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q 3.12: when journalizing a transaction, a short explanation is written

Open Homework Posted by: arwaabdullah Posted on: 21/11/2020 Deadline: 24 Hours

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Financial Accounting JAN R. WILLIAMS University of Tennessee SUSAN F. HAKA Michigan State University MARK S. BETTNER Bucknell University JOSEPH V. CARCELLO University of Tennessee 16TH EDITION wil62384_fm_i-xxxiii.indd iwil62384_fm_i-xxxiii.indd i 11/26/13 9:52 PM11/26/13 9:52 PM Final PDF to printer FINANCIAL ACCOUNTING, SIXTEENTH EDITION Published by McGraw-Hill Education, 2 Penn Plaza, New York, NY 10121. Copyright © 2015 by McGraw-Hill Education. All rights reserved. Printed in the United States of America. Previous editions © 2012, 2010, and 2008. 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. 1 2 3 4 5 6 7 8 9 0 DOW/DOW 1 0 9 8 7 6 5 4 ISBN 978-0-07-786238-1 MHID 0-07-786238-4 Senior Vice President, Products & Markets: Kurt L. Strand Vice President, Content Production & Technology Services: Kimberly Meriwether David Managing Director: Tim Vertovec Executive Brand Manager: Steve Schuetz Executive Director of Development: Ann Torbert Development Editor: Rebecca Mann Director of Digital Content: Patricia Plumb Digital Development Editor: Julie Hankins Senior Marketing Manager: Kathleen Klehr Director, Content Production: Terri Schiesl Content Project Manager: Angela Norris Content Project Manager: Brian Nacik Senior Buyer: Michael R. McCormick Design: Srdjan Savanovic Cover Image: © Giorgio Fochesato/Getty Images Icon Images: © Tom Grill/Getty Images (Internet); © Tom Grill/Getty Images (Financial Analysis and Decision Making); © Solomonkein/Shutterstock (International Case in Point); © Maksim Kabakou/Shutterstock (marginal notes icon) Content Licensing Specialist: Joanne Mennemeier Typeface: 10/12 Times Roman Compositor: Laserwords Private Limited Printer: R. R. Donnelley 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 Williams, Jan R. Financial accounting / Jan R. Williams, University of Tennessee, Susan F. Haka, Michigan State University, Mark S. Bettner, Bucknell University, Joseph V. Carcello, University of Tennessee. —16th edition. pages cm Revised edition of: Financial accounting / Jan R. Williams . . . [et al.]. 15th ed. ISBN 978-0-07-786238-1 (alk. paper)—ISBN 0-07-786238-4 (alk. paper) 1. Accounting. I. Title. HF5636.W7254 2015 657—dc23 2013041567 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. www.mhhe.com wil62384_fm_i-xxxiii.indd iiwil62384_fm_i-xxxiii.indd ii 11/18/13 11:47 AM11/18/13 11:47 AM Final PDF to printer iii To Ben and Meg Wishart and Asher, Lainey, and Lucy Hunt, who have taught me the joys of being a grandfather. — Jan R. Williams For Cliff, Abi, and my mother, Fran. — Susan F. Haka To my parents, Fred and Marjorie. — Mark S. Bettner To Terri, Stephen, Karen, and Sarah, whose sacrifices enabled me to participate in writing this book. Thank you—I love you! — Joseph V. Carcello wil62384_fm_i-xxxiii.indd iiiwil62384_fm_i-xxxiii.indd iii 11/18/13 11:47 AM11/18/13 11:47 AM Final PDF to printer iv Meet the Authors Jan R. Williams is Dean and Professor Emeritus of the College of Business Administration at the University of Tennessee— Knoxville, where he has been a faculty member since 1977. He received a BS degree from George Peabody College, an MBA from Baylor University, and a PhD from the University of Arkansas. He previously served on the faculties at the Univer- sity of Georgia and Texas Tech University. A CPA in Tennessee and Arkansas, Dr. Williams is also the coauthor of three books and has published over 70 articles on issues of corporate financial reporting and accounting education. He served as president of the American Accounting Association in 1999–2000 and has been actively involved in Beta Alpha Psi, the Tennessee Society of CPAs, the American Institute of CPAs, and AACSB International—the Association to Advance Collegiate Schools of Business—the accrediting organization for business schools and accounting programs worldwide. He served as chair of the Board of Directors of AACSB International in 2011 through 2012. He retired from the University of Tennessee in 2013, and remains active in several business and accounting profes- sional organizations. Susan F. Haka is the Senior Associate Dean for Academic Affairs and Research in the Broad College of Business and the EY Professor of Accounting in the Department of Accounting and Information Systems at Michigan State University. Dr. Haka received her PhD from the University of Kansas and a master’s degree in accounting from the University of Illinois. She served as president of the American Accounting Association in 2008–2009 and has pre- viously served as president of the Management Accounting Section. Dr. Haka is active in editorial processes and has been editor of Behavioral Research in Accounting and an associate editor of Journal of Management Accounting Research, Accounting Horizons, The International Journal of Accounting, and Contemporary Accounting Research. Dr. Haka has been honored by Michigan State University with several teaching and research awards, including both the university-wide Teacher- Scholar and Distinguished Faculty awards. In 2012, Dr. Haka was honored with the Outstanding Accounting Educator Award from the American Accounting Association. wil62384_fm_i-xxxiii.indd ivwil62384_fm_i-xxxiii.indd iv 11/18/13 11:47 AM11/18/13 11:47 AM Final PDF to printer v Mark S. Bettner is the Christian R. Lindback Chair of Accounting & Financial Management at Bucknell University. Dr. Bettner received his PhD in business administration from Texas Tech University and his MS in accounting from Virginia Tech University. In addition to his work on Financial Accounting and Financial & Managerial Accounting, he has written many ancillary materi- als, published in scholarly journals, and presented at academic and practitio- ner conferences. Professor Bettner is also on the editorial advisory boards of several academic journals, including the International Journal of Accounting and Business Society and the International Journal of Business and Accounting, and has served as a reviewer for several journals, including Advances in Public Interest Accounting, Essays in Economics and Business History, Critical Perspectives on Accounting, and International Journal on Critical Accounting. Professor Bettner also offers professional development courses for the Pennsylvania Bankers Association. Joseph V. Carcello is