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16e
Carl S. Warren
Professor Emeritus of Accounting
University of Georgia, Athens
Contributing Authors
Christine A. Jonick
Professor of Accounting
University of North Georgia, Gainesville
Jennifer S. Schneider
Assistant Professor of Accounting
University of North Georgia, Gainesville
Australia • Brazil • Mexico • Singapore • United Kingdom • United States
Copyright 2021 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s).
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Throughout this text, real-world companies are used in the narrative,
Text and Cover Designer: Christopher Doughman
illustrations, and end-of-chapter assignments. These companies are
Cover Image: iStock.com/ExperienceInteriors
identified in boldface type, and any data presented was adapted from or
based upon annual reports, Securities and Exchange Commission filings, or
other publicly available sources. Any other individuals or companies used
in illustrations or homework are fictional, and any resemblance to actual
persons, living or dead, businesses or companies is entirely coincidental.
Library of Congress Control Number: 2019954868

ISBN: 978-1-337-91310-2
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Printed in the United States of America

Print Number: 01 Print Year: 2019
Brief Contents
Chapter 1 Introduction to Accounting and Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

Chapter 2 Analyzing Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56
Chapter 3 The Adjusting Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110
Chapter 4 Completing the Accounting Cycle . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160
Chapter 5 Accounting Systems. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 228
Chapter 6 Accounting for Merchandising Businesses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 278
Chapter 7 Inventories. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 346
Chapter 8 Internal Control and Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 396
Chapter 9 Receivables. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 444
Chapter 10 Long-Term Assets: Fixed and Intangible. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 490
Chapter 11 Current Liabilities and Payroll. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 540
Chapter 12 Accounting for Partnerships and Limited Liability Companies . . . . . . . . . . . . . . . . . . . . . . . . 588
Chapter 13 Corporations: Organization, Stock Transactions, and Dividends . . . . . . . . . . . . . . . . . . . . . . . 632
Chapter 14 Long-Term Liabilities: Bonds and Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 679
Chapter 15 Investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 723
Chapter 16 Statement of Cash Flows. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 765
Chapter 17 Financial Statement Analysis. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 821
Mornin’ Joe. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MJ-1
Appendix A Interest Tables. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-2
Appendix B Revenue Recognition. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B-2
Appendix C Selected Excerpts from Nike Inc., Form 10-K for the Fiscal Year Ended May 31, 2018. . . . C-1
Glossary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . G-1
Index. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-1
iii
Preface
Roadmap for Success

Warren’s Financial Accounting 16e makes it easy for you to give students a solid foundation in accounting without
overwhelming students. Warren covers the fundamentals AND motivates students to learn by showing how account-
ing is important to a business.
The Warren presentation style provides content in a way that this generation reads and assimilates information.
• Short, concise paragraphs and bullets
• Stepwise progression
• Meaningful illustrations and graphs
Hallmarks
Schemas provide a roadmap of accounting that emphasizes the big picture. Each chapter begins with a graphic
Schema, or Roadmap of Accounting, that shows readers how the chapter material fits within the larger context of
the overall book. With this approach, students view chapter concepts as part of a larger whole rather than as mere
independent pieces of knowledge, for a truly functional understanding of accounting.
A four-part schema (Chs. 1–4) demonstrates how chapter content integrates within the accounting cycle. The
financial accounting chapters’ schema (Chs. 5–17) highlights chapter content within a set of integrated financial
statements.
CHAPTER CHAPTER
4 Completing the
Accounting Cycle 6 Accounting for Merchandising
Businesses
Chapter 1 Transactions
STATEMENT OF
OWNER’S EQUITY
For the Year Ended December 31, 20Y6 STATEMENT OF CASH FLOWS
Accounting System For the Year Ended December 31, 20Y6
Accounting Equation Owner’s capital, Jan . 1, 20Y6 $XXX
Net income $ XXX Cash flows from (used for)
Assets = Liabilities + Owner's Equity
Withdrawals (XXX) operating activities $XXX
Increase in equity XXX Cash flows from (used for)
Owner’s capital, Dec . 31, 20Y6 $XXX investing activities XXX
Chapter 2 Account Cash flows from (used for)
Debits Credits financing activities XXX
Net increase (decrease) in cash $XXX
Rules of Debit and Credit INCOME STATEMENT
Cash balance, January 1, 20Y6 XXX
For the Year Ended December 31, 20Y6
BALANCE SHEET ACCOUNTS Cash balance, December 31, 20Y6 $XXX
Sales $XXX BALANCE SHEET
Cost of merchandise sold XXX December 31, 20Y6
ASSETS = LIABILITIES + OWNER’S EQUITY Gross profit $XXX
Asset Accounts Liability Accounts Owner’s Capital Account Current assets:
Debit for Credit for Debit for Credit for Debit for Credit for
Operating expenses:
Advertising expense $XXX Cash $XXX
increases (+) decreases (–) decreases (–) increases (+) decreases (–) increases (+)
Depreciation expense XXX Accounts receivable XXX
Balance Balance Balance
Amortization expense XXX Merchandise inventory XXX
Depletion expense XXX Total current assets $XXX
… XXX Property, plant, and equipment $XXX
Owner’s Drawing Income Statement Accounts
… XXX Intangible assets XXX
Account Revenue Accounts Total operating expenses XXX Total long-term assets XXX
Debit for Credit for Debit for Credit for Income from operations $XXX Total assets $XXX
increases (+) decreases (–) decreases (–) increases (+)
Other revenue and expenses XXX Liabilities:
Balance Balance
Net income $XXX Current liabilities $XXX
Expense Accounts Long-term liabilities XXX
Debit for Credit for Total liabilities $XXX
increases (+) decreases (–) Owner’s equity XXX
Balance Total liabilities and owner’s equity $XXX
Unadjusted Trial Balance

Total Debit Balances = Total Credit Balances
iv
362 Chapter 7 Inventories
Preface v
the net realizable value of the merchandise.4 Net realizable value is
follows:
Net Realizable Value = Estimated Selling Price – Direct Costs of Disposa
Revised and refreshed real company chapter openers engage readers from the start. Chapter openers
Direct costs
sales commissions.
of disposalintro-
include selling expenses such as special
duce and briefly describe a real company and how its challenges relate to the chapter content. Links to this
To illustrate, assumeopening
the following data about an item of damaged
company appear throughout the chapter to reinforce the importance of what readers are learning. Original cost
Estimated selling price
$1,000
800
Estimated selling expenses 150
In applying LCM, the market value of the merchandise is $650, comp

Market Value (Net Realizable Value) = $800 – $150 = $650
CHAPTER Thus, the merchandise would be valued at $650, which is the low
7
Link to Best Buy $1,000 and its market value of $650.
Best Buy values its The amount of any price decline is included in the cost of merchan
inventory at lower of
in turn, reduces gross profit and net income in the period in which the
cost or market based
occur. This matching of price declines to the period in which they o
upon cost and the
mary advantage of using the lower-of-cost-or-market method.
amount it expects to To illustrate, assume the following data for 400 identical units o
realize from the sale . inventory on December 31:
Cost per unit $10
Market value (net realizable value) per unit 9
Since the market value of Item Echo is $9.50 per unit, $9.50 is used u
of-cost-or-market method.
Exhibit 9 illustrates applying the lower-of-cost-or-market method
Link to Best Buy tory item (Echo, Foxtrot, Sierra, Tango). As applied on an item-by-
total lower-of-cost-or-market is $15,070, which is a market decline of $
The excess of cost
$15,070). This market decline of $450 is included in the cost of mercha
over the amount
Rather than applying the LCM method to each item of inventor
DUSAN PETKOVIC/SHUTTERSTOCK.COM
Best Buy Best Buy expects to

receive from the sale
applied to the total inventory. 5 For example, assume that items
A ssume that in September, you purchased a Sony

