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Financial Accounting,9780324380675
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Financial Accounting

by
Edition:
10th
ISBN13:

9780324380675

ISBN10:
0324380674
Format:
Hardcover
Pub. Date:
8/2/2006
Publisher(s):
South-Western College Pub
List Price: $300.33

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Summary

Understand what accounting is all about and its evolving role in business with Warren and Reeve's FINANCIAL ACCOUNTING, the most successful higher education accounting text of all time. You'll use the preparation of financial statements as a framemark work for understand accounting and concepts and in the rocess you'll see how to use accounting to understand business.

Table of Contents

Introduction to Accounting and Businessp. 1
Nature of Business and Accountingp. 2
Types of Businessesp. 3
Types of Business Organizationsp. 3
Business Stakeholdersp. 4
Role of Ethics in Businessp. 4
The Role of Accounting in Businessp. 7
Profession of Accountingp. 8
Generally Accepted Accounting Principlesp. 10
Business Entity Conceptp. 11
The Cost Conceptp. 11
The Accounting Equationp. 12
Business Transactions and the Accounting Equationp. 12
Financial Statementsp. 17
Income Statementp. 18
Statement of Owner's Equityp. 19
Balance Sheetp. 21
Statement of Cash Flowsp. 21
Interrelationships Among Financial Statementsp. 23
Analyzing Transactionsp. 48
Using Accounts to Record Transactionsp. 49
Chart of Accountsp. 51
Analyzing and Summarizing Transactions in Accountsp. 51
Normal Balances of Accountsp. 57
Double-Entry Accounting Systemp. 58
Posting Journal Entries to Accountsp. 59
Trial Balancep. 72
Discovery and Corrections of Errorsp. 73
Discovery of Errorsp. 73
Correction of Errorsp. 74
The Adjusting Processp. 103
Nature of the Adjusting Processp. 104
The Adjusting Processp. 105
Types of Accounts Requiring Adjustmentp. 105
Recording Adjusting Entriesp. 107
Prepaid Expensesp. 108
Unearned Revenuesp. 111
Accrued Revenuesp. 112
Accrued Expensesp. 113
Depreciation Expensep. 115
Summary of Adjustment Processp. 116
Adjusted Trial Balancep. 120
Completing the Accounting Cyclep. 144
Flow of Accounting Informationp. 145
Financial Statementsp. 147
Income Statementp. 147
Statement of Owner's Equityp. 147
Balance Sheetp. 150
Closing Entriesp. 151
Journalizing and Posting Closing Entriesp. 153
Post-Closing Trial Balancep. 155
Accounting Cyclep. 159
Illustration of the Accounting Cyclep. 161
Analyzing and Recording Transactions in the Journalp. 162
Posting Transactions to the Ledgerp. 164
Preparing an Unadjusted Trial Balancep. 164
Assembling and Analyzing Adjustment Datap. 164
Preparing an Optional End-of-Period Spreadsheet (Work Sheet)p. 165
Journalizing and Posting Adjusting Entriesp. 165
Preparing an Adjusted Trial Balancep. 166
Preparing the Financial Statementsp. 166
Journalizing and Posting Closing Entriesp. 168
Preparing a Post-Closing Trial Balancep. 168
Fiscal Yearp. 174
End-of-Period Spreadsheet (Work Sheet)p. 175
Unadjusted Trial Balance Columnsp. 175
Adjustments Columnsp. 175
Adjusted Trial Balance Columnsp. 176
Income Statement and Balance Sheet Columnsp. 176
Comprehensive Problem 1p. 199
Practice Set: Ralph's Painting
Accounting Systemsp. 203
Basic Accounting Systemsp. 204
Manual Accounting Systemsp. 205
Subsidiary Ledgersp. 205
Special Journalsp. 206
Manual Accounting System: The Revenue and Collection Cyclep. 208
Manual Accounting System: The Purchase and Payment Cyclep. 212
Adapting Manual Accounting Systemsp. 217
Additional Subsidiary Ledgersp. 217
Modified Special Journalsp. 217
Computerized Accounting Systemsp. 218
