College Accounting, Chapters 1-15
23rd Edition
ISBN: 9781337794763
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 7A, Problem 1SEB
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Describe the four types of internal control activities.
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Sam prepared a draft statement of profit or loss for the business as follows: $ $ Sales 256,800 Cost of sales Opening inventory 13,400 Purchases 145,000 Closing inventory (14,200) ––––––– (144,200) –––––––– Gross profit 112,600 Expenses (76,000) –––––––– Net profit 36,600 –––––––– Sam has not yet recorded the following items: • Carriage in of $2,300 • Discounts received of $3,900 • Carriage out of $1,950 After these amounts are recorded, what are the revised values for gross and net profit of Sam’s business?
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College Accounting, Chapters 1-15
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- Determine the return on total assets of this financial accounting questionarrow_forwardHarbor Groceries began the current month with inventory costing $28,750, then purchased inventory at a cost of $70,560. The perpetual inventory system indicates that inventory costing $76,400 was sold during the month for $81,300. If an inventory count shows that inventory costing $21,600 is actually on hand at month-end, what amount of shrinkage occurred during the month?arrow_forwardSales must have amounted to. Accountingarrow_forward
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