Introduction to Accounting

Introduction to Accounting

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Introduction to Accounting

Focus of this class and our whole course course is “financial accounting”, and the “financial reporting” that firms do to parties external to the firm. We will focus first on how the financial statements are constructed and why, and then focus on issues of interpretation.

The purpose of financial reporting is to provide information to shareholders and others to make informed investment decisions

Much of financial reporting in this country and others is heavily regulated.

Financial reporting is a critical element of efficient allocation of resources in the economy. Economic success depends on investment going to the areas of greatest return, and accounting/financial reporting provides important information to facilitate.

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Accounting Provides Information about…

• Firm’s operating activities– Purchase of raw materials, labor and other costs.– Selling products and services.

• Firm’s investing activities– Long term assets such as plant and machinery, land, buildings, etc.– Investment in R&D and other intangible assets– Investment in other companies (M&A)

• Firm’s financing activities– Issue or repurchase of securities, loans etc.– How the firm is financed.

• The information is provided via following major financial statements– Balance Sheet– Income Statement– Statement of Cash Flows– Statement of Shareholders’ Equity

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Regulatory Backdrop

The role of government in the standard setting process.

Financial Statements are prepared using Generally Accepted Accounting Principles (GAAP)

“If you look at the history of the American capital market, there's probably no innovation more important than the idea of generally accepted accounting principles”.

Prof. Larry Summers (Former Treasury Secretary and the former President of Harvard University) as quoted on PBS on 4/24/2001.

The SEC (Securities and Exchange Commission, created in 1934).• Determines and enforces GAAP.• For the most part, the standard setting is left to Financial Accounting

Standards Board (FASB)

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The Components of the Financial Statements

• Management Discussion & Analysis

• Balance Sheet

• Income Statement = Changes in Retained Earnings

• Cash Flow Statement = Changes in Cash

• Statement of Stockholder’s Equity – Details of changes in the accounts relating to shareholders

• Footnotes

• Auditor’s Report

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Balance Sheet

The balance sheet shows what the firm has (assets); what the firm owes (liabilities); and owners' claims on assets (stockholders' or owner's equity)

Keep in mind:

ASSETS = LIABILITIES + OWNER'S EQUITY

Details:

ASSETS - Resources that will provide a future economic benefit

that can be 1) quantified; 2) were acquired in an

exchange transaction.

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Balance Sheet

Assets: Subheadings for Assets

Current Assets – Consumed or turned into cash within one year or operating cycle.Examples:Cash Accounts Receivable – amounts owed from product/services already deliveredInventory

What is the operating cycle?

Non-Current Assets – Assets that are expected to provide benefits over longer than one year

Property, Plant & EquipmentInvestmentsIntangible Assets – Sizable intangible asset called goodwill for Tyson. Goodwill results

from an acquisition

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Tyson Foods Balance Sheet - Assets

September 30, 2006, and October 1, 2005 in millions, except per share data 2006 2005AssetsCurrent Assets:Cash and cash equivalents $ 28 $ 40 Short-term investment 770 --Accounts receivable, net 1,183 1,214Inventories 2,057 2,062 Other current assets 149 169Total Current Assets 4,187 3,485 Net Property, Plant and Equipment 3,945 4,007Goodwill 2,512 2,502Intangible Assets 136 142 Other Assets 341 368 Total Assets $ 11,121 10,504

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Balance Sheet

LIABILITIES:Fixed, unavoidable, obligations that must be settled at a definite time, that (in general)

result from a transaction.

SUBHEADINGS FOR LIABILITIESCurrent Liabilities – Discharged within one yearLong Term Liabilities – Long term debt; long term liabilities related to environmental

remediation

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Balance Sheet

OWNER'S EQUITY:

Two categories of stockholders' equity, or owner's equity: 1) Contributed Capital = Amount paid for stock; 2) Retained Earnings = Accumulated earnings - dividends.

SUBHEADINGS FOR OWNER'S EQUITY:

Common stock at par value – Part of amount paid for stockAdditional paid in capital – Part of amount paid for stockRetained Earnings – Firm’s accumulated earnings that haven’t been distributedPreferred Stock Treasury Stock – The firm’s own stock that has been repurchased.

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Tyson Foods Balance Sheet - Liabilities

in millions, except per share data

2006 2005

Current Liabilities:

Current debt $ 992 $ 126

Trade accounts payable 942 961

Other current liabilities 912 1,070

Total Current Liabilities 2,846 2,157

Long-Term Debt 2,987 2,869

Deferred Income Taxes 495 657

Other Liabilities 353 169

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Balance Sheet

OWNER'S EQUITY:

Two categories of stockholders' equity, or owner's equity: 1) Contributed Capital = Amount paid for stock; 2) Retained Earnings = Accumulated earnings - dividends.

SUBHEADINGS FOR OWNER'S EQUITY:

Common stock at par value – Part of amount paid for stockAdditional paid in capital – Part of amount paid for stockRetained Earnings – Firm’s accumulated earnings that haven’t been distributedPreferred Stock Treasury Stock – The firm’s own stock that has been repurchased.

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Tyson Foods Balance Sheet – Owner’s Equity 2006 2005Shareholders' Equity:Common stock ($0.10 par value):Class A-authorized 900 million shares:issued 284 million shares in 2006 and268 million shares in 2005 28 27Class B-authorized 900 million shares:issued 86 million shares in 2006 and 102million shares in 2005 9 10Capital in excess of par value 1,835 1,867 Retained earnings 2,781 3,032 Accumulated other comprehensive income 17 28 4,670 4,964 Less treasury stock, at cost-15 million shares in 2006 and 2005 230 238 Less unamortized deferred compensation -- 55 Total Shareholders' Equity 4,440 4,671 Total Liabilities and Shareholders' Equity $ 11,121 10,504

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Income Statement

Accountant's measure of profitability for the owner.

Revenues -- Inflows of assets or reductions in liabilities from providing goods or services in the ordinary course of business

Simple – sales value of goods and services delivered during the period

Expenses - Resources consumed, or liabilities generated as a result of producing revenue

Accrual accounting -- Revenues and Expenses are not necessarily measured when cash flows.

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Income Statement

Timing of cash flows causes problems as a potential measure of performance.

“Accrual accounting” smooths these inflows and outflows to better reflect performance.

“Accruals” refers to the way we separate the cash flow from the transaction recognition – e.g., when we use power to operate the lights, we “accrue” the expense in the period when we use the lights – not necessarily when we pay the light bill.

Additional example: We buy a building. When do we recognize the cost on the income statement. We recognize “depreciation expense” over the life of the building.

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Income Statement

More on Expenses:

Two expense categories:

Product Costs or Product Expenses

These are "matched" with sales -- e.g., COGS

Period Costs - Difficult to match with a particular sale. Recognized when incurred.

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Tyson Foods – Income Statement Three years ended September 30, 2006 in millions, except per share data 2006 2005 2004Sales $ 25,559 26,014 $ 26,441Cost of Sales 24,631 24,294 24,558 928 1,720 1,883Operating Expenses:Selling, general and administrative 935 928 880 Other charges 70 47 86 Operating Income (Loss) (77) 745 917Other (income) Expense:Interest income (30) (10) (5)Interest Expense 268 237 282Other, Net (22) (10) 7 216 217 282Income (Loss) before Income Taxes (293) 528 635Income Tax Expense (Benefit) (102) 156 232Income (Loss) before CumulativeEffect of Change in Accounting Principle (191) 372 403 Cumulative Effect of Change in Accounting Principle, Net of Tax (5) -- --

Net Income (Loss) $ (196) $ 372 $ 403

See accompanying notes.

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Articulation of Balance Sheet and Income Statement

Income Statement measures net inflow of assets from conducting business.

Balance Sheet measures level of assets, liabilities and owner’s equity

Beginning Owner’s Equity + Net Income – Dividends = Ending Retained Earnings

Dividends -- Not an expense

Distribution of Earnings

Tyson: Beginning Retained Earnings 3032 (2005 End/2006 Beginning)

(196) Net Loss

(55) Dividends

2781 (2006 Ending)

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Statement of Cash Flows

Statement seeks to explain the sources of change in the cash balance over the period. Most analysts focus a great deal of attention on the Income Statement, but the accounting rulemakers felt that financial statement users should be able to examine the flows of cash in a statement.

Three Sections:

Operating -- Cash generated by day-to-day operations of the firm

Investing -- How the firm invested or disinvested in fixed assets

Financing -- Items that affected the capital structure --e.g. dividends, issues of stock

Why do we need this statement?