the EY and Business Alumni Professor in the Department of Accounting and Information Management at the University of Tennessee. He also is the cofounder and executive director for UT’s Corporate Governance Center. Dr. Carcello received his PhD from Georgia State Univer- sity, his MAcc from the University of Georgia, and his BS from the State Uni- versity of New York College at Plattsburgh. Dr. Carcello is currently the author or coauthor of three books, more than 60 journal articles, and five monographs. Dr. Carcello serves on the Public Company Accounting Oversight Board’s (PCAOB) Investor Advisory Group, and he previously served three terms on the PCAOB’s Standing Advisory Group. He has testified before committees and working groups of the U.S. Department of the Treasury on the future of the auditing profes- sion and on the JOBS Act. Dr. Carcello has also testified before a subcommittee of the U.S. House of Representatives Financial Services Committee on accounting and auditing regulation. He served as a member of the COSO task force that developed guidance on applying COSO’s internal control framework for smaller public com- panies. Dr. Carcello is active in the academic community—he serves as an editor of Contemporary Accounting Research, and serves on the editorial boards of The Accounting Review, Auditing: A Journal of Practice & Theory, Accounting Horizons, and Contemporary Issues in Auditing. Dr. Carcello has taught professional develop- ment programs for two of the Big Four accounting firms and for state CPA societies; conducted funded research for another Big Four firm, the AICPA, and the Center for Audit Quality; and served as an expert for the U.S. Securities and Exchange Commis- sion and for private attorneys. wil62384_fm_i-xxxiii.indd vwil62384_fm_i-xxxiii.indd v 11/18/13 11:47 AM11/18/13 11:47 AM Final PDF to printer vi As our eyes are drawn upward to the skyline of great cities, it’s important to remember that these impressive constructions are able to reach such heights only because their foundations are strong. In much the same way, being successful in the business world begins with fundamental courses like financial accounting. It is only when students have a firm grasp of concepts like the accounting cycle that they have a base on which to stand, a strong foundation on which to grow. In this edition, as before, the Williams team has revised the text with a keen eye toward the principle of helping students establish the foundation they will need for future success in business. However, through new coverage of Inter- national Financial Reporting Standards and a revised globalization chapter, the Williams book also introduces students to larger themes and evolving con- cerns. This dual emphasis allows students to keep their eyes trained upward even as they become solidly grounded in accounting fundamentals. REACHING GREAT HEIGHTS BEGINS WITH A SOLID BASE wil62384_fm_i-xxxiii.indd viwil62384_fm_i-xxxiii.indd vi 11/18/13 11:47 AM11/18/13 11:47 AM Final PDF to printer The Williams book continues to rest on a bedrock of four key components: Balanced Coverage. The 16th edition of Williams provides the most balanced coverage of financial topics on the market. By giving equal weight to financial topics, the authors emphasize the need for a strong foundation in accounting. Clear Accounting Cycle Presentation. In the first five chapters of Financial Accounting, the authors present the Accounting Cycle in a clear, graphically interesting four-step process. Central to this presentation is the dedication of three successive chapters to three key components of the cycle: recording entries (Chapter 3), adjusting entries (Chapter 4), and closing entries (Chapter 5). The Williams team places easy-to-read margin notes explaining each equation used in particular journal entries. Student Motivation. The Williams team has put together a market-leading student package that will not only motivate your stu- dents, but help you see greater retention rates in your accounting courses. Vital pieces of technology supplement the core curriculum covered in the book: McGraw-Hill Connect Accounting uses end-of- chapter material pulled directly from the textbook to create static and algorithmic questions that can be used for homework and prac- tice tests; and the Online Learning Center provides supplemental tools for both students and instructors. Problem-Solving Skills. Financial Accounting challenges your students to think about real-world situations and put themselves in the role of the decision maker through Case in Point, Your Turn, and Ethics, Fraud, & Corporate Governance boxes. Students refer- ence the Home Depot Financial Statements—included in the text as an appendix—to further hone problem-solving skills by evaluat- ing real world financial data. The authors show a keen attention to detail when creating high-quality end-of-chapter material, such as the Critical Thinking Cases and Problems, ensuring that all home- work is tied directly back to chapter learning objectives. ur es By he ng Cycle Presentation In the first five “This is a well balanced text- book that encompasses many issues, yet provides them in a pre- cise, readable, and orderly fashion to students. The extent of the real- world examples makes this edition clearly a superior choice.” Hossein Noorian, Wentworth Institute Cl ccha CCyc tthis tthr aadj WWi equ “Excellent book! Explains diffi- cult subjects in easy-to-understand terms.” Naser Kamleh, Wallace Community College cular journal entries. a - g m - c - l g Skills. Financial Accounting challenges your g “This textbook is current and very interactive. It brings in excellent “real-world” applications for the students to use in applying the concepts. It has excellent student and instruc- tor resources. Some of the resources would be especially valuable for instructors teaching online.” Karen Mozingo, Pitt Community College Pr sstu tthe aand eenc aas ing det the “The text is excellent. I wish the texts had been this well written when I was a student!” Mark Anderson, Bob Jones University vii wil62384_fm_i-xxxiii.indd viiwil62384_fm_i-xxxiii.indd vii 11/18/13 11:47 AM11/18/13 11:47 AM Final PDF to printer Recording Balance Sheet Transactions: An Illustration 93 its balance sheet. The revenue and expense transactions that took place on January 31 will be addressed later in the chapter. Each transaction from January 20 through January 27 is analyzed first in terms of increases in assets, liabilities, and owners’ equity. Second, we follow the debit and credit rules for enter- ing these increases and decreases in specific accounts. Asset ledger accounts are shown on the left side of the analysis; liability and owners’ equity ledger accounts are shown on the right side. For convenience in the following transactions, both the debit and credit figures for the transaction under discussion are shown in red. Figures relating to earlier transactions appear in black. Jan. 20 Michael McBryan and family invested $80,000 cash in exchange for capital stock. Jan. 20 Cash . . . . . . . . . . . . . . . . . . . . . 