Financial Accounting, 10e WileyPLUS Registration Card + Loose-leaf Print Companion / Edition 10

by Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

Overview

This package includes a three-hole punched, loose-leaf edition of ISBN 9781119305736 and a registration code for the WileyPLUS course associated with the text. Before you purchase, check with your instructor or review your course syllabus to ensure that your instructor requires WileyPLUS.

For customer technical support, please visit http://www.wileyplus.com/support. WileyPLUS registration cards are only included with new products. Used and rental products may not include WileyPLUS registration cards.

More students get accounting when using Weygandt, Kimmel, Kieso, Financial Accounting, 10th Edition Loose-leaf Print Companion because of the unique Framework of Success created and refined by the authors based on years of teaching and course design experience. In WileyPLUS and in print, clear and relevant exposition, engaging visuals and videos, and valuable end-of-chapter material work together to build students’ confidence and mastery of accounting concepts and skills. The new 10th edition of Financial Accounting Loose-leaf Print Companion by Weygandt, Kimmel, and Kieso continues to provide students with a clear and comprehensive introduction to financial accounting and has been thoroughly updated with extensive digital resources to further enhance student learning and success.

Product Details

ISBN-13:	9781119346661
Publisher:	Wiley
Publication date:	09/06/2016
Pages:	792
Product dimensions:	8.40(w) x 11.10(h) x 1.26(d)

About the Author

Paul D. Kimmel, PhD, CPA, received his bachelor's degree from the University of Minnesota and his doctorate in accounting from the University of Wisconsin. He is an Associate Professor at the University of Wisconsin -Milwaukee, and has public accounting experience with Deloitte & Touche (Minneapolis). He was the recipient of the UWM School of Business Advisory Council Teaching Award and the Reggie Taite Excellence in Teaching Award, and is a three-time winner of the Outstanding Teaching Assisting Award at the University of Wisconsin. He is also a recipient of the Elijah Watts Sells Award for Honorary Distinction for his results on the CPA exam. He is a member of the American Accounting Association and has published articles in Accounting Review, Accounting Horizons, Advances in Management Accounting, Managerial Finance, Issues in Accounting Education, Journal of Accounting Education, as well as other journals. His research interests include accounting for financial instruments and innovation in accounting education. He has published papers and given numerous talks on incorporating critical thinking into accounting education, and helped prepare a catalog of critical thinking resources for the Federated Schools of Accountancy.

Jerry J. Weygandt, PhD, CPA, is Arthur Andersen Alumni Professor of Accounting at the University of Wisconsin-Madison. He holds a Ph.D. in accounting from the University of Illinois. Articles by Professor Weygandt have appeared in the Accounting Review, Journal of Accounting Research, Accounting Horizons, Journal of Accountancy, and other academic and professional journals. These articles have examined such financial reporting issues as accounting for price-level adjustments, pensions, convertible securities, stock option contracts, and interim reports. Professor Weygandt is author of other accounting and financial reporting books and is a member of the American Accounting Association, the American Institute of Certified Public Accountants, and the Wisconsin Society of Certified Public Accountants. He has served on numerous committees of the American Accounting Association and as a member of the editorial board of the Accounting Review; he also has served as President and Secretary-Treasurer of the American Accounting Association. He is the recipient of the Wisconsin Institute of CPAs Outstanding Educator's Award and the Lifetime Achievement Award. In 2001 he received the American Accounting Association's Outstanding Accounting Educator Award.

Donald E. Kieso, PhD, CPA, received his bachelor's degree from Aurora University and his doctorate in accounting from the University of Illinois. He is currently the KPMG Peat Marwick Emeritus Professor of Accounting at Northern Illinois University. He has public accounting experience with Price Waterhouse & Co. (San Francisco and Chicago) and Arthur Andersen & Co. (Chicago) and research experience with the Research Division of the American Institute of Certified Public Accountants (New York). He has done post doctorate work as a Visiting Scholar at the University of California at Berkeley and is a recipient of NIU's Teaching Excellence Award and four Golden Apple Teaching Awards. Professor Kieso is the author of other accounting and business books and is a member of the American Accounting Association, the American Institute of Certified Public Accountants, and the Illinois CPA Society. He is currently serving on the Board of Trustees and Executive Committee of Aurora University, as a member of the Board of Directors of Castle BancGroup Inc., and as Treasurer and Director of Valley West Community Hospital.