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Tyson Statement of Cash Flows

Big Picture on the Tyson Cash Flow Statement

2006 2005 2004Cash Provided by Operating Activities 287 999 932

Cash Used for Investing Activities (1,224) (561) (600)

Cash Used for Financing Activities 929 (443) (326)

Effect of Exchange Rate Change on Cash (4) 12 2 Increase (Decrease) in Cash and Cash Equivalents (12) 7 8Cash and Cash Equivalents at Beginning of Year 40 33 25

Cash and Cash Equivalents at End of Year $ 28 $ 40 $ 33

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Tyson – Operating Cash Flows Cash Flows From Operating Activities: 2006 2005 2004Net income $ (196) $ 372 $ 403 Adjustments to reconcile net income to cash provided by operating activities:Depreciation 481 465 458 Amortization 36 36 32 Plant closing related charges 51 10 28 Impairment and write-down of assets 18 25 46 Deferred taxes (130) (93 ) 8Cumulative effect of change in accountingprinciple, before tax 9 -- --

Other (21) (2 ) 4 Decrease in accounts receivable 43 24 67(Increase) decrease in inventories 8 13 (65)Increase in trade accounts payable (43) 11 109

Net change in other current assets and 31 138 (158)liabilitiesCash Provided by Operating Activities 287 999 932

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Tyson – Investing and Financing Cash

Cash Flows From Investing Activities:Additions to property, plant and equipment (531) (571) (486) Proceeds from sale of assets 21 47 27 Purchases of marketable securities (191) (543) (99) Proceeds from marketable securities 214 504 - Purchase of short-term investment (750) - -Other, Net 13 2 (42) Cash Used for Investing Activities (1,224) (561) (600)

Cash Flows From Financing Activities:Payments of debt, net (8) (720) (242)Net proceeds from borrowings of debt 992 353 - Purchase of treasury shares (42) (45) (72) Dividends (55) (55) (55)Stock options exercised and other 42 24 43 Cash Provided by (Used for) Financing Activities 929 (443) (326) Effect of Exchange Rate Change on Cash (4) 12 2 Increase (Decrease) in Cash and Cash Equivalents (12) 7 8 Cash and Cash Equivalents at Beginning of Year 40 33 25 Cash and Cash Equivalents at End of Year $ 28 $ 40 $ 33

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Creating the Financial Statements

First part of the course this fall will reinforce our introduction of the above statements. We will also learn about how to take basic transaction data and generate financial statements. We want to do a basic version of this today.

“The Accounting Cycle”

Steps:1) The whole financial statement creation process is tied to transactions. In the actual

process, each transaction will be entered into a source referred to as a “journal”. 2) These individual transactions are aggregated into “ledgers” for purposes of preparing

the financial statements (T-accounts is another term for the aggregating places for the transactions.)

3) More in class during the semester, but a number of “adjusting entries” are required to get the books right – e.g., recording depreciation on a machine. Adjusting entries refer to entries that are made without a transaction.

4) Prepare the statements.

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Some thoughts on financial statement preparation.

1) Assets – Non-Monetary -- Recorded at Acquisition Cost

Monetary – Recorded at “Present Value” – What I would settle for in

cash now

Monetary – Specific Amount of Money Promised – Example: $100 to be paid in 5 years

Non-Monetary – Inventory, Machines, etc.

2) Liabilities – At Present Value in General.

Many times the “Present Value” Calculation is Trivial – If you borrow $100 million when you issue bonds, the present value of the bonds is the $100 million.

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Owner’s Equity

Common Stock

“Additional Paid in Capital”

Together two accounts above represent the amounts paid by shareholders for stock.

Retained Earnings – Recorded based on the amount of Income the firms has recognized, less any dividends that have been paid out

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Income Statement

Revenues and Expenses

Revenues – Sales value of goods or services delivered this period.

Expenses – Assets consumed this period to deliver revenues; Examples: Cost of Sales, Operating Expenses, Depreciation Expense, etc.

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An Example of the Process

1) Firm issues 10,000 shares of $1 par value common stock for $100,000.

2) Buy a building for $50,000.

3) Borrow $100,000 from a bank. Let’s call this a “Note Payable”.

4) Buy equipment for $40,000

5) Buy inventory for $40,000 “on account” from several suppliers.

6) Pay some of the suppliers in transaction 5 $15,000.

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Record the transactions:

1) Firm issues 10,000 shares of $1 par value common stock for $100,000.

Cash (an account we always see) increases by $100,000

Common Stock at Par (an account we almost always see) increases by $10,000.

Additional Paid-in Capital increases by $90,000.

If we were doing journal entries:

Debit Cash $100,000

Credit Common Stock at Par $10,000

Credit Additional Paid in Capital $90,000

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2) Buy a building for $50,000.

Cash decreases by $50,000.

An asset account increases by $50,000. A typical possibility is “Property, Plant, and Equipment”.


Debit Property, Plant, and Equipment $50,000

Credit Cash $50,000

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3) Borrow $100,000 as a note from the bank

Cash increases by $100,000.

Note Payable, a liability, increases by $100,000.


Debit Cash $100,000

Credit Note Payable $100,000

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4) Buy equipment for $40,000.


Property, Plant and Equipment increases by $40,000


Debit Property, Plant, and Equipment $40,000

Credit Cash $40,000

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5) Buy inventory on account for $40,000.

Inventory increases by $40,000.

Accounts Payable (a liability) increases by $40,000


Debit Inventory $40,000

Credit Accounts Payable $40,000

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6) Pay some of the suppliers $15,000

Accounts Payable decreases by $15,000

Cash decreases by $15,000


Debit Accounts Payable $15,000

Credit Cash $15,000

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Net effects of all of the above, shown in T-account form. Suppose we were going to prepare a balance sheet after above transactions.

Cash ----------------- | (Beginning Balance 0) $100,000 | (Transaction 1 – Issue Stock) | $50,000 (Transaction 2 – Buy Building) $100,000 | (Transaction 3 – Borrow $100,000) | $40,000 (Transaction 4 – Buy Equipment $40,000) | $15,000 (Transaction 6 Pay Suppliers ----------------- $ 95,000 | (Ending Balance that would reported on the balance sheet.)

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Property, Plant, and Equipment ----------------- | (Beginning Balance 0) $ 50,000 | (Transaction 2 – Buy Building) $ 40,000 | (Transaction 4 – Buy Equipment 40,000)

----------------- $ 90,000 | (Ending Balance that would reported on the balance sheet.)

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Inventory ----------------- | (Beginning Balance 0) $ 40,000 | (Transaction 5 – Buy Inventory) ----------------- $ 40,000 | (Ending Balance that would reported on the balance sheet.)

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Accounts Payable ----------------- | (Beginning Balance 0) | $40,000 (Transaction 5 – Buy Inventory) $15,000| (Transaction 6 - Pay Suppliers) ----------------- | $25,000 (Ending Balance that would reported on the balance sheet.)

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Additional Paid In Capital

-----------------

| (Beginning Balance 0)

| $90,000 (Transaction 1 – Issue Stock)

-----------------

| $90,000 (Ending Balance that would reported on the

balance sheet.)

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Finally, the Balance Sheet. Enter the ending balances from all the balance sheet account .

Assets: Liabilities:

Current: Current:

Cash $ 95,000 Accounts Payable $ 25,000

Inventory 40,000 NonCurrent:

NonCurrent: Note Payable 100,000

Property, Total Liabilities $125,000

Plant & Equipment 90,000 Owner’s Equity:

Total Assets $225,000 Common Stock at Par 10,000

Additional Paid-In

Capital 90,000

Owner’s Equity 100,000

Total “Equities” $225,000

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Our example firm commences operations for a month:

1) Labor costs for the month are $10,000.

2) Pay the workers $8,000 by the end of the month.

3) Accrue but not pay $800 of interest on the note.

4) Sell inventory that originally cost $20,000 for $50,000. The $50,000 of sales are on credit. $40,000 collected by end of month.

5) Recognize depreciation on the Building and Equipment of $1,000.

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1) Labor costs are $10,000. As we will discuss more in class, this transaction affects the income statement. Income statement accounts are “temporary accounts”, in that they are “closed” at the end of the accounting period. Ultimately, the expense represents a costs the owner’s bear to do business (it decreases retained earnings). So, in terms of recording, the labor cost decreases income (retained earnings). Act like for purposes of recording, wages are accrued and then paid later.

Wage Expense is $10,000. This decreases net income (and therefore owner’s equity) by $10,000.

Wages Payable (a liability) increases by $10,000


Debit Wage Expense $10,000 (Ultimately, retained earnings decreases) Credit Wages Payable $10,000.