80,000 Capital Stock . . . . . . . . . . . . . . . . . . . 80,000 JOURNAL ENTRY ANALYSIS The asset Cash is increased by $80,000, and owners’ equity (Capital Stock) is increased by the same amount. Increases in assets are recorded by debits; debit Cash $80,000. Increases in owners’ equity are recorded by credits; credit Capital Stock $80,000. DEBIT–CREDIT RULES ENTRIES IN LEDGER ACCOUNTS Capital Stock 1/20 80,000 Cash 1/20 80,000 DEBIT–CREDIT RULES Increases in assets are recorded by debits; debit Land $52,000. Decreases in assets are recorded by credits; credit Cash $52,000. ENTRIES IN LEDGER ACCOUNTS Land 1/21 52,000 Cash 1/20 80,000 1/21 52,000 The asset Land is increased $52,000, and the asset Cash is decreased $52,000. ANALYSIS JOURNAL ENTRY Jan. 21 Land. . . . . . . . . . . . . . . . . . . . . . 52,000 Cash . . . . . . . . . . . . . . . . . . . . . . . . . . 52,000 Jan. 21 Representing Overnight, McBryan negotiated with both the City of Santa Teresa and Metropolitan Transit Authority (MTA) to purchase an abandoned bus garage. (The city owned the land, but the MTA owned the building.) On January 21, Overnight Auto Service purchased the land from the city for $52,000 cash. Owners invest cash in the business Owners’ Assets 5 Liabilities 1 Equity 1$80,000 1$80,000 Purchase of an asset for cash Owners’ Assets 5 Liabilities 1 Equity 1$52,000 2$52,000 wil2577X_ch03_086-139.indd 93 8/23/13 7:56 AM Financial Accounting was the FIRST text to illustrate Balance Sheet and Income Statement transactions using the four-step process described below. This hallmark coverage has been further revised and refined in the 16th edition. The Williams team breaks down the Accounting Cycle into three full chapters to help students absorb and understand this material: recording entries (Chapter 3), adjusting entries (Chapter 4), and closing entries (Chapter 5). Transactions are demonstrated visually to help students conquer recording transactions by showing the four steps in the process: How Does Williams Help Students Analysis—shows which accounts are recorded with an increase/ decrease. Debit/Credit Rules—helps students to remember whether the account should be debited/ credited. Journal Entry—shows the result of the two previous steps. Ledger T-Accounts—shows students what was recorded and where. The Williams team puts the Accounting Equation (A 5 L 1 OE) in the margin by transaction illustrations to show students the big picture! AA ar 1 D st 2 JoJ o 3 L st 4 viii Step-by-Step Process for the Accounting Cycle wil62384_fm_i-xxxiii.indd viiiwil62384_fm_i-xxxiii.indd viii 11/18/13 11:47 AM11/18/13 11:47 AM Final PDF to printer Brief Exercises Listed below in random order are the eight s teps comprising a complete accounting cycle: Prepare a trial balance. Journalize and post the closing entries. Prepare financial statements. Post transaction data to the ledger. Prepare an adjusted trial balance. Make end-of-period adjustments. Journalize transactions. Prepare an after-closing trial balance. a. List these steps in the sequence in which they would normally be performed. (A detailed under- standing of these eight steps is not required until Chapters 4 and 5.) b. Describe ways in which the information produced through the accounting cycle is used by a company’s management and employees. Record the following selected transactions in general journal form for Q uantum Clinic, Inc. Include a brief explanation of the transaction as part of each journal entry. LO3-1, LO3-2, LO3-5, LO3-9, LO3-10 BRIEF EXERCISE 3.1 The Accounting Cycle LO3-3 through LO3-5 BRIEF EXERCISE 3.2 Recording Transactions in a Journal Oct. 1 The clinic issued 5,000 additional shares of capital stock to Doctor Soges at $60 per share wil2577X_ch03_086-139.indd 119 8/23/13 7:56 AM Smithfield Hotel recently purchased new exercise equipment for its exercise room. The following information refers to the purchase and installation of this equipment: 1. The list price of the equipment was $42,000; however, Smithfield qualified for a “special dis- count” of $5,000. It paid $10,000 cash, and issued a three-month, 12 percent note payable for the remaining balance. The note, plus accrued interest charges of $750, was paid promptly at the maturity date. 2. In addition to the amounts described in 1, Smithfield paid sales taxes of $2,100 at the date of purchase. 3. Freight charges for delivery of the equipment totaled $600. 4. Installation and training costs related to the equipment amounted to $900. LO9-1 through LO9-3 PROBLEM 9.1B Determining the Cost of Plant Assets and Depreciation Problem Set B wil2577X_ch09_386-429.indd 423 9/5/13 2:42 PM 1 COMPREHENSIVE PROBLEM A COMPREHENSIVE ACCOUNTING CYCLE PROBLEM On December 1, 2015, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals. The new corporation was able to begin operations immediately by pur- chasing the assets and taking over the location of Rent-It, an equipment rental company that was going out of business. The newly formed company uses the following accounts: Susquehanna Equipment Rentals wil2577X_ch05_192-245.indd 243 8/23/13 7:54 AM Self-Test Questions The answers to these questions appear on page 339. 1. In general terms, financial assets appear in the balance sheet at: a. Face value. b. Current value. c. Cost. d. Estimated future sales value. 2 Which of the following practices contributes to efficient shows a balance of $12,890 at the same date. The only reconcil- ing items are the following: • Deposit in transit, $890. • Bank service charge, $24. • NSF check from customer Greg Denton in the amount of $426. • Error in recording check no. 389 for rent: check was written in the amount of $1,320, but was recorded improperly in the wil2577X_ch07_288-339.indd 317 8/23/13 9:44 AM Discussion Questions 1. In broad general terms, what is the purpose of accounting? 2. Why is a knowledge of accounting terms and concepts use- ful to persons other than professional accountants? 