Libby: Financial Accounting, 4ce
Errata
Chapter 2
Page 61:
The sentence within the first shaded table for Part C – Step 2 currently reads:
The numeric values of “2,200” should read “700”:
Page 69:
Within the second shaded table of Part B, the accounting equation values currently read
“1,100”:
These should read “1,000”:
Page 79 – Suggested Solution:
Within the “Statement of Cash Flows” of Part 3, “Investing Activities” is missing an entry.
“Change in cash” and “Ending cash balance” currently read “3,800”:
“Investing Activities” should have an entry showing “sold land (e)… 1,250”, and “Change in
cash” and “Ending cash balance” should read “5,050”:
Chapter 3
Page 117 – Financial Analysis:
The 4th sentence within the second paragraph currently reads:
It should read “2008”:
Page 123 – Exhibit 3.6:
Under “Expenses”, the last two entry titles currently read:
These should be switched to read:
Page 129 – Demonstration Case:
Within the “Statement of Financial Position”, the values for “Cash”, “Notes payable”, “Total
assets”, and “Total liabilities and shareholders’ equity” are wrong. They currently read:
“Cash” should read “5,050”, “Notes payable” should read “4,400”, both “Total assets” and
“Total liabilities and shareholders’ equity” should read “13,400”:
Page 147 – P3-3:
Transaction n currently reads “400”:
This should read “100”:
Chapter 4
Page 172:
The beginning balance in the T-accounts for “Accrued Liabilities” appears in Ch 2 instead of Ch 3.
Page 173 – Self-Study Quiz 4-2
The dollar amount within the title of the Quiz currently reads “24,074”, it should read “23,027”.
Page 192 – Suggested Solution:
Within Part C – Step 2 of the solution, the “Effect of adjustment on:” currently reads a profit of
“↑400”:
It should read “38”:
Chapter 5
Page 256:
The first sentence of the 3rd paragraph is missing a few words. The paragraph should read as
follows:
Below the heading “Short-Term Borrowings”, it currently reads “Exhibit 5.6”:
This should read “Exhibit 5.8”:
Below the heading “Long-Term Borrowings”, the beginning and ending values for “Long-Term
Borrowings (L)” currently read:
They are revered and should read:
Page 258 – Additional Cash Flow Disclosures:
In the 2nd sentence, the Exhibits provided currently read “5.7, 5.8, and 5.9”. The 3rd sentence
currently reads “Exhibit 5.7”:
The 2nd sentence should read “Exhibits 5.6, 5.7 and 5.8” and the 3rd “Exhibit 5.6”:
Chapter 6
Page 335 – P6-5:
Within the second shaded table for “Danier Leather Inc. Cosolidated Statement of Earnings
(Loss) and Comprehensive Earnings (Loss)”, the 2nd date header currently reads “June 28, 2009”:
It should read “June 28, 2008”:
Chapter 7
Page 378:
In the accounting equation related to the last journal entry, the “Shareholders’ Equity” currently
reads “+300”:
It should read “-300”:
Chapter 8
Page 414:
The arrow currently links “Cost of sales” to “Purchase of merchandise during the year”:
It should be linking “Ending inventory” to “Beginning inventory”:
Page 429:
The second sentence currently reads “€221and €151”:
This should read “179 and 192” respectively:
Page 431:
Within paragraph under “Focus Company Analysis”, the 2nd sentence currently reads “more
inventory”:
It should read “less”:
Page 447 – P8-3:
The last sentence for Required #3 currently reads “Augusti 1, 2011”:
It should read “August 1, 2012”:
Chapter 9
Page 486:
The last paragraph currently reads:
It should read “depreciation”:
Page 497 – Suggested Solution:
Within the first table, the last asset currently reads “Accumulated depreciation”:
It should read “Equipment”:
Page 498 – Suggested Solution (con’t):
Within Part 3, Statement of financial position, the values for “Equipment” and “Less:
Accumulated depreciation” currently read:
“Equipment” should read “570,000”, and “Less: Accumulated depreciation” should read
“200,000”:
Page 504 – E9-10:
The sentence within Required #4 currently reads:
The highlighted should read “accounting equation”:
Chapter 10
Page 539:
Within the first shaded table, it currently reads:
It should read “EI payable”:
Chapter 13
Page 699:
The last two sentences within the 3rd paragraph under “Component Percentages” currently
reads:
The highlighted should read “decreased”:
Page 703:
The denominator in the “Earnings per Share” equation currently reads:
The dollar sign within the highlighted should be omitted:
Page 704:
The numerator of the “Profit Margin” equation currently reads:
The highlighted should read “Profit”:
Page 722 – E13-1:
Within the shaded table, the value for “2008” for “Operating, selling, administrative and general
expenses” should read “1,738.9”.
Page 727 – E13-16:
The Profit for “Case 4” currently reads:
It should read “15,000”:
Chapter 14
Page 14-35 – E14-6:
The company listed for all 3 transactions currently reads:
It should read “Como”: