Download e-book for iPad: Cornerstones of Financial and Managerial Accounting by Jay Rich, Jeff Jones, Maryanne Mowen, Don Hansen, Dan L.

By Jay Rich, Jeff Jones, Maryanne Mowen, Don Hansen, Dan L. Heitger

ISBN-10: 0538751290

ISBN-13: 9780538751292

CORNERSTONES of economic & MANAGERIAL ACCOUNTING provides scholars a robust origin of center monetary accounting suggestions in an effective and suitable means. the original Cornerstones pedagogy is on the middle of this article, offering constant step by step examples to assist scholars resolve primary difficulties. the present tendencies replace variation addresses the most recent alterations in accounting, with revisions to the conceptual framework of accounting, Codification, reasonable price, and foreign monetary Reporting criteria (IFRS).

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Sample text

Prepare Enderle Company’s balance sheet at December 31, 2009. Chapter 1 Accounting and the Financial Statements Solution: 1. Enderle Company Income Statement For the Year Ended December 31, 2009 Revenues: Sales revenue Interest revenue Total revenues $82,500 2,300 $84,800 Expenses: Cost of sales Salaries expense Depreciation expense Interest expense Income tax expense Total expenses Net income $52,000 18,100 3,500 1,200 3,000 77,800 $ 7,000 2. Enderle Company Statement of Retained Earnings For the Year Ended December 31, 2009 Retained earnings, January 1, 2009 Add: Net income Deduct: Dividends Retained earnings, December 31, 2009 $ 10,300 7,000 (1,850) $15,450 3.

31, 2009 Retained Earnings, 1/1 Add: Net income Less: Dividends Retained Earnings, 12/31 $ 9,440 4,860 (3,000) $11,300 $ 34,390 Hightower Inc. Statement of Cash Flows For the Year Ended Dec. 31, 2009 Net cash provided from operating activities Net cash used by investing activities Net cash provided from financing activities Net change in cash Cash, 1/1/2009 Cash 12/31/2009 $3,470 (4,800) 1,800 $ 470 2,030 $2,500 Assets: Cash Other assets Total assets Total Liabilities: Stockholders’ Equity: Common stock Retained Earnings Total Liabilities & Stockholders’ Equity $ 2,500 36,300 $38,800 $13,050 14,450 11,300 $38,800 Accounting and the Financial Statements Assets: Cash Other assets Total assets Hightower Inc.

A. b. c. d. Operating activities involve buying the assets that enable a company to generate revenue. Investing activities center around earning interest on a company’s investments. Companies spend a relatively small amount of time on operating activities. Financing activities include obtaining the funds necessary to begin and operate a business. 1-3 At December 31, Pitt Inc. has assets of $8,500 and liabilities of $6,300. What is the stockholders’ equity for Pitt at December 31? a. b. c. d. $14,700 $10,700 $ 8,500 $ 2,200 1-4 Which of the following is not one of the four basic financial statements?

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Cornerstones of Financial and Managerial Accounting by Jay Rich, Jeff Jones, Maryanne Mowen, Don Hansen, Dan L. Heitger

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