学习者需要选择一个（由华为公司提供的）实战商业机会，或者自己工作中的例子，仔细地评估，并清晰地表述给同学、沃顿教职员以及相关行业合作伙伴高管。 学习目标： 分析一个现实商业机会的收益与风险 提出一套如何利用这个商机的策略 准确并清晰地与他人交流你的分析和方案。学习者需要提供一个战略计划，以幻灯片或者视频的形式，展示针对这个商机的”市场进入”战略。 学习者需要明确商机的意义，分析其主要收益和风险，并提供一个“市场进入”方案，包含以下关键方面： 市场营销：针对新的产品，设计一个以消费者中心的传播/市场营销计划。 金融/财务：针对可行的项目，设计一个金融模型（比如净现金流模型），包含对成本和收益的预测。 运营管理：针对新项目，构建一个生产以及（或者）服务计划。
应收账款信息披露事例
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From the course by University of Pennsylvania
沃顿商务基础毕业项目 (中文版)
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From the lesson
会计和金融视频回顾
Meet the Instructors
Christian TerwieschAndrew M. Heller Professor at the Wharton School, Senior Fellow Leonard Davis Institute for Health Economics Co-Director, Mack Institute of Innovation Management
The Wharton School
Hello, I'm professor Brian Bushee.
Welcome back.
One more video looking at accounts receivable, here we're going to
look at where we would pull information out of financial statement disclosures
in order to calculate some key information that's not otherwise disclosed.
So let's get to work.
For an example of an accounts receivable disclosure we're going to look at TK
incorporated which sells coin wrappers to the banking industry.
In case you're wondering, this is not a real company.
What I decided to do for this class was disguise all of the companies,
change the names, make up different businesses, just so
they don't get in trouble for calling out a company on these videos.
So anyway, TK Incorporated in selling coin wrappers to the banking industry.
Their sales for the year ended December 31, 2008 were $149,270.
That's in thousands.
That's $149 million.
We're going to use excerpts from the balance sheet and
statement of cash flows to answer the following questions.
First, what were writes-offs of accounts receivable in 2008?
What were cash collections from customers in 2008?
Both of those things are handy to know, but
you often can't find them very easily in the disclosure.
So we're going to actually calculate them using the other information that were
given and then the last question is by how much did it changed
in the estimated uncollectable percentage affect their bad debt expense in 2008?
Here's the operating section of the statement of cash flows for
TK Incorporated.
And you can see 3 years, 2008, 2007, 2006, net income and
cash from operations both dropped substantially in 2008.
>> Wow. It looks like Hall TK had an awful year
in 2008.
Weren't banks buying coin wrappers that year?
>> Yeah, it does look like old TK did have a bad year in 2008.
And I'm pretty sure that most banks weren't
using their government bail out money that year to buy new coin wrappers.
Which is why TK was struggling so much.
So one quick thing I want to point out on the statement of cash flows
before we move on is the big negative number for accounts receivable
in 2008 which is one of the big reasons they had negative cash flows.
Basically TK was making sales, mostly sales were on account.
They weren't collecting all of the cash.
The account receivables growing and that's like a use of cash.
Basically you're booking sales revenue but you're not getting the cash.
Big upward trend in how much receivables have been growing over these three years.
Here is the Current Asset section of the Balance Sheet for TK Incorporated.
And of course, the thing we're focusing on here is accounts receivable.
So the disclosure you see here is net of allowances and
it gives you the 2 allowance numbers, 1021 in 2008 and 220 in 2007 and as you
can see the allowance for doubtful accounts went up substantially in 2008.
So the first question we're going to answer is,
what were write-offs of accounts receivable in 2008?
So what we're going to do over here on the right is bringing our allowance for
doubtful accounts, T account, contra assets, so
it has a balance on the credit side.
The beginning balance is 220, which is what the allowance was
at the beginning of 2008, any the balance is 1021.
Which was the allowance was at the end of 2008, right now we have 2 unknowns,
we don't know write-offs and we don't know bad debt expense if we can find bad debt
expense then we can calculate write-offs.
If we bring back that statement of cash flows, one of the line items on
the statement of cash flows was provision for doubtful accounts.
It's a non-cash expense, so it reduces net income.
And then, we add it back on the cash flow statement in this case so
that we can see it was 1,558.
So we can fill in that 1,558 on the credit side.
