{"product_id":"wiley-pathways-small-business-accounting-9780470198636","title":"Wiley Pathways Small Business Accounting","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003eWhen it comes to operating a small business, it doesn't matter how good the idea is if the accounting behind the operations isn't solid. Now readers have a resource that covers the accounting tools and strategies that will help them run a successful company.\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003e\u003cp\u003e\u003cb\u003ePART I The Foundation of Accounting\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 1. \u003c\/b\u003e\u003cb\u003eACCOUNTING FOR YOUR BUSINESS 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 2\u003c\/p\u003e \u003cp\u003e1.1. Basic Accounting Concepts 2\u003c\/p\u003e \u003cp\u003e1.1.1 Separate Entity Assumption 2\u003c\/p\u003e \u003cp\u003e1.1.2 Accounting Period Assumption 3\u003c\/p\u003e \u003cp\u003e1.1.3 Cash-Basis and Accrual Accounting 3\u003c\/p\u003e \u003cp\u003e1.1.4 Internal Controls 5\u003c\/p\u003e \u003cp\u003eSelf-Check 6\u003c\/p\u003e \u003cp\u003e1.2. Types of Businesses 6\u003c\/p\u003e \u003cp\u003e1.2.1 Types of Business Operations 6\u003c\/p\u003e \u003cp\u003e1.2.2 Legal Forms of Business Structure 7 Self-Check 12\u003c\/p\u003e \u003cp\u003e1.3. Accounting Software Options 12\u003c\/p\u003e \u003cp\u003e1.3.1 Overview of Software Options 13\u003c\/p\u003e \u003cp\u003e1.3.2 Add-Ons and Fees 16\u003c\/p\u003e \u003cp\u003e1.3.3 Setting Up Your Computerized Books 16\u003c\/p\u003e \u003cp\u003eSelf-Check 19\u003c\/p\u003e \u003cp\u003eSummary 19\u003c\/p\u003e \u003cp\u003eAssess Your Understanding 20\u003c\/p\u003e \u003cp\u003eBe a Small Business Accountant 21\u003c\/p\u003e \u003cp\u003eKey Terms 22\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 2. \u003c\/b\u003e\u003cb\u003eMASTERING DEBITS AND CREDITS 23\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 24\u003c\/p\u003e \u003cp\u003e2.1 Differentiating Debits and Credits 24\u003c\/p\u003e \u003cp\u003e2.1.1 Double-Entry Accounting 24\u003c\/p\u003e \u003cp\u003e2.1.2 The Accounting Equation 25\u003c\/p\u003e \u003cp\u003e2.1.3 The T-Account Tool 27\u003c\/p\u003e \u003cp\u003e2.1.4 Analyzing Transactions 28\u003c\/p\u003e \u003cp\u003eSelf-Check 30\u003c\/p\u003e \u003cp\u003e2.2 Overview of Financial Statements 30\u003c\/p\u003e \u003cp\u003e2.2.1 The Balance Sheet 30\u003c\/p\u003e \u003cp\u003e2.2.2 The Income Statement 32\u003c\/p\u003e \u003cp\u003eSelf-Check 32\u003c\/p\u003e \u003cp\u003e2.3 The Chart of Accounts 33\u003c\/p\u003e \u003cp\u003e2.3.1 Account Sections 33\u003c\/p\u003e \u003cp\u003e2.3.2 Account Numbers 34\u003c\/p\u003e \u003cp\u003e2.3.3 Managing an Efficient Chart of Accounts 35\u003c\/p\u003e \u003cp\u003eSelf-Check 37\u003c\/p\u003e \u003cp\u003eSummary 37\u003c\/p\u003e \u003cp\u003eAssess Your Understanding 38\u003c\/p\u003e \u003cp\u003eBe a Small Business Accountant 41\u003c\/p\u003e \u003cp\u003eKey Terms 42\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 3. \u003c\/b\u003e\u003cb\u003eBEGINNING THE ACCOUNTING CYCLE 43\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 