HDTV from Best Buy. At the same time, you pur-
chased a Denon surround sound system for $599.99. You
Merchandising businesses such as Best Buy make
similar assumptions when identical merchandise is pur-
chased at different costs. For example, Best Buy may have
of an item is called a
markdown .
Sierra, and Tango make up the total inventory in Exhibit 9. In this ca
applied to the total inventory is determined by comparing the total c
liked your surround sound so well that in November, you purchased thousands of Denon surround sound systems to the total market value of $15,472. Thus, the LCM is $15,472 if appl
purchased an identical Denon system on sale for $549.99 over the past year at different costs. At the end of a period, inventory.
for your bedroom TV. Over the holidays, you moved to a some of the Denon systems will still be in inventory, and
new apartment and in the process of unpacking discov- some will have been sold. But which costs relate to the
ered that one of the Denon surround sound systems was sold systems, and which costs relate to the systems still in
missing. Luckily, your renters or homeowners insurance inventory? Best Buy’s assumption about inventory costs
EXHIBIT 9 A B C D E F
policy will cover the theft, but the insurance company can involve large dollar amounts and, thus, can have a
1 Market Value
needs to know the cost of the system that was stolen. significant impact on the financial statements. For exam-
The Denon systems were identical. However, to ple, Best Buy reported $5,409 million of inventory and net
Determining 2 Inventory Cost per per Unit Total
respond to the insurance company, you will need to iden- income of $1,464 million for a recent year. Inventory at Lower 3 Item Quantity Unit (Net Realizable Value) Cost Market
tify which system was stolen. Was it the first system, which This chapter discusses such issues as how to deter- of Cost or Market 4 Echo 400 $10.25 $ 9.50 $ 4,100 $ 3,800
cost $599.99, or was it the second system, which cost mine the cost of merchandise in inventory and the cost
(LCM) 5 Foxtrot 120 22.50 24.10 2,700 2,892
$549.99? Whichever system you choose will determine of merchandise sold. However, it begins by discussing the
6 Sierra 600 8.00 7.75 4,800 4,650
the amount that you receive from the insurance company. importance of control over inventory.
7 Tango 280 14.00 14.75 3,920 4,130
8 Total $15,520 $15,472
9
Link to Best Buy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Pages 349, 350, 362, 364
4 Accounting Standards Update, Inventory (Topic 330): Simplifying the Measurement of Inventory, No . 2015-11
(Norwalk, CT) .
5 The LCM can also be applied to different classes of inventory .
Revised end-of-chapter assignments (homework) provide important hands-on practice. Refined, meaningful
276 Chapter 5 Accounting Systems
review and applications at the end of each chapter include Discussion Questions, Practice Exercises (A and B
versions), Exercises, Problems (Series
3. Post theAappropriate
and B),individual
and Cases &theProjects
entries to that emphasize ethics, teamwork, and
general ledger.
4. Total each of the columns of the special journals and post the appropriate totals to the
communication skills. general ledger; insert the account balances.
5. Prepare a trial balance.
Cases & Projects
CP 5-1 Ethics in Action

Netbooks Inc. provides accounting applications for business customers on the Internet for
a monthly subscription. Netbooks’ customers run their accounting system on the Internet;
ETHICS thus, the business data and accounting software reside on the servers of Netbooks Inc.
The senior management of Netbooks believes that once a customer begins to use Net-
books, it is very difficult to cancel the service. That is, customers are “locked in” because
it is difficult to move the business data from Netbooks to another accounting application
even though the customers own their own data. Therefore, Netbooks has decided to entice
customers with an initial low monthly price that is half the normal monthly rate for the
first year of services. After a year, the price will be increased to the regular monthly rate.
Netbooks management believes that customers will have to accept the full price because
customers will be locked in after one year of use.
a. Discuss whether the half-price offer is an ethical business practice.
b. Discuss whether customer “lock-in” is an ethical business practice.
CP 5-2 Team Activity

The two leading software application providers for supply chain management (SCM)
TEAM
ACTIVITY and customer relationship management (CRM) software are JDA and Salesforce.com,
respectively. In groups of two or three, go to the website of each company (www
REAL
.jda.com and www.salesforce.com, respectively) and list the services provided by each
WORLD company’s software.
CP 5-3 Communication
Internet-based accounting software is a recent trend in business computing. Major software
COMMUNICATION firms such as Oracle, SAP, and NetSuite are running their core products on the Internet
using cloud computing. NetSuite is one of the most popular small-business Internet-based
accounting systems.
REAL
WORLD Go to NetSuite Inc.’s website at www.netsuite.com. Read about the product
and prepare a memo to management defining cloud-based accounting. Also outline the
advantages and disadvantages of using cloud-based accounting compared to running
software on a company’s internal computer network.
CP 5-4 Manual vs. computerized accounting systems

Copyright 2021 Cengage Learning. All Rights Reserved. May notThe following
be copied, conversation
scanned, or took
duplicated, in whole or inplace
part. Duebetween
to electronicDurable
rights, someConstruction
third party content Co.’s
may be bookkeeper,
suppressed from the eBook and/or eChapter(s).
Kyle affect
Editorial review has deemed that any suppressed content does not materially Byers, and the
the overall accounting
learning supervisor,
experience. Cengage LearningSarah
reservesNelson:
the right to remove additional content at any time if subsequent rights restrictions require it.
vi Preface
CengageNOWv2
CengageNOWv2 is a powerful course management and online homework resource that
provides control and customization to optimize the student learning experience. Included
are many proven resources, such as algorithmic activities, a test bank, course management
tools, reporting and assessment options, and much more.
Cengage Mobile App

The Cengage Mobile App lets students study wherever and whenever the mood strikes.
Now available with CengageNOWv2, it features a full interactive eBook—readable online
or off—with 24/7 course access and study tools to power on-the-go learning. Plus, the app
allows you to engage your students with instant in-class polling and take attendance with
a tap. Find details at www.cengage.com/mobile-app/.
Excel Online
Cengage and Microsoft have partnered in CengageNOWv2 to provide students with a uniform,
EXCEL authentic Excel experience. It provides instant feedback, built-in video tips, and easily acces-
ONLINE
sible spreadsheet work. These features allow you to spend more time teaching accounting
applications and less time troubleshooting Excel.
These new algorithmic activities offer pre-populated data directly in Microsoft Excel Online.
Each student receives his or her own version of the problem to perform the necessary data cal-
culations in Excel Online. Their work is constantly saved in Cengage cloud storage as a part of
homework assignments in CengageNOWv2. It’s easily retrievable so students can review their
answers without cumbersome file management and numerous downloads/uploads.
Motivation: Set Expectations and Prepare Students for the Course

CengageNOWv2 helps motivate students and get them ready to learn by reshaping their
misconceptions about the introductory accounting course and providing a powerful tool
to engage students.
CengageNOWv2 Start-Up Center

Students are often surprised by the amount of time they need to spend outside of class
working through homework assignments in order to succeed. The CengageNOWv2 Start-Up
Center will help students identify what they need to do and where they need to focus in
order to be successful with a variety of new resources.
• What Is Accounting? Module ensures students understand course expectations and
how to be successful in the introductory accounting course. This module consists of
two assignable videos: Introduction to Accounting and Success Strategies. The Student
Advice Videos offer advice from real students about what it takes to do well in the
course.
• Math Review Module, designed to help students get up to speed with necessary math
skills, includes math review assignments and Show Me How math review videos to
ensure that students have an understanding of basic math skills.
• How to Use CengageNOWv2 Module focuses on learning accounting, not on a particular
software system. Quickly familiarize your students with CengageNOWv2 and direct them
to all of its built-in student resources.
Motivation: Prepare Them for Class

With all the outside obligations accounting students have, finding time to read the text-
book before class can be a struggle. Point students to the key concepts they need to know
before they attend class.
• Video: Tell Me More. Short Tell Me More lecture activities explain the core concepts
of the chapter through an engaging auditory and visual presentation. Available either
Preface vii
on a stand-alone basis or as an assignment, they are ideal for all class formats—flipped
model, online, hybrid, or face-to-face.
Provide Help Right When Students Need It

