Financial & Managerial Accounting 14th Edition PDF By Carl S. Warren, James M. Reeve and Jonathan E. Duchac


Financial & Managerial Accounting, 14th Edition

By Carl S. Warren, James M. Reeve and Jonathan E. Duchac

Financial & Managerial Accounting


1Introduction to Accounting

and Business 2

Nature of Business and Accounting 4

Types of Businesses 4

Role of Accounting in Business 5

Role of Ethics in Accounting and Business 6

Opportunities for Accountants 7

Generally Accepted Accounting Principles (GAAP) 9

Characteristics of Financial Information 9

Assumptions 9

Principles 11

The Accounting Equation 11

Business Transactions and the

Accounting Equation 12

Summary 16

Classi_cations of Stockholders’ Equity 17

Financial Statements 18

Income Statement 20

Retained Earnings Statement 20

Balance Sheet 20

Statement of Cash Flows 21

Interrelationships Among Financial Statements 22

Analysis for Decision Making 24

Make a Decision 25

Analysis for Decision Making 50

Take It Further 51


Transactions 52

Using Accounts to Record Transactions 54

Chart of Accounts 55

Double-Entry Accounting System 57

Balance Sheet Accounts 57

Income Statement Accounts 57

Retained Earnings Statement Accounts

(Dividends) 58

Normal Balances 58

Journalizing 59

Posting Journal Entries to Accounts 63

Trial Balance 72

Errors A_ecting the Trial Balance 73

Errors Not A_ecting the Trial Balance 74

Analysis for Decision Making 75

Make a Decision 77

Analysis for Decision Making 100

Take It Further 103

3The Adjusting

Process 104

Nature of the Adjusting Process 107

Accrual and Cash Basis of Accounting 107

Revenue and Expense Recognition 108

The Adjusting Process 108

Types of Accounts Requiring Adjustment 109

Adjusting Entries for Accruals 110

Accrued Revenues 110

Accrued Expenses 111

Adjusting Entries for Deferrals 114

Unearned Revenues 114

Prepaid Expenses 115

Adjusting Entries for Depreciation 118

Summary of Adjusting Process 120

Adjusted Trial Balance 124

Analysis for Decision Making 125

Make a Decision 127

Analysis for Decision Making 150

Take It Further 152

4Completing the Accounting

Cycle 154

Flow of Accounting Information 157

Financial Statements 159

Income Statement 159

Retained Earnings Statement 159

Balance Sheet 161

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Closing Entries 164

Journalizing and Posting Closing Entries 166

Post-Closing Trial Balance 170

Accounting Cycle 171

Illustration of the Accounting Cycle 171

Step 1. Analyzing and Recording Transactions

in the Journal 173

Step 2. Posting Transactions to the Ledger 175

Step 3. Preparing an Unadjusted Trial Balance 175

Step 4. Assembling and Analyzing Adjustment Data 175

Step 5. Preparing an Optional End-of-Period

Spreadsheet 176

Step 6. Journalizing and Posting Adjusting Entries 177

Step 7. Preparing an Adjusted Trial Balance 177

Step 8. Preparing the Financial Statements 177

Step 9. Journalizing and Posting Closing Entries 179

Step 10. Preparing a Post-Closing Trial Balance 180

Fiscal Year 182

Analysis for Decision Making 184

Make a Decision 185

Appendix 1 End-of-Period Spreadsheet 186

Step 1. Enter the Title 186

Step 2. Enter the Unadjusted Trial Balance 186

Step 3. Enter the Adjustments 187

Step 4. Enter the Adjusted Trial Balance 188

Step 5. Extend the Accounts to the Income Statement

and Balance Sheet Columns 189

Step 6. Total the Income Statement and Balance Sheet

Columns, Compute the Net Income or Net Loss,

and Complete the Spreadsheet 190

Preparing the Financial Statements

from the Spreadsheet 191

Appendix 2 Reversing Entries 191

Comprehensive Problem 1 222

Analysis for Decision Making 223

Take It Further 224

5Accounting for Merchandising

Businesses 226

Nature of Merchandising Businesses 228

