Financial Accounting Robert Libby download

https://ebookmeta.com/product/financial-accounting-robert-libby/

Download full version ebook from https://ebookmeta.com

We believe these products will be a great fit for you. Click
the link to download now, or visit ebookmeta.com
to discover even more!

Financial Accounting, 11e ISE Robert Libby

https://ebookmeta.com/product/financial-accounting-11e-ise-
robert-libby/

FINANCIAL ACCOUNTING 10th Edition Libby.

https://ebookmeta.com/product/financial-accounting-10th-edition-
libby/

Financial Accounting 11th Edition Patricia A. Libby

https://ebookmeta.com/product/financial-accounting-11th-edition-
patricia-a-libby/

Eternity s Wheel Neil Gaiman Michael Reaves Mallory

Reaves

https://ebookmeta.com/product/eternity-s-wheel-neil-gaiman-
michael-reaves-mallory-reaves/
Different For Boys 1st Edition Patrick Ness Tea Bendix

https://ebookmeta.com/product/different-for-boys-1st-edition-
patrick-ness-tea-bendix/

Power Legal Education and Law School Cultures 1st

Edition Meera Deo

https://ebookmeta.com/product/power-legal-education-and-law-
school-cultures-1st-edition-meera-deo/

An Education in Edinburgh Ticket to True Love Holland

Rae

https://ebookmeta.com/product/an-education-in-edinburgh-ticket-
to-true-love-holland-rae/

Advanced Robust Nonlinear Control Approaches for

Quadrotor Unmanned Aerial Vehicle Roadmap to Improve
Tracking Trajectory Performance in the Presence in
Systems Decision and Control 384 Labbadi
https://ebookmeta.com/product/advanced-robust-nonlinear-control-
approaches-for-quadrotor-unmanned-aerial-vehicle-roadmap-to-
improve-tracking-trajectory-performance-in-the-presence-in-
systems-decision-and-control-384-labbadi/

Tortured Confessions: Prisons and Public Recantations

in Modern Iran Ervand Abrahamian

https://ebookmeta.com/product/tortured-confessions-prisons-and-
public-recantations-in-modern-iran-ervand-abrahamian/
Toyota Methods and Operating Models: Achieve Business
Success with the Toyota Way 1st Edition Cortiglioni

https://ebookmeta.com/product/toyota-methods-and-operating-
models-achieve-business-success-with-the-toyota-way-1st-edition-
cortiglioni/
 Page i

SEVENTH CANADIAN EDITION

Robert Libby
Cornell University

Patricia A. Libby
Ithaca University

Frank Hodge
University of Washington

George Kanaan
Concordia University

Maureen Sterling
University of Windsor
 Page ii

Financial Accounting
Seventh Canadian Edition

Copyright © 2020, 2017, 2014, 2011, 2008, 2006, 2003 by McGraw-Hill Ryerson Limited.
Copyright © 2020, 2017, 2014, 2011, 2009, 2007, 2004, 2001, 1998, 1996 by McGraw-Hill
Education LLC. All rights reserved. No part of this publication may be reproduced or
transmitted in any form or by any means, or stored in a data base or retrieval system,
without the prior written permission of McGraw-Hill Ryerson Limited, or in the case of
photocopying or other reprographic copying, a license from The Canadian Copyright
Licensing Agency (Access Copyright). For an Access Copyright license, visit www.accesscop
yright.ca or call toll free to 1-800-893-5777.

The Internet addresses listed in the text were accurate at the time of publication. The
inclusion of a Web site does not indicate an endorsement by the authors or McGraw-Hill
Ryerson, and McGraw-Hill Ryerson does not guarantee the accuracy of the information
presented at these sites.

ISBN-13: 978-1-26-006595-4
ISBN-10: 1-26-006595-2

1 2 3 4 5 6 7 8 9 TCP 23 22 21 20

Printed and bound in Canada.

Care has been taken to trace ownership of copyright material contained in this text;
however, the publisher will welcome any information that enables them to rectify any
reference or credit for subsequent editions.

Product Director: Rhondda McNabb

Senior Portfolio Manager: Alwynn Pinard
Senior Marketing Manager: Loula March
Senior Content Developer: Amy Rydzanicz
Portfolio Associate: Christine Albert
Senior Supervising Editor: Jessica Barnoski
Photo/Permissions Researcher: Karen Hunter
Copy Editor: Rodney Rawlings
Plant Production Coordinator: Heitor Moura
Manufacturing Production Coordinator: Jason Stubner
Cover Design: Liz Harasymczuk
Cover Image: © wrightstudio/123RF
Interior Design: Michelle Losier
Page Layout: SPi Global
Printer: Transcontinental Printing Group
 Page iii

About the Authors

Robert Libby
Robert Libby is the David A. Thomas Professor of Accounting and Accounting Area
Coordinator at Cornell University, where he teaches the introductory financial accounting
course. He previously taught at the University of Illinois, Pennsylvania State University, the
University of Texas at Austin, the University of Chicago, and the University of Michigan. He
received his B.S. from Pennsylvania State University, where he was selected as the 2018
Outstanding Accounting Alumnus, and his M.A.S. and Ph.D. from the University of Illinois;
he is also a CPA. Bob is a widely published author specializing in behavioural accounting.

Patricia Libby
Patricia Libby is a retired associate professor of accounting at Ithaca College, where she
taught the undergraduate and graduate financial accounting courses. She previously taught
graduate and undergraduate financial accounting at Eastern Michigan University and the
University of Texas. Before entering academia, she was an auditor with Price Waterhouse
(now PricewaterhouseCoopers) and a financial administrator at the University of Chicago.
She received her B.S. from Pennsylvania State University, her M.B.A. from DePaul
University, and her Ph.D. from the University of Michigan; she also successfully completed
the CPA exam (Illinois). Pat conducted research on using cases in the introductory course
and other parts of the accounting curriculum.

Frank Hodge
Frank Hodge is the chair of the Accounting Department and the Michael G. Foster
Endowed Professor at the University of Washington’s Foster School of Business. He also
serves in the President’s Office as the University of Washington’s Faculty Athletics
Representative to the PAC-12 Conference and the National Collegiate Athletic Association.
He earned his MBA and PhD degrees from Indiana University. Frank’s research focuses on
how individuals use accounting information to make investment decisions and how
technology influences their information choices. He has published articles in The Accounting
Review; Journal of Accounting Research; Contemporary Accounting Research; Accounting,
Organizations, and Society; and several other journals.
George Kanaan
George Kanaan is Professor of Accountancy at the John Molson School of Business at
Concordia University, where he teaches the introductory financial accounting course.
George previously taught undergraduate and graduate courses at universities in Canada,
China, and Lebanon. He received his B.A. from the Lebanese University, his M.A. from
Southern Illinois University at Carbondale, and his Ph.D. from the University of Wisconsin–
Madison. He has conducted research on disclosures related to pension accounting, deferred
income taxes, and the effects of changing prices. George’s research has been published in
The Journal of Accounting, Auditing and Finance and Managerial Finance.

Maureen Sterling
Maureen Sterling is Associate Professor of Accounting and Education Leadership Chair at
the Odette School of Business at the University of Windsor. She has developed and taught
Ph.D. research seminars as well as M.B.A. and undergraduate courses in both managerial
and financial accounting. She acquired extensive experience in valuation while working as a
financial analyst in the oil and securities industries, and did forensic work at the Vancouver
Stock Exchange. She is also a CPA-CMA. Maureen is a member of the Academic Advisory
Committee of CPA Canada, which provides advice on proposed changes to accounting
standards. Until recently, she was a member of the editorial board of Contemporary
Accounting Research. Maureen has conducted research on the effects of personal values on
ethical reasoning, and has published in academic journals, such as the Journal of Business
Ethics and Business Ethics: A European Review.
 Page iv

Contents in Brief

PREFACE xiii

CHAPTER ONE
Financial Statements and Business Decisions 1

CHAPTER TWO
Investing and Financing Decisions and the Accounting System 45

CHAPTER THREE
Operating Decisions and the Accounting System 115

CHAPTER FOUR
Adjustments, Financial Statements, and the Quality of Earnings 179

CHAPTER FIVE
Statement of Cash Flows 245

CHAPTER SIX
Reporting and Interpreting Sales Revenue, Receivables, and Cash 309

CHAPTER SEVEN
Reporting and Interpreting Cost of Sales and Inventory 371

CHAPTER EIGHT
Reporting and Interpreting Long-Lived Assets 429

CHAPTER NINE
Reporting and Interpreting Current Liabilities 499
CHAPTER TEN
Reporting and Interpreting Non-current Liabilities 554

CHAPTER ELEVEN
Reporting and Interpreting Shareholders’ Equity 609

CHAPTER TWELVE
Communicating Accounting Information and Analyzing Financial Statements 660

CHAPTER THIRTEEN
Reporting and Interpreting Investments in Other Corporations 734

APPENDIX A
Extracts of the Annual Consolidated Financial Statements of METRO Inc. A-1

APPENDIX B
Industry Ratio Report (Online)B-1

APPENDIX C
The Formal Recordkeeping System (Online)C-1

INDEX IN-1
FOCUS COMPANIES FC-1
 Page v

Contents

PREFACE xiii

CHAPTER ONE

Financial Statements and Business

Decisions
FOCUS COMPANY: LE-NATURE’s INC.—USING FINANCIAL STATEMENT
INFORMATION TO MANAGE GROWTH

Understanding the Business 2

The Four Basic Financial Statements: An Overview 4
The Statement of Financial Position 5
FINANCIAL ANALYSIS:
Interpreting Assets, Liabilities, and Shareholders’ Equity on the Statement of Financial
Position 7
■ SELF-STUDY QUIZ 1-1 8
The Statement of Earnings 8
FINANCIAL ANALYSIS:
Analyzing the Statement of Earnings: Beyond the Bottom Line 10
■ SELF-STUDY QUIZ 1-2 10
The Statement of Changes in Equity 11
FINANCIAL ANALYSIS:
Interpreting Retained Earnings 12
■ SELF-STUDY QUIZ 1-3 12
The Statement of Cash Flows 12
 FINANCIAL ANALYSIS:
Interpreting the Statement of Cash Flows 14
■ SELF-STUDY QUIZ 1-4 14
Relationships among the Four Financial Statements 14
FINANCIAL ANALYSIS:
Managerial Uses of Financial Statements 15
Notes to Financial Statements 16
Summary of the Four Basic Financial Statements 16
Responsibilities for the Accounting Communication Process 16
International Financial Reporting Standards (IFRS) 16
INTERNATIONAL PERSPECTIVE:
The International Accounting Standards Board and Global Convergence of Accounting
Standards 18
Ensuring the Accuracy of Financial Statements 19
ACCOUNTING STANDARDS FOR PRIVATE ENTERPRISES (ASPE) 23
Demonstration Case 24
Appendix 1A: Types of Business Entities 25
Appendix 1B: Employment in the Accounting Profession Today 26
End-of-Chapter Resources 28
Questions, Mini-Exercises, and Exercises 29
Problems and Cases and Projects 35
Solutions to Self-Study Quizzes 43
Endnotes 43

