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Problem 1 7a analyzing transactions and preparing financial statements

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Fundamental Accounting Principles


24th edition


John J. Wild University of Wisconsin at Madison


Ken W. Shaw University of Missouri at Columbia


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To my students and family, especially Kimberly, Jonathan, Stephanie, and Trevor. To my wife Linda and children Erin, Emily, and Jacob.


FUNDAMENTAL ACCOUNTING PRINCIPLES, TWENTY-FOURTH EDITION


Published by McGraw-Hill Education, 2 Penn Plaza, New York, NY 10121. Copyright ©2019 by McGraw-Hill Education. All rights reserved. Printed in the United States of America. Previous editions ©2017, 2015, and 2013. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written consent of McGraw-Hill Education, including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning.


Some ancillaries, including electronic and print components, may not be available to customers outside the United States.


This book is printed on acid-free paper.


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ISBN 978-1-259-91696-0 (combined bound edition) MHID 1-259-91696-0 (combined bound edition) ISBN 978-1-260-15855-7 (combined loose-leaf edition) MHID 1-260-15855-1 (combined loose-leaf edition) ISBN 978-1-260-15860-1 (principles bound edition, chapters 1-17) MHID 1-260-15860-8 (principles bound edition, chapters 1-17) ISBN 978-1-260-15861-8 (principles loose-leaf edition, chapters 1-17) MHID 1-260-15861-6 (principles loose-leaf edition, chapters 1-17)


Executive Portfolio Manager: Steve Schuetz Product Developers: Michael McCormick, Christina Sanders Marketing Manager: Michelle Williams Content Project Managers: Lori Koetters, Brian Nacik Buyer: Sandy Ludovissy Design: Debra Kubiak Content Licensing Specialist: Melissa Homer Cover Image: Bicyclist: ©Mezzotint/Shutterstock; Statistics icons: ©A-spring/Shutterstock; Background image: ©Vector work/Shutterstock


Compositor: Aptara®, Inc.


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All credits appearing on page or at the end of the book are considered to be an extension of the copyright page.


   


Library of Congress Cataloging-in-Publication Data


Names: Wild, John J., author. | Shaw, Ken W., author. Title: Fundamental accounting principles / John J. Wild, University of  Wisconsin at Madison, Ken W. Shaw, University of Missouri at Columbia. Description: 24th edition. | Dubuque, IA : McGraw-Hill Education, [2018] |  Revised edition of Fundamental accounting principles, [2017] Identifiers: LCCN 2018016853 | ISBN 9781259916960 (alk. paper) | ISBN  1259916960 (alk. paper) | ISBN 9781260158601 (alk. paper) | ISBN  1260158608 (alk. paper) Subjects: LCSH: Accounting. Classification: LCC HF5636 .W675 2018 | DDC 657—dc23 LC record available at https://lccn.loc.gov/2018016853     The Internet addresses listed in the text were accurate at the time of publication. The inclusion of a website does not indicate an endorsement by the authors or McGraw-Hill Education, and McGraw-Hill Education does not guarantee the accuracy of the information presented at these sites.     mheducation.com/highered


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https://lccn.loc.gov/2018016853

http://mheducation.com/highered

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About the Authors


Courtesy of John J. Wild


JOHN J. WILD is a distinguished professor of accounting at the University of Wisconsin at Madison. He previously held appointments at Michigan State University and the University of Manchester in England. He received his BBA, MS, and PhD from the University of Wisconsin.


John teaches accounting courses at both the undergraduate and graduate levels. He has received numerous teaching honors, including the Mabel W. Chipman Excellence-in- Teaching Award and the departmental Excellence-in-Teaching Award, and he is a two-time recipient of the Teaching Excellence Award from business graduates at the University of Wisconsin. He also received the Beta Alpha Psi and Roland F. Salmonson Excellence-in- Teaching Award from Michigan State University. John has received several research honors, is a past KPMG Peat Marwick National Fellow, and is a recipient of fellowships from the American Accounting Association and the Ernst and Young Foundation.


