...Larson−Wild−Chiappetta: Fundamental Accounting Principles, Seventeenth Edition 5. Accounting for Merchandising Operations Text © The McGraw−Hill Companies, 2004 “I felt we should go into something that we had some connection to”—Dwayne Lewis (standing; Michael Cherry sitting) 5 A Look Back Accounting for Merchandising Operations A Look at This Chapter This chapter emphasizes merchandising activities. We explain how reporting merchandising activities differs from reporting service activities. We also analyze and record merchandise purchases and sales transactions and explain the adjustments and closing process for merchandisers. A Look Ahead Chapter 6 extends our analysis of merchandising activities and focuses on the valuation of inventory. Topics include the items in inventory, costs assigned, costing methods used, and inventory estimation techniques. Chapter 4 focused on the final steps of the accounting process. We explained the importance of proper revenue and expense recognition and described the closing process. We also showed how to prepare financial statements from a work sheet. Larson−Wild−Chiappetta: Fundamental Accounting Principles, Seventeenth Edition 5. Accounting for Merchandising Operations Text © The McGraw−Hill Companies, 2004 Learning Objectives CAP Conceptual Analytical Procedural merchandising activities C1 Describeincome components for aand A1 Compute the acid-test ratio and explain its use to assess liquidity...
Words: 23377 - Pages: 94
...wiL1084x_fm_i-xxiv_1.indd Page i 1/10/11 7:53:00 PM user-f499 /Users/user-f499/Desktop/Temp Work/Don't Delete Job/MHBR231:Wild:203 Managerial Accounting John J. Wild University of Wisconsin at Madison Ken W. Shaw University of Missouri at Columbia 3 rd edition wiL1084x_fm_i-xxiv_1.indd Page ii 1/10/11 9:14:31 PM user-f499 /Users/user-f499/Desktop/Temp Work/Don't Delete Job/MHBR231:Wild:203 To my students and family, especially Kimberly, Jonathan, Stephanie, and Trevor. To my wife Linda and children, Erin, Emily, and Jacob. MANAGERIAL ACCOUNTING Published by McGraw-Hill/Irwin, a business unit of The McGraw-Hill Companies, Inc., 1221 Avenue of the Americas, New York, NY, 10020. Copyright 2012, 2010, 2007 by The McGraw-Hill Companies, Inc. All rights reserved. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written consent of The McGraw-Hill Companies, Inc., including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning. Some ancillaries, including electronic and print components, may not be available to customers outside the United States. This book is printed on acid-free paper. 1 2 3 4 5 6 7 8 9 0 DOW/DOW 1 0 9 8 7 6 5 4 3 2 1 ISBN 978-0-07-811084-9 MHID 0-07-811084-X Vice president and editor-in-chief: Brent Gordon Editorial director: Stewart Mattson Publisher: Tim...
Words: 10500 - Pages: 42
...Kobie Lofton Mark Pachankis 2nd Period 12/1/15 Chapter Summaries Prologue Diamond wonders why Eurasia presided over other cultures. The question was answered with racial intelligence differences and environmental differences. He also talks about survival of the fittest. He says that intelligence is closely linked to human and cultural survival. All of these questions would be answered by the end of the book. Part One: - From Eden to Cajamarca Chapter 1. Up to the Starting Line Evolution is explained, relating us and our “ancestors” of many centuries ago. Primates such as gorillas are said to be our closest relatives. Africa presides as the homeland for all species. Neanderthals have always been viewed as mindless, mentally deranged creatures. Fifty years ago, The Great Leap Forward was like a big advancement in technology. Hominids also began to spread across New Guinea and Australia. The larger animals that failed to attain protection qualities against other predators during evolution died out and became extinct. Eurasia also occured. It became the more advanced between them and Africa, although Africa started out on top. Chapter 2. A Natural Experiment of History The Maori and Moriori descended from Polynesians,...
Words: 1387 - Pages: 6
...Summary of Call into the wild Chapter 1 Buck, the protagonist of the story, gets introduced to the reader. Even though he’s a dog, it seems that he’s sentimental. Judge Miller is his owner. They live in a big house in Santa Clara Valley, California where the weather is very sunny. Judge Miller is wealthy. One of Judge Miller’s gardener’s, Manuel, steals and then sells Buck because he needs to feed his family. A man with a red sweater buys Buck. He doesn’t treat Buck well, beating him, and soon Buck lives under ‘’the law of club’’ . He’s later sold to two French-Canadian men, Perrault and Francois. Contrary to the man with the red sweater, they treat Buck rather nicely. They travel northward, where Buck sees snow for the first time. Chapter 2 In the second chapter Buck gets to know ‘’the law of fang’’. Buck is also adapting to the snowy landscape, where he will be at for a long time. He’s part of a group of sled pulling dogs which is lead by Perrault and Francois. The owners require discipline from the dogs. In the group Buck isn’t the alpha dog, but another dog called Spitz. Spitz is cruel, and laughs when a group of huskies attack one of the dogs called Curly. The rest of the dogs are Solleks, Joe and Billee. Solleks is described as introverted and is also blind. Joe is kind of evil and Billee seems like a he’s a nice friend. Buck is getting stronger while adapting to the tough landscape and his surroundings. Chapter 3 The group of sled dogs get hurt by a flock of...
