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Contents 1 The Financial Statements … 1 SPOTLIGHT: GILDAN ACTIVEWEAR INC. … 1 Economic Decisions … 3 A Model of Business … 3 Accounting Is the Language of Business … 3 Who Uses Accounting Information? … 4 Two Kinds of Accounting: Financial Accounting and Management Accounting 5 Organizing a Business … 5

Ethics in Business and Accounting Decisions … 30 We Need an Audit to Validate the Financial Statements … 31 A Framework for Making Ethical Judgments … 33 Summary of Chapter 1 … 34 End-of-Chapter Summary Problem … 36 Review the Financial Statements Quick Check (38), Accounting Vocabulary (39) Assess Your Progress Short Exercises (40), Exercises (42), Quiz (45), Problems (47) Apply Your Knowledge Decision Cases (55), Ethical Issue (57), Focus on Financials (57), Focus on Analysis (58), Group Project (58), Quick Check Answers (59)

The Accounting Equation … 7 Assets and Liabilities … 7 Owners’ Equity … 8

2

S TO P + T H I N K … 1 0

Transaction Analysis … 60

The Financial Statements … 10 The Income Statement Measures Operating Performance … 11

SPOTLIGHT: RESEARCH IN MOTION ® … 60

Using Financial Statements in Decision Making … 12 Using Financial Accounting in Decision Making … 13 Using the Income Statement in Decision Making … 14

Statement of Retained Earnings … 14 Using the Statement of Shareholders’ Equity in Decision Making … 15

Transactions … 61 The Account … 62 Assets … 62 Liabilities … 63 Shareholders’ (Owners’) Equity … 63 S TO P + T H I N K … 6 4

The Balance Sheet Measures Financial Position … 16

Accounting for Business Transactions … 64 Accounting for Transactions Part 1 … 68

S TO P + T H I N K … 1 8

Transactions and Financial Statements … 69

Using the Balance Sheet in Decision Making … 19

The Statement of Cash Flows Measures Cash Receipts and Payments … 20 Using the Statement of Cash Flows in Decision Making … 22

The Notes to the Financial Statements Provide Additional Information … 22 Relationships Among the Financial Statements … 23 Understanding How Accounting Standards Are Set … 24 Multiple GAAPs … 26 The Accounting Conceptual Framework and Accounting Characteristics and Assumptions … 27 The Entity Assumption … 28 The Going-Concern Assumption … 29 The Cost Assumption … 29 The Stable-Monetary-Unit Assumption … 29 S TO P + T H I N K … 3 0 Accounting for Financial Statements … 30

Mid-Chapter Summary Problem … 72 Solutions … 72

Double-Entry Accounting … 74 The T-Account … 74 Increases and Decreases in the Accounts: The Rules of Debit and Credit … 74 Additional Shareholders’ Equity Accounts: Revenues and Expenses … 76 Recording Transactions … 77 Copying Information (Posting) From the Journal to the Ledger … 77 The Flow of Accounting Data … 78 Accounts After Posting to the Ledger … 82 Accounting for Transactions Part 2 … 83

The Trial Balance … 83 Analyzing Accounts … 84 Using Understanding of Transactions Analysis in Decision Making … 85

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vi CONTENTS Accounting for Transactions Part 3 … 85

Correcting Accounting Errors … 85 Chart of Accounts … 86 The Normal Balance of an Account … 86 Account Formats … 87 Analyzing Transactions Using Only T-Accounts … 87

Review Accrual Accounting and the Financial Statements Quick Check (151), Accounting Vocabulary (153) Assess Your Progress Short Exercises (153), Exercises (156), Serial Exercise (161), Challenge Exercises (162), Quiz (163), Problems (165) Apply Your Knowledge Decision Cases (176), Ethical Issues (179), Focus on Financials (180), Focus on Analysis (180), Group Project (181), Quick Check Answers (181)

Summary of Chapter 2 … 88 End-of-Chapter Summary Problem … 90 Review the Transaction Analysis Quick Check (94), Accounting Vocabulary (95) Assess Your Progress Short Exercises (95), Exercises (98), Serial Exercise (101), Challenge Exercises (101), Quiz (103), Problems (105) Apply Your Knowledge Decision Cases (112), Ethical Issues (113), Focus on Financials (114), Focus on Analysis (115), Group Projects (115), Quick Check Answers (116)