Operating Cycle 228

Financial Statements 229

Merchandising Transactions 230

Purchases Transactions 230

Sales Transactions 235

Freight 239

Summary: Recording Inventory Transactions 241

Dual Nature of Merchandise Transactions 242

Chart of Accounts for a Merchandising Business 242

Sales Taxes and Trade Discounts 242

Financial Statements for

a Merchandising Business 245

Multiple-Step Income Statement 245

Single-Step Income Statement 247

Retained Earnings Statement 248

Balance Sheet 248

The Adjusting and Closing Process 248

Adjusting Entries for Customer Returns and

Allowances 249

Adjusting Entry for Inventory Shrinkage 250

Closing Entries 251

Analysis for Decision Making 252

Make a Decision 253

Appendix The Periodic Inventory System 254

Chart of Accounts Under the Periodic

Inventory System 254

Recording Merchandise Transactions Under the

Periodic Inventory System 254

Adjusting Process Under the Periodic Inventory System 256

Financial Statements Under the Periodic

Inventory System 256

Closing Entries Under the Periodic Inventory

System 256

Comprehensive Problem 2 280

Analysis for Decision Making 282

Take It Further 283

Practice Set: Lawn Ranger Landscaping

This set is a service business operated as a proprietorship.

It includes a narrative of transactions and instructions

for an optional solution with no debits and credits.

This set can be solved manually or with the General

Ledger software.

6Inventories 286

Control of Inventory 288

Safeguarding Inventory 288

Reporting Inventory 289

Inventory Cost Flow Assumptions 289

Inventory Costing Methods Under

a Perpetual Inventory System 291

First-In, First-Out Method 291

Last-In, First-Out Method 293

Weighted Average Cost Method 295

Inventory Costing Methods Under

a Periodic Inventory System 296

First-In, First-Out Method 296

Last-In, First-Out Method 297

Weighted Average Cost Method 297

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Comparing Inventory Costing

Methods 299

Reporting Inventory in the Financial

Statements 300

Valuation at Lower of Cost or Market 300

Inventory on the Balance Sheet 302

E_ect of Inventory Errors on the Financial

Statements 303

Analysis for Decision Making 306

Make a Decision 308

Appendix Estimating Inventory Cost 309

Retail Method of Inventory Costing 309

Gross Pro_t Method of Inventory Costing 309

Analysis for Decision Making 330

Take It Further 332

7Internal Control and

Cash 334

Sarbanes-Oxley Act 336

Internal Control 338

Objectives of Internal Control 338

Elements of Internal Control 338

Control Environment 339

Risk Assessment 340

Control Procedures 340

Monitoring 342

Information and Communication 342

Limitations of Internal Control 343

Cash Controls over Receipts and

Payments 344

Control of Cash Receipts 344

Control of Cash Payments 346

Bank Accounts 347

Bank Statement 347

Using the Bank Statement as a Control

over Cash 349

Bank Reconciliation 350

Special-Purpose Cash Funds 355

Financial Statement Reporting of Cash 356

Analysis for Decision Making 357

Make a Decision 358

Analysis for Decision Making 377

Take It Further 379

8Receivables 380

Classi_cation of Receivables 382

Accounts Receivable 382

Notes Receivable 382

Other Receivables 383

Uncollectible Receivables 383

Direct Write-O_ Method

for Uncollectible Accounts 384

Allowance Method for Uncollectible Accounts 384

Write-O_s to the Allowance Account 385

Estimating Uncollectibles 387

Comparing Direct Write-O_

and Allowance Methods 393

Notes Receivable 394

Characteristics of Notes Receivable 394

Accounting for Notes Receivable 396

Reporting Receivables on the Balance Sheet 398

Analysis for Decision Making 399

Make a Decision 401

Analysis for Decision Making 421

Take It Further 423

9Long-Term Assets:

Fixed and Intangible 424

Nature of Fixed Assets 426

Classifying Costs 426

The Cost of Fixed Assets 428

Leasing Fixed Assets 429

Accounting for Depreciation 430

Factors in Computing Depreciation Expense 430

Straight-Line Method 431

Units-of-Activity Method 433

Double-Declining-Balance Method 435

Comparing Depreciation Methods 436

Partial-Year Depreciation 437

Revising Depreciation Estimates 438

Repair and Improvements 439

Disposal of Fixed Assets 441

Discarding Fixed Assets 441

Selling Fixed Assets 442

Natural Resources 445

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Intangible Assets 446

Patents 446

Copyrights and Trademarks 447

Goodwill 447

Financial Reporting for Long-Term Assets: Fixed and

Intangible 450

Analysis for Decision Making 450

Make a Decision 452

Appendix Exchanging Similar Fixed

Assets 453

Gain on Exchange 453

Loss on Exchange 454

Analysis for Decision Making 472

Take It Further 473

10 Liabilities: Current,

Installment Notes,

Contingencies 476

Current Liabilities 478

Accounts Payable and Accruals 478

Short-Term Notes Payable 479

Current Portion of Long-Term Debt 480

Payroll Liabilities 481

Liability for Employee Earnings 481

Deductions from Employee Earnings 482

Computing Employee Net Pay 483

Employer’s Payroll Taxes 483

Recording Payroll 484

Paying Payroll 486

Internal Controls for Payroll 486

Employees’ Fringe Bene_ts 486

Vacation Pay 486

Pensions 487

Postretirement Bene_ts Other than

Pensions 488

Installment Notes 489

Issuance 489

Periodic Payments 489

Contingent Liabilities 492

Probable and Estimable 492

Probable and Not Estimable 492

Reasonably Possible 493

Remote 493

Reporting Liabilities 494

Analysis for Decision Making 495

Make a Decision 496

Comprehensive Problem 3 516

Analysis for Decision Making 519

Take It Further 521

Practice Set: Fit & Fashionable

This set is a merchandising business operated as a

proprietorship. It includes business documents, and

it can be solved manually or with the General Ledger


Practice Set: Chic Events by Jada

This set is a merchandising business operated as a

proprietorship. It includes business documents, and

it can be solved manually or with the General Ledger


11Liabilities: Bonds

Payable 522

Nature of Bonds Payable 524

Bond Characteristics and Terminology 524

Proceeds from Issuing Bonds 524

Accounting for Bonds Payable 527

Bonds Issued at Face Amount 527

Bonds Issued at a Discount 527

Amortizing a Bond Discount 528

Bonds Issued at a Premium 530

Amortizing a Bond Premium 531

Bond Redemption 532

Reporting Bonds Payable 533

Analysis for Decision Making 534

Make a Decision 535

Appendix 1 Present Value Concepts and

Pricing Bonds Payable 536

Present Value Concepts 536

Pricing Bonds 539

Appendix 2 E_ective Interest Rate Method of

Amortization 540

Amortization of Discount by the Interest Method 540

Amortization of Premium by the Interest Method 541

Analysis for Decision Making 557

Take It Further 558

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12 Corporations:

Organization, Stock

Transactions, and

Dividends 560

Nature of a Corporation 562

Characteristics of a Corporation 562

Forming a Corporation 563

Paid-In Capital from Stock 565

Characteristics of Stock 565

Types of Stock 566

Issuing Stock 568

Premium on Stock 568

No-Par Stock 569

Accounting for Dividends 571

Cash Dividends 571

Stock Dividends 572

Stock Splits 574

Treasury Stock Transactions 575

Reporting Stockholders’ Equity 577

Stockholders’ Equity on the Balance Sheet 577

Reporting Retained Earnings 578

Statement of Stockholders’ Equity 579

Reporting Stockholders’ Equity for Mornin’ Joe 580

Analysis for Decision Making 581

Make a Decision 582

Comprehensive Problem 4 600

Analysis for Decision Making 602

Take It Further 603

Practice Set: My Place, House of Décor

This set is a service and merchandising business operated as

a corporation. It includes narrative for six months of transactions,

which are to be recorded in a general journal. The set

can be solved manually or with the General Ledger software.

Practice Set: JP’s Tech Solutions

This set is a departmentalized merchandising business

operated as a corporation. It includes a narrative

of transactions, which are to be recorded in special

journals. The set can be solved manually or with the

General Ledger software.