E-Commercep. 222
Accounting for Merchandising Businesses 249
Nature of Merchandising Businessesp. 250
Financial Statements for a Merchandising Businessp. 252
Multiple-Step Income Statementp. 252
Single-Step Income Statementp. 255
Statement of Owner's Equityp. 255
Balance Sheetp. 255
Merchandising Transactionsp. 257
Chart of Accounts for a Merchandising Businessp. 257
Sales Transactionsp. 258
Purchase Transactionsp. 263
Transportation Costs, Sales Taxes, and Trade Discountsp. 265
Dual Nature of Merchandise Transactionsp. 268
The Adjusting and Closing Processp. 270
Adjusting Entry for Inventory Shrinkagep. 270
Closing Entriesp. 271
Financial Analysis and Interpretationp. 272
Accounting Systems for Merchandisersp. 273
Manual Accounting Systemp. 273
Computerized Accounting Systemsp. 274
The Periodic Inventory Systemp. 276
Cost of Merchandise Sold Using the Periodic Inventory Systemp. 276
Chart of Accounts Under the Periodic Inventory Systemp. 276
Recording Merchandise Transactions Under the Periodic Inventory Systemp. 277
Adjusting Process Under the Periodic Inventory Systemp. 278
Financial Statements Under the Periodic Inventory Systemp. 278
Closing Entries Under the Periodic Inventory Systemp. 279
Comprehensive Problem 2p. 303
Practice Set: Tee Time Merchandise
Inventoriesp. 307
Control of Inventoryp. 308
Inventory Cost Flow Assumptionsp. 309
Inventory Costing Methods Under a Perpetual Inventory Systemp. 312
First-In, First-Out Methodp. 312
Last-In, First-Out Methodp. 313
Average Cost Methodp. 314
Computerized Perpetual Inventory Systemsp. 315
Inventory Costing Methods Under a Periodic Inventory Systemp. 315
First-In, First-Out Methodp. 315
Last-In, First-Out Methodp. 316
Average Cost Methodp. 317
Comparing Inventory Costing Methodsp. 318
Use of the First-In, First-Out Methodp. 319
Use of the Last-In, First-Out Methodp. 319
Use of the Average Cost Methodp. 319
Reporting Merchandise Inventory in the Financial Statementsp. 320
Valuation at Lower of Cost or Marketp. 320
Valuation at Net Realizable Valuep. 321
Merchandise Inventory on the Balance Sheetp. 321
Effect of Inventory Errors on the Financial Statementsp. 322
Estimating Inventory Costp. 324
Retail Method of Inventory Costingp. 324
Gross Profit Method of Estimating Inventoriesp. 325
Financial Analysis and Interpretationp. 326
Sarbanes-Oxley, Internal Control, and Cashp. 347
Sarbanes-Oxley Act of 2002p. 348
Internal Controlp. 350
Objectives of Internal Controlp. 350
Elements of Internal Controlp. 351
Control Environmentp. 352
Risk Assessmentp. 353
Control Proceduresp. 353
Monitoringp. 355
Information and Communicationp. 355
Cash Controls Over Receipts and Paymentsp. 357
Control of Cash Receiptsp. 357
Control of Cash Paymentsp. 359
Bank Accountsp. 360
Use of Bank Accountsp. 360
Bank Statementp. 360
Bank Accounts as a Control Over Cashp. 362
Bank Reconciliationp. 364
Special-Purpose Cash Fundsp. 367
Financial Statement Reporting of Cashp. 368
Financial Analysis and Interpretationp. 370
Receivablesp. 393
Classification of Receivablesp. 394
Accounts Receivablep. 394
Notes Receivablep. 394
Other Receivablesp. 395
Uncollectible Receivablesp. 395
Direct Write-Off Method for Uncollectible Accountsp. 396
Allowance Method for Uncollectible Accountsp. 397
Write-Offs to the Allowance Accountp. 398
Estimating Uncollectiblesp. 399
Comparing Direct Write-Off and Allowance Methodsp. 404
Notes Receivablep. 405
Characteristics of Notes Receivablep. 405
Accounting for Notes Receivablep. 406
Reporting Receivables on the Balance Sheetp. 408
Financial Analysis and Interpretationp. 409
Discounting Notes Receivablep. 410
Fixed Assets and Intangible Assetsp. 434
Nature of Fixed Assetsp. 435
Classifying Costsp. 435
The Cost of Fixed Assetsp. 436
Capital and Revenue Expendituresp. 437
Leasing Fixed Assetsp. 439
Accounting for Depreciationp. 440
Factors in Computing Depreciation Expensep. 440
Straight-Line Methodp. 442
Units-of-Production Methodp. 442
Double-Declining-Balance Methodp. 443
Comparing Depreciation Methodsp. 444
Depreciation for Federal Income Taxp. 445
Revising Depreciation Estimatesp. 446
Disposal of Fixed Assetsp. 447
Discarding Fixed Assetsp. 447
Selling Fixed Assetsp. 448
Exchanging Similar Fixed Assetsp. 449
Natural Resourcesp. 452
Intangible Assetsp. 453
Patentsp. 453
Copyrights and Trademarksp. 454
Goodwillp. 454
Financial Reporting for Fixed Assets and Intangible Assetsp. 456
Financial Analysis and Interpretationp. 458
Sum-of-the-Years-Digits Depreciationp. 458
Current Liabilities and Payrollp. 478
Current Liabilitiesp. 479
Accounts Payablep. 479
Current Portion of Long-Term Debtp. 480
Short-Term Notes Payablep. 480
Payroll and Payroll Taxesp. 482
Liability for Employee Earningsp. 483
Deductions from Employee Earningsp. 483
Computing Employee Net Payp. 486
Liability for Employer's Payroll Taxesp. 486
Accounting Systems for Payroll and Payroll Taxesp. 488
Payroll Registerp. 488
Employee's Earnings Recordp. 491
Payroll Checksp. 491
Payroll System Diagramp. 492
Internal Controls for Payroll Systemsp. 493
Employees' Fringe Benefitsp. 495
Vacation Payp. 495
Pensionsp. 496
Postretirement Benefits Other Than Pensionsp. 498
Contingent Liabilitiesp. 498
Financial Analysis and Interpretationp. 501
Comprehensive Problem 3p. 520
Practice Set: Puppy Spa and Supply
Accounting for Partnerships and Limited Liability Companiesp. 525
Proprietorships, Partnerships, and Limited Liability Companiesp. 526
Proprietorshipsp. 526
Partnershipsp. 527
Limited Liability Companiesp. 528
Comparing Proprietorships, Partnerships, and Limited Liability Companiesp. 529
Forming and Dividing Income of a Partnershipp. 530
Forming a Partnershipp. 530
Dividing Incomep. 531
Partner Admission and Withdrawalp. 534
Admitting a Partnerp. 534
Withdrawal of a Partnerp. 538
Death of a Partnerp. 539
Liquidating Partnershipsp. 539
Gain on Realizationp. 540
Loss on Realizationp. 541
Loss on Realization-Capital Deficiencyp. 542
Errors in Liquidationp. 544
Statement of Partnership Equityp. 545
Financial Analysis and Interpretationp. 546
Corporations: Organization, Stock Transactions, and Dividendsp. 567
Nature of a Corporationp. 568
Characteristics of a Corporationp. 568
Forming a Corporationp. 569
Stockholders' Equityp. 571
Paid-In Capital From Issuing Stockp. 572
Characteristics of Stockp. 572
Classes of Stockp. 572
Issuing Stockp. 574
Premium on Stockp. 575
No-Par Stockp. 576
Accounting for Dividendsp. 578
Cash Dividendsp. 578
Stock Dividendsp. 580
Treasury Stock Transactionsp. 581
Reporting Stockholders' Equityp. 582
Stockholders' Equity in the Balance Sheetp. 582
Reporting Retained Earningsp. 584
Statement of Stockholders' Equityp. 585
Stock Splitsp. 586
Financial Analysis and Interpretationp. 587
Income Taxes, Unusual Income Items, and Investments in Stocksp. 609
Corporate Income Taxesp. 610
Payment of Income Taxesp. 610
Allocating Income Taxesp. 611
Reporting and Analyzing Taxesp. 613
Reporting Unusual Items on the Income Statementp. 614
Unusual Items Affecting the Current Period's Income Statementp. 614
Unusual Items Affecting the Prior Period's Income Statementp. 618
Earnings per Common Sharep. 619
Comprehensive Incomep. 620
Accounting for Investments in Stocksp. 622
Short-Term Investments in Stocksp. 622
Long-Term Investments in Stocksp. 625
