27 / Problem 1-1A, second line “met assets” should be “net assets”
52 / Illustration 2-9
Retained Earnings section, underline missing beneath dollar amounts in “Add: Net Income (from Income Statement)” line
Balance Sheet section, Additional Paid-in Capital, 6,500,000 should be in Consolidated Financial Statements column
54 / Third line, “Analysis of Market Value column” should be “column labeled 100 percent of Value”
58 / Illustration 2-14
Balance Sheet section, underline missing beneath dollar amounts in “Other Current Assets” and “Total Current Assets” columns
61 / Second line beneath shaded worksheet elimination, “Elimination 2-8” should be “Elimination 2-2”
62 / First paragraph, end of last complete line, change “are” to “is”
62 / Second paragraph, fourth line, add “accounts” after “Accumulated Depreciation”
79 / Problem 2-7, parts D and E. Change “January” to “May”
81 / Problem 2-10, first line, change “Premier” to “Premium”, Part D, change “January” to “August”
85 / Illustration 3-2, Retained Earnings section, underline missing beneath dollar amounts in “Add: Net Income (from Income Statement)” line
101 / Worksheet Eliminations 3-7, elimination 3, Patents is a debit
102 / Description of second journal entry, change “Starling’s” to “Sterling’s”, change “Illustration 3-8” to “Illustration 3-4”
103 / Illustration 3-8, Income Statement section, Consolidated Financial Statements column, underline missing under dollar amount for “Goodwill Impairment Loss”, delete underline under dollar amount for “Consolidated Net Income”
109 / Three journal entries, Dividend Revenue captions should be indented as credit accounts
120 / Multiple choice 3-3, last line of text, change “recognized” to “reported”
Multiple choice 3-4, first line under table, change “balance in the equipment account” to “net book value of equipment”
Multiple choice 3-5, last sentence before table, delete “for all of Bit Tools’ noncurrent assets”, add row to table “Inventory book value $80,000 market value $105,000”
121 / Multiple choice 7-10 information, third line from the end of the text, change “Perch” to “Salmon”
122 / Exercise 3-1, move inventory book value and market value numbers to the right
Exercise 3-3, move inventory book value and market value numbers to the right
137 / Problem 3-13, second line, change “want” to “wants”
148 / Calculation for Loss on Early Debt Retirement amount, delete underline beneath $300,000, add underline beneath $11,250
155 / Table at bottom of page, Pratt’s Selling Price column, remove shading from Beginning Inventory row and add shading to 2007 Sales to Sterling row
156 / First and second journal entry calculations, change “($300,000 .07) x (3/12)” to “($300,000 x .07) (3/12)”
166 / Interest Expense T-account, change debit caption from “July” to “Apr.”
180 / First table, last column, insert a single underline beneath the bottom “0” and insert a double underline beneath “16,320”
Worksheet at bottom of page, Consolidated Financial Statement column, Income Statement section, insert single underline immediately above the “Consolidated Net Income” row
184 / Adjustments and Eliminations column should be shaded
185 / Adjustments and Eliminations column should be shaded
Footnote 3, delete “and recognition of goodwill impairment”
198 / Problem 4-7, change Micro Techniques book and market value to the following
Cash book value 230,000 market value 230,000
Investment in Spreadsheet book value 830,000 market value 830,000
204 / Additional information 4, second paint, change “$28,000” to “$30,000”and “$42,000” to “$44,000”
222 / Figure 5-1, arrow head missing time period 2, from “Firm commitment to purchase or sell” to “Asset is received or delivered”
225 / Margin box, “In the money”, change “call (put)” to “put (call)”
Margin box, “Out of the money”, change “call (put)” to “put (call)”
229 / Last paragraph, fourth line, change “spot rate represents” to “strike price is used to calculate”
238 / Last journal entry, “Sales” dollar amount must be moved to the credit column
267 / Total credits missing, book value column underlines incorrect, double underline should be beneath totals, for debits and credits, single underlines should be beneath Patents dollar amounts and Retained Earnings dollar amounts
268 / Illustration 6-2, underlines incorrect, single underline should be beneath dollar amount in “Book Value” row and double underline should be beneath dollar amount in “Purchase differential” row
278 / Illustration 6-8, “Consolidated Financial Statements” column, underline should be beneath dollar amount 3,286,400, underline beneath 980,000 should not exist
“Adjustments and Eliminations” columns should be shaded
279 / Illustration 6-8, “Adjustments and Eliminations” columns should be shaded