The liability “accrues” as the people work, independent of the pay schedule. Their costs are a cost of generating revenues this period.

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2) We pay the workers $8,000 by the end of the month. We will wind up at the end of the month owing our workers $2,000 resulting in a payable on the ending balance sheet. Why? In accounting terms, workers did the work, but haven’t been paid at the end of the period for work already done.

Paid wages decreases the wages we showed in the last slide by $8,000. So Wages Payable decreases by $8,000


If we were doing journal entries: Debit Wages Payable $8,000 Credit Cash $8,000

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3) We accrue interest on the note. We used the money this period to generate revenue, so the cost of funds is an expense.

Interest Expense of $800 (decreases net income and ultimately retained earnings).

An Interest Payable (Liability) or “Accrued Expenses” account would be increases by $800.

If we were doing journal entries: Debit Interest Expense $800 (Ultimately, retained earnings decreases) Credit Interest Payable Payable $800

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4) We record sales, and the cost of these sales is $20,000. Income effects are the sale (revenue of $50,000) and the cost of the sale ($20,000). $40,000 is collected from customers.

Sales increases net income (revenue – ultimately retained earnings) by $50,000, and firm would record an “Account Receivable” when the revenue is recognized. Collection would decrease the receivable by $40,000 and increase cash by $40,000.

Cost of sales would decrease net income (expense- ultimately retained earnings) by $20,000, and would decrease inventory by $20,000.


Debit Accounts Receivable $50,000 Credit Sales Revenue $50,000 (Retained Earnings Increases)

Debit Cash $40,000 Credit Accounts Receivable $40,000

Debit Cost of Sales $20,000 (Retained Earnings Decreases) Credit Inventory $20,000

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5) Record depreciation on the Building and Equipment. Equipment is used up. This is a cost of doing business that the owner’s will bear. The accounting term is depreciation (recording is maybe not obvious as discussed in class). The depreciation decreases net income, and simultaneously decreases assets

Accumulated Depreciation of $1,000. This is an “offset” account (technical name “contra-asset”) that reduces the reported Property, Plant, and Equipment account on the balance sheet

Depreciation Expense $1,000 reduces net income and ultimately retained earnings by $1,000.


Debit Depreciation Expense $1,000

Credit Accumulated Depreciation $1,000

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Producing a Finished Set of Financial Statements

We can now prepare the financial statements (balance sheet and income statement). Here is how the process would proceed. We would start with the balances from the balance sheet we previously prepared (there would be a T-account for each account in the balance sheet).

We would then record the new transactions, opening new accounts as necessary. We would have to open “temporary accounts” to record the income transactions.

Starting Point: Prop, Plant Stock Add’l Paid Cash Inventory & Equip. Accts Pay Note Pay at Par in Cap.

------- -------- ---------- -------- -------- ------- ---------95K| 40K| 90K| |25K |100K |10K |90K | | | | | | |

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Net effects of all of the above, shown in T-account form. Suppose we were going to prepare a balance sheet after new transactions.

Wage Expense (Temporary Account – Decreases Retained Earnings) ----------------- | (Beginning Balance 0) 10,000 | (Transaction 1 – Wages Recorded) ----------------- 10,000 | (Ending Balance would reflect this in retained earnings - This would be shown on Income Statement ) Wages Payable (New Liability Account) ----------------- | (Beginning Balance 0) | 10,000 (Transaction 1 – Wages Recorded) 8,000 | (Transaction 2 – Wages Paid) ----------------- | 2,000 (Ending Balance on Balance Sheet)

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Net effects of all of the above, shown in T-account form. Suppose we were going to prepare a balance sheet and income statement after new transactions.

Interest Expense (Temporary Account – Decreases Retained Earnings) ----------------- | (Beginning Balance 0) 800 | (Transaction 3 – Interest Recorded) ----------------- 800 | (Ending Balance would reflect this in retained earnings - This would be shown on Income Statement )

Interest Payable Payable (New Liability Account) ----------------- | (Beginning Balance 0) | 800 (Transaction 3 - Interest Recorded) | ----------------- | 800 (Ending Balance on Balance Sheet)

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Sales Revenue (Temporary Account – Increases Retained Earnings) ----------------- | (Beginning Balance 0) |$50,000 (Transaction 4 – Revenue Recorded) ----------------- | 50,000 (Ending Balance would reflect this in retained earnings - This would be shown on Income Statement )

