Reflect upon your experiences and the concepts studied throughout the course. In your own words, explain what accounting is all about. What is or was the most difficult concept to grasp about accounting? What are some tips you would share with future students taking the course?This is a protected document. Please enter yourANGEL username and password.Username:Password:LoginNeed assistance logging in? Click here!Automatically sign me into this document in the future.(Do not select this when using a public computer)If you experience any technical difficulty or have any technical questions, please contact technicalsupport during the following hours: M-F, 6am-12am MST or Sat-Sun, 7am-12am MST by phone at(800) 800-9776 ext. 7200 or submit a ticket online by visiting http://help.gcu.edu.Doc ID:FM.qxd10/13/1011:36 AMPage iiiPaul D. Kimmel PhD, CPAUniversity of Wisconsin—MilwaukeeMiIwaukee, WisconsinJerry J. Weygandt PhD, CPAUniversity of Wisconsin—MadisonMadison, WisconsinDonald E. Kieso PhD, CPAJohn Wiley & Sons, Inc.Northern Illinois UniversityDeKalb, IllinoisCopyright © 2011 John Wiley & Sons, Inc.FM.qxd10/16/1012:23 AMPage ivDedicated tothe Wiley sales representativeswho sell our books and serviceour adopters in a professionaland ethical manner and toEnid, Merlynn, and DonnaVice President & PublisherAssociate PublisherProject EditorDevelopment EditorProject ManagerProduction ManagerProject EditorProduction EditorSenior Production EditorAssociate Director of MarketingSenior Marketing ManagerExecutive Media EditorMedia EditorCreative DirectorSenior DesignerProduction Management ServicesSenior Illustration EditorSenior Photo EditorEditorial AssistantSenior Marketing AssistantAssistant Marketing ManagerCover DesignCover PhotoGeorge HoffmanChristopher DeJohnEd BrislinTerry Ann TatroPaul LopezDorothy SinclairYana MermelErin BascomTrisha McFaddenAmy ScholzRamona ShermanAllison MorrisGreg ChaputHarry NolanMadelyn LesureIngrao AssociatesSandra RigbyMary Ann PriceJacqueline KeppingLaura FinleyDiane MarsMaureen Eide©Peter McBride/Getty Image, Inc.This book was set in New Aster by Aptara®, Inc. and printed and bound by RR Donnelley. Thecover was printed by RR Donnelley.Copyright © 2011 John Wiley & Sons, Inc. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by anymeans, electronic, mechanical, photocopying, recording, scanning or otherwise, except as permitted under Sections 107 or 108 of the 1976 United States Copyright Act, withouteither the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc. 222 Rosewood Drive,Danvers, MA 01923, website www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 RiverStreet, Hoboken, NJ 07030-5774, (201)748-6011, fax (201)748-6008, website http://www.wiley.com/go/permissions.To order books or for customer service please, call 1-800-CALL WILEY (225-5945).Paul D. Kimmel, PhD, CPA; Jerry J. Weygandt, PhD, CPA;and Donald E. Kieso, PhD, CPAFinancial Accounting, Sixth EditionISBN-13 978-0-470-53477-9Printed in the United States of America10 9 8 7 6 5 4 3 2 1Copyright © 2011 John Wiley & Sons, Inc.FM.qxd10/13/1011:38 AMPage xviAcknowledgmentsFinancial Accounting has benefited greatly from the input of focus group participants, manuscript reviewers,those who have sent comments by letter or e-mail, ancillary authors, and proofers. We greatly appreciatethe constructive suggestions and innovative ideas of reviewers and the creativity and accuracy of theancillary authors and checkers.Prior EditionsThanks to the following reviewers and focus groupparticipants of prior editions of Financial Accounting:Dawn Addington, Central New Mexico Community College;Gilda Agacer, Monmouth University; Solochidi Ahiarah, BuffaloState College; C. Richard Aldridge, Western Kentucky University;Sheila Ammons, Austin Community College; Thomas G. Amyot,College of Santa Rose; Brian Baick, Montgomery College;Cheryl Bartlett, Central New Mexico Community College; TimothyBaker, California State University—Fresno; Benjamin Bean, UtahValley State College.Victoria