Table of Contents

1 Accounting in Action 2

Knowing the Numbers: Columbia Sportswear Company 2

LO 1: Identify the activities and users associated with accounting 4

LO 2: Explain the building blocks of accounting: ethics, principles, and assumptions 7

LO 3: State the accounting equation, and define its components 12

LO 4: Analyze the effects of business transactions on the accounting equation 15

LO 5: Describe the four financial statements and how they are prepared 22

LO *6: Appendix 1A: Explain the career opportunities in accounting 27

A Look at IFRS 48

2 The Recording Process 50

Accidents Happen: MF Global Holdings 50

LO 1: Describe how accounts, debits, and credits are used to record business transactions 52

LO 2: Indicate how a journal is used in the recording process 57

LO 3: Explain how a ledger and posting help in the recording process 60

LO 4: Prepare a trial balance 71

A Look at IFRS 94

3 Adjusting the Accounts 96

Keeping Track of Groupons: Groupon 96

LO 1: Explain the accrual basis of accounting and the reasons for adjusting entries 98

LO 2: Prepare adjusting entries for deferrals 102

LO 3: Prepare adjusting entries for accruals 108

LO 4: Describe the nature and purpose of an adjusted trial balance 115

LO *5: Appendix 3A: Prepare adjusting entries for the alternative treatment of deferrals 119

LO *6: Appendix 3B: Discuss financial reporting concepts 122

A Look at IFRS 151

4 Completing the Accounting Cycle 154

Everyone Likes to Win: Rhino Foods 154

LO 1: Prepare a worksheet 156

LO 2: Prepare closing entries and a post-closing trial balance 161

LO 3: Explain the steps in the accounting cycle and how to prepare correcting entries 169

LO 4: Identify the sections of a classified balance sheet 174

LO *5: Appendix 4A: Prepare reversing entries 180

A Look at IFRS 209

5 Accounting for Merchandising Operations 212

Buy Now, Vote Later: REI 212

LO 1: Describe merchandising operations and inventory systems 214

LO 2: Record purchases under a perpetual inventory system 217

LO 3: Record sales under a perpetual inventory system 222

LO 4: Apply the steps in the accounting cycle to a merchandising company 226

LO 5: Prepare a multiple-step income statement and a comprehensive income statement 228

LO *6: Appendix 5A: Prepare a worksheet for a merchandising company 233

LO *7: Appendix 5B: Record purchases and sales under a periodic inventory system 235

A Look at IFRS 263

6 Inventories 266

“Where is That Spare Bulldozer Blade?”: Caterpillar 266

LO 1: Discuss how to classify and determine inventory 268

LO 2: Apply inventory cost flow methods and discuss their financial effects 272

LO 3: Indicate the effects of inventory errors on the financial statements 280

LO 4: Explain the statement presentation and analysis of inventory 282

LO *5: Appendix 6A: Apply the inventory cost flow methods to perpetual inventory records 285

LO *6: Appendix 6B: Describe the two methods of estimating inventories 288

A Look at IFRS 313

7 Fraud, Internal Control, and Cash 316

Minding the Money in Madison: Barriques 316

LO 1: Define fraud and the principles of internal control 318

LO 2: Apply internal control principles to cash 327

LO 3: Identify the control features of a bank account 335

LO 4: Explain the reporting of cash 343

A Look at IFRS 364

8 Accounting for Receivables 366

A Dose of Careful Management Keeps Receivables Healthy: Whitehall-Robins 366

LO 1: Explain how companies recognize accounts receivable 368

LO 2: Describe how companies value accounts receivable and record their disposition 370

LO 3: Explain how companies recognize, value, and dispose of notes receivable 379

