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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 ... (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. ... (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, ... (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 ... (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 ... (More)
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Asked 10/14/2012 11:50:29 AM
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