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Solution Manual for Hospitality Financial Accounting 2nd by Weygandt

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Product Details:

  • ISBN-10 ‏ : ‎ 0470083603
  • ISBN-13 ‏ : ‎ 978-0470083604
  • Author:   Jerry J. Weygandt (Author), Donald E. Kieso (Author), Paul D. Kimmel (Author), Agnes L. DeFranco (Author)

As the hospitality field continues to grow and diversify, today’s hospitality professionals need to understand financial accounting at a higher level than ever before. Written by some of the most respected authors in accounting, Hospitality Financial Accounting, Second Edition gives a complete introduction to financial accounting principles and demonstrates how to apply them to all facets of the hospitality industry.

Updated with the latest developments in the accounting and hospitality fields,Hospitality Financial Accounting, Second Edition covers the basics of financial accounting first and then shows hospitality students how to analyze financial statements and deal with the daily issues they will face on the job.

 

Table of Content:

  1. 1: Hospitality Accounting in Action
  2. FEATURE STORY: Financial Reporting: A Matter of Trust
  3. What Is Accounting?
  4. Who Uses Accounting Data?
  5. Brief History of Accounting
  6. Distinguishing between Bookkeeping and Accounting
  7. Accounting and You
  8. The Building Blocks of Accounting
  9. Ethics—A Fundamental Business Concept
  10. Generally Accepted Accounting Principles
  11. Assumptions
  12. Basic Accounting Equation
  13. The Accounting Cycle and the Flow of Information
  14. The Uniform System of Accounts and Financial Reporting
  15. Lodging Industry
  16. Foodservice Industry
  17. Club Industry
  18. Spa Industry
  19. Gaming Industry
  20. Accounting and Financial Management in Hospitality
  21. Hotel Operations
  22. Hotel Accounting Department Organization
  23. Foodservice Operations
  24. Club Operations
  25. CHAPTER 1 Appendix The Accounting Profession
  26. Public Accounting
  27. Private Accounting
  28. Not-for-Profit Accounting
  29. 2: Accounting Principles
  30. FEATURE STORY: Certainly Worth Investigating!
  31. The Conceptual Framework of Accounting
  32. Objectives of Financial Reporting
  33. Qualitative Characteristics of Accounting Information
  34. Elements of Financial Statements
  35. Operating Guidelines
  36. Assumptions
  37. Monetary Unit Assumption
  38. Economic Entity Assumption
  39. Time Period Assumption
  40. Going Concern Assumption
  41. Principles
  42. Revenue Recognition Principle
  43. Matching Principle (Expense Recognition)
  44. Full Disclosure Principle
  45. Cost Principle
  46. Constraints in Accounting
  47. Materiality
  48. Conservatism
  49. Summary of Conceptual Framework
  50. Financial Statement Presentation—An International Perspective
  51. Using the Building Blocks
  52. Transaction Analysis
  53. Summary of Transactions
  54. Financial Statements
  55. Income Statement
  56. Retained Earnings Statement
  57. Balance Sheet
  58. Statement of Cash Flows
  59. 3: The Recording Process
  60. FEATURE STORY: No Such Thing as a Perfect World
  61. The Account
  62. Debits and Credits
  63. Debit and Credit Procedures
  64. Stockholders’ Equity Relationships
  65. Expansion of the Basic Equation
  66. The Accounting Cycle
  67. Steps in the Recording Process
  68. The Journal
  69. The Ledger
  70. The Recording Process Illustrated
  71. Summary Illustration of Journalizing and Posting
  72. The Trial Balance
  73. Limitations of a Trial Balance
  74. Locating Errors
  75. Use of Dollar Signs
  76. Electronic Data Processing
  77. Comparative Advantages of Manual versus Computerized Systems
  78. A Look into the Future
  79. 4: Adjusting the Accounts
  80. FEATURE STORY: Timing Is Everything
  81. Timing Issues
  82. Selecting an Accounting Time Period
  83. Fiscal and Calendar Years
  84. Accrual- versus Cash-Basis Accounting
  85. Recognizing Revenues and Expenses
  86. The Basics of Adjusting Entries
  87. Types of Adjusting Entries
  88. Adjusting Entries for Prepayments
  89. Adjusting Entries for Accruals