Beard, University of North Dakota; Angela H. Bell,Jacksonville State University; Charles Bokemeier, Michigan StateUniversity; John A. Booker, Tennessee Technological University;Robert L. Braun, Southeastern Louisiana University; Daniel Brickner,Eastern Michigan University; Sarah Ruth Brown, University of NorthAlabama; Charles Bunn, Wake Technical Community College;Thane Butt, Champlain College; James Byrne, Oregon StateUniversity; and Sandra Byrd, Missouri State University.Judy Cadle, Tarleton State University; Julia Camp, University ofMassachusetts—Boston; David Carr, Austin Community College;Jack Cathey, University of North Carolina—Charlotte; Andy Chen,Northeast Illinois University; Jim Christianson, Austin CommunityCollege; Laura Claus, Louisiana State University; Leslie A. Cohen,University of Arizona; Teresa L. Conover, University of NorthTexas; Samantha Cox, Wake Technical Community College;Janet Courts, San Bernadino Valley College; Dori Danko, GrandValley State University; Helen Davis, Johnson and Wales University;Cheryl Dickerson, Western Washington University; George M. Dow,Valencia Community College—West; Kathy J. Dow, Salem StateCollege; and Lola Dudley, Eastern Illinois University.Mary Emery, St. Olaf College; Martin L. Epstein, Central NewMexico Community College; Larry R. Falcetto, Emporia StateUniversity; Scott Fargason, Louisiana State University; Janet Farler,Pima Community College; Sheila D. Foster, The Citadel; JessicaJ. Frazier, Eastern Kentucky University; Lisa Gillespie, LoyolaUniversity—Chicago; Norman H. Godwin, Auburn University; DavidGotlob, Indiana University—Purdue University—Fort Wayne; EmmettGriner, Georgia State University; Leon J. Hanouille, SyracuseUniversity; Kenneth M. Hiltebeitel, Villanova University; HarryHooper, Santa Fe Community College; Judith A. Hora, Universityof San Diego; and Carol Olson Houston, San Diego StateUniversity; and Sam Isley, Wake Technical Community College.Norma Jacobs, Austin Community College; Marianne L. James,California State University—Los Angeles; Stanley Jenne, Universityof Montana; Christopher Jones, George Washington University;Jane Kaplan, Drexel University; John E. Karayan, California StateUniversity—Pomona; Susan Kattelus, Eastern Michigan University;Dawn Kelly, Texas Tech University; Cindi Khanlarian, Universityof North Carolina—Greensboro; Robert Kiddoo, California StateUniversity—Northridge; Robert J. Kirsch, Southern ConnecticutState University; Frank Korman, Mountain View College; andJerry G. Kreuze, Western Michigan University.John Lacey, California State University—Long Beach; Doug Laufer,Metropolitan State College of Denver; Doulas Larson, Salem StateCollege; Keith Leeseberg, Manatee Community College; GlendaLevendowski, Arizona State University; Seth Levine, DeVryUniversity; James Lukawitz, University of Memphis; Noel McKeon,Florida Community College; P. Merle Maddocks, University ofAlabama—Huntsville; Janice Mardon, Green River CommunityCollege; John Marts, University of North Carolina—Wilmington;Alan Mayer-Sommer, Georgetown University; Sara Melendy,Gonzaga University; Barbara Merino, University of North Texas;Jeanne Miller, Cypress College; Robert Miller, California StateUniversity—Fullerton; Elizabeth Minbiole, Northwood University;Sherry Mirbod, Montgomery College; Andrew Morgret, Universityof Memphis; Michelle Moshier, SUNY Albany; Marguerite Muise,Santa Ana College; James Neurath, Central Michigan University;and Gale E. Newell, Western Michigan University; Jim Neurath,Central Michigan University; and Garth Novack, UtahState University.Suzanne Ogilby, Sacramento State University; Sarah N. Palmer,University of North Carolina—Charlotte; Patricia Parker, ColumbusState Community College; Charles Pier, Appalachian StateUniversity; Meg Pollard, American River College; Franklin J. Plewa,Idaho State University; John Purisky, Salem State College; DonaldJ. Raux, Siena College; Judith Resnick, Borough of ManhattanCommunity College; Mary Ann Reynolds, Western WashingtonUniversity; Carla Rich, Pensacola Junior College; Ray Rigoli,Ramapo College of New Jersey; Jeff Ritter, St. Norbert College;Brandi Roberts, Southeastern Louisiana University; PatriciaA. Robinson, Johnson and Wales University; Nancy Rochman,University of Arizona; Marc A. Rubin, Miami University; andJohn A. Rude, Bloomsburg University.Alfredo Salas, El Paso Community College; Christine Schalow,California State University—San Bernadino; Michael Schoderbek,Rutgers University; Richard Schroeder, University of NorthCarolina—Charlotte; Bill N. Schwartz, Stevens Institute ofTechnology; Jerry Searfoss, University of Utah; Cindy Seipel, NewMexico State University; Anne E. Selk,University of Wisconsin—Green Bay; William Seltz, University of Massachusetts; SuzanneSevalstad, University of Nevada; Mary Alice Seville, Oregon StateUniversity; Donald Smillie, Southwest Missouri State University;Aileen Smith, Stephen F. Austin State University; Talitha Smith,Auburn University; Pam Smith, Northern Illinois University; William E.Smith, Xavier University; Will Snyder, San Diego State University;Chris Solomon, Trident Technical College;Teresa A. Speck,St. Mary’sUniversity of Minnesota; Charles Stanley,Baylor University; RonStone, California State University—Northridge; Gary Stout, CaliforniaState University—Northridge; Gracelyn Stuart, Palm Beach CommunityCollege; and Ellen L. Sweatt, Georgia Perimeter College.William Talbot, Montgomery College; Diane Tanner, University ofNorth Florida; Pamadda Tantral, Fairleigh Dickinson University;Steve Teeter, Utah Valley State College; Andrea B. Weickgenannt,Northern Kentucky University; David P. Weiner, University of SanFrancisco; Frederick Weis, Claremont McKenna College; T. SterlingWetzel, Oklahoma State University; Allan Young, DeVry University;Michael F. van Breda, Texas Christian University; Linda G. Wade,Tarleton State University; Stuart K. Webster, University of Wyoming;V. Joyce Yearley, New Mexico State University; and Joan Van Hise,Fairfield University.Copyright © 2011 John Wiley & Sons, Inc.FM.qxd10/13/1011:38 AMPage xviiSixth EditionThanks to the following reviewers, focus group participants,and others who provided suggestions for the Sixth Edition:Los Angeles Valley CollegeLos Angeles Valley CollegeNorth Carolina State UniversityChamplain CollegeMissouri State UniversityCollege of DuPageLos Angeles Valley CollegeUniversity of ArizonaUniversity of DelawareCentral Connecticut State UniversitySt. Louis Community College—MeramecAllan Hancock CollegeMira Costa CollegeOakland UniversityLoyola Marymount UniversityOklahoma State UniversitySan Diego Mesa CollegeSeminole State College andValencia Community CollegeHassan HefziCalifornia State PolyTech University—PomonaRyan HuldahIona CollegeAnn KellyProvidence CollegeLihon LiangSyracuse UniversitySal MarinoWestchester Community CollegeNoel McKeonFlorida Community College at JacksonvillePaul MihalekCentral Connecticut State UniversityJeanne MillerCypress CollegeWilliam J. NealonSchenectady County Community CollegeGarth NovackUniversity of WashingtonRosemary NurreSan Mateo Community CollegeTerry PattonMidwestern State UniversityRonald PiernoFlorida State UniversityJohn PuriskySalem State UniversityRay ReisigPace University, PleasantvilleRod RidenourMontana State University—BozemanLarry RittenbergUniversity of WisconsinCecile M. RobertiCommunity College of Rhode IslandLawrence RomanCuyahoga Community CollegeRobert RussNorthern Kentucky UniversityGerald SmithUniversity of Northern IowaVic StantonUniversity of California, BerkleyDiane TannerUniversity of North FloridaMichael TydlaskaMountain View CollegeJoan Van HiseFairfield UniversityRichard Van NessSchenectady County Community CollegeBarbara Warschawski Schenectady County Community CollegeWendy WilsonSouthern Methodist UniversitySylvia AllenJuanita ArdavanyEvangelie BrodieThane ButtSandra ByrdLisa CapozzoliSiu ChungLeslie CohenRita Kingery CookCheryl CrespiSue CounteBrent W. DarwinMichael DeschampsGadis DillonAlan FalconLance FisherRoger GeeLisa GrayWe appreciate the exemplary support and commitment given to us byassociate publisher Chris DeJohn, senior marketing manager RamonaSherman, project editor Ed Brislin, project editor Yana Mermel, development editor Terry Ann Tatro, senior media editor Allie Morris,media editor Greg Chaput, vice president of higher educationproduction and manufacturing Ann Berlin, designer Maddy Lesure,illustration editor Anna Melhorn, photo editor Mary Ann Price,permissions editor Joan Naples, project editor Suzanne Ingrao ofIngrao Associates, indexer Steve Ingle, Denise Showers at Aptara,Cyndy Taylor, and project manager Danielle Urban at Elm StreetPublishing Services. All of these professionals provided innumerableservices that helped the textbook take shape.Ancillary Authors,Contributors, and ProofersWe sincerely thank the following individuals for their hard workin preparing the content that accompanies this textbook:LuAnn BeanJack BorkeRichard CampbellSandra CohenLarry R. FalcettoCecelia M. FewoxCoby HarmonHarry HoweLaura McNallyKevin McNelisBarb MullerRex SchildhouseEileen M. ShifflettDiane TannerSheila VielDick D. WassonBernie WeinrichMelanie YonFlorida Institute of TechnologyUniversity of Wisconsin—PlattevilleUniversity of Rio GrandeColumbia College—ChicagoEmporia State UniversityCollege of CharlestonUniversity of California, Santa BarbaraState University of New York—GeneseoBlack Hills State CollegeNew Mexico State UniversityArizona State UniversitySan Diego Community CollegeJames Madison UnversityUniversity of North FloridaUniversity of Wisconsin—MilwaukeeSouthwestern CollegeLindenwood UniversityWe also greatly appreciate the expert assistance providedby the following individuals in checking the accuracyof the content that accompanies this textbook:LuAnn BeanTerry ElliottJames M. EmigLarry R. FalcettoKirk LynchBarb MullerYvonne PhangJohn PlouffeRex SchildhouseAlice SineathTeresa SpeckLynn StallworthSheila VielDick D. WassonBernie WeinrichFlorida Institute of TechnologyMorehead State UniversityVillanova UniversityEmporia State UniversitySandhills Community CollegeArizona State UniversityBorough of Manhattan Community CollegeCalifornia State University—Los AngelesSan Diego Community CollegeForsyth Technical Community CollegeSaint Mary’s University of MinnesotaAppalachian State UniversityUniversity of WisconsinSouthwestern CollegeLindenwood UniversityFinally, our thanks to Amy Scholz, Susan Elbe, George Hoffman,Tim Stookesberry Joe Heider, Bonnie Lieberman, and Will Pesce, fortheir support and leadership in Wiley’s College Division. We willappreciate suggestions and comments from users—instructors andstudents alike. You can send your thoughts and ideas about thetextbook to us via email at: AccountingAuthors@yahoo.com.Paul D. KimmelMilwaukee, WisconsinJerry J.WeygandtMadison, WisconsinDonald E. KiesoDeKalb, IllinoisCopyright © 2011 John Wiley & Sons, Inc.FM.qxd10/13/1011:38 AMPage xviiiCopyright © 2011 John Wiley & Sons, Inc.FM.qxd10/13/1011:38 AMPage xixBrief Contents12345678910111213Introduction to Financial Statements 2A Further Look at Financial Statements 46The Accounting Information System 100Accrual Accounting Concepts 162Merchandising Operations and theMultiple-Step Income Statement 226Reporting and Analyzing Inventory 280Fraud, Internal Control, and Cash 334Reporting and Analyzing Receivables 396Reporting and Analyzing Long-Lived Assets 446Reporting and Analyzing Liabilities 504Reporting and Analyzing Stockholders’ Equity 568Statement of Cash Flows 622Financial Analysis: The Big Picture 684APPENDICESA Specimen Financial Statements:Tootsie Roll Industries, Inc. A-1B Specimen Financial Statements:The Hershey Company B-1C Specimen Financial Statements: Zetar plc C-1D Time Value of Money D-1E Reporting and Analyzing Investments E-1xixCopyright © 2011 John Wiley & Sons, Inc.FM.qxd10/13/1011:38 AMPage xxContentschapter 1chapter 3Introduction toFinancial StatementsThe AccountingInformation System 1002Knowing the Numbers 3Forms of Business Organization 4Internal Users 5External Users 6Ethics in Financial Reporting 7Business Activities 9Financing Activities 9Investing Activities 9Operating Activities 10Communicating with Users 11Income Statement 11Retained Earnings Statement 12Balance Sheet 13Statement of Cash Flows 15Interrelationships of Statements 16Other Elements of an Annual Report 19A Look at IFRS 42chapter 2A Further Look atFinancial Statements 46Just Fooling Around? 