The best way to learn accounting is through practice, but students often get stuck when
attempting homework assignments on their own.
• Video: Show Me How. Created for the most frequently assigned end-of-chapter items,
SHOW Show Me How problem demonstration videos provide a step-by-step model of
ME HOW a similar problem. Embedded tips help students avoid common mistakes and
pitfalls.
MindTap eReader
The MindTap eReader for Warren’s Financial Accounting is the most robust digital read-
ing experience available. Hallmark features include:
• Fully optimized for the iPad.
• Note taking, highlighting, and more.
• The MindTap eReader also features ReadSpeaker®, an online text-to-speech application
that vocalizes, or “speech-enables,” online educational content. This feature is ideally
suited for both instructors and learners who would like to listen to content instead of
(or in addition to) reading it.
Cengage Unlimited
Cengage Unlimited is a first of-its-kind digital subscription designed specifically to lower costs.
Students get total access to everything Cengage has to offer on demand—in one place.
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viii Preface
New to This Edition

• Updated dates and real company information for • In Chapter 4, the “Reversing Entry” appendix has
currency. been moved to an online appendix.
• Refreshed end-of-chapter assignments with different • A new “Why Is the Accrual Basis of Accounting
numerical values and updated information. Required by GAAP?” discussion has been added as
• A new “Time Period Concept” discussion has been Appendix 2 to Chapter 4. The understanding of why
added to the “Generally Accepted Accounting Prin- accrual accounting is required by GAAP is important
ciples” section of Chapter 1. This discussion defines for students’ ability to analyze and evaluate financial
and illustrates the natural business year and fiscal statements. Why accrual accounting is required is
year accounting periods. illustrated by comparing NetSolutions’ financial state-
• The fiscal year discussion was moved from the prior ments under the accrual basis (Chapters 1–4) with
edition’s Chapter 4. In addition, the notation of 20Y1, related cash basis financial statements.
20Y2, … is introduced for indicating years through- • To simplify and give the instructor more flexibility
out the text. in Chapter 6, the discussion of the accounting for
• In Chapter 2, the discussion on “Errors Not Affecting customer merchandise refunds, including the related
the Trial Balance” has been revised to better aid stu- adjusting entries, has been moved to Appendix 2 at
dent understanding and to simplify the preparation the end of the chapter.
of correcting journal entries. • For those instructors who prefer to cover sales dis-
• In Chapter 4, the Accounting Cycle illustration in counts using the gross method, Appendix 1, “Gross
Exhibit 8 has been revised to facilitate student review. Method of Recording Sales Discounts,” has been
added to the end of Chapter 6.
• In Chapter 4, the “Fiscal Year” discussion has been
moved to Chapter 1.
About the Authors
Carl S. Warren
Terry R. Spray/InHisImage Studios

Dr. Carl S. Warren is Professor Emeritus of Accounting at the University of Georgia, Athens.
Dr. Warren has taught classes at the University of Georgia, University of Iowa, Michigan
State University, and University of Chicago. He focused his teaching efforts on principles of
accounting and auditing. Dr. Warren received his PhD from Michigan State University and his
BBA and MA from the University of Iowa. During his career, Dr. Warren published numerous
articles in professional journals, including The Accounting Review, Journal of Accounting
Research, Journal of Accountancy, The CPA Journal, and Auditing: A Journal of Practice &
Theory. Dr. Warren has served on numerous committees of the American Accounting
Association, the American Institute of Certified Public Accountants, and the Institute of
Internal Auditors. He also has consulted with numerous companies and public accounting
firms. His outside interests include handball, golf, skiing, backpacking, and fly-fishing.
Christine A. Jonick
Dr. Christine A. Jonick is Professor of Accounting at University of North Georgia, Gaines-
ville. She received her Ed.D from the University of Georgia, her MBA from Adelphi Univer-
Courtesy of Christine Jonick

sity, and her BA from State University of New York at Binghamton. Dr. Jonick has focused
her teaching efforts on principles of accounting and intermediate financial accounting. She
is the recipient of several teaching awards, including one for excellence in online instruction.
She has published accounting-related articles in research journals and a case study in the
Institute of Management Accountants (IMA) Educational Case Journal. Dr. Jonick serves on
numerous professional committees, is an active board member for the American Account-
ing Association SE, and is a recent past president of the Georgia Association of Accounting
Educators. Dr. Jonick has worked with accounting textbook publishers for over a decade as
a technology consultant, subject matter expert, and content developer. Her outside interests
include travel, biking, technology development, and family activities.
Jennifer S. Schneider
Jennifer S. Schneider is an Assistant Professor at the University of North Georgia, Gainesville.
Professor Schneider has taught principles of accounting, survey of accounting, principles of
finance, accounting information systems, and auditing. She is a Florida CPA and began her
Courtesy of Jennifer Schneider

career at PwC. She has 15+ years’ experience with Fortune 500 companies, primarily in audit
and financial/SEC reporting. Prior to coming to the University of North Georgia, Professor
Schneider taught at the University of Amsterdam. Her research interests are in the Scholarship
of Teaching and Learning. Professor Schneider has published several articles including an
article in the Institute of Management Accountants (IMA) Educational Case Journal. She
has also served as faculty advisor for Beta Alpha Psi, which is an international honors
organization for financial information students and professionals. She enjoys spending time
with her two sons, Luke and Graeme, both students at the University of Georgia, Athens.
ix
Contents
Chapter 1
Introduction to Double-Entry Accounting System 62
Balance Sheet Accounts 62
Accounting and Business 2 Income Statement Accounts 63
Owner Withdrawals 63
Nature of Business and Accounting 5 Normal Balances 63
Types of Businesses 5 Journalizing 64
Role of Accounting in Business 6 Integrity, Objectivity, and Ethics in Business:
Role of Ethics in Accounting and Business 6 Will Journalizing Prevent Fraud? 67
Integrity, Objectivity, and Ethics in Business: Journalizing and Posting to Accounts 68
Bernie Madoff 9
Opportunities for Accountants 9 Business Connection: Microsoft’s Unearned Revenue 70
Business Connection: Pathways Commission 10 Business Connection: Computerized Accounting

Systems 72
Generally Accepted Accounting Principles 10
Trial Balance 78
Business Entity Concept 11
Errors Affecting the Trial Balance 79
International Connection: International Financial Errors Not Affecting the Trial Balance 80
Reporting Standards (IFRS) 11
Financial Analysis and Interpretation:
Time Period Concept 12
Horizontal Analysis 82
Cost Concept 13
Continuing Problem 106
The Accounting Equation 13
Business Connection: The Accounting Equation 14
Chapter 3 The Adjusting Process 110
Business Transactions and the Accounting
Equation 15 Nature of the Adjusting Process 113
Summary 18 Accrual and Cash Basis of Accounting 113
Financial Statements 19 Revenue and Expense Recognition 114
The Adjusting Process 114
Income Statement 20
Types of Accounts Requiring Adjustment 115
Statement of Owner’s Equity 21
Balance Sheet 21 Adjusting Entries for Accruals 116
Statement of Cash Flows 24 Accrued Revenues 117
Interrelationships Among Financial Statements 25 Accrued Expenses 118
Financial Analysis and Interpretation: Business Connection: Earning Revenues

Ratio of Liabilities to Owner’s Equity 26 from Season Tickets 120
Continuing Problem 52 Adjusting Entries for Deferrals 120

Unearned Revenues 121
Prepaid Expenses 122
Chapter 2 Analyzing Transactions 56 Business Connection: Sports Signing Bonus 122
Using Accounts to Record Transactions 59 Integrity, Objectivity, and Ethics in Business:
Chart of Accounts 61 Free Issue 123
Business Connection: The Hijacking Receivable 61 Adjusting Entries for Depreciation 124
x
Contents xi
Summary of Adjusting Process 126 Step 4. Enter the Adjusted Trial Balance 191
Step 5. Extend the Accounts to the Income
Business Connection: Microsoft’s Deferred Statement and Balance Sheet
Revenues 126 Columns 192
Adjusted Trial Balance 130 Step 6. Total the Income Statement and Balance
Sheet Columns, Compute the Net Income
Financial Analysis and Interpretation: or Net Loss, and Complete the
Vertical Analysis 131 Spreadsheet 192
Preparing the Financial Statements
Continuing Problem 156 from the Spreadsheet 193
Appendix 2: Why Is the Accrual Basis of
Accounting Required by GAAP? 195
Chapter 4
Completing the Cash Basis of Accounting 195
Accounting Cycle 160 Accrual Basis of Accounting 195
Illustration of Cash and Accrual Accounting 196
Flow of Accounting Information 163
Continuing Problem 223
Financial Statements 165
Comprehensive Problem 1 224
Income Statement 165
Integrity, Objectivity, and Ethics in Business:
CEO’s Health? 167 Chapter 5 Accounting Systems 228
Statement of Owner’s Equity 167
Balance Sheet 168 Basic Accounting Systems 230
International Connection: International Manual Accounting Systems 231

