财务管理ch5-3 应收款和库存

5-1Chapter5-3AccountsReceivableandInventoryManagement应收账款与存货管理5-2CreditandCollectionPoliciesoftheFirm(1)AverageCollectionPeriod(2)Bad-debtLossesQualityofTradeAccountLengthofCreditPeriodPossibleCashDiscountFirmCollectionProgram5-3CreditStandards(信用标准）CreditStandards--Theminimumqualityofcreditworthinessofacreditapplicantthatisacceptabletothefirm.5-4FiveCsofCreditCharacter–willingnesstomeetfinancialobligationsCapacity–abilitytomeetfinancialobligationsoutofoperatingcashflowsCapital–financialreserves（储备）Collateral–assetspledgedassecurityConditions–generaleconomicconditionsrelatedtocustomer’sbusiness5-5CreditandCollectionPoliciesoftheFirm(1)AverageCollectionPeriod(2)Bad-debtLossesQualityofTradeAccountLengthofCreditPeriodPossibleCashDiscountFirmCollectionProgram5-6CreditTerms（信用条款）CreditPeriod--Thetotallengthoftimeoverwhichcreditisextendedtoacustomertopayabill.Forexample,“net30”requiresfullpaymenttothefirmwithin30daysfromtheinvoicedate.CreditTerms--Specifythelengthoftimeoverwhichcreditisextendedtoacustomerandthediscount,ifany,givenforearlypayment.Forexample,“2/10,net30.”5-7CreditandCollectionPoliciesoftheFirm(1)AverageCollectionPeriod(2)Bad-debtLossesQualityofTradeAccountLengthofCreditPeriodPossibleCashDiscountFirmCollectionProgram5-8CreditTermsCashDiscount--Apercent(%)reductioninsalesorpurchasepriceallowedforearlypaymentofinvoices.Forexample,“2/10”allowsthecustomertotakea2%cashdiscountduringthecashdiscountperiod.CashDiscountPeriod--Theperiodoftimeduringwhichacashdiscountcanbetakenforearlypayment.Forexample,“2/10”allowsacashdiscountinthefirst10daysfromtheinvoicedate.5-9TermsofSaleBasicForm:2/10net452%discountifpaidin10daysTotalamountduein45daysifdiscountnottakenBuy$500worthofmerchandisewiththecredittermsgivenabovePay$500(1-.02)=$490ifyoupayin10daysPay$500ifyoupayin45days5-10Example:CashDiscountsFindingtheimpliedinterestratewhencustomersdonottakethediscountCredittermsof2/10net45and$500loan$10interest(.02*500)Periodrate=10/490=2.0408%Period=(45–10)=35days365/35=10.4286periodsperyearEAR=(1.020408)10.4286–1=23.45%Thecompanybenefitswhencustomerschoosetoforegodiscounts5-11CreditandCollectionPoliciesoftheFirm(1)AverageCollectionPeriod(2)Bad-debtLossesQualityofTradeAccountLengthofCreditPeriodPossibleCashDiscountFirmCollectionProgram5-12CollectionPolicyandProceduresThefirmshouldincreasecollectionexpendituresuntilthemarginalreductioninbad-debtlossesequalsthemarginaloutlaytocollect.CollectionProceduresLettersPhonecallsPersonalvisitsLegalactionSaturationPointCollectionExpendituresBad-DebtLosses5-13AnalyzingtheCreditApplicantObtaininginformationonthecreditapplicantAnalyzingthisinformationtodeterminetheapplicant’screditworthinessMakingthecreditdecision5-14InventoryManagementandControlRaw-materialsinventoryWork-in-processinventoryIn-transitinventoryFinished-goodsinventoryInventoriesformalinkbetweenproductionandsaleofaproduct.Inventorytypes:5-15AppropriateLevelofInventoriesEmployacost-benefitanalysisComparethebenefitsofeconomiesofproduction,purchasing,andproductmarketingagainstthecostoftheadditionalinvestmentininventories.Howdoesafirmdeterminetheappropriatelevelofinventories?5-16ABCMethodofInventoryControlMethodwhichcontrolsexpensiveinventoryitemsmorecloselythanlessexpensiveitems.Review“A”itemsmostfrequentlyReview“B”and“C”itemslessrigorouslyand/orlessfrequently.ABCmethodofinventorycontrol01545100CumulativePercentageofItemsinInventory7090100CumulativePercentageofInventoryValueABC5-17存货ABC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，品种数量相对较多；C类存货品种数量繁多，但价值金额却很少。5-18【例6—2】滨江百货企业拥有2000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的品种数量并不很多，只有近200种，占所有品种数的比重不足10%，但价值额却相当大，占所有商品价值的70%多，企业管理当局把此类存货划归为A类，按品种重点管理；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400多种，占20%多，但价值额相对A类商品要小得多，只占全部商品价值的20%，企业管理当局把此类存货划归为B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，品种数量非常多，达到近1500种，占所有品种数的70%多，但所占金额却很小，不到全部商品价值的10%，于是管理当局把此类存货划归为C类，按总额灵活控制。5-19HowMuchtoOrder?ForecastusageOrderingcostCarryingcostOrderingcanmeaneitherthepurchaseorproductionoftheitem.Theoptimalquantitytoorderdependson:5-20TotalInventoryCostsC:CarryingcostsperunitperperiodO:OrderingcostsperorderS:TotalusageduringtheperiodTotalinventorycosts(T)=C(Q/2)+O(S/Q)TIMEQ/2QAverageInventoryINVENTORY(inunits)5-21EconomicOrderQuantity（经济订货量）TheEOQoroptimalquantity(Q*)is:Thequantityofaninventoryitemtoordersothattotalinventorycostsareminimizedoverthefirm’splanningperiod.Q*=2(O)(S)C5-22ExampleoftheEconomicOrderQuantityBasketWondersisattemptingtodeterminetheeconomicorderquantityforfabricusedintheproductionofbaskets.10,000yardsoffabricwereusedataconstantratelastperiod.Eachorderrepresentsanorderingcostof$200.Carryingcostsare$1peryardoverthe100-dayplanningperiod.Whatistheeconomicorderquantity?5-23EconomicOrderQuantityWewillsolvefortheeconomicorderquantitygiventhatorderingcostsare$200perorder,totalusageovertheperiodwas10,000units,andcarryingcostsare$1peryard(unit).Q*=2($200)(10,000)$1Q*=2,000U