44\u003c\/p\u003e \u003cp\u003e3.1. Steps of the Accounting Cycle 44\u003c\/p\u003e \u003cp\u003e3.1.1 Transactions 45\u003c\/p\u003e \u003cp\u003e3.1.2 Journal Entries 45\u003c\/p\u003e \u003cp\u003e3.1.3 Posting 45\u003c\/p\u003e \u003cp\u003e3.1.4 Trial Balance 45\u003c\/p\u003e \u003cp\u003e3.1.5 Worksheet 46\u003c\/p\u003e \u003cp\u003e3.1.6 Adjusting Journal Entries 46\u003c\/p\u003e \u003cp\u003e3.1.7 Financial Statements 46\u003c\/p\u003e \u003cp\u003e3.1.8 Closing 46\u003c\/p\u003e \u003cp\u003eSelf-Check 47\u003c\/p\u003e \u003cp\u003e3.2 Introduction to Journals and Ledgers 47\u003c\/p\u003e \u003cp\u003e3.2.1 Journals 47\u003c\/p\u003e \u003cp\u003e3.2.2 Ledgers 49\u003c\/p\u003e \u003cp\u003eSelf-Check 51\u003c\/p\u003e \u003cp\u003e3.3 Keeping the Right Paperwork 51\u003c\/p\u003e \u003cp\u003e3.3.1 Creating a Filing System 52\u003c\/p\u003e \u003cp\u003e3.3.2 Figuring Out What to Keep and for How Long 53\u003c\/p\u003e \u003cp\u003eSelf-Check 55\u003c\/p\u003e \u003cp\u003eSummary 55\u003c\/p\u003e \u003cp\u003eAssess Your Understanding 57\u003c\/p\u003e \u003cp\u003eBe a Small Business Accountant 58\u003c\/p\u003e \u003cp\u003eKey Terms 59\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART II Accounting for a Service Business\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 4. \u003c\/b\u003e\u003cb\u003eJOURNALIZING TRANSACTIONS 61\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 62\u003c\/p\u003e \u003cp\u003e4.1 Starting Your Business 62\u003c\/p\u003e \u003cp\u003e4.1.1 Using the General Journal 62\u003c\/p\u003e \u003cp\u003e4.1.2 Equity Transactions 64\u003c\/p\u003e \u003cp\u003eSelf-Check 68\u003c\/p\u003e \u003cp\u003e4.2 Buying and Selling 69\u003c\/p\u003e \u003cp\u003e4.2.1 Buying for the Business 69\u003c\/p\u003e \u003cp\u003e4.2.2 Making the Sale 72\u003c\/p\u003e \u003cp\u003eSelf-Check 74\u003c\/p\u003e \u003cp\u003e4.3 Other Transactions 74\u003c\/p\u003e \u003cp\u003e4.3.1 Accounts Payable and Accounts Receivable 75\u003c\/p\u003e \u003cp\u003e4.3.2 The Completed General Journal 75\u003c\/p\u003e \u003cp\u003eSelf-Check 77\u003c\/p\u003e \u003cp\u003eSummary 77\u003c\/p\u003e \u003cp\u003eAssess Your Understanding 78\u003c\/p\u003e \u003cp\u003eBe a Small Business Accountant 80\u003c\/p\u003e \u003cp\u003eKey Terms 81\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 5. \u003c\/b\u003e\u003cb\u003ePOSTING TRANSACTIONS AND PREPARING A TRIAL BALANCE 83\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 84\u003c\/p\u003e \u003cp\u003e5.1 Updating Ledger Accounts 84\u003c\/p\u003e \u003cp\u003e5.1.1 The Ledger Account Form 84\u003c\/p\u003e \u003cp\u003e5.1.2 Posting from the General Journal to the General Ledger 85\u003c\/p\u003e \u003cp\u003eSelf-Check 91\u003c\/p\u003e \u003cp\u003e5.2 Maintaining the General Ledger 91\u003c\/p\u003e \u003cp\u003e5.2.1 Calculating the Account Balances 91\u003c\/p\u003e \u003cp\u003e5.2.2 Correcting Errors in a Manual System 92\u003c\/p\u003e \u003cp\u003eSelf-Check 93\u003c\/p\u003e \u003cp\u003e5.3 Computerized Posting 94\u003c\/p\u003e \u003cp\u003e5.3.1 Several Tasks at the Same Time 94\u003c\/p\u003e \u003cp\u003e5.3.2 Researching Transactions 94\u003c\/p\u003e \u003cp\u003e5.3.3 Correcting Transactions 95\u003c\/p\u003e \u003cp\u003eSelf-Check 97\u003c\/p\u003e \u003cp\u003e5.4 Preparing the Trial Balance 97\u003c\/p\u003e \u003cp\u003e5.4.1 Preparing a Manual Trial Balance 98\u003c\/p\u003e \u003cp\u003e5.4.2 What to Do If You’re Out of Balance 100\u003c\/p\u003e \u003cp\u003e5.4.3 Preparing a Trial Balance Using Software 100\u003c\/p\u003e \u003cp\u003e5.4.4 Limitations of the Trial Balance 102\u003c\/p\u003e \u003cp\u003eSelf-Check 102\u003c\/p\u003e \u003cp\u003eSummary 102\u003c\/p\u003e \u003cp\u003eAssess Your Understanding 104\u003c\/p\u003e \u003cp\u003eBe a Small Business Accountant 107\u003c\/p\u003e \u003cp\u003eKey Terms 108\u003c\/p\u003e \u003cp\u003eReferences 109\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 6. \u003c\/b\u003e\u003cb\u003eADJUSTMENTS AND THE WORKSHEET 111\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 112\u003c\/p\u003e \u003cp\u003e6.1 Setting Up the Worksheet 112\u003c\/p\u003e \u003cp\u003eSelf-Check 114\u003c\/p\u003e \u003cp\u003e6.2 Calculating the Adjustments 114\u003c\/p\u003e \u003cp\u003e6.2.1 Prepaid Expenses 115\u003c\/p\u003e \u003cp\u003e6.2.2 Depreciation 116\u003c\/p\u003e \u003cp\u003e6.2.3 Bad Debts 120\u003c\/p\u003e \u003cp\u003e6.2.4 The Adjusted Trial Balance 122\u003c\/p\u003e \u003cp\u003eSelf-Check 124\u003c\/p\u003e \u003cp\u003e6.3 Completing the Worksheet 125\u003c\/p\u003e \u003cp\u003e6.3.1 Showing Net Income on the Worksheet 125\u003c\/p\u003e \u003cp\u003e6.3.2 Journalizing and Posting the Adjustments 127\u003c\/p\u003e \u003cp\u003e6.3.3 Replacing Worksheets with Computerized Reports 130\u003c\/p\u003e \u003cp\u003eSelf-Check 130\u003c\/p\u003e \u003cp\u003eSummary 130\u003c\/p\u003e \u003cp\u003eAssess Your Understanding 132\u003c\/p\u003e \u003cp\u003eBe a Small Business Accountant 135\u003c\/p\u003e \u003cp\u003eKey Terms 136\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 7. \u003c\/b\u003e\u003cb\u003eFINANCIAL STATEMENTS AND THE CLOSING PROCESS 137\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 138\u003c\/p\u003e \u003cp\u003e7.1 The Income Statement 138\u003c\/p\u003e \u003cp\u003e7.1.1 Preparing the Income Statement 138\u003c\/p\u003e \u003cp\u003e7.1.2 Gaining Insight from an Income Statement 139\u003c\/p\u003e \u003cp\u003e7.1.3 Analyzing the Income Statement 141\u003c\/p\u003e \u003cp\u003e7.1.4 Using the Income Statement Data 142\u003c\/p\u003e \u003cp\u003eSelf-Check 143\u003c\/p\u003e \u003cp\u003e7.2 The Balance Sheet 144\u003c\/p\u003e \u003cp\u003e7.2.1 The Statement of Owner’s Equity 144\u003c\/p\u003e \u003cp\u003e7.2.2 Preparing the Balance Sheet 146\u003c\/p\u003e \u003cp\u003e7.2.3 Analyzing the Balance Sheet 147\u003c\/p\u003e \u003cp\u003eSelf-Check 152\u003c\/p\u003e \u003cp\u003e7.3 The Closing Process 152\u003c\/p\u003e \u003cp\u003e7.3.1 Permanent and Temporary Accounts 152\u003c\/p\u003e \u003cp\u003e7.3.2 Closing the Temporary Accounts 153\u003c\/p\u003e \u003cp\u003e7.3.3 Preparing a Postclosing Trial Balance 158\u003c\/p\u003e \u003cp\u003eSelf-Check 159\u003c\/p\u003e \u003cp\u003eSummary 