3

4 Internal Control and Cash … 182 SPOTLIGHT: GREBRU PRODUCTS INC. … 182 Fraud and Its Impact … 184 Fraud and Ethics … 187 Internal Control … 188 The Sarbanes-Oxley Act (SOX) … 189

Accrual Accounting and the Financial Statements … 117

The Components of Internal Control … 190

SPOTLIGHT: LE CHÂTEAUINC. … 117

Internal Controls for E-Commerce … 196 Pitfalls … 196 Security Measures … 196

Accrual Accounting Versus Cash-Basis Accounting … 118 Accrual Accounting and Cash Flows … 119 The Time-Period Concept … 120 The Revenue Principle … 121 Recording Expenses … 121 S TO P + T H I N K … 1 2 2

Ethical Issues in Accrual Accounting … 122 Updating the Accounts: The Adjusting Process … 122 Which Accounts Need to Be Updated (Adjusted)? … 123 Categories of Adjusting Entries … 123 Deferrals—Prepaid Expenses … 124 S TO P + T H I N K … 1 2 6

Deferrals—Unearned Revenues … 126 Depreciation of Property, Plant, and Equipment … 127 S TO P + T H I N K … 1 3 0

Accruals—Accrued Expenses … 130 Accruals—Accrued Revenues S TO P + T H I N K … 1 3 2

Using Internal Control in Decision Making … 192

Internal Control Procedures … 192

Two Faces of Internal Control … 197 Limitations of Internal Control—Costs and Benefits … 198 The Bank Account as a Control Device … 198 Signature Card … 198 Deposit Slip … 199 Cheque … 199 Bank Statement … 199 Bank Reconciliation … 200 Preparing the Bank Reconciliation … 201 Online Banking … 204 Using the Bank Reconciliation to Control Cash … 204

S TO P + T H I N K … 2 0 5 Mid-Chapter Summary Problem … 206

Internal Control Over Cash Receipts … 208 Cash Receipts Over the Counter … 208 Cash Receipts by Mail … 209

The Adjusted Trial Balance … 133

Internal Control Over Cash Payments … 210 Controls Over Payment by Cheque … 210

Preparing the Financial Statements … 135

Using a Budget to Manage Cash … 212

Mid-Chapter Summary Problem … 137

Reporting Cash on the Balance Sheet … 213

The Balance Sheet … 143 Classifying Assets and Liabilities … 143 Reporting Assets and Liabilities: Le Château Inc. … 144

Make an Ethical Business Judgment … 214

Using the Balance Sheet in Decision Making … 145

Review Internal Control and Cash Quick Check (217), Accounting Vocabulary (218)

The Income Statement … 146 Using the Income Statement in Decision Making … 147 End-of-Chapter Summary Problem … 148 Summary of Chapter 3 … 150

Summary of Chapter 4 … 215 End-of-Chapter Summary Problem … 216

Assess Your Progress Short Exercises (219), Exercises (220), Challenge Exercises (224), Quiz (224), Problems (226)

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Apply Your Knowledge Decision Cases (234), Ethical Issue (235), Focus on Financials (235), Focus on Analysis (236), Group Project (236), Quick Check Answers (236)

6 Inventory and Cost of Goods Sold … 283

5

SPOTLIGHT: LEON’S FURNITURE … 283 Accounting for Inventory … 286

Short-Term Investments and Receivables … 237

Other Categories of Inventory … 286 Sales Price Versus Cost of Inventory … 287

SPOTLIGHT: LOBLAW … 237

Inventory Costing … 291 What Goes Into Inventory Cost? … 291 The Various Inventory Costing Methods … 291 The Effects of FIFO and Weighted-Average Cost on Cost of Goods Sold, Gross Profit, and Ending Inventory … 294 Comparison of the Inventory Methods … 295 Managing Inventory … 296

Short-Term Investments … 238 Trading Investments … 239 Unrealized Gains and Losses … 239 Reporting on the Balance Sheet and the Income Statement … 240 Realized Gains and Losses … 241 Accounting Games That Companies Play … 241 Mid-Chapter Summary Problem … 242

Accounts and Notes Receivable … 242 Types of Receivables … 242 Internal Controls Over Cash Collections on Account … 243 How Do We Manage the Risk of Not Collecting? … 244 Managing Accounts Receivable … 244 Accounting for Uncollectible Receivables … 244