13Statement of Cash

Flows 606

Reporting Cash Flows 608

Cash Flows from Operating Activities 609

Cash Flows from Investing Activities 611

Cash Flows from Financing Activities 611

Noncash Investing and Financing Activities 612

Format of the Statement of Cash Flows 612

No Cash Flow per Share 613

Cash Flows from Operating Activities—

The Indirect Method 613

Net Income 615

Adjustments to Net Income 615

Cash Flows from Investing Activities 618

Land 618

Building and Accumulated Depreciation—Building 619

Cash Flows from Financing Activities 620

Bonds Payable 620

Common Stock 620

Dividends and Dividends Payable 621

Preparing the Statement of Cash Flows 622

Analysis for Decision Making 623

Make a Decision 624

Appendix 1 Spreadsheet (Work Sheet) for Statement

of Cash Flows—The Indirect Method 625

Analyzing Accounts 626

Retained Earnings 627

Other Accounts 627

Preparing the Statement of Cash Flows 628

Appendix 2 Preparing the Statement of Cash

Flows—The Direct Method 628

Cash Received from Customers 629

Cash Payments for Merchandise 629

Cash Payments for Operating Expenses 630

Gain on Sale of Land 630

Interest Expense 630

Cash Payments for Income Taxes 631

Reporting Cash Flows from Operating

Activities—Direct Method 631

Analysis for Decision Making 660

Take It Further 662

14 Financial Statement

Analysis 664

Analyzing and Interpreting Financial Statements 666

The Value of Financial Statement Information 666

Techniques for Analyzing Financial Statements 667

Analytical Methods 667

Horizontal Analysis 667

Vertical Analysis 669

Common-Sized Statements 671

Analyzing Liquidity 672

Current Position Analysis 673

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Accounts Receivable Analysis 674

Inventory Analysis 675

Analyzing Solvency 678

Ratio of Fixed Assets to Long-Term Liabilities 678

Ratio of Liabilities to Stockholders’ Equity 678

Times Interest Earned 679

Analyzing Pro_tability 680

Asset Turnover 681

Return on Total Assets 681

Return on Stockholders’ Equity 682

Return on Common Stockholders’ Equity 683

Earnings per Share on Common Stock 684

Price-Earnings Ratio 685

Dividends per Share 685

Dividend Yield 686

Summary of Analytical Measures 687

Corporate Annual Reports 689

Management Discussion and Analysis 689

Report on Internal Control 689

Report on Fairness of the Financial Statements 690

Analysis for Decision Making 690

Make a Decision 690

Appendix 1 Unusual Items on the Income

Statement 691

Unusual Items A_ecting the Current Period’s

Income Statement 691

Unusual Items A_ecting the Prior Period’s

Income Statement 692

Appendix 2 Fair Value and Comprehensive Income 692

Fair Value 693

Comprehensive Income 693

Analysis for Decision Making 723

Take It Further 725

Mornin’ Joe 727

Financial Statements for Mornin’ Joe 728

Financial Statements for Mornin’ Joe

International 731

15 Introduction to Managerial

Accounting 740

Managerial Accounting 742

Di_erences Between Managerial and

Financial Accounting 743

Managerial Accounting in the Organization 744

The Management Process 745

Uses of Managerial Accounting Information 747

Manufacturing Operations 748

Nature of Manufacturing 748

Direct and Indirect Costs 749

Manufacturing Costs 750

Sustainability and Accounting 754

Sustainability 754

Eco-E_ciency Measures in Managerial Accounting 755

Financial Statements for a

Manufacturing Business 756

Balance Sheet 756

Income Statement 757

Analysis for Decision Making 760

Make a Decision 762

Analysis for Decision Making 781

Take It Further 782

16 Job Order Costing 784

Cost Accounting Systems Overview 786

Job Order Cost Systems 786

Process Cost Systems 786

Job Order Cost Systems for

Manufacturing Businesses 787

Materials 788

Factory Labor 790

Factory Overhead 792

Work in Process 797

Finished Goods 798

Sales and Cost of Goods Sold 799

Period Costs 799

Summary of Cost Flows for Legend Guitars 801

Job Order Cost Systems for Service Businesses 801

Types of Service Businesses 801

Flow of Costs in a Service Job Order Cost System 802

Analysis for Decision Making 803

Make a Decision 804

Analysis for Decision Making 826

Take It Further 828

17 Process Cost Systems 830

Accounting for Process Manufacturers 832

Comparing Job Order and Process Cost Systems 833

Cost Flows for a Process Manufacturer 834

Cost of Production Report 837

Step 1: Determine the Units to Be Assigned Costs 838

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Step 2: Compute Equivalent Units of Production 838

