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Ebook Ebook PDF Fundamental Accounting Principles 21St Edition by John J Wild All Chapter PDF Docx Kindle
Ebook Ebook PDF Fundamental Accounting Principles 21St Edition by John J Wild All Chapter PDF Docx Kindle
Ebook Ebook PDF Fundamental Accounting Principles 21St Edition by John J Wild All Chapter PDF Docx Kindle
21ST
edition
Adapting to the Needs of Today's Students
Fundamental Accounting Principles 21e
Enhancements in technology have changed the spectrum of Our new content features:
how we live and learn in the world today. Being able to • a general journal interface that looks and feels more like
download and work with learning tools on smart phones, that found in practice.
tablets, or laptop computers empowers students to drive their • an auto-calculation feature that allows students to focus on
own learning by putting increasingly intelligent technology concepts rather than rote tasks.
into their hands. • a smart (auto-fill) drop-down design.
No two students are alike, and whether the goal is to The end result is content that better prepares students for
become an accountant or a businessperson or simply to be an the real world. Connect Accounting also includes digitally
informed consumer of accounting information, Fundamental based, interactive adaptive learning tools that provide an
Accounting Principles (FAP) has helped generations of students opportunity to engage students more effectively by offering
succeed by giving them support in the form of leading-edge varied instructional methods and more personalized learning
accounting content that engages students, paired with state- paths that build on different learning styles, interests, and
of-the-art technology that elevates their understanding of key abilities, allowing students to work at their own pace.
accounting principles. McGraw-Hill LearnSmart™ is an intelligent learning system
With FAP on your side, you’ll be provided with engaging that uses a series of adaptive questions to pinpoint each
content in a motivating style to help students see the relevance student’s knowledge gaps. LearnSmart then provides an
of accounting. Students are motivated when reading materials optimal learning path for each student, so that they spend less
that are clear and pertinent. FAP excels at engaging students. time in areas they already know and more time in areas they
Its chapter-opening vignettes showcase dynamic, successful don’t. The result is LearnSmart’s adaptive learning path that
entrepreneurial individuals and companies guaranteed to helps students retain more knowledge, learn faster, and study
interest and excite students, and highlights the usefulness of more efficiently.
accounting to those business owners. This edition’s featured Our Interactive Presentations teach each chapter’s core
companies—Polaris, Arctic Cat, KTM, and Piaggio—captivate learning objectives in a rich multimedia format, bringing the
students with their products and annual reports, which are a content to life. Your students will come to class prepared
pathway for learning financial statements. Further, this book’s when you assign Interactive Presentations. Students can also
coverage of the accounting cycle fundamentals is widely review the Interactive Presentations as they study.
praised for its clarity and effectiveness.
Guided Examples provide students with narrated, animated,
FAP also delivers innovative technology to help student step-by-step walkthroughs of algorithmic versions of assigned
performance. Connect Accounting provides students exercises. Students appreciate the Guided Examples because
with instant grading and feedback for assignments that they can help students learn accounting and complete
are completed online. With our new Intelligent Response assignments when outside of class.
Technology, we are taking our accounting content to the next
Connect Plus Accounting integrates a media-rich online
level, delivering assessment material in a more intuitive, less
version of the textbook with Connect Accounting.
restrictive format that adapts to the needs of today’s students.
"I believe that FAP is the best intro accounting text on the market–clear, concise,
complete... Additionally, it is clear that the authors stay in touch with the 'times'."
— JAMES L . LOCK, Northern Virginia Community College iii
About the Authors
JOHN J. WILD is a distinguished profes- Professor Wild is an active member of the American Accounting
sor of accounting at the University of Wisconsin Association and its sections. He has served on several committees of
at Madison. He previously held appointments at these organizations, including the Outstanding Accounting Educator
Michigan State University and the University of Award, Wildman Award, National Program Advisory, Publications, and
Manchester in England. He received his BBA, MS, Research Committees. Professor Wild is author of Financial Accounting,
and PhD from the University of Wisconsin. Managerial Accounting, and College Accounting, each published by
Professor Wild teaches accounting courses at McGraw-Hill/Irwin. His research articles on accounting and analysis
both the undergraduate and graduate levels. He appear in The Accounting Review, Journal of Accounting Research,
has received numerous teaching honors, includ- Journal of Accounting and Economics, Contemporary Accounting
ing the Mabel W. Chipman Excellence-in-Teaching Award, the depart- Research, Journal of Accounting, Auditing and Finance, Journal of
mental Excellence-in-Teaching Award, and the Teaching Excellence Accounting and Public Policy, and other journals. He is past associate
Award from the 2003 and 2005 business graduates at the University of editor of Contemporary Accounting Research and has served on several
Wisconsin. He also received the Beta Alpha Psi and Roland F. Salmonson editorial boards including The Accounting Review.