3. In general terms, what are revenues and expenses? How are they related in the determination of an enterprise’s net income or net loss? 4. Why is the statement of financial position, or balance sheet, a logical place to begin a discussion of financial statements? 5. What is the basic accounting equation? Briefly define the three primary elements in the equation. 9. What is meant by the terms positive cash flows and negative cash flows? How do they relate to revenues and expenses? 10. What are the three categories commonly found in a state- ment of cash flows, and what is included in each category? 11. What is meant by the statement that the financial statements articulate? 12. What is meant by the term adequate disclosure, and how do accountants fulfill this requirement in the preparation of financial statements? 13. What is meant by the term window dressing when referring t fi i l t t t ? ASSIGNMENT MATERIAL wil2577X_ch02_038-085.indd 66 8/23/13 7:50 AM Accounts Payable . . . . . . . . . $14,000 Land . . . . . . . . . . . . . . . . . . . . . . $68,000 Accounts Receivable . . . . . . . 800 Machinery & Equipment . . . . . . . 65,000 Buildings. . . . . . . . . . . . . . . . . 52,000 Notes Payable (due in Cash . . . . . . . . . . . . . . . . . . . . 9,200 30 days) . . . . . . . . . . . . . . . . . 29,000 Capital Stock . . . . . . . . . . . . . 100,000 Salaries Payable . . . . . . . . . . . . . 3,000 Retained Earnings . . . . . . . . . ? Supplies . . . . . . . . . . . . . . . . . . . 400 Demonstration Problem Account balances for Crystal Auto Wash at September 30, 2015, are shown below. The figure for retained earnings is not given, but it can be determined when all the available information is assembled in the form of a balance sheet. wil2577X_ch02_038-085.indd 64 8/23/13 7:50 AM In each of the situations described below, indicate the accounting principles or concepts, if any, that have been violated and explain briefly the nature of the violation. If you believe the practice is in accord with generally accepted accounting principles, state this as your position and defend it. a. A small business in which credit sales fluctuate greatly from year to year uses the direct write- off method both for income tax purposes and in its financial statements. b. Computer Systems often sells merchandise in exchange for interest-bearing notes receivable, maturing in 6, 12, or 24 months. The company records these sales transactions by debiting Notes Receivable for the maturity value of the notes, crediting Sales for the sales price of the merchandise, and crediting Interest Revenue for the balance of the maturity value of the note. The cost of goods sold also is recorded. LO7-1, LO7-6, LO7-7 CASE 7.1 Accounting Principles Critical Thinking Cases wil2577X_ch07_288-339.indd 337 8/23/13 9:44 AM Affections manufactures candy and sells only to retailers. It is not a publicly owned company and its financial statements are not audited. But the company frequently must borrow money. Its creditors insist that the company provide them with unaudited financial statements at the end of each quarter. In October, management met to discuss the fiscal year ending next December 31. Due to a sluggish economy, Affections was having difficulty collecting its accounts receivable, and its cash position was unusually low. Management knew that if the December 31 balance sheet did not look good, the company would have difficulty borrowing the money it would need to boost production for Valentine’s Day. Thus the purpose of the meeting was to explore ways in which Affections might improve its December 31 balance sheet. Some of the ideas discussed are as follows: LO7-1 through LO7-6, LO7-8 CASE 7.3 “Improving” the Balance Sheet wil2577X_ch07_288-339.indd 338 8/23/13 9:44 AM To answer the following questions use the financial statements for Home Depot, Inc. , in Appendix A at the end of the textbook: a. Compute the company’s current ratio and quick ratio for the most recent year reported. Do these ratios provide support that Home Depot is able to repay its current liabilities as they come due? Explain. b. Compute the company’s debt ratio. Does Home Depot appear to have excessive debt? Explain. c. Examine the company’s statement of cash flows. Does Home Depot ’s cash flow from operat- ing activities appear adequate to cover its current liabilities as they come due? Explain. EXERCISE 10.15 Examining Home Depot ’s Capital Structure LO10-8 Problem Set A wil2577X_ch10_430-483.indd 472 9/5/13 2:45 PM Brief Exercises supplement the exercises with shorter, single-concept exercises that test the basic concepts of each chapter. These brief exercises give instructors more flexibility in their homework assignments. An Alternate Problem Set provides students with even more practice on impor- tant concepts. Six Comprehensive Problems, ranging from two to five pages in length, present students with real-world scenarios and challenge them to apply what they’ve learned in the chapters leading up to them. Defined Key Terms and Self-Test Questions review and reinforce chapter material. Demonstration Problems and their solutions allow students to test their knowledge of key points in the chapters. Critical Thinking Cases and Problems put students’ analytical skills to the test by having them think critically about key concepts from the chapter and apply them to business decisions. TWO sets of Problems and a full set of Exercises in EACH chapter give Financial Accounting the edge in homework materials. Ethics Cases in each chapter challenge students to explore the ethical impact of decisions made in business. The 2012 Home Depot Financial Statements are included in Appendix A. Stu- dents are referred to key aspects of the 10-K in the text material and in end-of-chapter material to illustrate actual business applications of chap- ter concepts. Build a Strong Foundation? Robust End-of-Chapter Material ix Connect Accounting System InternetWritingGroup Activities Ethical International wil62384_fm_i-xxxiii.indd ixwil62384_fm_i-xxxiii.indd ix 11/18/13 11:47 AM11/18/13 11:47 AM Final PDF to printer x The Williams Pedagogy Helps LO2-1 Explain the nature and general purposes of financial statements. LO2-2 Explain certain accounting principles that are important for an understanding of financial statements and how professional judgment by accountants may affect the application of those principles. LO2-3 Demonstrate how certain business transactions affect the elements of the accounting equation: Assets 5 Liabilities 1 Owners’ Equity. LO2-4 Explain how the statement of financial position, often