TAILIEUCHUNG - Lecture Principles of financial accounting - Chapter 5: Merchandising operations

After completing this chapter you should be able to: Describe merchandising activities and identify income components for a merchandising company, identify and explain the inventory asset and cost flows of a merchandising company. | Chapter 5 Accounting for Merchandising Operations Chapter 5: Accounting for Merchandising Operations Service organizations sell time to earn revenue. Examples: Accounting firms, law firms and plumbing services Service Companies C 1 So far, we have been using examples that mainly consist of service companies, like accounting firms, law firms, and plumbing services. These companies all sell different services, but they have one thing in common: They do not sell inventory. This makes their income statements rather simple. The income statements of a service organization typically consist of revenues minus expenses to arrive at net income. Manufacturer Wholesaler Retailer Consumers Merchandising Companies Merchandiser C 1 Merchandising companies are different from service organizations because they sell inventory. Merchandising companies can sell inventory in the wholesale market or to consumers in the retail market. A wholesaler is an intermediary that buys products from manufacturers or

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