Excellence-in-Teaching Award from Michigan State University. Professor In his leisure time, Professor Wild enjoys hiking, sports, travel, people,
Wild has received several research honors and is a past KPMG Peat and spending time with family and friends.
Marwick National Fellow and is a recipient of fellowships from the
American Accounting Association and the Ernst and Young Foundation.
KEN W. SHAW is an associate professor Professor Shaw is an active member of the American Accounting
of accounting and the Deloitte Professor of Association and its sections. He has served on many committees of
Accounting at the University of Missouri. He these organizations and presented his research papers at national and
previously was on the faculty at the University regional meetings. Professor Shaw’s research appears in the Journal of
of Maryland at College Park. He received an Accounting Research; Contemporary Accounting Research; Journal of
accounting degree from Bradley University Financial and Quantitative Analysis; Journal of the American Taxation
and an MBA and PhD from the University of Association; Strategic Management Journal; Journal of Accounting,
Wisconsin. He is a Certified Public Accountant Auditing, and Finance; Journal of Financial Research; and other journals.
with work experience in public accounting. He has served on the editorial boards of Issues in Accounting Education
Professor Shaw teaches financial accounting at the undergraduate and the Journal of Business Research. Professor Shaw is co-author of
and graduate levels. He received the Williams-Keepers LLC Teaching Financial and Managerial Accounting and College Accounting, both
Excellence award in 2007, was voted the “Most Influential Professor” published by McGraw-Hill.
by three School of Accountancy graduating classes, and is a two-time In his leisure time, Professor Shaw enjoys tennis, cycling, music, and
recipient of the O’Brien Excellence in Teaching Award. He is the advisor coaching his children’s sports teams.
to his School’s chapter of the Association of Certified Fraud Examiners.
BARBARA CHIAPPETTA received received the Nassau Community College dean of instruction’s Faculty
her BBA in Accountancy and MS in Education Distinguished Achievement Award. Professor Chiappetta was honored
from Hofstra University and is a tenured full with the State University of New York Chancellor’s Award for Teaching
professor at Nassau Community College. For Excellence in 1997. As a confirmed believer in the benefits of the
the past two decades, she has been an active active learning pedagogy, Professor Chiappetta has authored Student
executive board member of the Teachers of Learning Tools, an active learning workbook for a first-year accounting
Accounting at Two-Year Colleges (TACTYC), course, published by McGraw-Hill/Irwin.
serving 10 years as vice president and as In her leisure time, Professor Chiappetta enjoys tennis and partici-
president from 1993 through 1999. As an pates on a U.S.T.A. team. She also enjoys the challenge of bridge. Her
active member of the American Accounting husband, Robert, is an entrepreneur in the leisure sport industry. She
Association, she has served on the Northeast Regional Steering has two sons—Michael, a lawyer, specializing in intellectual property
Committee, chaired the Curriculum Revision Committee of the Two- law in New York, and David, a composer, pursuing a career in music
Year Section, and participated in numerous national committees. for film in Los Angeles.
Professor Chiappetta has been inducted into the American Accounting
Association Hall of Fame for the Northeast Region. She had also
iv
Dear Colleagues/Friends,
Throughout the writing process, we steered this book in the manner you direct-
ed. Reviewers, instructors, and students say this book’s enhanced presentation,
graphics, and technology cater to different learning styles and helps students
better understand accounting. Connect Plus Accounting offers new features to
improve student learning and to assist instructor teaching and grading. You and
your students will find all these tools easy to apply.
We owe the success of this book to you and other instructors who graciously
took time to help us focus on the changing needs of today’s students and their
learning needs. We feel fortunate to have witnessed our profession’s extraor-
dinary devotion to teaching. Your feedback and suggestions are reflected in
everything we write. Please accept our heartfelt thanks for your dedication in
helping today’s students learn, understand, and appreciate accounting.
v
Adapting to the Needs of
McGraw-Hill Connect Plus Accounting is a complete online assignment, learning, and textbook assessment solution
that connects your students with the tools and resources needed to achieve success through faster learning, more
efficient studying, and higher retention of knowledge. Key features found in Connect Plus Accounting include:
vi
Today's Students!
