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THE ACCOUNTING 1010 TRIBE
THE MAP
Fall 2021 Migration
David P. Kirch, PhD, CPA
Professor of Accounting
Ohio University
Susanne Freeland, MT, CPA
Christine E. Kirch, MBA, CPA
Published by the Ohio University Printing Services
Special thanks to Blaine Gabriel and Barbara Dane
The Learning Objectives
The real reason to study accounting
The Balance Sheet Basics of Recording Other
Assets Debit & Credit Ratios
Liabilities General Journal ROA
Owners’ Equity Journal Entries ROE
The P & L (Income Statement) General Ledger Current
Revenues Posting P/E
Expenses T-Accounts Debt/Equity
Cost of Goods Sold Closing Entry
Gross Margin
The Cash Flow Statement Rules of the game GAAP Managerial
Direct Method Going Concern Contribution Margin statements
Indirect Method Measure in $ Cost/Volume/Profit
Operating Activities Historical Cost Break-Even single and
Investing Activities The Matching Concept multi product lines
Financing Activities IFRS Capital Budgeting
Significant Non-Cash Transactions
The Statement of Owners’ Equity
BALANCE SHEET To Be Rich
Current Assets Current Liabilities Future Value
The Current Ratio Accounts Payable Compounding
The Acid Test Ratio Current Portion of Present Value
Accounts receivable Long-Term Debt Amortization Table
Allowance for doubtful accounts Calculate Payments Inventory Turnover Differential Interest Valuation
Turnover (Days Sales) Long-Term Debt
Inventory Valuation Debt-equity ratio
FIFO Bonds
LIFO What they are
Internal Control Covenants
Estimation Zero’s
Fixed Assets Owners’ Equity
Depreciation Forms of Organization
Straight-Line Sole Proprietorship
Partnership
Corporation
Other Assets Common Stock
Accounting for Goodwill Par Value
Intangibles Capital in Excess of Par
Retained Earnings
Dividends/Draws
Cash & Stock (and Splits)
Treasury Stock
The place where men meet to seek the truth is hallowed ground.
(From The Scent of a Woman)
THE ACCOUNTING 1010 TRIBE
THE MAP
Fall 2021 Migration
David P. Kirch, PhD, CPA
Professor of Accounting
Ohio University
Susanne Freeland, MT, CPA
Christine E. Kirch, MBA, CPA
Guide
Susanne C. Freeland, MT, CPA
Copeland 632
Office Phone: 597-1508
freeland@ohio.edu
Special motivators: Bella and Darby
|Examples of Balance Sheet Accounts: | |Italics = Heading | | | |
|Assets | |Liabilities | |Owners' Equity |
| |
| | | | | | | |
| |Fees | | |Oper| | |
| | | | |atin| | |
| | | | |g | | |
| | | | |Expe| | |
| | | | |nses| | |
| |
Table of Contents
Module 1: Introduction to the Course…..……………………...1
Module 2: Financial Statements and EPS…..…………..………21
Module 3: Basics of Debits and Credits…..………….………....43
Module 4: Continuing with those Debits and Credits…….…...68
Module 5: Time Value of Money…..………….…………..........91
Module 6: Annuities and Interest …..………….……………...108
Module 7: Annuities Continued…..……………...….………...114
Module 8: Cash Flows…………………...………….………...120
Module 9: Accounts Receivable and Forensic Accounting….138
Module 10: Bonds……………………..…..………….…..…...156
Module 11: Differential Interest……...…..………….………...168
Module 12: Rules, Leases and Goodwill……...…….………...184
Module 13: Owners’ Equity………….…..………….………...195
Module 14: Financial Statement Analysis..……...….………...206
Module 15: Financial Statement Analysis Part 2…..…….…...220
Module 16: Capital Budgeting……….…..………….………...222
Extra Stuff……………………………………………………..236
Your Stuff……………………………………………………..238
The Companies
Fluff
Year 1, 20X1……………..……………...……59
Year 2, 20X2………………..…………...……86
Year 3, 20X3…………………..………...……97
Year 4, 20X4……………..……………….…129
Chris’s Beamer
Year 1, 20X1……………..……………...……66
Year 2, 20X2……………..……………...……70
Year 3, 20X3……………..……………...……98
Year 4, 20X4……………..……………….…112
Fudge Business
Year 1, 20X0………………..……...…………86
Year 2, 20X1…………………..…………...…99
Section 1
Slow by Slow
Day by Day
The secret of your future lies hidden in your daily routine.
Mike Murdoch
He who lives without discipline, dies without honor.
Icelandic Proverb
Life should not be about finding yourself,
it should be about creating yourself.
(Sign outside Mr. Bila’s office)
Those who do the work, do the learning.
(sign on Dr. Esmond-kiger’s door)
[pic]
Learning Module #1
Learning Objective:
Introduction to the course
The Rules
Rules 2, 2A and 3!!!
Disrespect
If I even see a cell phone………………….
The Thursday Nights
Homework- highest 10 (15) count
If you are going to be absent, you may turn in homework before the class you are missing
While we are talking about homework…….. the dangers
Rule 4!!!!!! (6 Fall Semester)
One of the best in the country
“To Be Great”
Telephone,
If I forget ……….