Words: 725 - Pages: 3
...point that was referenced several times in this article is with the increased protection of whistleblowers that the act now provides many are now incentivized to report wrongdoing. As a result, it would behoove executives to institute a corporate compliance program and code of ethics. This was a very informative paper which provides insight into how senior management must set the tone for the organization in the standard of ethics and what is tolerated when any wrongdoing may occur. Frey, Kelly L., Taney, Francis X., Wucher, Robert. “The Top Five Tips Every Technology Executive Needs to Know About Sarbanes-Oxley.” Exec Blueprints (2008): Print. The authors, two of whom are lawyers and the other an IT executive, provide a high-level, summary overview of the Sarbanes-Oxley Act of 2002, and how it relates to decisions that every IT executive within a public company must make. Much of this document is centered on section 404 of the act, which details regulatory compliance language that these firms must now abide by. Information security systems and management must design IT systems that comply with section 404. This is a very informative article geared towards executives who must have an understanding of the IT security and compliance systems and processes required by Sarbanes-Oxley. Moore, Frank, Swarz, Nikki. “Keeping an Eye on Sarbanes-Oxley.” The...
Words: 473 - Pages: 2
...Final Film Critique: O Brother, Where Art Thou? Robert L. Forbes ENG 225 Film: From Watching to Seeing. Instructor Ebony Gibson April 29, 2013 Final Film Critique: O Brother, Where Art Thou? Everyone likes to laugh, and this film is no stranger to the call. O Brother, Where Art Thou is indeed a comical action/adventure and musical romp Directed by Joel Coen and Produced by Ethan Coen. The Cast consist of many favorites in film such as George Clooney, John Goodman, Holly Hunter, John Turturro, and Tim Blake Nelson. The film O Brother, according to well-known film critic Roger Ebert (2000), “is based on Homer’s The Odyssey” (p.1), this is an epic Greek poem around 700 B.C. Although the setting is much different, the Homeric journey of three would be prisoners of the late 1930s are similar to The Odyssey and its theme of perseverance. The movie O Brother, Where Art Thou however has a comical twist accompanied by great Gospel/Bluegrass music, and scenes that play into an allegorical concept including references to repentance and salvation during the depression of that era. The storyline in this movie the collaborating efforts of the Coen brothers and cinematographer Roger Deakins bring together...
Words: 2397 - Pages: 10
...In his first chapter "The Shift" Brooks believes that Americans have become self-centered. He tells us that this leads to selfishness and pride and praises a more humble approach to life and living. He reminds us that we are all built from "crooked timber", which our character must be built from the flaws that are an integral part of our lives. Brooks begins to give us historical examples of people who built model lives from their "crooked timber". He starts with Frances Perkins, who was a trusted advisor to Franklin Roosevelt and his Secretary of Labor for twelve years. Perkins is humble, highly competent, hardworking, and genuinely interested in the welfare of other people. He states that "She is willing to surrender the things that are...
Words: 657 - Pages: 3
...Writing in his diary in 1801, Lockwood describes his first days as a tenant at Thrushcross Grange, an isolated manor in thinly populated Yorkshire. Shortly after arriving at the Grange, he pays a visit to his landlord, Mr. Heathcliff, a surly, dark man living in a manor called Wuthering Heights—“wuthering” being a local adjective used to describe the fierce and wild winds that blow during storms on the moors. During the visit, Heathcliff seems not to trust Lockwood, and leaves him alone in a room with a group of snarling dogs. Lockwood is saved from the hounds by a ruddy-cheeked housekeeper. When Heathcliff returns, Lockwood is angry, but eventually warms toward his taciturn host, and—though he hardly feels that he has been welcomed at Wuthering Heights—he volunteers to visit again the next day. Summary: Chapter II On a chilly afternoon not long after his first visit, Lockwood plans to lounge before the fire in his study, but he finds a servant dustily sweeping out the fireplace there, so instead he makes the four-mile walk to Wuthering Heights, arriving just as a light snow begins to fall. He knocks, but no one lets him in, and Joseph, an old servant who speaks with a thick Yorkshire accent, calls out from the barn that Heathcliff is not in the house. Eventually a rough-looking young man comes to let him in, and Lockwood goes into a sitting room where he finds a beautiful girl seated beside a fire. Lockwood assumes she is Heathcliff’s wife. He tries to make conversation...
