Reeve Warren Duchac. James M. Reeve. Professor Emeritus of Accounting University of Tennessee, Knoxville

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1 Reeve Warren Duchac 10e James M. Reeve Professor Emeritus of Accounting University of Tennessee, Knoxville Carl S. Warren Professor Emeritus of Accounting University of Georgia, Athens Jonathan E. Duchac Professor of Accounting Wake Forest University SOUTH-WESTERN CENGAGE Learning* A u s t r a l i a B r a z i l C a n a d a M e x i c o S i n g a p o r e - S p a i n U n i t e d K i n g d o m U n i t e d S t a t e s

2 CHAPTER 1 Introduction to Accounting and Business Nature of Business and Accounting 2 Types of Businesses 2 The Role of Accounting in Business 3 Role of Ethics in Accounting and Business 4 Opportunities for Accountants 6 Generally Accepted Accounting Principles 7 Business Entity Concept 8 The Cost Concept 8. The Accounting Equation 9 Business Transactions and the Accounting Equation 10 Business Connection: The Accounting Equation 10 Financial Statements 16 Income Statement 17 Retained Earnings Statement 19 Balance Sheet 20 Statement of Cash Flows 20,/ Interrelationships Among Financial Statements 22 Financial Analysis and Interpretation 23 CHAPTER 2 Analyzing Transactions Using Accounts to Record Transactions 52 Chart of Accounts 54 Business Connection: The Hijacking Receivable 54 Double-Entry Accounting System 55 Balance Sheet Accounts 55 Income Statement Accounts 56 Dividends 56 Normal Balances 56 Journalizing 57 Posting Journal Entries to Accounts 61 Trial Balance 70 Errors Affecting the Trial Balance 70 Errors Not Affecting the Trial Balance 72 Financial Analysis and Interpretation 73 CHAPTER 3 The Adjusting Process Nature of the Adjusting Process 102 The Adjusting Process 103 Types of Accounts Requiring Adjustment 104 Recording Adjusting Entries Prepaid Expenses 107 Unearned Revenues 109 Accrued Revenues 110 Accrued Expenses 111 Depreciation Expense 113 Summary of Adjustment Process 115 Business Connection: Microsoft Corporation i 18 Adjusted Trial Balance 120 Financial Analysis and Interpretation 122 CHAPTER 4 Completing the Accounting Cycle 145 Flow of Accounting Information 146 Financial Statements 148 Income Statement 148 Retained Earnings Statement 150 Balance Sheet 151 Business Connection: International Differences 152 Closing Entries 152 Journalizing and Posting Closing Entries 154 Post-Closing Trial Balance 157 Accounting Cycle 158 Illustration of the Accounting Cycle 159 Step 1. Analyzing and Recording Transactions in the Journal 160 Step 2. Posting Transactions to the Ledger 161 Step 3. Preparing an Unadjusted Trial Balance 162 Step 4. Assembling and Analyzing Adjustment Data 162 Step 5. Preparing an Optional End-of-Period Spreadsheet (Work Sheet) 163 Step 6. Journalizing and Posting Adjusting Entries 163 Step 7. Preparing an Adjusted Trial Balance 165 Step 8. Preparing the Financial Statements 165 Step 9. Journalizing and Posting Closing Entries 167 Step 10. Preparing a Post-Closing Trial Balance 167 Fiscal Year 170 Financial Analysis and Interpretation 171 Appendix: End-of-Period Spreadsheet (Work Sheet) 171 Step 1. Enter the Title 171 Step 2. Enter the Unadjusted Trial Balance 172 Step 3. Enter the Adjustments 172 Step 4. Enter the Adjusted Trial Balance 174 Step 5. Extend the Accounts to the Income Statement and Balance Sheet Columns 175 XXV

3 Step 6. Total the Income Statement and Balance Sheet Columns, Compute the Net Income or Net Loss, and Complete the Spreadsheet 175 Preparing the Financial Statements from the Spreadsheet 176 Comprehensive Problem CHAPTER 5 Accounting for Merchandising Businesses 208 Nature of Merchandising Businesses 209 Financial Statements for a Merchandising Business 210 Multiple-Sep Income Statement 211 Single-Step Income Statement 215 Retained Earnings Statement 215 Balance Sheet 215 Business Connection: H&R Block Versus the Home Depot 217 Merchandising Transactions 217 Chart of Accounts for a Merchandising Business 217 Sales Transactions 217 Purchase Transactions 223 Freight, Sales Taxes, and Trade Discounts 226 Dual Nature of Merchandise Transactions 229 The Adjusting and Closing Process 230 Adjusting Entry for Inventory Shrinkage 230 Closing Entries 231 Financial Analysis and Interpretation 232 Appendix: The Periodic Inventory System 233 Cost of Merchandise Sold Using the Periodic Inventory System 233 Chart of Accounts Under the Periodic Inventory System 234 Recording Merchandise Transactions Under the Periodic Inventory System 234 Adjusting Process Under the Periodic Inventory System 235 Financial Statements Under the Periodic Inventory System 235 Closing Entries Under the Periodic Inventory System 236 Comprehensive Problem Comparing Inventory Costing Methods 275 Reporting Merchandise Inventory in the Financial Statements 276 Valuation at Lower of Cost or Market 277 Valuation at Net Realizable Value 278 Merchandise Inventory on the Balance Sheet 278 Effect of Inventory Errors on the Financial Statement 279 Business Connection: Rapid Inventory at Costco 282 Financial Analysis and Interpretation 282 Appendix: Estimating Inventory Cost 283 Retail Method of Inventory Costing 283 Gross Profit Method of Inventory Costing 284 CHAPTER 7 Sarbanes-Oxley, Internal Control, and Cash 304 Sarbanes-Oxley Act of Internal Control 307 Objectives of Internal Control 307 Elements of Internal Control 307 Control Environment 308 Risk Assessment 309 Control Procedures 309 Monitoring 311 Information and Communication 312 Limitations of Internal Control 312 Cash Controls Over Receipts and Payments 312 Control of Cash Receipts 313 Control of Cash Payments 315 Bank Accounts 316 Bank Statement 316 Using the Bank Statement as a Control Over Cash 318 Bank Reconciliation 319 Special-Purpose Cash Funds 323 Financial Statement Reporting of Cash 324 CHAPTER 6 Inventories 263 Control of Inventory 264 Safeguarding Inventory 264 Reporting Inventory 265 Inventory Cost Flow Assumptions 265 Inventory Costing Methods Under a Perpetual Inventory System 268 First-ln, First-Out Method 268 Last-In, First-Out Method 270 Average Cost Method 271 Computerized Perpetual Inventory Systems 271 Inventory Costing Methods Under a Periodic Inventory System 272 First-ln, First-Out Method 272 Last-In, First-Out Method 273 Average Cost Method 274 Financial Analysis and Interpretation 325 Business Connection: Microsoft Corporation 326 CHAPTER 8 Receivables 349 Classification of Receivables 350 Accounts Receivable 350 Notes Receivable 350 Other Receivables 351 Uncollectible Receivables 351 Direct Write-Off Method for Uncollectible Accounts 352 Allowance Method for Uncollectible Accounts 353 Write-Offs to the Allowance Account 354 Estimating Uncollectibles 355 Comparing Direct Write-Off and Allowance Methods 360 Notes Receivable 362 XXVI

