Chapter 4: Income Statement and Related Information Intermediate Accounting, 10th Edition Kieso, Weygandt, and Warfield Chapter 4: Income Statement and Related Information Prepared by Iman P. Hidayat,SE. MSi,Ak Universitas Siliwangi 2

Approaches to Measurement in Income Statement Generally, income measurement follows the all-inclusive approach, recording even irregular items in income. Advocates of a current operating performance approach emphasize regular and recurring items only. The profession’s modified all-inclusive approach requires irregular items to be highlighted in the presentation. 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

The Single Step Income Statement This statement presents information in broad categories. Major sections are Revenues, Expenses and Income Tax Expense. The Earnings per Share amount is shown at the bottom of the statement. There is no distinction between operating and non-operating activities. 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.) Single Step Statement Revenues Sales Other Revenues - Expenses Cost of Goods Sold Selling & Admn Expenses Interest Expense Income Tax Expense = NET INCOME Earnings per Share 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

The Multiple Step Income Statement The presentation divides information into major sections on the statement. The statements distinguishes operating from non-operating activities. Continuing operations are shown separately from irregular items. The income tax effects are shown separately as well. 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Multiple Step Income Statement Operating Section Sales Revenue less: Cost of Goods Sold less: Selling Expenses less: Administrative Expenses 1 Non-Operating Section Add: Other Revenues and Gains Less: Other Expenses and Losses 2 Income Tax 3 Irregular Items Discontinued Operations (net of tax) Extraordinary Items (net of tax) Cumulative Effect of a Change in Accounting Principle (net of tax) 4 Earnings per Share 5 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.) Discontinued Operations: Presentation 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Criteria for Discontinued Operations Discontinued operations refer to the disposal of a segment. To qualify: The segment must be a distinct line of business Its assets and operations must be distinguishable from other assets and operations. A distinction is made between: the segment’s results of operations and the disposal of the segment’s assets 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Reporting Discontinued Operations There are two important dates in reporting discontinued operations: the measurement date and the disposal date The measurement date is when management commits itself to a plan of segment’s disposal. The disposal date is the date of sale of segment. 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Reporting Discontinued Operations The Appendix discusses three reporting cases. Case 1: Measurement date and disposal date are the same (and are within fiscal year.) Case 2: Disposal date falls after the measurement date (but both are within fiscal year) Case 3: Disposal date falls after the measurement date as well as end of the fiscal year. 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Discontinued Operations: Case 1 Measurement date: October 1, 2000 Disposal date: October 1, 2000 Facts: Fiscal year: Jan 1 - Dec 31, 2000 Discontinued Operations: Loss from operations: ($150,000) (through Oct 1, 2000) Gain on disposal (Oct 1): $400,000 Tax Rate: 30% 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Discontinued Operations: Case 1 1.1.2000 12.31.2000 Measurement Date and Disposal Date 10.1.2000 Gain on disposal, $400,000. Loss from operations of Discontinued segment (through Oct 1): ($150,000) 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.) Case 1: Reporting Income from Continuing Operations (before tax): $XXXX Income Taxes: ($XXXX) Income from Continuing Operations (after tax): $XXXX Discontinued Operations: Loss from operations (less income tax of $45,000): $(105,000) Gain on disposal (less income tax of $120,000) : $280,000 Net Income : $XXXX 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Discontinued Operations: Case 2 Measurement date: October 1, 2000 Disposal date: December 1, 2000 Fiscal year: Jan 1 - Dec 31, 2000 Discontinued Operations: Loss from operations: ($150,000) (through Oct 1, 2000) Loss (Oct 1 - Dec 1) ($50,000) Gain on disposal (Dec 1): $350,000 Tax Rate: 30% 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Discontinued Operations Year end 1.1.2000 12.31.2000 Measurement Date 10.1.2000 12.1.2000 Disposal Gain on disposal: $350,000 Phase out Period Loss from operations Jan 1 - Oct 1: ($150,000) Loss from operations: ($50,000) 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.) Case 2: Reporting Income from Continuing Operations (before tax): $XXXX Income Taxes: ($XXXX) Income from Continuing Operations (after tax): $XXXX Discontinued Operations: Loss from operations (less income tax of $45,000): $(105,000) Gain on disposal: Loss of $50,000 and Gain of $350,000 (less income tax of $90,000) : $210,000 Net Income : $XXXX 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Discontinued Operations: Case 3 Measurement date: October 1, 2000 Fiscal year ends: December 31, 2000 Disposal Date: May 1, 2001 Discontinued Operations: Loss from operations (Jan 1 - Sept 30) ($150,000) Loss (Oct 1 - Dec 31) ($400,000) Loss (Jan 1 - May 1, 2001) ($200,000) Gain on disposal (May 1, 2001): $350,000 Tax Rate: 30% 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Discontinued Operations Year end 1.1.2000 May 1,.01 Oct 1, 00 Dec 31, 00 Disposal Date: Gain, $350,000 Measurement Date Extended Phase out Period Loss - operations: ($200,000): Jan 1 - May 1. Loss - operations through Sept 30: ($150,000) Loss - operations: ($400,000): Oct 1 - Dec 31. 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Gain / Loss Recognition Rules Gain or loss When recognized If a loss on disposal is expected If a gain on disposal is expected If realized gains on disposal exceed estimated realized and unrealized losses Recognize estimated loss at measurement date Recognize estimated gain at disposal date Recognize net realized gains at measurement date 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.) Case 3: Reporting Income from Continuing Operations (before tax): $XXXX Income Taxes: ($XXXX) Income from Continuing Operations (after tax): $XXXX Discontinued Operations: Loss from operations (less income tax of $45,000): $(105,000) Net Loss on disposal: Realized loss (Oct 1 - Dec 31) : ($400,000) Expected loss (Jan 1 - May 1) : ($200,000) Expected gain on sale of assets: $350,000 less: income tax of $75,000 $(175,000) Net Income : $XXXX 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Discontinued Operations: Extended Phase-out - Examples (4) 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Extended Phase Out Example (1) Oct 1 - Jan 1, 01 Expected Year when Dec 31 May 1 (Loss) Gain recognized Realized Estimated on sale of (Loss) Gain (Loss) Gain assets: May 1 $400,000 $300,000 $250,000 2000: $400,000 2001: $550,000 Realized gain is recognized at measurement date. Expected gain is recognized at disposal date. 