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What are the four basic financial statements? What is the primary purpose of each of the four basic financial statements? In your opinion, which financial statement is the most important? Explain why.
Weegy: On its income statement, Maxidrive overstated its ability to sell goods for more than the cost to produce and sell them. On its statement of retained earnings, [ Maxidrive overstated the amount of income it reinvested in the company for future growth. On its statement of cash flows, Maxidrive overstated its ability to generate from sales of disk drives the cash necessary to meet its current debts. These four financial statements are the basic statements normally prepared by profit-making organizations for use by investors, creditors, and other external decision makers. The four basic statements summarize the financial activities of the business. They can be prepared at any point in time (such as the end of the year, quarter, or month) and can apply to any time span (such as one year, one quarter, or one month). Like most companies, Maxidrive prepares financial statements for investors and creditors at the end of each quarter (known as quarterly reports) and at the end of the year (known as annual reports). The income statement (statement of income, statement of earnings, or statement of operations) is the most important because it reports the accountant's primary measure of performance of a business, revenues less expenses during the accounting period. ] (More)
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Asked 10/10/2012 7:49:18 AM
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In your opinion, how are financial statements useful to managers and employees? How are financial statements useful to investors and creditors? Explain.
Weegy: Financial statements show the financial performance of an company. They are used for both internal-, and external purposes. When they are used internally, the management and sometimes the employees use it for their own information. [ Managers use it to plan ahead and set goals for upcoming periods. When they use the financial statements that were published, the management can compare them with their internally used financial statements. They can also use their own and other enterprises’ financial statements for comparison with macroeconomical datas and forecasts, as well as to the market and industry in which they operate in. ] (More)
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Asked 10/10/2012 8:00:19 AM
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What are the four basic financial statements
Weegy: The Four Basic Financial Statements: Both Exeter Investors (Maxidrive's new owner) and American Bank (Maxidrive's largest creditor) used Maxidrive's financial statements to learn more about the company before making their purchase and lending [ decisions. In doing so, Exeter and American Bank assumed that the statements accurately represented Maxidrive's financial condition. As they soon learned, and now have claimed in their lawsuits, the statements were in error. 1. On its balance sheet, Maxidrive overstated the economic resources it owned and understated its debts to others. 2. On its income statement, Maxidrive overstated its ability to sell goods for more than the cost to produce and sell them. 3. On its statement of retained earnings, Maxidrive overstated the amount of income it reinvested in the company for future growth. 4. On its statement of cash flows, Maxidrive overstated its ability to generate from sales of disk drives the cash necessary to meet its current debts. ............ ] (More)
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Asked 10/14/2012 11:48:45 AM
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What are deferrals? What are some examples of deferrals? Why do deferrals require adjusting entries?
Weegy: A deferral also occurs with revenues. For example, the insurance company receiving the $12,000 six-month insurance premium in December should report $2,000 as revenue on its December income statement. [ The remaining $10,000 should be deferred to a balance sheet liability account, Unearned Premium Revenue. In each subsequent month it should reduce the liability Unearned Premium Revenue by $2,000 and should report $2,000 as Premium Revenue on its income statement. Let’s illustrate with a company whose accounting year ends on December 31. On December 1 the company pays a six-month insurance premium of $12,000. One-sixth of the $12,000, or $2,000, should be expensed and appear on the December income statement. The remaining $10,000 is said to be deferred and will be reported as an asset in the account, Prepaid Insurance, on its December 31 balance sheet. (If the company issues monthly income statements, in each subsequent month the company will reduce Prepaid Insurance by $2,000 and will report the $2,000 as Insurance Expense.) ] (More)
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Asked 10/16/2012 8:09:08 AM
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What are the four basic financial statements
Weegy: The following four financial statements: 1. Balance Sheet - statement of financial position at a given point in time. 2. Income Statement - revenues minus expenses for a given time period ending at a specified date. 3. [ Statement of Owner's Equity - also known as Statement of Retained Earnings or Equity Statement. 4. Statement of Cash Flows - summarizes sources and uses of cash; indicates whether enough cash is available to carry on routine operations. ] (More)
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Asked 10/14/2012 11:50:29 AM
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