referred to as the balance sheet, is an expansion of the basic accounting equation. LO2-5 Explain how the income statement reports an enterprise’s financial performance for a period of time in terms of the relationship of revenues and expenses. LO2-6 Explain how the statement of cash flows presents the change in cash for a period of time in terms of the company’s operating, investing, and financing activities. LO2-7 Explain how the statement of financial position (balance sheet), income statement, and statement of cash flows relate to each other. LO2-8 Explain common forms of business ownership—sole proprietorship, partnership, and corporation—and demonstrate how they differ in terms of their statements of financial position. LO2-9 Discuss the importance of financial statements to a company and its investors and creditors and why management may take steps to improve the appearance of the company in its financial statements. CHAPTER 2 Basic Financial Statements Learning Objectives AFTER STUDYING THIS CHAPTER, YOU SHOULD BE ABLE TO: wil2577X_ch02_038-085.indd 38 8/23/13 7:50 AM wil2577X_ch02_038-085.indd 39 8/23/13 7:50 AM High-profile companies frame each chapter discussion through the use of dynamic CHAPTER OPENER vignettes. Students learn to frame the chapter’s topic in a real-world scenario. “Lots of eye appeal and in-depth coverage. Students will love it.” James Specht, Concordia College EXHIBITS illustrate key concepts in the text. YOUR TURN boxes challenge students with ethically demanding situations. They must apply what they’ve learned in the text to situations faced by investors, cred- itors, and managers in the real world. YOUR TURN Assume that you are the financial advisor for a recently retired investor. Your client wants to invest her savings in such a way as to receive a stable stream of cash flow every year throughout her retirement. She has expressed concern to you regarding the volatility of long-term bond prices when interest rates fluctuate. If your client invests her savings in a variety of long-term bonds and holds these bonds until maturity, will interest rate fluctuations affect her annual cash flow during ?sraey tnemeriter reh ).etisbew retneC gninraeL enilnO eht no stnemmoc ruo eeS( rosivdA laicnaniF a sa uoY Balance Sheet Assets Cash Accounts Receivable Property, Plant & Equip Statement of Cash Flows Operating Activities Investing Activities Financing Activities Change in Cash Beginning Cash Balance Ending Cash Balance $ 800 80,000 $ 16,600 0 $ 16,600 Liabilities Notes Payable Accounts Payable Owners’ Equity Capital Stock Retained Earnings $ 16,600 1,200 100,000 $117,800 $2,200 1,400 $ 800 $ 30,000 7,000 $ 80,000 800 $117,800 Net Income Revenues Expenses Income Statement (64,200) wil62384_fm_i-xxxiii.indd xwil62384_fm_i-xxxiii.indd x 11/18/13 11:47 AM11/18/13 11:47 AM Final PDF to printer xi Students Reach Great Heights wil2577X_ch02_038-085.indd 38 8/23/13 7:50 AM Intel was created in 1968 with a vision of providing semi- conductor memory products. By 1971, the company introduced the world’s first microprocessor. Today Intel supplies the computing and communications industries with chips, boards, and systems building blocks that are the ingredients of computers and servers as well as networking and communications products. These industries use Intel ’s products to create advanced computing and communications systems. Intel states that its mission is to be the preeminent building block supplier in the worldwide Internet economy. Technology-based companies like Intel operate in highly competitive markets and continuously intro- duce new products. In a recent corporate information communication on the company’s website, manage- ment explains the importance of meeting the needs of customers: “Our goal is to be the preeminent provider of semiconductor chips and platforms for the world- wide digital economy . . . We offer products at various levels of integration, to allow our customers flexibility in creating computing and communications systems. The substantial majority of our revenue is from the sale of microprocessors and chipsets.” Modern-day historians agree that we have moved from the industrial age to the information age. Compa- nies like Intel, Microsoft, and Cisco Systems are major players in this transformation of business. Information- age companies rely more heavily on intellectual capital, research and development, and other intangibles that were less important for companies whose focus was heavy manufacturing or, even earlier in our history, pri- marily agricultural. ■ INTEL © T on y Av el ar /B lo om be rg v ia G et ty Im ag es wil2577X_ch02_038-085.indd 39 8/23/13 7:50 AM ETHICS, FRAUD, & CORPORATE GOVER- NANCE boxes discuss the accounting scandals of recent years that have sparked such comprehensive legis- lation as Sarbanes-Oxley. The inclusion of EFCG boxes in each chapter offers instructors the opportunity to bring complex accounting and ethical issues into the classroom. CASE IN POINT boxes link accounting concepts in the chapter to their use in the real world. These examples often present an international scenario to expose students to accounting practices around the world. “Williams is a great text overall. It provides excellent and accurate coverage of the accounting principles curriculum. Students like it better than any other text I have used. A few years ago I was in a situation where I had to use a different text, since I took over a class for another teacher at the last minute. Students were getting the Williams text on their own and I saw immediate improvement in their understanding and grades across the board. Williams comes through again and again, where other texts fall hopelessly short.” Malcolm E White, Columbia College Ethics, Fraud, & Corporate Governance A major outgrowth from the business failures amid allega- tions of fraudulent financial reporting discussed in the last chapter was the passage of the Sarbanes-Oxley Act of 2002. This Act was signed into law by President George W. Bush on July 30, 2002. The Sarbanes-Oxley Act (hereafter SOX or the Act) is generally viewed as the most far-reaching piece of securities legislation since the original Securities Acts were passed in the 1930s. One of the major requirements of this legislation is for CEOs and CFOs to certify the accuracy of their company’s financial statements. The CEOs and CFOs of all public com- panies must certify on an annual and quarterly basis that they (1) have reviewed their company’s financial statements, (2) are not aware of any error