CHAPTER TWO

Investing and Financing Decisions and

the Accounting System 45
FOCUS COMPANY: GILDAN ACTIVEWEAR INC.—EXPANSION STRATEGY IN
THE APPAREL INDUSTRY
Understanding the Business 46
Overview of Accounting Concepts 47
Concepts Emphasized in Chapter 2 48
Elements of the Classified Statement of Financial Position 52
FINANCIAL ANALYSIS:
Analysis of Changes in Inventory and Accounts Receivable 55
FINANCIAL ANALYSIS:
Unrecorded but Valuable Assets 56
FINANCIAL ANALYSIS:
Analysis of Change in Current Liabilities 57
A QUESTION OF ACCOUNTABILITY:
The Greening of Accounting Standards: Environmental Liabilities 57
■ SELF-STUDY QUIZ 2-1 58
What Types of Business Activities Cause Changes in Financial Statement Amounts? 59
Nature of Business Transactions 59
Accounts 59
How Do Transactions Affect Accounts? 61
Principles of Transaction Analysis 61
Analyzing Gildan’s Transactions 63
■ SELF-STUDY QUIZ 2-2 65
How Do Companies Keep Track of Account Balances? 66
The Direction of Transaction Effects 67
■ SELF-STUDY QUIZ 2-3 68
Analytical Tools 69
Transaction Analysis Illustrated 73
■ SELF-STUDY QUIZ 2-4 74
FINANCIAL ANALYSIS: Page vi
Inferring Business Activities from T-Accounts 75
DATA ANALYTICS:
Using Big Data Analytics for Business Expansion 76
How Is the Statement of Financial Position Prepared and Analyzed? 76
Classified Statement of Financial Position 77
INTERNATIONAL PERSPECTIVE:
 Understanding Financial Statements of Foreign Companies 78
Ratio Analysis in Decision Making 79
KEY RATIO ANALYSIS:
The Current Ratio 79
■ SELF-STUDY QUIZ 2-5 80
FOCUS ON CASH FLOWS:
Investing and Financing Activities 81
■ SELF-STUDY QUIZ 2-6 82
Some Misconceptions 82
ACCOUNTING STANDARDS FOR PRIVATE ENTERPRISES 83
Demonstration Case 83
End-of-Chapter Resources 86
Questions, Mini-Exercises, and Exercises 88
Problems and Cases and Projects 97
Solutions to Self-Study Quizzes 113
Endnotes 114

CHAPTER THREE

Operating Decisions and the Accounting

System
FOCUS COMPANY: GILDAN ACTIVEWEAR INC.—OFFERING PRODUCTS
TAILORED TO CLIENTS’ NEEDS

Understanding the Business 115

How Do Business Activities Affect the Statement of Earnings? 117
The Operating Cycle 117
FINANCIAL ANALYSIS:
Short-Term Debt Financing and the Operating Cycle 118
Classified Statement of Earnings 118
FINANCIAL ANALYSIS:
 Stock Market Reactions to Accounting Announcements 122
DATA ANALYTICS:
Using Big Data to Increase Revenues and Decrease Costs 122
How Are Transactions from Operating Activities Recognized and Measured? 122
Accrual Accounting 123
The Revenue Recognition Principle 124
FINANCIAL ANALYSIS:
Revenue Recognition for More Complex Sales Contracts: A Five-Step Process 127
■ SELF-STUDY QUIZ 3-1 127
The Matching Process 128
■ SELF-STUDY QUIZ 3-2 129
A QUESTION OF ACCOUNTABILITY:
Management’s incentives to Violate Accounting Rules 130
The Expanded Transaction Analysis Model 131
Transaction Analysis Rules 131
Analyzing Gildan’s Transactions 133
■ SELF-STUDY QUIZ 3-3 135
How Is the Statement of Earnings Prepared and Analyzed? 137
Classified Statement of Earnings 138
FOCUS ON CASH FLOWS:
Operating Activities 139
■ SELF-STUDY QUIZ 3-4 140
KEY RATIO ANALYSIS:
Total Asset Turnover Ratio and Return on Assets 140
■ SELF-STUDY QUIZ 3-5 142
ACCOUNTING STANDARDS FOR PRIVATE ENTERPRISES 143
Demonstration Case 143
Appendix 3A: Earnings Measurement and Comprehensive Income 146
End-of-Chapter Resources 148
Questions, Mini-Exercises, and Exercises 150
Problems and Cases and Projects 162
Solutions to Self-Study Quizzes 176
Endnotes 177
CHAPTER FOUR

Adjustments, Financial Statements, and

the Quality of Earnings 179
FOCUS COMPANY: GILDAN ACTIVEWEAR INC.—ESTIMATING REVENUES AND
EXPENSES AT YEAR-END

Understanding the Business 180

Adjusting Revenues and Expenses 181
Accounting Cycle 181
Purpose of Adjustments 181
Types of Adjustments 182
Adjustment Process 183
■ SELF-STUDY QUIZ 4-1 191
Materiality and Adjusting Entries 192
A QUESTION OF ACCOUNTABILITY:
Adjustments and Incentives 193
Preparing Financial Statements 193
Statement of Earnings 195 Page vii
FINANCIAL ANALYSIS:
Different Earnings for Different Purposes 196
Statement of Changes in Equity 197
Statement of Financial Position 197
FOCUS ON CASH FLOWS:
Cash Flow from Operations, Net Earnings, and the Quality of Earnings 198
KEY RATIO ANALYSIS:
Net Profit Margin Ratio and Return on Equity 199
■ SELF-STUDY QUIZ 4-2 200
DATA ANALYTICS:
The SEC Uses Big Data 201
Closing the Books 201
End of the Accounting Cycle 201
Post-closing Trial Balance 202
FINANCIAL ANALYSIS:
Accruals and Deferrals: Judging Earnings Quality 202
ACCOUNTING STANDARDS FOR PRIVATE ENTERPRISES 203
Demonstration Case 203
End-of-Chapter Resources 207
Questions, Mini-Exercises, and Exercises 209
Problems and Cases and Projects 221
Solutions to Self-Study Quizzes 243
Endnotes 243

CHAPTER FIVE

Statement of Cash Flows 245

FOCUS COMPANY: NATIONAL BEVERAGE CORP.—PRODUCING HEALTHIER
BEVERAGES FOR CUSTOMERS AND CASH FLOWS TO SHAREHOLDERS

Understanding the Business 246

Classification of Cash Flows 247
Cash Flows from Operating Activities 248
Cash Flows from Investing Activities 249
Cash Flows from Financing Activities 249
Net Increase (Decrease) in Cash 249
■ SELF-STUDY QUIZ 5-1 250
Relationships to the Statement of Financial Position and the Statement of Earnings 250
Reporting and Interpreting Cash Flows from Operating Activities 253
A Simplified Illustration 253
Reporting Cash Flows from Operating Activities—Indirect Method 258
INTERNATIONAL PERSPECTIVE:
Australian Practices 262
■ SELF-STUDY QUIZ 5-2 262
Another Random Scribd Document
with Unrelated Content
The Project Gutenberg eBook of War and
Misrule (1307-1399)
This ebook is for the use of anyone anywhere in the United
States and most other parts of the world at no cost and with
almost no restrictions whatsoever. You may copy it, give it away
or re-use it under the terms of the Project Gutenberg License
included with this ebook or online at www.gutenberg.org. If you
are not located in the United States, you will have to check the
laws of the country where you are located before using this
eBook.

Title: War and Misrule (1307-1399)

Compiler: A. Audrey Locke

Editor: Kenneth Bell

S. E. Winbolt

Release date: May 17, 2016 [eBook #52094]

Most recently updated: October 23, 2024

Language: English

Credits: Produced by Graeme Mackreth and The Online

Distributed
Proofreading Team at http://www.pgdp.net (This file
was
produced from images generously made available by
The
Internet Archive)

*** START OF THE PROJECT GUTENBERG EBOOK WAR AND

MISRULE (1307-1399) ***
 .

BELL'S ENGLISH HISTORY SOURCE BOOKS

General Editors: S.E. Winbolt, M.A., and Kenneth Bell, M.A.

WAR AND MISRULE

(1307-1399)

SELECTED BY

A. AUDREY LOCKE

OXFORD HONOURS SCHOOL OF MODERN HISTORY

 LONDON
G. BELL AND SONS, LTD.
1920

INTRODUCTION
This series of English History Source Books is intended for use with
any ordinary textbook of English History. Experience has conclusively
shown that such apparatus is a valuable—nay, an indispensable—
adjunct to the history lesson. It is capable of two main uses: either
by way of lively illustration at the close of a lesson, or by way of
inference-drawing, before the textbook is read, at the beginning of
the lesson. The kind of problems and exercises that may be based
on the documents are legion, and are admirably illustrated in a
History of England for Schools, Part I., by Keatinge and Frazer, pp.
377-381. However, we have no wish to prescribe for the teacher the
manner in which he shall exercise his craft, but simply to provide
him and his pupils with materials hitherto not readily accessible for
school purposes. The very moderate price of the books in this series
should bring them within the reach of every secondary school.
Source books enable the pupil to take a more active part than
hitherto in the history lesson. Here is the apparatus, the raw
material: its use we leave to teacher and taught.
Our belief is that the books may profitably be used by all grades of
historical students between the standards of fourth-form boys in
secondary schools and undergraduates at Universities. What
differentiates students at one extreme from those at the other is not
so much the kind of subject-matter dealt with, as the amount they
can read into or extract from it.
In regard to choice of subject-matter, while trying to satisfy the
natural demand for certain "stock" documents of vital importance,
we hope to introduce much fresh and novel matter. It is our
intention that the majority of the extracts should be lively in style—
that is, personal, or descriptive, or rhetorical, or even strongly
partisan—and should not so much profess to give the truth as supply
data for inference. We aim at the greatest possible variety, and lay
under contribution letters, biographies, ballads and poems, diaries,
debates, and newspaper accounts. Economics, London, municipal,
and social life generally, and local history, are represented in these
pages.
The order of the extracts is strictly chronological, each being
numbered, titled, and dated, and its authority given. The text is
modernised, where necessary, to the extent of leaving no difficulties
in reading.
We shall be most grateful to teachers and students who may send
us suggestions for improvement.
S
.E. WINBOLT.
K
ENNETH BELL.
NOTE TO THIS VOLUME
I have to thank Sir E. Maunde Thompson and the Council of the
Royal Society of Literature for permission to quote from Sir E.
Maunde Thompson's translation of Adam of Usk's Chronicle. The
sources used in this book are for the most part contemporary.
A
.A.L.

TABLE OF CONTENTS
Introduction

DATE

1310. Bill of Articles presented to Edward II.

1311. The Successes of King Robert Bruce

1312. Peter Gaveston and the Friars Preachers

1313. An Unworthy King

1313. Corruption in the Papal Court

1314. The Battle of Bannockburn

1314. Vagabond Friars

1319. Charges against the Despensers

1322. Popular Feeling about the Earl of Lancaster's Death

1322. The Revocation of the Ordinances

1327. The Murder of the King

1327. Character of Edward II.

1327. Accession of Edward III.

1327. The Manner of the Scots

1328. The Rule of Isabella

1330. Why Mortimer was Condemned Unheard

1332. The War of the Disinherited

1334. For the Safe-Keeping of the City of London

1339. First Invasion of France: the Campaign of 1339

1340. Before Sluys

1340. The Battle of Sluys

1340. The King of France ignores the King of England's Challenge

1340-1341. Archbishop Stratford incurs the King's Displeasure

1340-1341. The "Libellus Famosus"

1341. Trial by Peers

1346. The Battle of Crecy

1346. David Bruce Invades England

1346. A Fighting Prior

1347. The Surrender of Calais

1349. Penitents and Jews

1350. A Statute of Labourers

1350. Prosperity of the Landless Labourer

1350. First Statute of Provisors

1355. The King of England refuses the French King's Challenge

1355-1356. The Balliols Resign to the King of England

1356. The Battle of Poitiers

1359. The Treaty of London

1360. The Siege of Paris and the Treaty of Calais

1361. The Fateful Footprints of the English

1362. No Subsidy on Wool without Assent of Parliament

1363. Regulation of Wearing Apparel by Statute

1367. The Haughtiness of the English

1376. "Time-Honoured Lancaster"

