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Chapter03-BasicAccountingConcepts:TheIncomeStatementCHAPTER1THENATUREANDPURPOSEOFACCOUNTINGChangesfromTwelfthEditionThechapterhasbeenupdated.ApproachOnthefirstday,theusualobjectiveistocreateinterestinthesubject,tosetthescene,andtogiveanoverviewofthecourse.Thefirstpartofthechapterdoesthis.Thesecondpartofthechaptergivesafairlyspecificintroductiontothenatureoffinancialaccounting.Instructorsprobablymaywanttobringinmaterialfromtheirownreadingorexperiencetomaketheintroductorypoints.CasesThecasesareintendedtogetthestudenttostartthinkinglikeaccountantsandusersofaccountinginformation,withoutknowledgeofanyofthetechniques.Ribbonsan’Bowsgivesstudentsanopportunitytoconstructasimplesetoffinancialstatements.KimFullercanbeusedasaspringboardforanytypeofdiscussion:usesofinformationbyvariousparties,thecostofrecord-keeping,oreventhedevelopmentofacompleteaccountingsystem.BaronCoburgillustratespracticallyallofthebasicaccountingconcepts,withoutnamingthem.Itisadifficultcase,butenlightening,evenforthosewithsomeprioraccountingtraining.ProblemsProblem1-1CHARLESCOMPANYBALANCESHEETASOFDECEMBER31,----.AssetsLiabilitiesandOwners’EquityCash..............................................................................................................................................................................................................................$12,000Bankloan......................................................................................................................................................................................................................$40,000Inventory......................................................................................................................................................................................................................95,000Owners’EquityOtherassets..................................................................................................................................................................................................................13,000Owners’equity.........................................................................................................................................................................................................80,000Totalassets...................................................................................................................................................................................................................$120,000Totalliabilitiesandowners’equity............................................................................................................................................................................................................................$120,000Thisproblemcanbeusedtoexplaincertainaccountingpresentationconventions.Forexample,theuseofdoublelinestounderscoreatotal,thepositionofthedollarsignatthetopofacolumnofnumbers,andthedatingofthebalancesheet.Thepurposeofthisproblemistoillustratetheequalityofthebasicaccountingequation:assetsequalliabilitiesplusowners’equity.3-1Chapter03-BasicAccountingConcepts:TheIncomeStatementProblem1-2Themissingnumbersare:Year1Noncurrentassets..........................................................................................................................................