"This system has improved the journal entry and T-account set-up processes to more
accurately resemble the way it is done in class."
—Student, Tallahassee Community College
vii
Adapting to the Needs of
Interactive Presentations Connect
Accounting's Interactive Presentations
teach each chapter's core learning objec-
tives and concepts through an
engaging, hands-on presenta-
tion, bringing the text content
to life. Interactive Presentations
harness the full power of tech-
nology to truly engage and
appeal to all learning styles.
Interactive Presentations are
ideal in all class formats—online,
face-to-face, or hybrid.
viii
Today's Students!
Guided Examples Guided Examples
provide narrated, animated, and step-
by-step walkthroughs of algorithmic ver-
sions of assigned exercises in Connect
Accounting, allowing the student to iden-
tify, review, or reinforce the concepts and
activities covered in class. Guided Examples
provide immediate feedback and focus on
the areas where students need the most
guidance.
ix
Adapting to the Needs of
Alternate Chapter Options
The 21st edition of FAP features five alternate chapters that can be swapped with the
traditional text chapters through text customization. These alternate chapters can be
substituted for the traditional chapters through McGraw-Hill Learning Solutions or Create.
These chapters provide alternate methods of teaching and learning chapter material and
are fully supported in Connect. Alternate chapters available include:
• Chapter 6 - "Inventories and Cost of Sales" featuring the periodic inventory method
• Chapter 14 - "Long-Term Liabilities" featuring the effective interest method
• Chapter 16 - "Reporting on the Statement of Cash Flows" featuring the indirect method
• Chapter 20 - "Process Cost Accounting" featuring the First-In, First-Out method
• Chapter 22 - "Master Budgets and Planning" featuring manufacturing budgets
Contact your publisher's representative or learning solutions specialist for more
information.
The integrated solutions for Fundamental Accounting Principles have been specifically designed to help
you achieve your course goals of improving student readiness, enhancing student engagement, and
increasing their comprehension of content. McGraw-Hill’s adaptive learning component, LearnSmart, pro-
vides assignable modules that help students master chapter core content and come to class more prepared.
In addition, Interactive Presentations deliver learning objectives in an interactive environment, giving stu-
dents access to course-critical content anytime, anywhere. Known for its engaging style, the FAP solution
employs the use of current companies, LearnSmart, and our instant feedback on practice problems to help
students engage with our materials, comprehend the content, and achieve higher outcomes in the course.
x
Today's Instructors
Student Reporting
Connect Accounting keeps instructors informed about how each stu-
dent, section, and class is performing, allowing for more productive use
of lecture and office hours. The reporting function enables you to:
• View scored work immediately and track individual or group per-
formance 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.
• Identify low-performance students with the "At Risk" student
report.
Instructor Library
The Connect Accounting Instructor Library is your 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, PowerPoint files, Solutions
Manual, Instructor Resource Manual, and Test Bank.
xi
How Can Text-Related Web Resources Enrich My Course?
Online Learning Center (OLC)
We offer an Online Learning Center (OLC) that follows Fundamental Accounting Principles
chapter by chapter. It doesn’t require any building or maintenance on your part. It’s ready to
go the moment you and your students type in the URL:
www.mhhe.com/wildFAP21e
As students study and learn from Fundamental Accounting Principles, they can visit
the Student Edition of the OLC Website to work with a multitude of helpful tools:
• Generic Template Working Papers • PowerPoint® Presentations
• Chapter Learning Objectives • Excel Template Assignments
• Interactive Chapter Quizzes
A secured Instructor Edition stores essential course materials to save you prep time
before class. Everything you need to run a lively classroom and an efficient course is
included. All resources available to students, plus . . .
• Instructor’s Resource Manual
• Solutions Manual
• Solutions to Excel Template Assignments
• Test Bank
• Solutions to Sage 50 Complete Accounting and QuickBooks templates
The OLC Website also serves as a doorway to other technology solutions, like course
management systems.
McGraw-Hill CampusTM
McGraw-Hill Campus™ is a new one-stop teaching and learning experience available
to users of any learning management system. This complimentary integration allows
faculty and students to enjoy single sign-on (SSO) access to all McGraw-Hill Higher
Education materials and synchronized grade-book with our award-winning McGraw-
Hill Connect platform. McGraw-Hill Campus provides faculty with instant access to all
McGraw-Hill Higher Education teaching materials (eTextbooks, test banks, PowerPoint
slides, animations and learning objects, and so on), allowing them to browse, search,
and use any instructor ancillary content in our vast library at no additional cost to
instructor or students. Students enjoy SSO access to a variety of free (quizzes, flash
cards, narrated presentations, and so on) and subscription-based products (McGraw-Hill
Connect). With this integration enabled, faculty and students will never need to create
another account to access McGraw-Hill products and services. For more information on
McGraw-Hill Campus please visit our website at www.mhcampus.com.
xii
CourseSmart
CourseSmart is a new way to find and buy eTextbooks. CourseSmart has the
largest selection of eTextbooks available anywhere, offering thousands of
the most commonly adopted textbooks from a wide variety of higher educa-
tion publishers. CourseSmart eTextbooks are available in one standard online
reader with full text search, notes, highlighting, and email tools for sharing
between classmates. Visit www.CourseSmart.com for more information on
ordering.
xiii
Innovative Textbook Features
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An important use of financial statements is to help assess a company’s ability to pay its debts in the near
A1 Compute the current
ratio and describe what
future. Such analysis affects decisions by suppliers when allowing a company to buy on credit. It also af- Decision Maker
it reveals about a fects decisions by creditors when lending money to a company, including loan terms such as interest rate,
due date, and collateral requirements. It can also affect a manager’s decisions about using cash to pay
company’s financial Entrepreneur You purchase a batch of products on terms of 3y10, ny90, but your company has limited
condition. debts when they come due. The current ratio is one measure of a company’s ability to pay its short-term
obligations. It is defined in Exhibit 4.10 as current assets divided by current liabilities. cash and you must borrow funds at an 11% annual rate if you are to pay within the discount period. Is it to
your advantage to take the purchase discount? Explain. ■ [Answer—p. 208]
EXHIBIT 4.10
Current assets
Current Ratio Current ratio 5
Current liabilities
Learning Objectives
CONCEPTUAL
or those of a diverse faculty. This model identifies learning ob- C3 Describe a ledger and a chart of
accounts. (p. 54)
Define debits and credits and explain
jectives, textual materials, assignments, and test items by C, A, C4 double-entry accounting. (p. 55)
or P, allowing different instructors to teach from the same ma-
terials, yet easily customize their courses toward a conceptual, ANALYTICAL
analytical, or procedural approach (or a combination thereof) A1 Analyze the impact of transactions on
accounts and financial statements. (p. 59)
based on personal preferences. A2 Compute the debt ratio and describe its
use in analyzing financial condition. (p. 69)
PROCEDURAL
GLOBAL VIEW
We explained that accounting under U.S. GAAP is similar, but n
tion discusses differences in adjusting accounts, preparing finan
Global View
liabilities on a balance sheet.
"High quality book that provides coverage of essential content to aid student
learning in a manner that students understand."
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—Steve Ludwig , Northwest Missouri State University
Marginal Student
Point: Prepaid accounts that apply to when an insurance fee, called a premium, is pai
current and future periods are assets.
These assets are adjusted at the end
account Prepaid Insurance. Over time, the exp Annotations
of each period to reflect only those this asset account and reported in expenses on These annotations provide students with
amounts that have not yet expired, and in Prepaid Insurance and is reported on the bala additional hints, tips, and examples to help
to record as expenses those amounts accounts that will expire or be used before the
that have expired.
them more fully understand the concepts
statements are prepared. In this case, the prepa and retain what they have learned. The
annotations also include notes on global
implications of accounting and further
examples.
xv
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and a complete
wiL25583_ch04_138-179.indd solution,
Page 159 allowing students
wiL25583_ch06_228-275.indd
27/07/12 1:43 PM user-f502 to 4:15review
Page 258 30/07/12 user-f502 the
Prepaid rent . . . . . . . . . . . . . . . . . . . . . . . . . .
PM/203/MH01704/wiL25583_disk1of1/0078025583/wiL25583_pagefiles
SOLUTION TO DEMONSTRATION PROBLEM
4,000
/203/MH01704/wiL25583_disk1of1/0078025583/wiL25583_pagefiles
Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. Completing the work sheet.
170,000
objectives. Chapter Summaries are a component of the CAP model (see page xiv), Prepaid rent . . . . . . . . . . . . . . . . . . . . . . . . .
Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . .
4,000
170,000
4,000
170,000
Key Terms Key Terms are bolded in the text and repeated
K
Accounting cycle (p. 148) Income summary (p. 145) Pro forma financial statements (p. 144) aat the end of the chapter with page numbers indi-
Classified balance sheet (p. 149) Intangible assets (p. 151) Reversing entries (p. 156)
Closing entries (p. 145) Long-term investments (p. 151) Temporary accounts (p. 144) ccating their location. The book also includes a com-
Closing process (p. 144)
Current assets (p. 150)
Long-term liabilities (p. 151)
Operating cycle (p. 149)
Unclassified balance sheet (p. 149)
Working papers (p. 140)
pplete Glossary of Key Terms.
Current liabilities (p. 151) Permanent accounts (p. (p 144) Work sheet (p.
(p 140)
52 Multiple
Current ratio (p. 152) ChoicePost-closing
Quiz trial balance (p. 146) Answers on p. 179 mhhe.com/wildFAP21e
Additional Quiz Questions are available at the book’s Website. Multiple Choice Quiz questions
1. G. Venda, owner of Venda Services, withdrew $25,000 from
the business during the current year. The entry to close the
b. Entering a liability amount in the balance sheet and state-
ment of owner’s equity credit column.
quickly test chapter knowledge before
withdrawals account at the end of the year is: c. Entering an expense account in the balance sheet and state-
ment of owner’s equity debit column.
a student moves on to complete Quick
a.
G. Venda, Withdrawals . . . . . . . . . . . . . . 25,000
d. Entering an asset account in the income statement debit
column.
Studies, Exercises, and Problems.
G. Venda, Capital . . . . . . . . . . . . . . 25,000
5,000 e. Entering
g a liabilityy amount in the income statement credit
b. Income Summary . . . . . . . . . . . . . . . . . . 25,000 column.
wiL25583_ch03_092-137.indd Page 124 27/07/12
G. Venda, Capital . . . 10:25
. . . . . . AM
. . . . user-f502
. 25,000 4. The temporary account used only/203/MH01704/wiL25583_disk1of1/0078025583/wiL25583_pagefiles
in the closing process to hold
QUICK STUDY
h f d b f h diff
Information: A company reports the following beginning inventory and purchase
Quick Study assignments are
January. On January 26, the company sells 350 units. 150 units remain in ending inven short exercises that often focus
QS 6-1
Perpetual: Inventory costing with Units Unit Cost on one learning objective. Most
FIFO
P1
Beginning inventory on January 1 . . . . . . . . .
Purchase on January 9 . . . . . . . . . . . . . . . . .
320
80
$3.00
3.20
are included in Connect Account-
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Purchase on January 25 . . . . . . . . . . . . . . . . 100 3.34 ing. There are usually 8-10 Quick
Study assignments per chapter.
Exercises are one of this book’s many strengths and a d $20,000 of goods to Harlow Co., and Harlow Co. has arranged to sell EXERCISES
competitive advantage. There are about 10-15 per chapter y the consignor and the consignee. Which company should include any
ventory? Exercise 6-1
and most are included in Connect Accounting. shipped $12,500 of merchandise FOB destination to Harlow Co. Which
$12,500 of merchandise in transit as part of its year-end inventory?
Inventory ownership C1
ers, purchased the contents of an estate for $75,000. Terms of the purchase Exercise 6-2
he cost of transporting the goods to Walberg Associates’ warehouse was Inventory costs
ed the shipment at a cost of $300. Prior to putting the goods up for sale, they C2
cost of $980. Determine the cost of the inventory acquired from the estate.
Beyond the Numbers exercises ask students to use Beyond the Numbers
Required
business situations. These creative and fun exercises are Polaris
1. Identify several of the variable, mixed, and fixed costs that the Polaris services department is likely to
incur in carrying out its services.
all new or updated, and are divided into sections: 2. Assume that Polaris’s services revenues are expected to grow by 25% in the next year. How would we
expect the costs identified in part 1 to change, if at all?
• Reporting in Action • Taking It To The Net 3. Based on the answer to part 2, can Polaris use the contribution margin ratio to predict how income will
change in response to increases in Polaris’s services revenues?
SERIAL PROBLEM (This serial problem started in Chapter 1 and continues through most of the chapters. If the Chapter 1
Success Systems segment was not completed, the problem can begin at this point. It is helpful, but not necessary, to use the
Working Papers that accompany this book.)
Serial Problem uses a continuous running case study
A1 P1 P2
SP 2 On October 1, 2013, Adria Lopez launched a computer services company called Success Systems, to illustrate chapter concepts in a familiar context. The Se-
which provides consulting services, computer system installations, and custom program development.