Words: 927 - Pages: 4
...------------------------------------------------- Chapter 1 Summary A fair-haired boy lowers himself down some rocks toward a lagoon on a beach. At the lagoon, he encounters another boy, who is chubby, intellectual, and wears thick glasses. The fair-haired boy introduces himself as Ralph and the chubby one introduces himself as Piggy. Through their conversation, we learn that in the midst of a war, a transport plane carrying a group of English boys was shot down over the ocean. It crashed in thick jungle on a deserted island. Scattered by the wreck, the surviving boys lost each other and cannot find the pilot. Ralph and Piggy look around the beach, wondering what has become of the other boys from the plane. They discover a large pink and cream-colored conch shell, which Piggy realizes could be used as a kind of makeshift trumpet. He convinces Ralph to blow through the shell to find the other boys. Summoned by the blast of sound from the shell, boys start to straggle onto the beach. The oldest among them are around twelve; the youngest are around six. Among the group is a boys’ choir, dressed in black gowns and led by an older boy named Jack. They march to the beach in two parallel lines, and Jack snaps at them to stand at attention. The boys taunt Piggy and mock his appearance and nickname. The boys decide to elect a leader. The choirboys vote for Jack, but all the other boys vote for Ralph. Ralph wins the vote, although Jack clearly wants the position. To placate Jack, Ralph...
Words: 3671 - Pages: 15
... -Market segmentation - Target markets - Brand loyalty - Customer relationship marketing - Need, want, perceptions, attitudes, behaviors, buying cycle, motivations, CRM Customer & Consumer / Influencers Analysis 6. Centers of Influence 7. Collaborators – Analysis of Collaborators. Do they make or break your product? 8. Context * PESTLE (Perceived Lack, Sociological shifts, technological trends overtime, Legal Regulatory, Environmental) Individual Marketing Plan Chapter 2 Page 28-29 1. Executive Summary 2. Situational Analysis 4 P’s Product (what is the solution not the product) Branding Promotion Provides information and incentives, Price is what they see and value is what they see. & Placement really is access to product or service. Relationships with customer’s reason why you have the business. Acquiring and retaining customers. 3. Marketing Goals, Objectives and Summary 4. Strategic Alternatives 5. Tactical Marketing Plan 6. Exhibits (Summarize exhibits in body) Oct 1 minute per slide Write out what your saying in the body. Uses a scoring system 1. Comprehensiveness – Depth to tell a complete story 2. Conciseness- Maximum impact for words and numbers used. 3. Stragic Analytics – Use as many tools as you can show to stragically analysis. FACTS. Reduce on facts and look at strategic insights. INSIGHTS What is the impact of the insight on our business? Strategic...
Words: 347 - Pages: 2
...Econ 511: Managerial Microeconomics Spring 2010 Syllabus Department of Economics Business School HKUST Yuk-fai Fong (房育辉) Time and Venue: Section 1: 9:00 a.m. – 12:20 p.m., Saturday, April 9 – June 4 (except April 23) Section 2: 2:30 p.m. – 5:50 p.m., Saturday, April 9 – June 4 (except April 23) Venue: Room Rm 4219 (Lift 19) Instructor: Yuk-fai Fong Email: y-fong@kellogg.northwestern.edu Phone: 2358-7600 Office Location: Room 3434 Email is always a great way to reach me. Office Hours: By appointment Course Web Site: http://lmes2.ust.hk Course Description Businesses exist to create and capture economic value. A business creates value by combining inputs such as labor, materials, and capital to make products and services that consumers need and desire. And it survives and thrives by charging a price that equals or exceeds the cost of delivering the products and services that consumers value. In this course, students learn how businesses optimally create and capture value and how their abilities in doing so are impacted by various market forces and the strategic interaction among players in the industry. A good understanding of the 1 economic principles that govern the distribution of value in markets is critical to formation of a successful and sustainable business strategy. Learning Objectives: Understand and apply tools, concepts, and theories from microeconomics to perform industry and demand analyses. Apply demand and supply analyses in predicting...