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Extended Phase Out Example (2) Oct 1 - Jan 1, 01 Expected When recognized Dec 31 May 1 (Loss) Gain Realized Estimated on sale of (Loss) Gain (Loss) Gain assets: May 1 $400,000 ($300,000) $350,000 2000: $400,000 2001: $ 50,000 Realized gain is recognized at measurement date. Estimated gain is recognized at disposal date. Note: the realized gain and estimated gain and loss are not added together. 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Extended Phase Out Example (3) Oct 1 - Jan 1, 01 Expected When recognized Dec 31 May 1 (Loss) Gain Realized Estimated on sale of (Loss) Gain (Loss) Gain assets: May 1 ($500,000) ($300,000) $900,000 year: 2001: $100,000 Gain of $100,000 on disposal is expected. Recognize gain at disposal date (May 1, 2001). Note: no part of the gain is realized in 2000. 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Extended Phase Out Example (4) Oct 1 - Jan 1, 01 Expected When recognized Dec 31 May 1 (Loss) Gain Realized Estimated on sale of (Loss) Gain (Loss) Gain assets: May 1 ($400,000) ($200,000) $350,000 year 2000: ($250,000). Loss of $250,000 is expected on disposal of segment. Recognize at measurement date (Oct 1, 2000) 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.) Irregular Items: Extraordinary Items 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.) Extraordinary Items Extraordinary items are: nonrecurring material items that differ significantly from typical activities Extraordinary items must meet two tests: they must be unusual and they must be infrequent The environment in which the business operates is of primary importance 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Extraordinary Items: what they are not Losses from write-down of receivables Gains and losses from exchange or translation of foreign currency Gains and losses from the abandonment of property used in business Effects of strike Adjustments or accruals on long term contracts. 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Extraordinary Items: Exceptions Certain events, though not extraordinary, need special treatment. Gains and losses from discontinued operations (discussed earlier) Material gains and losses from extinguishment of debt (to be reported as extraordinary item) 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Cumulative Effect of a Change in Accounting Principle Irregular Items: Cumulative Effect of a Change in Accounting Principle 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Change in Accounting Principle An accounting change results when: a new principle, different from the one in use, is adopted. A change from FIFO to LIFO method in inventory costing is an example. The effect of the change is to be disclosed after extraordinary items. A change in principle is to be distinguished from a change in estimates. 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Change in Accounting Principle Gilbert company buys and places in service an asset on 1.1.2000. The cost is $100,000. Estimated useful life is 4 years. Ignore salvage value. Tax rate is 30%. The company uses the double-declining method of depreciation in 2000 and 2001. It changes to the straight-line method in 2002 (1.1.2002.) Present the effect of the change in accounting principle. 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Change in Accounting Principle Year Double-declining Straight line Difference balance depreciation depreciation 2000 $50,000 $25,000 $25,000 2001 $25,000 $25,000 $ -0- Net difference $25,000 Increases net income Extraordinary Item $XXXX Cumulative Effect on prior years of retroactive application of new depreciation method (net of tax, $7,500) $17,500 Presentation 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Changes in Accounting Estimates Changes in accounting estimates are effected in future periods. Such changes do not affect prior periods. See example next slide. 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Changes in Accounting Estimates: Example On 1.1.2002, Gilbert company (see preceding example for accounting principle change) revises the useful life of the asset to be 3 more years (2002, 2003 and 2004). The salvage value is estimated to be $5,000. This change involves a revision of initial estimates. The depreciation method remains straight-line. 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Changes in Accounting Estimates: Example Book value (1.1.2002): $50,000 Less: Salvage value ($5,000) ---------- Revised depreciable cost: $45,000 Revised depreciable cost: $45,000 Remaining useful life: 3 years Annual straight-line depreciation: $15,000 (years 2002, 2003 and 2004) Note: The changes in useful life and salvage value do not affect prior periods 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.) Earnings per Share Earnings per share is probably the most important business indicator figure. It is computed as: Net Income less Preferred Dividends Weighted Average of Common Shares Outstanding Earnings per share is required to be disclosed on the income statement for all the major sections. Earnings per share is subject to dilution (reduction), if issue of additional shares is possible in the future. 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Retained Earnings Statement Retained earnings are increased by net income and decreased by net loss and dividends for the year. Corrections of errors in prior period financial statements are shown as prior period adjustments to the beginning balance in retained earnings. Any part of retained earnings, appropriated for a specific purpose, is shown as restricted earnings. 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.) COPYRIGHT Copyright © 2001 John Wiley & Sons, Inc. All rights reserved. Reproduction or translation of this work beyond that permitted in Section 117 of the 1976 United States Copyright Act without the express written permission of the copyright owner is unlawful. Request for further information should be addressed to the Permissions Department, John Wiley & Sons, Inc. The purchaser may make back-up copies for his/her own use only and not for distribution or resale. The Publisher assumes no responsibility for errors, omissions, or damages, caused by the use of these programs or from the use of the information contained herein. 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Chapter 5: The Balance Sheet and The Statement of Cash Flows Intermediate Accounting, 10th Edition Kieso, Weygandt, and Warfield Chapter 5: The Balance Sheet and The Statement of Cash Flows Prepared by Iman P. Hidayat,SE. MSi,Ak Universitas Siliwangi 2