1376. Lament for the Black Prince

1376-1377. Renewal of the War

1377. John of Gaunt attacks William of Wykeham

1377. Master John Wiclif

1377. A Torchlight Procession

1377. The King of France Equips a Fleet

1377. Character of Edward III.

1381. The Peasants' Revolt

1381. Wondrous and Unheard-of Prodigies

1382. Heretical and Erroneous Conclusions of Wiclif

1382. The Followers of this Master John

1384. The Parliament of 1384

1385. The Plot against Lancaster

1385. The French in Scotland

1385. The Death of Wiclif

1386. Charles VI.'s Frustrated Invasion of England

1386. The State of England

1386. The Wonderful Parliament

1387. Richard Appeals to the Judges

1387. Defeat of the King's Friends

1388. The Merciless Parliament

1394. On the Truce between England and France

1397. Supposed Plots

1397. Richard's Revenge

1397. The "Appeal" of the Appellants

1399. The State of Ireland

1399. The Betrayal of the King

1399. Abdication and Death

1399. Character of Richard II.

1399. Richard the Redeless

1399. Isabella of France returns to her Own Country

Appendix: Education in the Fourteenth Century:

A Normal Schoolboy

Beggar's Brats are Book-Learned

Causes of the Impairing of Our Language

WAR AND MISRULE

(1307-1399)
BILL OF ARTICLES PRESENTED TO EDWARD II
BY THE BARONS IN THE PARLIAMENT OF
1310.
Source.—Annales Londonienses in Chronicles of the Reigns of
Edward I. and Edward II. (Rolls Series), ed. Stubbs, i. 169.

To our lord the King showing the great perils and damages which
from day to day will appear, unless there is some hasty redress, both
destruction of the freedom of holy Church and the disinheritance and
dishonour of yourself and your royal power, and the disinheritance of
your crown and the damage of all the people of your kingdom both
rich and poor: from which perils neither you nor the good men of
your kingdom may escape unless some immediate remedy be
ordained by the advice of the prelates, earls and barons and the
most wise of your realm:—
To begin with, while you are ruler of this land and sworn to maintain
peace in your land, you are led by unworthy and bad council and are
held in great slander in all lands; and so poor are you and so devoid
of all manner of treasure that you have nothing wherewith either to
defend your land or keep up your household, except by extortions,
which your officers make from the goods of holy Church and your
poor people, without paying anything, against the form of the great
charter; which charter they pray may be held and maintained in all
its force.
Further, Sire, whereas our lord the King your father, whom God
assoil, left you all your lands entire, England, Ireland and all
Scotland, in good peace, you have lost Scotland and grievously
dismembered your crown in England and Ireland etc. without the
assent of your baronage and without pretext.
Again, Sire, showing you that whereas the commonalty of your
realm give you the 20th penny from their goods in aid of your Scotch
war and the 24th penny, in order to be freed of prises and other
grievances; the which pennies are all levied and foolishly spent and
wasted by unworthy counsel, and your wars do not advance, nor are
your poor people freed from prises and other grievances, but they
are more oppressed from day to day, than before. For which cause,
Sire, your said good people pray you humbly, for the salvation of
yourself and of them and of the crown, which they are bound to
maintain, by virtue of their allegiance, that you will consent to this,
that these and other perils may be wiped out and redressed by
ordinances of your baronage.
[This bill was followed by the appointment of the Lords Ordainers.]

THE SUCCESSES OF KING ROBERT BRUCE

(1311).
Source.—The Book of Pluscarden in Historians of Scotland, x.
182.

In the year 1311, after having routed and vanquished all his foes
everywhere he went, and, for the most part, taken and levelled to
the ground the castles and forts which offered him resistance, King
Robert Bruce twice invaded and ravaged England, making great
havoc with fire and sword, and bringing untold plunder back to
Scotland. And thus, by the power of God, that faithless English
nation, which had again and again unjustly tortured many a man,
was now by God's righteous judgment made to undergo scourgings;
and whereas it had once been victorious over other kingdoms, it
now sank vanquished and groaning and became a gazing stock to
others. The following year, in 1312, the then very strong walled town
of Perth was taken, and all in it were put to the sword, some drawn,
some beheaded, some slain in the fight, and the rest hanged on the
gallows. But the King was moved to compassion for the guiltless
rabble, and forgave them and received their submission. And thus:
"Did England drink the gall itself had brewed."
And the same year Edward, called of Windsor, the eldest son of the
King of England, was born at Windsor, of the daughter of Philip, King
of France; and he was the source of many wars. Through this
Edward, that most cruel and most heinous war with France broke
out.

PETER GAVESTON AND THE FRIARS

PREACHERS (1312).
Source.—Adam Murimuth, Continuatio Chronicarum (Rolls
Series), 17-18.

This year, about the feast of St. John the Baptist [June 24], the King
desired Peter Gaveston for his safety's sake to be brought to him by
Adomar de Valence, Earl of Pembroke. When they were at
Danyntone (Deddington), near Banbury, the said Earl left him in the
night and went on to another place, for no apparent reason. And on
the morrow at dawn came Guy, Earl of Warwick, with a small, noisy
following, and surprised the said Peter, and carried him off with him
to his Castle of Warwick. There, having held counsel with the chief
men of the kingdom, especially with Thomas, Earl of Lancaster, he
finally dismissed him from prison to go where he would. And when
he had gone out of the town of Warwick and had come to a place
called, as though prophetically, Gaveressich (Gaversike), he found
there many men raising hue and cry after him with voices and horns,
as they would after one of the enemies of the King and kingdom
lawfully outlawed or exiled; and finally they beheaded him, as
though he were one of these, on the 19th day of June. And one of
the Friars Preachers carried away Gaveston's head in his hood (and
brought it to the King). Afterwards the friars of the same order
found the body[1] and kept it at Oxford with solemn vigils for a year
and more. But finally it was buried at Langley, where the King
founded a religious house of Friars Preachers for the salvation of his
own soul; and there establishing a large number of student friars, he
provided for their sufficient sustenance from his treasury in London.

