Chapter 3 the balance sheet and the statement of changes in stockholder. equity

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1 Full Picture for Intermediate Accounting (I) Chapter 3 the balance sheet ASSET LIABILITY Current Chapter 6 cash and receivables Chapter 7/8 inventories Chapter 12 current liabilities and contingencies Current No-Cu rrent Chapter 9 property plant and equipment Chapter 10 depreciation and depletion Chapter 11 intangibles Chapter 14 investments Chapter 13 long-term liabilities EQUITY Chapter 15 contributed capital No-Current ASSET=LIABLITY+EQUITY Chapter 3 the balance sheet and the statement of changes in stockholder equity 1. three major financial statements and their functions p39 2.three-stage process for Balance Sheet 2.1 recognition p 41 (whether or not record and report) judge the recognition standards through the definition of elements : asset, liability, stockholders equity p measurement p43 (how much to record) exhibit historical cost current cost ( current replacement cost) current market value net realizable value present value Eg. Raw materials bought on May 5 for $100 If I need to buy the same stock of raw materials I should pay for $120 on Dec. 31 If I sell this same stock of raw materials I will get 115 on Dec. 31 Raw materials-goods in process-(+30) product-sales revenue (target contract price 200)

2 Present value takes the time value of money into consideration 2.3 reporting classification (fill in the BS) exhibit exercises requirment E3-4,E3-5,E3-8,E3-9,P excercise answer example E3-1P59 Current assets Answer E3-1 JENKINS COMPANY Current Asset Section of Balance Sheet December 31, cash and cash equivalents p170 Chapter 6 cash and receivables 2. bank reconciliation p causes of the difference outstanding checks deposits in transit charges made directly by the bank deposits made directly by the bank errors 2.2 procedures for preparing a bank reconciliation 2.3 illustration 3. receivables p trade receivables 3.2 nontrade receivables

3 4. accounts receivable p cash (sales) discount gross method net method illustration sales returns and allowances 4.3 uncollectible accounts for accounts receivable p estimated bad debts method Percentage of sales (net credit sales) Percentage of outstanding accounts receivable Aging of accounts receivable Writing off uncollectible accounts Collection of an account previously written off 4.4 generating immediate cash from accounts receivable pledging assigning factoring 5. Notes receivable p shot-term interest-bearing notes receivable 5.2 short-term non-interest-bearing notes receivable 5.3 notes receivable discounted 6. exercises requirment p196 E6-2, E6-6,E6-10,E6-11,E6-15,E6-23 Chapter 7 inventories: cost measurement and flow assumptions 1. Classifications of inventory p merchandising company merchandise inventory 1.2 manufacturing company raw materials, goods in process, finished goods 2. flow of inventory costs (exhibit 7-1)p Alternative inventory systems p perpetual inventory system 3.2 periodic inventory system 3.3 difference between these two systems 4. Items included in inventory p Inventory costs p215

4 5.1 manufacturing overhead costs 5.2 purchases discounts p217 (exhibit 7-2) gross price method net price method 6. cost flow assumptions p217 (exhibit 7-4) 6.1 specific identification 6.2 FIFO 6.3 weighted average cost flow weighted average method (usually for periodic inventory system) moving average method (more reasonable for perpetual inventory system) 7 exercises requirment p235 E7-1, E7-2, E7-3,E7-5,E7-7(FIFO,Average),E7-8(FIFO,Average) Chapter 8 inventory: special valuation issues 1. Lower of cost or market (LCM) P selects the market value Ceiling Floor Market Value Current replacement cost 1.2 comparisons of market value to cost 1.3 reports the result (allowance method) BS IS 1.4 exhibit 8-1, exhibit exercises requirment E8-1,E8-3 P264 Chapter 9 property, plant, and equipment: acquisition and disposal p Acquisition of property, plant, and equipment p lump-sum purchase 1.2 deferred payments 1.3 donations 1.4 exchange of other asset Exchanges of dissimilar productive assets Exchanges of similar productive assets 1.5 self-construction Interest during construction Fixed overhead costs

5 2. Costs subsequent to acquisition p improvements and replacements 2.2 repairs and maintenance 3. Disposal of PPE p exercises requirment p295 E9-3,E9-4,E9-7,E9-8,E9-11,E9-12,E9-14,E9-16 Chapter 10 Property, plant, and equipment: usage period-depreciation and depletion p factors involved in depreciation p asset cost 1.2 service life 1.3 residual value 2. methods of cost allocation p activity methods 2.2 time-based methods straight line accelerated sum of the years digits declining balance 3. impairment of noncurrent assets p316 4.depletion p exercises requirment p324 E10-2,E10-6,E10-12 Chapter 11 intangibles p336 1.accounting for intangibles p cost of intangible 1.2 amortization or impairment of intangible assets 1.3 research and development costs 2.classification of intangibles p identifiable intangible asset patents copyrights franchises computer software costs leases and leasehold improvement

6 2.1.6 trademarks and trade names deferred charges organization costs 2.2 unidentifiable intangibles internally developed goodwill purchased goodwill 3. exercises requirment p352 E11-5, E11-9 Chapter 12 current liabilities and contingencies p notes payable p sales and use taxes p371 3.income taxes payable p373 4.warranty obligations p expense warranty accrual method 4.2 sales warranty accrual method 5.contingencies p accrual of loss contingencies 5.2 disclosure of loss contingencies in notes to the financial statements 6. exercises requirment p386 E12-3,E12-4,E12-6,E12-10,E12-11

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