47The Classified Balance Sheet 48Current Assets 49Long-Term Investments 50Property, Plant, and Equipment 51Intangible Assets 51Current Liabilities 52Long-Term Liabilities 52Stockholders’ Equity 53Using the Financial Statements 54Ratio Analysis 54Using the Income Statement 55Using the Statement of Stockholders’Equity 56Using a Classified Balance Sheet 58Keeping an Eye on Cash 61Financial Reporting Concepts 63The Standard-Setting Environment 63Qualities of Useful Information 64Assumptions in Financial Reporting 66Constraints in Financial Reporting 67A Look at IFRS 96Accidents Happen 101The Accounting Information System 102Accounting Transactions 102Analyzing Transactions 103Summary of Transactions 109The Account 111Debits and Credits 111Debit and Credit Procedures 112Stockholders’ Equity Relationships 115Summary of Debit/Credit Rules 116Steps in the Recording Process 116The Journal 117The Ledger 119Chart of Accounts 120Posting 120The Recording Process Illustrated 120Summary Illustration ofJournalizing and Posting 127The Trial Balance 129Limitations of a Trial Balance 129Keeping an Eye on Cash 130A Look at IFRS 159chapter 4Accrual Accounting Concepts 162What Was Your Profit? 163Timing Issues 164The Revenue Recognition Principle 164The Expense Recognition Principle 165Accrual versus Cash Basis of Accounting 166The Basics of Adjusting Entries 167Types of Adjusting Entries 168Adjusting Entries for Deferrals 169Adjusting Entries for Accruals 175Summary of Basic Relationships 181The Adjusted Trial Balanceand Financial Statements 183Preparing the Adjusted Trial Balance 183Preparing Financial Statements 184Closing the Books 186Preparing Closing Entries 186Preparing a Post-Closing Trial Balance 188Summary of the Accounting Cycle 190xxCopyright © 2011 John Wiley & Sons, Inc.FM.qxd10/13/1011:38 AMPage xxiQuality of Earnings 190Keeping an Eye on Cash 191APPENDIX 4A Adjusting Entries in an AutomatedWorld–Using a Worksheet 195A Look at IFRS 224chapter 5Merchandising Operationsand the Multiple-Step IncomeStatement 226Who Doesn’t Shop at Wal-Mart? 227Merchandising Operations 228Operating Cycles 229Flow of Costs 229Recording Purchases of Merchandise 231Freight Costs 232Purchase Returns and Allowances 233Purchase Discounts 234Summary of Purchasing Transactions 235Recording Sales of Merchandise 236Sales Returns and Allowances 237Sales Discounts 238Income Statement Presentation 239Sales Revenues 241Gross Profit 241Operating Expenses 241Nonoperating Expenses 242Determining Cost of Goods SoldUnder a Periodic System 244Evaluating Profitability 245Gross Profit Rate 245Profit Margin Ratio 247Keeping an Eye on Cash 248APPENDIX 5A Periodic Inventory System 251Recording Merchandise Transactions 251Recording Purchases of Merchandise 251Freight Costs 251Recording Sales of Merchandise 252Comparison of Entries–Perpetual vs. Periodic 253A Look at IFRS 276chapter 6Reporting andAnalyzing Inventory 280“Where Is That Spare Bulldozer Blade?“ 281Classifying Inventory 282Determining Inventory Quantities 283Taking a Physical Inventory 283Determining Ownership of Goods 284Inventory Costing 286Specific Identification 286Cost Flow Assumptions 287Financial Statement and Tax Effectsof Cost Flow Methods 292Keeping an Eye on Cash 294Using Inventory Cost FlowMethods Consistently 295Lower-of-Cost-or-Market 295Analysis of Inventory 296Inventory Turnover Ratio 296Analysts’ Adjustments for LIFO Reserve 299APPENDIX 6A Inventory Cost Flow Methods inPerpetual Inventory System 303First-In, First-Out (FIFO) 304Last-In, First-Out (LIFO) 304Average Cost 305APPENDIX 6B Inventory