Financial Accounting, Seventh Edition

881 Pages·2011·39.05 MB·English

by  Robert Libby

Confirming Pages
SEVENTH EDITION
FINANCIAL
ACCOUNTING
Robert Libby
Cornell University
Patricia A. Libby
Ithaca College
Daniel G. Short
Texas Christian University
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To: Jenni, Jon, Emma, and Sophia Drago
Heather and Scott Andresen
Bob and Mary Ann Short, and Maryrose Short
Herman and Doris Hargenrater
Oscar an d Selma Libby
Laura Libby
FINANCIAL ACCOUNTING
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ISBN 978-0-07-811102-0
MHID 0-07-811102-1
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Library of Congress Cataloging-in-Publication Data
Libby, Robert.
Financial accounting / Robert Libby, Patricia A. Libby, Daniel G. Short.—7th ed.
p. cm.
Includes index.
ISBN-13: 978-0-07-811102-0 (alk. paper)
ISBN-10: 0-07-811102-1 (alk. paper)
1. Accounting. 2. Corporations—Accounting. 3. Financial statements. I. Libby, Patricia A.
II. Short, Daniel G. III. Title.
HF5636.L53 2011
657—dc22 2010012827
www.mhhe.com
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ABOUT THE AUTHORS
ROBERT LIBBY Pat conducts research on using cases in the
introductory course and other parts of the
Robert Libby is the David A. Thomas Professor
accounting curriculum. She has published arti-
of Accounting at Cornell University, where he
cles in The Accounting Review, Issues in Account-
teaches the introductory financial accounting
ing Education, and The Michigan CPA.
course. He previously taught at the University
of Illinois, Pennsylvania State University, the
DANIEL G. SHORT
University of Texas at Austin, the University
of Chicago, and the University of Michigan. He Daniel Short is professor of accounting and
received his BS from Pennsylvania State Univer- former dean of the M.J. Neeley School of Busi-
sity and his MAS and PhD from the University of ness at Texas Christian University in Fort Worth,
Illinois; he is also a CPA. Texas. Before he joined TCU, he was dean at the
Bob is a widely published author and researcher Richard T. Farmer School of Business at Miami
specializing in behavioral accounting. He was University and the College of Business at Kansas
selected as the AAA Outstanding Educator in State University. Prior to that, he was associate
2000, received the AAA Outstanding Service dean at the University of Texas at Austin, where
Award in 2006, and received the AAA Notable he taught the undergraduate and graduate
Contributions to the Literature Award in 1985 financial accounting courses. He also taught at
and 1996. He is the only person to have the University of Michigan and the University of
received all three of the Association’s highest Chicago. He received his undergraduate degree
awards for teaching, service, and research. He from Boston University and his MBA and PhD
has published numerous articles in The Account- from the University of Michigan.
ing Review; Journal of Accounting Research; Dan has won numerous awards for his outstand-
Accounting, Organizations, and Society; and ing teaching abilities and has published articles
other accounting journals. He has held a vari- in The Wall Street Journal, The Accounting Review,
ety of offices including vice president in the the Journal of Accounting Research, and other
American Accounting Association and is a business journals. He has worked with a number
member of the American Institute of CPAs of Fortune 500 companies, commercial banks,
and the editorial boards of The Accounting and investment banks to develop and teach
Review; Accounting, Organizations, and Society; executive education courses on the effective use
Journal of Accounting Literature; and Journal of of accounting information. Dan has also served
Behavioral Decision Making. on boards of directors in several industries,
including manufacturing, commercial banking,
PATRICIA A. LIBBY and medical services.
Patricia Libby is associate professor of account-
ing at Ithaca College, where she teaches the
undergraduate financial accounting course. She
previously taught graduate and undergradu-
ate financial accounting at Eastern Michigan
University and the University of Texas. Before
entering academe, she was an auditor with Price
Waterhouse (now PricewaterhouseCoopers) and
a financial administrator at the University of
Chicago. She is also faculty advisor to Beta Alpha
Psi and Ithaca College Accounting Association.