This is what increases allowance for doubtful accounts.
There's only one thing missing, and that's write-offs.
So we can do is plug and count plug for the missing answer and
calculate what the write-offs were, so if we take 220 +1558-
the any balance of 1021, we come up with write-offs 757.
>> I believed you're mistaken, if there were any recoveries you would need to also
include them in the T account.
These might have to really snitch recoveries.
>> Good catch.
We would also have recoveries flowing through this T account, so
if there were any recoveries of prior write-offs,
then really what we're calculating here is write-offs, net of recoveries.
Good job.
Next, were going to calculate what were cash collections from customers in 2008.
So I've got the accounts receivable, T account over here on the right,
and when we first introduced the disclosure example, I said that sales for
the year were 149,270.
Of course, we could have found that from the income statement.
I didn't need to give it to you but
it was easier to distribute the numbers than to show you the income statement.
So we fill the sales in on the debit side because of course sales
increase accounts receivable.
Next thing we need to figure out is the beginning balance of accounts receivable.
Now, it's not the 7,826 that you see on the balance sheet for
2007, because that's net of allowances.
So to get the beginning balance in gross accounts receivable, we need to add 7,826
plus the allowance of 220 to get 8,046 which is the beginning balance.
Need to do the same thing for the ending balance, the 12,
930 that you see on the balance sheet is the net amount,
we need to add the allowance of 1021 to get 13,
951 which should be our earning balance and gross account receivable.
And last, we also know what the write-offs of accounts receivable were because
we calculated that on the last slide, so
write-offs of accounts receivable were 757 once we plugged that in on the credit side
all that's missing is the cash collections from costumers.
And so, which is the matter of being out with the plug is that makes
this balance so if we take 8,046 the beginning balance plus sales minus right
offs of 757 minus the ending balance of 13,951 we end up
with collections of 142,608.
Now, notice, the difference between the sales and the collections is 6,662.
Where we've seen that number before is that was the change in receivables on
the cash flow statement.
So that 6,662 was the increase in gross receivable,
the sales minus the collection.
>> That seems like a lot of work to get cash collections.
Don't companies just disclose this number somewhere in the financial statements?
>> Actually no, most companies don't
explicitly disclose the amount of cash collected from customers and
the only way to figure that out, is to work through the T accounts.
Fill in what you know and then plug for
what's missing which will probably be cash collection customers.
>> Pardon me, before you go on, may you please explain why you
can use total sales and not credit sales to do this calculation?
>> Yeah, dude, you had void credit sales in the RT
account in an earlier slide >> Okay,
I'm going to do a quick digression to show you that
total sales is actually the numbers that will get us what we need in this case.
So let's go to digression.
This is the mega slide that we had a couple videos ago, where we showed how
all the transactions flow through accounts receivable, allowance, sales and bad debt.
And yes, within sales, we did have credit and cash sales separate.
So let's look at an example to get rid of the allowance and the bad debt and
just focus on collecting cash and receivables.
And let's just, to make it easy, say write-offs from recoveries are 0, so
we won't even worry about those.
They could be non zero and
we would get the same results, I guess you could check that later if you wanted to.
We're going to add a beginning and ending balance of 100 for the beginning balance,
200 for the ending balance.
We're going to say cash sales are 500, and credit sales are going to be 1,000.
So total sales are 1,500.
Well, now that we've assumed write-offs and
recoveries are zero, the only thing missing in the accounts receivable
T account is cash collections on accounts receivable.
Which is going to be 900.
So 100 plus a 1,000, minus the ending balance of 200,
gives us cash collections of 900.
So how much cash should we collect from customers in total?
We get 900 collecting in accounts receivable,
500 as cash sales, a total of $1,400 cash collection from customers.
Now, here's the problem when you look at financial statements.
Financial statements don't give you cash collection from customers and
they don't give you cash sales.
So there's no way that we could actually do this from a financial
statement because there's no disclosure of cash versus credit sales.
But it doesn't matter.
We can do it with just sales.
So now let's redo the example.
Start with the same beginning and ending balance.
Write-offs and recoveries are 0.
And we're just going to use total sales this time, so
carrying on the example, total sales were 1,500 before.
Remember, they were 1,000 credit and 500 cash for a total of 1,500.
We plug that 1,500 of total sales into the accounts receivable T-account
on the debit side.
Now, we can solve for cash collections.