4 Characteristics of Notes Receivable 362 Accounting for Notes Receivable 363 Reporting Receivables on the Balance Sheet 365 Financial Analysis and Interpretation 366 Business Connection: Delta Air Lines 367 Appendix: Discounting Notes Receivable 367 CHAPTER 9 Fixed Assets and Intangible Assets.392 Nature of Fixed Assets 393 Classifying Costs 394 The Cost of Fixed Assets 395 Capital and Revenue Expenditures 396 Leasing Fixed Assets 397 Accounting for Depreciation 398 Factors in Computing Depreciation Expense 399 Straight-Line Method 400 Units-of-Production Method 401 Double-Declining Balance Method 402 Comparing Depreciation Methods 403 Depreciation for Federal Income Tax 404 Revising Depreciation Estimates 404 Disposal of Fixed Assets 406 Discarding Fixed Assets 406 Selling Fixed Assets 407 : Natural Resources 408 Intangible Assets 409 Patents 409 Copyrights and Trademarks 410 Goodwill 411 Financial Reporting for Fixed Assets and Intangible Assets 412 Business Connection: Hub-and-Spoke or Point-to-Point? 413 Financial Analysis and Interpretation 414 Appendix: Sum-of-the-Years-Digits Depreciation 414 Appendix: Exchanging Similar Fixed Assets 415 Gain on Exchange 416 Loss on Exchange 416 CHAPTER 1 O Current Liabilities and Payroll 436 Current Liabilities 437 Accounts Payable 437 Current Portion of Long-Term Debt 438 Short-Term Notes Payable 438 Payroll and Payroll Taxes 441 Liability for Employee Earnings 441 Deductions from Employee Earnings 441 Computing Employee Net Pay 444 Liability for Employer's Payroll Taxes 444 Business Connection: The Most You Will Ever Pay 445 Accounting Systems for Payroll and Payroll Taxes 445 Payroll Register 446 Employee's Earnings Record 449 Payroll Checks 449 Payroll System Diagram 450 Internal Controls for Payroll Systems 451 Employees' Fringe Benefits 453 Vacation Pay 453 Pensions 454 Postretirement Benefits Other than Pensions 455 Current Liabilities on the Balance Sheet 456 Contingent Liabilities 456 Probable and Estimable 456 Probable and Not Estimable 457 Reasonably Possible 457 Remote 457 Financial Analysis and Interpretation 459 Comprehensive Problem CHAPTER 1 1 Corporations: Organization, Stock Transactions, and Dividends 483 Nature of a Corporation 484 Characteristics of a Corporation 484 Forming a Corporation 485 Paid-in Capital from Issuing Stock 487 Characteristics of Stock 487 Classes of Stock 487 Issuing Stock 489 Premium on Stock 490 No-Par Stock 490 Business Connection: Cisco Systems, Inc. 491 Accounting for Dividends 492 Cash Dividends 492 Stock Dividends 494 Treasury Stock Transactions 495 Reporting Stockholders' Equity 497 Stockholders' Equity in the Balance Sheet 497 Reporting Retained Earnings 499 Statement of Stockholders' Equity 500 Reporting Stockholders' Equity for Mornin' Joe 501 Stock Splits 502 Financial Analysis and Interpretation 503 CHAPTER 1 2 Financing Corporations 525 Long-Term Liabilities: Bonds and Notes 524 Nature of Bonds Payable 528 Bond Characteristics and Terminology 528 Proceeds from Issuing Bonds 528 Accounting for Bonds Payable 529 Bonds Issued at Face Amount 529 XXVII

