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3. (TCO 5) Internal Control Procedures are in place to protect the assets of every business as mentioned in the textbook and our discussions.  Of the seven internal control procedures, list five of these controls and describe how each procedure is implemented. (5 points each with 2 points for listing and 3 points for a description) (Points : 25)

 

4. (TCO 2) Below are the accounts of Super Pool Service, Inc. The accounts have normal balances on June 30, 2012. The accounts are listed in no particular order.

Account                              Balance 
Common stock                    $5,100 
Accounts payable                $4,400 
Service revenue                   $17,100 
Land                                  $28,800 
Note payable                       $9,500 
Cash                                  $5,200 
Dividends                            $6,100 
Utilities expense                  $2,100 
Accounts receivable             $10,600 
Delivery expense                 $700 
Retained earnings                $25,600 
Salary expense                    $8,200

Prepare the company’s trial balance as of June 30, 2012, listing accounts in proper sequence, as illustrated in the chapter. For example, Accounts Receivable comes before Land. List the expense with the largest balance first, the expense with the next largest balance second, and so on.

 

 

5.

(TCO4) Linda’s Lampshades started business on Jan. 1, 2001. They had the following inventory transactions:

Journals - Jan. 2001

Purchases

Supplier         Date Received         Quantity        Unit Cost       Amount

Donna           01/10/01                110              12.00            1320.00

Thomas         01/15/01                160              14.00             2240.00

Cindy            01/18/01                150              15.00            2250.00

Sales

Customer      Date shipped    Quantity      Sel. Price                Amount         

Norilene        01/16/01         200                  25.00                   5000.00

1.    Calculate the ending inventory, using the perpetual inventory method: 

A.     Using FIFO

B.     Using LIFO

C.     Using Average Cost

2.    Prepare the following statement             

Using

                                      FIFO    LIFO        Average Cost

Sales

Cost of Sales          

Gross Profit

 

(Points : 25)

    • Posted: 6 years ago
    • Due: 
    • Budget: $35
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