Adria adopts the calendar year for reporting purposes and expects to prepare the company’s first set of
financial statements on December 31, 2013. The company’s initial chart of accounts follows.
rial Problem can be followed continuously from the first
Account No. Account No.
chapter or picked up at any later point in the book; enough
Cash . . . . . . . . . . . . . . . . . . . . . .
Accounts Receivable . . . . . . . . .
101
106
A. Lopez, Capital . . . . . . . . . . . . . . . . . . .
A. Lopez, Withdrawals . . . . . . . . . . . . . .
301
302
information is provided to ensure students can get right to
Computer Supplies . . . . . . . . . .
Prepaid Insurance . . . . . . . . . . .
126
128
Computer Services Revenue . . . . . . . . .
Wages Expense . . . . . . . . . . . . . . . . . . . .
403
623
work.
Prepaid Rent . . . . . . . . . . . . . . . 131 Advertising Expense . . . . . . . . . . . . . . . . 655
Office Equipment . . . . . . . . . . . 163 Mileage Expense . . . . . . . . . . . . . . . . . . . 676
Computer Equipment . . . . . . . . 167 Miscellaneous Expenses . . . . . . . . . . . . . 677
Accounts Payable . . . . . . . . . . . 201 Repairs Expense — Computer. . . . . . . . . 684
"I have used many editions of this text and have been very happy with the
text and all of the supplementary materials. The textbook is kept current, is
straight-forward, and very usable by students. The online resources get better
with each edition."
— Susan Cordes, Johnson County Community College
The End of the Chapter Is Only the Beginning Our valuable and proven assignments aren’t just confined to
the book. From problems that require technological solutions to materials found exclusively online, this book’s end-of-chapter
material is fully integrated with its technology package.
xvii
Enhancements in This Edition
This edition’s revisions are driven by instructors and students. General revisions to the entire book follow (including chapter-by-chapter revisions):
• Revised and updated assignments throughout • New Polaris (maker of ATVs, snowmobiles, motorcycles, and electric
• Updated ratio/tool analysis and data for each chapter vehicles) annual report with comparisons to Arctic Cat, KTM (IFRS) ,
and Piaggio (IFRS) with new assignments
• New material on International Financial Reporting Standards
(IFRS) in most chapters, including global examples • Updated graphics added to each chapter’s analysis section
• New and revised entrepreneurial examples and elements • New technology content integrated and referenced in the book
• Revised serial problem through nearly all chapters • Updated Global View section in each chapter referencing interna-
tional accounting including examples using global companies
• New art program, visual info-graphics, and text layout
• New innovative assignments sprinkled throughout the book
xviii
For Better Learning
Chapter 13 computing free cash flow Chapter 20 Chapter 24
Groupon NEW opener with new New discussion on the potential for Three Twins Ice Cream NEW opener United By Blue NEW opener with new
entrepreneurial assignment IASB and FASB to issue guidance for with new entrepreneurial assignment entrepreneurial assignment
New discussion of Facebook’s IPO and the statement of cash flow that would Revised comparison of job order and (Was Chapter 21 in prior edition)
the role of accounting information require the direct method… stay tuned process costing systems Moved section on two-stage allocation
New reference to corporate governance New comparison of reports produced and activity-based costing methods to
New reference to state laws and where from job order and process costing (new) Appendix C
companies incorporate Chapter 17 systems Revised discussion linking direct and
New examples using Target for stock Motley Fool REVISED opener with Added details for accounts used in the indirect expenses to controllable and
quotes and Google for stock splits new entrepreneurial assignment entry to record sales in process costing uncontrollable costs
New discussion of fraudulent New companies—Polaris, Arctic Cat, Added new process costing Highlighted four-step process to
information dissemination and stock KTM and Piaggio—data throughout assignments prepare departmental income
prices the chapter, exhibits, and illustrations Revisions to two learning objectives statements
Updated the global view on equity New boxed discussion on the role of Moved discussion and illustration of
accounting financial statement analysis to fight profit margin and investment turnover
and prevent fraud Chapter 21 to main body of chapter
Enhanced horizontal, vertical, ratio Leather Head Sports NEW opener Added discussion on cycle time and
Chapter 14 analysis using new companies and with new entrepreneurial assignment cycle efficiency
barley & birch NEW opener with new industry data (Was Chapter 22 in prior edition) New exhibit on how to prepare
entrepreneurial assignment Streamlined global view section New graphics on relations between departmental performance reports
New explanation on why debt (credit) per-unit fixed and variable costs and Edited discussion of example on
financing is less costly than equity volume preparing departmental performance
financing Chapter 18 Revised discussion of per-unit fixed reports
New margin graphics (four) illustrating Back to the Roots NEW opener with and variable costs New discussion on issues in computing
