyfrost.(c)Acompanysellsablockofcommonstockofapubliclytradedcompany.Theblockofshares,whichrepresentslessthan10%ofthepublicly-heldcompany,istheonlysecurityinvestmentthecompanyhaseverowned.YESReportingExtraordinaryItemsNOYESLO4Explainhowtoreportirregularitems.Chapter4-26AretheseitemsExtraordinary?
(d)Alargediversifiedcompanysellsablockofsharesfromitsportfolioofsecuritieswhic
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