Which of the following is generally not considered an external user of accounting information quizlet?

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At December 31, Year 1, the accounting records of Braun Corporation contain the following items:

Accounts Payable $16,000 Accounts Receivable $40,000 Land 240,000 Cash? Capital Stock? Equipment 120,000 Building 180,000 Notes Payable 190,000 Retained Earnings 160,000

If Cash at December 31, Year 1, is $66,000, total assets amounts to:

At December 31, Year 1, the accounting records of Braun Corporation contain the following items:

Accounts Payable $16,000Accounts Receivable $ 40,000 Land 240,000 Cash? Capital Stock? Equipment 120,000 Building 180,000 Notes Payable 190,000 Retained Earnings 160,000

If Capital Stock is $320,000, total assets of Braun Corporation at December 31, Year 1, amounts to:

At December 31, Year 1 the accounting records of Gordon, Incorporated contain the following items:

Accounts Payable $2,500 Accounts Receivable $18,750 Land 30,000 Cash? Building 31,250 Equipment 40,000 Notes Payable? Capital Stock 12,500 Retained Earnings 125,000

If the Cash balance at December 31, Year 1 is $67,500, the Notes Payable balance is:

$47,500

Cash ($67,500) + Accounts Receivable ($18,750) + Land ($30,000) + Building ($31,250) + Equipment ($40,000) = Total assets ($187,500)

Total assets = Total liabilities + Total owners' equity
Accounts Payable ($2,500) + Notes Payable (?) + Capital Stock ($12,500) + Retained Earnings ($125,000) = Total liabilities and owners' equity ($187,500)

Notes Payable = $187,500 − $2,500 − $12,500 − $125,000 = $47,500

$198,000.

Change in Assets = Change in Total Liabilities and Owner's Equity

Increase in Assets ($120,000) − Increase in Liabilities ($72,000) = Change in Owners' Equity

Increase in Owners' Equity = $120,000 − $72,000 = $48,000

Owners' Equity at beginning of year + Increase in Owners' Equity ($48,000) = Owners' Equity at end of year ($246,000)

Owners' Equity at beginning of year = $246,000 − $48,000 = $198,000

$285,000.

Change in Assets = Change in Total Liabilities and Owner's Equity

Increase in Total Assets ($175,000) = Decrease in Total Liabilities ($15,000) + Change in Owners' Equity

Increase in Owners' Equity = $175,000 + $15,000 = $190,000

Owners' Equity at beginning of year + Increase in Owners' Equity ($190,000) = Owners' Equity at end of year ($475,000)

Owners' Equity at beginning of year = $475,000 − $190,000 = $285,000

Montauk Oil Company reports these account balances at December 31, Year 1:

Accounts Payable $110,000 Land 200,000 Notes Payable 260,000 Equipment 160,000 Cash 80,000 Accounts Receivable 100,000 Buildings 240,000 Capital Stock 340,000 Retained Earnings 70,000

On January 2, Year 2, Montauk Oil collected $50,000 of its accounts receivable and paid $20,000 of its accounts payable. On January 3, Year 2, total liabilities are:

Indirect Oil Company reports these account balances at December 31, Year 1

Accounts Payable $55,000 Land 100,000 Notes Payable 130,000 Equipment 80,000 Cash 40,000 Accounts Receivable 50,000 Buildings 120,000 Capital Stock 170,000 Retained Earnings 35,000

On January 2, Year 2, Indirect Oil collected $25,000 of its accounts receivable and paid $20,000 of its accounts payable. On January 3, Year 2, total liabilities are:

Hoffman, Incorporated adjusts its books each month but closes its books at the end of the year. The company's unadjusted trial balance at March 31 is as follows:

Debit Credit - Cash $10,920 Accounts Receivable 9,620 Supplies 1,300 Prepaid Insurance 3,120 Equipment 26,000 Accumulated Depreciation: Equipment $10,400 Unearned Service Revenue 6,500 Capital Stock 5,200 Retained Earnings 23,400 Dividends 1,560 Service Revenue Earned 16,510 Salaries Expense 7,800 Utilities Expense 390 Rent Expense 1,300 Totals $62,010 $62,010

