Corporate Financial Accounting
15th Edition
ISBN: 9781337670517
Author: WARREN
Publisher: Cengage
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Question
Chapter 7, Problem 7.3EX
To determine
Internal Control: Internal control refers to the policies, and plans of the business organization along with other measures with a view to safeguard its assets, encourage the employees to adhere to the plans, to improve on the operational efficiency, and to ensure correct and reliable accounting information. 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.
The following are the some of the internal control procedures:
- Competent personnel, rotating duties, and mandatory vacations
- Separating responsibilities for related operations
- Separating operations, custody of assets, and accounting
- Proofs and security measures
To state: Whether F’s handling of internal control situations are acceptable or not.
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solve qn no. 3
Horngren's Financial & Managerial Accounting: The Managerial Chapters, 8th Edition.
E-M:2-19 Accounting for job costs
Brook Trailers’ job cost records yielded the following information:
Job No.
Date
Total Cost of Job at July 31
Started
Finished
Sold
1
21-Jun
16-Jul
17-Jul
$ 3,100
2
29-Jun
21-Jul
26-Jul
13,000
3
3-Jul
11-Aug
13-Aug
6,900
4
7-Jul
29-Jul
1-Aug
4,400
Use the dates in the table to identify the status of each job. Compute the following balances for Brook Trailers:
a. Work-in-Process Inventory at July 31
b. Finished Goods Inventory at July 31
c. Cost of Goods Sold for July
c. COGS $16,100
Donald Diesel owns the Fredonia Barber Shop. He employs 5 barbers and pays each a base salary of $1,380 per month. One of the
barbers serves as the manager and receives an extra $535 per month. In addition to the base salary, each barber also receives a
commission of $3.75 per haircut.
Other costs are as follows.
Advertising
$270 per month
Rent
$1,010
per month
Barber supplies
$0.50 per haircut
Utilities
$160 per month plus $0.15 per haircut
Magazines
$35
per month
Donald currently charges $11.00 per haircut.
Compute the break-even point in sales units and in sales dollars.
Break-even point
Break-even point sales
$
haircuts
Chapter 7 Solutions
Corporate Financial Accounting
Ch. 7 - Prob. 1DQCh. 7 - Prob. 2DQCh. 7 - Prob. 3DQCh. 7 - Why should the responsibility for maintaining the...Ch. 7 - Assume that Brooke Miles, accounts payable clerk...Ch. 7 - Prob. 6DQCh. 7 - Prob. 7DQCh. 7 - Prob. 8DQCh. 7 - Prob. 9DQCh. 7 - Prob. 10DQ
Ch. 7 - Prob. 7.1BECh. 7 - Prob. 7.2BECh. 7 - Prob. 7.3BECh. 7 - Prob. 7.4BECh. 7 - Days cash on hand Financial statement data for...Ch. 7 - Prob. 7.1EXCh. 7 - Prob. 7.2EXCh. 7 - Prob. 7.3EXCh. 7 - Prob. 7.4EXCh. 7 - Prob. 7.5EXCh. 7 - Prob. 7.6EXCh. 7 - Prob. 7.7EXCh. 7 - Prob. 7.8EXCh. 7 - Prob. 7.9EXCh. 7 - Prob. 7.10EXCh. 7 - Prob. 7.11EXCh. 7 - Entry for cash sales; cash short The actual cash...Ch. 7 - Entry for cash sales; cash over The actual cash...Ch. 7 - Internal control of cash payments Abbe Co. is a...Ch. 7 - Prob. 7.15EXCh. 7 - Prob. 7.16EXCh. 7 - Prob. 7.17EXCh. 7 - Prob. 7.18EXCh. 7 - Prob. 7.19EXCh. 7 - Prob. 7.20EXCh. 7 - Prob. 7.21EXCh. 7 - Prob. 7.22EXCh. 7 - Prob. 7.23EXCh. 7 - Prob. 7.24EXCh. 7 - Prob. 7.1APRCh. 7 - Prob. 7.2APRCh. 7 - Prob. 7.3APRCh. 7 - Prob. 7.4APRCh. 7 - Prob. 7.5APRCh. 7 - Prob. 7.1BPRCh. 7 - Prob. 7.2BPRCh. 7 - Prob. 7.3BPRCh. 7 - Prob. 7.4BPRCh. 7 - Prob. 7.5BPRCh. 7 - Analyze and compare Amazon.com to Netflix...Ch. 7 - Analyze and compare J. C. Penney and Macys J. C....Ch. 7 - Prob. 7.3MADCh. 7 - Prob. 7.4MADCh. 7 - Prob. 7.5MADCh. 7 - Ethics in Action Tehra Dactyl is an accountant for...Ch. 7 - Bank error During the preparation of the bank...Ch. 7 - Prob. 7.4TIFCh. 7 - Prob. 7.5TIF
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