Part 1: The Balance Sheet 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Balance Sheet: Usefulness The balance sheet provides information for evaluating the capital structure and for computing rates of return. It is also useful for analyzing an enterprise’s liquidity (to pay current & maturing debt) solvency (to pay debt as it matures) financial flexibility (responding to unexpected needs and opportunities) 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Balance Sheet: Limitations Most assets and liabilities are stated at historical cost. Judgments and estimates are used in determining many of the items. The balance sheet does not report items that can not be objectively determined. It does not report information regarding off- balance sheet financing. 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Balance Sheet: Classification Guidelines for reporting items separately: Assets and liabilities that differ in their type or expected function in the central operations Assets and liabilities that have different implications for the enterprise’s financial flexibility Assets and liabilities with different general liquidity characteristics 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Balance Sheet: Classification Assets Liabilities and Equity Current Assets Long-term investments Property, plant, and equipment Intangible assets Other assets Current liabilities Long-term debt Owners’ equity Capital stock Additional paid-in capital Retained earnings 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.) Current Assets Current assets are expected to be consumed, sold, or converted into cash: either in one year or in the operating cycle, whichever is longer. Current assets are presented in order of liquidity. The following valuation principles are used: short term investments at fair value accounts receivable at net realizable value 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Long-Term Investments Long term investments may be: investments in securities (bonds, stock) investments in fixed assets (land not used in operations) investments set aside in special funds (sinking fund) investments in nonconsolidated subsidiaries or affiliated companies 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.) Current Liabilities Current liabilities are liquidated either through the use of current assets, or by creation of other current liabilities Examples of current liabilities include: payables resulting from acquisitions of goods and services collections received in advance of services other liabilities which will be paid in the short term 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.) Long Term Liabilities Long-term obligations are those not expected to be paid within the operating cycle. Examples are: obligations arising from specific financing situations (issuance of bonds) obligations arising from ordinary business operations (pension obligations) obligations that are contingent (product warranties) 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Balance Sheet: Additional Information Reported Additional information may be: information not presented elsewhere, or information that qualifies items in the balance sheet Supplemental information includes: material events having an uncertain outcome explanations regarding accounting policies covenant restrictions 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Balance Sheet: Techniques of Disclosure Parenthetical explanations (following the items in the balance sheet) Notes (to the balance sheet) Cross references and contra items (where assets and liabilities may be cross referenced) Supporting schedules (as for fixed assets depreciation) 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.) Statement of Cash Flows 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