how a debt’s carrying value is new entrepreneurial assignment Moved discussion of margin of safety return on (assets) investment and
periodically adjusted until it equals New analytical learning objective to section on break-even residual income
maturity value at the end of its life Updated ACFE statistics on fraud costs Revised discussion of assumptions in New discussion on the link between
New margin boxes on calculator New exhibit and discussion on fraud CVP analysis executive compensation and company
functions to compute the price of occurrence and average fraud loss by Enhanced the formatting and layout of performance
bonds industry several key exhibits Updated global view on division
New explanation of what is investment Revised discussion of direct and New discussion and examples of reporting and its explanation for added
grade debt indirect costs and related exhibit for using the contribution margin income clarity
New discussion on the role of added clarity statement to perform sensitivity
unreported liabilities and the New summary of cost classifications analyses and compute sales needed for
2008-2009 financial crisis and associated managerial decisions target income Chapter 25
Reference to changes in lease New Decision Analysis to focus on raw Revised data for estimating cost Charlie’s Brownies NEW opener with
accounting materials inventory turnover and days’ behavior new entrepreneurial assignment
New discussion of collateral and its sales in raw materials inventory New discussion on the use of RFID Updated graphic on industry cost of
role in debt financing Moved discussion of types of tags to control inventory costs and for capital estimates
New separate appendix learning manufacturing costs to appear before error-reduction New discussion on outsourcing of
objectives on amortizing a discount or presentation of manufacturer’s information and technology services
a premium using effective interest financial statements New presentation on payback periods
Expanded discussion of financial Chapter 22 for health care providers
statements for service companies Freshii NEW opener with new New discussion on link between CEO
Chapter 15 New end of chapter assignments on entrepreneurial assignment compensation and IRR
myYearbook (MeetMe Inc.) NEW raw materials inventory management (Was Chapter 23 in prior edition) Simplified computation of the
opener with new entrepreneurial and cost classification for service New discussion on incentive accounting rate of return
assignment companies compensation and budgeting New example showing calculation of
New discussion of the two optional Moved cycle time discussion to Chapter Expanded global view on foreign net present value with salvage value
presentations for comprehensive 24 currency exchange rates and budgeting New exhibit showing formula for
income per FASB guidance in 2012 Updated discussion on Apple’s cash computing average investment
Revised discussion of accounting for cushion Simplified discussions and exhibits
securities Chapter 19 Added new end of chapter assignments for several examples of managerial
New reference to Greek debt in the Astor and Black NEW opener with decisions
context of international operations new entrepreneurial assignment Enhanced graphics on NPV and IRR
Reorganized discussion of job order Chapter 23 decision rules
costing for service companies Folsom Custom Skis NEW opener with
Chapter 16 New discussion of accounting for Appendix C
new entrepreneurial assignment
TOMS NEW opener with new nonmanufacturing costs and their role (Was Chapter 24 in prior edition) New appendix; consisting of selected
entrepreneurial assignment in pricing decisions New discussion on budgeting for materials from Chapter 21 in prior
Revised graphics to better illustrate Added new journal entries for indirect service providers edition
cash inflows and outflows for materials and indirect labor for Revised several exhibits for learning Replaced two-stage cost allocation
operating, investing, and financing improved learning clarity discussion with single plantwide rate
activities Revised discussion of predicting method
Revised graphic to better reflect cash activity levels Streamlined examples and several
and cash equivalents New enhanced exhibit on framework exhibits
Added discussion on the use of for understanding total overhead New end of chapter assignments
T-accounts for reconstructing variance, including formulas
transactions impacting cash Revised discussion of controllable and
New margin clarification for volume variances
xix
Instructor Supplements
Instructor’s This manual contains (for each chap- • PowerPoint® Presentations
Resource CD-ROM ter) a Lecture Outline, a chart linking Prepared by Jon Booker, Charles
Chapters 1-25 all assignment materials to Learning Caldwell, Cindy Rooney, and Susan
ISBN13: 9780077525118 Objectives, and additional visuals with Galbreth.
ISBN10: 0077525116 transparency masters. Presentations allow for revision of
• Solutions Manual lecture slides, and includes a viewer,
This is your all-in-one resource. It allows allowing screens to be shown with or
you to create custom presentations from Written by John J. Wild, Ken W.
without the software.
your own materials or from the follow- Shaw, and Anita Kroll, University of
ing text-specific materials provided in the Wisconsin–Madison.
