Domina las habilidades técnicas necesarias para analizar estados financieros y declaraciones. Después podrás aplicar estas habilidades a un reto empresarial del mundo real como parte de la Programa Especializado de Fundamentos Empresariales de Wharton.
2.5: Estados Financieros y Entradas de Cierre
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Из курса от партнера University of Pennsylvania
Introducción a la Contabilidad Financiera
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Semana 2: Contabilidad Devengada y Estado de Resultados
Comenzaremos con una discusión acerca de la contaduría de acumulación y como afecta el reconocimiento de las cuentas de estados de ingreso: Ganancias y Gastos. Luego, cubriremos las entradas de ajuste, las cuales se necesitan para preparar los libros internos de los estados financieros futuros. Finalmente, discutiremos las entradas de cierre y la preparación de la hoja de balance y del estado de ingreso. En cada etapa, continuaremos trabajando en el caso de la nueva compañía. Y si no están cansados hasta el hastío de las entradas en su diario, entonces ¡no he hecho bien mi trabajo!
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Brian J BusheeThe Geoffrey T. Boisi Professor
Accounting
Hello, I'm Professor Brian Bushee.
Welcome back, in this video,
we're going to go to last two stops on the accounting cycle.
Financial statements and closing entries.
Then we'll go right into the relic spotter case and do the balance sheet and
income statement and closing entries for relic spotter.
Let's get started.
Last video, we completed the adjusting entries for Relic Spotter.
Now we can move on to the next two steps in the accounting cycle.
Putting together an adjusted trial balance and preparing financial statements.
The adjusted trial balance is we just add everything up after doing adjusting
entries and make sure our debits equal our credits.
Then we're going to use those balances to put together financial statements.
We're going to do the income statement first then we can use that income to
update retained earnings and prepare the balance sheet.
And then finally, we'll complete the statement of cash flows and
the statement of stockholder's equity.
Are you ever going to cover the statement of stockholder's equity?
You keep putting it off!
>> Yes, I will eventually cover the statement of stockholder's equity but
I'm not going to tell you when.
You need to keep watching the videos,
because you never know when it's going to finally appear.
The income statement generally has the following format.
And I say generally, because there's no hard and
fast rules on how the income statement has to look.
But what you're going to see is the most common format used by companies.
On the top line, we have revenues or sales and this is going to be revenues and
sales from whatever you define as your core business.
So when we get to Relic Spotter, it will be rental revenue from metal detectors and
the sales of sundries then we subtract cost of goods sold to get gross profit.
Cost of goods sold is the product costs or
the direct costs of producing this revenue.
And then gross profit then would be interpreted as the markup over
the product costs.
Then we subtract operating or SG&A expense to get operating income.
SG&A stands for selling, general and administrative.
These are all the period costs.
All the other costs of running the business.
Operating income would be a picture of the profitability of the core business.
It helps answer the question of whether the company price their product or
services high enough to cover all the product and
period cost of delivering those good or services.
After operating income, we subtract any interest expense or
interest income, and then we adjust for gains or losses.
Gains or losses, we haven't talked about yet, but they're like revenues or
expenses except they don't come from your core business.
For example, if Relic Spotter sold their building and had a gain,
we will put that gain here because they're not in the business of selling buildings.
After you make those adjustments you get pre-tax income
then you subtract income tax expense to give you bottom
line net income which is also called earnings or net profit.
>> I always hear my boss talking about things being above the line or
below the line.
Is that magical line on this income statement?
>> Yes, that magical line is operating income.
Most investors and analysts use operating income as a key
measure of the performance of the core business.
So if the company has some kind of unusual expense, managers will see is there
any way that they can move it below the operating income line so
that the performance of the core business looks better.
So yeah, managers spend a lot of time worrying about whether unusual gains, or
unusual expenses will appear above or below this magical operating income line.
For the balance sheet format, assets are listed first and
they're listed in the following order.
First, we see current assets.
These are assets that are going to provide benefits within the next year.
And they're ordered by liquidity, which is how readily they can be converted to cash.
So we always see cash come first.
In accounts receivable inventory and
then any prepaid assets which actually never convert to cash.
They're just deferred expenses.
Then we have noncurrent assets including the tangible assets, the property, plant,
and equipment.
And the intangible assets, which would be things like software,
trademarks, or this thing called good will, which we get from an acquisition and
we'll talk about later in the course.
Then come liabilities and stockholder's equity.
Starting with current liabilities which are obligations within the next year.
