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12 Accounting for Partnerships CHAPTER PREVIEW It is not surprising that when Cliff Chenfeld and Craig Balsam began Razor & Tie (see the Feature Story below), they decided to use the partnership form of organization. Both saw the need for hands-on control of their product and its promotion. In this chapter, we discuss reasons why businesses select the partnership form of organization. We also explain the major issues in accounting for partnerships. FEATURE STORY From Trials to the Top Ten In 1990, Cliff Chenfeld and Craig Balsam gave up the razors, ties, and six-figure salaries they had become accustomed to as New York lawyers. Instead, they set up a partnership, Razor & Tie Music, in Cliff’s living room. Ten years later, it became the only record company in the country that had achieved success in selling music both on television and in stores. Razor & Tie’s entertaining and effective TV commercials have yielded unprecedented sales for multi-artist music compilations. At the same time, its hot retail label has been behind some of the most recent original, progressive releases from artists such as Norma Jean, For Today, Chelsea Grin, and Starset. Razor & Tie got its start with its first TV release, Those Fabulous ’70s (100,000 copies sold), followed by Disco Fever (over 300,000 sold). After restoring the respectability of the oft-maligned music of the 1970s, the partners forged into the musical ’80s with the same zeal that elicited success with their first releases. In 1993, Razor & Tie released Totally ’80s, a collection of Top-10 singles from the 1980s that has sold over 450,000 units. In 1995, Razor & Tie broke into the contemporary music world with Living in the ’90s, the most successful record in the history of the company. Featuring a number of songs that were still hits on the radio at the time the package initially aired, Living in the ’90s was a blockbuster. It received Gold certification in less than nine months and rewrote the rules on direct-response albums. For the first time, contemporary music was available through an album offered only through direct-response spots. In fact, Razor & Tie is now a vertically integrated business that includes a music company with major label distribution, a music publishing business, a media buying company, a home video company, a direct marketing operation, and a growing database of entertainment consumers. Razor & Tie has carved out a sizable piece of the market through the complementary talents of the two partners. Their imagination and savvy, along with exciting new releases planned for the coming years, ensure Razor & Tie’s continued growth. 532
Ollyy/Shutterstoc y/ CHAPTER OUTLINE 1 Learning Objectives Discuss and account for the formation of a partnership. • Characteristics of partnerships • Organizations with partnership characteristics • Advantages and disadvantages of partnerships • The partnership agreement • Accounting for a partnership formation DO IT! 1 Partnership Organization 2 Explain how to account for net income or net loss of a partnership. • Dividing net income or net loss • Partnership financial statements DO IT! 2 Division of Net Income 3 Explain how to account for the liquidation of a partnership. • No capital deficiency • Capital deficiency DO IT! Partnership Liquidation— 3a No Capital Deficiency 3b Partnership Liquidation— Capital Deficiency Go to the REVIEW AND PRACTICE section at the end of the chapter for a review of key concepts and practice applications with solutions. Visit WileyPLUS with ORION for additional tutorials and practice opportunities.