CD’s asset library: • Test Bank, Computerized
• Instructor’s Resource Manual Test Bank
Written by Barbara Chiappetta, Revised by Jeanine Metzler,
Nassau Community College, and Northampton Community College.
Patricia Walczak, Lansing
Community College.
Student Supplements
Excel Working Papers CD Study Guide Carol Yacht's Sage 50
ISBN13: 9780077525101 Vol. 1, Chapters 1-12 Complete Accounting
ISBN10: 0077525108 ISBN13: 9780077525187 2013 Student Guide and
ISBN10: 0077525183
Written by John J. Wild. Templates
Vol. 2, Chapters 12-25 ISBN13: 9780077778972
Working Papers (for Chapters 1-25) deliv- ISBN13: 9780077525200 ISBN10: 0077778979
ered in Excel spreadsheets. These Excel ISBN10: 0077525205
Working Papers are available on CD-ROM Prepared by Carol Yacht.
and can be bundeled with the printed Written by Barbara Chiappetta, Nassau
Working Papers; see your representative To better prepare students for account-
Community College, and Patricia
for information. ing in the real world, selected end-of-
Walczak, Lansing Community College. chapter material in the text is tied to
Covers each chapter and appendix with Sage 50 Complete Accounting 2013 soft-
Working Papers
reviews of the learning objectives, out- ware (formerly Peachtree). The accompa-
Vol. 1, Chapters 1-12
lines of the chapters, summaries of chap- nying student guide provides a step-by-
ISBN13: 9780077525231
ter materials, and additional problems step walkthrough for students on how to
ISBN10: 007752523X
with solutions. complete the problem in the software.
Vol. 2, Chapters 12-25
ISBN13: 9780077525217 Connect Accounting with QuickBooks Pro 2013
ISBN10: 0077525213 LearnSmart Two Semester Student Guide and
Principles of Financial Accounting Access Code Card Templates
Chapters 1-17 ISBN13: 9780077525064 ISBN13: 9780077525156
ISBN13: 9780077525224 ISBN10: 007752506X ISBN10: 0077525159
ISBN10: 0077525221
Prepared by Carol Yacht.
Written by John J. Wild.
Connect Plus Accounting
with LearnSmart Two To better prepare students for account-
Semester Access Code Card ing in the real world, selected end-of-
ISBN13: 9780077525088 chapter material in the text is tied to
ISBN10: 0077525086 QuickBooks software. The accompanying
student guide provides a step-by-step
walkthrough for students on how to
complete the problem in the software.
xx
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Meine liebe Hanni, als treue, aufrichtige Freundin muß ich Dir nun
– leider, leider – berichten, daß es nicht bei diesem einen
gemeinsamen Nachhauseweg blieb. Und was noch schlimmer ist,
die späteren Male fuhr uns die Elektrische nicht vor der Nase weg,
wie den ersten Abend. Ich hätte gut fahren können und er seinen
kurzen Heimweg zu Fuß machen! Leider geschah auch das nicht.
Aber schüttle nur nicht Dein liebes, edles Haupt in der
Befürchtung, jemand könnte sich durch Träumereien von seinem
geraden, sehr langen Wege abbringen lassen. Für Luftgebilde sind
wir beide – ich wollte sagen, bin ich nicht – und ist Herr von Burgh
nicht. –
Ich arbeite für zwei im Seminar und will einst keine Plage für
meine Klasse werden, sondern eine Lehrerin von Gottes Gnaden,
die ihre Bande zu allen Höhen hinanführt. – Soviel lernt man doch in
den Bergen.
Und sollte einmal nach hundert Jahren eine Zeit kommen, wo ich
keine Klasse mehr habe, sondern eigene Jungen zur Räson bringen
muß, dann werde ich wohl mein bißchen Wissenschaft erst recht
gebrauchen. Denn daß das Dickköpfe sind, die viel lieber Heu
machen oder Soldat spielen, als mensa deklinieren, ist außer Frage!
Nun aber Schluß. Nur noch das eine: Bildet Euch nicht ein, Du
und Herr Eisen, Eure Theorie von dem gemeinsamen Niveau sei
nun als richtig erwiesen! – Ganz im Gegenteil! Auf dem nicht
gemeinsamen Niveau lernten wir uns kennen – um nicht mehr zu
sagen.
Und Ihr mögt behaupten, was Ihr wollt: für mich bliebe er genau
derselbe, selbst wenn ich ihn als Schornsteinfeger wiedergesehen
hätte.«
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