She received her BS from Pennsylvania State
University, her MBA from DePaul U niversity, and
her PhD from the University of Michigan; she is
also a CPA.
III
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A TR U STED LEADER FOR
The award-winning author team of Bob Libby, Pat Libby, and Dan Short has made
Financial Accounting a best-selling textbook by helping the instructor and student
become partners in learning. Libby/Libby/Short uses a remarkable learning approach
that keeps students engaged and involved in the material from the first day of class.
Libby/Libby/Short’s Financial Accounting maintains its leadership by focusing on
three key attributes:
THE PIONEERING FOCUS COMPANY APPROACH:
The Libby/Libby/Short authors’ trademark focus company approach is the best method
for helping students understand financial statements and the real-world implications
of financial accounting for future managers. This approach shows that account-
ing is relevant and motivates students by explaining accounting in a real-world
context. Throughout each chapter, the material is integrated around a familiar focus
company, its decisions, and its financial statements. This provides the perfect set-
ting for discussing the importance of accounting and how businesses use accounting
information.
A BUILDING-BLOCK APPROACH TO TEACHING
TRANSACTION ANALYSIS:
Most faculty agree that mastery of the accounting cycle is critical to success in finan-
cial accounting. And yet all other financial books introduce and develop transaction
analysis in one chapter, bombarding a student early in the course with an overload of
new concepts and terms. The authors believe that most faculty take more time with
the accounting cycle, but other financial accounting textbooks don’t. By slowing
down the introduction of transactions and giving students time to practice and
gain mastery, this building-block approach leads to greater student success in
their study of later topics in financial accounting such as adjusting entries.
POWERFUL TECHNOLOGY FOR
TEACHING AND STUDY:
Students have different learning styles and conflicting time commitments, so they
want technology tools that will help them study more efficiently and effectively.
The 7th edition includes even more technology features, including McGraw-Hill
Connect Accounting, Self-Quiz and Study, and Tegrity Campus. See pages xiv–xviii for
more details.
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STUDENTS AND INSTRUCTORS
“Libby, Libby, Short does a great job in
explaining financial accounting concepts at
a level that introductory students can grasp
and understand.”
—Marci Butterfield, University of Utah
“The text has some of the best discussions that
I have seen in introductory texts of statement
of cash flows and financial statement analysis
topics.”
—Marilyn Misch, Pepperdine University
“A solid textbook with a decision-making focus.”
—Chao-Shin Liu, Notre Dame
“The book does an excellent job of using real-
world examples to highlight the importance of
understanding financial accounting to students
who may or may not be interested in pursuing
accounting careers. One challenge with traditional
courses and textbooks is that students who
might not be interested in accounting careers
lose interest quickly. I think this book will hold
their attention, without sacrificing the technical
information that provides the foundation for
further accounting coursework. Exceptionally
well written and nicely organized.”
—Paul Hribar, University of Iowa
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MARKET-LEADING PEDAGOGY
Financial Accounting, 7e, offers a host of pedagogical tools that complement the
different ways you like to teach and the ways your students like to learn. Some offer
information and tips that help you present a complex subject; others highlight issues
relevant to what your students read online or see on television. Either way, Financial
Accounting ’s pedagogical support will make a real difference in your course and in
your students’ learning.
FINANCIAL
The Quality of Earnings
ANALYSIS
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OF ETHICS Two rrSeeessootuusrr ccoeefss Baavvoaaoiillkaasbbllee ttoo ooppeerraattee.. AAsssseettss wweerree aallssoo iimmppoorrttaanntt bbeeccaauussee tthheeyy ccoouulldd bbee ssoolldd ffoorr ccaasshh iinn the
eevveenntt tthhaatt MMaaxxiiddrriivvee wweenntt oouutt ooff bbuussiinneessss..
