CONTENTS xxvii Preview of Accounting Applications of Present Value Techniques—Single Cash Amount 330 Expected Cash Flow Approach 332 Part B: Basic Annuities 333 Future Value of an Annuity 334 Future Value of an Ordinary Annuity 334 Future Value of an Annuity Due 335 Present Value of an Annuity 335 Present Value of an Ordinary Annuity 335 Present Value of an Annuity Due 337 Present Value of a Deferred Annuity 338 Financial Calculators and Excel 339 Solving for Unknown Values in Present Value Situations 340 Concept Review Exercise: Annuities 342 Preview of Accounting Applications of Present Value Techniques—Annuities 343 Valuation of Long-Term Bonds 344 Valuation of Long-Term Leases 344 Valuation of Pension Obligations 345 Summary of Time Value of Money Concepts 346 Profitability Analysis—An Illustration 273 Revenue Recognition: GAAP in Effect Prior to ASU No. 2014-09 302 Concept Review Exercise: Installment Sales 308 6 C H A P T E R Time Value of Money Concepts 322 Part A: Basic Concepts 323 Time Value of Money 323 Simple versus Compound Interest 324 Valuing a Single Cash Flow Amount 325 Future Value of a Single Amount 325 Present Value of a Single Amount 326 Solving for Other Values When FV and PV are Known 327 Concept Review Exercise: Valuing a Single Cash Flow Amount 329 2 Economic Resources Appendix 7B: Accounting for Impairment of a Receivable and a Troubled Debt Restructuring 398 8 C H A P T E R Inventories: Measurement 424 Part A: Recording and Measuring Inventory 425 Types of Inventory 426 Merchandising Inventory 426 Manufacturing Inventories 426 Types of Inventory Systems 427 Perpetual Inventory System 427 Periodic Inventory System 428 A Comparison of the Perpetual and Periodic Inventory Systems 430 What is Included in Inventory? 430 Physical Quantities Included in Inventory 430 Expenditures Included in Inventory 431 Inventory Cost Flow Assumptions 434 Specific Identification 435 Average Cost 435 First-In, First-Out (FIFO) 437 Last-In, First-Out (LIFO) 438 Comparison of Cost Flow Methods 440 Decision Makers’ Perspective—Factors Influencing Method Choice 441 Concept Review Exercise: Inventory Cost Flow Methods 444 Decision Makers’ Perspective 447 Part B: Methods of Simplifying LIFO 450 LIFO Inventory Pools 450 7 C H A P T E R Cash and Receivables 360 Part A: Cash and Cash Equivalents 361 Internal Control 362 Internal Control Procedures—Cash Receipts 363 Internal Control Procedures—Cash Disbursements 363 Restricted Cash and Compensating Balances 364 Decision Makers’ Perspective 365 Part B: Current Receivables 366 Accounts Receivable 366 Initial Valuation of Accounts Receivable 366 Subsequent Valuation of Accounts Receivable 368 Concept Review Exercise: Uncollectible Accounts Receivable 375 Notes Receivable 376 Interest-Bearing Notes 377 Noninterest-Bearing Notes 377 Long-Term Notes Receivable 379 Subsequent Valuation of Notes Receivable 380 Financing with Receivables 382 Secured Borrowing 383 Sale of Receivables 384 Transfers of Notes Receivable 386 Deciding Whether to Account for a Transfer as a Sale or a Secured Borrowing 387 Disclosures 389 Concept Review Exercise: Financing with Receivables 390 Decision Makers’ Perspective 391 Appendix 7A: Cash Controls 395
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