Accounting for Inventory in the Perpetual System … 288

Mid-Chapter Summary Problem … 296

Accounting Standards and Inventories … 298 Comparability … 298 Disclosure Principle … 298 Decision Making: Using Inventory … 300 Detailed Income Statement … 300 Analyzing Financial Statements … 300 Using Inventory Turnover in Decision Making … 301

Allowance Method … 245

S TO P + T H I N K … 3 0 2

S TO P + T H I N K … 2 4 6 S TO P + T H I N K … 2 4 9

Additional Inventory Issues … 303

Recovery of an Uncollectible Account … 250 Direct Write-Off Method … 250 Computing Cash Collections From Customers … 251 Shifting Sales Into the Current Period Makes a Company Look Good Now, But You Pay for It Later … 252

Estimating Inventory by the Gross Profit Method … 304 Effects of Inventory Errors … 304

Using the Cost-of-Goods-Sold Model … 303

S TO P + T H I N K … 3 0 5

Notes Receivable … 252

Inventory Errors … 306 Ethical Issues: Cooking the Books … 306 Reporting on the Statement of Cash Flows … 307

Accounting for Notes Receivable … 253

Summary of Chapter 6 … 307

How to Speed Up Cash Flow … 256

End-of-Chapter Summary Problem … 308

Using Ratios in Decisions Making … 257

Review Inventory and Cost of Goods Sold Quick Check (310), Accounting Vocabulary (312)

Acid-Test (or Quick) Ratio … 258 Days’ Sales in Receivables … 258 Reporting on the Statement of Cash Flows … 259 Summary of Chapter 5 … 260 End-of-Chapter Summary Problem … 261 Review Short-Term Investments and Receivables Quick Check (262), Accounting Vocabulary (263) Assess Your Progress Short Exercises (264), Exercises (267), Challenge Exercises (270), Quiz (271), Problems(273) Apply Your Knowledge Decision Cases (279), Ethical Issue (280), Focus on Financials (280), Focus on Analysis (281), Group Project (281), Quick Check Answers (282)

Assess Your Progress Short Exercises (313), Exercises (314), Challenge Exercises (318), Quiz (319), Problems (321) Apply Your Knowledge Decision Cases (330), Ethical Issue (331), Focus on Financials (331), Group Project (331), Quick Check Answers (332)

Appendix 6A Accounting for Inventory in the Periodic System … 333 Recording Transactions in the Periodic System … 333 Appendix Assignments … 335

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S TO P + T H I N K … 3 6 4 Summary of Chapter 7 … 364

Property, Plant, and Equipment, and Intangible Assets … 337

End-of-Chapter Summary Problem … 366

SPOTLIGHT: CANADIAN TIRE … 337

Assess Your Progress Short Exercises (369), Exercises (371), Challenge Exercises (374), Quiz (375), Problems (377)

Types of Assets … 338

Apply Your Knowledge Decision Cases (385), Ethical Issue (385), Focus on Financials (386), Focus on Analysis (386), Group Project (386), Quick Check Answers (387)

Measuring the Cost of Property, Plant, and Equipment … 339 Land … 339 Buildings, Machinery, and Equipment … 340 Land Improvements and Leasehold Improvements … 340 Lump-Sum (or Basket) Purchases of Assets … 340 S TO P + T H I N K … 3 4 1

Capital Expenditure Versus an Immediate Expense … 341 Is That Cost Really an Asset? … 342

Review Property, Plant, and Equipment, and Intangible Assets Quick Check (367), Accounting Vocabulary (368)

Appendix 7A Depreciation for Accounting Purposes and Capital Cost Allowance for Income Tax Purposes … 388 S TO P + T H I N K … 3 8 9

8 Liabilities … 390

Measuring Property, Plant, and Equipment Depreciation … 343 How to Measure Depreciation … 344 Depreciation Methods … 345

SPOTLIGHT: WESTJET … 390

S TO P + T H I N K … 3 4 6 S TO P + T H I N K … 3 4 8

S TO P + T H I N K … 3 9 7

Comparing Depreciation Methods … 348 Mid-Chapter Summary Problem … 349

Additional Depreciation Topics … 351 Depreciation for Partial Years … 351 Changing the Useful Life of a Depreciable Asset … 351 S TO P + T H I N K … 3 5 2