Differences 169 Subsidiary Ledgers 231
Special Journals 231
Closing Entries 169 Revenue Journal 233
Journalizing and Posting Closing Entries 170 Cash Receipts Journal 236
Post-Closing Trial Balance 174 Accounts Receivable Control Account and
Subsidiary Ledger 238
Accounting Cycle 174 Purchases Journal 238
Illustration of the Accounting Cycle 177 Cash Payments Journal 241
Step 1. Analyzing and Recording Transactions Accounts Payable Control Account and Subsidiary
Ledger 243
in the Journal 177
Step 2. Posting Transactions to the Ledger 179 Business Connection: Accounting Systems and Profit
Step 3. Preparing an Unadjusted Trial Bal- Measurement 244
ance 179
Step 4. Assembling and Analyzing Adjustment Computerized Accounting Systems 245
Data 180 Business Connection: TurboTax 247
Step 5. Preparing an Optional End-of-Period
Spreadsheet 180 E-Commerce 247
Step 6. Journalizing and Posting Adjusting Integrity, Objectivity, and Ethics in Business: Online
Entries 180
Fraud 248
Step 7. Preparing an Adjusted Trial Balance 182
Step 8. Preparing the Financial Statements 182 Financial Analysis and Interpretation:
Step 9. Journalizing and Posting Closing Segment Analysis 248
Entries 184
Step 10. Preparing a Post-Closing Trial Balance 184
Financial Analysis and Interpretation: Chapter 6
Accounting for
Working Capital and Current Ratio 187
Merchandising Businesses 278
Appendix 1: End-of-Period Spreadsheet 188
Step 1. Enter the Title 189 Nature of Merchandising Businesses 280
Step 2. Enter the Unadjusted Trial Balance 189 Operating Cycle 280
Step 3. Enter the Adjustments 190 Financial Statements 281
xii Contents
Business Connection: Comcast Versus Lowe’s 282 Chapter 7 Inventories 346

Merchandising Transactions 282
Control of Inventory 348
Chart of Accounts for a Merchandising
Safeguarding Inventory 348
Business 282
Reporting Inventory 349
Purchases Transactions 283
Sales Transactions 288 Inventory Cost Flow Assumptions 349
Integrity, Objectivity, and Ethics in Business: Business Connection: Pawn Stars and Specific
The Case of the Fraudulent Price Tags 291 Identification 351
Freight 292
Inventory Costing Methods Under a Perpetual
Summary: Recording Merchandise Inventory
Inventory System 352
Transactions 294
First-In, First-Out Method 352
Dual Nature of Merchandise Transactions 294
Last-In, First-Out Method 353
Sales Taxes and Trade Discounts 296
International Connection: International Financial
Business Connection: Sales Taxes 297
Reporting Standards (IFRS) 355
The Adjusting Process 297 Weighted Average Cost Method 355
Adjusting Entry for Inventory Shrinkage 297
Business Connection: Computerized Perpetual
Integrity, Objectivity, and Ethics in Business: The Cost Inventory Systems 357
of Employee Theft 298
Inventory Costing Methods Under
Adjusting Entries for Customer Refunds and
a Periodic Inventory System 357
Allowances 298
First-In, First-Out Method 357
Financial Statements for Last-In, First-Out Method 358
a Merchandising Business 299 Weighted Average Cost Method 359
Multiple-Step Income Statement 299 Comparing Inventory Costing Methods 360
Single-Step Income Statement 301
Statement of Owner’s Equity 301 Integrity, Objectivity, and Ethics in Business: Where’s
Balance Sheet 301 the Bonus? 361
The Closing Process 302
Reporting Merchandise Inventory
Financial Analysis and Interpretation: in the Financial Statements 361
Asset Turnover 303 Valuation at Lower of Cost or Market 361
Appendix 1: Gross Method of Recording Sales Business Connection: Good Samaritan 363
Discounts 305 Merchandise Inventory on the Balance Sheet 363
Transactions 305 Effect of Inventory Errors on the Financial
Statements 364
Adjusting Entry 306
Financial Analysis and Interpretation: Inventory
Subsequent Period 306 Turnover and Days’ Sales in Inventory 367
Comparison with the Net Method 307
Business Connection: Rapid Inventory
Appendix 2: Returns of Merchandise 308 at Costco 367
Appendix 3: The Periodic Inventory System 310 Appendix: Estimating Inventory Cost 370
Chart of Accounts Under the Periodic Inventory Retail Method of Inventory Costing 370
System 310 Gross Profit Method of Inventory Costing 371
Recording Merchandise Transactions Under the
Periodic Inventory System 311
Adjusting Process Under the Periodic Inventory
Chapter 8
Internal Control
System 311
Financial Statements Under the Periodic Inventory and Cash 396
System 312
Closing Entries Under the Periodic Inventory Sarbanes-Oxley Act 398
System 313
Internal Control 400
Comprehensive Problem 2 341 Objectives of Internal Control 400
Contents xiii
Business Connection: Employee Fraud 400 Business Connection: Failure to Collect 452
Elements of Internal Control 400 Estimating Uncollectibles 452
Control Environment 401
Business Connection: Allowance Percentages Across
Risk Assessment 402
Control Procedures 402
Companies 457
Integrity, Objectivity, and Ethics in Business: Tips on Comparing Direct Write-Off

Preventing Employee Fraud in Small Companies 403 and Allowance Methods 457
Monitoring 404 Notes Receivable 458
Information and Communication 404 Characteristics of Notes Receivable 458
Limitations of Internal Control 405 Accounting for Notes Receivable 460
Cash Controls over Receipts and Payments 405 Reporting Receivables on the Balance Sheet 462
Business Connection: What Is Cryptocurrency? 406 Business Connection: Delta Air Lines 462
Control of Cash Receipts 406
Control of Cash Payments 408 Financial Analysis and Interpretation:
Accounts Receivable Turnover and
Business Connection: Mobile Payments 409 Days’ Sales in Receivables 463
Bank Accounts 409
Bank Statement 409
Using the Bank Statement as a Control over Chapter 10Long-Term Assets:
Cash 412
Fixed and Intangible 490
Bank Reconciliation 412
Integrity, Objectivity, and Ethics in Business: Bank Nature of Fixed Assets 492
Error in Your Favor (or Maybe Not) 416 Classifying Costs 492
Special-Purpose Cash Funds 416 Business Connection: Fixed Assets 493

The Cost of Fixed Assets 494
Financial Statement Reporting of Cash 417 Leasing Fixed Assets 495
Business Connection: Managing Accounting for Depreciation 496
Apple’s Cash 418 Factors in Computing Depreciation Expense 496
Straight-Line Method 497
Financial Analysis and Interpretation: Units-of-Activity Method 499
Ratio of Cash to Monthly Cash Expenses 418 Double-Declining-Balance Method 501
Business Connection: Microsoft Corporation 420 Comparing Depreciation Methods 503
Partial-Year Depreciation 503
Business Connection: Depreciating Animals 504
Chapter 9 Receivables 444 Revising Depreciation Estimates 505
Repair and Improvements 506
Classification of Receivables 446 Integrity, Objectivity, and Ethics in Business: Capital
Accounts Receivable 446 Crime 507
Notes Receivable 446
Other Receivables 447 Disposal of Fixed Assets 508
Discarding Fixed Assets 508
Uncollectible Receivables 447 Selling Fixed Assets 509
Business Connection: Warning Signs 448 Business Connection: Downsizing 510
Direct Write-Off Method Natural Resources 511
for Uncollectible Accounts 448
Intangible Assets 512
Allowance Method for Uncollectible Patents 512
Accounts 449 Copyrights and Trademarks 513
Goodwill 513
Integrity, Objectivity, and Ethics in Business:
Collecting Past Due Accounts 450 International Connection: International Financial
Write-Offs to the Allowance Account 450 Reporting Standards (IFRS) 515
xiv Contents
Financial Reporting for Long-Term Assets: Fixed Chapter 12 Accounting for

and Intangible 515
Partnerships and Limited
Financial Analysis and Interpretation: Liability Companies 588
Fixed Asset Turnover Ratio 516
Fixed Asset Turnover Ratio 516 Proprietorships, Partnerships, and Limited
Business Connection: Hub-and-Spoke or Point-to- Liability Companies 590
Point? 517 Proprietorships 590
Partnerships 591
Appendix: Exchanging Similar Fixed Assets 518
Gain on Exchange 518 Business Connection: Breaking Up Is Hard To Do 591
Loss on Exchange 519 Limited Liability Companies 592
Comparing Proprietorships, Partnerships,
and Limited Liability Companies 592
Chapter 11Current Liabilities Business Connection: Organizational Forms in the

Accounting Industry 592
and Payroll 540
Forming a Partnership and Dividing Income 593
Current Liabilities 542 Forming a Partnership 593
Accounts Payable 542 Dividing Income 594
Current Portion of Long-Term Debt 542 Integrity, Objectivity, and Ethics in Business: Tyranny
Short-Term Notes Payable 543
of the Majority 596
Payroll and Payroll Taxes 545
Partner Admission and Withdrawal 597
Liability for Employee Earnings 545
Admitting a Partner 597
Deductions from Employee Earnings 545
Withdrawal of a Partner 603
Computing Employee Net Pay 548
Death of a Partner 603
Liability for Employer’s Payroll Taxes 549
Liquidating Partnerships 603
Business Connection: The Most You
Gain on Realization 604
Will Ever Pay 549
Loss on Realization 606
Accounting Systems for Payroll Loss on Realization—Capital Deficiency 607
and Payroll Taxes 549 Statement of Partnership Equity 610
Payroll Register 550
Employee’s Earnings Record 552 Financial Analysis and Interpretation:
Payroll Checks 554 Revenue per Employee 610
Computerized Payroll System 555
Internal Controls for Payroll Systems 555
Integrity, Objectivity, and Ethics in Business: Chapter 13Corporations:
Overbilling Clients 556
Organization, Stock Transactions,
Employees’ Fringe Benefits 556 and Dividends 632
Vacation Pay 556
Pensions 557 Nature of a Corporation 634
Postretirement Benefits Other Than Pensions 558 Characteristics of a Corporation 634
Current Liabilities on the Balance Sheet 558 Forming a Corporation 635
Contingent Liabilities 559 Business Connection 636
Probable and Estimable 559
Probable and Not Estimable 560 Stockholders’ Equity 637
Reasonably Possible 560
Paid-In Capital from Stock 638
Remote 560
Characteristics of Stock 638
Financial Analysis and Interpretation: Classes of Stock 639
Quick Ratio 561
Business Connection: You Have No Vote 639
Comprehensive Problem 3 582 Issuing Stock 640
Contents xv
Premium on Stock 641 Reporting Long-Term Liabilities 695

No-Par Stock 642
Integrity, Objectivity, and Ethics in Business: The Times Interest Earned Ratio 695
Professor Who Knew Too Much 643
Appendix 1: Present Value Concepts and
Accounting for Dividends 643
Pricing Bonds Payable 697
Cash Dividends 643
Present Value Concepts 697
Stock Dividends 645
Pricing Bonds 700
Stock Splits 646
Appendix 2: Interest Rate Method of
Business Connection: Buffett on Stock Splits 647 Amortization 701
Treasury Stock Transactions 648 Amortization of Discount by the Interest
Method 701
Business Connection: Treasury Stock or Amortization of Premium by the Interest
Dividends? 649 Method 702
Reporting Stockholders’ Equity 649
Stockholders’ Equity on the Balance Sheet 649
Reporting Retained Earnings 651 Chapter 15 Investments 723
Statement of Stockholders’ Equity 652
International Connection: International Financial Why Companies Invest 725
Reporting Standards for SMEs 653 Investing Cash in Current Operations 725
Reporting Stockholders’ Equity for Mornin’ Joe 653 Investing Cash in Temporary Investments 725
Investing Cash in Long-Term Investments 726
Earnings per Share 655 Equity Investments 726
Fair Value Method: Less Than 20%
Ownership 726
Chapter 14
Long-Term Liabilities: Equity Method: Between 20%–50% Ownership 729
Consolidation: More Than 50% Ownership 731
Bonds and Notes 679
Business Connection: More Cash Means More
Financing Corporations 681 Investments for Drug Companies 731
Nature of Bonds Payable 683 Held-to-Maturity Investments 731

Bond Characteristics and Terminology 684 Purchase of Bonds 732
Proceeds from Issuing Bonds 684 Receipt of Interest 732
Sale of Bonds 733
Business Connection: Investor Bond Price Risk 685
Reporting on Financial Statements 734
Accounting for Bonds Payable 685
Trading and Available-for-Sale Investments 734
Bonds Issued at Face Amount 685
Bonds Issued at a Discount 686 Trading Securities 735
Amortizing a Bond Discount 687 Available-for-Sale Securities 736
Business Connection: U.S. Government Debt 688 Integrity, Objectivity, and Ethics in Business: Socially
Bonds Issued at a Premium 689 Responsible Investing 736
Amortizing a Bond Premium 690 Summary 738
Business Connection: Bond Ratings 691 Business Connection: Warren Buffett: The Sage of
Bond Redemption 691 Omaha 740
Installment Notes 692 Financial Analysis and Interpretation:
Issuing an Installment Note 693 Dividend Yield 740
Annual Payments 693
Appendix: Comprehensive Income 741
Integrity, Objectivity, and Ethics in Business: The
Ratings Game 695 Comprehensive Problem 4 761
xvi Contents
Chapter 16 Statement of Cash Reporting Cash Flows from (used for) Operating
Activities—Direct Method 791
Flows 765
Reporting Cash Flows 767
Cash Flows from (used for) Operating Chapter 17Financial Statement
Activities 768 Analysis 821
Business Connection: Cash Crunch! 770
Cash Flows from (used for) Investing Analyzing and Interpreting Financial
Activities 770 Statements 823
Cash Flows from (used for) Financing Activities 770 The Value of Financial Statement Information 823
Noncash Investing and Financing Activities 770 Techniques for Analyzing Financial Statements 824
Format of the Statement of Cash Flows 771 Basic Analytical Methods 824
Cash Flow per Share 771 Horizontal Analysis 824
Cash Flows from (used for) Operating Vertical Analysis 827
Activities 772 Common-Sized Statements 828
Net Income 773 Analyzing Liquidity 829
Adjustments to Net Income 774 Current Position Analysis 830
Integrity, Objectivity, and Ethics in Business: Credit Accounts Receivable Analysis 832
Policy and Cash Flow 777 Inventory Analysis 833
Business Connection: Flying Off the Shelves 835
Cash Flows from (used for) Investing
Activities 778 Analyzing Solvency 835
Land 778 Ratio of Fixed Assets to Long-Term Liabilities 836
Building and Accumulated Ratio of Liabilities to Stockholders’ Equity 836
Depreciation—Building 779 Times Interest Earned 837
Cash Flows from (used for) Financing Business Connection: Liquidity Crunch 838
Activities 779
Analyzing Profitability 838
Bonds Payable 780
Asset Turnover 838
Common Stock 780
Return on Total Assets 839
Dividends and Dividends Payable 781
Return on Stockholders’ Equity 840
Prepare a Statement of Cash Flows—Indirect
Business Connection: Gearing for Profit 841
Method 782
Return on Common Stockholders’ Equity 841
International Connection: IFRS for Statement of Cash Earnings per Share on Common Stock 842
Flows 783 Price-Earnings Ratio 843
Dividends per Share 844
Financial Analysis and Interpretation: Dividend Yield 845
Free Cash Flow 783
Business Connection: Investing for Yield 845
Business Connection: Growing Pains 784 Summary of Analytical Measures 845
Appendix 1: Spreadsheet (Work Sheet) for Corporate Annual Reports 847
Statement of Cash Flows—The Indirect Method 785 Management Discussion and Analysis 847
Analyzing Accounts 785 Report on Internal Control 847
Retained Earnings 785 Integrity, Objectivity, and Ethics in Business:
Other Accounts 787
Characteristics of Financial Statement Fraud 847
Preparing the Statement of Cash Flows 787
Report on Fairness of the Financial Statements 848
Appendix 2: Preparing the Statement of Cash
Appendix: Unusual Items on the Income
Flows—The Direct Method 788
Statement 848
Cash Received from Customers 788
Unusual Items Affecting the Current Period’s
Cash Paid for Merchandise 789
Cash Paid for Operating Expenses 789
Unusual Items Affecting the Prior Period’s
Gain on Sale of Land 790
Interest Expense 790
Cash Paid for Income Taxes 790 Nike, Inc., Problem 877
Contents xvii
Mornin’ Joe MJ-1 Appendix C: Selected Excerpts from Nike Inc., Form
10-K for the Fiscal Year Ended May 31, 2018 C-1
Financial Statements for Mornin’ Joe MJ-1
Glossary G-1
Appendix A: Interest Tables A-2 Index I-1
Appendix B: Revenue Recognition B-2
CHAPTER
1 Introduction to Accounting
and Business
Chapter 1 Transactions
Accounting System
Accounting Equation
Assets 5 Liabilities 1 Owner’s Equity
Chapter 2 Account
Debits Credits
Rules of Debit and Credit