The Cash Flow Statement The cash flow statement provides information about: the cash receipts (cash inflows) and uses of cash (cash outflows) during the year Inflows and outflows are reported for: operating, investing and financing activities during the year. 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Statement of Cash Flows Operating activities Investing Financing inflows Cash Pool Operating activities Investing Financing outflows 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Preparing a Statement of Cash Flows There are TWO methods of preparing the statement of cash flows: the indirect method and the direct method The indirect method (discussed in Chapter 5) derives cash flows from accrual basis statements. The direct method determines cash flows directly for each source or use of cash 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

The Statement of Cash Flows: Indirect method Accrual Basis Statements Cash Flow Statement Income Statement items & Changes in Current Assets and Current Liabilities Operating activities: Adjust net income for accruals and non cash charges to get cash flows Balance Sheet: Changes in Non-Current Assets Investing activities: Inflows from sale of assets and Outflows from purchases of assets Balance Sheet: Changes in Non-Current Liabilities and Equity Financing activities: Inflows and outflows from loan and equity transactions 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Indirect Method: Example Intelmarkets begins operations on 1.1.2000. The income statement and balance sheet for year 2000 are as follows: Income Statement Revenues: $ 200,000 Less: Expenses ($150,000) Net Income before Tax: $ 50,000 less: Income Tax ($ 15,000) Net Income after Tax $ 35,000 Balance Sheet (see next slide) 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Indirect Method: Example Balance Sheet Dec 31, 2000 Jan 1, 2000 Assets: Cash $ 25,000 $ -0- Accounts Receivable $ 32,000 $ -0- Inventory $ 29,000 $ -0- Land $110,000 $ -0- Total $196,000 $ -0- Liabilities and Equity: Accounts Payable $ 24,000 $ -0- Common Stock $147,000 $ -0- Retained Earnings $ 25,000 $ -0- Total $196,000 $ -0- 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Operations: Net Outflow 2,000 Operating Activities Net Income after Tax $35,000 Accounts Receivable +$ 32,000 Inventory +$ 29,000 Accounts Payable +$ 24,000 Accrual Basis Net Income after Tax $35,000 Less: Increase in A/Rec ($ 32,000) Less: Increase in Inventory($ 29,000) Add: Increase in Accounts Payable $ 24,000 Cash Flow Changes between beginning and ending balances Operations: Net Outflow 2,000 See explanations next slide 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.) Operating Activities A/Rec increased by $32,000 Cash collections are less than revenue recognized Reduce net income by $32,000 to derive cash flows from operations 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.) Operating Activities Inventory increased by $29,000 Cost of goods sold for the year decreases by $29,000. Reduce net income by $29,000 to derive cash flows from operations Net income for the year increases by $29,000 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Investing and Financing Activities Land + $110,000 Accrual Basis Investing Activities: Purchase of Land: ($110,000) Outflow ($110,000) Cash Flow Financing Activities: Issue of Common Stock: $147,000 Dividends paid: ($10,000) Inflow $137,000 Common Stock +$147,000 Retained Earnings +$ 25,000 Beg Bal: $0 Net Income: $35,000 less: Dividends ($10,000) End Balance: $25,000 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.) Cash Flows: Summary Cash used by operating activities:($ 2,000) Cash used by investing activities:($110,000) Cash from financing activities: $137,000 Net inflow for the year $ 25,000 Beginning cash balance: $ -0- Ending cash balance $ 25,000 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.) Ratio Analysis 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.) Ratios Ratio analysis expresses the relationship between selected financial data. These relationships can be expressed as: percentages rates, or proportions 1 2 3 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.) Types of Ratios What is measured Examples Type Liquidity ratios Short-term ability to pay maturing obligations Current ratio Quick assets ratio Activity ratios Effectiveness in using assets employed Receivables turnover Inventory turnover Profitability ratios Degree of success or failure for a given period Rate of return on assets Earnings per share Coverage ratios Degree of protection for long-term creditors and investors Debt to Total assets Times interest earned 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)

Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.) COPYRIGHT Copyright © 2001 John Wiley & Sons, Inc. All rights reserved. Reproduction or translation of this work beyond that permitted in Section 117 of the 1976 United States Copyright Act without the express written permission of the copyright owner is unlawful. Request for further information should be addressed to the Permissions Department, John Wiley & Sons, Inc. The purchaser may make back-up copies for his/her own use only and not for distribution or resale. The Publisher assumes no responsibility for errors, omissions, or damages, caused by the use of these programs or from the use of the information contained herein. 9/17/2018 Intermediate Accounting, 10th Edition, Ch.4 (Kieso et al.)