Words: 1905 - Pages: 8
...Larson−Wild−Chiappetta: Fundamental Accounting Principles, Seventeenth Edition 1. Accounting in Business Text © The McGraw−Hill Companies, 2004 “I love chocolate, and so I’m having fun making money”—Elise Macmillan (Evan Macmillan on right) 1 Accounting in Business A Look at This Chapter Accounting plays a crucial role in the information age. In this chapter, we discuss the importance of accounting to different types of organizations and describe its many users and uses. We explain that ethics are crucial to accounting. We also describe business transactions and how they are reflected in financial statements. A Look Ahead Chapter 2 further describes and analyzes business transactions. We explain the analysis and recording of transactions, the ledger and trial balance, and the double-entry system. More generally, Chapters 2 through 4 focus on accounting and analysis, and they illustrate (via the accounting cycle) how financial statements reflect business activities. Larson−Wild−Chiappetta: Fundamental Accounting Principles, Seventeenth Edition 1. Accounting in Business Text © The McGraw−Hill Companies, 2004 Learning Objectives CAP Conceptual Analytical Learning Objectives are organized by conceptual, analytical, and procedural. Procedural prepare basic financial P1 Identify andand explain how they statements interrelate. (p. 17) C1 Explain the purpose and importance of accounting in the information age. (p. 4) A1 Define...
Words: 24124 - Pages: 97
...“She was much too fond of Heathcliff. The greatest punishment we could invent for her was to keep her separate from him.” How far is Nelly’s comment a fair summary of the relationship between Catherine and Heathcliff and the problems it contains? In Emily Bronte’s Wuthering Heights, the theme of love is central; particularly the love between both Catherine and Heathcliff. Bronte’s illustration of the love between the two protagonists transgresses beyond the “normal”, romantic love previous authors, such as Jane Austen, would portray. Emily Bronte’s love uniting both Catherine and Heathcliff contains undeniable gothic conventions alongside the idea of idolised romance; she has created a love story which includes aspects of passion, lust and suffering. Nelly, commenting on the relationship between Catherine and Heathcliff, states “She was much too fond of Heathcliff. The greatest punishment we could invent for her was to keep her separate from him”, suggesting that the intense love they had for one another will forever be problematic. It is important here to focus on Nelly’s use of the adverb “too”, as it describes that Catherine’s love towards Heathcliff goes beyond average. When having to choose between Heathcliff and Edgar, Catherine concludes “I’ll try to break their hearts by breaking my own”. For Heathcliff, Catherine refuses to eat or sleep and also willingly exposes herself to a chill when she is feverish. Here, Catherine’s love towards Heathcliff has resulted in...
Words: 961 - Pages: 4
...Summary: Chapter 29 The real Harvey Wilks, in an authentic English accent, explains the reasons he and his brother, William, were delayed: their luggage was misdirected, and his mute brother broke his arm, leaving him unable to communicate by signs. Doctor Robinson again declares the duke and the dauphin to be frauds and has the crowd bring the real and the fraudulent Wilks brothers to a tavern for examination. The frauds draw suspicion when they fail to produce the $6,000 from the Wilks inheritance. A lawyer friend of the deceased then asks the duke, the dauphin, and the real Harvey to sign a piece of paper. When the lawyer compares the writing samples to letters he has from the real Harvey, the frauds are exposed. The dauphin, however, refuses to give up and claims that the duke is playing a joke on everyone by disguising his handwriting. Because the real William serves as scribe for the real Harvey and cannot write due to his broken arm, the crowd cannot prove that the real Wilkses are indeed who they say they are. To put an end to the situation, the real Harvey declares he knows of a tattoo on his brother’s chest, asking the undertaker who dressed the body to back him up. But after the dauphin and Harvey each offer a different version of the tattoo’s appearance, the undertaker surprises everyone by telling the crowd he saw no tattoo. The mob cries out for the blood of all four men, but the lawyer instead sends them out to exhume the body and check for the tattoo themselves...
Words: 3663 - Pages: 15
...me, it seems like to start an enthralling and fascinating journey when diving between the lines of this work. Bearing in mind that it was written during the time of WWII , I’m not surprised that this book discusses the essential evil of man. The story begins with a group of fifteen prep-school boys are stranded on a Utopia-like paradise island in the pacific after their plane crashes. With no adult supervision, they immediately try to set up a social system like any modern-world people would. Initially, they elect a chief and call group meetings to discuss important things to do such as building shelters and maintaining a signal fire. Through this system they select an attractive, intelligent boy named Ralph as leader. They also select a wild, power-urging boy named Jack and a mellow, calm, an most importantly peaceful boy named Simon as his assistant-leaders. However, as the boys indulge in the joy of their freedom and find that nothing there could hold them back or their misbehavior, they begin to fall from the floor of civilization and order to the abyss of chaos. Golding portrays this novel with an exploring eye for details and natural images. No one shall ignore the brilliant descriptions Golding made through out the whole book. “A great platform of pink granite thrust up uncompromisingly through forest and terrace and sand and lagoon to make a raised jetty four feet high(chap 1)”, ”Here and there, little breeze crept over the polished waters beneath the haze of heat(chap3)”...
Words: 1013 - Pages: 5