or omission that would make the financial statements misleading, and (3) believe that the financial statements fairly present in all material respects the company’s financial condition (balance sheet) and results of operations (income statement). There is some evidence that this certification requirement is affecting corporate behavior. For example, a former CFO of HealthSouth (Weston Smith, shown to the right) contacted federal authorities about the massive (alleged) accounting fraud at that company because he was not willing to certify that HealthSouth ’s financial statements were materially accurate. © Gary Tramontina/Bloomberg via Getty Images wil2577X_ch02_038-085.indd 61 8/23/13 7:50 AM How long does a building last? For pur- poses of computing depreciation expense, most companies estimate about 30 or was built in 1931, and it’s not likely to be torn down anytime soon. As you might guess, it often is difficult to estimate in advance just how long depreciable assets may remain in use. CASE IN POINT © Digital Vision/Alamy wil62384_fm_i-xxxiii.indd xiwil62384_fm_i-xxxiii.indd xi 11/18/13 11:47 AM11/18/13 11:47 AM Final PDF to printer xii MCGRAW-HILL CONNECT ACCOUNTING Get Connect Accounting. Get Results. McGraw-Hill Connect Accounting is a digital teach- ing and learning environment that gives students the means to better connect with their coursework, with their instructors, and with the important concepts that they will need to know for success now and in the future. With Connect Accounting, instructors can deliver assignments, quizzes, and tests easily online. Students can practice important skills at their own pace and on their own schedule. Online Assignments Connect Accounting helps students learn more efficiently by providing feedback and practice mate- rial when they need it, where they need it. Connect Accounting grades homework automatically and gives immediate feedback on any questions students may have missed. Intelligent Response Technology (IRT) IRT is a redesigned student interface for our end- of-chapter assessment content. The benefits include improved answer acceptance to reduce students’ frustration with formatting issues (such as rounding); and a general journal application that looks and feels more like you would find in a general ledger software package. Student Library The Connect Accounting Student Library gives students access to additional resources such as recorded lec- tures, online practice materials, an eBook, and more. Leading Technology Extends Learning wil62384_fm_i-xxxiii.indd xiiwil62384_fm_i-xxxiii.indd xii 11/18/13 11:48 AM11/18/13 11:48 AM Final PDF to printer xiii Beyond the Classroom Connect Accounting offers a number of powerful tools and features to make managing assignments easier, so faculty can spend more time teaching. Simple Assignment Management and Smart Grading With Connect Accounting, creating assignments is easier than ever, so instructors can spend more time teaching and less time managing. • Create and deliver assignments easily with selectable end-of-chapter questions and Test Bank items. • Go paperless with the eBook and online submission and grading of student assignments. • Have assignments scored automatically, giving students immediate feedback on their work and side-by-side comparisons with correct answers. • Access and review each response; manually change grades or leave comments for students to review. • Reinforce classroom concepts with practice tests and instant quizzes. Student Reporting Connect Accounting keeps instructors informed about how each student, section, and class is performing, allowing for more productive use of lecture and office hours. The pro- gress-tracking function enables you to: • View scored work immediately and track individual or group performance with assignment and grade reports. • Access an instant view of student or class performance relative to learning objectives. • Collect data and generate reports required by many accreditation organizations, such as AACSB and AICPA. Instructor Library The Connect Accounting Instructor Library is a repository for additional resources to improve student engagement in and out of class. You can select and use any asset that enhances your lecture. The Connect Accounting Instructor Library includes access to the eBook version of the text, slide presentations, Solutions Manual, Instructor’s Manual, and Test Bank. The Connect Accounting Instructor Library also allows you to upload your own files. MCGRAW-HILL CONNECT ACCOUNTING FEATURES wil62384_fm_i-xxxiii.indd xiiiwil62384_fm_i-xxxiii.indd xiii 11/18/13 11:48 AM11/18/13 11:48 AM Final PDF to printer xiv MCGRAW-HILL CONNECT PLUS ACCOUNTING McGraw-Hill reinvents the textbook learning experience for the modern student with Connect Plus Account- ing. A seamless integration of an eBook and Connect Accounting, Connect Plus Accounting provides all of the Connect Accounting features plus the following: • An integrated eBook, allowing for anytime, anywhere access to the textbook. • Media-rich capabilities like highlighting and sharing notes. • Dynamic links between the problems or questions you assign to your students and the location in the eBook where that concept is covered. • A powerful search function to pinpoint key concepts for review. In short, Connect Plus Accounting offers students powerful tools and features that optimize their time and energy, enabling them to focus on learning. For more information about Connect Plus Accounting, go to www.mcgrawhillconnect.com , or contact your local McGraw-Hill sales representative. TEGRITY CAMPUS: LECTURES 24/7 Tegrity Campus is a service that makes class time available 24/7 by automatically capturing every lecture. With a simple one-click start-and-stop process, you capture all computer screens and corresponding audio in a format that is easily searchable, frame by frame. Stu- dents can replay any part of any class with easy-to-use browser-based viewing on a PC, Mac, iPod, or other mobile device. Educators know that the more students can see, hear, and experience class resources, the better they learn. In fact, studies prove it. Tegrity Campus’s unique search feature helps students efficiently find what they need, when they need it, across an entire semester of class recordings. Help turn your students’ study time into learn- ing moments immediately supported by your lecture. With Tegrity Campus, you also increase intent listening and class participation by easing students’ concerns about note-taking. Tegrity Campus will make it more likely you