Cornerstones of Financial & Managerial Accounting: Current by Jay S. Rich, Jefferson P. Jones, Dan L. Heitger, Maryanne M

By Jay S. Rich, Jefferson P. Jones, Dan L. Heitger, Maryanne M Mowen, Don R. Hansen

CORNERSTONES of monetary & MANAGERIAL ACCOUNTING provides scholars a robust origin of center monetary accounting innovations in an effective and suitable approach. the original Cornerstones pedagogy is on the center of this article, supplying constant step by step examples to aid scholars clear up primary difficulties. the present developments replace version addresses the most recent alterations in accounting, with revisions to the conceptual framework of accounting, Codification, reasonable worth, and foreign monetary Reporting criteria (IFRS). each one ebook is now packaged with a password that can assist you entry 250 step by step Cornerstone movies that can assist you resolve difficulties. Cornerstones is a step forward for accounting, promising greater ends up in the school room as scholars depart the path with a richer realizing of the company surroundings.

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For publicly-traded companies that are required to file reports with the Securities and Exchange Commission, the annual report is contained within the company’s 10-K filing. Is there a single equation or financial statement which captures the business activities (operating, investing, and financing) that all companies engage in? Notes to the Financial Statements The fundamental accounting equation captures the business activities of companies and encompasses all of the major financial statements.

Enderle Company Balance Sheet December 31, 2009 ASSETS Current assets: Cash Accounts receivable Inventories Total current assets $ 2,900 3,700 5,600 Property, plant, and equipment: Land Equipment Less: accumulated depreciation Total property, plant, and equipment $15,000 19,800 (5,450) Intangible assets: Copyright Total assets $12,200 29,350 1,200 $42,750 31 32 Chapter 1 Accounting and the Financial Statements LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable Interest payable Total current liabilities $ 5,500 300 $ 5,800 Long-term liabilities: Bonds payable Total liabilities Stockholders’ equity: Common stock Retained earnings Total stockholders’ equity Total liabilities and stockholders’ equity 10,000 $15,800 $11,500 15,450 26,950 $42,750 Discussion Questions 1.

A company may choose to retain a portion of its earnings in order to provide profit to be used for future growth. 7 Exhibit 1-11 shows the statement of retained earnings for Apple. Exhibit 1-11 Statement of Retained Earnings Apple Inc. Statement of Retained Earnings* For the fiscal year ended September 29, 2007 (in millions of dollars) Retained earnings, Sept. 30, 2006 Add: Net income Less: Dividends Other** Retained earnings, Sept. ’s 2007 annual report. **The other item deducted in Apple’s statement of retained earnings is related to common stock issued under Apple’s stock plans.

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