Chapter

2
BASIC FINANCIAL
STATEMENTS

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 Learning
Learning Objective
Objective

To explain the nature

and general purpose of
financial statements.

LO1
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 Introduction
Introduction to
to Financial
Financial Statements
Statements
Three primary
Balance Sheet
financial
Income Statement
statements.
Statement of Cash Flows
We will use a corporation
to describe these
statements.

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 Introduction
Introduction to
to Financial
Financial Statements
Statements

Balance Sheet
Describes
where the
Income Statement enterprise
stands at a
Statement of Cash Flows
specific date.

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2008

 Introduction
Introduction to
to Financial
Financial Statements
Statements

Balance Sheet

Income Statement
Depicts the
revenue and
Statement of Cash Flows expenses for a
designated
period of time.

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2008

 Introduction
Introduction to
to Financial
Financial Statements
Statements

Revenues Expenses
result in result in
positive negative
cash flow. cash flow.

Either in the past, present, or future.

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2008
 Introduction
Introduction to
to Financial
Financial Statements
Statements

Balance Sheet

Income Statement
Net income (or
net loss) is
Statement of Cash Flows simply the
difference
between
revenues and
expenses.

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2008

 Introduction
Introduction to
to Financial
Financial Statements
Statements

Balance Sheet

Income Statement

Statement of Cash Flows

Depicts the
ways cash has
changed during
a designated
period of time.

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2008

 A
A Starting
Starting Point:
Point: Statement
Statement of
of
Financial
Financial Position
Position
Vagabond Travel Agency
Balance Sheet
December 31, 2007
Assets Liabilities & Owners' Equity
Cash $ 22,500 Liabilities:
Notes receivable 10,000 Notes payable $ 41,000
Accounts receivable 60,500 Accounts payable 36,000
Supplies 2,000 Salaries payable 3,000
Land 100,000 Total liabilities $ 80,000
Building 90,000 Owners' Equity:
Office equipment 15,000 Capital stock 150,000
Retained earnings 70,000
Total $ 300,000 Total $ 300,000

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2008

 Learning
Learning Objective
Objective

To explain certain accounting

principles that are important
for an understanding of
financial statements and how
professional judgment by
accountants may affect the
application of those
principles.

LO2
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 The
The Concept
Concept of
of the
the Business
Business Entity
Entity

A business
entity is
Vagabond separate from
Travel the personal
Agency
affairs of its
owner.

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 Assets
Assets
Vagabond Travel Agency
Balance Sheet
December 31, 2007
Assets Liabilities & Owners' Equity
Cash Assets are
$ 22,500 Liabilities:
Notes receivable 10,000 economic resources
Notes payable $ 41,000
Accounts receivable 60,500 Accounts payable 36,000
Supplies 2,000 that are owned by
Salaries payable 3,000
Land
Building
100,000
the business and
Total liabilities
90,000 Owners' Equity:
$ 80,000

Office equipment 15,000 are expected to

Capital stock 150,000
Retained earnings 70,000
Total
benefit future
$ 300,000 Total $ 300,000
operations.
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 Assets
Assets

Cost Principle

These accounting
Stable-Dollar principles support Going-Concern
Assumption cost as the basis Assumption
for asset valuation.

Objectivity
Principle

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 Liabilities
Liabilities
Vagabond Travel Agency
Balance Sheet
December 31, 2007
Assets Liabilities & Owners' Equity
Liabilities are
Cash $ 22,500 Liabilities:
debts that
Notes receivable
Accounts receivable
10,000
60,500
Notes payable
Accounts payable
$ 41,000
36,000
represent negative
Supplies 2,000 Salaries payable 3,000
Land 100,000 Total liabilities $ 80,000
future cash flows
Building 90,000 Owners' Equity:
for the enterprise.
Office equipment 15,000 Capital stock
Retained earnings
150,000
70,000
Total $ 300,000 Total $ 300,000

