Internal control : Internal control is a process which ensures continuous reliability of accomplishment of a company’s objectives, related to operations, financial reporting, and in conformity with laws and regulations. To explain : The idea of reasonable assurance in internal control

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Chapter 7, Problem 12Q

(a)

To determine

Internal control: Internal control is a process which ensures continuous reliability of accomplishment of a company’s objectives, related to operations, financial reporting, and in conformity with laws and regulations.

To explain: The idea of reasonable assurance in internal control

(b)

To determine

To explain: The idea of importance of human factor in internal control

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Custom Cabinetry has one job in process (Job 120) as of June 30; at that time, its job cost sheet reports direct materials of $7,000, direct labor of $3,400, and applied overhead of $2,890. Custom Cabinetry applies overhead at the rate of 85% of direct labor cost. During July, Job 120 is sold (on credit) for $26,000, Job 121 is started and completed, and Job 122 is started and still in process at the end of July. Custom Cabinetry incurs the following costs during July. Job 120 Direct materials used Direct labor used $ 2,300 3,400 Job 121 $ 7,100 4,700 Job 122 $ 2,600 3,700 1. Prepare journal entries for the following July transactions and events a through e. a. Direct materials used. b. Direct labor used. c. Overhead applied. d. Sale of Job 120. e. Cost of goods sold for Job 120. Hint. Job 120 has costs from June and July. 2. Compute the July 31 balances of the Work in Process Inventory and the Finished Goods Inventory accounts. (There were no jobs in Finished Goods Inventory at June…

Answer 2

Question

Chapter 7, Problem 12Q

(a)

To determine

Internal control: Internal control is a process which ensures continuous reliability of accomplishment of a company’s objectives, related to operations, financial reporting, and in conformity with laws and regulations.

To explain: The idea of reasonable assurance in internal control

(b)

To determine

To explain: The idea of importance of human factor in internal control

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Answer 3

Question

Chapter 7, Problem 12Q

(a)

To determine

Internal control: Internal control is a process which ensures continuous reliability of accomplishment of a company’s objectives, related to operations, financial reporting, and in conformity with laws and regulations.

To explain: The idea of reasonable assurance in internal control

(b)

To determine

To explain: The idea of importance of human factor in internal control

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Answer 4

Question

Chapter 7, Problem 12Q

(a)

To determine

Internal control: Internal control is a process which ensures continuous reliability of accomplishment of a company’s objectives, related to operations, financial reporting, and in conformity with laws and regulations.

To explain: The idea of reasonable assurance in internal control

(b)

To determine

To explain: The idea of importance of human factor in internal control

Expert Solution & Answer

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Answer 5

Chapter 7, Problem 12Q

(a)

To determine

Internal control: Internal control is a process which ensures continuous reliability of accomplishment of a company’s objectives, related to operations, financial reporting, and in conformity with laws and regulations.

To explain: The idea of reasonable assurance in internal control

(b)

To determine

To explain: The idea of importance of human factor in internal control

Answer 6

Chapter 7, Problem 12Q

(a)

To determine

Internal control: Internal control is a process which ensures continuous reliability of accomplishment of a company’s objectives, related to operations, financial reporting, and in conformity with laws and regulations.

To explain: The idea of reasonable assurance in internal control

Answer 7

Chapter 7, Problem 12Q

(a)

To determine

Internal control: Internal control is a process which ensures continuous reliability of accomplishment of a company’s objectives, related to operations, financial reporting, and in conformity with laws and regulations.

To explain: The idea of reasonable assurance in internal control

Answer 8

(b)

To determine

To explain: The idea of importance of human factor in internal control

Answer 9

(b)

To determine

To explain: The idea of importance of human factor in internal control

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 7 - A local hank reported that it lost 150,000 as the...Ch. 7 - Prob. 2Q Ch. 7 - Prob. 3Q Ch. 7 - Prob. 4Q Ch. 7 - Prob. 5Q Ch. 7 - Prob. 6Q Ch. 7 - Prob. 7Q Ch. 7 - Prob. 8Q Ch. 7 - Prob. 9Q Ch. 7 - Prob. 10Q

Internal control : Internal control is a process which ensures continuous reliability of accomplishment of a company’s objectives, related to operations, financial reporting, and in conformity with laws and regulations. To explain : The idea of reasonable assurance in internal control

Solution Summary: The author explains that internal control ensures continuous reliability of accomplishment of a company's objectives, related to operations, financial reporting, and in conformity with laws and regulations.

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Internal control: Internal control is a process which ensures continuous reliability of accomplishment of a company’s objectives, related to operations, financial reporting, and in conformity with laws and regulations.

To explain: The idea of reasonable assurance in internal control

To explain: The idea of importance of human factor in internal control

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Chapter 7 Solutions

Internal control : Internal control is a process which ensures continuous reliability of accomplishment of a company’s objectives, related to operations, financial reporting, and in conformity with laws and regulations. To explain : The idea of reasonable assurance in internal control

Solution Summary: The author explains that internal control ensures continuous reliability of accomplishment of a company's objectives, related to operations, financial reporting, and in conformity with laws and regulations.

Concept explainers

Videos

Internal control: Internal control is a process which ensures continuous reliability of accomplishment of a company’s objectives, related to operations, financial reporting, and in conformity with laws and regulations. To explain: The idea of reasonable assurance in internal control

To explain: The idea of importance of human factor in internal control

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Chapter 7 Solutions

Internal control: Internal control is a process which ensures continuous reliability of accomplishment of a company’s objectives, related to operations, financial reporting, and in conformity with laws and regulations.

To explain: The idea of reasonable assurance in internal control