160\u003c\/p\u003e \u003cp\u003eAssess Your Understanding 161\u003c\/p\u003e \u003cp\u003eBe a Small Business Accountant 163\u003c\/p\u003e \u003cp\u003eKey Terms 164\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART III Basic Accounting Procedures\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 8. \u003c\/b\u003e\u003cb\u003eCASH, BANKING, AND INTERNAL CONTROLS 165\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 166\u003c\/p\u003e \u003cp\u003e8.1 Protecting against Internal Fraud 166\u003c\/p\u003e \u003cp\u003e8.1.1 Types of Internal Fraud 166\u003c\/p\u003e \u003cp\u003e8.1.2 Dividing Staff Responsibilities 168\u003c\/p\u003e \u003cp\u003e8.1.3 Insuring Your Cash through Employee Bonding 170\u003c\/p\u003e \u003cp\u003e8.1.4 Balancing Control Costs 170\u003c\/p\u003e \u003cp\u003eSelf-Check 171\u003c\/p\u003e \u003cp\u003e8.2 Cash in the Bank 171\u003c\/p\u003e \u003cp\u003e8.2.1 Checking Accounts 172\u003c\/p\u003e \u003cp\u003e8.2.2 Savings Accounts 174\u003c\/p\u003e \u003cp\u003e8.2.3 Bank Reconciliations 174\u003c\/p\u003e \u003cp\u003eSelf-Check 178\u003c\/p\u003e \u003cp\u003e8.3 Cash on Hand 178\u003c\/p\u003e \u003cp\u003e8.3.1 Petty Cash 179\u003c\/p\u003e \u003cp\u003e8.3.2 Cash Registers 181\u003c\/p\u003e \u003cp\u003eSelf-Check 186\u003c\/p\u003e \u003cp\u003eSummary 186\u003c\/p\u003e \u003cp\u003eAssess Your Understanding 188\u003c\/p\u003e \u003cp\u003eBe a Small Business Accountant 190\u003c\/p\u003e \u003cp\u003eKey Terms 191\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 9. \u003c\/b\u003e\u003cb\u003eEMPLOYEE PAYROLL AND DEDUCTIONS 193\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 194\u003c\/p\u003e \u003cp\u003e9.1 Staffing Your Business 194\u003c\/p\u003e \u003cp\u003e9.1.1 Completing Government Forms 194\u003c\/p\u003e \u003cp\u003e9.1.2 Picking Pay Periods 201\u003c\/p\u003e \u003cp\u003e9.1.3 Determining Wage and Salary Types 202\u003c\/p\u003e \u003cp\u003eSelf-Check 204\u003c\/p\u003e \u003cp\u003e9.2 Payroll Tax Withholdings 204\u003c\/p\u003e \u003cp\u003e9.2.1 Social Security Tax 204\u003c\/p\u003e \u003cp\u003e9.2.2 Medicare Tax 205\u003c\/p\u003e \u003cp\u003e9.2.3 Federal Income Tax 205\u003c\/p\u003e \u003cp\u003e9.2.4 State and Local Income Taxes 206\u003c\/p\u003e \u003cp\u003eSelf-Check 207\u003c\/p\u003e \u003cp\u003e9.3 Employee Benefits 207\u003c\/p\u003e \u003cp\u003e9.3.1 Tax-Exempt Benefits 207\u003c\/p\u003e \u003cp\u003e9.3.2 Taxable Benefits 209\u003c\/p\u003e \u003cp\u003eSelf-Check 210\u003c\/p\u003e \u003cp\u003e9.4 Payday 210\u003c\/p\u003e \u003cp\u003e9.4.1 Calculating Gross Earnings 210\u003c\/p\u003e \u003cp\u003e9.4.2 Calculating Net Pay 212\u003c\/p\u003e \u003cp\u003e9.4.3 Recording the Payroll 213\u003c\/p\u003e \u003cp\u003e9.4.4 Depositing Payroll Taxes 217\u003c\/p\u003e \u003cp\u003e9.4.5 Outsourcing Payroll and Benefits Work 217\u003c\/p\u003e \u003cp\u003eSelf-Check 217\u003c\/p\u003e \u003cp\u003eSummary 218\u003c\/p\u003e \u003cp\u003eAssess Your Understanding 220\u003c\/p\u003e \u003cp\u003eBe a Small Business Accountant 222\u003c\/p\u003e \u003cp\u003eKey Terms 223\u003c\/p\u003e \u003cp\u003eReferences 