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ACCOUNTING PRINCIPLES TWELFTH EDITI
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Account Title Classification Financ
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ACCOUNTING PRINCIPLES TWELFTH EDITI
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Brief Contents 1 Accounting in Acti
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Author Commitment Jerry Weygandt Je
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Streamlined Learning Objectives New
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Table of Contents 1 Accounting in A
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LO *6: APPENDIX 6B: Describe the tw
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LO 3: Prepare and analyze a compreh
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LO 2: Compute present values. G-7 P
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Jeanette Milius Iowa Western Commun
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CHAPTER OUTLINE Learning Objectives
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Accounting Activities and Users 5 C
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Building Blocks of Accounting 7 DO
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Building Blocks of Accounting 9 The
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Building Blocks of Accounting 11 in
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The Accounting Equation 13 Owner’
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Analyzing Business Transactions 15
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The Four Financial Statements 21 LE
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The Four Financial Statements 23 Wh
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Appendix 1A: Career Opportunities i
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The Review and Practice section pro
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Practice Multiple-Choice Questions
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Practice Problem 31 5. Increase in
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Questions 33 QUESTIONS Brief Exerci
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DO IT! Exercises 35 ________ (a) Ad
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Exercises 37 says, “Showing the l
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Exercises 39 End of year: Total ass
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Problems: Set A 41 6. Withdrew $700
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Broadening Your Perspective 43 BROA
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Broadening Your Perspective 45 subm
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A Look at IFRS 47 Looking to the Fu
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Accounts, Debits, and Credits 51 Ev
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Accounts, Debits, and Credits 53 In
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The Journal 55 The steps in the rec
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The Ledger and Posting 57 DO IT! 2
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The Ledger and Posting 59 Posting T
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The Ledger and Posting 61 perform t
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The Ledger and Posting 63 Transacti
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The Ledger and Posting 65 Transacti
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The Ledger and Posting 67 Illustrat
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The Trial Balance 69 4. Incorrect a
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Practice Exercises 73 12. (c) The b
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Practice Problem 75 PRACTICE PROBLE
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Brief Exercises 77 4. Erica Mendez,
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Exercises 79 DO IT! Exercises DO IT
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Exercises 81 E2-8 Teresa Alvarez ha
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Problems: Set A 83 5. A cash purcha
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Problems: Set B and Set C 85 Each o
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Broadening Your Perspective 87 (b)
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Broadening Your Perspective 89 A r
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A Look at IFRS 91 (c) proves that a
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Recognizing Revenues and Expenses I
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Adjusting Entries for Deferrals 97
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Adjusting Entries for Accruals 105
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Adjusted Trial Balance and Financia
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Adjusted Trial Balance and Financia
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Appendix 3A: Adjusting Entries for
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Appendix 3A: Adjusting Entries for
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Appendix 3B: Financial Reporting Co
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Review and Practice 121 REVENUE REC
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Practice Exercises 125 12. (b) Adju
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Questions 127 Solution GENERAL JOUR
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Brief Exercises 129 BE3-6 Using the
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Exercises 131 Debit Credit Prepaid
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Exercises 133 2. A count of supplie
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Exercises 135 (b) If the amount in
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Exercises 137 *E3-18 Presented belo
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Problems: Set A 139 In addition to
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Problems: Set A 141 3. Notes Payabl
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Broadening Your Perspective 143 5.
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Communication Activity BYP3-6 In re
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A Look at IFRS 147 Looking to the F
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The Worksheet 151 STEP 1: PREPARE A
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The Worksheet 153 Illustration 4-3A
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STEP 4: EXTEND ADJUSTED TRIAL BALAN
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The Worksheet 157 Preparing Financi
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Closing the Books 159 In contrast,
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Closing the Books 161 GENERAL JOURN
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Closing the Books 163 Preparing a P
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Closing the Books 165 (Temporary Ac
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Accounting Cycle and Correcting Ent
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Classified Balance Sheet 169 LEARNI
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Classified Balance Sheet 171 As we
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Classified Balance Sheet 173 Illust
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Appendix 4A: Reversing Entries 175
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Review and Practice 177 2 3 Prepare
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Practice Exercises 181 (c) HERCULES
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Practice Problem 183 Instructions (
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Brief Exercises 185 QUESTIONS Brief
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Exercises 187 * BE4-12 At October 3
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Exercises 189 Instructions Prepare
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Exercises 191 E4-10 Renee Davis has
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Problems: Set A 193 * E4-18 Lovrek
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Problems: Set A 195 BRAY COMPANY Wo
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Comprehensive Problem: Chapters 2 t
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Broadening Your Perspective 199 Ins
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Communication Activity BYP4-6 The a
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A Look at IFRS 203 FRANKLIN COMPANY
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A Look at IFRS 205 International Co
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Merchandising Operations and Invent
