Chapter 7 Cash and Receivables. Student Learning Outcomes. What is Cash? Chapter 7 ACG 3101

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1 Chapter 7 Cash and Receivables Intermediate Accounting I Dr. Chula King 1 Student Learning Outcomes Describe what is meant by internal control Identify items as cash Indicate how to report cash and related items Define receivables and identify different types Explain accounting issues related to the recognition and valuation of accounts receivable and notes receivable Describe how to report and analyze receivables. 2 What is Cash? Coin, currency, available funds on deposit at a bank. 3 1

2 What is Cash? Money orders, certified checks, cashier s checks, personal checks, bank drafts. 4 What is Cash? Money market funds, treasury bills, and commercial paper are included as cash equivalents 5 Reporting Cash Unrestricted cash Restricted cash Not Material petty cash, payroll, dividend funds Material il construction, compensating balances bl Bank overdrafts Cash equivalents 6 2

3 Internal Control Encourages adherence to company policies and procedures Promotes operational efficiency Minimizes i i errors and theft hf Enhances the reliability and accuracy of accounting data 7 Internal Control Procedures Cash receipts Separation of duties Match cash received with cash deposited Supervise cash handling and cash recording activities Cash Disbursements All disbursements, except petty cash made by check Separation of duties Checks signed only by authorized individuals 8 Trade Receivables Accounts receivable Notes receivable Non trade Receivables Advances to employees or subsidiaries Deposits received Dividends receivable Interest receivable Receivables 9 3

4 Accounts Receivables Result from the credit sale of goods or services to customers Are classified as current assets Are recorded ddnet of trade discounts 10 Recording of Accounts Receivable At the time of sale Trade Discounts for volume purchases Cash or Sales Discounts for early payment 2/10,n/30 11 Cash Discounts Gross Method Sales are recorded at invoice amounts Sales discounts are recorded as a reduction of revenue if the payment is received within the discount period Net Method Sales are recorded at the invoice amount less the discount Sales discounts forfeited are recorded as interest revenue if payment is received after the discount period 12 4

5 Uncollectible Accounts Receivable Bad debts result from credit customers who do not pay the amount they owe, regardless of continuing collection efforts Matching principle requires that bad debt expense be recorded in the same period in which the sales related to the uncollectible accounts were recorded. 13 Valuation of Accounts Receivable Net Realizable Value Amount expected to be collected Recording Uncollectibles Direct write off method Allowance method 14 Direct Write off Method Bad debt is recorded as it occurs, without the use of an allowance account Bad debt expense Accounts Receivable 15 5

6 Allowance Method Bad Debt Expense Allowance for Uncollectible Accounts Percentage of Credit Sales (Income Statement Approach) Matches bad debt expense with sales in the period of the sale Bad debt expense equals the percentage of the sales. Percentage of Receivables (Balance Sheet Approach) Focuses on net realizable value of accounts receivable Bad debt expense is the amount necessary to bring the balance in the allowance for doubtful accounts to the percentage of receivables. 16 Aging of Accounts Receivable Variation of percentage of balance sheet approach Different percentages are used based on past experience with various age categories. 17 Uncollectible Accounts Account deemed uncollectible Allowance for uncollectible accounts Accounts receivable Payment on previously written off account Accounts receivable Allowance for uncollectible accounts Cash Accounts receivable 18 6

7 Collection of Receivables Written Off First, reestablish the receivable Accounts Receivable Allowance for Doubtful Accounts Next, record the collection Cash Accounts Receivable 19 Notes Receivable Formal promissory note that is a negotiable instrument Interest bearing: Note states the rate of interest Noninterest bearing: Interest is included as part of the face amount. 20 Reporting Receivables Segregate the types of receivables Offset receivables by valuation accounts Classify as current or noncurrent Disclose any loss contingencies Disclose receivables designated or pledged as collateral Disclose all significant concentrations of credit risk arising from receivables. 21 7

8 Receivables Turnover Ratio Accounts Receivable Turnover Ratio Used to evaluate the liquidity of a company Measures the number of times, on average, that a company collects its receivables during a period All else being equal, larger is better, i.e., the more times during the year that a company collects its receivable, the better. Net Sales Average Accounts Receivable 22 Average Collection Period Approximation of the number of days the average receivables balance is outstanding Lower is better Average Collection Period = 365 Receivables Turnover Ratio 23 Concluding Comments Importance of Internal Control What items constitute cash Recording and valuing accounts receivable % of sales method % of receivables method, includes aging Write off and subsequent collection of accounts receivable Interest and non interesting bearing notes receivable Accounts Receivable Turnover and Average Collection Period 24 8

9 The Next Step Appendix: Bank reconciliations Exercises 7 2, 7 5, 7 6, 7 7, 7 10, 7 11, 7 13, 7 23 Problems 7 1, 7 3, 7 4, 7 5,

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