Why are you taking this course? In College?
"We do not remember days, we remember moments."
Cesare Pavese
And what it takes to be successful in this class (and in life)
Always F________, E________
Operating Above The Line
(Urban Meyer)
Treat the class like you would treat your girlfriend or boyfriend,
give it a little a___________________________________.
Your actions are your real priorities.
James Cleary
Rome wasn’t built in a day, but they were laying bricks every hour.
James Cleary
Don’t cheat the grind or skip steps because it will catch up to you.
Michael Thomas WR NO Saintes
Increased difficulty, increased struggle during practice actually leads to
both more learning and greater structural change in the brain.
Dr. Lara Boyd
That was talking, this is doing. Doing is different than talking.
Curly Sue
Ohhhh -about asking questions---
Neils Bohr
The Website
Tutoring
We start……….
Accounting Equation:
Assets = Liabilities + Owners’ Equity
It is January 1, 20X1 and we are going to start a corporation to sell hot dogs in a cart on the corner of Court and Union. We form a corporation, Hot Dogs, Inc. and you and everyone in the class invests $100 and we each get one share of stock for that $100. Assume there are 90 of us. We elect a Board of Directors, a COO and start to do business. In January we borrow $10,000 from the bank. Next, we buy a new cart from which to sell the dogs for $12,000. Next, we buy 1,000 dogs and 1,000 buns. Dogs cost .15 and buns are .05 each. For our first month, we sell 900 dogs for $2 each. We pay our worker $600 and our other expenses are $300. How did we do for January? Are we rich yet? Was it a good investment?
It is January 1, 20X1 and we are going to start a corporation to sell hot dogs in a cart on the corner of Court and Union. We form a corporation, Hot Dogs, Inc. and you and everyone in the class invests $100 and we each get one share of stock for that $100. Assume there are 90 of us. We elect a Board of Directors, a COO and start to do business. In January we borrow $10,000 from the bank. Next we buy a new cart from which to sell the dogs for $12,000. Next we buy 1,000 dogs and 1,000 buns. Dogs cost .15 and buns are .05 each. For our first month, we sell 900 dogs for $2 each. We pay our worker $600 and our other expenses are $300. How did we do for January? Are we rich yet? Was it a good investment?
| | | |
|1 |Cash |9,000 | |
| | Common Stock | |9,000 |
| |To record set up of business. | | |
| | | | |
|2 |Cash |10,000 | |
| | Loan Payable | |10,000 |
| |Borrowed money | | |
| | | | |
|3 |Cart |12,000 | |
| | Cash | |12,000 |
| |purchased cart | | |
| | | | |
|4 |Inventory |200 | |
| | Cash | |200 |
| |To record purchase of 1,000 hot dogs | | |
| |and buns (1,000 x .15 + 1,000 x .05). | | |
| | | | |
|5 |Cash |1,800 | |
| | Sales | |1,800 |
| |To record sale of 900 hot dogs ( 900 x $2). | | |
| | | | |
|6 |Cost of Goods Sold |180 | |
| | Inventory | |180 |
| |To record cost of inventory sold. | | |
| |(900 x .15 + 900 x .05) | | |
| | | | |
|7 |Wage Expense |600 | |
| | Cash | |600 |
| |To record payment of advertising. | | |
| | | | |
|8 |Other Expenses |300 | |
| | Cash | |300 |
| |To record payment of interest on note. | | |
| | | | |
|9 |Sales |1,800 | |
| | Cost of Goods Sold | |180 |
| | Wage Expense | |600 |
| | Other Expense | |300 |
| | Retained Earnings | |720 |
| |To close books | | |
Hot Dog January
|ASSETS |= |LIABILITIES |+ |OWNER'S EQUITY | | |(REVENUE |- |EXPENSES) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Cash | | | | | |Common Stock | | | Sales | | |Cost of Goods Sold | |BB |0 | | | | | | | | |0 |BB | | |1,800 |5 |6 |180 | | |1 |9,000 |12,000 |3 | | | | | | |9,000 |1 | | | | | | | | |2 |10,000 |200 |4 | | | | | | | | | | | | | | | | |5 |1,800 |600 |7 | | | | | | |9,000 | | | | | | | | | | | |300 |8 | | Loan Payable | | | | | | | | | | | | | | | | | | | |0 |BB | | | | | | | | | | | | | |20,800 |11,100 | | | |10,000 |2 | | Retained Earnings | | | | | | |Wage Expense | | |9,700 | | | | | | | | |0 |BB | | | | |7 |600 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Inventory | | | | | | | | | | | | | |Other Expense | |BB |0 | | | | | | | | | | | | | | |8 |300 | | |4 |200 |180 |6 | | | | | | | | | | | | | | | | | |200 |180 | | | | | | | | | | | | | | | | | | |20 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |Cart | | | | | | | | | | | | | | | | |4 |12,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
[pic]
Winston Churchill
Wishes change nothing, decisions change everything.
There is nothing more scary, or dangerous, than ignorance in action.
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