For many years, companies have faced a growing pressure to estimate and disclose environmental
KEY RATIO liabilities, such as the cleanup of hazardous waste sites. Current GAAP require companies to record
Net Profit Margin
ANALYSIS and report a reasonable estimate of any probable future environmental liabilities associated with an
asset, if a reasonable amount can be projected.
Users of financial information compute a number of ratios in analyzing a company’s past performance
FOCUS ON and financial condition as input in predicting its future potential. How ratios change over time and
Disclosure
CASH FLOWS how they compare to the ratios of the company’s competitors or industry averages provide valuable
information about a company’s strategies for its operating, investing, and financing activities.
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Financial accounting standards and disclosure requirements are adopted by national regulatory
agencies. Since 2002, there has been substantial movement toward the adoption of International Fi-
nancial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB).
Examples of jurisdictions requiring the use of IFRS either currently or by 2012 include. In the United
States, the Securities and Exchange Commission now allows foreign companies whose stock is traded
in the United States.
FINANCIAL ANALYSIS BOXES—These features tie important chapter concepts to
real-world decision-making examples. They also highlight alternative viewpoints and
add to the critical-thinking and decision-making focus of the text.
A QUESTION OF ETHICS BOXES—These boxes appear throughout the text, conveying
the importance and the consequences of acting responsibly in business practice.
KEY RATIO ANALYSIS BOXES—Each box presents ratio analysis for the focus com-
pany in the chapter as well as for comparative companies. Cautions are also provided
to help students understand the limitations of certain ratios.
FOCUS ON CASH FLOWS BOXES—Each of the first twelve chapters includes a discus-
sion and analysis of changes in the cash flow of the focus company and explores the
decisions that caused those changes.
INTERNATIONAL PERSPECTIVE BOXES—These boxes highlight the emergence of glo-
bal accounting standards (IFRS) at a level appropriate for the introductory student.
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AND CONTENT
”The textbook
NEW! Anticipating a greater emphasis on International Financial Reporting Stand-
focuses on the
ards (IFRS) in the United States and recognizing its presence in more than
key accounting
100 countries worldwide, selected IFRS topics are integrated in appropriate chapters at a
concepts and
level suitable for introductory financial accounting so students will be well-prepared to
is written
use statements prepared under IFRS in their careers. The coverage in Libby/Libby/Short
exceeds the standards suggested by the PricewaterhouseCoopers (PwC) IFRS Ready pro- clearly so that
gram (2010) for sophomores and juniors presented below: it is easy for
students to
• Sophomores interviewing for summer programs and internships and who have had at least one
understand.”
term of accounting should have a pre-awareness of IFRS by being able to define what IFRS
stands for and why it could be important to their future careers.
—Rada Brooks,
• Juniors and above interviewing for internships or full time positions should be able to demon- University of
strate an awareness of IFRS by being able to articulate which global organization establishes California Berkeley,
IFRS, what an example of a difference between US GAAP and IFRS may be, and generally where Haas School of
it is used in the world. Business
The following table outlines the coverage chapter by chapter.
“The real-life
CHAPTER TOPIC
examples are
1 Financial Statements and The IASB and Global Convergence of Accounting
an excellent
Business Decisions, p.19 Standards
way to draw
2 Investing and Financing The IASB/FASB Project on the Conceptual Framework
Decisions and the Balance in the student
Financial Statement Titles and Balance Sheet Format
Sheet, p.46, 67
Differences and I thought
that the ethics
3 Operating Decisions and the
Income Statement Format Differences
Income Statement, p.107 components
5 Communicating and Interpreting Differences in Accounting Methods Acceptable under and IFRS
Accounting Information, p.237 IFRS and U.S. GAAP components
Treatment of Extraordinary Items were an
7 Cost of Goods Sold and excellent
Use of Last-In First-Out Method for Inventory
Inventory, p.342
addition.”
