, Fina
Sixteenth Edition
College
Accounting
Chapters 1–30
JOHN ELLIS PRICE, Ph.D., CPA
Professor of Accounting (Retired)
University of North Texas
Denton, Texas
M. DAVID HADDOCK JR., Ed.D., CPA
Professor of Accounting (Retired)
Chattanooga State Community College
Chattanooga, Tennessee
MICHAEL J. FARINA, MBA, CPA, CGMA
Professor of Accounting
Cerritos College
Norwalk, California
, Fina
COLLEGE ACCOUNTING, SIXTEENTH EDITION
Chapters 1–30
Published by McGraw-Hill Education, 2 Penn Plaza, New York, NY 10121. Copyright © 2021 by McGraw-Hill Education.
All rights reserved. Printed in the United States of America. Previous editions © 2017, 2015, and 2012. No part of this
publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system,
without the prior written consent of McGraw-Hill Education, including, but not limited to, in any network or other electronic
storage or transmission, or broadcast for distance learning.
Some ancillaries, including electronic and print components, may not be available to customers outside the United States.
This book is printed on acid-free paper.
1 2 3 4 5 6 7 8 9 LWI 24 23 22 21 20
ISBN 978-1-260-24790-9 (chapters 1–30) (bound edition)
MHID 1-260-24790-2 (chapters 1–30) (bound edition)
ISBN 978-1-260-78027-7 (chapters 1–30) (loose-leaf edition)
MHID 1-260-78027-9 (chapters 1–30) (loose-leaf edition)
ISBN 978-1-260-78041-3 (chapters 1–13) (bound edition)
MHID 1-260-78041-4 (chapters 1–13) (bound edition)
ISBN 978-1-260-78023-9 (chapters 1–13) (loose-leaf edition)
MHID 1-260-78023-6 (chapters 1–13) (loose-leaf edition)
Executive Portfolio Manager: Steve Schuetz
Product Developer: Michael McCormick
Marketing Manager: Claire McLemore
Content Project Managers: Lori Koetters, Angela Norris
Senior Buyer: Laura Fuller
Design: Matt Diamond
Content Licensing Specialist: Sarah Flynn
Cover Image: ©Lixiang/Shutterstock
Compositor: SPi Global
All credits appearing on page or at the end of the book are considered to be an extension of the copyright page.
Library of Congress Control Number: 2019948192
The Internet addresses listed in the text were accurate at the time of publication. The inclusion of a website does not
indicate an endorsement by the authors or McGraw-Hill Education, and McGraw-Hill Education does not guarantee the
accuracy of the information presented at these sites.
mheducation.com/highered
, Fina
About the Authors
JOHN ELLIS PRICE is a retired professor of accounting at the University of North
Dr. Price has more than 36 years of experience in higher education with over half of thos
serving in key leadership positions including as founding president and professor of acc
at the University of North Texas at Dallas. Dr. Price has previously held positions of pr
and assistant professor, as well as chair and dean, at the University of North Texas, J
State University, and the University of Southern Mississippi. Dr. Price has also been activ
Internal Revenue Service as a member of the Commissioner’s Advisory Group for two te
as an Internal Revenue Agent.
Dr. Price is a certified public accountant who has twice received the UNT College of B
Courtesy of John Ellis Price
Administration’s Outstanding Teaching Award and the university’s President’s Council
Majoring in accounting, he received his BBA and MS degrees from the University of S
Mississippi and his PhD in accounting from the University of North Texas.
Dr. Price is a member of the Mississippi Society of Certified Public Accountants, the A
Accounting Association, and the American Taxation Association (serving as past chai
Subcommittee on Relations with the IRS and Treasury). Dr. Price has also served as cha
American Institute of Certified Public Accountants Minority Initiatives Committee and as
ber of the Foundation Trustees.