BALANCE SHEET ACCOUNTS
ASSETS = LIABILITIES + OWNER’S EQUITY

Asset Accounts Liability Accounts Owner’s Capital Account
Debit for Credit for Debit for Credit for Debit for Credit for
increases (+) decreases (–) decreases (–) increases (+) decreases (–) increases (+)
Balance Balance Balance
Owner’s Drawing Income Statement Accounts

Account Revenue Accounts
Debit for Credit for Debit for Credit for
increases (+) decreases (–) decreases (–) increases (+)
Balance Balance
Expense Accounts
Debit for Credit for
increases (+) decreases (–)
Balance
Unadjusted Trial Balance

Total Debit Balances = Total Credit Balances
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Louis XV, of France, 140
Louis, Saint, Psalter of, described, 128–131;
death of, 129
Lounsbury, Professor, of Yale, 84
Lowell, James Russell, 178
Luther, Martin, 215, 224
Mabie, Hamilton W., 177, 187

Macaulay, Thomas B., quoted on Baskerville editions, 245
Machiavelli, Niccolo, 181, 284
Macmillan Company, the, 26
Magliabecchi, Antonio, 292–295
Magliabecchian Library, the, 284;
George Eliot in, 291–298
Malmantile, Lippi’s, 296
Man and Superman, Shaw’s, the making of, 67
Mantegna, Andrea, 95
Manuscripts, methods of reproducing, 9
Manuscripts, illuminated, romance of, 114;
not the playthings of the common people, 115
Manutius, Aldus, see Aldus Manutius
Marie, Madame, of France, 130
Marinelli, 280
Marmion, Scott’s, 66
Martelli Chapel, the, in the Church of San Lorenzo, Florence, 275
Mary, Queen, of England, Psalter of, described, 131–134;
referred to, 132
Mary, Queen of Scots, 156–157
Matthews, Brander, 177
Mayence, printing at, 198, 204, 216
Mazarin, Cardinal, 198
Médard, Saint, the Golden Gospels of, 127–128
Medicean Library, the, see Laurenziana Library, the
Medici, the, 147;
Savonarola’s diatribes against, 274;
and the Laurenziana Library, 280
Medici, Alessandro de’, 274
Medici archives, the, 14
Medici, Catherine de’, 136
Medici, the Chapel of the, in Florence, 284
Medici, Cosimo I de’, see Cosimo il Vecchio
Medici, Cosimo II de’, see Cosimo II
Medici, Giovanni de’ (later Pope Leo X), 275;
and the Laurenziana Library, 282, 283
Medici, Giulio de’ (later Pope Clement VII), 276;
commissions Michelangelo to erect building for the Laurenziana Library,
283
Medici, Lorenzo de’, Book of Hours made by d’Antonio for, 111, 146–149,
290;
tomb of, 275;
and the Laurenziana Library, 281–283;
his personality, 281–282;
referred to, 111, 112, 148
Medici, Piero de’, 275
Memling, Hans, 142
Menelik, King, of Abyssinia, 104
Mentelin, types of, 19
Menticulture, Horace Fletcher’s, 75
Messina, Antonello di, 142
Metternich, Prince, 289
Michelangelo, letters of, 182, 290;
his plan for the façade of S. Lorenzo, 273;
Varchi’s tribute to, 275;
his tomb for Lorenzo de’ Medici, 175;
his work in the Laurenziana Library, 276;
his letter to Vasari, 278;
manuscript poems of, 287;
referred to, 14
Michelangelo archives, the, 14, 182
Migliore, 296
Milan, early printing at, 286
Millar, Eric George, quoted, 122, 123
Miller, Mr., London publisher, 66
Minium, 112, 118
Minuscule characters, described, 123;
introduced, 126
“Mirror” title, the, 94
Mochenicho, Doge Pietro, 202
“Modern” type, the introduction of, 251
Molds, early type, 201
Monaco, Lorenzo, 149, 290
Monks, the Irish, 120, 125
Monnier, Philippe, 160
Montanus, Arias, 227
Morelli, librarian of the San Marco Library, Venice, 143
Moretus, inherits the Plantin office, 234
Morgan Library, the, see Pierpont Morgan Library, the
Morris chair, the, 258
Morris end papers, the, 258
Morris wall papers, the, 258, 260
Morris, William, demonstrates possibilities of printing as an art, 14;
Golden type of, 18;
his other type designs, 18–20;
placed printing back among the fine arts, 55, 258;
Bernard Shaw’s enthusiasm for, 69–70;
his dislike of the Bodoni type, 80;
his title pages, 96;
early experiments of, 258;
the Kelmscott Chaucer, 259–268;
declines the poet-laureateship of England, 260;
death of, 262;
estimate of his work, 263;
his definition of the type ideal, 268;
referred to, 6, 96, 258
Munich, library of, 196
Murray, the House of, 65
Murray II, John, and Walter Scott, 66;
letter to Scott from, 66
Murray III, John, burns manuscript of Byron’s memoirs, 65
Murray IV, John, 26, 27, 65
Musée Condé, the, at Chantilly, 116
Naples, early printing at, 286

Nazionale Centrale, the Biblioteca, in Florence, see Magliabecchian Library, the
Nemours, the Duc de, 139
Néobar, Royal printer to François I of France, 216
Netherlandish illumination, see Illumination, Flemish
Netherlands, the, typographical supremacy of, 194, 223–244;
commercial supremacy of, 223;
devastated by war, 239
New Forest, the, in England, 158
New York Public Library, the, 196
Norton, Charles Eliot, 26;
autograph letter of, 31;
his association with the design of the Humanistic type, 32, 180–181;
recollections and reflections on, 178–183;
his meeting with Guido Biagi, 182–183
Ode to Cervantes, Dobson’s, 164