5 Bonds Issued at a Discount 530 Amortizing a Bond Discount 531 Bonds Issued at a Premium 532 Amortizing a Bond Premium 533 Business Connection: Ch-Ch-Ch-Changes in Bond Trends 534 Bond Redemption 534 Installment Notes 536 Issuing an Installment Note 536 Annual Payments 536 Reporting Long-Term Liabilities 538 Financial Analysis and Interpretation 539 Appendix 1: Present Value Concepts and Pricing Bonds Payable 539 Present Value Concepts 540 Pricing Bonds 542 Appendix 2: Effective Interest Rate Method of Amortization 544 Amortization of Discount by the Interest Method 544 Amortization of Premium by the Interest Method 545 CHAPTER 1 3 Investments and Fair Value Accounting Why Companies Invest 565 Investing Cash in Current Operations 565 Investing Cash in Temporary Investments 566 Investing Cash in Long-Term Investments 566 Accounting for Debt Investments 567 Purchase of Bonds 567 Interest Revenue 567 Sale of Bonds 568 Accounting for Equity Investments 569 Less Than 20% Ownership 569 Between 20% and 50% Ownership 571 More Than 50% Ownership 573 Valuing and Reporting Investments 574 Trading Securities 574 Held-To-Maturity Securities 577 Available-for-Sale Securities 578 Summary 581 Business Connection: Warren Buffett: The Sage of Omaha 583 Fair Value Accounting 583 Trend to Fair Value Accounting 583 Effect of Fair Value Accounting on the Financial Statements 584 Future of Fair Value Accounting 585 Financial Analysis and Interpretation 585 Appendix 1: Accounting for Held-to-Maturity Investments 585 Purchase of Bonds 585 Amortization of Premium or Discount 586 Receipt of Maturity Value of Bond 587 Appendix 2: Comprehensive Income 588 XXVIII Comprehensive Problem Financial Statements for Mornin Joe 614 CHAPTER 1 4 Statement of Cash Flows 617 Reporting Cash Flows 618 Cash Flows from Operating Activities 619 Cash Flows from Investing Activities 621 Cash Flows from Financing Activities 621 Noncash Investing and Financing Activities 621 Business Connection: Too Much Cash! 621 No Cash Flow per Share 622 Statement of Cash Flows The Indirect Method 622 Retained Earnings 624 Adjustments to Net Income 624 Dividends 629 Common Stock 629 Bonds Payable 630 Building 630 Land 631 Preparing the Statement of Cash Flows 631 Statement of Cash Flows The Direct Method 632 Cash Received from Customers 633 Cash Payments for Merchandise 634 Cash Payments for Operating Expenses 635 Gain on Sale of Land 635 Interest Expense 635 Cash Payments for Income Taxes 636 Reporting Cash Flows from Operating Activities Direct Method 636 Financial Analysis and Interpretation 637 Appendix: Spreadsheet (Work Sheet) for Statement of Cash Flows The Indirect Method 638 Analyzing Accounts 638 Retained Earnings 638 Other Accounts 640 Preparing the Statement of Cash Flows 640 CHAPTER 1 5 Financial Statement Analysis Basic Analytical Methods 672 Horizontal Analysis 673 Vertical Analysis 675 Common-Sized Statements 676 Other Analytical Measures 678 Solvency Analysis 678 Current Position Analysis 679 Accounts Receivable Analysis 681 Inventory Analysis 682 Ratio of Fixed Assets to Long-Term Liabilities 684 Ratio of Liabilities to Stockholders' Equity 684 Number of Times Interest Charges Earned 685 Profitability Analysis 686 Ratio of Net Sales to Assets

6 Rate Earned on Total Assets 687 Rate Earned on Stockholders' Equity 688 Rate Earned on Common Stockholders' Equity 689 Earned Per Share on Common Stock 690 Price-Earnings Ratio 691 Dividends Per Share 692 Dividend Yield 692 Summary of Analytical Measures 692 Corporate Annual Reports 694 Management Discussion and Analysis 694 Report on Internal Control 694 Report on Fairness of Financial Statements 695 Business Connection: Investing Strategies 695 Appendix: Unusual Items on the Income Statement 696 Unusual Items Affecting the Current Period's Income Statement 696 Unusual Items Affecting the Prior Period's Income Statement 698 Nike, Inc., Problem 724 APPENDIX A Interest Tables A-2 APPENDIX B Reversing Entries B-1 APPENDIX C Special Journals and Subsidiary Ledgers C-1 Subsidiary Ledgers C-1 Special Journals C-1 Revenue Journal C-3 Cash Receipts Journal C-6 Accounts Receivable Control Account and Subsidiary Ledger C-8 Purchases Journal C-8 Cash Payments Journal C-10 Accounts Payable Control Account and Subsidiary Ledger C-13 APPENDIX D End-of-Period Spreadsheet (Work Sheet) for a Merchandising Business D-1 Temporary Differences D-1 Reporting Deferred Taxes D-3 Permanent Differences D-3 APPENDIX E Accounting for Deferred Income Taxes E-1 Temporary Differences E-1 Reporting Deferred Taxes E-3 Permanent Differences E-3 APPENDIX F Form 10-K Nike Inc F-1 APPENDIX G International Financial Reporting Standards G-1 Glossary GL-1 Subject Index 1-1 Company Index 1-12

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