M. DAVID HADDOCK JR. serves as Chief Leadership Officer for a regional operator o
living communities. He previously led the training efforts for one of the top 50 CPA firm
United States. In a 35-year career in higher education, Dr. Haddock served in faculty and
istrative roles at Auburn University at Montgomery, the University of Alabama in Birmingh
University of West Georgia, and Chattanooga State Community College. At his retireme
higher education, he was professor of accounting and associate vice president for ac
affairs at Chattanooga State Community College in Tennessee. In addition to his teach
also maintained a sole proprietorship accounting and tax practice for more than 20 yea
He received his BS in accounting and MS in adult education from the University of T
en
and the EdD degree in administration of higher education from Auburn University.
Courtesy of M. David Haddock Jr.
licensed CPA in Tennessee.
Dr. Haddock served as chair of the Tennessee Society of CPAs and the Educational &
rial Foundation of the TSCPAs for 2012–2013 and a member of AICPA Council. He is a f
speaker for Continuing Professional Education programs.
MICHAEL J. FARINA retired as professor of accounting and finance at Cerritos Co
alifornia June 2018, after 30 years of service to the college. He continues to teach college a
C
ing and other courses as an adjunct professor at Cerritos College. Professor Farina is cu
member of an advisory committee at a credit union serving the educational community in C
Prior to joining Cerritos College, Professor Farina was a manager in the audit departm
large multinational firm of certified public accountants and held management positions wi
companies in private industry.
He received an AA in business administration from Cerritos College; a BA in business
istration from California State University, Fullerton; and an MBA from the University of Ca
Courtesy of Michael J. Farina Irvine. Professor Farina is a member of Beta Gamma Sigma, an honorary fraternity for g
business students. He is a licensed certified public accountant in California and a membe
American Institute of Certified Public Accountants and the California Society of Certifie
Accountants. Professor Farina is also a Chartered Global Management Accountant, a des
bestowed by a joint venture of the American Institute of Certified Public Accountants
Chartered Institute of Management Accountants.
Professor Farina has received three Outstanding Faculty awards from Cerritos Coll
was the co-chair of the Accounting and Finance Department at Cerritos College for over 2
Sixteenth Edition
College
Accounting
Chapters 1–30
JOHN ELLIS PRICE, Ph.D., CPA
Professor of Accounting (Retired)
University of North Texas
Denton, Texas
M. DAVID HADDOCK JR., Ed.D., CPA
Professor of Accounting (Retired)
Chattanooga State Community College
Chattanooga, Tennessee
MICHAEL J. FARINA, MBA, CPA, CGMA
Professor of Accounting
Cerritos College
Norwalk, California
, Fina
COLLEGE ACCOUNTING, SIXTEENTH EDITION
Chapters 1–30
Published by McGraw-Hill Education, 2 Penn Plaza, New York, NY 10121. Copyright © 2021 by McGraw-Hill Education.
All rights reserved. Printed in the United States of America. Previous editions © 2017, 2015, and 2012. No part of this
publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system,
without the prior written consent of McGraw-Hill Education, including, but not limited to, in any network or other electronic
storage or transmission, or broadcast for distance learning.
Some ancillaries, including electronic and print components, may not be available to customers outside the United States.
This book is printed on acid-free paper.
1 2 3 4 5 6 7 8 9 LWI 24 23 22 21 20
ISBN 978-1-260-24790-9 (chapters 1–30) (bound edition)
MHID 1-260-24790-2 (chapters 1–30) (bound edition)
ISBN 978-1-260-78027-7 (chapters 1–30) (loose-leaf edition)
MHID 1-260-78027-9 (chapters 1–30) (loose-leaf edition)
ISBN 978-1-260-78041-3 (chapters 1–13) (bound edition)
MHID 1-260-78041-4 (chapters 1–13) (bound edition)
ISBN 978-1-260-78023-9 (chapters 1–13) (loose-leaf edition)
MHID 1-260-78023-6 (chapters 1–13) (loose-leaf edition)
Executive Portfolio Manager: Steve Schuetz
Product Developer: Michael McCormick
Marketing Manager: Claire McLemore
Content Project Managers: Lori Koetters, Angela Norris
Senior Buyer: Laura Fuller
Design: Matt Diamond
Content Licensing Specialist: Sarah Flynn
Cover Image: ©Lixiang/Shutterstock
Compositor: SPi Global
All credits appearing on page or at the end of the book are considered to be an extension of the copyright page.
