Financial Accounting\ Chapter 1 Homework\ Short Answer\ Name some users of accounting information and identify if they are internal or external users.\ Snake Pliskin is the owner of FOXHOUND. Recently Snake paid interest of

$4,500

on a personal loan of

$75,000

that he used to begin the business. Should Pliskin record the interest payment? Why or why not?\ Land with an assessed value of

$840,000

for property tax purposes is acquired by a business for

$1,000,000

. 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?\ Why or why not?\ State the accounting equation and explain what each of the three parts represents.

Financial Accounting Chapter 1 Homework Short Answer 1. Name some users of accounting information and identify if they are internal or external users. 2. Snake Pliskin is the owner of FOXHOUND. Recently Snake paid interest of $4,500 on a personal loan of $75,000 that he used to begin the business. Should Pliskin record the interest payment? Why or why not? 3. Land with an assessed value of $840,000 for property tax purposes is acquired by a business for $1,000,000. 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? Why or why not? 4. State the accounting equation and explain what each of the three parts represents