Fully Depreciated Assets … 353 Derecognition of Property, Plant, and Equipment … 353 Disposal of Property, Plant, and Equipment … 353 S TO P + T H I N K … 3 5 5 Using T-Accounts to Analyze Property, Plant, and Equipment Transactions 355 Other Issues in Accounting for Property, Plant, and Equipment … 356

Depreciation for Tax Purposes … 356 Is It Ethical to Keep Two Sets of Depreciation Records … 356 Depreciating Significant Components … 357 Impairment … 357 Revaluation Model … 358 Using Property, Plant, and Equipment Decision Making … 358 Accounting for Natural Resources … 359 Accounting for Intangible Assets … 359 Accounting for Specific Intangibles … 360 Accounting for the Impairment of an Intangible Asset … 361 Accounting for Research and Development Costs … 362

Reporting Property, Plant, and Equipment Transactions on the Statement of Cash Flows … 362

Current Liabilities … 391 Current Liabilities of Known Amount … 391 Current Liabilities That Must Be Estimated … 398 Contingent Liabilities … 399 Are All Liabilities Reported on the Balance Sheet or in the Notes? … 399 Using Information About Provisions and Contingent Liabilities in Decision Making … 400

Summary of Current Liabilities … 400 Mid-Chapter Summary Problem … 401

Long-Term Liabilities: Bonds … 402 Bonds: An Introduction … 402 Issuing Bonds Payable at Face Value … 405 Issuing Bonds Payable at a Discount … 407 What Is the Interest Expense on These Bonds Payable? … 407 Interest Expense on Bonds Issued at a Discount … 408 S TO P + T H I N K … 4 1 0 S TO P + T H I N K … 4 1 1

Partial-Period Interest Amounts … 411 Issuing Bonds at a Premium … 412 Should We Derecognize Bonds Payable Before Their Maturity? … 414 Convertible Bonds … 415 Financing Operations With Bonds or Shares? … 415 Accounting for Expansion … 416

The Times-Interest-Earned Ratio … 417 S TO P + T H I N K … 4 1 8 Using a Company’s Financing Choices in Decision Making … 418

Long-Term Liabilities: Leases and Pensions … 419 Leases … 419 Lease Accounting for Publicly Accountable Enterprises … 419 Lease Accounting for Private Enterprises … 420

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Do Accountants Prefer Operating Leases or Finance Leases? … 422 Using a Company’s Leasing Choices in Decision Making … 423

Employee Benefits … 423 Reporting Liabilities … 424 Reporting on the Balance Sheet … 424 Reporting the Fair Market Value of Long-Term Debt … 425 Reporting the Risks Related to Long-Term Debt … 425

Retained Earnings Restrictions … 474 Measuring the Value of Shares … 474 Fair, Redemption, Liquidation, and Book Value … 474 Using Book Value per Share … 475

Relating Profitability to a Company’s Shares … 476 Using Information About a Company in Decision Making (About Share Investments) … 477

Summary of Chapter 8 … 425

Reporting Shareholders’ Equity Transactions … 478 Statement of Cash Flows … 478 Variations in Reporting Shareholders’ Equity … 478

End-of-Chapter Summary Problem … 427

Summary of Chapter 9 … 479

Review Liabilities Quick Check (429), Accounting Vocabulary (430)

End-of-Chapter Summary Problem … 481

Assess Your Progress Short Exercises (431), Exercises (434), Challenge Exercises (438), Quiz (439), Problems (441)

Review Shareholders’ Equity Quick Check (483), Accounting Vocabulary (485)

Apply Your Knowledge Decision Cases (448), Ethical Issues (449), Focus on Financials (450), Focus on Analysis (450), Group Projects (450), Quick Check Answers (451)

Assess Your Progress Short Exercises (486), Exercises (489), Challenge Exercises (493), Quiz (494), Problems (497)

9 Shareholders’ Equity … 452

Apply Your Knowledge Decision Cases (504), Ethical Issues (506), Focus on Financials (506), Focus on Analysis (507), Group Project (507), Quick Check Answers (507)

Appendix 9A: Owners’ Equity of Partnerships … 508 Initial Investment by Partners … 508 Appendix 9A Solution … 511

SPOTLIGHT: POTASH CORP … 452 What Is the Best Way to Organize a Business? … 454 Organizing a Corporation … 455 Shareholders’ Rights … 456 Shareholders’ Equity … 457 Classes of Shares … 458 Issuing Shares … 459 Common Shares … 460 S TO P + T H I N K … 4 6 0

