# 1-6 Discussion

Name some users of accounting information.
What is the role of accounting in business?
Why are most large companies like Microsoft, PepsiCo, Caterpillar, and AutoZone organized as corporations?
Josh Reilly is the owner of Dispatch Delivery Service. Recently Josh paid interest of \$4,500 on a personal loan of \$75,000 that he used to begin the business. Should Dispatch Delivery Service record the interest payment? Explain.
On July 12, Reliable Repair Service extended an offer of \$150,000 for land that had been priced for sale at \$185,000. On September 3, Reliable Repair accepted the seller’s counteroffer of \$167,500. Describe how Reliable Repair Service should record the land.

Land with an assessed value of \$750,000 for property tax purposes is acquired by a business for \$900,000. Ten years later, the plot of land has an assessed value of \$1,200,000 and the business receives an offer of \$2,000,000 for it. Should the monetary amount assigned to the land in the business records now be increased?
Assuming that the land acquired in (A) was sold for \$2,125,000, how would the various elements of the accounting equation be affected?

Describe the difference between an account receivable and an account payable.
A business had revenues of \$679,000 and operating expenses of \$588,000. What was the amount of (A) net loss or (B) net income?
A business had revenues of \$640,000 and operating expenses of \$715,000. What was the amount of (A) net loss or (B) net income?
The financial statements are interrelated. (A) What item of financial or operating data appears on both the income statement and the retained earnings statement? (B) What item appears on both the balance sheet and the retained earnings statement? (C) What item appears on both the balance sheet and the statement of cash flows?

## Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
\$26
The price is based on these factors:
Number of pages
Urgency
Basic features
• Free title page and bibliography
• Unlimited revisions
• Plagiarism-free guarantee
• Money-back guarantee
On-demand options
• Writer’s samples
• Part-by-part delivery
• Overnight delivery
• Copies of used sources
Paper format
• 275 words per page
• 12 pt Arial/Times New Roman
• Double line spacing
• Any citation style (APA, MLA, Chicago/Turabian, Harvard)

# Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

### Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

### Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

### Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.