John is an active member of the American Accounting Association and its sections. He has served on several committees of these organizations, including the Outstanding Accounting Educator Award, Wildman Award, National Program Advisory, Publications, and Research Committees. John is author of Financial Accounting, Managerial Accounting, Financial and Managerial Accounting, and College Accounting, all published by McGraw- Hill Education.


John’s research articles on accounting and analysis appear in The Accounting Review; Journal of Accounting Research; Journal of Accounting and Economics; Contemporary Accounting Research; Journal of Accounting, Auditing and Finance; Journal of Accounting and Public Policy; Accounting Horizons; and other journals. He is past associate editor of Contemporary Accounting Research and has served on several editorial boards including The Accounting Review and the Journal of Accounting and Public Policy.


In his leisure time, John enjoys hiking, sports, boating, travel, people, and spending time with family and friends.


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Using Learning Science and Data Analytics


Courtesy of Ken W. Shaw


KEN W. SHAW is an associate professor of accounting and the KPMG/Joseph A. Silvoso Distinguished Professor of Accounting at the University of Missouri. He previously was on the faculty at the University of Maryland at College Park. He has also taught in international programs at the University of Bergamo (Italy) and the University of Alicante (Spain). He received an accounting degree from Bradley University and an MBA and PhD from the University of Wisconsin. He is a Certified Public Accountant with work experience in public accounting.


Ken teaches accounting at the undergraduate and graduate levels. He has received numerous School of Accountancy, College of Business, and university-level teaching awards. He was voted the “Most Influential Professor” by four School of Accountancy graduating classes and is a two-time recipient of the O’Brien Excellence in Teaching Award. He is the advisor to his school’s chapter of the Association of Certified Fraud Examiners.


Ken is an active member of the American Accounting Association and its sections. He has served on many committees of these organizations and presented his research papers at national and regional meetings. Ken’s research appears in the Journal of Accounting Research; The Accounting Review; Contemporary Accounting Research; Journal of Financial and Quantitative Analysis; Journal of the American Taxation Association; Strategic Management Journal; Journal of Accounting, Auditing, and Finance; Journal of Financial Research; and other journals. He has served on the editorial boards of Issues in Accounting Education; Journal of Business Research; and Research in Accounting Regulation. Ken is co-author of Financial and Managerial Accounting, Managerial Accounting, and College Accounting, all published by McGraw-Hill Education.


In his leisure time, Ken enjoys tennis, cycling, music, and coaching his children’s sports teams.


Author Letter


We use data to make decisions and maximize performance. Like the mountain biker on the cover who uses data to track his progress, we used student performance data to identify content areas that can be made more direct, concise, and systematic.


Learning science reveals that students do not read large chunks of text, so we streamlined this edition to present it in a more focused, succinct, blocked format to improve student learning and retention. Our new edition delivers the same content in 115


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fewer pages. Visual aids and numerous videos offer additional learning aids. New summary Cheat Sheets conclude each chapter to visually reinforce key concepts and procedures.


Our new edition has over 1,500 videos to engage students and improve outcomes:


Concept Overview Videos—cover each chapter’s learning objectives with multimedia presentations that include Knowledge Checks to engage students and assess comprehension. Need-to-Know Demos—walk-through demonstrations of key procedures and analysis to ensure success with assignments and tests. Guided Examples (Hints)—step-by-step walk-through of assignments that mimic Quick Studies, Exercises, and General Ledger.


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Difference Makers in Teaching . . . Learning Science Learning analytics show that students learn better when material is broken into “blocks” of content. Each chapter opens with a visual preview. Learning objective numbers highlight the location of related content. Each “block” of content concludes with a Need- to-Know (NTK) to aid and reinforce student learning. Visual aids and concise, bullet-point discussions further help students learn.


New Revenue Recognition


Wild uses the popular gross method for merchandising transactions (net method is covered in an appendix). The gross method is widely used in practice and best for student success. Adjusting entries for new revenue recognition rules are included in an appendix. Assignments are clearly marked and separated. Wild is GAAP compliant.