A Share Issuance for Other Than Cash Can Pose an Accounting Problem—Ethical Issue 1 … 461 Preferred Shares … 462 A Share Issuance for Other Than Cash Can Pose an Accounting Problem—Ethical Issue 2 … 463 Using a Company’s Share Issuing Choices in Decision Making … 464 Accounting for Issuing Shares … 464 Mid-Chapter Summary Problem … 465

Repurchase of Shares by a Corporation … 466 Should a Company Buy Back Its Own Shares? … 466 S TO P + T H I N K … 4 6 8

Retained Earnings, Dividends, and Splits … 468 Should the Company Declare and Pay Cash Dividends? … 468 Cash Dividends … 469 Analyzing the Shareholders’ Equity Accounts … 470 Dividends on Preferred Shares … 470 Stock Dividends … 471 S TO P + T H I N K … 4 7 2

Stock Splits … 472 Summary of the Effects on Assets, Liabilities, and Shareholders’ Equity … 473

10 Long-Term Investments and International Operations … 513

SPOTLIGHT: ACTO LTD. … 513 Share Investments: A Review … 514 Share Prices … 515 Reporting Investments on the Balance Sheet … 515 Accounting for Long-Term Investments in Shares … 516 Accounting for Available-for-Sale Investments … 516

What Value of an Investment Is Most Relevant? … 517 Selling an Available-for-Sale Investment … 518 S TO P + T H I N K … 5 1 9

Equity-Method Investments … 519 Why Buy a Large Stake in Another Company? … 519 Accounting for Equity-Method Investments … 519

Consolidated Subsidiaries … 521 Why Buy Another Company? … 522 Consolidation Accounting … 522 Goodwill and Non-Controlling Interests … 523 Income of a Consolidated Entity … 523 Long-Term Investments in Bonds … 524 Using Insider Information to Generate a Profit … 525 Using Long-Term Investments in Decision Making … 526 Mid-Chapter Summary Problem … 526

Accounting for International Operations … 528

Foreign Currencies and Exchange Rates … 528 Do We Collect Cash in Dollars or in a Foreign Currency? Do We Pay in Dollars or in a Foreign Currency? … 529

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Reporting Gains and Losses on the Income Statement … 531 Should We Hedge Our Foreign-Currency Transaction Risk? … 531 Consolidation of Foreign Subsidiaries … 532 International Accounting Standards … 532 Using International Operations in Decision Making … 533 Using the Statement of Cash Flows … 533 Summary of Chapter 9 … 534

Summary of Chapter 11 … 574 End-of-Chapter Summary Problem … 576 Review the Comprehensive Income Statement and the Statement of Shareholders’ Equity Quick Check (577), Accounting Vocabulary (578) Assess Your Progress Short Exercises (579), Exercises (581), Quiz (585), Problems (586) Apply Your Knowledge Decision Cases (592), Ethical Issue (594), Focus on Financials (594), Focus on Analysis (595), Group Project (595), Quick Check Answers (595)

End-of-Chapter Summary Problem … 535 Review Long-Term Investments and International Operations Quick Check, (536), Accounting Vocabulary (537) Assess Your Progress Short Exercises (537), Exercises (539), Challenge Exercises (542), Quiz (543), Problems (544) Apply Your Knowledge Decision Cases (551), Ethical Issue (552), Focus on Financials (552), Focus on Analysis (552), Group Project (552), Quick Check Answers (553)

11 The Comprehensive Income Statement and the Statement of Shareholders’ Equity … 554 SPOTLIGHT: TELUS CORPORATION … 554 Evaluating the Quality of Earnings … 556 Revenue Recognition … 556 Cooking the Books with Revenue … 557 Expense Recognition—Continuing Operations … 557 Other Comprehensive Income … 559 Accounting Standards for Private Enterprises … 560

Which Income Number Predicts Future Profits? … 560 Discontinued Operations … 562

12 The Statement of Cash Flows … 596 SPOTLIGHT: GILDAN ACTIVEWEAR INC. … 596 Basic Concepts: The Statement of Cash Flows … 598 How Is a Company’s Cash Flow? Telltale Signs of Financial Difficulty … 599 Operating, Investing, and Financing Activities … 600 Two Formats for Operating Activities … 601 Preparing the Statement of Cash Flows: Indirect Method … 601 Cash Flows From Operating Activities … 602 Cash Flows From Investing Activities … 607 Cash Flows From Financing Activities … 608 S TO P + T H I N K … 6 1 0

