Glencoe Accounting: First Year Course, Student Edition

by Unknown

• ISBN13: 9780028150048
• ISBN10: 002815004X
• Edition: 4th
• Format: Hardcover
• Copyright: 1999-03-10
• Publisher: McGraw-Hill Education

Summary

Solid content and the newest technology combine to create the most comprehensive real-world accounting program available!You receive cutting-edge experience in business accounting through Glencoe's partnerships with: American Institute of Certified Public Accounting (AICPA) Peachtree Accounting Software Robert Half International This completely revised accounting program gives students the latest content and introduces the most exciting technologyall designed to connect accounting to the real world of business. Students will be introduced to the real world of accounting software through the integration of Peachtree throughout the text as an essential part of this program. Software tutorial directions are included at the point of instruction for each application. OptionalGlencoe Integrated Accountingsoftware with templates is also available.

Table of Contents

Unit 1 Introduction to Accounting	2	(40)
You and the World of Accounting	4	(20)
Exploring the Real World of Business: World Wildlife Fund
Exploring Careers	6	(8)
A Matter of Ethics: Padding a Resume	12	(1)
Check Your Understanding	13	(1)
Accounting Careers: The Possibilities Are Endless!	14	(10)
Check Your Understanding	17	(1)
Accounting Careers in Focus: Carrier Billing Manager	18	(2)
Chapter 1 Review and Activities	20	(2)
Chapter 1 Problems	22	(2)
The World of Business and Accounting	24	(18)
Exploring the Real World of Business: Huey's Athletic Network
Exploring the World of Business	26	(6)
Check Your Understanding	31	(1)
Accounting: The Universal Language of Business	32	(10)
A Matter of Ethics: Becoming an Entrepreneur	34	(1)
Check Your Understanding	35	(1)
Accounting Careers in Focus: Certified Public Accountant (CPA)	36	(2)
Chapter 2 Review and Activities	38	(2)
Chapter 2 Problems	40	(2)
Unit 2 The Basic Accounting Cycle	42	(242)
Business Transactions and the Accounting Equation	44	(26)
Exploring the Real World of Business: DreamWorks SKG
Property and Financial Claims	46	(4)
A Matter of Ethics: Company Property	48	(1)
Check Your Understanding	49	(1)
Transactions That Affect Owner's Investment, Cash, and Credit	50	(7)
Check Your Understanding	56	(1)
Transactions That Affect Revenue, Expense, and Withdrawals by the Owner	57	(13)
Check Your Understanding	60	(2)
Chapter 3 Review and Activities	62	(2)
Computerized Accounting: Exploring Electronic Spreadsheets	64	(1)
Chapter 3 Problems	65	(5)
Transactions That Affect Assets, Liabilities, and Owner's Equity	70	(24)
Exploring the Real World of Business: American Airlines
Accounts and the Double-Entry Accounting System	72	(6)
Check Your Understanding	77	(1)
Applying the Rules of Debit and Credit	78	(16)
A Matter of Ethics: Software Piracy	82	(1)
Check Your Understanding	83	(1)
Accounting Careers in Focus: Business Consultant	84	(2)
Chapter 4 Review and Activities	86	(2)
Computerized Accounting: Introduction to Computerized Accounting Systems	88	(1)
Chapter 4 Problems	89	(5)
Transactions That Affect Revenue, Expenses, and Withdrawals	94	(26)
Exploring the Real World of Business: Wendy's Old Fashioned Hamburgers
Relationship of Revenue, Expenses, and Withdrawals to Owner's Equity	96	(8)
A Matter of Ethics: Using the 800 Number	102	(1)
Check Your Understanding	103	(1)
Applying the Rules of Debit and Credit to Revenue, Expense, and Owner's Equity Transactions	104	(16)
Check Your Understanding	109	(1)
Accounting Careers in Focus: Chief Accountant	110	(2)
Chapter 5 Review and Activities	112	(2)
Computerized Accounting: The Chart of Accounts	114	(1)
Chapter 5 Problems	115	(5)
Recording Transactions in a General Journal	120	(30)
Exploring the Real World of Business: Ben & Jerry's
The Accounting Cycle	122	(4)
Check Your Understanding	125	(1)
Recording Transactions in the General Journal	126	(24)
A Matter of Ethics: Gossip in the Workplace	139	(1)
Check Your Understanding	140	(2)
Chapter 6 Review and Activities	142	(2)
Computerized Accounting: General Journal Entries	144	(1)
Chapter 6 Problems	145	(5)
Posting Journal Entries to General Ledger Accounts	150	(30)
Exploring the Real World o f Business: King Ranch
The General Ledger	152	(5)
A Matter of Ethics: Meeting a Deadline	155	(1)
Check Your Understanding	156	(1)
The Posting Process	157	(9)
Check Your Understanding	164	(1)
Accounting Careers in Focus: Accounts Payable Manager	165	(1)
Preparing a Trial Balance	166	(14)
Check Your Understanding	170	(2)
Chapter 7 Review and Activities	172	(2)
Computerized Accounting: Posting to the General Ledger	174	(1)
Chapter 7 Problems	175	(3)
Mini Practice Set: Canyon.com Web Sites
Setting Up Accounting Records for a Sole Proprietorship	178	(2)
The Six-Column Work Sheet	180	(22)
Exploring the Real World of Business: Washington Metropolitan Area Transit Authority (WMATA)
Preparing the Work Sheet	182	(5)
Check Your Understanding	186	(1)
Extending Amounts Across the Work Sheet	187	(15)
A Matter of Ethics: Padding Expense Accounts	193	(1)
Check Your Understanding	194	(2)
Chapter 8 Review and Activities	196	(2)
Computerized Accounting: The Trial Balance	198	(1)
Chapter 8 Problems	199	(3)
Financial Statements for a Sole Proprietorship	202	(28)
Exploring the Real World of Business: New England Aquarium
The Income Statement	204	(6)
Check Your Understanding	209	(1)
The Statement of Changes in Owner's Equity	210	(6)
A Matter of Ethics: Financial Report or Repair?	213	(1)
Check Your Understanding	214	(1)
Accounting Careers in Focus: Partner	215	(1)
The Balance Sheet	216	(14)
Analyzing Financial Reports: Return on Sales	221	(1)
Check Your Understanding	222	(2)
Chapter 9 Review and Activities	224	(2)
Computerized Accounting: Preparing Financial Statements	226	(1)
Chapter 9 Problems	227	(3)
Completing the Accounting Cycle for a Sole Proprietorship	230	(26)
Exploring the Real World of Business: ActionQuest
Preparing Closing Entries	232	(11)
A Matter of Ethics: Computer Viruses	241	(1)
Check Your Understanding	242	(1)
Posting Closing Entries and Preparing a Post-Closing Trial Balance	243	(13)
Analyzing Financial Reports: Calculating Return on Owner's Equity	245	(1)
Check Your Understanding	246	(2)
Chapter 10 Review and Activities	248	(2)
Computerized Accounting: Closing the Accounting Period	250	(1)
Chapter 10 Problems	251	(5)
Cash Control and Banking Activities	256	(28)
Exploring the Real World of Business: The Timberland Company
Banking Procedures	258	(7)
A Matter of Ethics: Pocketing Differences	263	(1)
Check Your Understanding	264	(1)
Reconciling the Bank Account	265	(19)
Analyzing Financial Reports: Evaluating Working Capital	272	(1)
Check Your Understanding	273	(1)
Accounting Careers in Focus: Controller	274	(2)
Chapter 11 Review and Activities	276	(2)
Computerized Accounting: Reconciling the Bank Statement	278	(1)
Chapter 11 Problems	279	(3)
Mini Practice Set: Fast Track Tutoring Service
Completing the Accounting Cycle for a Sole Proprietorship	282	(2)
Unit 3 Accounting for a Payroll System	284	(66)
Payroll Accounting	286	(28)
Exploring the Real World of Business: Robert Half Int'l Inc.
Calculating Gross Earnings	288	(5)
Check Your Understanding	292	(1)
Payroll Deductions	293	(6)
Analyzing Financial Reports: Analyzing Employee Productivity	297	(1)
Check Your Understanding	298	(1)
Payroll Records	299	(15)
A Matter of Ethics: Payroll Information	303	(1)
Check Your Understanding	304	(2)
Chapter 12 Review and Activities	306	(2)
Computerized Accounting: Preparing the Payroll	308	(1)
Chapter 12 Problems	309	(5)
Payroll Liabilities and Tax Records	314	(36)
Exploring the Real World of Business: Rhino Records
Journalizing and Posting the Payroll	316	(6)
A Matter of Ethics: Money Shuffling	320	(1)
Check Your Understanding	321	(1)
Employer's Payroll Taxes	322	(5)
Check Your Understanding	326	(1)
Tax Liability Payments and Tax Reports	327	(23)
Analyzing Financial Reports: Employee Costs	336	(1)
Check Your Understanding	337	(1)
Accounting Careers in Focus: Tax Specialist	338	(2)
Chapter 13 Review and Activities	340	(2)
Computerized Accounting: Recording and Paying Payroll Tax Liabilities	342	(1)
Chapter 13 Problems	343	(3)
Mini Practice Set: Green Thumb Plant Service
Payroll Accounting	346	(4)
Unit 4 The Accounting Cycle for a Merchandising Corporation	350	(246)
Accounting for Sales and Cash Receipts	352	(34)
Exploring the Real World of Business: Rollerblade, Inc.
Accounting for a Merchandising Business	354	(4)
A Matter of Ethics: Confidentiality	356	(1)
Check Your Understanding	357	(1)
Analyzing Sales Transactions	358	(9)
Check Your Understanding	366	(1)
Analyzing Cash Receipt Transactions	367	(19)
Analyzing Financial Reports: The Founder's Letter	375	(1)
Check Your Understanding	376	(2)
Chapter 14 Review and Activities	378	(2)
Computerized Accounting: Sales and Cash Receipts	380	(1)
Chapter 14 Problems	381	(5)
Accounting for Purchases and Cash. Payments	386	(32)
Exploring the Real World of Business: Levi Strauss & Co.
Purchasing Items Needed by a Business	388	(5)
Check Your Understanding	392	(1)
Analyzing and Recording Purchases on Account	393	(9)
Analyzing Financial Reports: Identifying Corporate Goals	399	(1)
Check Your Understanding	400	(1)
Accounting Careers in Focus: Credit Analyst	401	(1)
Analyzing and Recording Cash Payments	402	(16)
A Matter of Ethics: Showing Favoritism	407	(1)
Check Your Understanding	408	(2)
Chapter 15 Review and Activities	410	(2)
Computerized Accounting: Recording Purchases and Cash Payments	412	(1)
Chapter 15 Problems	413	(5)
Special Journals: Sales and Cash Receipts	418	(30)
Exploring the Real World of Business: Sony Corporation (of America)
The Sales Journal	420	(9)
A Matter of Ethics: Working for a Competitor	427	(1)
Check Your Understanding	428	(1)
The Cash Receipts Journal	429	(19)
Analyzing Financial Reports: Operating Results	439	(1)
Check Your Understanding	440	(2)
Chapter 16 Review and Activities	442	(2)
Computerized Accounting: Mastering Sales and Cash Receipts	444	(1)
Chapter 16 Problems	445	(3)
Special Journals: Purchases and Cash Payments	448	(34)
Exploring the Real World of Business: PETCO
The Purchases Journal	450	(8)
A Matter of Ethics: Insufficient Funds	456	(1)
Check Your Understanding	457	(1)
The Cash Payments Journal	458	(24)
Analyzing Financial Reports: Cost of Sales	470	(1)
Check Your Understanding	471	(1)
Accounting Careers in Focus: Software Developer	472	(2)
Chapter 17 Review and Activities	474	(2)
Computerized Accounting: Mastering Purchases and Cash Payments	476	(1)
Chapter 17 Problems	477	(5)
Adjustments and the Ten-Column Work Sheet	482	(32)
Exploring the Real World of Business: Schwinn Bicycle Company