Step 3: Determine the Cost per Equivalent Unit 842

Step 4: Allocate Costs to Units Transferred

Out and Partially Completed Units 843

Preparing the Cost of Production Report 845

Journal Entries for a Process Cost System 848

Using the Cost of Production Report 851

Lean Manufacturing 852

Traditional Production Process 852

Lean Manufacturing 853

Analysis for Decision Making 854

Make a Decision 855

Appendix Average Cost Method 856

Determining Costs Using the Average Cost Method 856

The Cost of Production Report 858

Analysis for Decision Making 882

Take It Further 883

18 Activity-Based Costing 886

Product Costing Allocation Methods 888

Single Plantwide Factory Overhead Rate Method 889

Multiple Production Department Factory Overhead

Rate Method 891

Department Overhead Rates and Allocation 892

Distortion of Product Costs 893

Activity-Based Costing Method 896

Activity Rates 898

Allocating Costs 899

Distortion in Product Costs 901

Dangers of Product Cost Distortion 901

Activity-Based Costing for Selling and

Administrative Expenses 903

Activity-Based Costing in Service Businesses 904

Analysis for Decision Making 908

Make a Decision 909

Analysis for Decision Making 936

Take It Further 937

19 Cost-Volume-Profit

Analysis 940

Cost Behavior 942

Variable Costs 943

Fixed Costs 944

Mixed Costs 946

Summary of Cost Behavior Concepts 948

Cost-Volume-Pro_t Relationships 950

Contribution Margin 950

Contribution Margin Ratio 950

Unit Contribution Margin 951

Mathematical Approach to Cost-Volume-Pro_t

Analysis 953

Break-Even Point 953

Target Pro_t 957

Graphic Approach to Cost-Volume-Pro_t Analysis 958

Cost-Volume-Pro_t (Break-Even) Chart 958

Pro_t-Volume Chart 960

Use of Computers in Cost-Volume-Pro_t Analysis 961

Assumptions of Cost-Volume-Pro_t Analysis 962

Special Cost-Volume-Pro_t Relationships 964

Sales Mix Considerations 964

Operating Leverage 966

Margin of Safety 967

Analysis for Decision Making 969

Make a Decision 970

Analysis for Decision Making 991

Take It Further 993

20Variable Costing for

Management Analysis


Income from Operations: Absorption and

Variable Costing 996

Absorption Costing 996

Variable Costing 997

E_ects of Inventory 999

Analyzing Income Using Absorption and

Variable Costing 1002

Using Absorption and Variable Costing 1006

Controlling Costs 1007

Pricing Products 1007

Planning Production 1007

Analyzing Contribution Margins 1008

Analyzing Market Segments 1008

Analyzing Market Segments 1008

Sales Territory Pro_tability Analysis 1010

Product Pro_tability Analysis 1011

Salesperson Pro_tability Analysis 1011

Contribution Margin Analysis 1013

Variable Costing for Service Businesses 1016

Reporting Income 1017

Analyzing Segments 1017

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Analyzing Contribution Margin 1019