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Recording Purchases under a Perpetu
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Recording Sales under a Perpetual S
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Recording Sales under a Perpetual S
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Merchandising Company Accounting Cy
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Multiple-Step vs. Single-Step Incom
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Review and Practice 237 REVIEW AND
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Practice Problem 241 Solution 2. (a
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Brief Exercises 243 12. Explain why
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DO IT! Exercises 245 Example Cash:
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Exercises 247 E5-5 Presented below
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Exercises 249 Adjusted Income Accou
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Problems: Set A 251 EXERCISES: SET
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Problems: Set A 253 The chart of ac
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Comprehensive Problem 255 Instructi
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A Look at IFRS 259 At what point sh
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A Look at IFRS 261 International Fi
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Classifying and Determining Invento
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Classifying and Determining Invento
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Specific Identification If Crivitz
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Inventory Methods and Financial Eff
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Effects of Inventory Errors 277 LEA
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Inventory Statement Presentation an
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Inventory Statement Presentation an
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Appendix 6A: Inventory Cost Flow Me
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Appendix 6B: Estimating Inventories
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Review and Practice 287 3 4 (LIFO)
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Questions 293 (b) LIFO Method Date
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DO IT! Exercises 295 BE6-7 Cruz Vid
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Exercises 297 3. Included in the in
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Exercises 299 Smart uses a periodic
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Problems: Set A 301 * E6-20 Kicks S
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Problems: Set A 303 Instructions (a
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Comprehensive Problem 305 Hardcover
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Broadening Your Perspective 307 ann
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A Look at IFRS 309 Similarities •
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Basic Concepts of Accounting Inform
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Subsidiary Ledgers 315 LEARNING OBJ
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Using Special Journals 317 2. They
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Using Special Journals 319 General
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Using Special Journals 321 Postings
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Using Special Journals 323 Credit C
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Using Special Journals 329 Effects
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Review and Practice 331 Companies n
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Practice Exercises 333 (LO 3) (b) D
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Practice Problem 335 2. Below are s
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Exercises 339 DO IT! 7-3 Hinske Com
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Exercises 341 Instructions (a) Prep
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Problems: Set A 343 Instructions Fr
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Problems: Set A 345 5 Purchased mer
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Broadening Your Perspective 351 27
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A Look at IFRS 353 A Look at IFRS L
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Fraud and Internal Control 357 the
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Fraud and Internal Control 359 Tota
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Fraud and Internal Control 361 Simi
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Fraud and Internal Control 363 Segr
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Fraud and Internal Control 365 Limi
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Cash Controls 367 tape is locked in
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Cash Controls 369 Cash Disbursement
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Cash Controls 371 expenditures that
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Control Features of a Bank Account
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Reporting Cash 381 Solution Sally s
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Review and Practice 383 2 safeguard
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Practice Exercises 385 Solutions 1.
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Practice Problem 387 PRACTICE PROBL
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Exercises 391 EXERCISES E8-1 Eve He
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Exercises 393 Receipt Date No. For
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Problems: Set A 397 The cash record
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Broadening Your Perspective 399 Adj
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Broadening Your Perspective 401 At
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A Look at IFRS 403 Differences •
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Recognition of Accounts Receivable
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Valuation and Disposition of Accoun
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Recognition of Notes Receivable 417
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Valuation and Disposition of Notes
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Review and Practice 423 The result
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Practice Exercises 427 PRACTICE EXE
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Questions 429 May 10 Allowance for
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Problems: Set A 435 (c) Assume that
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Comprehensive Problem 437 Jan. 5 So
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Comparative Analysis Problem: Pepsi
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Plant Asset Expenditures 445 Land a
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Depreciation Methods 449 Revenue-pr
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Depreciation Methods 451 Note that
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Depreciation Methods 453 A common d
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Plant Asset Disposals 455 Book valu
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Plant Asset Disposals 457 GAIN ON S
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Natural Resources and Intangible As
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Natural Resources and Intangible As
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Statement Presentation and Analysis
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Appendix 10A: Exchange of Plant Ass
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Review and Practice 467 In recordin
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Practice Problems 471 Solution 1. (
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Questions 473 (b) 7/1/20 Depreciati
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Exercises: Set B and Challenge Exer
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Problems 823 EXERCISES: SET B AND C
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Problems 827 Target Wal-Mart Corpor
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Problems: Set B 829 Liabilities and
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A Look at IFRS 833 The latter part
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Managerial Accounting Overview 837
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Managerial Cost Concepts 841 DIRECT
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Broadening Your Perspective 873 The
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Broadening Your Perspective 875 1.
