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    Financial and Managerial Accounting

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    This document provides an overview of the accounting cycle and financial statements for service and merchandising businesses. It discusses topics like analyzing transactions, preparing journal entries, adjusting and closing entries, and producing financial statements. The accounting cycle involves analyzing transactions, recording them, making adjustments, preparing financial statements, and closing books at the end of each period. Financial statements include the income statement, retained earnings statement, and balance sheet. The document also covers merchandise inventory accounting, periodic inventory systems, and financial statement preparation for merchandising businesses.

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    Financial and Managerial Accounting

    Uploaded by

    cons the
    61 views1 page
    This document provides an overview of the accounting cycle and financial statements for service and merchandising businesses. It discusses topics like analyzing transactions, preparing journal entries, adjusting and closing entries, and producing financial statements. The accounting cycle involves analyzing transactions, recording them, making adjustments, preparing financial statements, and closing books at the end of each period. Financial statements include the income statement, retained earnings statement, and balance sheet. The document also covers merchandise inventory accounting, periodic inventory systems, and financial statement preparation for merchandising businesses.

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    Financial and Managerial Accounting (25)

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    Financial and Managerial Accounting (25)

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    This document provides an overview of the accounting cycle and financial statements for service and merchandising businesses. It discusses topics like analyzing transactions, preparing journal entries, adjusting and closing entries, and producing financial statements. The accounting cycle involves analyzing transactions, recording them, making adjustments, preparing financial statements, and closing books at the end of each period. Financial statements include the income statement, retained earnings statement, and balance sheet. The document also covers merchandise inventory accounting, periodic inventory systems, and financial statement preparation for merchandising businesses.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    61 views1 page

    Financial and Managerial Accounting

    Uploaded by

    cons the
    This document provides an overview of the accounting cycle and financial statements for service and merchandising businesses. It discusses topics like analyzing transactions, preparing journal entries, adjusting and closing entries, and producing financial statements. The accounting cycle involves analyzing transactions, recording them, making adjustments, preparing financial statements, and closing books at the end of each period. Financial statements include the income statement, retained earnings statement, and balance sheet. The document also covers merchandise inventory accounting, periodic inventory systems, and financial statement preparation for merchandising businesses.

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    Contents

    xxiii

    Chapter 4 Completing the Preparing the Financial Statements from the


    Spreadsheet 182
    Accounting Cycle 149 Comprehensive Problem 1 208
    Flow of Accounting Information 150
    Financial Statements 152
    Chapter 5 Accounting for
    Income Statement 152 Merchandising Businesses 211
    Integrity, Objectivity, and Ethics in Business: CEO’s Nature of Merchandising Businesses 212
    Health? 154
    Retained Earnings Statement 154 Business Connection: H&R Block Versus the Home
    Balance Sheet 155 Depot 213
    International Connection: International Merchandising Transactions 214
    Differences 156 Purchases Transactions 214
    Sales Transactions 218
    Closing Entries 156
    Journalizing and Posting Closing Entries 158 Integrity, Objectivity, and Ethics in Business: The
    Post-Closing Trial Balance 159 Case of the Fraudulent Price Tags 222
    Freight 222
    Accounting Cycle 162 Summary: Recording Merchandise Inventory
    Illustration of the Accounting Cycle 163 Transactions 225
    Step 1. Analyzing and Recording Transactions in Dual Nature of Merchandise Transactions 225
    the Journal 164 Chart of Accounts for a Merchandising Business
    Step 2. Posting Transactions to the Ledger 164 227
    Step 3. Preparing an Unadjusted Trial Balance 166 Sales Taxes and Trade Discounts 227
    Step 4. Assembling and Analyzing Adjustment Business Connection: Sales Taxes 228
    Data 167
    Step 5. Preparing an Optional End-of-Period Financial Statements for a Merchandising
    Spreadsheet 167 Business 228
    Step 6. Journalizing and Posting Multiple-Step Income Statement 229
    Adjusting Entries 167 Single-Step Income Statement 230
    Step 7. Preparing an Adjusted Trial Balance 168 Retained Earnings Statement 231
    Step 8. Preparing the Financial Statements 168 Balance Sheet 231
    Step 9. Journalizing and Posting Closing
    The Adjusting and Closing Process 232
    Entries 170
    Adjusting Entry for Inventory Shrinkage 232
    Step 10. Preparing a Post-Closing
    Closing Entries 233
    Trial Balance 170
    Financial Analysis and Interpretation: Ratio of
    Fiscal Year 173
    Net Sales to Assets 234
    Business Connection: Choosing a Fiscal Year 174
    Integrity, Objectivity, and Ethics in Business:
    Financial Analysis and Interpretation: Working The Cost of Employee Theft 236
    Capital and Current Ratio 174
    Appendix: The Periodic Inventory System 236
    Appendix 1: End-of-Period Spreadsheet Cost of Merchandise Sold Using the Periodic
    (Work Sheet) 176 ­Inventory System 236
    Step 1. Enter the Title 176 Chart of Accounts Under the Periodic Inventory
    Step 2. Enter the Unadjusted Trial Balance 176 System 236
    Step 3. Enter the Adjustments 176 Recording Merchandise Transactions Under the
    Step 4. Enter the Adjusted Trial Balance 178 Periodic Inventory System 237
    Step 5. Extend the Accounts to the Income Adjusting Process Under the Periodic Inventory
    ­Statement and Balance Sheet Columns 179 System 239
    Step 6. Total the Income Statement and Balance Financial Statements Under the Periodic Inventory
    Sheet Columns, Compute the Net System 239
    Income or Net Loss, and Complete the Closing Entries Under the Periodic Inventory
    ­Spreadsheet 180 ­System 239

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