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 Owners’
Owners’ Equity
Equity
Vagabond Travel Agency
Balance Sheet
December 31, 2007
Assets Liabilities & Owners' Equity
Owners’ equity
Cash $ 22,500 Liabilities:
Notes receivable 10,000 Notes payable $ 41,000
represents the
Accounts receivable 60,500 Accounts payable 36,000
owners’ claims on
Supplies 2,000 Salaries payable 3,000
Land 100,000 Total liabilities $ 80,000
the assets of the
Building 90,000 Owners' Equity:
business.
Office equipment 15,000 Capital stock
Retained earnings
150,000
70,000
Total $ 300,000 Total $ 300,000

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 Owners’
Owners’ Equity
Equity

Changes in Owners’
Equity

•Owners’ •Payments
Investments to Owners
•Business •Business
Earnings Losses

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 Learning
Learning Objective
Objective

To demonstrate how
certain business
transactions affect the
elements of the
accounting equation:
Assets = Liabilities +
Owners’ Equity.

LO3
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 The
The Accounting
Accounting Equation
Equation

Assets
Assets ==Vagabond
Liabilities ++ Agency
Travel
Liabilities Owners’
Owners’ Equity
Equity
Balance Sheet
December 31, 2007
$300,000
Assets=
$300,000 = $80,000
$80,000 +Liabilities
+ $220,000
$220,000
& Owners' Equity
Cash $ 22,500 Liabilities:
Notes receivable 10,000 Notes payable $ 41,000
Accounts receivable 60,500 Accounts payable 36,000
Supplies 2,000 Salaries payable 3,000
Land 100,000 Total liabilities $ 80,000
Building 90,000 Owners' Equity
Office equipment 15,000 Capital stock 150,000
Retained earnings 70,000
Total $ 300,000 Total $ 300,000

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 Let’s analyze
some
transactions for
JJ’s Lawn Care
Service.

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 On May 1, Jill Jones and her family invested
$8,000 in JJ’s Lawn Care Service and received
800 shares of stock.
JJ's Lawn Care Service
Balance Sheet
May 1, 2007
Assets Owners' Equity
Cash $ 8,000 Capital Stock $ 8,000

Total $ 8,000 Total $ 8,000

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 On May 2, JJ’s purchased a riding lawn
mower for $2,500 cash.
JJ's Lawn Care Service
Balance Sheet
May 2, 2007
Assets Owners' Equity
Cash $ 5,500 Capital Stock $ 8,000
Tools & Equipment 2,500

Total $ 8,000 Total $ 8,000

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 On May 8, JJ’s purchased a $15,000 truck.
JJ’s paid $2,000 down in cash and issued a note payable
for the remaining $13,000.

JJ's Lawn Care Service

Balance Sheet
May 8, 2007
Assets Liabilities and Owners' Equity
Cash $ 3,500 Liabilities:
Tools & Equipment 2,500 Notes Payable $ 13,000
Truck 15,000 Owners' Equity:
Capital Stock 8,000

Total $ 21,000 Total $ 21,000

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 On May 11, JJ’s purchased some repair
parts for $300 on account.
JJ's Lawn Care Service
Balance Sheet
May 11, 2007
Assets Liabilities and Owners' Equity
Cash $ 3,500 Liabilities:
Tools & Equipment 2,800 Notes Payable $ 13,000
Truck 15,000 Accounts Payable 300
Total Liabilities $ 13,300
Owners' Equity:
Capital Stock 8,000

Total $ 21,300 Total $ 21,300

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 Jill realized she had purchased more repair parts than needed.
On May 18, JJ’s was able to sell half of the repair parts to ABC Lawns for
$150, a price equal to JJ’s cost. JJ’s will receive the cash within 30 days.

JJ's Lawn Care Service

Balance Sheet
May 18, 2007
Assets Liabilities and Owners' Equity
Cash $ 3,500 Liabilities:
Accounts Receivable 150 Notes Payable $ 13,000
Tools & Equipment 2,650 Accounts Payable 300
Truck 15,000 Total Liabilities $ 13,300
Owners' Equity:
Capital Stock 8,000

Total $ 21,300 Total $ 21,300

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 On May 25, ABC Lawns pays JJ’s $75 as a partial
settlement of its accounts receivable.

