Table of Contents
Table of Contents
Praise Title Page Financial Statements Copyright Page Dedication Acknowledgements Preface Introduction
Section A. - Financial Statements: Structure & Vocabulary
About This Section
Chapter 1. - Twelve Basic Principles Chapter 2. - The Balance Sheet
The Basic Equation of Accounting The Balance Sheet The Balance Sheet--a snapshot in time. What are Assets? Grouping Assets for Presentation Current Assets Current Assets: Cash Current Assets: Accounts Receivable Current Assets: Inventory Current Assets: Prepaid Expenses Current Asset Cycle More asset types Fixed Assets at Cost Depreciation Net Fixed Assets Other Assets What are Liabilities? Current Liabilities Current Liabilities: Accounts Payable Current Liabilities: Accrued Expenses Current Debt and Long-Term Debt Current Liabilities: Income Taxes Payable Working Capital Sources and Uses of Working Capital Total Liabilities Shareholders' Equity Capital Stock Retained Earnings Changes in Shareholders' Equity Balance Sheet Summary
Chapter 3. - The Income Statement
The Income Statement The Income Statement (continued) Net Sales Sales vs. Orders Costs Cost of Goods Sold Gross Margin Cost vs. Expense Expenses Operating Expenses Income or (Loss) Income From Operations Non-operating Income & Expense Net Income Income (Profits) vs. Sales (Revenue) Income Statement Summary Accrual Basis vs. Cash Basis Cash Basis Accrual Basis Income Statement & Balance Sheet
Chapter 4. - The Cash Flow Statement
Cash Flow Statement Cash Transactions Non-cash Transactions Cash Flow Sources and Uses of Cash Cash from Operations Cash Receipts Cash Disbursements Other elements of cash flow Fixed Asset Purchases Net Borrowings Income Taxes Paid Sale of Stock: New Equity Ending Cash Balance Cash Flow Statement Summary
Chapter 5. - Connections
Section B. - Transactions: Exploits of AppleSeed Enterprises, Inc.
About This Section
Chapter 6. - Startup Financing and Staffing
T1. Sell 150,000 shares of AppleSeed's common stock ($1 par value) for $10 per share. T2. Pay yourself a month's salary. Book all payroll associated fringe benefits ... T3. Borrow $1 million to buy a building. Terms of this 10-year mortgage are 10% ... T4. Pay $1.5 million for a building to be used for office, manufacturing and ... T5. Hire administrative and sales staff. Pay first month's salaries and book ... T6. Pay employee health, life and disability insurance premiums plus ...
Chapter 7. - Staffing and Equipping Facility; Planning for Manufacturing
T7. Order $250,000 worth of manufacturing machinery. Pay 1/2 down now. T8. Receive and install applesauce-making machinery. Pay the $125,000 balance due. T9. Hire production workers. Expense first month's salary and wages. T10. Place an order for raw materials (apples, spices and packaging materials). ...
Chapter 8. - Startup of Manufacturing Operations
T11. Receive two months' supply of raw materials. T12. Start production. Pay supervisor and workers for the month. Book ... T13. Book depreciation and other manufacturing overhead costs for the month. T14. Pay for labels received in Transaction 10. T15. Finish Manufacturing 19,500 cases of our applesauce and move them from ... T16. Scrap 500 cases' worth of work-in-process inventory. T17. Pay for some of the raw materials received in Transaction 11. T18. Manufacture another month's supply of our wonderful applesauce.
Chapter 9. - Marketing and Selling
T19. Produce product advertising fliers and T-shirt giveaways. T20. A new customer orders 1,000 cases of applesauce. Ship 1,000 cases at ... T21. Take an order (on credit) for 15,000 cases at $15.66 per case. T22. Ship and invoice customer for 15,000 cases of applesauce ordered in ... T23. Receive payment of $234,900 for shipment made in Transaction 22 and pay ... T24. Oops! Customer goes bankrupt. Write off cost of 1,000 cases as a bad debt.
Chapter 10. - Administrative Tasks
T25. Pay this year's general liability insurance. T26. Make principal and interest payments on three months' worth of building debts. T27. Pay payroll-associated taxes and insurance benefit premiums. T28. Pay some suppliers...especially the mean and hungry ones.
Chapter 11. - Growth, Profit and Return
T29. Fast-forward through the rest of the year. Record summary transactions for ... T30. Book income taxes payable. T31. Declare a $0.375 per share dividend and pay to the common shareholders.
Section C. - Financial Statements: Construction & Analysis
About This Section
Chapter 12. - Keeping Track with Journals and Ledgers Chapter 13. - Ratio Analysis
Common Size Statements-- Liquidity Ratios-- Asset Management Ratios-- Profitability Ratios-- Leverage Ratios-- Industry and Company Comparisons--
Chapter 14. - Alternative Accounting Policies and Procedures Chapter 15. - Cooking the Books
Section D. - Business Expansion: Strategy, Risk & Capital
About This Section
Chapter 16. - Mission, Vision, Goals, Strategies, Actions and Tactics
Strategic Planning Hierarchy Strategic Planning Terms
Chapter 17. - Risk and Uncertainty Chapter 18. - Making Decisions About AppleSeed's Future Chapter 19. - Sources and Costs of Capital
T32. Finance expansion! Sell 53,333 shares of AppleSeed's common stock ($1 par ...
Section E. - Making Good Capital Investment Decisions
About This Section
Chapter 20. - The Time Value of Money
Present Value (PV) & Future Value (FV) Interest and Interest Rates Discounting and Discount Rates
Chapter 21. - Net Present Value (NPV)
Net Present Value (NPV) Formula Net Present Value (NPV) Example Internal Rate of Return (IRR) NPV vs. IRR?
Chapter 22. - Making Good Capital Investment Decision
T33. Buy Chips-R-Us, Inc., assets and treat this business combination as an ...
Conclusion Appendix A. - Short History of Business Fraud and Speculative Bubbles Appendix B. - Nominal vs. Real Dollars Index About the Author
"Awitty, concise and delightfully logical guide for the high-tech entrepreneur. Everything you need to know, but not a line more. I'm already recommending it to the faculty, students and business colleagues who are starting companies."
Lita Nelsen Director, Technology Licensing Office Massachusetts Institute of Technology
Cambridge, Massachusetts
"I wish this book were around when I started myfirst company. The entrepreneur can learn in one evening's reading what it took me two years of learning-by-doing! I plan on giving a copy to every CEO in our venture fund's portfolio."
Gordon B. Baty Partner, Zero Stage Capital Cambridge, Massachusetts
5 Star Reviews from Readers
The Best Book on Financial Statements, Period! Wow, what a great book! I'm a technical professional and now no longer in the financiallyconfused majority. --Robert I. Hedges (Burnsville, MN)
Simply the Best! Clearly the first introductory book one should read. This book--a must on every managers shelf--adds value by providing clear and concise definitions and relates them visuallyto the changing financial statements. Atremendous bang for buck. Simply go get it and read it.
--ClimbHigh
The author has a gift that few experts have. He anticipates all my newbie/beginner stupid questions... As soon as the little voice in my head asks, "But why did they do it this way?" the author gives me the answer. This book has been of enormous value to me. It is an essential reference for anyone who needs to understand what business finances are about.
--M. Kramer (United States)
A Masterpiece. Every single financial term is clarified with a layman's language. Moreover, for every single term, there is a very understandable example. Likewise, in every page there is a sheet explaining all the transactions. I strongly believe that this book is a masterpiece for non-financial managers.
--a reader
Excellent! I purchased this book for an MBAcourse and ended up using it more than the assigned text. The author makes a complicated subject seem like child's play! --Bill Holcomb (Cleveland, OH)
Perfect book when first learning... This is a wonderfully clear and concise introduction to the interpretation of financial statements... Read this if you are not a CPAor MBA, but must "get a handle" on Balance Sheets, Income Statements and Cash Flow Statements. This should be the first book you buy.
--Jack Fossen (Dallas, TX)
Outstanding!! Looking to understand how financial statements work?...then purchase this book--there's none better. I am a graduate student nearing the completion of my MBA degree. The author speaks in basic terms about what financial statements mean and how theywork. This book puts it all together for the reader.
--Joseph P. Gallagher (Bellinghan, WA)
A very useful book. While the book gets only skin deep on accounting concepts, it does an excellent job in deconstructing how the Income Statement, Statement of Cash Flows, and Balance Sheet are changed. Veryfew accounting related books make explicit what happens the waythis book does.
--R. Chonchol (Florida)
Want to understand financial statements? I took an accounting class...and I had difficulty interpreting financial statements. So I gambled and bought this book with a hope to
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