Analysis for Decision Making 1020

Make a Decision 1021

Analysis for Decision Making 1047

Take It Further 1049

21Budgeting 1052

Nature and Objectives of Budgeting 1054

Objectives of Budgeting 1054

Human Behavior and Budgeting 1055

Budgeting Systems 1056

Static Budget 1057

Flexible Budget 1058

Computerized Budgeting Systems 1059

Master Budget 1060

Operating Budgets 1061

Sales Budget 1061

Production Budget 1062

Direct Materials Purchases Budget 1063

Direct Labor Cost Budget 1064

Factory Overhead Cost Budget 1066

Cost of Goods Sold Budget 1066

Selling and Administrative Expenses Budget 1068

Budgeted Income Statement 1069

Financial Budgets 1070

Cash Budget 1070

Capital Expenditures Budget 1074

Budgeted Balance Sheet 1075

Analysis for Decision Making 1075

Make a Decision 1076

Analysis for Decision Making 1102

Take It Further 1103

22Evaluating Variances

from Standard Costs


Standards 1108

Setting Standards 1108

Types of Standards 1109

Reviewing and Revising Standards 1109

Criticisms of Standard Costs 1109

Budgetary Performance Evaluation 1110

Budget Performance Report 1110

Manufacturing Cost Variances 1111

Direct Materials and Direct Labor Variances 1112

Direct Materials Variances 1112

Direct Labor Variances 1114

Factory Overhead Variances 1118

The Factory Overhead Flexible Budget 1118

Variable Factory Overhead Controllable Variance 1119

Fixed Factory Overhead Volume Variance 1120

Reporting Factory Overhead Variances 1122

Factory Overhead Account 1123

Recording and Reporting Variances from

Standards 1126

Non_nancial Performance Measures 1128

Analysis for Decision Making 1130

Make a Decision 1131

Comprehensive Problem 5 1150

Analysis for Decision Making 1152

Take It Further 1154

23Evaluating Decentralized

Operations 1156

Centralized and Decentralized Operations 1158

Advantages of Decentralization 1158

Disadvantages of Decentralization 1159

Responsibility Accounting 1159

Responsibility Accounting for Cost Centers 1160

Responsibility Accounting for Pro_t Centers 1163

Service Department Charges 1163

Pro_t Center Reporting 1165

Responsibility Accounting for Investment Centers 1167

Return on Investment 1167

Residual Income 1171

The Balanced Scorecard 1174

Transfer Pricing 1175

Market Price Approach 1177

Negotiated Price Approach 1177

Cost Price Approach 1180

Analysis for Decision Making 1180

Make a Decision 1182

Analysis for Decision Making 1204

Take It Further 1206

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24Differential Analysis and

Product Pricing 1208

Di_erential Analysis 1210

Lease or Sell 1212

Discontinue a Segment or Product 1213

Make or Buy 1214

Replace Equipment 1215

Process or Sell 1216

Accept Business at a Special Price 1217

Setting Normal Product Selling Prices 1221

Cost-Plus Methods 1222

Product Cost Method 1222

Illustration 1223

Target Costing Method 1224

Production Bottlenecks 1226

Managing Bottlenecks 1226

Pricing Bottleneck Products 1227

Analysis for Decision Making 1228

Make a Decision 1229

Appendix Total and Variable Cost Methods to

Setting Normal Price 1230

Total Cost Method 1231

Variable Cost Method 1233

Analysis for Decision Making 1257

Take It Further 1259

25Capital Investment

Analysis 1260

Nature of Capital Investment Analysis 1262

Methods Not Using Present Values 1263

Average Rate of Return Method 1263

Cash Payback Method 1264

Methods Using Present Values 1266

Present Value Concepts 1267

Net Present Value Method and Index 1269

Internal Rate of Return Method 1271

Factors That Complicate Capital Investment

Analysis 1275

Income Tax 1275

Unequal Proposal Lives 1275

Lease Versus Capital Investment 1277

Uncertainty 1277

Changes in Price Levels 1278

Qualitative Considerations 1279

Capital Rationing 1279

Analysis for Decision Making 1281

Make a Decision 1282

Analysis for Decision Making 1301

Take It Further 1302

26Lean Manufacturing and

Activity Analysis 1304

Lean Principles 1306

Reducing Inventory 1307

Reducing Lead Times 1307

Reducing Setup Time 1309

Emphasizing Product-Oriented Layout 1311

Emphasizing Employee Involvement 1311

Emphasizing Pull Manufacturing 1311

Emphasizing Zero Defects 1311

Emphasizing Supply Chain Management 1312

Lean Accounting 1314

Fewer Transactions 1314

Combined Accounts 1314

Non_nancial Performance Measures 1315

Direct Tracing of Overhead 1316

Activity Analysis 1317

Costs of Quality 1317

Quality Activity Analysis 1318

Value-Added Activity Analysis 1320

Process Activity Analysis 1321

Analysis for Decision Making 1323

Make a Decision 1323

Analysis for Decision Making 1341

Take It Further 1342

Appendix A: Interest Tables A-3

Appendix B: Revenue Recognition B-1

Appendix C: International Financial Reporting

Standards (IFRS) C-2

Appendix D: Investments D-2

Appendix E: Nike Inc., Form 10-K for the Fiscal Year

Ended May 31, 2015 E-1

Appendix F: Special Journals and Subsidiary

Ledgers (online) F-1

Glossary G-1

Index I-1

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