will see students’ faces, not the tops of their heads. To learn more about Tegrity, watch a 2-minute Flash demo at http://tegritycampus.mhhe.com . Students like the flexibility that Connect offers . . . They can complete their work and catch up on lectures anytime and anywhere. —Professor Lisa McKinney , M.T.A., CPA, University of Alabama wil62384_fm_i-xxxiii.indd xivwil62384_fm_i-xxxiii.indd xiv 11/18/13 11:48 AM11/18/13 11:48 AM Final PDF to printer xv MCGRAW-HILL CAMPUS McGraw-Hill Campus™ is a new one-stop teaching and learning experience available to users of any learning management system. This institutional service allows faculty and students to enjoy single sign-on (SSO) access to all McGraw-Hill Higher Education materials, including the award-winning McGraw-Hill Connect platform, directly from within the institution’s website. McGraw-Hill Campus provides faculty with instant access to teaching materials (e.g., eTextbooks, Test Banks, PowerPoint slides, animations, and learning objects), allow- ing them to browse, search, and use any ancillary content in our vast library. Students enjoy SSO access to a variety of free products (e.g., quizzes, flash cards, and presentations) and subscription-based products (e.g., McGraw-Hill Con- nect ). With McGraw-Hill Campus, faculty and students will never need to create another account to access McGraw- Hill products and services. Custom Publishing through Create McGraw-Hill Create™ is a self-service website that allows instructors to create custom course materials by drawing upon McGraw-Hill’s comprehensive cross-disciplinary content. Instructors can add their own content quickly and easily and tap into other rights-secured third party sources as well, then arrange the content in a way that makes the most sense for their course. Instructors can even personalize their book with the course name and information and choose the best format for their students—color print, black-and-white print, or an eBook. Through Create, instructors can • Select and arrange the content in a way that makes the most sense for their course. • Combine material from different sources and even upload their own content. • Choose the best format for their students—print or eBook. • Edit and update their course materials as often as they’d like. Begin creating now at www.mcgrawhillcreate.com . COURSESMART Learn Smart. Choose Smart. CourseSmart is a way for faculty to find and review eTextbooks. It’s also a great option for students who are interested in accessing their course materials digitally and saving money. CourseSmart offers thousands of the most commonly adopted textbooks across hundreds of courses from a wide variety of higher education publishers. It is the only place for faculty to review and compare the full text of a textbook online, providing immediate access without the environmental impact of requesting a print exam copy. With the CourseSmart eTextbook, students can save up to 45 percent off the cost of a print book, reduce their impact on the environment, and access powerful web tools for learning. CourseSmart is an online eTextbook, which means users access and view their textbook online when connected to the Internet. Students can also print sections of the book for maximum portability. CourseSmart eTextbooks are available in one standard online reader with full text search, notes and highlighting, and e-mail tools for sharing notes between classmates. For more information on CourseSmart, go to www.coursesmart.com . wil62384_fm_i-xxxiii.indd xvwil62384_fm_i-xxxiii.indd xv 11/18/13 11:48 AM11/18/13 11:48 AM Final PDF to printer xvi Supplements for Financial Accounting INSTRUCTOR SUPPLEMENTS A strong foundation needs support. Financial Accounting authors Williams, Haka, Bettner, and Carcello know that every component of the learning package must be integrated and supported by strong ancillaries. Instructors and students have a wealth of material at their fingertips to help make the most of a challenging course in accounting. Online Learning Center (OLC) www.mhhe.com/williamsfinancial16e The Online Learning Center (OLC) that accompanies Financial Accounting provides a wealth of extra material for both instructors and students. With content specific to each chapter of the book, the Williams OLC doesn’t require any building or maintenance on your part. A secure Instructor Resource Center stores your essential course materials to save you prep time before class. The Instructor’s Manual, Solutions Manual, PowerPoint presentations, and Testbank are now just a couple of clicks away. The OLC website also serves as a doorway to McGraw-Hill’s other technology solutions. Instructor’s Resource Manual Available on the OLC This manual provides for each chapter: (1) a chapter summary detailing what has changed, new problems that have been added, and author suggestions on how to incorporate new material; (2) brief topical outline; (3) sample “10- minute quizzes” designed to test the basic concepts in each chapter; and (4) suggestions for group, Internet, and other class exercises to supple- ment the material in the book. Solutions Manual Available on the OLC The Solutions Manual includes detailed solutions for every question, exercise, problem, and case in the text. Testbank Available on the OLC This comprehensive Testbank contains over 3,000 problems and true/false, multiple-choice, and essay questions. Included in this edition are written expla- nations to the solutions—making it easier than ever for you to see where students have gone wrong in their calculations. wil62384_fm_i-xxxiii.indd xviwil62384_fm_i-xxxiii.indd xvi 11/18/13 11:48 AM11/18/13 11:48 AM Final PDF to printer xvii Assurance of Learning Ready Many educational institutions today are focused on the notion of assurance of learning, an important element of some accreditation standards. Financial Accounting, 16e, is designed specifically to support your assurance of learning initiatives with a simple, yet powerful, solution. Each testbank question for Financial Accounting, 16e, maps to a specific chapter learning outcome/ objective listed in the text. You can use our test- bank software, EZ Test, and EZ Test Online, or in Connect Accounting to easily query for learning out- comes/objectives that directly relate to the learning objectives for your course. You can then use the reporting features of EZ Test or in Connect Accounting to aggregate student results similar fashion, making the collection and presentation of assurance of learning data simple and easy. AACSB Statement