JJ's Lawn Care Service

Balance Sheet
May 25, 2007
Assets Liabilities and Owners' Equity
Cash $ 3,575 Liabilities:
Accounts Receivable 75 Notes Payable $ 13,000
Tools & Equipment 2,650 Accounts Payable 300
Truck 15,000 Total Liabilities $ 13,300
Owners' Equity:
Capital Stock 8,000

Total $ 21,300 Total $ 21,300

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 On May 28, JJ’s pays $150 of its accounts
payable.
JJ's Lawn Care Service
Balance Sheet
May 28, 2007
Assets Liabilities and Owners' Equity
Cash $ 3,425 Liabilities:
Accounts Receivable 75 Notes Payable $ 13,000
Tools & Equipment 2,650 Accounts Payable 150
Truck 15,000 Total Liabilities 13,150
Owners' Equity:
Capital Stock 8,000

Total $ 21,150 Total $ 21,150

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 On May 29, JJ’s recorded lawn care services
provided during May of $750. All clients were
paid in cash.
JJ's Lawn Care Service
Balance Sheet
May 29, 2007
Assets Liabilities and Owners' Equity
Cash $ 4,175 Liabilities:
Accounts Receivable 75 Notes Payable $ 13,000
Tools & Equipment 2,650 Accounts Payable 150
Truck 15,000 Total Liabilities 13,150
Owners' Equity:
Capital Stock 8,000
Retained Earnings 750
Total $ 21,900 Total $ 21,900

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2008

 Learning
Learning Objective
Objective

To explain how the

statement of financial
position, often referred
to as the balance sheet,
is an expansion of the
basic accounting
equation.

LO4
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 On May 31, JJ’s purchased gasoline for the
lawn mower and the truck for $50 cash.
JJ's Lawn Care Service
Balance Sheet
May 31, 2007
Assets Liabilities and Owners' Equity
Cash $ 4,125 Liabilities:
Accounts Receivable 75 Notes Payable $ 13,000
Tools & Equipment 2,650 Accounts Payable 150
Truck 15,000 Total Liabilities 13,150
Owners' Equity:
Capital Stock 8,000
Retained Earnings 700
Total $ 21,850 Total $ 21,850

Now, let’s review how JJ’s transactions

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affected the accounting equation.
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 Assets = Liabilities + Owners' Equity
Accts. Tools & Notes Accts. Capital Retained
Cash + Rec. + Equip. + Truck = Payable + Pay. + Stock + Earnings
May 1 $ 8,000 $ 8,000
Balances $ 8,000 $ 8,000
May 2 (2,500) $ 2,500
Balances $ 5,500 $ 2,500 $ 8,000
May 8 (2,000) $ 15,000 $ 13,000
Balances $ 3,500 $ 2,500 $ 15,000 $ 13,000 $ 8,000
May 11 300 $ 300
Balances $ 3,500 $ 2,800 $ 15,000 $ 13,000 $ 300 $ 8,000
May 18 $ 150 (150)
Balances $ 3,500 $ 150 $ 2,650 $ 15,000 $ 13,000 $ 300 $ 8,000
May 25 75 (75)
Balances $ 3,575 $ 75 $ 2,650 $ 15,000 $ 13,000 $ 300 $ 8,000
May 28 (150) (150)
Balances $ 3,425 $ 75 $ 2,650 $ 15,000 $ 13,000 $ 150 $ 8,000
May 29 750 750
Balances $ 4,175 $ 75 $ 2,650 $ 15,000 $ 13,000 $ 150 $ 8,000 $ 750
May 31 (50) (50)
Balances $ 4,125 $ 75 $ 2,650 $ 15,000 $ 13,000 $ 150 $ 8,000 $ 700

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 Let’s prepare the Income Statement and
Statement Assets of Cash Flows
= for JJ’s+ Lawn
Liabilities Owners'Care
Equity
Service
Accts.
for the
Tools &
month ending
Notes
May
Accts.
31,
Capital
2007.
Retained
Cash + Rec. + Equip. + Truck = Payable + Pay. + Stock + Earnings
May 1 $ 8,000 $ 8,000
Balances $ 8,000 $ 8,000
May 2 (2,500) These
$ 2,500These transactions
transactions
Balances $ 5,500 $ 2,500 $ 8,000
May 8 (2,000) impact
impact
$ 15,000 the
the
$ 13,000
$ 2,500Statement of
Balances
May 11
$ 3,500
300
$ 15,000
Statement of Cash
$ 13,000
Cash
$ 300
$ 8,000

Balances $ 3,500 $ 2,800 Flows.

Flows.
$ 15,000 $ 13,000 $ 300 $ 8,000
May 18 $ 150 (150)
Balances $ 3,500 $ 150 $ 2,650 $ 15,000 $ 13,000 $ 300 $ 8,000
May 25 75 (75)
Balances $ 3,575 $ 75 $ 2,650 $ 15,000 $ 13,000 $ 300 $ 8,000
May 28 (150) (150)
Balances $ 3,425 $ 75 $ 2,650 $ 15,000 $ 13,000 $ 150 $ 8,000
May 29 750 These
These transactions
transactions 750
Balances $ 4,175 $ 75 $ 2,650 $ 15,000 $ 13,000 $ 150 $ 8,000 $ 750
May 31 (50) impact
impact the the Income
Income (50)
Balances $ 4,125 $ 75 $ 2,650
Statement.
$ 15,000 $ 13,000
Statement.
$ 150 $ 8,000 $ 700

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2008

 Learning
Learning Objective
Objective

To explain how the income

statement reports an
enterprise’s financial
performance for a period of
time in terms of the
relationship of revenues and
expenses.

LO5
McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2008
 JJ's Lawn Care Service
Income Statement
For the Month Ended May 31, 2007

Sales Revenue $ 750

Operating Expense:
Gasoline Expense 50
Net Income $ 700
Investments
Investments by by and
and payments
payments to to the
the owners
owners
are
are not
not included
included on
on the
the Income
Income Statement.
Statement.
McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2008
 Learning
Learning Objective
Objective

To explain how the

statement of cash flows
presents the change in cash
for a period of time in terms
of the company’s operating,
investing, and financing
activities.