225\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 10. \u003c\/b\u003e\u003cb\u003eUNDERSTANDING PAYROLL LEGALITIES 227\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 228\u003c\/p\u003e \u003cp\u003e10.1 Payroll Tax Deposits 228\u003c\/p\u003e \u003cp\u003e10.1.1 When to Deposit Taxes 228\u003c\/p\u003e \u003cp\u003e10.1.2 How to Deposit Taxes 230\u003c\/p\u003e \u003cp\u003e10.1.3 Accounting for Tax Deposits 230\u003c\/p\u003e \u003cp\u003eSelf-Check 231\u003c\/p\u003e \u003cp\u003e10.2 Payroll Tax Returns 231\u003c\/p\u003e \u003cp\u003e10.2.1 Filing Form 941 231\u003c\/p\u003e \u003cp\u003e10.2.2 Filing Form 940 235\u003c\/p\u003e \u003cp\u003eSelf-Check 240\u003c\/p\u003e \u003cp\u003e10.3 Year-End Reporting 243\u003c\/p\u003e \u003cp\u003e10.3.1 Filing the W-2 Forms 243\u003c\/p\u003e \u003cp\u003e10.3.2 Filing the W-3 Form 247\u003c\/p\u003e \u003cp\u003eSelf-Check 249\u003c\/p\u003e \u003cp\u003e10.4 Workers’ Compensation Insurance 249\u003c\/p\u003e \u003cp\u003eSelf-Check 252\u003c\/p\u003e \u003cp\u003e10.5 Maintaining Employee Records 252\u003c\/p\u003e \u003cp\u003eSelf-Check 254\u003c\/p\u003e \u003cp\u003eSummary 254\u003c\/p\u003e \u003cp\u003eAssess Your Understanding 256\u003c\/p\u003e \u003cp\u003eBe a Small Business Accountant 257\u003c\/p\u003e \u003cp\u003eKey Terms 258\u003c\/p\u003e \u003cp\u003eReferences 259\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 11. \u003c\/b\u003e\u003cb\u003eSPECIAL JOURNALS: SALES AND CASH RECEIPTS 261\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 262\u003c\/p\u003e \u003cp\u003e11.1 Special Journals 262\u003c\/p\u003e \u003cp\u003e11.1.1 Sales Journal 262\u003c\/p\u003e \u003cp\u003e11.1.2 Cash Receipts Journal 264\u003c\/p\u003e \u003cp\u003eSelf-Check 271\u003c\/p\u003e \u003cp\u003e11.2 Posting from Special Journals 271\u003c\/p\u003e \u003cp\u003e11.2.1 Subsidiary Ledgers 271\u003c\/p\u003e \u003cp\u003e11.2.2 Posting from the Sales Journal 272\u003c\/p\u003e \u003cp\u003e11.2.3 Posting from the Cash Receipts Journal 275\u003c\/p\u003e \u003cp\u003eSelf-Check 278\u003c\/p\u003e \u003cp\u003e11.3 Sales Returns and Allowances 278\u003c\/p\u003e \u003cp\u003e11.3.1 Journalizing Sales Returns and Allowances 279\u003c\/p\u003e \u003cp\u003e11.3.2 Posting Sales Returns and Allowances 279\u003c\/p\u003e \u003cp\u003eSelf-Check 281\u003c\/p\u003e \u003cp\u003e11.4 Accounts Receivable Aging Summary 281\u003c\/p\u003e \u003cp\u003eSelf-Check 282\u003c\/p\u003e \u003cp\u003eSummary 283\u003c\/p\u003e \u003cp\u003eAssess Your Understanding 284\u003c\/p\u003e \u003cp\u003eBe a Small Business Accountant 291\u003c\/p\u003e \u003cp\u003eKey Terms 292\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 12. \u003c\/b\u003e\u003cb\u003eSPECIAL JOURNALS: PURCHASES AND CASH DISBURSEMENTS 293\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 294\u003c\/p\u003e \u003cp\u003e12.1 Purchases Journal 294\u003c\/p\u003e \u003cp\u003e12.1.1 Purchases Account 294\u003c\/p\u003e \u003cp\u003e12.1.2 Parts of a Purchases Journal 295\u003c\/p\u003e \u003cp\u003eSelf-Check 296\u003c\/p\u003e \u003cp\u003e12.2 Cash Disbursements Journal 296\u003c\/p\u003e \u003cp\u003e12.2.1 Part of a Cash Disbursements Journal 296\u003c\/p\u003e \u003cp\u003e12.2.2 Paying an Outstanding Bill 298\u003c\/p\u003e \u003cp\u003e12.2.3 Paying Expenses 298\u003c\/p\u003e \u003cp\u003e12.2.4 Paying Credit-Card Fees 299\u003c\/p\u003e \u003cp\u003e12.2.5 Paying Loans and Interest 299\u003c\/p\u003e \u003cp\u003e12.2.6 Paying Sales Tax 302\u003c\/p\u003e \u003cp\u003eSelf-Check 303\u003c\/p\u003e \u003cp\u003e12.3 Posting Purchases and Cash Disbursements 303\u003c\/p\u003e \u003cp\u003e12.3.1 Posting from the Purchases Journal 303\u003c\/p\u003e \u003cp\u003e12.3.2 Posting from the Cash Disbursements Journal 306\u003c\/p\u003e \u003cp\u003eSelf-Check 308\u003c\/p\u003e \u003cp\u003e12.4 Managing Accounts Payable 309\u003c\/p\u003e \u003cp\u003e12.4.1 Purchases Returns and Allowances 309\u003c\/p\u003e \u003cp\u003e12.4.2 Accounts Payable Aging Summary 310\u003c\/p\u003e \u003cp\u003eSelf-Check 311\u003c\/p\u003e \u003cp\u003eSummary 311\u003c\/p\u003e \u003cp\u003eAssess Your Understanding 312\u003c\/p\u003e \u003cp\u003eBe a Small Business Accountant 316\u003c\/p\u003e \u003cp\u003eKey Terms 317\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART IV Accounting for a Merchandising Business\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 13. \u003c\/b\u003e\u003cb\u003eMERCHANDISE INVENTORY 319\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 320\u003c\/p\u003e \u003cp\u003e13.1 Cost of Goods Sold 320\u003c\/p\u003e \u003cp\u003e13.1.1 Perpetual and Periodic Inventory 320\u003c\/p\u003e \u003cp\u003e13.1.2 Net Purchases 322\u003c\/p\u003e \u003cp\u003e13.1.3 Recording Initial Cost 323\u003c\/p\u003e \u003cp\u003eSelf-Check 328\u003c\/p\u003e \u003cp\u003e13.2 Inventory Cost Flow 328\u003c\/p\u003e \u003cp\u003e13.2.1 Determining the Value of Ending Inventory 329\u003c\/p\u003e \u003cp\u003e13.2.2 Inventory Valuation Methods 329\u003c\/p\u003e \u003cp\u003e13.2.3 Choosing the Best Method 331\u003c\/p\u003e \u003cp\u003e13.2.4 Comparing the Methods 331\u003c\/p\u003e \u003cp\u003eSelf-Check 334\u003c\/p\u003e \u003cp\u003e13.3 Lower of Cost or Market 334\u003c\/p\u003e \u003cp\u003eSelf-Check 335\u003c\/p\u003e \u003cp\u003eSummary 336\u003c\/p\u003e \u003cp\u003eAssess Your Understanding 337\u003c\/p\u003e \u003cp\u003eBe a Small Business Accountant 340\u003c\/p\u003e \u003cp\u003eKey Terms 341\u003c\/p\u003e \u003cp\u003eReferences 343\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 14. \u003c\/b\u003e\u003cb\u003eADJUSTMENTS AND THE WORKSHEET FOR A MERCHANDISING BUSINESS 345\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 346\u003c\/p\u003e \u003cp\u003e14.1 Setting Up the Worksheet for a Merchandising Business 346\u003c\/p\u003e \u003cp\u003eSelf-Check 349\u003c\/p\u003e \u003cp\u003e14.2 Inventory Adjustment 349\u003c\/p\u003e \u003cp\u003eSelf-Check 350\u003c\/p\u003e \u003cp\u003e14.3 Adjustment to Record Expenses 350\u003c\/p\u003e \u003cp\u003e14.3.1 Allowance for Bad Debt 351\u003c\/p\u003e \u003cp\u003e14.3.2 Accrued Payroll Expenses 352\u003c\/p\u003e \u003cp\u003e14.3.3 Depreciation Adjustment 354\u003c\/p\u003e \u003cp\u003e14.3.4 Adjustment for Prepaid