“Old-style” type, the passing of, 251;
revived by Pickering, 251
Orcutt, Reginald Wilson, 165
Orcutt, William Dana, first visit to Italy, 14;
meeting with Guido Biagi, 14, 277;
his work designing the Humanistic type, 17–33;
in the Ambrosiana Library, 24–25;
experiences with Willard Fiske, 26, 27;
apprenticeship at old University Press, 38;
experience with Eugene Field, 38–41;
experiences with Mrs. Mary Baker Eddy, 52;
becomes head of University Press, 55;
his ambition to emulate methods of early printers, 55;
experiences with Bernard Shaw, 67–71;
returns to Italy in 1903, 75;
his interest in the Bodoni and Didot types, 78;
his acquaintance with Horace Fletcher, 75, 82, 84, 86;
his acquaintance with Henry James, 86;
visit to Lamb House, 89;
experiences with William James, 90–92;
experiences with Cobden-Sanderson, 96–101;
experiences with Theodore Roosevelt, 101–106;
becomes interested in illumination, 111;
meeting with Maurice Hewlett, 155–162;
experiences with Austin Dobson, 162–169;
experiences with Mark Twain, 170–177;
experiences with Charles Eliot Norton, 178–183;
experiences with William Dean Howells, 183–188;
experiences in the Laurenziana Library, 273–300;
last visit with Guido Biagi, 299–300
Orcutt, Mrs. William Dana, 165, 171
Oriental gold, 112
Orthographia dictionum e Græcia tractarum, Tortelli’s, 286
Oxford, Edward Harley, 2d Earl of, 136
Palatina, the Biblioteca, at Florence, 293

Pan and the Young Shepherd, Hewlett’s, 159
Paper, poorer quality introduced, 238;
Italian handmade, 238;
French handmade, 238, 257;
Baskerville the first to introduce glossy, 250
Parchment, English, 29;
Florentine, 28;
Roman, 28;
virgin, 113
Paris, 227
Paris Exposition of 1801, the, 258
Passerini, Luigi, 297
Patmore, Coventry, 89
Patrons, Italian, attitude toward printed book of, 11;
their conception of a book, 11;
their real reasons for opposing the art of printing, 12, 151
Peignot foundry, the, in Paris, 80
Persia, 118
Perugia, 291
Petrarca, Francesco, the father of humanism, 15;
Italic type said to be based upon handwriting of, 17, 210;
portrait of, 287, 289;
quoted, 290
Petrarch, see Petrarca, Francesco
Petrarch, the Humanistic, the type design, 17–26;
the copy, 26, 27;
the illustrations, 28;
the parchment, 28;
the ink, 29, 30;
the composition, 30;
Norton’s estimate of, 32
Philip, of Burgundy, 135
Philip II, of Spain, 227;
his interest in Plantin’s Biblia Polyglotta, 227–228, 233;
makes Plantin prototypographe, 233
Pickering, the London publisher, revives the old-style type, 251
Piedmont, early printing at, 286
Pierpont Morgan Library, the, New York, 99, 196
Pisa, 291
Pius XI, Pope, see Ratti, Achille
Plantin, Christophe, financially embarrassed by his Biblia Polyglotta, 56, 238;
his Greek types, 221;
leaves France, 223;
conception and making of his Biblia Polyglotta, 227–233;
his types, 228;
his printer’s mark, 228, 236;
made prototypographe by Philip II, 233;
the value of his work estimated, 233;
misfortunes endured by, 233;
in Leyden, 239;
made printer to University of Leyden, 239;
referred to, 79, 237
Plantin-Moretus Museum, the, at Antwerp, 235
Pliny, Elzevir’s, 240
Plutei, in the Laurenziana Library, designed by Michelangelo, 14, 276, 286,
300
Politian, 181.
See also Poliziano, Angelo
Poliziano, Angelo, 215.
See also Politian
Pollard, Alfred W., 27
Polyglot Bible, Plantin’s, see Biblia Polyglotta
Portland, the Duchess of, 136
Pragmatism, William James’, 90
Printed book, the, attitude of Italian patrons toward, 11–12;
competed against the written book, 199;
Aldus changes format of, 207;
Elzevirs change format of, 240;
important part played in XVI century by, 215
Printer, the, responsibilities of, in early days, 208
Printing, as an art, opposed by the Italian patrons, 11–13;
its possibilities demonstrated by William Morris, 14;
brief supremacy of Germany in, 194–201;
supremacy of Italy in, 201–215;
supremacy of France in, 215–223;
supremacy of the Netherlands in, 223–244;
lapses into a trade, 238;
supremacy of England in, 244–250;
second supremacy of France in, 251–258;
second supremacy of England in, 258–263
Printing, invention of, made books common, 151
Priorista, Chiari’s, 297
Proofreading, in 1891, 47
Psalter of Saint Louis, the, described, 128–131
Publishers, relations between authors and, 51, 63
Quattrocento, Le, Monnier’s, 160

Queen Mary’s Psalter, described, 131–134, 146
Queen’s Quair, The, Hewlett’s, 155–156
Racine, Pierre Didot’s, 251;
described, 252–258
Raphael, 113
Raphelengius, 239
Rastrelli, 297
Ratti, Achille, 25, 117
Ravenna, 128
Reformation, the, 215
Renaissance, the, humanistic movement the forerunner and essence of, 15,
160;
Tours becomes center of, in France, 139
Repplier, Agnes, 177
Riccardi Library, the, 14, 149, 182, 290
Richardson, Samuel, 163
Riverside Press, the, 42
Road in Tuscany, the, Hewlett’s, 159
Robertet, François, 140
Roman Calendar, the, 117
Romanesque illumination, see Illumination, Romanesque
Romans, the, 7
Rome, the rich humanities of, 15;
referred to, 126
Romola, George Eliot’s, 292–299;
volumes consulted in writing, 296–298
Roosevelt, Theodore, deeply interested in physical side of books, 102;
his interest in illustration, 105
Royal Greeks, the, of Étienne, 219–222
Rubens, Peter Paul, 95, 113
Ruskin, John, 178, 182
Russia, the Emperor of, 103
Rutland, the Earl of, 131
Sacristy, the New, in the Church of San Lorenzo, Florence, 275

Sacristy, the Old, in the Church of San Lorenzo, Florence, 275
Saga Library, the, 260
Saint John, the Feast of, 297
St. Louis Exposition, the, 182, 299
Saint Peter, the Holy Sepulchre of, 288
Sala di Michelangiolo, the, in the Laurenziana Library, Florence, 14;
described, 276
Sale, Madonna Laura de Noves de, portrait of, 287, 289;
Petrarch’s verses to, 290
Salisbury, the Marquis of, 165
San Lorenzo, the Church of, in Florence, 274, 283
San Marco, the Convent of, in Florence, 281, 282, 288
San Marco, the Library of, Venice, 119, 141, 143, 145
San Vitale, the Church of, at Ravenna, 128
Saracens, the, 7
Savonarola, 274, 284
Savoy, the Duke of, 233
Schoeffer, types of, 19;
referred to, 198
Science and Health, 52
Scott, Gen. Hugh Lennox, 82
Scott, Walter, and John Murray II, 66;
letter from Murray to, 66
Scribes, the humanistic, base their lettering on the Caroline minuscule, 126;
referred to, 16, 21, 24
Scribes, the monastic, in XV century, 9
Scribes, the secular, in XV century, 10
Scriptorium, the, 9
Second Book of Verse, Eugene Field’s, 38
Semi-uncial characters, described, 123
Sforza Book of Hours, the, 145
“Shady Hill,” in Cambridge, Mass., home of Charles Eliot Norton, 180, 181
Shakespeare first folio, a, value of, 196
Shaw, G. Bernard, his interest in printing, 67–71;
the making of his Man and Superman, 67;
his enthusiasm for William Morris, 69;
letters from, 68–71
Shelley, Percy Bysshe, 158
Sherry’s, in New York City, 187
Siena, 291
Silas Marner, George Eliot’s, 296
Sinibaldi, Antonio, the Virgil of, 16;
the Book of Hours of, 112
Sixtus IV, Pope, 142
Smith, Baldwin, 132
Smith, F. Hopkinson, 177
Somerset, John, 135
Sotheby’s, in London, 140
Spain, the Netherlands under the domination of, 227;
Spanish siege, the, of Leyden, 239
Spanish War, the, 179
Spell, The, Orcutt’s, 90, 184
Spires, the town of, 286
Steele, Sir Richard, 163
Subiaco, early printing at, 285
Sweynheim and Pannartz, ruined by experiments in Greek, 56, 238;
engraved blocks of, 285
Switzerland, 238
Syriac Gospels, the, 287
Taft, President William H., 188