According to service contracts, $4,810 of the Unearned Service Revenue has been earned in March. The amount of Service Revenue Earned to be reported in the March income statement is:

Hoffman, Incorporated adjusts its books each month but closes its books at the end of the year. The company's unadjusted trial balance at March 31 is as follows:

Debit Credit - Cash $10,920 Accounts Receivable 9,620 Supplies 1,300 Prepaid Insurance 3,120 Equipment 26,000 Accumulated Depreciation: Equipment $10,400 Unearned Service Revenue 6,500 Capital Stock 5,200 Retained Earnings 23,400 Dividends 1,560 Service Revenue Earned 16,510 Salaries Expense 7,800 Utilities Expense 390 Rent Expense 1,300 Totals $62,010 $62,010

On March 1, Hoffman paid in advance for four months' insurance. The necessary adjusting entry at March 31 includes which of the following?

Hoffman, Incorporated adjusts its books each month but closes its books at the end of the year. The company's unadjusted trial balance at March 31 is as follows:

Debit Credit - Cash $10,920 Accounts Receivable 9,620 Supplies 1,300 Prepaid Insurance 3,120 Equipment 26,000 Accumulated Depreciation: Equipment $10,400 Unearned Service Revenue 6,500 Capital Stock 5,200 Retained Earnings 23,400 Dividends 1,560 Service Revenue Earned 16,510 Salaries Expense 7,800 Utilities Expense 390 Rent Expense 1,300 Totals $62,010 $62,010

At March 31, the amount of supplies on hand is $520. What amount is reported in the March income statement for supplies expense?

Shown below is an adjusted trial balance for Novelty Toys, Incorporated, on December 31, Year 1:

Novelty Toys, Incorporated Adjusted Trial Balance December 31, Year 1 Debit Credit Cash $7,750 Accounts Receivable 6,375 Office Equipment 11,250 Accumulated Depreciation $3,000 Accounts Payable 3,875 Capital Stock 11,250 Retained Earnings -0-Dividends 3,750 Fees Earned 22,750 Salaries Expense 8,000 Advertising Expense 1,625 Depreciation Expense 2,125 Totals $40,875 $40,875

Net income for the period equals:

Shown below is an adjusted trial balance for Novelty Toys, Incorporated, on December 31, Year 1:

Novelty Toys, Incorporated Adjusted Trial Balance December 31, Year 1 Debit Credit Cash $7,750 Accounts Receivable 6,375 Office Equipment 11,250 Accumulated Depreciation $3,000 Accounts Payable 3,875 Capital Stock 11,250 Retained Earnings -0- Dividends 3,750 Fees Earned 22,750 Salaries Expense 8,000 Advertising Expense 1,625 Depreciation Expense 2,125 Totals $40,875 $40,875

After closing the accounts, Retained Earnings at December 31 equals:

$7,250.

Net income = Revenues of $22,750 − Expenses of ($8,000 + $1,625 + $2,125) = $22,750 − $11,750 = $11,000

Ending Retained Earnings = Beginning Retained Earnings of $0 + Net income of $11,000 − Dividends of $3,750 = $7,250

Shown below is an adjusted trial balance for Novelty Toys, Incorporated, on December 31, Year 1:

Novelty Toys, Incorporated Adjusted Trial Balance December 31, Year 1 Debit Credit Cash $7,750 Accounts Receivable 6,375 Office Equipment 11,250 Accumulated Depreciation $3,000Accounts Payable 3,875 Capital Stock 11,250 Retained Earnings -0- Dividends 3,750 Fees Earned 22,750 Salaries Expense 8,000 Advertising Expense 1,625 Depreciation Expense 2,125 Totals $40,875 $40,875

The Income Summary will have what balance before it is closed?

$11,000.

