Chapter 4

Financial Reporting for a Departmentalized Business

ESSENTIAL QUESTIONS

How is an interim departmental statement of gross profit prepared? How is a work sheet for a departmentalized business prepared? How is a departmental statement of gross profit prepared? How is an income statement and it's component percentages prepared? How is the statement of stockholders' equity prepared? How is a balance sheet prepared for a departmentalized business? What is the end-of-period work required for a departmentalized business?

TERMS FOR CHAPTER 4

- fiscal period - departmental statement of gross profit - interim departmental statement of gross profit - periodic inventory - perpetual inventory - gross profit method of estimating an inventory - component percentage - schedule of accounts receivable - schedule of accounts payable - trial balance - work sheet -plant assets

- depreciation expense - income statement - statement of stockholders' equity - capital stock - retained earnings - dividends - balance sheet - adjusting entries - closing entries - post-closing trial balance - accounting cycle

ASSIGNMENTS

Define Terms for the Chapter Interim Departmental Statement of Gross Profit Read pp. 94-101 1) View PowerPoint presentation intro and 4-1 2) Complete Application Problems 4-1 & 4-2 p. 126 (due 11/20) 3) Work on Study Guide 4 November 18-20 Preparing a Work Sheet for a Departmentalized Business Read pp. 102-111 1) View PowerPoint presentation 4-2 2) Complete Application Problem 4-3 and 4-5 pp. 127-128 (due 11/21) 3) Continue to Work on Study Guide 4 November 21 Financial Statements for a Departmentalized Business Read pp. 112-118 1) View PowerPoint presentation 4-3 2) Complete Application Problem 4-4 and 4-6 pp. 127-128 (due 11/25) 3) Continue to Work on Study Guide 4 November 24-25

End-of-Period Work for a Departmentalized Business Read pp. 119-125 1) View PowerPoint presentation 4-4 2) Complete Application Problem 4-7 p. 129 (due 12/4) 3) Complete Study Guide 4 (due 12/4) December 2-4 Complete Mastery Problem 4-8 pp. 129-130 (due 12/9) December 5 - 9 Additional Chapter exercises Chapter Four Internet Activity Accounting in Your Career p. 95 Cases for Critical Thinking p. 131 (answer these questions on the same sheet as your chapter four internet activity) Applied Communication p. 131 Due December 9 Tentative Test Date for Chapter 4 is Wednesday, December 10 Challenge Problem 4-9 p. 130 may be completed for extra credit (due 12/12)