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Added Kellogg’s as the new focus company for Chapter 1. Chosen for its straightforward financial statements and high brand recogni ndix, allowing for a comparison case with General Mills, Chapter 2’s focus company. Included the statement of cash flows in Exhi lationships among the financial statements. Moved “The Accounting Profession” from Ch Added a brief section on the role of audito standards and practices is an issue that future business students will likely face. following end-of-chapter material is new or Porter/Norton Chapter Changes Chapter 2: Financial Statements and the Annual Report Added General Mills as the focus company fo r Chapter 2. General Mills is a well known Added a Hot Topics feature on Kraft Foods’ search for a buyer for its Post® cereals. following end-of-chapter material is new or Chapter 3: Processing Accounting Information mpany for Chapter 3. The operation of an relate to how an airline Introduced a new Identify & Analyze feature, wh ich is used in the remainder of the text. structured methodical approach to the (1) did the transaction result from an operati ng activity? (2) what accounts are affected? and (3) doe rlines teaming up with PayPal to make following end-of-chapter material is new or ent and Accrual Accounting Added Nordstrom, Inc., as the focus comp any for Chapter 4. Students buy products from ure with all transact arise from two different forms of credit Nordstrom extends to customers. One is from the company’s own private label card and following end-of-chapter material is new or Porter/Norton Chapter Changes Added Gap Inc. as the focus company for Ch the 2007 financial statements. following end-of-chapter material is new or P5-15A, P5-16A, DC5-1, DC5-2, and DC5-3. Chapter 6: Cash and Internal Control cus company for Chapter 6. Focusing on cash lly illustrated in the opener us Added a Hot Topics feature on the merger of Sears and Kmart that focuses on cash flows and the management of excess cash as a key to the success of the combined companies. Revised the Sarbanes-Oxley coverage around Sears’ management report on its internal following end-of-chapter material is new or Chapter 7: Receivables and Investments and the financial statements for Apple Inc. as the focus company for Chapter 7. Apple has high na me recognition among students, and the company has been in the spotlight recently Chapter 7 has undergone significan t revision and reorganization: art of the chapter, pr ior to investments. This order is more logical, as companies often invest excess cas h from the collection of their receivables. Thus, investments follow receivables. Coverage of investments has been consolidat elimination of the appendix in the fifth streamlined considerably, with the elimina Added a Hot Topics feature c following end-of-chapter material is new or 1, DC7-2, and DC7-3. A number of exercises and problems in Chapter 7 were revised to re ncial statements for Nike as the focus company for Chapter 8. Eliminated coverage of natural resour ces as a result of reviewer comments. Porter/Norton Chapter Changes Added a Hot Topics feature on Nike’s intr oduction of its ZOOM footwear, depending on Nike’s brand identity as a following end-of-chapter material is new or Chapter 9: Current Liabilities, Contingencies, and the Time Value of Money Added Starbucks as the focus company for Chapter 9. Updated Exhibit 9-1 on current and quick ratios to focus only on Starbucks and its Added a Hot Topics feature that focuses on a possible contingent liability: lawsuits following end-of-chapter material is new or Updated the Coca-Cola chapter opener and the financial statements as the focus company rm growth plans needing long-term investments to support that growth. Added a separate Learning Outcome (and relate Added a Hot Topics feature comparing Coca- and how much these companies depend on long-term financing. following end-of-chapter material is new or Chapter 11: Stockholders’ Equity s company for Chapter 11. Southwest’s performance is key to building shareholder All exhibits that include actual company in formation were replaced with new companies Shortened and made more conc ise the section on preferred Porter/Norton Chapter Changes number of future challenges following end-of-chapter material is new or Chapter 12: The Statement of Cash Flows the financial statements from Best Buy as the focus company for Chapter 12. Best Buy increased Updated Exhibit 12-1 comparing cash flows of various comp 2007 statement of cash flows that reported expenditure of $733 million on additi ons to property and equipment. following end-of-chapter material is new or Chapter 13: Financial Statement Analysis the financial statements fr om Wm. Wrigley Jr. Company as the focus company for Chapter 13. Added a Hot Topics feature on how Wrigley financed its purchase of a Russian premium the following end-of-chapter material is new or updated: Updated: E13-3, E13-4, E13-5, E13-6, DC13-1, DC13-2, DC13-3, and DC13-4. New for this edition, Appendix A is a comple pedagogy and homework. topic was moved from Chapter 1. Appendix C: Excerpts from Kellogg’s Form 10-K for 2006 New for this edition is Kellogg’s, the focus company used in Chapter 1. ral Mills’s Form 10-K for 2006 New for this edition is General Mills, the focus company used in Chapter 2. Porter/Norton Chapter Changes