  90. Summary of Basic Relationships
  91. The Adjusted Trial Balance and Financial Statements
  92. Preparing the Adjusted Trial Balance
  93. Preparing Financial Statements
  94. Alternative Treatment of Prepaid Expenses and Unearned Revenues
  95. Prepaid Expenses
  96. Unearned Revenues
  97. Summary of Additional Adjustment Relationships
  98. 5: Completion of the Accounting Cycle
  99. FEATURE STORY: Everyone Likes to Win
  100. Using a Work Sheet
  101. Steps in Preparing a Work Sheet
  102. Preparing Financial Statements from a Work Sheet
  103. Preparing Adjusting Entries from a Work Sheet
  104. Closing the Books
  105. Preparing Closing Entries
  106. Closing Entries, Illustrated
  107. Posting of Closing Entries
  108. Preparing a Postclosing Trial Balance
  109. Summary of the Accounting Cycle
  110. Correcting Entries—An Avoidable Step
  111. Classified Balance Sheet
  112. Standard Classifications
  113. Classified Balance Sheet, Illustrated
  114. 6: Financial Statements
  115. FEATURE STORY: Cash Is King
  116. The Income Statement
  117. Multiple-Step Income Statement
  118. Single-Step Income Statement
  119. Departmental Income Statement
  120. Consolidated Income Statement
  121. Classified Balance Sheet
  122. Relationship between the Income Statement and the Balance Sheet
  123. The Statement of Cash Flows: Purpose and Format
  124. Purpose of the Statement of Cash Flows
  125. Meaning of Cash Flows
  126. Classification of Cash Flows
  127. Significant Noncash Activities
  128. Format of the Statement of Cash Flows
  129. Usefulness of the Statement of Cash Flows
  130. Preparing the Statement of Cash Flows
  131. Indirect and Direct Methods
  132. Indirect Method for Statement of Cash Flows
  133. First Year of Operations—2008
  134. Second Year of Operations—2009
  135. 7: Financial Statement Analysis
  136. FEATURE STORY: “Follow That Stock!“
  137. Basics of Financial Statement Analysis
  138. Need for Comparative Analysis
  139. Tools of Financial Statement Analysis
  140. Horizontal Analysis
  141. Balance Sheet
  142. Income Statement
  143. Retained Earnings Statement
  144. Vertical Analysis
  145. Balance Sheet
  146. Income Statement
  147. Ratio Analysis
  148. Liquidity Ratios
  149. Profitability Ratios
  150. Solvency Ratios
  151. Summary of Ratios
  152. Limitations of Financial Statement Analysis
  153. Estimates
  154. Cost
  155. Alternative Accounting Methods
  156. Atypical Data
  157. Diversification of Firms
  158. 8: Accounting for Merchandising Operations in Hospitality
  159. FEATURE STORY: Selling Dollars for 85 Cents
  160. Merchandising Operations
  161. Operating Cycles
  162. Inventory Systems
  163. Recording Purchases of Merchandise
  164. Purchase Returns and Allowances
  165. Freight Costs
  166. Purchase Discounts
  167. Recording Sales of Merchandise
  168. Sales Returns and Allowances
  169. Sales Discounts
  170. Completing the Accounting Cycle
  171. Adjusting Entries
  172. Closing Entries
  173. Summary of Merchandising Entries
  174. Work Sheet for a Merchandiser
  175. Using a Work Sheet
  176. 9: Inventories and Cost of Goods Calculation
  177. FEATURE STORY: $12,800 Worth of Blueberry Muffins!
  178. Inventory Basics
  179. Classifying Inventory
  180. Determining Inventory Quantities
  181. Inventory Accounting Systems
  182. Periodic Inventory System
  183. Recording Transactions
  184. Recording Purchases of Merchandise
  185. Recording Sales of Merchandise
  186. Cost of Goods Sold
  187. Determining Cost of Goods Purchased
  188. Transfers In and Out
  189. Food Cost Calculations
  190. Beverage Cost Calculations
  191. Income Statement Presentation
  192. Inventory Costing under a Periodic Inventory System
  193. Using Actual Physical Flow Costing—Specific Identification
  194. Using Assumed Cost-Flow Methods—FIFO, LIFO, and Average Cost
  195. Financial Statement Effects of Cost–Flow Methods
  196. Using Inventory Cost-Flow Methods Consistently
  197. Inventory Errors
  198. Income Statement Effects
  199. Balance Sheet Effects
  200. Statement Presentation and Analysis
  201. Presentation
  202. Analysis
  203. 10: Internal Control and Cash
  204. FEATURE STORY: Minding the Money in Moose Jaw
  205. Internal Control
  206. Principles of Internal Control
  207. Limitations of Internal Control
  208. Cash Controls
  209. Internal Control over Cash Receipts
  210. Internal Control over Cash Disbursements
  211. Use of a Bank
  212. Making Bank Deposits
  213. Writing Checks
  214. Bank Statements
  215. Reconciling the Bank Account
  216. 11: Payroll
  217. FEATURE STORY: Payroll: A Manageable Cost in the Hospitality Industry
  218. Payroll Defined
  219. Internal Control of Payroll
  220. Hiring Employees
  221. Timekeeping
  222. Preparing the Payroll
  223. Paying the Payroll
  224. Fair Labor Standards Act
  225. Determining the Payroll
  226. Gross Earnings
  227. Payroll Deductions
  228. Net Pay
  229. Recording the Payroll
  230. Maintaining Payroll Department Records
  231. Recognizing Payroll Expenses and Liabilities
  232. Recording Payment of the Payroll
  233. Tipped Employees
  234. Tip Reporting
  235. Employer Payroll Taxes
  236. FICA Taxes
  237. Federal Unemployment Taxes
  238. State Unemployment Taxes
  239. Recording Employer Payroll Taxes
  240. Filing and Remitting Payroll Taxes
  241. 12: Accounting For Receivables and Payables
  242. FEATURE STORY: Financing His Dreams
  243. Accounts Receivable
  244. Types of Receivables
  245. Recognizing Accounts Receivable
  246. Valuing Accounts Receivable
  247. Disposing of Accounts Receivable
  248. Credit Policies
  249. The Credit Department
  250. The Credit Policy before, during, and after the Event
  251. City Ledger of a Hotel
  252. Notes Receivable
  253. Determining the Maturity Date
  254. Computing Interest
  255. Recognizing Notes Receivable
  256. Valuing Notes Receivable
  257. Disposing of Notes Receivable
  258. What Is a Current Liability?
  259. Notes Payable
  260. Sales Tax Payable
  261. Payroll and Payroll Taxes Payable
  262. Unearned Revenues
  263. Current Maturities of Long-Term Debt
  264. 13: Long-Term and Intangible Assets
  265. FEATURE STORY: Time to Relax
  266. Long-Term Assets
  267. Determining the Cost of Long-Term Assets
  268. Land
  269. Land Improvements
  270. Buildings
  271. Equipment
  272. Depreciation
  273. Revising Periodic Depreciation
  274. Expenditures during Useful Life
  275. Long-Term Asset Disposals
  276. Intangible Assets
  277. Patents
  278. Copyrights
  279. Trademarks and Trade Names
  280. Franchises and Licenses
  281. Goodwill
  282. 14: Sole Proprietorships, Partnerships, and Corporations
  283. FEATURE STORY: “Two All Beef Patties, Special Sauce, Lettuce, Cheese, Pickles, Onions on a Sesame
  284. Sole Proprietorships
  285. Partnerships
  286. Association of Individuals
  287. Mutual Agency
  288. Limited Life
  289. Unlimited Liability
  290. Co-ownership of Property
  291. Advantages and Disadvantages of a Partnership
  292. The Partnership Agreement
  293. Formation of a Partnership
  294. Division of Net Income or Net Loss
  295. Partnership Financial Statements
  296. The Corporate Form of Organization and Stock Transactions
  297. Characteristics of a Corporation
  298. Forming a Corporation
  299. Corporate Capital
  300. Accounting for Common Stock Issues
  301. Accounting for Treasury Stock
  302. Preferred Stock
  303. Dividends
  304. Cash Dividends
  305. Stock Dividends
  306. Entries for Stock Dividends
  307. Effects of Stock Dividends
  308. Stock Splits
  309. Retained Earnings
  310. Retained Earnings Restrictions
  311. Prior Period Adjustments
  312. Retained Earnings Statement
  313. Appendix A: Specimen Financial Statements: PepsiCo, Inc.
  314. Appendix B: Subsudiary Ledgers and Special Journals
  315. FEATURE STORY: Different Roads for Different Folks
  316. Expanding the Ledger–Subsidiary Ledgers
  317. Nature and Purpose of Subsidiary Ledgers
  318. Example
  319. Advantages of Subsidiary Ledgers
  320. Expanding the Journal–Special Journals
  321. Sales Journal
  322. Cash Receipts Journal
  323. Purchases Journal
  324. Cash Payments Journal
  325. Effects of Special Journals on the General Journal
  326. Index

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