财务管理ch5-3 应收款和库存

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1、5-15-2(1)Average Collection Period(2)Bad-debtLossesLength ofCredit PeriodPossible CashDiscountFirmCollectionProgram5-3-The minimum quality of credit worthiness of a credit applicant that is acceptable to the firm.5-4uCharacter willingness to meet financial obligationsuCapacity ability to meet financ

2、ial obligations out of operating cash flowsuCapital financial reserves（储备）（储备）uCollateral assets pledged as securityuConditions general economic conditions related to customers business5-5(1)Average Collection Period(2)Bad-debtLossesQuality ofTrade AccountPossible CashDiscountFirmCollectionProgram5-

3、6-The total length of time over which credit is extended to a customer to pay a bill.For example,requires full payment to the firm within 30 days from the invoice date.-Specify the length of time over which credit is extended to a customer and the discount,if any,given for early payment.For example,

4、5-7(1)Average Collection Period(2)Bad-debtLossesQuality ofTrade AccountLength ofCredit PeriodFirmCollectionProgram5-8-A percent(%)reduction in sales or purchase price allowed for early payment of invoices.For example,allows the customer to take a 2%cash discount during the cash discount period.-The

5、period of time during which a cash discount can be taken for early payment.For example,allows a cash discount in the first 10 days from the invoice date.5-9uBasic Form:2/10 net 45u2%discount if paid in 10 daysuTotal amount due in 45 days if discount not takenuBuy$500 worth of merchandise with the cr

6、edit terms given aboveuPay$500(1-.02)=$490 if you pay in 10 daysuPay$500 if you pay in 45 days5-10uFinding the implied interest rate when customers do not take the discountuCredit terms of 2/10 net 45 and$500 loanu$10 interest(.02*500)uPeriod rate=10/490=2.0408%uPeriod=(45 10)=35 daysu365/35=10.4286

7、 periods per yearuEAR=(1.020408)10.4286 1=23.45%uThe company benefits when customers choose to forego discounts5-11(1)Average Collection Period(2)Bad-debtLossesQuality ofTrade AccountLength ofCredit PeriodPossible CashDiscount5-12The firm should increase until the marginal reduction in equals the ma

8、rginal outlay to collect.uLettersuPhone callsuPersonal visitsuLegal action5-13uObtaining information on the credit applicantuAnalyzing this information to determine the applicants creditworthinessuMaking the credit decision5-14uRaw-materials inventoryuWork-in-process inventoryuIn-transit inventoryuF

9、inished-goods inventoryInventories form a link between production and sale of a product.5-15Compare the benefits of economies of production,purchasing,and product marketing against the cost of the additional investment in inventories.5-16Method which controls expensive inventory items more closely t

10、han less expensive items.uReview“A”items most frequently uReview“B”and“C”items less rigorously and/or less frequently.5-17存货存货ABCABC分类管理分类管理 所谓ABC分类管理就是按照一定的标准，将企业的存货划分为A、B、C三类，分别实行分品种重点管理、分类别一般控制和按总额灵活掌握的存货管理方法。分类的标准主要有两个：一是金额标准，二是品种数量标准。其中金额标准是最基本的，品种数量标准仅作为参考。A类存货的特点是金额巨大，但品种数量较少；B类存货的金额一般，品种数量相对

11、较多；C类存货品种数量繁多，但价值金额却很少。5-18【例例6262】滨江百货企业拥有滨江百货企业拥有2 0002 000余种商品，其中：家余种商品，其中：家用电器、高档皮货、家具、摩托车、大型健身器械等商品用电器、高档皮货、家具、摩托车、大型健身器械等商品的品种数量并不很多，只有近的品种数量并不很多，只有近200200种，占所有品种数的比种，占所有品种数的比重不足重不足10%10%，但价值额却相当大，占所有商品价值的，但价值额却相当大，占所有商品价值的70%70%多，多，企业管理当局把此类存货划归为企业管理当局把此类存货划归为A A类，按品种重点管理；类，按品种重点管理；大众化的服装、鞋帽、

12、床上用品、布匹、文具用具等商品大众化的服装、鞋帽、床上用品、布匹、文具用具等商品品种数量比较多，有品种数量比较多，有400400多种，占多种，占20%20%多，但价值额相对多，但价值额相对A A类商品要小得多，只占全部商品价值的类商品要小得多，只占全部商品价值的20%20%，企业管理当，企业管理当局把此类存货划归为局把此类存货划归为B B类，按类别进行一般控制；至于各类，按类别进行一般控制；至于各种小百货，如针线、钮扣、日常卫生用品等，品种数量非种小百货，如针线、钮扣、日常卫生用品等，品种数量非常多，达到近常多，达到近1 5001 500种，占所有品种数的种，占所有品种数的70%70%多，但所

13、占金多，但所占金额却很小，不到全部商品价值的额却很小，不到全部商品价值的10%10%，于是管理当局把此，于是管理当局把此类存货划归为类存货划归为C C类，按总额灵活控制。类，按总额灵活控制。5-19 Forecast usage Ordering cost Carrying cost5-20:Carrying costs per unit per period:Ordering costs per order:Total usage during the period5-21The EOQ or optimal quantity(Q*)is:The quantity of an invento

14、ry item to order so that total inventory costs are minimized over the firms planning period.O5-22is attempting to determine the economic order quantity for fabric used in the production of baskets.u10,000 yards of fabric were used at a constant rate last period.uEach order represents an ordering cost of$200.uCarrying costs are$1 per yard over the 100-day planning period.5-23We will solve for the economic order quantity given that ordering costs are$200 per order,total usage over the period was 10,000 units,and carrying costs are$1 per yard(unit).$2005-245-25演讲完毕，谢谢观看！