100 plus 1,500 is 1,600 minus the ending balance of 200 gives
us cash collections of 1,400, which is identical to what we had before.
So essentially what happens in this case is any cash sales
show up on the debit side of the accounts receivable, and
then they're also going to show up on the credit side as the cash collection.
So by using total sales in accounts T-accounts,
we're going to naturally get cash collections due to cash sales plus
cash collections due to collections on accounts receivable from the credit sales.
So it actually become easier when you go to finance statements,
you can plug in total sales and then you get total cash collected from customers.
Now let's get back to the disclosure example.
Last thing were going to do with the disclosure is to uncover
the effect of the change and
bad that expands due to a change in the estimated percent on collectible.
So to do this, first, we're going to compute the percent of
gross accounts receivable that expected to be on collectible in the prior year.
So we take the net account receivable on the balance sheet,
add back the allowance to get the gross, we did that couple of slides ago.
Then, we take the allowance divided by the gross to get the percent on collectible.
Now, before the virtual students you've asked question,
I know this wasn't one of the two methods we learned.
One of the methods we learned were the percentage sales method.
But to figured out that percentage we need credit sales.
We learned the aging of account sale method to that we needed
to know a breakdown of receivables by age.
As users financial statements, we often don't have those piece of information.
So as a quick and dirty approach to get the percent uncollectible,
I like to take the allowance divided by the gross accounts receivable.
So for instance, at the end of 2008, we have 13,951 of gross accounts receivable.
What percent of those do we expect not to collect, 7.3% or 1,021.
Now, what we're going to do is apply the percentage from the prior year,
2.7%, to the current year balance and
gross accounts receivable to get the expected balance.
So this calculation basically says, let's say that TK
did not increase their percent from 2.7 to 7.3, but
instead kept it at 2.7, if they had,
they're allowed to be 2.7% of 13,951 or 377.
So that's the expected allowance if they kept last year's rate.
Then, as a final step, we just take the difference between those two.
And it tells us how much bad debt expense increased, so
we do to increasing the percent of uncollectibles, so
by increasing assumption of uncollectible percent from
2.7 to 7.3, it add it 644 to the Bad Debt Expense.
Now, notice the allowance is total went up by 800 so a lot of the increase
in the allowance was, not do to the growth and accounts receivable, but
rather do to this increased assumption for the percent of uncollectibles.
>> Not math, dude, but when would we like ever have to do this calculation?
>> If I was concerned that a company was manipulating it's earning to try to meet
an annals forecast or
some kind of earnings target, this will be one of the first things I would look at.
Because if this change percentage went the other way, if it went down,
what that would do is it would reduce bad debt expense and increase net income.
So I always tend to look at this if I'm concerned about earnings management and
I think what I'll do is let's look at how a rate decrease would effect bad debt
expense by calculating 2007.
So let's quickly run this back the other way.
What if we were trying to figure out how 2007 was affected by
having what may have been an abnormally low expected percent of uncollectible?
So maybe what happened is TK should have increased their percent sooner but
kept it lower just to try avoid signaling the bad news.
So we could do here is we could calculate what
the allowance would have been at 7.3% so
we take 7.3% times 8,046 and we come up with 587.
And then, what we can see in the last step is that basically by using
the lower rate of 2.7%, TK was able to record 376,000 of last bad data expense.
So if you believe a company is artificially keeping it's bad data expense
or keeping it's percent of uncollectibles to low,
to try to keep its bad debt expense lower and maybe increase its net income,
we can sort of estimate what that effect might have been here.
And by not increasing their percent of uncollectibles from 2.7
to 7.3 a year earlier, it save them expenses of 367.
Now, of course, it could also be that the economy changed between the 2 years so
this always isn't going to be a definite indicator of manipulation but
it's a piece of information to have and
if you think the economy in the banking industry, the demand for
coin wrappers was bad in 2007 then maybe the 2.7 was artificially low.
So anyway you can always back out this percent on uncollectibles and
try to redo what the bad debt expense would have been, had they not changed
there assumption for the percent of uncollectibles, and that's going to
wrap up our look at what we can pull out of an account receivable disclosure.
And that wraps up our look at what we can pull out of an accounts receivable
disclosure.
I just said that, didn't I?
Anyway, this is the last video on accounts receivable.
Join me next video as we start our dive into inventory.
I'll see you then.
>> See you next video.
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