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Chap004

# Fundamentals of Financial Accounting with Annual Report

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Chapter 04 - Adjustments, Financial Statements, and Financial Results CHAPTER 4 ADJUSTMENTS, FINANCIAL STATEMENTS, AND FINANCIAL RESULTS Student Learning Objectives and Related Assignment Materials Student Learning Objectives Mini- Exercises Exercises Coached Problems Problems (Groups A & B) Skills Development Cases Multi- chapter Material 1. Explain why adjustments are needed. 1, 2, 3, 4 2, 3, 4, 5, 6, 7, 8, 11, 18 2, 4, 5 A2, A4, A5, B2, B4, B5 1, 2, 3, 4, 5 CC4† 2. Prepare adjustments needed at the end of the period. 2, 3, 4, 5*, 6*, 7, 8, 9*, 10*, 16, 17, 18*, 19, 20, 21, 22, 24 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 18* 2, 3, 4, 5 A2, A3, A4, A5, B2, B3, B4, B5 4, 6 CC4† 3. Prepare an adjusted trial balance. 11, 23 1, 14, 15 1, 4, 5 A1, A4, A5, B1, B4, B5 7 4. Prepare financial statements. 12, 13, 14, 23, 24 13, 16 5 A3, A5, B5 3, 5, 6, 7 5. Explain the closing process. 15, 24 10, 17 1, 5 A1, A5, B1, B5 6. Explain how adjustments affect financial results. 4, 9, 12, 13, 18* 3, 4, 5 A3, A4, A5, B3, B4, B5 1, 2, 4, 5, 6, 7 * Animated solution included in the PowerPoint Slides. † CC4 is a continuing case that builds on the story of Nicole’s Getaway Spa, introduced in earlier chapters. This case focuses on identifying the need for and classifying adjustments, preparing the initial journal entries for deferral adjustments, and analyzing adjustments and preparing adjusting journal entries. This case will be extended in future chapters. Overview The entrepreneur from chapters 1-three is eager to evaluate Pizza Aroma’s results, but he first learns the importance of adjusting the accounting records for deferred items and yet-to-be accrued items. Students learn how to adjust the accounting records, and prepare an income statement, statement of retained earnings, and balance sheet. 4-1

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Chapter 04 - Adjustments, Financial Statements, and Financial Results Synopsis of Chapter Revisions New Focus Company: Pizza Aroma, Inc. New chapter opener New visuals to illustrate the analyses required in making adjustments New video and Spotlight on Financial Reporting depicting Circuit City’s slide into bankruptcy One new question, three new mini-exercises, one new exercise, three new problems, and three new cases One new continuing case PowerPoint Slides Student Learning Objective PowerPoint® Slides 1. Explain why adjustments are needed. 4-1through 4-8 2. Prepare adjustments needed at the end of the period. 4-9 through 4-25 3. Prepare an adjusted trial balance. 4-26 through 4-27 4. Prepare financial statements. 4-28 through 4-30 5. Explain the closing process. 4-31 through 4-37 6. Explain how adjustments affect financial results. 4-38 through 4-39 Animated Builds and Animated Solutions PowerPoint® Slides Exhibit 4.6 – Using a Timeline to Calculate Adjustments 4-14 Mini-Exercise 4-5 4-41 Mini-Exercise 4-6 4-42 Mini-Exercise 4-9 4-43 through 4-45 Mini-Exercise 4-10 4-46 through 4-48 Mini-Exercise 4-18 4-49 Exercise 4-18 4-50 through 4-55 Summary of Related Video Programs McGraw-Hill/Irwin Financial Accounting Video Series Program #4 – Adjusting Entries (10:35) Scenes of a couple in the process of starting a business provide transition. After noting that two
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