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© Pictorial Press Ltd/Alamy CHAPTE
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Cost Accounting Systems 879 associa
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Cost Accounting Systems 881 At this
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Assigning Manufacturing Costs 883 I
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Assigning Manufacturing Costs 885 s
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Predetermined Overhead Rate 887 and
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Predetermined Overhead Rate 889 Thi
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Jobs Completed and Sold 891 When a
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Jobs Completed and Sold 893 Job Ord
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Applied Manufacturing Overhead 895
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Review and Practice 897 After Walla
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Practice Problem 901 (b) Jan. 31 Wo
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Brief Exercises 903 Brief Exercises
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Exercises 905 EXERCISES E20-1 The g
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Exercises 907 3. Factory labor cost
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Problems: Set A 911 (b) Post the en
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Broadening Your Perspective 913 BRO
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Broadening Your Perspective 915 Ali
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Elaine Thompson/AP Photo CHAPTER OU
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Overview of Process Cost System 919
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Process Cost Flow 921 LEARNING OBJE
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Process Cost Flow 923 TRANSFER TO N
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Equivalent Units 925 This method of
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Production Cost Report 927 LEARNING
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Production Cost Report 929 Equivale
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Production Cost Report 931 1 2 3 4
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Just-in-Time Processing and Activit
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Just-in-Time Processing and Activit
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Appendix 21A: Applying Activity-Bas
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Appendix 21A: Applying Activity-Bas
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Practice Exercises 943 4. (b) The d
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Brief Exercises 947 and (b) the Fin
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Exercises 949 EXERCISES E21-1 Rober
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Exercises 953 1. Applications in pr
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Problems: Set A 955 Cutting Departm
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Continuing Problems 957 *P21-7A Sch
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CHAPTER OUTLINE Eric Gerrard/iStock
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Cost Behavior Analysis 963 shows, t
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Cost Behavior Analysis 965 (a) Tota
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Mixed Costs Analysis 967 collect da
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Mixed Costs Analysis 969 Importance
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CVP Analysis 971 VARGO VIDEO COMPAN
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CVP Analysis 973 We can also see th
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Break-Even Analysis 975 Contributio
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Target Net Income and Margin of Saf
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Target Net Income and Margin of Saf
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CVP Analysis and the Business Envir
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Appendix 22A: Absorption Costing vs
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Appendix 22A: Absorption Costing vs
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Practice Exercises 989 2. (c) The r
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Questions 991 (c) Margin of safety
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DO IT! Exercises 993 BE22-6 Rice Co
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Exercises 995 Instructions (a) Defi
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Exercises 997 E22-11 Naylor Company
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Problems: Set A 999 Total Variable
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BROADENING YOUR MANAGEMENT DECISION
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Broadening Your Perspective 1003 In
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CHAPTER OUTLINE Deidre Schoo/The Ne
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Effective Budgeting and the Master
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Effective Budgeting and the Master
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Sales, Production, and Direct Mater
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Direct Labor, Manufacturing Overhea
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Direct Labor, Manufacturing Overhea
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Cash Budget and Budgeted Balance Sh
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Cash Budget and Budgeted Balance Sh
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Budgeting in Nonmanufacturing Compa
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Budgeting in Nonmanufacturing Compa
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Practice Exercises 1031 10. (a) The
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Practice Problems 1033 PRACTICE PRO
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Questions 1035 (c) BARRETT COMPANY
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DO IT! Exercises 1037 BE23-5 For Gu
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Exercises 1039 Department Quarter 1
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Exercises 1041 Variable overhead co
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Problems: Set A 1043 Beginning cash
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Problems: Set A 1045 P23-4A Colter
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Comprehensive Case 1047 PROBLEMS: S
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Broadening Your Perspective 1049 Th
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All About You BYP23-6 In order to g
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Eviled/Shutterstock CHAPTER OUTLINE
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Budgetary Control and Static Budget
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Flexible Budget Reports 1057 Soluti
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Flexible Budget Reports 1059 When y
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Flexible Budget Reports 1061 The fo
