Pepsi Co. vs. Coca Cola

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C Analyzing and interpreting information
I Classifying economic events
C Explaining uses, meaning, and limitations of data
R Keeping a systematic chronological diary of events
R Measuring events in dollars and cents
R Preparing accounting reports
R Reporting information in a standard format
I Selecting economic activities relevant to the company
R Summarizing economic events
External user Customer External user Securities and
Exchange Commission
External user Internal Revenue service Internal user Store manager
External user Labor unions External user Suppliers
Internal user Marketing manager Internal user Vice-president of
Internal user Production supervisor
Internal User Can we afford to give
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Billed customers for services performed- Increase in assets (accounts receivable) and increase in owner’s equity (service revenue)
5. Withdrew cash for owners personal use – Decrease in cash, decrease in owner’s equity
6. Received cash form customers billed in (4)-Change in composition of assets: decrease in accounts receivable (asset) and increase in cash (asset)
7. Incurred advertising expense on account- Decrease in owner’s equity (expense) and increase in liabilities
8. Purchased additional equipment for cash- Increase in assets and increase in equity
9. Received cash from customers when service was performed- Increase in equity (revenue), increase in assets
1. Purchased computer terminals for $20,000 from Digital Equipment on account
(c) an increase in assets and a increase in liabilities
2. Paid $4,000 cash for May rent on storage space
(d) a decrease in assets and a decrease in owner’s equity
3. Received $15,000 cash from customers for contracts held in April
(a) an increase in assets and a decrease in assets
4. Provided customer service to Fisher Construction Company for $3,000 cash
(b) an increase in assets and an increase in owner’s equity
5. Paid Northern states Power Co. $11,000 cash for energy use in May
(e) a decrease in assets and a decrease in liabilities
6. Brandon invested an additional $32,000 in the business.
(b) an increase in assets and an increase in owner’s equity
7. Paid Digital Equipment for the terminals

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