KAP1 3rd Edition - Corrections



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|Financial Accounting Principles, 3rd Edition – Corrections Memo |

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|Dear student, |

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|This is a correction memorandum which documents all changes to Financial Accounting Principles, 3rd Edition over time. The workbook changes are |

|reflected in all PDF documents linked to your online course. Newer printing of the textbook will have these errors corrected, but older printing or |

|used books may still show them. Please do not hesitate to contact us at support@ if you have any further questions. |

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|Textbook |

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|Chapter |

|Page Number |

|Description |

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|Chapter 10 |

|Page 239 |

|Second paragraph under The Allowance Method, end of the first sentence should read: “…when the actual bad debt occurs.” |

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|Chapter 13 |

|Page 382 |

|Clarification regarding vacation pay to salaried employees: |

|Pay received during vacation time is usually classified as vacation pay, or paid time off. |

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|Chapter 13 |

|Page 383 |

|In the list of statutory deductions, remove Federal unemployment taxes and State unemployment taxes. Both of these are employer contributions, not |

|employee deductions. |

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|Chapter 20 |

|Page 561 |

|First paragraph under the EBIT heading, third sentence should read: Specifically, certain costs (that are not considered largely under the control of|

|management) are added back after net income is calculated. |

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|Workbook |

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|Question Corrections |

|Chapter |

|Page Number |

|Question Number |

|Description |

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|7 |

|212 |

|AP-9 |

|For the April 19 transaction, add the following: Cost of inventory for the sale is $9,000. |

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