FOOTNOTES:
[1] According to the Annales Londonienses in Chronicles of the
Reigns of Edward I. and Edward II. (Rolls Series), i. 207, the body
was carried to Warwick by four shoemakers, but the Earl of
Warwick sent it back to the place where the beheading had taken
place, outside his fief, and "the Jacobin Friars carried the body to
Oxford, and guarded it with much honour; wherefore they were
held in great odium by the aforesaid earl."

AN UNWORTHY KING (1313).

Source.—Vita Edwardi II. [possibly by a monk of Malmesbury]
in Chronicles of the Reigns of Edward II. and Edward III. (Rolls
Series), ii. 191-192.

Behold now our King Edward had reigned six whole years, nor had
he accomplished anything praiseworthy or fit to be remembered;
except that he married royally and raised for himself a fine heir to
his kingdom.... Oh! would that our King Edward had borne himself
well at the beginning of his reign, and had not followed the counsel
of pernicious men, he should in truth have been more renowned
than any of his ancestors. Then God had enriched him with the gifts
of all virtues and had made him equal to, nay, more excellent than,
other Kings. For if anyone had wished to describe those things which
ennobled our King, they could not have found his peer in the land.
His ancestral fathers handed him down his generosity; those fathers
whose successions now extend themselves to the tenth degree. He
had riches, the most in his kingdom; an opulent country, and the
favour of the people.
He was kinsman to the King of France; near relative to the King of
Spain. If he had adhered to the counsel of his barons he would have
humiliated the Scots with no loss. Oh! if he had employed himself in
the pursuit of arms, and excelled the valour of King Richard [I.].
Indeed, his make-up was fitted to this; he was tall of stature and a
finely formed man of great strength, with a handsome face. But why
delay to describe him? If he had given as much energy to the pursuit
of arms as he spent in rustic pursuits, England would have
prospered well; his name would have resounded throughout the
land. O what things were hoped of him as Prince of Wales! All hope
vanished when he became King of England. Peter of Gaveston ruled
the King in an unseemly way, disturbed the land, consumed the
treasure, submitted three times to exile, and, afterwards returning,
lost his head. But still some of Peter's companions and his own
family remain in the King's court, and they disturb the peace of the
whole country, and urge on the King to seek vengeance. Give peace,
O Lord, in our days, and make the King of one mind with his barons.

CORRUPTION IN THE PAPAL COURT (1313).

Source.—Vita Edwardi II. in Chronicles of the Reigns of Edward
I. and Edward II. (Rolls Series), ii. 197-199.

Money does everything in the [Papal] Court. If perchance you do not

know this, turn to the custom and ways of the Roman Court. It loves
causes, suits, quarrels, because they cannot be carried on without
money; and a cause, which once enters the court, proves to be
almost unending; ... Anyone ought to be satisfied with one Church,
as is ordained in the Section De multa;[2] nevertheless, high persons
are made exceptions, and receive dispensation indiscriminately so
long as they give sufficient money. This marvellous vanity, and the
detestable cupidity of the Court, has aroused scandal against it
throughout the whole world....
This is the eighth year and more that Pope Clement V. has ruled the
whole Church, but whatever he did to benefit mankind escaped the
memory. At Vienna he gathered a council, and settled the Templars;
conceded indulgences for the Holy Land, and collected an immense
amount of money, but in no way benefited the Holy Land. He
conceded tithes to Kings, and despoiled the churches of the poor.
Far better were it for the rectors if there were no Pope, than to be
daily subject to such exactions. But whether or no this is possible is
not for me to discuss, because it is equivalent to sacrilege to
question the power of that Prince. Among all other provinces of the
world England feels most the oppressive Lord Pope; for out of the
fulness of power he takes much on himself, and neither the Prince
nor the people gainsay him; he reserves all rich rents to himself, and
immediately excommunicates those who rebel; the legates come and
despoil the land, others come bearing bulls and sell up the prebends.
Every deanery is held by a foreigner, whereas the law orders natives
to be preferred. Residence of deans is now abolished, and the
number of canons is greatly decreased.... Lord Jesus, either take
away the Pope from our midst, or lessen the power which he
assumes over the people.

FOOTNOTES:
[2] Decr. Greg. IX., lib. iii., p. 5, c. 28.

THE BATTLE OF BANNOCKBURN (June 24,

1314).
Source.—Fabyan's Chronicle (ed. Ellis, 1811), 420.

In this vii year, for to oppress the malice of the Scots, the King
assembled a great power, and by water entered the realm of
Scotland and destroyed such villages and towns as lay or stood in
his way. Whereof hearing, Robert le Bruce, with the power of
Scotland, coasted towards the Englishmen, and upon the day of the
Nativity of Saint John the Baptist, met with King Edward and his host
at a place called Estryvelyn, near unto a fresh river, that then was
called Bannockburn, where between the English and the Scotch that
day was fought a cruel battle; but in the end the Englishmen were
constrained to forsake the field. Then the Scots chased so eagerly
that many of them were drowned in the fore-named river, and many
a nobleman of England that day was slain in that battle, as Sir
Gilbert de Clare, Earl of Gloucester, Sir Robert Clifford, Sir Edmund of
Morley, the King's steward, with other lords and barons to the
number as witnesseth Guy de Columpna of xlii, and of knights and
baronets to the number of lxvii, over xxii men of name, which that
day by the Scots were taken prisoners, and the King himself from
that battle escaped with great danger, and so, with a few of his host
that with him escaped, came unto Berwick, and there rested him a
season. Then the Scots inflamed with pride, in derision of
Englishmen, made this rhyme as followeth:
"Maidens of England, sore may you mourn
For your lemans you have lost at Bannockbourn,
With a heave and a ho!
What weeneth the King of England
So soon to have won Scotland,
With a rumbelow!"[3]
This song was after many days sung in dances, in carols of the
maidens and minstrels of Scotland, to the reproof and disdain of
Englishmen, with divers others which I pass over.