Expenses 354\u003c\/p\u003e \u003cp\u003eSelf-Check 356\u003c\/p\u003e \u003cp\u003eSummary 356\u003c\/p\u003e \u003cp\u003eAssess Your Understanding 358\u003c\/p\u003e \u003cp\u003eBe a Small Business Accountant 361\u003c\/p\u003e \u003cp\u003eKey Terms 362\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 15. \u003c\/b\u003e\u003cb\u003eFINANCIAL STATEMENTS AND THE CLOSING PROCESS FOR A MERCHANDISING BUSINESS 363\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 364\u003c\/p\u003e \u003cp\u003e15.1 Financial Statements for a Merchandising Business 364\u003c\/p\u003e \u003cp\u003e15.1.1 Income Statement 364\u003c\/p\u003e \u003cp\u003e15.1.2 Statement of Owner’s Equity 367\u003c\/p\u003e \u003cp\u003e15.1.3 Balance Sheet 369\u003c\/p\u003e \u003cp\u003eSelf-Check 370\u003c\/p\u003e \u003cp\u003e15.2 Closing Entries for a Merchandising Business 371\u003c\/p\u003e \u003cp\u003eSelf-Check 374\u003c\/p\u003e \u003cp\u003e15.3 Other Year-End Tasks: Form 1099 374\u003c\/p\u003e \u003cp\u003eSelf-Check 378\u003c\/p\u003e \u003cp\u003eSummary 379\u003c\/p\u003e \u003cp\u003eAssess Your Understanding 380\u003c\/p\u003e \u003cp\u003eBe a Small Business Accountant 382\u003c\/p\u003e \u003cp\u003eKey Terms 383\u003c\/p\u003e \u003cp\u003eReferences 384\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAPPENDIX A: \u003c\/b\u003e\u003cb\u003eDEPRECIATION 385\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eA.1 Depreciation for Accounting Purposes 385\u003c\/p\u003e \u003cp\u003eA.1.1 Knowing What You Can and Can’t Depreciate 385\u003c\/p\u003e \u003cp\u003eA.1.2 Figuring Out the Useful Life of a Fixed Asset 386\u003c\/p\u003e \u003cp\u003eA.1.3 Delving into Cost Basis 387\u003c\/p\u003e \u003cp\u003eA.1.4 Depreciation Methods 387\u003c\/p\u003e \u003cp\u003eA.1.5 Using QuickBooks to Calculate Depreciation 389\u003c\/p\u003e \u003cp\u003eA.2 Depreciation for Income Tax Purposes 389\u003c\/p\u003e \u003cp\u003eA.2.1 Section 179 389\u003c\/p\u003e \u003cp\u003eA.2.2 MACRS 390\u003c\/p\u003e \u003cp\u003eA.3 Setting Up Depreciation Schedules 390\u003c\/p\u003e \u003cp\u003eA.4 Recording Depreciation Expenses 391\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAPPENDIX B: \u003c\/b\u003e\u003cb\u003eINCOME TAX 392\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eB.1 Tax Reporting for Sole Proprietors 392\u003c\/p\u003e \u003cp\u003eB.2 Filing Tax Forms for Partnerships 392\u003c\/p\u003e \u003cp\u003eB.3 Filing Tax Forms for Corporations 393\u003c\/p\u003e \u003cp\u003eB.3.1 Reporting for an S Corporation 393\u003c\/p\u003e \u003cp\u003eB.3.2 Reporting for a C Corporation 393\u003c\/p\u003e \u003cp\u003eB.4 Tax Reporting for Limited Liability Companies 393\u003c\/p\u003e \u003cp\u003eB.5 Professional Tax Services 393\u003c\/p\u003e \u003cp\u003eGlossary 395\u003c\/p\u003e \u003cp\u003eIndex 407\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":53515415650647,"sku":"9780470198636","price":88.3,"currency_code":"GBP","in_stock":true}],"url":"https:\/\/bookcurl.com\/products\/wiley-pathways-small-business-accounting-9780470198636","provider":"Book 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