283 / Illustration 6-11, underlines incorrect. Single underline beneath 19,240,000 and beneath 6,250,000 while double underlines should be beneath 13,697,500 in top and bottom part of the illustration
286 / Illustration 6-13, “Adjustments and Eliminations” columns should be shaded
287 / Illustration 6-13, “Adjustments and Eliminations” columns should be shaded
288 / Worksheet elimination 4, $563,500 should be $563,550
292 / Illustration 6A-2, lines are incorrect. Correct underlines are as follows:
Polish Zloty U.S. Dollars
Trial Balance:
Dividends Declared 1,600,000 208,000
Totals 53,590,000 10,911,750
Remeasurement (Gain) Loss (404,900)
Totals (53,590,000) (10,911,750)
Schedule A:
Purchases 11,930,000 1,789,500
Ending Inventory 5,750,000 977,500
Cost of Goods Sold 11,400,000 1,960,400
Schedule A:
Purchase May 31, 2006 2,250,000 360,000
Ending Balance 28,500,000 6,675,000
Illustration 6A2, Schedule A, “Beginning Inventory (Illustration 6A-1)” should be “Beginning Inventory (Illustration 6-5)” and “Ending Inventory” should be “Ending Inventory (Illustration 6A-1)”
306 / Multiple choice 6-5, 6th line of text, “$54” should be “$.54”
311 / Exercise 6-10, purchase price should be “8,300,000 euros”, not “8,400,000 euros”
319 / Problem 6-9, 7th line of text, change “Accounts receivables” to “Accounts receivable”
321 / Problem 6-12, change Sanchez Common Stock from “(5,000,000,000)” to “(5,500,000,000)” and Additional Paid-In Capital from “(20,000,000,000)” to “(19,500,000,000)”
340 / Top of page journal entry explanation, add “and loss allocation”
360 / Goodwill calculation and subsequent journal entry should be the following
$90,000 = (.25) Goodwill
$90,000/.25 = Goodwill
Goodwill = $360,000
Goodwill ($90,000/.25) 360,000
Briscoe, Capital ($360,000 x .45) 162,000
Johnson, Capital ($360,000 x .30) 108,000
Mitchell, Capital ($360,000 x .25) 90,000
376 / Question 17, change to “Contrast the two ways in which the admission of a new partner into an existing partnership may be reflected in the accounting records.”
384 / Problem 7-6, line 2, change “chooses” to “choose”
393 / Illustration 8-2, Briscoe, Capital column, remove ( ) from around (48,500) and (55,250)
395 / Illustration 8-2, Briscoe, Capital column, remove ( ) from around (48,500) and (55,250)
Chapter 9 corrections
Page 417 Last line of 1st paragraph spelling - ‘demostrated’ should be demonstrated.
Page 421 Table 9-1 under Level C Force should be aligned under “GASB and Emerging Issues Task” in the Governmental column
Page 421 Table 9-1 under Level D ‘recognized and prevalent’ should be added under the Nongovernmental column to follow ‘industry practices that are widely’
Page 423 Footnote 22 ‘Investment’ should be changed to ‘Investments’
Page 425 The word “that” should be removed from third line of the sidebar definition of Permanently restricted net assets
Page 427 In the third journal entry explanation on the page, ‘is recorded’ should be inserted after the word ‘earlier’.
Page 428 ‘transaction’ should be changed to ‘transactions’ in the third paragraph under Transaction Types heading.
Page 435 In the fourth bullet under Financial Statements, delete the word ‘for’
Page 437 Illustration 9-2 Supporting services should be aligned with Program services
Page 442 Item 7 ‘statement of operations’ should be lower case
Page 450 At the top of the page that continues Item 31 from the prior page Supplies expenses – health care is misspelled should be ‘health’ rather than ‘heatlh’
Page 453 ‘to’ should be inserted following ‘According’ in the fourth line of multiple choice question 9-19.
Page 460 ‘Mortage’ is misspelled in problem 9-4 in the ‘mortgage’ payable line
Page 461 The fifth ‘decrease’ in problem 9-7 is misspelled. Should be ‘decrease’ rather than ‘decrese’.
Chapter 10 edits
Page 466 Second line under Nature of Governments heading. ‘principals’ should be ‘principles’.
Page 466 Footnote 3 second line ‘Government’ should be ‘Governmental’
Page 468 Under the first bullet at top of the page, ‘asset’ should be spelled ‘assets’
Page 469 ‘appoint’ should be spelled ‘appoints’ in the second line under item 1, .
Page 473 Illustration 10-1
Dollar sign should be place before the $42,888,000 original budget amount
The original fines and forfeiture amount should be 1,422,800 not 1,422,000
The total of the final budget amount should be 65,257,152 not 65,257,182
The final budget amount for the city attorney should be 1,188,207 not 1,788,207
The budget variation for the police expenditure should be 1,183,565 not 1,683,565
The original budget amount for capital outlay should be 167,248 not 167,247
Page 474 Footnote 13 ‘Government’ should be ‘Governmental’
Page 477 ‘of’ should be deleted in the last line under item 2,
Page 479 ‘it’ should be ‘its’ in the seventh line from the top of the page
Page 480 ‘contract’ should be ‘contrast’ in the seventh line under Infrastructure.
