Users of Accounting Information and the Financial Statements Following are a number of users of accounting information and examples of questions they need answered before making decisions. Fill in each blank to indicate whether the user is most likely to fi nd the answer by looking at the income statement (IS), the balance sheet (BS), the statement of retained earnings (RE), or the statement of cash fl ows

(SCF).

User Question Financial Statement Stockholder How did this year’s sales compare to last year’s? ________________________ Banker How much debt does the company already have on its books? ________________________ Supplier How much does the company currently owe to its suppliers? ________________________ Stockholder How much did the company pay in dividends this past year? ________________________ Advertising account How much did the company spend manager this past year to generate sales? ________________________ Banker What collateral or security can the company provide to ensure that any loan I make will be repaid? ________________________ Exercise 1-16 Kellogg’s Land Refer to Kellogg’s balance sheet reproduced in the chapter.
Required In which of the assets would you expect Kellogg’s land to be included? What does this amount represent (i.e., cost, market value)? Why does Kellogg’s carry its land at one or the other values?AppendixLO1