McGraw-Hill Education is a proud corporate member of AACSB International. Understanding the importance and value of AACSB accreditation, Finan- cial Accounting, 16e, recognizes the curricula guide- lines detailed in AACSB standards for business accreditation by connecting selected questions in the text and testbank to six of the general knowledge and skill guidelines found in the AACSB standards. The statements contained in Financial Accounting, 16e, are provided only as a guide for the users of this text. The AACSB leaves content coverage and assess- ment within the purview of individual schools, the mission of the school, and the faculty. While Finan- cial Accounting, 16e, and its teaching package make no claim of any specific AACSB qualification or evalua- tion, we have, within Financial Accounting, 16e, labeled selected questions according to six of the general knowledge and skills areas. STUDENT SUPPLEMENTS Online Learning Center (OLC) www.mhhe.com/williamsfinancial16e The OLC is full of resources for students, including: Online Quizzes and PowerPoint Presentations. wil62384_fm_i-xxxiii.indd xviiwil62384_fm_i-xxxiii.indd xvii 11/18/13 11:48 AM11/18/13 11:48 AM Final PDF to printer xviii Chapter 1: • New chapter opener using Hewlett-Packard • Updated Case in Point using Sony • Briefly covered the new COSO framework on internal control (Internal Control– Integrated Framework: 2013) • Briefly covered the SEC Report on incor- porating IFRS into the financial reporting system for U.S. public companies • Briefly discussed the managerial role of the chief accounting officer • Extended the discussion of the importance of accounting for non-accounting majors in response to reviewer feedback • Revised end-of-chapter material Chapter 2: • Updated chapter opener to include new data for Intel • Added an explanation about the order in which assets are presented in the balance sheet and then revised the EOC material accordingly. This is a small but important change and one triggered by user input • Revised end-of-chapter material Chapter 3: • Updated chapter opener to include new data for Kraft Foods Group, Inc. • Updated in-chapter illustration to include new data for Walmart • Updated and streamlined Ethics, Fraud, & Corporate Governance boxed feature • Revised end-of-chapter material Chapter 4: • New chapter opener using Royal Caribbean Cruises, LTD. • Updated in-chapter illustration to include new data for the New York Times • Updated two Case in Point boxes • Revised end-of-chapter material Chapter 5: • Updated chapter opener to include new data for Best Buy • Incorporated a number of suggestions from adopters, including: o Providing a more detailed discussion of the closing process o Better articulating the relationship between the income statement and balance sheet o Introducing and briefly explaining a classified balance sheet • Revised end-of-chapter material Chapter 6: • Updated chapter opener to include new data for Saks, Inc. • Brief coverage of the SEC whistleblower “bounty” program under the Dodd-Frank Act in the EFCG case • Revised end-of-chapter material Chapter 7: • New chapter opener using Apple, Inc. • Wrote a new Ethics, Fraud, and Corporate Governance case based on SEC AAER #2673 • Added a new learning objective covering internal controls over accounts receivable based on reviewer suggestion • Wrote a new International Case in Point based on IFRS No. 9 • Revised end-of-chapter material Chapter 8: • New chapter opener using Belk, Inc. • Target illustration in text updated • Revised end-of-chapter material including updating and replacing real company data • Comprehensive Problem 2 refreshed Chapter 9: • Updated chapter opener to include new data for United Parcel Service • Updated references to the financial state- ments of all real companies • Revised end-of-chapter material Chapter 10: • New chapter opener using Procter & Gamble Company • Significant revision within the chapter, both text and end-of-chapter material, to more reasonable (i.e., lower) interest rates to better reflect our current and projected economic climate • Revised end-of-chapter material Chapter 11: • Updated chapter opener to include new data for Target Corporation • Updated all real company references • Revised end-of-chapter material Chapter 12: • New chapter opener using Colgate-Palmolive • Briefly covered the new FASB standard on the reporting of comprehensive income, requiring either a combined statement of Income and Comprehensive Income or separate statements of Income and Comprehensive Income • Revised end-of-chapter material Chapter 13: • New chapter opener using Pepsi Co. • Revised end-of-chapter material Chapter 14: • Updated chapter opener to include new data for Johnson & Johnson • Updated all real company references • Revised end-of-chapter material Chapter 15: • Updated chapter opener on IASB and IFRS • Updated Exhibit 15-1 to include changes of the number of multinational companies • Updated Exhibits 15-4 through 15-7 for international changes and exchange rates • Replaced Ethics, Fraud, & Corrupt Gover- nance for more recent Foreign Corrupt Practices Act example • Changed demonstration problem with more current exchange rates • Revised end-of-chapter material What’s New about the 16th Edition of Financial Accounting? The following list of revisions is a testament to the enthusiastic response of dozens of reviewers who contributed their considerable expertise. In doing so they have helped make the 16th edition of Financial Accounting the best book of its kind. wil62384_fm_i-xxxiii.indd xviiiwil62384_fm_i-xxxiii.indd xviii 11/18/13 11:48 AM11/18/13 11:48 AM Final PDF to printer We would like to acknowledge the following individuals for their help in developing some of the text’s supplements: Barbara Muller, Arizona State University; LuAnn Bean, Florida Technical Institute; Helen Roybark, Radford University; Teri Zuccaro, Clarke University; Teressa Farough; and the team at ANSR Source. We appreciate the expert attention given to this project by the staff at McGraw-Hill Education, especially Tim Vertovec, Managing Director; Steve Schuetz, Executive Brand Manager; Rebecca Mann, Development Editor; Julie Hankins, Digital Development Editor; Michelle Nolte, Senior Marketing Manager; Kathleen Klehr, Senior Marketing Manager; Angela Norris, Content Project Manager; Brian Nacik, Content Project Manager; Joanne Mennemeier, Content Licensing Specialist; Srdjan Savanovic, Senior Designer; and Michael McCormick, Senior Buyer.

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