Class Notes Chapters 5, 6 and 7

Class Notes Chapters 5, 6 and 7 - The University of Texas...

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The University of Texas at Austin McCombs School of Business, Business Foundations Program ACC 310F: Foundations of Accounting, Fall 2010 Class Notes – Chapters 5, 6, and 7 Situation To be better managers we need to understand how costs impact our financial statements. Transaction Analysis Model Cost Classifications (for Financial Statements) What are product costs? What are direct materials costs? What are direct labor costs? What are manufacturing overhead costs? What are period costs? Hershey Financial Statements Page 1
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for years ended December 31, 2008 2007 2006 Revenues 5,132,768 4,946,716 4,944,230 Expenses Cost of goods sold 3,375,050 3,315,147 3,076,718 Selling, general and administrative 1,073,019 895,874 860,378 Other 94,801 276,868 14,576 Interest 97,876 118,585 116,056 Taxes 180,617 126,088 317,441 Net Income 311,405 214,154 559,061 The Hershey Company Consolidated Statements of Income in thousands of dollars at December 31, 2008 2007 Assets Cash and cash equivalents 37,103 129,198 Accounts receivable 455,153 487,285 Inventory 592,530 600,185 Property, plant and equipment 1,458,949 1,539,715 Other assets 1,090,984 1,490,730 Total Assets 3,634,719 4,247,113 Liabilities and Owners' Equity Accounts payable 249,454
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