LO6
McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2008
 JJ's Lawn Care Service
Statement of Cash Flows
For the Month Ended May 31, 2007
Cash flows from operating activities:
Cash received from revenue transactions $ 750
Cash paid for expenses (50)
Net cash provided by operating activities $ 700
Cash flows from investing activities:
Purchase of lawn mower $ (2,500)
Purchase of truck (2,000)
Collection for sale of repair parts 75
Payment for repair parts (150)
Net cash used by investing activities (4,575)
Cash flows from financing activities:
Investment by owners 8,000
Increase in cash for month $ 4,125
Cash balance, May 1, 2007 -
Cash balance, May 31, 2007 $ 4,125
McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2008
 JJ's Lawn Care Service
Statement of Cash Flows
For the Month Ended May 31, 2007
Cash flows from operating activities:
Cash received from revenue transactions $ 750
Cash paid for expenses (50)
Net cash provided by operating activities $ 700
Cash flows from investing activities:
Operating
Operating activities
activities include
Purchase of lawn mower include the
the cash
cash $ (2,500)
effects
effects of
of revenue
revenue and
Purchase of truck
and expense
expense (2,000)
Collection for sale of repair parts 75
transactions.
transactions.
Payment for repair parts (150)
Net cash used by investing activities (4,575)
Cash flows from financing activities:
Investment by owners 8,000
Increase in cash for month $ 4,125
Cash balance, May 1, 2007 -
Cash balance, May 31, 2007 $ 4,125
McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2008
 JJ's Lawn Care Service
Statement of Cash Flows
For the Month Ended May 31, 2007
Cash flows from operating activities:
Cash received from revenue transactions $ 750
Cash paid for expenses (50)
Net cash provided by operating activities $ 700
Cash flows from investing activities:
Purchase of lawn mower $ (2,500)
Purchase of truck (2,000)
Collection for sale of repair parts 75
Payment for repair parts (150)
Net cash used by investing activities (4,575)
Cash flows from financing activities:
Investing
Investing activities
activities include
Investment by owners include the
the cash
cash 8,000
effects
effects of
of purchasing
purchasing and
Increase in cash for month
and selling
selling $ 4,125
Cash balance, May 1, 2007 -
assets.
assets.
Cash balance, May 31, 2007 $ 4,125
McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2008
 JJ's Lawn Care Service
Statement of Cash Flows
For the Month Ended May 31, 2007
Cash flows from operating activities:
Cash received from revenue transactions $ 750
Cash paid for expenses (50)
Net cash provided by operating activities $ 700
Cash flows from investing activities:
Purchase of lawn mower $ (2,500)
Financing
Financing activities
activities include
Purchase of truck include the
the cash
cash (2,000)
effects
effects of
of transactions
transactions with
with the
the owners
Collection for sale of repair parts
owners 75
Payment for repair parts (150)
and
and creditors.
creditors.
Net cash used by investing activities (4,575)
Cash flows from financing activities:
Investment by owners 8,000
Increase in cash for month $ 4,125
Cash balance, May 1, 2007 -
Cash balance, May 31, 2007 $ 4,125
McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2008
 Now, let’s prepare the Balance Sheet for JJ’s
Lawn
Assets Care Service
= for May 31,
Liabilities + 2007.
Owners' Equity
Accts. Tools & Notes Accts. Capital Retained
Cash + Rec. + Equip. + Truck = Payable + Pay. + Stock + Earnings
May 1 $ 8,000 $ 8,000
Balances $ 8,000 $ 8,000
May 2 (2,500) $ 2,500
Balances $ 5,500 $ 2,500 $ 8,000
May 8 (2,000) $ 15,000 $ 13,000
Balances $ 3,500 $ 2,500 $ 15,000 $ 13,000 $ 8,000
May 11 300 $ 300
Balances $ 3,500 $ 2,800 $ 15,000 $ 13,000 $ 300 $ 8,000
May 18 $ 150 (150)
Balances $ 3,500 $ 150 These
These
$ 2,650 balances
$ 15,000 $ 13,000 will
balances will
$ 300 $ 8,000
May 25 75 (75)
Balances $ 3,575 $ 75 $ 2,650 appear
appear
$ 15,000 on
on
$ the
the $ 300
13,000 $ 8,000
May 28
Balances
(150)
$ 3,425 $ 75
Balance
$ 2,650 Balance
$ 15,000
Sheet.
$Sheet.
13,000
(150)
$ 150 $ 8,000
May 29 750 750
Balances $ 4,175 $ 75 $ 2,650 $ 15,000 $ 13,000 $ 150 $ 8,000 $ 750
May 31 (50) (50)
Balances $ 4,125 $ 75 $ 2,650 $ 15,000 $ 13,000 $ 150 $ 8,000 $ 700
McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2008
 JJ's Lawn Care Service
Balance Sheet
May 31, 2007
Assets Liabilities
Cash $ 4,125 Notes payable $ 13,000
Accounts receivable 75 Accounts payable 150
Tools & equipment 2,650 Owners' Equity
Truck 15,000 Capital stock 8,000
Retained earnings 700
Total assets $ 21,850 Total liabilities & equity $ 21,850

Assets
Assets == Liabilities
Liabilities ++ Owners’
Owners’ Equity
Equity

$21,850
$21,850 == $13,150
$13,150 ++ $8,700
$8,700
McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2008
 Learning
Learning Objective
Objective

To explain the important

relationships among the
statement of financial
position, income statement,
and statement of cash
flows, and how these
statements relate to each
other.

