User Account

All Pages

What are the policies and procedures can suggest

Assignment Help Financial Accounting
Reference no: EM132678670

Problem 1: A company wants to implement good internal control. What are the policies and procedures you can suggest to minimize human frauds and errors?

Problem 2: Assume that you have a company. And the management team estimates that 3% of sales will be uncollectible. Give any amount of sales and prepare the journal entry using the percent of sales method.

Problem 3: A company that uses a perpetual inventory system made the following cash purchases and sales. There was no beginning inventory.

January 1: Purchased 30 units at SAR11 per unit
February 5: Purchased 30 units at SAR 13 per unit
March 16: Sold 50 Units for SAR 15 per unit

A. Prepare general journal entries to record the March 16 sale using the

  1. FIFO inventory valuation method.
  2. LIFO inventory valuation method. 
  3. Weighted average valuation method.

B. What is the cost of goods sold and the gross margin for each method?

Reference no: EM132678670

Questions Cloud

Amazon operations management : What aspects of Amazon's operations management are based on the increased globalisation of world trade?
What total amount of serial bonds should be reported : 12% guaranty security bonds due 2022 P2,500,000. What total amount of serial bonds should be reported? What is the total amount of debenture bonds?
How much of the gain must jenny recognize : Jenny has an office building. She has an adjusted basis in the building of $100,000. Her brother, a doctor, owns an office building in California
Audiovisual resources : illustrates one or more of the concepts or theories you learned about in this week's readings or audiovisual resources.
What are the policies and procedures can suggest : A company wants to implement good internal control. What are the policies and procedures you can suggest to minimize human frauds and errors?
Develop a role description for a graduate-level nurse : In preparation of filling this role, develop a 2- to 3-page role description for a graduate-level nurse to guide his/her participation on the implementation.
What type of area occupied by the tenant : In shopping centre lease ,rents are typically quoted on the basis of what type of area occupied by the tenant? Gross leasable area. / Net leasable area
What the data reveals in terms of statistical analysis : An explanation of what the data reveals in terms of statistical analysis, including quantitative and qualitative. Include a discussion of the conclusions.
What should the stock price be in forty-seven years : If the CAPM gives the expected return on apple stock of 7.7% what should the stock price be in 47 years according to the dividend discount model?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Why is necessary for accounting standard setting bodies

Why is necessary for accounting standard setting bodies to consider culture and religion while making accounting regulation? Explain.

  What is the dividend rate on preferred stock

What is the par value of the preferred stock? If the annual dividend on preferred stock is $36,000, what is the dividend rate on preferred stock?

  Complete accounting cycle for jordan company for the month

You need to complete the accounting cycle for Jordan Company for the month of December 31, 2015. 1. Prepare the general journal entries to record these transactions using the accounts below. Dec. 1 Jordan invests $50,000 cash along with office equipm..

  Determine the total assets of blue spruce corp at december

Determine the total assets of Blue Spruce Corp. at December 31, 2019. Presented below is selected information related to Blue Spruce Corp.

  What is the gain to be recorded on this transaction

A company owns a building with a net asset value of $120,000 at December 31, 2011. The building had a five-year remaining life at December 31, 2011. The company also has a revaluation surplus balance of $50,000 in OCI related to this building at Dece..

  Make income statement and statement of retained earnings

Prepare an Income Statement, Statement of Retained Earnings and Balance Sheet. Prepare a post-closing trial balance. Record and post closing entries.

  Find what is the best course of action

You know that you will visit Mexico soon and will need quite a few pesos. You observe the following exchange rates. What is your best course of action?

  Evaluate the proposed acquisition of new computer

The president of Lowell Inc. has asked you to evaluate the proposed acquisition of a new computer. The computer's price is $60,000, and it falls into the MACRS 3-year class (33% in year 1, 45% in year 2, 15% in year 3, and 7% in year 4). What is the ..

  What monthly payment will pay off the debt

A MasterCard statement shows a balance of $540 at 13.6% compounded monthly. What monthly payment will pay off this debt in 1 year 5 months?

  Compute gross income from merchandise sales

Selma operates a contractor's supply store. She maintains her books using the cash method. At the end of the year, her accountant computes her accrual basis income that is used on her tax return. For 2015, Selma had cash receipts of $1.4 million, whi..

  Prepare a cost reconciliation report for jtl manufacturing

Prepare a Cost Reconciliation report for JTL MANUFACTURING using the weighted-average method. - What are the consequences of JTL MANUFACTURING.

  Gain or loss

What is Susan's gain or loss and what is the character of the gain or loss?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd