Solution Manual for Financial Accounting Tools for Business Decision Making, 7th Edition Paul D Kimmel

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Table of contents:

1 Introduction to Financial Statements 1-1 Knowing the Numbers: Columbia Sportswear Company 1-1

Business Organization and Accounting Information Uses 1-2

The Three Types of Business Activity 1-7

The Four Financial Statements 1-9

A Look at IFRS 1-42

2 A Further Look at Financial Statements 2-1 Just Fooling Around?: The Motley Fool 2-2

The Classified Balance Sheet 2-3

Analyzing the Financial Statements Using Ratios 2-8

Financial Reporting Concepts 2-15

A Look at IFRS 2-45

3 The Accounting Information System 3-1 Accidents Happen: MF Global Holdings Ltd 3-1

Using the Accounting Equation to Analyze Transactions 3-3

Accounts, Debits, and Credits 3-11

Using a Journal 3-17

The Ledger and Posting 3-20

The Trial Balance 3-30

A Look at IFRS 3-61

4 Accrual Accounting Concepts 4-1 Keeping Track of Groupons: Groupon 4-1

Accrual-Basis Accounting and Adjusting Entries 4-2

Adjusting Entries for Deferrals 4-7

Adjusting Entries for Accruals 4-14

The Adjusted Trial Balance and Closing Entries 4-21

Appendix 4A: Using a Worksheet 4-33

A Look at IFRS 4-65

5 Merchandising Operations and the Multiple-Step Income Statement 5-1 Buy Now, Vote Later: REI 5-1

Merchandising Operations and Inventory Systems 5-3

Recording Purchases Under a Perpetual System 5-6

Recording Sales Under a Perpetual System 5-11

Multiple-Step and Comprehensive Income Statements 5-15

Cost of Goods Sold Under a Periodic System 5-21

Gross Profit Rate and Profit Margin 5-22

Appendix 5A: Periodic Inventory System 5-26

Appendix 5B: Adjusting Entries for Credit Sales with Returns and Allowances 5-29

A Look at IFRS 5-54

6 Reporting and Analyzing Inventory 6-1 “Where Is That Spare Bulldozer Blade?”: Caterpillar 6-1

Classifying and Determining Inventory 6-2

Inventory Methods and Financial Eff ects 6-6

Inventory Presentation and Analysis 6-15

Appendix 6A: Inventory Cost Flow Methods in Perpetual Inventory Systems 6-21

Appendix 6B: Effects of Inventory Errors 6-23

A Look at IFRS 6-48

7 Fraud, Internal Control, and Cash 7-1 Minding the Money in Madison: Barriques 7-1

Fraud and Internal Control 7-3

Cash Controls 7-12

Control Features of a Bank Account 7-17

Reporting Cash and Cash Management 7-24

Appendix 7A: Operation of a Petty Cash Fund 7-30

A Look at IFRS 7-56

8 Reporting and Analyzing Receivables 8-1 What’s Cooking? Nike 8-1

Recognition of Accounts Receivable 8-3

Valuation and Disposition of Accounts Receivable 8-5

Notes Receivable 8-14

Receivables Presentation and Management 8-18

A Look at IFRS 8-47

9 Reporting and Analyzing Long-Lived Assets 9-1 A Tale of Two Airlines: American Airlines 9-1

Plant Asset Expenditures 9-3

Depreciation Methods 9-8

Plant Asset Disposals 9-15

Intangible Assets 9-18

Statement Presentation and Analysis 9-21

Appendix 9A: Other Depreciation Methods 9-27

A Look at IFRS 9-54

10 Reporting and Analyzing Liabilities 10-1 And Then There Were Two: Maxwell Car Company 10-1

Accounting for Current Liabilities 10-3

Major Characteristics of Bonds 10-8

Accounting for Bond Transactions 10-12

Presentation and Analysis 10-18

Appendix 10A: Straight-Line Amortization 10-24

Appendix 10B: Effective-Interest Amortization 10-27

Appendix 10C: Accounting for Long-Term Notes Payable 10-30

A Look at IFRS 10-58

11 Reporting and Analyzing Stockholders’ Equity 11-1 Oh Well, I Guess I’ll Get Rich: Facebook 11-1

Corporate Form of Organization 11-3

Accounting for Common, Preferred, and Treasury Stock 11-11

Cash Dividends, Stock Dividends, and Stock Splits 11-15

Presentation and Analysis 11-22

Appendix 11A: Entries for Stock Dividends 11-30

A Look at IFRS 11-54

12 Statement of Cash Flows 12-1 Got Cash?: Microsoft 12-1

Usefulness and Format of the Statement of Cash Flows 12-3

Preparing the Statement of Cash Flows—Indirect Method 12-6

Analyzing the Statement of Cash Flows 12-17

Appendix 12A: Statement of Cash Flows—Direct Method 12-22

Appendix 12B: Worksheet for the Indirect Method 12-29

Preparing the Worksheet 12-30

Appendix 12C: Statement of Cash Flows—T-Account Approach 12-34

A Look at IFRS 12-61

13 Financial Analysis: The Big Picture 13-1 It Pays to Be Patient: Warren Buffett 13-2

Sustainable Income and Quality of Earnings 13-3

Horizontal Analysis and Vertical Analysis 13-9

Ratio Analysis 13-14

A Look at IFRS 13-54

14 Managerial Accounting 14-1 Just Add Water … and Paddle: Current Designs 14-1

Managerial Accounting Basics 14-3

Managerial Cost Concepts 14-7

Manufacturing Costs in Financial Statements 14-10

Managerial Accounting Today 14-14

15 Job Order Costing 15-1 Profiting from the Silver Screen: Disney 15-1

Cost Accounting Systems 15-3

Assigning Manufacturing Costs 15-7

Predetermined Overhead Rates 15-12

Entries for Jobs Completed and Sold 15-15

Applied Manufacturing Overhead 15-20

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