Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

(a) The following are users of financial statements. Identify the users as being either external users or internal users. 1. External users Customers 2. Tax

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
(a) The following are users of financial statements. Identify the users as being either external users or internal users. 1. External users Customers 2. Tax authorities. 3. Labor unions. 4. Internal users Marketing manager. 5. Production supervisor. 6. Financial regulators Store manager. 7. 8. Suppliers. Vice president of finance 9. (b) The following questions could be asked by an internal user or an external user. Identify each of the questions as being more likely asked by an internal user or an external user. 1. Can we afford to give our employees a pay raise? 2 Did the company earn a satisfactory income? 3. Do we need to borrow in the near future? 4. How does the company's profitability compare to other companies? 5. What does it cost us to manufacture each unit produced? 6. Which product should we emphasize? 7. Will the company be able to pay its short-term debts? e Textbook and Media Attempts: 0 of 3 Save for Later Last saved 16 minutes ago. Question 3 of 9 View Policies Current Attempt in Progress Classify the following items as investment by shareholders, dividends, revenues, or expenses. Then indicate whether each item increases or decreases equity, 1. Dividends is ..it equity 2. Rent Revenue is .it equity :it equity 3. Advertising Expense is an it equity 4. When the shareholders invest cash in the business, it is eTextbook and Media Attempts: 0 of 3 used Submit Answer Save for Later Question 4 of 9 View Policies Current Attempt in Progress Presented below is the basic accounting equation in thousands), Determine the missing amounts. Assets Liabilities Equity (a) 490,000 45,000 745.000 69,000 (b) 752.000 (c) 493,000 eTextbook and Media Attempts: 0 of 3 used Submit Answer Save for Later View Policies Current Attempt in Progress Indicate whether each of the following items is an asset. liability or part of equity (a) Accounts receivable (b) Salaries and wages payable (c) Equipment (d) Supplies le) Share capital-ordinary (7) Notes payable eTextbook and Media Attempts:0 of 3 used Submit Amwer Save for Later

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Studies Of Company Records (RLE Accounting)1830-1974

Authors: J. R. Edwards

1st Edition

1138983306, 9781138983304

More Books

Students also viewed these Accounting questions

Question

Define self-expectancy and explain two ways to boost it.

Answered: 1 week ago