FOOTNOTES:
[3] Christopher Marlowe introduced this ballad into his drama of
Edward the Second (written about 1590), in Act II., Scene 2:
Lancaster. And thereof came it, that the fleering Scots,
To England's high disgrace, have made this jig:
Maids of England, etc.

VAGABOND FRIARS (1314).

Source.—H.T. Riley, Memorials of London (London, 1868), 111-
113.
Edward by the grace of God, King of England, etc., to the Mayor and
Sheriffs of London greeting. Whereas from trustworthy relation we
have heard that certain Friars of the Order of Preachers, who have
made profession in that Order, despising such their profession and
throwing away the religious garb, are wandering and running to and
fro, arrayed in secular habit, in the city aforesaid; and that certain
others, still wearing the garb aforesaid, but deserting their due
obedience, are dwelling in the same city without the close of the
same Friars, and do not fear to take part in various matters that are
not beseeming to them to the peril of their souls, the scandal of the
said Order, and the injury of ecclesiastical propriety—we, for the
especial affection which for the same Order we do entertain, and
have long entertained, wishing to restrain the malevolence of such
insolent persons, and to provide for the repose and honour of the
Friars of the said Order, so far as in good manner we may, do
command you, that all vagabond Friars of the said Order found
within the city aforesaid, so often as and when in future you shall be
requested by the Prior of the same Order in the city aforesaid, or
other the Friars by him thereunto deputed, you will cause to be
arrested without delay, and to the house of the same Friars securely
to be conducted, unto the brethren of the same house there to be
delivered, by them, according to the discipline of their Order, to be
chastised. And forasmuch as we have understood that the apostates
aforesaid, contriving to the utmost of their power how to palliate the
heinousness of their errors, and by false suggestions to vilify the
Order aforesaid, have published defamatory writings, and have
caused the same in public places within the city aforesaid to be read
and recited, and have left copies of the same in those places fixed
upon the walls, that so they might the more widely defame the same
Order, and withhold the devotion of the faithful from the same; and
still from day to day do not desist to do the like, and even worse,
against the same Order; as, also, that many men are assisting the
same apostates in the premises giving them aid and favour therein—
we do command you, strongly enjoining, that on our behalf you will
cause in the city aforesaid strict prohibition to be made that any
person shall, on pain of heavy forfeiture to us, write any such
manner of writings containing defamation of the said Order, or
publish the same, or give aid to those writing or publishing the
same, either secretly or openly; or shall presume to inflict loss,
injury, or grievance upon the Friars of the said Order whom we have
taken under our own especial protection and defence. And if you
shall find any persons transgressors of such our prohibition, you are
to cause them in such manner to be punished, that through their
example others may be duly restrained from the commission of such
offences. Witness myself at York this 18th day of September in the
8th year of our reign.

CHARGES AGAINST THE DESPENSERS (1319).

Source.—Holinshed's Chronicle, iii. 327.

Articles wherewith the barons charged the Despensers:

1. Amongst other things it was alleged; first that Hugh Spenser the
son, being on a time angry and displeased with the King, sought to
ally and confederate himself with the lord Gifford of Brimsfield, and
the lord Richard Gray, to have constrained and forced the King by
strong hand to have followed his will and pleasure.
2. Secondly, it was alleged, that the said Spensers as well the father
as the son, had caused the King to ride into Gloucestershire, to
oppress and destroy the good people of his land, contrary to the
form of the great charter.
3. Thirdly, that where the Earl of Hereford and the lord Mortimer of
Wigmore, had gone against one Llewelyn Bren, who had raised a
rebellion against the King in Glamorganshire, while the lands of the
Earl of Gloucester were in the King's hands, the same Llewelyn
yielded himselfe to the said earl, and to the Lord Mortimer, who
brought him to the King, upon promise that he should have the
King's pardon, and so the King received him. But after that the said
Earl and lord Mortimer were out of the land, the Spensers taking to
them royal power, took the said Llewelyn and led him into Cardiff,
where after that the said Hugh Spenser the son had his purparty[4]
of the said Earl of Gloucester's lands, he caused the said Llewelyn to
be drawn, headed and quartered, to the discredit of the King, and of
the said Earl of Hereford and Lord Mortimer, yea and contrary to the
laws and dignity of the imperial crown.
4. Fourthly, the said Spensers counselled the King to forejudge Sir
Hugh Audley, son to the lord Hugh Audley, and to take into his
hands his castles and possessions. They compassed also to have
attainted the lord Roger D'Amorie, that thereby they might have
enjoyed the whole earldom of Gloucester.

FOOTNOTES:
[4] = Share, part.

POPULAR FEELING ABOUT THE EARL OF

LANCASTER'S DEATH (1322).
Source.—Henry Knighton's Chronicle (Rolls Series), 426-427.