Identifying Accounts To Be Adjusted and Adjusting Merchandise Inventory	484	(7)
A Matter of Ethics: Out-of Date Goods	489	(1)
Check Your Understanding	490	(1)
Adjusting Supplies, Prepaid Insurance, and Federal Corporate Income Tax	491	(5)
Check Your Understanding	495	(1)
Completing the Work Sheet and Journalizing and Posting the Adjusting Entries	496	(18)
Analyzing Financial Reports: The Income Statement: Return on Sales	503	(1)
Check Your Understanding	504	(2)
Chapter 18 Review and Activities	506	(2)
Computerized Accounting: Adjusting Entries	508	(1)
Chapter 18 Problems	509	(5)
Financial Statements for a Corporation	514	(34)
Exploring the Real World of Business: IcePro
The Ownership of a Corporation	516	(6)
A Matter of Ethics: Reporting a Mistake	520	(1)
Check Your Understanding	521	(1)
The Income Statement	522	(9)
Check Your Understanding	529	(1)
Accounting Careers in Focus: Division Director	530	(1)
The Statement of Retained Earnings and the Balance Sheet	531	(17)
Analyzing Financial Reports: Evaluating IcePro Stockholders' Equity	535	(1)
Check Your Understanding	536	(2)
Chapter 19 Review and Activities	538	(2)
Computerized Accounting: Preparing Financial Statements	540	(1)
Chapter 19 Problems	541	(3)
Mini Practice Set: In-Touch Electronics
Recording Business Transactions in Special Journals	544	(4)
Completing the Accounting Cycle for a Merchandising Corporation	548	(24)
Exploring the Real World of Business: Bose Corporation
Journalizing Closing Entries	550	(6)
A Matter of Ethics: Handling Sales Returns	554	(1)
Check Your Understanding	555	(1)
Posting Closing Entries	556	(16)
Analyzing Financial Reports: Classifying the Balance Sheet Assets and Liabilities	561	(1)
Check Your Understanding	562	(2)
Chapter 20 Review and Activities	564	(2)
Computerized Accounting: Closing the Fiscal Year	566	(1)
Chapter 20 Problems	567	(5)
Accounting for Publicly Held Corporations	572	(24)
Exploring the Real World of Business: Microsoft
Publicly Held Corporations	574	(5)
Check Your Understanding	578	(1)
Distributing the Earnings of a Corporation	579	(6)
Analyzing Financial Reports: Calculating Return on Stockholders' Equity	582	(1)
Check Your Understanding	583	(1)
Accounting Careers in Focus: Accounting Teacher	584	(1)
Financial Reporting for the Publicly Held Corporation	585	(11)
A Matter of Ethics: Using Insider Information	587	(1)
Check Your Understanding	588	(2)
Chapter 21 Review and Activities	590	(2)
Computerized Accounting: Customizing Financial Statements	592	(1)
Chapter 21 Problems	593	(3)
Unit 5 Accounting for Special Procedures	596	(134)
Cash Funds	598	(26)
Exploring the Real World of Business: Outback Steakhouse
The Change Fund	600	(5)
A Matter of Ethics: Petty Cash Funds	603	(1)
Check Your Understanding	604	(1)
The Petty Cash Fund	605	(19)
Analyzing Financial Reports: Calculating Price-Earnings Ratios	613	(1)
Check Your Understanding	614	(2)
Chapter 22 Review and Activities	616	(2)
Computerized Accounting: Maintaining Cash Funds	618	(1)
Chapter 22 Problems	619	(5)
Plant Assets and Depreciation	624	(26)
Exploring the Real World of Business: Electronic Arts
Plant Assets and Equipment	626	(4)
Analyzing Financial Reports: The Income Statement: Vertical Analysis	628	(1)
Check Your Understanding	629	(1)
Calculating Depreciation	630	(3)
Check Your Understanding	632	(1)
Accounting for Depreciation Expense at the End of a Year	633	(17)
A Matter of Ethics: Who Will They Believe?	640	(1)
Check Your Understanding	641	(1)
Accounting Careers in Focus: Controller	642	(2)
Chapter 23 Review and Activities	644	(2)
Computerized Accounting: Recording Depreciation	646	(1)
Chapter 23 Problems	647	(3)
Uncollectible Accounts Receivable	650	(28)
Exploring the Real World of Business: Bally Total Fitness
The Direct Write-Off Method	652	(6)
A Matter of Ethics: Uncollectible Accounts	656	(1)
Check Your Understanding	657	(1)
The Allowance Method	658	(9)
Analyzing Financial Reports: The Balance Sheet	665	(1)
Check Your Understanding	666	(1)
Estimating Uncollectible Accounts Receivable	667	(11)
Check Your Understanding	670	(2)
Chapter 24 Review and Activities	672	(2)
Computerized Accounting: Writing Off Uncollectible Accounts Receivable	674	(1)
Chapter 24 Problems	675	(3)
Inventories	678	(22)
Exploring the Real World of Business: The Gap
Determining the Quantity of Inventories	680	(4)
A Matter of Ethics: Keeping Promotional Items	682	(1)
Check Your Understanding	683	(1)
Determining the Cost of Inventories	684	(6)
Analyzing Financial Reports: Inventories	687	(1)
Check Your Understanding	688	(1)
Accounting Careers in Focus: Accounts Payable Accounting Assistant	689	(1)
Analyzing the Inventory Costing Methods	690	(10)
Check Your Understanding	692	(2)
Chapter 25 Review and Activities	694	(2)
Computerized Accounting: Inventory Costing	696	(1)
Chapter 25 Problems	697	(3)
Notes Payable and Receivable	700	(30)
Exploring the Real World of Business: Carnival Corporation
Promissory Notes	702	(6)
A Matter of Ethics: Is the Boss Always Right?	706	(1)
Check Your Understanding	707	(1)
Notes Payable	708	(8)
Analyzing Financial Reports: Evaluating Long-Term Debt	714	(1)
Check Your Understanding	715	(1)
Notes Receivable	716	(14)
Check Your Understanding	718	(2)
Chapter 26 Review and Activities	720	(2)
Computerized Accounting: Notes Receivable and Payable	722	(1)
Chapter 26 Problems	723	(3)
Mini Practice Set: Kite Loft Inc.
Completing the Accounting Cycle for a Merchandising Corporation	726	(4)
Unit 6 Accounting for Partnerships	730	(44)
Introduction to Partnerships	732	(20)
Exploring the Real World of Business: Intersal
Partnership Equity	734	(5)
A Matter of Ethics: Partner Loyalty	737	(1)
Check Your Understanding	738	(1)
Division of Income and Loss	739	(13)
Analyzing Financial Reports: Analyzing Partners' Equity	743	(1)
Check Your Understanding	744	(2)
Chapter 27 Review and Activities	746	(2)
Computerized Accounting: Starting a New Intersal Company	748	(1)
Chapter 27 Problems	749	(3)
Financial Statements and Liquidation of a Partnership	752	(22)
Exploring the Real World of Business: Plum Creek Timber Co., L.P.
Financial Statements for a Partnership	754	(3)
A Matter of Ethics: Using Another Person's Idea	755	(1)
Check Your Understanding	756	(1)
Liquidation of a Partnership	757	(17)
Plum Creek Analyzing Financial Reports: Evaluating Partnership Operating Results	761	(1)
Check Your Understanding	762	(2)
Chapter 28 Review and Activities	764	(2)
Computerized Accounting: Setting Up the General Ledger	766	(1)
Chapter 28 Problems	767	(3)
Mini Practice Set: Fine Finishes
Completing the Accounting Cycle for a Partnership	770	(4)
Appendix A Recording Transactions in the Combination Journal	774	(8)
Appendix B The Accrual Basis of Accounting	782	(8)
Appendix C Federal Personal Income Tax	790	(6)
Appendix D Ben & Jerry's Annual Report	796	(10)
Appendix E Additional Reinforcement Problems	806	(18)
Appendix F Answers to Check Your Understanding Problems	824	(8)
Glossary	832	(10)
Index A	842	(9)
Index B Real-World Applications and Connections	851