Errors 306Income Statement Effects 306Balance Sheet Effects 307A Look at IFRS 330chapter 7Fraud, Internal Control,and Cash 334Minding the Money in Moose Jaw 335Fraud and Internal Control 336Fraud 336The Sarbanes-Oxley Act 337Internal Control 337Principles of Internal Control Activities 338Limitations of Internal Control 345Cash Controls 346Cash Receipts Controls 346Cash Disbursements Controls 349Control Features: Use of a Bank 351Bank Statements 352Reconciling the Bank Account 353Reporting Cash 358Cash Equivalents 358Restricted Cash 359Managing and Monitoring Cash 359Basic Principles of Cash Management 360Keeping an Eye on Cash 362APPENDIX 7A Operation of thePetty Cash Fund 366Establishing the Petty Cash Fund 367Making Payments from Petty Cash 367Replenishing the Petty Cash Fund 367A Look at IFRS 393chapter 8Reporting andAnalyzing Receivables 396A Dose of Careful ManagementKeeps Receivables Healthy 397Types of Receivables 398Accounts Receivable 399Copyright © 2011 John Wiley & Sons, Inc.xxiFM.qxd10/13/1011:38 AMPage xxiiRecognizing Accounts Receivable 399Valuing Accounts Receivable 400Notes Receivable 407Determining the Maturity Date 408Computing Interest 408Recognizing Notes Receivable 409Valuing Notes Receivable 409Disposing of Notes Receivable 410Financial Statement Presentationof Receivables 411Managing Receivables 412Extending Credit 412Establishing a Payment Period 413Monitoring Collections 413Evaluating Liquidity of Receivables 415Accelerating Cash Receipts 417Keeping an Eye on Cash 420A Look at IFRS 444chapter 9Reporting and AnalyzingLong-Lived Assets 446A Tale of Two Airlines 447SECTION 1 Plant Assets 448Determining the Cost of Plant Assets 449Land 449Land Improvements 450Buildings 450Equipment 451To Buy or Lease? 452Accounting for Plant Assets 453Depreciation 453Factors in Computing Depreciation 454Depreciation Methods 454Revising Periodic Depreciation 459Expenditures During Useful Life 460Impairments 461Plant Asset Disposals 462Analyzing Plant Assets 464Return on Assets Ratio 464Asset Turnover Ratio 466Profit Margin Ratio Revisited 466SECTION 2 Intangible Assets 467Accounting for Intangible Assets 468Types of Intangible Assets 469Patents 469Research and Development Costs 469Copyrights 470Trademarks and Trade Names 470Franchises and Licenses 470Goodwill 471Financial Statement Presentation ofLong-Lived Assets 472Keeping an Eye on Cash 473APPENDIX 9A Calculation of DepreciationUsing Other Methods 476Declining-Balance 476Units-of-Activity 477A Look at IFRS 500chapter 10Reporting and AnalyzingLiabilities 504And Then There Were Two 505Current Liabilities 506What Is a Current Liability? 506Notes Payable 506Sales Taxes Payable 507Unearned Revenues 508Current Maturities of Long-Term Debt 509Payroll and Payroll Taxes Payable 510Bonds: Long-Term Liabilities 512Types of Bonds 512Issuing Procedures 513Determinging the Market Value of Bonds 513Accounting for Bond Issues 515Issuing Bonds at Face Value 516Discount or Premium on Bonds 516Issuing Bonds at a Discount 517Issuing Bonds at a Premium 519Accounting for Bond Retirements 520Redeeming Bonds at Maturity 520Redeeming Bonds before Maturity 521Financial Statement Presentationand Analysis 522Balance Sheet Presentation 522Keeping an Eye on Cash 522Analysis 523Off-Balance-Sheet Financing 526APPENDIX 10A Straight-Line Amortization 531Amortizing Bond Discount 531Amortizing Bond Premium 532APPENDIX 10B Effective-Interest Amortization 533Amortizing Bond Discount 534Amortizing Bond Premium 536APPENDIX 10C Accounting for Long-TermNotes Payable 537A Look at IFRS 564chapter 11Reporting and AnalyzingStockholders’ Equity 568What’s Cooking? 569The Corporate Form of Organization 570Characteristics of a Corporation 570Forming a Corporation 574Stockholder Rights 574xxiiCopyright © 2011 John Wiley & Sons, Inc.FM.qxd10/13/1011:38 AMPage xxiiiStock Issue Considerations 575Authorized Stock 576Issuance of Stock 576Par and No-Par Value Stocks 577Accounting for Comm…
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