The Earl therefore having died for the sake of Justice, Church, and
State, as it seemed to the people, crowds hurried from all parts with
gifts of offerings in order to show honour and reverence to the body
of the Earl according to his desert, and they ceased not until the
King, aroused by the Despensers, sent armed men to prevent them
from entering into the church, and ordered, under pain of
imprisonment, that no one should go into the church to offer honour
or reverence to the body. And when the people saw that they were
prevented from entering the church by the royal power, they turned
the seat of their devotion to the place where the Earl had died, and
were rushing thither in greater numbers (for which cause the more
intense severity of the King was directed against the pilgrims), until
the soil of all the field was moved away, and a church was built there
with chaplains serving God and by no means poorly endowed.... It is
to be remarked that all those who consented to the death of the Earl
afterwards finished by a shameful death. First of all the King himself;
his two brothers, namely Thomas Earl Marshall and Edmund Earl of
Kent, both of whom had been raised and promoted at the instance
of the said Earl of Lancaster; the Earl Warrenne; the Earl of
Arundell; Lord Hugh Despenser the father, and Lord Hugh the son;
the Earl of Richmond; the Earl of Pembroke; Lord Aylmer de
Valence; but among them there was not one who ended life
honourably, neither them nor any of their adherents.

THE REVOCATION OF THE ORDINANCES

(1322).
Source.—Statutes at Large (ed. 1762), i. 372.

Since our lord the King Edward, son of King Edward, the 16th day of
March in the third year of his reign, to the honour of God and for the
good of himself and his realm granted to the prelates, earls and
barons of his realm that they should choose certain persons from
among the prelates, earls and barons and other loyal men whom it
should seem meet to call to them, in order to ordain and establish
the estate of the household of our lord the King and of his realm
according to right and reason and in such manner that their
ordinances should be made to the honour of God and to the honour
and benefit of holy church and to the honour of the said King and
his benefit and to the benefit of his people according to right and
reason and the oath which our said lord the King made at his
Coronation, and the Archbishop of Canterbury Primate of all England
and the prelates, earls and barons chosen for that purpose made
such ordinances which began: "Edward by the grace of God, etc." ...
which ordinances our said lord the King caused to be rehearsed and
examined at his Parliament at York, three weeks from Easter in the
15th year of his reign, by the prelates, earls and barons among
whom were most of the said ordainers who were then alive, and by
the commons of the realm summoned thither by his command. And
because it was found by this examination in the said Parliament, that
by those things which had been ordained, the true power of our said
lord the King was restrained in many ways contrary to the due
embellishment of his true lordship and injurious to the estate of the
crown; and moreover that in times past by such ordinances and
purveyances made by subjects over the true power of the ancestors
of our lord the King, troubles and wars had arisen in the realm by
which the land had been emperilled; it was agreed and established
in the said Parliament by our lord the King and by the said prelates,
earls and barons and all the commonalty of the realm, in this
Parliament assembled, that everything ordained by the said
ordainers and contained in the said Ordinances for future should
cease and lose for ever all force, virtue and effect, the statutes and
establishments duly made by our lord the King and his ancestors
before the said ordinances obtaining in their force, and that
henceforth, at all time, any manner of ordinances or purveyances
made by the subjects of our lord the King or his heirs, by whatever
power or commission this may be done, over the true power of our
lord the King or his heirs or against the estate of our lord the King or
of his heirs or contrary to the estate of the Crown, shall be null and
of no manner of value or force. But the matters which are to be
established for the estate of our lord the King and his heirs and for
the estate of the realm and of the people shall be treated, accorded
and established in Parliaments by our lord the King, and by the
consent of the prelates, earls and barons and the commonalty of the
realm, according as it hath been heretofore accustomed.

THE MURDER OF THE KING (1327).

Source.—Christopher Marlowe's Edward the Second (1592).

Act V., Scene 5.

Scene: In Berkeley Castle.

(Matrevis and Gurney having received the Bishop of Hereford's

well-known cryptic message, through the hands of Lightborn, a
 creation of Marlowe's own mind, the King is called up from the
dungeon.)

King Edward. And there in mire and puddle, have I stood

This ten days' space; and lest that I should sleep,
One plays continually upon a drum;
They give me bread and water, being a King;
So that for want of sleep and sustenance
My mind's distempered and my body's numbed,
And whether I have limbs or no I know not.
O, would my blood dropp'd out from every vein,
As doth this water from my tattered robes!
Tell Isabel, the Queen, I look'd not thus,
When for her sake I ran at tilt in France,
And there unhors'd the Duke of Cleremont.

Lightborn. O, speak no more, my lord! this breaks my heart.

Lie on this bed, and rest yourself awhile.

K. Edw. These looks of thine can harbour nought but death;

I see my tragedy written in thy brows.
Yet stay a while; forbear thy bloody hand,
And let me see the stroke before it comes,
That even then when I shall lose my life
My mind may be more steadfast on my God.

Light. What means your highness to mistrust me thus?

K. Edw. What mean'st thou to dissemble with me thus?

Light. These hands were never stained with innocent blood,

Nor shall they now be tainted with a King's.

K. Edw. Forgive my thought for having such a thought.

One jewel have I left; receive thou this: (Giving jewel.)
Still fear I, and I know not what's the cause,
But every joint shakes as I give it thee.
O, if thou harbour'st murder in thy heart,
Let this gift change thy mind, and save thy soul!
Know that I am a King: O, at that name
I feel a hell of grief! Where is my crown?
Gone, gone! and do I remain alive?

Light. You're overwatch'd, my lord; lie down and rest.

K. Edw. But that grief keeps one waking, I should sleep;

For not ten days have these eye-lids clos'd.
Now, as I speak, they fall; and yet with fear
Open again. O wherefore sitt'st thou here?

Light. If thou mistrust me, I'll be gone, my lord.

K. Edw. No, no; for if thou mean'st to murder me,

Thou wilt return again; and therefore stay. (Sleeps.)

Light. He sleeps.

K. Edw. (waking) O!
Let me die; yet stay, O stay a while!

Light. How now, my lord?

K. Edw. Something still buzzeth in mine ears,

And tells me, if I sleep, I never wake;
This fear is that which makes me tremble thus;
And therefore tell me, wherefore art thou come?

Light. To rid thee of thy life.—Matrevis, come.

Enter Matrevis and Gurney.

K. Edw. I am too weak and feeble to resist.—