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Flexible Budget Reports 1063 1 2 3
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Responsibility Accounting and Respo
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Evaluating Investment Centers 1073
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Evaluating Investment Centers 1075
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Review and Practice 1077 Solution (
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Practice Problem 1081 (b) (1) Contr
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DO IT! Exercises 1083 BE24-4 Gundy
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Exercises 1085 Instructions (a) Pre
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Exercises 1087 As a result of this
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Exercises 1089 Instructions (a) Com
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Problems: Set A 1091 PROBLEMS: SET
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Problems: Set A 1093 P24-5A Optimus
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WATERWAYS (Note: This is a continua
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Real-World Focus BYP24-3 Computer A
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Broadening Your Perspective 1099 Be
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Standard Costs 1103 a way to place
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Standard Costs 1105 Quantity Item (
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Direct Materials Variances 1107 DO
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Direct Materials Variances 1109 to
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Direct Labor and Manufacturing Over
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Direct Labor and Manufacturing Over
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Variance Reports and Balanced Score
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Appendix 25A: Standard Cost Account
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Appendix 25B: Overhead Controllable
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Practice Problem 1129 Labor price v
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Brief Exercises 1131 15. What are t
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Exercises 1133 Hank estimates that
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Exercises 1135 Analysis reveals tha
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Exercises 1137 3. Contribution marg
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Problems: Set A 1139 The predetermi
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Continuing Problems 1141 5. Incurre
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Broadening Your Perspective 1143 ea
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Ethics Case BYP25-7 At Symond Compa
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Gabriela Hasbun/Redux CHAPTER OUTLI
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Decision-Making and Incremental Ana
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Decisions Involving Incremental Ana
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Annual Rate of Return and Cash Payb
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Net Present Value and Internal Rate
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Net Present Value and Internal Rate
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Practice Exercises 1171 Solutions 1
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Practice Problems 1173 3. MCA Corpo
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Brief Exercises 1175 Brief Exercise
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DO IT! Exercises 1177 Revenues Main
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Exercises 1179 A supplier offers to
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Problems: Set A 1181 Annual income
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Problems: Set A 1183 Division I II
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Continuing Problems 1185 (f) What t
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BROADENING YOUR MANAGEMENT DECISION
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Broadening Your Perspective 1189 CR
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A-2 Appendix A Specimen Financial S
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A-4 Appendix A Specimen Financial S
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Appendix B Specimen Financial State
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C-2 Appendix C Specimen Financial S
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C-4 Appendix C Specimen Financial S
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D-2 Appendix D Specimen Financial S
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D-4 Appendix D Specimen Financial S
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Appendix E Specimen Financial State
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Consolidated Statements of Sharehol
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Appendix F Specimen Financial State
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Appendix G Time Value of Money APPE
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Interest and Future Values G-3 unpa
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Interest and Future Values G-5 seri
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Present Values G-7 LEARNING OBJECTI
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Present Values G-9 The following tw
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Present Values G-11 Table 4 shows t
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Present Values G-13 Illustration G-
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Using Financial Calculators G-15 Pr
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Using Financial Calculators G-17 CO
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Brief Exercises G-19 4 inflows and
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Brief Exercises G-21 BEG-14 Assume
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Appendix H Standards of Ethical Con
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Company Index A Ace Hardware, 285 A
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Company Index I-3 Sharp, 1166 Shell
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I-6 Subject Index Available-for-sal
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I-8 Subject Index Cost flow assumpt
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I-10 Subject Index Financial statem
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I-12 Subject Index Inventory(-ies)
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I-14 Subject Index Net income, 21 c
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I-16 Subject Index Recordkeeping, s
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I-18 Subject Index Unearned revenue
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RAPID REVIEW Chapter Content RECEIV
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RAPID REVIEW Chapter Content BUDGET
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RAPID REVIEW Using the Information
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