Again, ordered by liquidities so we'll see bank borrowings,
accounts payables and other payables, and then deferred revenues and
other noncash current liabilities last in the section.
Then we'll have noncurrent liabilities,
these are liabilities that are due beyond the year.
So longer term bank borrowings and bonds and other types of liabilities like
deferred taxes, which we'll talk about later and pensions.
Then we have stockholders' equity where we start with contributed capitals, so
the common stock, the additional paid in capital to the treasury stock, and
then retained earnings.
I guess the virtual students went out for virtual coffee.
Well, let's continue.
When we finish the financial statements we're ready for
the last stop on the accounting cycle, which is closing entries.
This allows us to get ready to start a new period so that we can do the cycle over,
and over, and over, and over, and over, and over again, for
the whole life of the company.
Closing entries involve closing temporary accounts.
What's a temporary account?
It's an account that accumulates the effects of transactions only for
a certain period of time, so either fiscal quarter or fiscal year.
These would be the revenue and expense accounts,
which then get closed out to retain earnings at the end of the period.
Permanent accounts are the accounts that accumulate the effects of transactions
over the life of the business.
These would be the balance sheet accounts like assets, liabilities,
contributed capital and retained earnings.
The actual closing entries are internal transactions that zero out temporary
accounts at the end of the accounting period.
Again, by internal transactions we mean this is the accountant sitting at his or
her desk.
These are not transactions with outsiders.
And the goal is to transfer the balances in the revenue and expense accounts and
retained earnings.
So the way the entries look is for revenues,
we want to zero out the revenue account.
Revenue accounts have credit balances so if we debit them,
we're going to zero them out.
And then we credit retained earnings which moves the balance from revenue
into retained.
For expenses, expenses have debit balances.
To zero them out, we want to credit them so we credit expense accounts and
debit return earnings.
And others in both cases were not creating any new stock holders equity which is
transferring from one type of account to another.
From the temporary accounts to the permanent account retained earnings.
>> When my grampa tried to teach me accounting when I was five,
he said something about an income summary account as part of closing entries.
Where is it?
>> Hey, that happened to me also.
Yeah, there are still some textbooks that use income summary accounts.
This is a very temporary account, and
what happens is you close the revenue and expense accounts in an income summary.
And then you close income summary into retained earnings with the net effect
being that there's only one entry that goes into retained earnings Instead of
the two that we used in our approach.
But you get to the same place so it really doesn't matter which approach you use.
I like not using the income summary approach because it's just more
straightforward and not creating a new account.
After the closing entries, we do a post closing trial balance.
So we add everything up to make sure our debits equal our credits.
At this point only the permanent accounts should have balances.
All the revenue and expense accounts should have a zero balance.
And now we're ready to start the next period.
So what we're going to do to finish up the Relic Spotter case,
is we're going to prepare the adjusted trial balance,
put together the income statement, record the closing entries and
post them in T-accounts, and then prepare the balance sheet.
And I'm going to switch over to Excel to show you how all this stuff works.
So we go back to our page of T-accounts, and we have more things filled in.
So accumulated depreciation is now filled in after the adjusting entries.
We can see the adjustment to the software account that we made.
And then for expenses and revenues, we have more filled in.
So again, like building depreciation expense.
Interest revenue filled in through the adjusting entities.
Then we go to our trial balance spreadsheet and
we put in the debits and credits for all the adjusting entries.
And then the balances after we've adjusted for
the adjusting entries, and as we put everything in move all the balances over.
What we want to make sure is that just for
the adjustments alone our debits equal our credits which they do and
the balances after doing adjusting entries are debits equal our credits.
So we haven't made any mistakes.
We're fine at this point.
Now what we're going to do is take all of these revenue and expense accounts,
which are summarized right here on the trial balance worksheet, and
put them in the income statement format.
So we start out with Relic Spotter's income statement for
the year ended December 31, 2012, and it's important to note that it's for
an entire year because income statements are always for a period of time.
We've to let people know what the period is.
For revenues, I split the revenue into two categories, rental revenue and
sales of sundries.
That's because Relic Spotter has two lines of business, and so
we want to highlight the revenues from the two different lines.
Then we need the cost of revenue, so these are like the product costs.
Cost of goods sold of course, matches up with the sundry sales.
But what was tricky is to figure out what's the cost of goods sold for
rental revenue, which is essentially a service.
What I decided was that direct cost of providing that service was the metal
detector depreciation expense and the software.
So included those in cost of revenue to get gross profit
which the markup over cost that we got in our revenue.
Then we take off selling general and administrative expenses.