LO7
McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2008
 Relationships
Relationships Among
Among Financial
Financial
Statements
Statements

Date at Date at
beginning end of
of period Time period

Balance Balance
Sheet Sheet

Income Statement
Statement of Cash Flows
McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2008
 Financial
Financial Statement
Statement Articulation
Articulation
JJ's Lawn Care Service
Statement of Cash Flows
JJ's Lawn Care Service
For the Month Ended May 31, 2007
Cash flows from operating activities: Income Statement
Cash received from revenue transactions $ 750 For the Month Ended May 31, 2007
Cash paid for expenses (50)
Net cash provided by operating activities $ 700
Cash flows from investing activities:
Sales Revenue $ 750
Purchase of lawn mower $ (2,500) Operating Expense:
Purchase of truck (2,000) Gasoline Expense 50
Collection for sale of repair parts 75
Net Income $ 700
Payment for repair parts (150)
Net cash used by investing activities (4,575)
Cash flows from financing activities:
Investment by owners 8,000
Increase in cash for month $ 4,125 JJ's Lawn Care Service
Cash balance, May 1, 2007 -
Balance Sheet
Cash balance, May 31, 2007 $ 4,125
May 31, 2007
Assets Liabilities
Cash $ 4,125 Notes payable $ 13,000
Accounts receivable 75 Accounts payable 150
Tools & equipment 2,650 Owners' Equity
Truck 15,000 Capital stock 8,000
Retained earnings 700
Total assets $ 21,850 Total liabilities & equity $ 21,850

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2008

 Financial
Financial Reporting
Reporting and
and Financial
Financial
Statements
Statements
Financial statements are
just one source of
financial accounting
Income
information. Statement
Balance
Sheet
Statement
of Cash
Flows

Other Information:
•Industry
•Competitors
•National economy

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2008

 Learning
Learning Objective
Objective

To explain common forms of

business ownership—sole
proprietorship, partnership,
and corporation—and
demonstrate how they differ in
terms of their presentation in
the statement of financial
position.

LO8
McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2008
 Forms
Forms of
of Business
Business Organization
Organization

Sole
Sole Partnerships
Partnerships Corporations
Corporations
Proprietorships
Proprietorships

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2008

 Reporting
Reporting Ownership
Ownership Equity
Equity in
in the
the
Statement
Statement of
of Financial
Financial Position
Position

Sole Ow ner's equity:

Sole
Proprietorships
Proprietorships Jill Jones, capital $ 8,000

Partners' equity
Jill Jones, capital $ 4,000
Partnerships
Partnerships Bill Jones, capital 4,000
Total partners' equity $ 8,000

Owners' equity
Capital stock $ 7,000
Corporations
Corporations Retained earnings 1,000
Total stockholders' equity $ 8,000
McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2008
 The
The Use
Use of
of Financial
Financial Statements
Statements by
by
External
External Parties
Parties

Two
Two concerns:
concerns:
Creditors Liquidity
Liquidity
Profitability
Profitability

Investors
McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2008
 The
The Need
Need for
for Adequate
Adequate Disclosure
Disclosure

Balance Sheet Notes

Notes to
to the
the
financial
financial
Income Statement
statements
statements often
often
Statement of Cash Flows provide
provide facts
facts
necessary
necessary forfor the
the
proper
proper
interpretation
interpretation ofof
the
the statements.
statements.

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2008

 Learning
Learning Objective
Objective

To discuss the importance

of financial statements to a
company and its investors
and creditors and why
management may take
steps to improve the
appearance of the company
in its financial statements.

LO9
McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2008
 Management’s
Management’s Interest
Interest in
in Financial
Financial
Statements
Statements

Creditors are more likely to extend credit if financial

statements show a strong statement of financial
position—that is, relatively little debt and large
amounts of liquid assets.

Window dressing occurs when management takes

measures to make the company appear as strong
as possible in it financial statements.
McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2008
 End
End of
of Chapter
Chapter 22

McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2008