Tapestries, the Hall of, in the Laurenziana Library, Florence, 285
Tennyson, Alfred, Lord, 260
Terence, Elzevir’s, 240;
Ther Hoernen, Arnold, 94
Thesaurus, the, printed by Henri Étienne, 56, 238
Thompson, Henry Yates, 140
Thomson, Hugh, 166
Title, the engraved, 95
Title, the “mirror,” 94
Title page, the, Bernard Shaw’s ideas concerning, 67;
William James’ ideas concerning, 92;
“the door to the house,” 92;
evolution of, 92–96.
See also Title, the engraved; Title, the “mirror”
Togo, Admiral, 103
Torresani, Andrea, 214
Torresani, Federico, 214
Torresani, Francesco, friendship of Jean Grolier with, 214;
letter from Jean Grolier to, 215
Tortelli, 286
Tours, becomes center of Renaissance in France, 139
Tours, the School of, 126
Très Riches Heures, the, of the Duc de Berry, 116
Tribuna, the, in the Laurenziana Library, Florence, 285
Trionfi, Petrarch’s, 26, 28, 181
Triumphs, Petrarch’s, see Trionfi, Petrarch’s
Trophies of Heredia, 102
Troy type, the, designed by William Morris, 20
Turin, early printing at, 286
Twain, Mark, and the Jumping Frog, 61;
recollections and reflections on, 170–177;
the Harvey birthday dinner, 176;
referred to, 188
Type design, difficulties of, 17
Types, early designs of, 17;
Aldus’ designs of, 17;
Jenson’s designs of, 18;
William Morris’ designs of, 18;
William Morris’ definition of, the ideal, 268.
See also Humanistic type, Jenson Roman type, Jenson Gothic type, Golden type,
Doves type
Typesetting, in 1891, 44
University Press, the old, Cambridge, Mass., 5, 38, 41, 42, 46, 47, 49, 51, 102
Upsala, Sweden, 119
Urbino, the Duke of, 12
Vacca, the Palazzo dei della, 284

Vallombrosa, 171, 291
Van-der-Meire, Gerard, 142
Varchi, his tribute to Michelangelo, 275
Vasari, his work in the Laurenziana Library, 278;
Michelangelo’s letter to, 278
Vatican Library, the, at Rome, 117, 196
Vellum, 115, 257.
See also, Parchment
Venetian Days, Howells’, 186
Venetian Republic, the, 142;
encourages the art of printing, 202
Venice, early printing in, 94, 204, 206, 214, 286;
Howells’ love for, 186;
becomes the Mecca of printers, 202;
John of Spires in, 286
Vergetios, Angelos, 219
Verrocchio, 275
Victoire, Pierre, quoted, 220
Victoria, Queen, of England, 140
Vienna, library of, 196
Villa di Quarto, the, in Florence, Mark Twain at, 171
Villa Medici, the, in Rome, 282
Villari, Pasquale, 284, 291, 298
Vinci, da, archives, the, 14, 182, 290
Vinci, Leonardo da, sketches of, 290;
Virgil, Baskerville’s, 244;
Virgil, illuminated by Sinibaldi, 16
Virgil, the Medicean, 287;
the story of, 288–289
Virgil, the Vatican, 117
Vita di G. Savonarola, La, Villari’s, 298
Vittoria, Alessandro, 143
Wages, in 1891, 58
Walker, Emery, designs the Doves type, 18, 19;
engraves plates for Humanistic Petrarch, 28;
at the Doves Press, 263;
referred to, 71
Walpole, Horace, 163
Warner, Sir George, 140
Widener, Joseph E., library of, 196
Wiggin, Rev. James Henry, 52
Wiggin, Kate Douglas, 177
Wilhelm, Kaiser, 103, 104
William of Orange, founds the University of Leyden, 239
William the Conqueror, 158
Wilson, Francis, 38
Wilson, John, 5, 6, 38, 40, 42, 46, 52, 53, 55
Windsor Castle, 140
Wood, Gen. Leonard, 82
Wood cuts, 106
Wordsworth, William, quoted, 20
World War, the, 103
Worsley, Sir Robert, 136
Writing, see Hand lettering
Written book, the printed book had to compete against, 199
Yale University Library, the, 196
Zainer, Gunther, types of, 20

THIS VOLUME is composed in Poliphilus type, reproduced by the
Lanston Monotype Corporation, London, from the Roman face
designed in 1499 by Francesco Griffo, of Bologna, for Aldus Manutius,
and originally used in the Hypnerotomachia Poliphili. The Italic is based
upon that designed for Antonio Blado, Printer to the Holy See from
1515 to 1567.
The cover, a modern adaptation of the Grolier design used on Capella:
L’Anthropologia, is designed by Enrico Monetti.
The illustrations, many now appearing in book form for the first time,
were secured chiefly through the courtesy of the librarians of the
British Museum, London; the Bibliothèque Nationale, Paris; the
Laurenziana Library, Florence; the Ambrosiana Library, Milan; the
Marciana Library, Venice; the Vatican Library, Rome; and from private
collectors.
The plates of the illustrations were made by the Walker Engraving
Company, New York City, and are printed on DeJonge’s Art Mat. The
text paper is Warren’s Olde Style.
The typography, presswork, and binding are by the Plimpton Press,
Norwood, Massachusetts, under the personal supervision of William
Dana Orcutt.
Transcriber’s Notes
Illustrations have been positioned near the relevant text.
Silently corrected typographical errors in the List of Illustrations and the
Index.
The page numbers in the List of Illustrations, the Index, and internal cross
references reflect the locations in original text, but the hyperlinks point to
the current locations.
The ends of each chapter and some block quotes had line lengths that
tapered smaller and smaller in a decorative way and did not end with a
period. Because of the variable nature of electronic texts, the author’s
intention sadly cannot be reproduced as intended.
Illustration captions on numbered pages were in italic while captions on
unnumbered pages were not. Italics removed to make illustration captions
consistent.
In some captions, measurements were in parenthesis and others were in
brackets. Converted all to parenthesis for consistency.
Page 44: Corrected “Typsetting” to “Typesetting”.
Page 170: Added a thought break as the topic changes from Dobson to
Twain.
Page 178: Added a thought break as the topic changes from Twain to
Norton.
Page 269:The word “hopefulness” is not hyphenated in the original as part
of the decorative tapered lines. The word has been rejoined.
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Chapter 1 Introduction to Accounting and Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

Roadmap for Success

Unadjusted Trial Balance

In applying LCM, the market value of the merchandise is $650, comp

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CP 5-1 Ethics in Action

CP 5-2 Team Activity

CP 5-4 Manual vs. computerized accounting systems

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Business Connection: Pathways Commission 10 Business Connection: Computerized Accounting

Financial Analysis and Interpretation: Business Connection: Earning Revenues

Continuing Problem 52 Adjusting Entries for Deferrals 120

International Connection: International Manual Accounting Systems 231

Business Connection: Comcast Versus Lowe’s 282 Chapter 7 Inventories 346

Integrity, Objectivity, and Ethics in Business: Tips on Comparing Direct Write-Off

Special-Purpose Cash Funds 416 Business Connection: Fixed Assets 493

Financial Reporting for Long-Term Assets: Fixed Chapter 12 Accounting for

Chapter 11Current Liabilities Business Connection: Organizational Forms in the

Premium on Stock 641 Reporting Long-Term Liabilities 695

Nature of Bonds Payable 683 Held-to-Maturity Investments 731

Rules of Debit and Credit

ASSETS = LIABILITIES + OWNER’S EQUITY

Owner’s Drawing Income Statement Accounts

Unadjusted Trial Balance

Mabie, Hamilton W., 177, 187

Naples, early printing at, 286

Ode to Cervantes, Dobson’s, 164

Palatina, the Biblioteca, at Florence, 293

Quattrocento, Le, Monnier’s, 160

Sacristy, the New, in the Church of San Lorenzo, Florence, 275

Taft, President William H., 188

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