Accounts Receivable (New Asset Account) ----------------- | (Beginning Balance 0) 50,000 | (Transaction 4 – Sales Recorded) | 40,000 (Transaction 4 – Cash Collected) ----------------- 10,000 | (Ending Balance on Balance Sheet)

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Cost of Sales (Temporary Account – Decreases Retained Earnings) ----------------- | (Beginning Balance 0) 20,000 | (Transaction 4 – Cost of Sales Recorded) ----------------- 20,000 | (Ending Balance would reflect this in retained earnings - This would be shown on Income Statement )

Inventory (Asset Account) ----------------- 40,000 | (Beginning Balance from Previous Balance Sheet) | 20,000 (Transaction 4 – Cost of Sales Recorded) | ----------------- 20,000 | (Ending Balance on Balance Sheet)

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Depreciation Expense (Temporary Account – Decreases Retained Earnings) ----------------- | (Beginning Balance 0) 1,000 | (Transaction 5 – Depreciation Expense Recorded) ----------------- 1,000 | (Ending Balance would reflect this in retained earnings - This would be shown on Income Statement )

Accumulated Depreciation (Contra-Asset Account – offsets PPE) ----------------- | (Beginning Balance 0) | 1,000 (Transaction 5 – Depreciation Recorded) | ----------------- | 1,000 (Ending Balance on Balance Sheet)

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Cash (Balance Sheet – From Last Period) -----------------

95,000 | (Beginning Balance from Last Period)

| 8,000 (Transaction 2 – Pay Wages)

40,000 | (Transaction 4 – Cash Collections)

-----------------

127,000 | (Ending Balance on Balance Sheet)

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To complete the “accounting cycle” we would “close” the revenue and expense accounts (zero them out), and reflect all their effects in retained earnings. Our Income Statement would appear as follows:

Sales Revenue $50,000

Cost of Sales 20,000

Other Expenses:

Wages 10,000

Interest 800

Depreciation 1,000

Net Income $18,200

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Finally, the Balance Sheet. Enter the ending balances from all the balance sheet accounts.

Assets: Liabilities:

Current: Current:

Cash $ 127,000 Accounts Payable $ 25,000

Accounts Receiv. 10,000 Interest Payable 800

Inventory 20,000 Wages Payable 2,000

NonCurrent: Non-Current:

Property, Note Payable 100,000

Plant & Equipment 90,000 Total Liabilities $127,800

Less: Accum. Dep. (1,000) Common Stock at Par 10,000

Net PP&E 89,000 Additional Paid Cap 90,000

Total Assets $246,000 Retained Earnings 18,200

Owner’s Equity 118,200

Total “Equities” $246,000

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Some Parting Items

You probably know that you will be receiving your textbooks from the EMBA Office. I have put the introduction (preface and related blah-blah) and first three chapters of the course text (and the solutions to the problems at the end of these chapters) on the course page in pdf form, which we will use throughout the semester. (Sorry, but we can’t get you the book in pdf form.) The address of the course page and login information is below:

http://jmagliolo.cox.smu.edu/acct6322

The page is password-protected:

username: acct6322

password: leisenring

See next page for a bibliography of some relevant materials. If you have trouble, my e-mail is [email protected]

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Some Parting Items

Bibliography of the files on the course page:

Introduction.pdf – Material at the beginning of the book, including the preface.

Chapter_1.pdf – Chapter 1 of the text.



Ch1_solutions.pdf – Answers to Chapter 1 problems



The PowerPoint slides of this presentation are stored in a file called EMBA_INTRO.ppt on the course page.

The Tyson 2006 annual report is also on the course page, and is titled 2006_Tyson_Annual_Report.pdf. You might want to refer to this as you go through the slide material.

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Some Parting Items

Where we are going the first weekend in class is to get through (sort of) the first three chapters of the text. If you want to plunge ahead now -- after you do the introductory material we sent you (from Ivy Software by Holt), you can read through the first three chapters of the text and work on the following problems (likely the problems I will ask you to prepare for class discussion for the first weekend -- note that you have the answers supplied by the text authors in the files referenced above).

1- 20(part a only); 1-24; 1-27 (part a only); 29 (part a only); 2-22; 2-23; 2-24; 2-27; 2-31; 2-39(part a only); 3-29; 3-31; 3-32 (part b only); 3-35

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Introduction to Accounting

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