Page 480 great in the fifth line of the definition of infrastructure assets should be ‘greater’ rather than ‘great’
Page 480 ‘preformed’ should read ‘performed’ in the second paragraph from the bottom of the page
Page 483 Footnote 21 ‘GSAB’ should be corrected to ‘GASB’
Page 484 Under Fund Financial Statements in row two of Figure 10-1, ‘the’ should be deleted
Page 484 ‘CFAR’ in the last paragraph on the page should be changed to ‘CAFR’
Page 491 ‘are’ in the first line of the second paragraph should be changed to ‘is’
Page 491 Figure ‘3)’ on the third line of paragraph five should be changed to ‘10-3’
Page 494 ‘pensions’ in the next to the last line of the first paragraph should read ‘pension’
Page 497 ‘by’ should be inserted before ‘state’ in question 10-12
Page 500 In the required statement of exercise 10-1, the ‘?’ should be changed to a period.
Page 501 In exercise 10-3 the amount of the capital assets 13,743,500 should be aligned with the other amounts
Page 505 In problem 10-6 part 10, ‘were’ should be changed to ‘was’
Chapter 11 edits
Page 510 In the fourth line of the second paragraph, ‘the’ should be removed before capital project
Page 510 In the fifth line of the fourth paragraph, ‘the’ should be removed before support and ‘of’ should be removed following support. The phrase should read ‘only investment income be used to support the city’s art’
Page 510 second line under the Proprietary Funds heading, ‘charges’ should read ‘charge’
Page 511 ‘costs’ the last line of the second paragraph should read ‘cost’
Page 515 ‘that’ in the third line of the fifth paragraph should be changed to ‘than’ The sentence should read ‘That is, the government has more revenue than expected …”
Page 517 In the second line of the paragraph that explains item 1 to record the taxes billed, ‘it’ should be changed to ‘the amount’
Page 522 in the second line from the bottom of the page, ‘display’ should be changed to ‘displayed’
Page 523 the explanation under the journal entry to record the property taxes should be aligned to the left margin
Page 524 the total assets of the Redevelopment Agency should total 16,699,797
Page 527 the total expenditures for the Redevelopment Agency should total 8,655,820
Page 529 in the third line of the first paragraph, ‘part’ should read ‘park’
Page 529 in the eight line of the paragraph under the Expenditure heading, ‘there’ should read ‘they’
Page 529 in the third paragraph from the bottom of the page, ‘governmen-‘ should read ‘government-‘ This is a bad word break as the word is government-wide
Page 533 in the third line from the top of the page, remove ‘the’ before ‘any of …’
Page 533 in the eleventh line ‘statements’ should be corrected to ‘statement’
Page 534 Illustration 11-4 the amount of depreciation in the Internal Service Fund column should be 1,180,884
Page 537 in the third line of the paragraph before the Fiduciary Fund Financial Statements heading, ‘investment’ should be changed to ‘investments’ and ‘transaction’ should be changed to ‘transactions’
Page 542 in the next to the last line of the page, ‘were’ should be deleted
Page 545 in the first line of multiple choice question 11-16, delete ‘are’
Page 547 in the second line of multiple choice question 11-41 delete ‘except’
Page 550 Problem 11-3 ‘displays’ should read ‘display’
Page 551 Problem 11-3 ‘Fee’ should read ‘Fees’
Page 552 insert ‘30’ following September in item 5 of Problem 11-7
Page 553 item 5 of Problem 11-9 is not properly aligned
Chapter 12 edits
Page 555 in line eight of the first paragraph, delete ‘the’ before degrees of autonomy
Page 561 in the fifth line from the bottom of the page, delete ‘to’ before be retained
Page 563 on the last line of the second paragraph from the bottom of the page, change ‘grants’ to ‘grant’
Page 565 change ‘on’ to ‘of’ in the first line of the fourth paragraph
Page 566 in the eleventh line of first full paragraph of the page, ‘History Departments’ should read ‘History Department’
Page 567 in the second line of the page, ‘other’ should read ‘others’
Page 567 in the last line of the page, ‘were’ should be changed to ‘was’
Page 568 in the statement before item 1, insert ‘all’ before following
Page 569 in the next to the last line in paragraph four, ‘supplement’ should read ‘supplemental’
Page 572 Illustration 12-2 total noncurrent assets and total assets should be corrected to the following amounts.
Clemson Research
Clemson Facilities
University Corporation Total
Total noncurrent assets 410,368,793 3,465,159 413,833,952
Total assets $ 566,058,085 $ 3,858,540 $ 569,916,625
Page 575 in the fourth line from the bottom of the page, ‘are’ should be changed to ‘is’
Page 578 in the third line of the page, insert ‘be’ following ‘would’
Page 581 the last word of the second paragraph ‘operating’ should be changed to ‘operations’
Page 583 in the first line of the second paragraph, insert ‘the’ following ‘in’
Page 588 question 12-10 should end with a ? not a period
Page 588 question 12-20 should end with a ? not a period