8 Property, Plant, and Equipment; Measurement Basis of Property, Plant, & Equipment
Natural Resources; and —Tammy Metzke,
Intangibles, p.405, 414 Accounting for Development Costs Milwaukee Area
Technical College
9 Reporting and Interpreting Classification of Refinanced Debt
Liabilities, p.464, 466
Contingent Liabilities
11 Reporting and Interpreting
Stockholders’ Equity Terminology
Owners’ Equity, p.565
13 Statement of Cash Flows, p.649 Treatment of Interest Received and Paid
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PRACTICE IS KEY TO SUCCESS
14 CHAPTER 1 Financial Statements and Business Decisions
PAUSE FOR FEEDBACK
NEW!
PAUSE FOR FEEDBACK
AND SELF-STUDY QUIZ
The statement of retained earnings explains changes to the retained earnings balance caused by net
income and dividends during the reporting period. Check your understanding of these relationships by
completing the following question.
Research shows that students learn best when they
SELF-STUDY QUIZ
are actively engaged in the learning process. This 1 . Mtioanx iodfr idviev’isd esntadtse mafefnect toefd rtehtea ifninedan ecaiarnl ipnogssi trieopno ortfs ththee c womayp atnhyat dnuerti nign ctohme ea cacnodu nthtien gd ipsetrriiboud-.
In a prior period, Maxidrive’s financial statements reported the following amounts: beginning
retained earnings, $5,510; total assets, $20,450; dividends, $900; cost of goods sold expense,
active learning feature engages the student, provides $19,475; net income, $1,780. Without referring to E xhibit 1.4, compute ending retained
earnings.
interactivity, and promotes efficient learning. These After you have completed your answer, check it with the solution at the bottom of the page.
quizzes ask students to pause at strategic points Statement of Cash Flows
Structure
throughout each chapter to ensure they understand key The STATEMENT OF CASH Maxidrive’s statement of cash flows is presented in E xhibit 1.5. The s tatement of cash flows
FLOWS (Cash Flow Statement) (cash flow statement) divides Maxidrive’s cash inflows and outflows (receipts and payments)
points before moving ahead. rceapsohr tdsu rininfglo wthse a ancdc oouuntftlionwg sp oefr iod iinntgo, itnhvee tshtrineeg ,p arnimd afrinya cnactienggo raicetsiv oifti ecsa.s hT hfleo hwesa dinin ag tiydpeinctailf ibeus stihnee snsa:m caes ohf ftlhoew esn ftriotym, tohpee triatlte-
in the categories of operating, of the report, and the unit of measure used in the statement. Like the income statement, the
investing, and financing. cash flow statement covers a specified period of time (the accounting period), which in this
case is one year.
As discussed earlier in this chapter, reported revenues do not always equal cash collected
from customers because some sales may be on credit. Also, expenses reported on the income
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CHAPTER TAKE-AWAYS Change in Cash crehnatn pgeer iiond c:ash reported on the balance sheet from the end of last period to the end of the cur-
+ / − Cash Flows from Operating Activities (CFO)
Bulleted end-of-chapter summaries complement the + / − Cash Flows from Investing Activities (CFI)
+ / − Cash Flows from Financing Activities (CFF)
learning objectives outlined at the beginning of the Change in Cash
Note that each of the three cash flow sources can be positive or negative.
chapter. Elements
Cash flows from operating activities are cash flows that are directly related to earn-
ing income. For example, when Dell, Apple, and other customers pay Maxidrive for the
disk drives it has delivered to them, it lists the amounts collected as cash collected from
Solution to 1. Beginning Retained Earnings ($5,510)  +  Net Income ($1,780)  –  Dividends ($900)  =  Ending Retained
CHAPTER   TAKE-AWAYS SELF-STUDY QUIZ Earnings ($6,390).
1 . R ecognize the information conveyed in each of the four basic financial statements and the way
that it is used by different decision makers (investors, creditors, and managers). p. 4
The balance sheet is a statement of financial position that reports dollar amounts for the assets,
liabilities, and stockholders’ equity at a specific point in time.