Library of Congress Control Number: 2019948192
The Internet addresses listed in the text were accurate at the time of publication. The inclusion of a website does not
indicate an endorsement by the authors or McGraw-Hill Education, and McGraw-Hill Education does not guarantee the
accuracy of the information presented at these sites.
mheducation.com/highered
, Fina
About the Authors
JOHN ELLIS PRICE is a retired professor of accounting at the University of North
Dr. Price has more than 36 years of experience in higher education with over half of thos
serving in key leadership positions including as founding president and professor of acc
at the University of North Texas at Dallas. Dr. Price has previously held positions of pr
and assistant professor, as well as chair and dean, at the University of North Texas, J
State University, and the University of Southern Mississippi. Dr. Price has also been activ
Internal Revenue Service as a member of the Commissioner’s Advisory Group for two te
as an Internal Revenue Agent.
Dr. Price is a certified public accountant who has twice received the UNT College of B
Courtesy of John Ellis Price
Administration’s Outstanding Teaching Award and the university’s President’s Council
Majoring in accounting, he received his BBA and MS degrees from the University of S
Mississippi and his PhD in accounting from the University of North Texas.
Dr. Price is a member of the Mississippi Society of Certified Public Accountants, the A
Accounting Association, and the American Taxation Association (serving as past chai
Subcommittee on Relations with the IRS and Treasury). Dr. Price has also served as cha
American Institute of Certified Public Accountants Minority Initiatives Committee and as
ber of the Foundation Trustees.
M. DAVID HADDOCK JR. serves as Chief Leadership Officer for a regional operator o
living communities. He previously led the training efforts for one of the top 50 CPA firm
United States. In a 35-year career in higher education, Dr. Haddock served in faculty and
istrative roles at Auburn University at Montgomery, the University of Alabama in Birmingh
University of West Georgia, and Chattanooga State Community College. At his retireme
higher education, he was professor of accounting and associate vice president for ac
affairs at Chattanooga State Community College in Tennessee. In addition to his teach
also maintained a sole proprietorship accounting and tax practice for more than 20 yea
He received his BS in accounting and MS in adult education from the University of T
en
and the EdD degree in administration of higher education from Auburn University.
Courtesy of M. David Haddock Jr.
licensed CPA in Tennessee.
Dr. Haddock served as chair of the Tennessee Society of CPAs and the Educational &
rial Foundation of the TSCPAs for 2012–2013 and a member of AICPA Council. He is a f
speaker for Continuing Professional Education programs.
MICHAEL J. FARINA retired as professor of accounting and finance at Cerritos Co
alifornia June 2018, after 30 years of service to the college. He continues to teach college a
C
ing and other courses as an adjunct professor at Cerritos College. Professor Farina is cu
member of an advisory committee at a credit union serving the educational community in C
Prior to joining Cerritos College, Professor Farina was a manager in the audit departm
large multinational firm of certified public accountants and held management positions wi
companies in private industry.
He received an AA in business administration from Cerritos College; a BA in business
istration from California State University, Fullerton; and an MBA from the University of Ca
Courtesy of Michael J. Farina Irvine. Professor Farina is a member of Beta Gamma Sigma, an honorary fraternity for g
business students. He is a licensed certified public accountant in California and a membe
American Institute of Certified Public Accountants and the California Society of Certifie
Accountants. Professor Farina is also a Chartered Global Management Accountant, a des
bestowed by a joint venture of the American Institute of Certified Public Accountants
Chartered Institute of Management Accountants.
Professor Farina has received three Outstanding Faculty awards from Cerritos Coll
was the co-chair of the Accounting and Finance Department at Cerritos College for over 2