Up-to-Date This book reflects changes in accounting for revenue recognition, investments, leases,


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and extraordinary items. It is important that students learn GAAP accounting.


Less Is More Wild has markedly fewer pages than competing books covering the same material.


The text is to the point and uses visuals to aid student learning. Bullet-point discussions and active writing aids learning. The 24th edition has 115 fewer pages than the 23rd edition—a 10% reduction!


Visual Learning


Learning analytics tell us today’s students do not read large blocks of text. Wild has adapted to student needs by having informative visual aids throughout. Many visuals and exhibits are new to this edition.


Videos


A growing number of students now learn accounting online. Wild offers over 1,500 videos designed to increase student engagement and improve outcomes. Hundreds of hint videos or Guided Examples provide a narrated, animated, step-by- step walk-through of select exercises similar to those assigned. These short presentations, which can be turned on or off by instructors, provide reinforcement when students need it most. (Exercise PowerPoints are available for instructors.) Concept Overview Videos cover each chapter’s learning objectives with narrated, animated presentations that frequently assess comprehension. Wild has concept overview presentations covering 228 Learning Objectives broken down into over 700 videos.


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Need-to-Know Demos Need-to-Know demonstrations are located at key junctures in each chapter. These demonstrations pose questions about the material just presented—content that students “need to know” to learn accounting. Accompanying solutions walk students through key procedures and analysis necessary to be successful with homework and test materials. Need-to-Know demonstrations are supplemented with narrated, animated, step-by-step walk-through videos led by an instructor and available via Connect.


Comprehensive Need-to-Know Comprehensive Need-to-Knows are problems that draw on material from the entire chapter. They include a complete solution, allowing students to review the entire problem-solving process and achieve success.


Driving Decisions Whether we prepare, analyze, or apply accounting information, one skill remains essential: decision making. To help develop good decision-making habits and to show the relevance of accounting, we use a learning framework.


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Decision Insight provides context for business decisions. Decision Ethics and Decision Maker are role-playing scenarios that show the relevance of accounting. Decision Analysis provides key tools to assess company performance.


Accounting Analytics New to this edition, Accounting Analysis assignments have students evaluate the most current financial statements from Apple, Google, and Samsung. Students compute key metrics and compare performance between companies and industry. These assignments are auto-gradable in Connect and are included after Problem Set B in the text.


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Keep It Real Research shows that students learn best when using current data from real companies. Wild uses the most current data from real companies for assignments, examples, and analysis in the text. See Chapter 17 for use of real data.


Cheat Sheets New to this edition, Cheat Sheets are provided at the end of each chapter. Cheat Sheets are roughly one page in length and include key procedures, concepts, journal entries, and formulas.


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Doing What’s Right Companies increasingly issue sustainability reports, and accountants are being asked to prepare, analyze, and audit them. Wild includes brief sections in the managerial chapters. This material focuses on the importance of sustainability within the context of accounting, including standards from the Sustainability Accounting Standards Board (SASB). Sustainability assignments cover chapter material with a social responsibility twist.


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SUPERIOR ASSIGNMENTS Connect helps students learn more efficiently by providing feedback and practice material when they need it, where they need it. Connect grades homework automatically and gives immediate feedback.


Wild has auto-gradable and algorithmic assignments; most focus on one learning objective and are targeted at introductory students. 90% of Wild’s Quick Study, Exercise, and Problem Set A assignments are available in Connect with algorithmic options. Over 210 assignments new to this edition—all available in Connect with algorithmic options. Nearly all are Quick Studies (brief exercises) and Exercises.


NEW! Concept Overview Videos Concept Overview Videos teach each chapter’s learning objectives through an engaging multimedia presentation. These learning tools enhance the text through video, audio, and checkpoint questions that can be graded—ensuring students complete and comprehend the material. Concept Overview Videos harness the power of technology to appeal to all learning styles and are ideal in all class formats. The Concept Overview Videos replace the previous edition’s Interactive Presentations.

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