Noncash Investing and Financing Activities … 611 Measuring Cash Adequacy: Free Cash Flow … 612 Using Information From the Statement of Cash Flows in Decision Making … 612 Accounting for the Statement of Cash Flows … 613 Summary of Chapter 12 … 613

Accounting for a Change in Accounting Policy … 562

End-of-Chapter Summary Problem … 615

Accounting Standards for Private Enterprises … 563 Watch Out for Voluntary Accounting Changes That Increase Reported Income … 563 Earnings per Share … 564 Earnings per Share May Not Be What They Seem … 565 What Should You Analyze to Gain an Overall Picture of a Company? … 565

Review the Statement of Cash Flows Quick Check (617), Accounting Vocabulary (618)

Accounting for Income Statement Preparation … 566 Using a Company’s Income Statement and Statement of Shareholders’ Equity for Decision Making … 566 Accounting for Corporate Income Taxes … 567

Analyzing Retained Earnings … 569 Prior Period Error Adjustments … 569 Analyzing the Statement of Shareholders’ Equity … 570 Responsibility for the Financial Statements … 572 Management’s Responsibility … 572 Auditor’s Report … 573

Assess Your Progress Short Exercises (619), Exercises (621), Challenge Exercise (624), Quiz (625), Problems (627) Apply Your Knowledge Decision Cases (634), Ethical Issue (636), Focus on Financials (636), Focus on Analysis (636), Group Projects (637), Quick Check Answers (637)

Appendix 12A Preparing the Statement of Cash Flows: Direct Method … 638 Cash Flows From Operating Activities … 638 Cash Flows From Investing Activities … 640 Cash Flows From Financing Activities … 641 Noncash Investing and Financing Activities … 642 S TO P + T H I N K … 6 4 3

Computing Operating Cash Flows by the Direct Method … 643 Computing Investing and Financing Cash Flows … 647 S TO P + T H I N K … 6 4 8

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Summary of Appendix 12A … 648 End-of-Appendix Summary Problem … 649 Assess Your Progress Short Exercises (652), Exercises (653), Challenge Exercise (656), Problems (657)

13 Financial Statement Analysis … 666 SPOTLIGHT: METRO INC. … 666

Measuring Ability to Sell Inventory and Collect Receivables … 682 Analyzing Changes in Receivables Ratios … 685 Measuring Ability to Pay Long-Term Debt … 685 Measuring Profitability … 686 Understanding Ratios That Measure Profitability … 686 Analyzing Share Investments … 689 Red Flags in Financial Statement Analysis … 690 Efficient Markets … 691 Summary of Chapter 13 … 691

How Is a Company Evaluated? … 667

End-of-Chapter Summary Problem … 693

Horizontal Analysis … 668 Illustration: Metro Inc. … 668

Review Financial Statement Analysis Quick Check (695), Accounting Vocabulary (697)

S TO P + T H I N K … 6 6 9

Assess Your Progress Short Exercises (698), Exercises (700), Challenge Exercises (704), Quiz (705), Problems (707)

Trend Percentage … 670 Vertical Analysis … 671 Illustration: Metro Inc. … 671

Apply Your Knowledge Decision Cases (718), Ethical Issue (720), Focus on Financials (720), Focus on Analysis (721), Group Projects (721), Quick Check Answers (721)

How Do We Compare One Company to Another? … 672

Appendix A Gildan Activewear Inc. Annual Report 2009 … xxx

S TO P + T H I N K … 6 7 4

Benchmarking … 674 Benchmarking Against a Key Competitor … 674

Appendix B Time Value of Money: Future Value and Present Value … xxx

Using the Statement of Cash Flows … 674 Mid-Chapter Summary Problem … 676

Using Ratios in Decision Making … 678

Ethical Issue: Things May Not Always Be As They Seem … 679 Measuring Ability to Pay Current Liabilities … 679 The Limitations of Ratio Analysis … 680 S TO P + T H I N K … 6 8 2

Appendix C Check Figures … xxx Glossary … xxx Index … xxx

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00_harri_fm_new.qxp 12/10/10 11:19 AM Page v Contents 1 The Financial Statements … 1 SPOTLIGHT: GILDAN ACTIVEWEAR INC. … 1 Economic Decisions … 3 ...

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