By Charles H.(Charles H. Gibson) Gibson

ISBN-10: 0324304455

ISBN-13: 9780324304459

The 10th version completely consists of scholars with monetary statements by utilizing real-world examples. It builds abilities in interpreting actual monetary experiences via statements, indicates, and instances of exact businesses. Emphasis is put on the research and interpretation of the result of economic reporting--financial statements.

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Additional resources for Solution Manual Financial Reporting and Analysis: Using Financial Accounting Information (with Thomson Analytics Access Code) 10 Edition

Example text

Dividends payable should be classified as a current liability. h. Notes payable and bonds payable due in the years 2006 and 2013 respectively, should not be classified as a current liability. PROBLEM 3-7 a. The dividends would reduce retained earnings on the balance sheet. b. You would disclose a contingent liability in footnote format. c. No accounting recognition is given for possible general business risks for which losses cannot be estimated. d. This subsequent event requires a footnote. e.

J. k. l. IA CA A E E E e. f. m. n. o. p. IA CA A L L A g. h. q. r. s. t. TA CA A A A A i. j. TA CA k. l. IV TA 3- 7. A retailing firm will have only finished goods and supplies. A manufacturing firm will have raw materials, work in process, finished goods, and supplies. 3- 8. Depreciation measures the wearing away of the usefulness of the asset. Tools, machinery, and buildings are depreciated because they wear out. Land is not depreciated, since its value typically does not decline. If the land has minerals or natural resources, it may be subject to depletion.

The rent is treated as a liability because it is unearned. The rental agency owes the tenant the use of the property until the end of the term of the agreement. The rent should be recognized as income over the period covered by the rent. 3-11. a. A bond will sell at a discount if its stated rate of interest is less than the market rate. It sells to yield the market rate. It might also sell low if there were a great deal of risk involved. b. The discount is shown as a reduction of the liability.

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Solution Manual Financial Reporting and Analysis: Using Financial Accounting Information (with Thomson Analytics Access Code) 10 Edition by Charles H.(Charles H. Gibson) Gibson


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