So these are the period costs, salaries and wages, legal fees, advertising and
building depreciation gives us total SG&A and then our operating income.
And operating income is the profitability of our core business was the pricing
of our product and service high enough to cover all the product costs for
our core business and all the period costs, and in this case it was.
Then below the operating income line, we have interest revenue and
interest expense.
We don't put interest revenue on the top line because our chore business is
not making loans, we're not a bank.
So we put a below operating income, and then interest expense typically goes below
operating income as well, that gives us free tax income.
We subtract income tax expense and we have a net income of 2,370.
One more thing I want to point out before we leave the income statement is I
separated depreciation expense into two buckets.
The metal detector depreciation expense is part of the direct cost of providing
the rental service, whereas the building depreciation is part of the selling and
administrative function.
And so you'll see this a lot where depreciation
may need to be put in two different categories
because it's going to show up in two different places on the income statement.
So that's a wrap for the income statement.
I guess I should let the virtual students know that they're allowed to drink virtual
coffee in the virtual classroom.
So that they could have come back in time to see the closing entries and
balance sheets for Relic Spotter.
Well, at least you get to see it.
To see how the closing entries work, let's go back to our T-accounts.
So if we look at something like rental revenue,
after we did our adjusting entries, and of course the entry during the period.
There was a credit balance of 124,400.
What the closing entries going to do is debit rental revenue, so
that the balance is 0.
If we look at advertising expense, after doing the adjusting entry,
the balance was 4,000, that went on the income statement.
The closing entry is going to credit advertising expense for 4,000,
which will 0 it out.
So we do that for all the T-accounts and
we get these two big whopping journal entries.
So for the closing entries for
revenues we debit all the revenue accounts which is going to 0 them out, and
then we add them up and credit the balance to retained earnings.
For expense accounts, we credit all the expense accounts to 0 them out,
total them up and then that's the debit retained earnings.
So if we go back over to our retained earnings T-account,
here's the closing entry that transfers all the revenues in the retained earnings.
Here's the closing entry that transfers all the expenses in the retained earnings.
Now, those expenses and revenues are going to live and
retained earnings forever.
We can come up with a final balance for retained earnings,
which is a debit balance of 130.
So even though we had positive net income, we had more revenues than expenses.
We paid that big dividend and the dividend was bigger than our net income.
So we have a debit balance, we have negative retained earnings.
That's okay remember, retained earnings is one of the few accounts that can have
either a debit or credit balance.
After posting everything to T-accounts we can go back to our
trial balance worksheet where we add a couple columns for the closing entries and
the post closing trial balances.
Notice for the permanent accounts you have the post closing balance is the same as
the adjusted balance because we didn't do anything.
The only permanent account that's affected of course is retained earnings and
then the closing entries also operated on revenues and expenses.
And if you look at the post closing trial balance you see that now all the revenue
and expense accounts are at 0,
and it was retained earnings was the only balance that was affected by this process.
Now we're going to take all the balances of the permanent accounts and
put together a balance sheet.
So we have the Relic Spotter Incorporated balance sheet.
Notice a balance sheet is a point in time, so we have December 31, 2012.
We start with assets and list all of our current assets in order of liquidity.
Then we follow up with tangible assets and this is the typical treatment where land,
building and metal detectors are listed at their original cost.
And then in one line item we subtract the accumulated depreciation
to report something called net property plant equipment.
Now, I've always found this to be a little misleading because we're really not
depreciating land, but it looks like we are.
But hey, we've done this way for four centuries so who am I to complain?
Anyway, then we have the intangible assets like software and
that'll give us total assets.
For liabilities and stockholders, equity we have the current liabilities,
so the obligations in the next year ordered by liquidity.
Non-current liabilities so liabilities beyond a year.
For stockholders' equity we have common stock and additional paid in capital.
And then retained earnings which I don't know we may want to
call accumulated deficit since it's negative.
But I guess it's okay to call it retained earnings as well
gives us total stockholders' equity.
And then our total liabilities in stockholders' equity
equals our total assets and we're done with the balance sheet.
In future videos later in the course,
we will continue with Relic Spotter to put together a statement of cash flows.
And then eventually we'll talk about a statement of stockholders' equity.
And with that we wrap up the basic building blocks section of the course.
All of the things that we've learned so far, we're going to use over and over,
and over and over again, on more advanced accounting topics.
The next step is to put together a statement of cash flows for Relic Spotter,
but that's going to take about a week of videos to learn how to do.
So why don't we stop here and I will see you next week.
>> See you next video.
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