Sale of Investments in Stocksp. 626
Business Combinationsp. 627
Financial Analysis and Interpretationp. 628
Practice Set: Casa Bella
Practice Set: Wizard Computer Sales & Services
Bonds Payable and Investments in Bondsp. 649
Financing Corporationsp. 650
Characteristics, Terminology, and Pricing of Bonds Payablep. 652
Bond Characteristics and Terminologyp. 652
Pricing of Bonds Payablep. 653
Accounting for Bonds Payablep. 657
Bonds Issued at Face Amountp. 657
Bonds Issued at a Discountp. 658
Amortizing a Bond Discountp. 659
Bonds Issued at a Premiump. 659
Amortizing a Bond Premiump. 660
Zero-Coupon Bondsp. 661
Payment and Redemption of Bonds Payablep. 661
Bond Sinking Fundsp. 662
Bond Redemptionp. 662
Investments in Bondsp. 663
Accounting for Bond Investments-Purchase, Interest, and Amortizationp. 663
Accounting for Bond Investments-Salep. 665
Corporation Balance Sheetp. 666
Balance Sheet Presentation of Bonds Payablep. 666
Balance Sheet Presentation of Bond Investmentsp. 666
Financial Analysis and Interpretationp. 668
Effective Interest Rate Method of Amortizationp. 668
Amortization of Discount by the Interest Methodp. 668
Amortization of Premium by the Interest Methodp. 669
Comprehensive Problem 4p. 686
Statement of Cash Flowsp. 691
Reporting Cash Flowsp. 692
Cash Flows from Operating Activitiesp. 693
Cash Flows from Investing Activitiesp. 694
Cash Flows from Financing Activitiesp. 695
Noncash Investing and Financing Activitiesp. 695
No Cash Flow per Sharep. 696
Statement of Cash Flows-The Indirect Methodp. 696
Retained Earningsp. 697
Cash Flows from Operating Activities-Indirect Methodp. 697
Cash Flows Used for Payment of Dividendsp. 703
Common Stockp. 703
Bonds Payablep. 704
Buildingp. 704
Landp. 705
Preparing the Statement of Cash Flowsp. 705
Statement of Cash Flows-The Direct Methodp. 706
Cash Received from Customersp. 706
Cash Payments for Merchandisep. 708
Cash Payments for Operating Expensesp. 709
Gain on Sale of Landp. 710
Interest Expensep. 710
Cash Payments for Income Taxesp. 710
Reporting Cash Flows from Operating Activities-Direct Methodp. 710
Financial Analysis and Interpretationp. 712
Spreadsheet (Work Sheet) for Statement of Cash Flows-The Indirect Methodp. 712
Analyzing Accountsp. 713
Retained Earningsp. 713
Other Accountsp. 714
Preparing the Statement of Cash Flowsp. 715
Financial Statement Analysisp. 741
Basic Analytical Proceduresp. 742
Horizontal Analysisp. 742
Vertical Analysisp. 745
Common-Size Statementsp. 747
Other Analytical Measuresp. 747
Solvency Analysisp. 748
Current Position Analysisp. 748
Accounts Receivable Analysisp. 750
Inventory Analysisp. 752
Ratio of Fixed Assets to Long-Term Liabilitiesp. 753
Ratio of Liabilities to Stockholders' Equityp. 754
Number of Times Interest Charges Earnedp. 754
Profitability Analysisp. 755
Ratio of Net Sales to Assetsp. 755
Rate Earned on Total Assetsp. 756
Rate Earned on Stockholders' Equityp. 757
Rate Earned on Common Stockholders' Equityp. 758
Earnings per Share on Common Stockp. 759
Price-Earnings Ratiop. 760
Dividends per Share and Dividend Yieldp. 760
Summary of Analytical Measuresp. 761
Corporate Annual Reportsp. 763
Management Discussion and Analysisp. 763
Report on Adequacy of Internal Controlp. 763
Report on Fairness of Financial Statementsp. 764
Interest Tablesp. A-2
Reversing Entriesp. B-1
End-of-Period Spreadsheet (Work Sheet) for a Merchandising Businessp. C-1
The Williams-Sonoma, Inc., 2005 Annual Reportp. D-1
Glossaryp. G-1
Subject Indexp. I-1
Company Indexp. I-11
Table of Contents provided by Ingram. All Rights Reserved.


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