LO 4: Describe the statement presentation and analysis of receivables 384

A Look at IFRS 405

9 Plant Assets, Natural Resources, and Intangible Assets 408

How Much for a Ride to the Beach?: Rent-A-Wreck 408

LO 1: Explain the accounting for plant asset expenditures 410

LO 2: Apply depreciation methods to plant assets 414

LO 3: Explain how to account for the disposal of plant assets 421

LO 4: Describe how to account for natural resources and intangible assets 424

LO 5: Discuss how plant assets, natural resources, and intangible assets are reported and analyzed 429

LO *6: Appendix 9A: Explain how to account for the exchange of plant assets 431

A Look at IFRS 453

10 Liabilities 456

Financing His Dreams: Wilbert Murdock 456

LO 1: Explain how to account for current liabilities 458

LO 2: Describe the major characteristics of bonds 464

LO 3: Explain how to account for bond transactions 468

LO 4: Explain how to account for long-term notes payable 474

LO 5: Discuss how liabilities are reported and analyzed 475

LO *6: Appendix 10A: Apply the straight-line method of amortizing bond discount and bond premium 479

LO *7: Appendix 10B: Apply the effective-interest method of amortizing bond discount and bond premium 481

A Look at IFRS 508

11 Corporations: Organization, Stock Transactions 510

Oh Well, I Guess I’ll Get Rich: Facebook 510

LO 1: Discuss the major characteristics of a corporation 512

LO 2: Explain how to account for the issuance of common, preferred, and treasury stock 520

LO 3: Explain how to account for cash dividends, stock dividends, and stock splits 527

LO 4: Discuss how stockholders’ equity is reported and analyzed 536

LO *5: Appendix 11A: Describe the use and content of the stockholders’ equity statement 541

LO *6: Appendix 11B: Compute book value per share 542

A Look at IFRS 567

12 Statement of Cash Flows 570

Got Cash?: Microsoft 570

LO 1: Discuss the usefulness and format of the statement of cash flows 572

LO 2: Prepare a statement of cash flows using the indirect method 575

LO 3: Analyze the statement of cash flows 586

LO *4: Appendix 12A: Prepare a statement of cash flows using the direct method 588

LO *5: Appendix 12B: Use a worksheet to prepare the statement of cash flows using the indirect method 595

LO *6: Appendix 12C: Use the T-account approach to prepare a statement of cash flows 601

A Look at IFRS 628

13 Financial Statement Analysis 630

It Pays to Be Patient: Warren Buffett 630

LO 1: Apply the concepts of sustainable income and quality of earnings 632

LO 2: Apply horizontal and vertical analysis 638

LO 3: Analyze a company’s performance using ratio analysis 644

LO *4: Appendix 13A: Evaluate a company comprehensively using ratio analysis 648

A Look at IFRS 681

A Specimen Financial Statements: Apple Inc. A-1

B Specimen Financial Statements: PepsiCo, Inc. B-1

C Specimen Financial Statements: The Coca-Cola Company C-1

D Specimen Financial Statements: Amazon.com, Inc. D-1

E Specimen Financial Statements: Wal-Mart Stores, Inc. E-1

F Specimen Financial Statements: Louis Vuitton F-1

G Time Value of Money G-1

LO 1: Compute interest and future values G-1

LO 2: Compute present values G-7

LO 3: Use a financial calculator to solve time value of money problems G-14

H Reporting and Analyzing Investments H-1

LO 1: Explain how to account for debt investments H-1

LO 2: Explain how to account for stock investments H-4

LO 3: Discuss how debt and stock investments are reported in financial statements H-7

I Payroll Accounting* I-1

LO 1: Record the payroll for a pay period I-1

LO 2: Record employer payroll taxes I-7

LO 3: Discuss the objectives of internal control for payroll I-10

J Subsidiary Ledgers and Special Journals* J-1

LO 1: Describe the nature and purpose of a subsidiary ledger J-1

LO 2: Record transactions in special journals J-4

K Other Significant Liabilities* K-1

LO 1: Describe the accounting and disclosure requirements for contingent liabilities K-1

LO 2: Discuss the accounting for lease liabilities and off-balance-sheet financing K-3

LO 3: Discuss additional fringe benefits associated with employee compensation K-5

Company Index I-1

Subject Index I-5