When they are closed, the revenue account balance of $22,750 will be credited to the Income Summary, and the expense account balances totaling $11,750 (or $8,000 + $1,625 + $2,125) will be debited to the Income Summary. Before it is closed, the Income Summary will have a credit balance of $11,000 (or credits of $22,750 − debits of $11,750).
Alternatively, before it is closed, the balance of the Income Summary will equal the net income of the period.Net income = Revenues of $22,750 − Expenses of ($8,000 + $1,625 + $2,125) = $22,750 − $11,750 = $11,000

Shown below is the adjusted Trial Balance for Simon Incorporated, on December 31, after the first year of operations, after adjusting entries:

Simon, Incorporated Adjusted Trial Balance December 31 Debit Credit Cash $1,600 Accounts Receivable 4,000 Office Equipment 16,800 Accumulated Depreciation $1,600 Capital Stock 2,400 Retained Earnings 2,720 Dividends 960 Service Fees Earned 21,920 Wages Expense 3,200 Supplies Expense 1,120 Depreciation Expense 960 Totals $28,640 $28,640

The entry to close the Service Fees Earned account will:

Shown below is the adjusted Trial Balance for Simon Incorporated, on December 31, after the first year of operations, after adjusting entries:

Simon, Incorporated Adjusted Trial Balance December 31 Debit Credit Cash $1,600 Accounts Receivable 4,000 Office Equipment 16,800 Accumulated Depreciation $1,600 Capital Stock 2,400 Retained Earnings 2,720 Dividends 960 Service Fees Earned 21,920 Wages Expense 3,200 Supplies Expense 1,120 Depreciation Expense 960 Totals $28,640 $28,640

Net income for the period equals:

Shown below is the adjusted Trial Balance for Simon Incorporated, on December 31, after the first year of operations, after adjusting entries:

Simon, Incorporated Adjusted Trial Balance December 31 Debit Credit Cash $1,600 Accounts Receivable 4,000 Office Equipment 16,800 Accumulated Depreciation $1,600 Capital Stock 2,400 Retained Earnings 2,720 Dividends 960 Service Fees Earned 21,920 Wages Expense 3,200 Supplies Expense 1,120 Depreciation Expense 960 Totals $28,640 $28,640

After closing the accounts, Retained Earnings at December 31 equals:

$18,400.

Net income = Revenue of $21,920 − Expenses of ($3,200 + $1,120 + $960) = $21,920 − $5,280 = $16,640Ending

Retained Earnings = Beginning Retained Earnings of $2,720 + Net income of $16,640 − Dividends of $960 = $18,400

Shown below is an adjusted trial balance for Cornell Products, Incorporated, on December 31:

Cornell Products, Incorporated Adjusted Trial Balance December 31, Year 1 Debit Credit Cash $15,500 Accounts Receivable 12,750 Office Equipment 22,500 Accumulated Depreciation $6,000 Accounts Payable 7,750 Capital Stock 22,500 Retained Earnings -0- Dividends 7,500 Service Fees Earned 45,500 Salaries Expense 16,000 Advertising Expense 3,250 Depreciation Expense 4,250 Totals $81,750 $81,750

Net income for the period equals:

Shown below is an adjusted trial balance for Cornell Products, Incorporated, on December 31:

Cornell Products, Incorporated Adjusted Trial BalanceDecember 31, Year 1 Debit Credit Cash $15,500 Accounts Receivable 12,750 Office Equipment 22,500 Accumulated Depreciation $6,000 Accounts Payable 7,750 Capital Stock 22,500 Retained Earnings -0- Dividends 7,500 Service Fees Earned 45,500 Salaries Expense 16,000 Advertising Expense 3,250 Depreciation Expense 4,250 Totals $81,750 $81,750

After closing the accounts, Retained Earnings at December 31 equals:

$14,500.

Net income = Revenues of $45,500 − Expenses of ($16,000 + $3,250 + $4,250) = $45,500 − $23,500 = $22,000
Ending Retained Earnings = Beginning Retained Earnings of $0 + Net income of $22,000 − Dividends of $7,500 = $14,500

Which of the following is not considered an external user of accounting information?

Which of the following would be considered an external user of accounting information?

Which one of the following is not an example of external users?

Which of the following is an external user of accounting information quizlet?