Tfohre a i sntcaotemd ep estraiotdem ofe ntitm ies . a statement of operations that reports revenues, expenses, and net income lib11021_ch01_002-041.indd 14 28/05/10 1:32 PM
The statement of retained earnings explains changes to the retained earnings balance that occurred
during the reporting period.
The statement of cash flows reports inflows and outflows of cash for a stated period of time.
T he statements are used by investors and creditors to evaluate different aspects of the firm’s financial COMPREHENSIVE
position and performance. NEW!
2. Identify the role of generally accepted accounting principles (GAAP) in determining the content
of financial statements. p. 18 PROBLEMS
GAAP are the measurement rules used to develop the information in financial statements. Knowledge
of GAAP is necessary for accurate interpretation of the numbers in financial statements.
3. Distinguish the roles of managers and auditors in the accounting communication process. p. 20
M anagement has primary responsibility for the accuracy of a company’s financial information. Audi- Selected chapters include problems that cover topics
tors are responsible for expressing an opinion on the fairness of the financial statement presentations
based on their examination of the reports and records of the company.
4. Appreciate the importance of ethics, reputation, and legal liability in accounting. p. 21 from earlier chapters to refresh, reinforce, and build an
Users will have confidence in the accuracy of financial statement numbers only if the people associ-
ated with their preparation and audit have reputations for ethical behavior and competence. Manage- integrative understanding of the course material.
ment and auditors can also be held legally liable for fraudulent financial statements and malpractice.
I n this chapter, we studied the basic financial statements that communicate financial information to
external users. Chapters 2, 3, and 4 provide a more detailed look at financial statements and examine how
PROBLEMS
lib11021_ch01_002-041.indd 26 28/05/10 1:32 PM
Identifying Accounts on a Classified Balance Sheet and Their Normal Debit or P2-1
Credit Balances (AP2-1) LO1, 2
Exxon Mobil Corporation explores, produces, refines, markets, and supplies crude oil, natural gas, and
petroleum products in the United States and around the world. The following are accounts from a recent
balance sheet of Exxon Mobil Corporation:
COMPREHENSIVE PROBLEM (CHAPTERS 9–11)
Complete the following requirements for each independent case.
Case A: The charter for Rogers, Incorporated, authorized the following capital stock:
Common stock, par $10, 103,000 shares
Preferred stock, 9 percent, par value $8 per share, 4,000 shares
ALTERNATE  PROBLEMS
Preparing an Income Statement, Statement of Retained Earnings, and Balance Sheet (P1-1) AP1-1
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VIII
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IN FINANCIAL ACCOUNTING
CASES  AND PROJECTS CASES AND
PROJECTS
Annual Report Cases
Finding Financial Information CP1-1 This section includes
Refer to the financial statements of American Eagle Outfitters in Appendix B at the end of this book. LO1, 3
Required:
S kim the annual report. Look at the income statement, balance sheet, and cash flow statement closely annual report cases,
and attempt to infer what kinds of information they report. Then answer the following questions based
on the report.
1. What types of products does it sell? financial reporting and
2. On what date does American Eagle Outfitters’s most recent reporting year end?
3. For how many years does it present complete
a. Balance sheets? analysis cases, critical
b. Income statements?
c. Cash flow statements?
4. Are its financial statements audited by independent CPAs? How do you know? thinking cases, and
5. Did its total assets increase or decrease over the last year?
6. How much inventory (in dollars) did the company have as of January 31, 2009 (accountants
would call this the ending balance)? financial reporting and
7. Write out the basic accounting (balance sheet) equation and provide the values in dollars reported
by the company as of January 31, 2009.
FindingFinancialInformation CP1-2 analysis projects.
IPOD DOWNLOADABLE
CONTENT
You are holding a media-integrated textbook
that provides students with portable educa-
tional content—just right for those students
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convenient for them. Financial Accounting 7e
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QUICK REFERENCE TO IPOD ICON:
Lecture Presentations available Topical videos available for
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or MP3 device (audio and visual or MP3 (depending on your
depending on your device). device).
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