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Presented here are the components in Pedersen Companys income

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Presented here are the components in Pedersen Company's income statement. Determine the missing amounts.
Sales Cost
of Goods Sold Gross Profit Operating Expenses Net Income
$71,200 (b)$
$30,000 (d)$
$10,800
$108,000 $70,000 (c)$
(e)$
$29,500
(a)$
$71,900 $109,600 $46,200 (f)$


Net Income
$71,200
$108,000
(a)$




2. Prior Company buys merchandise on account from Wood Company. The selling price of the goods is $900 and the cost of goods is $630. Both companies use perpetual inventory systems. Journalize the transactions on the books of both companies.
Prior Company
Account/Description Debit Credit






Wood Company
Account/Description Debit Credit






(To record the sale)






(To record the cost of inventory)

3. In its first month of operation, Maze Company purchased 100 units of inventory for $6, then 200 units for $7, and finally 150 units for $8. At the end of the month, 180 units remained. Compute the amount of phantom prfit that would result if the company used FIFO rather than LIFO. The company uses the periodic method.
Phantom Profit $



4. O'Connor Video Center accumulates the following cost and market data at December 31.
Inventory Categories Cost Data Market Data
Cameras $12,500 $13,400
Camcorders 9,000 9,500
DVD's 13,000 12,800
Compute the lower of cost or market valuation for O'Connor's inventory.
$

5. Beaty Company has the following internal control procedures over cash receipts. Match the internal control principle that is applicable to each procedure.
Establishment of responsibility

Segregation of duties

Independent internal verification

Human resource controls

Physical controls


1. The duties of receiving cash, recording cash, and having custody of cash are assigned to different individuals.
2. All over-the-counter receipts are registered on cash registers.
3. Only cashiers may operate cash registers.
4. All cashiers are bonded.
5. Daily cash counts are made by cashier department supervisors


6. Newell Company has the following internal control procedures over cash disbursements. Match the internal control principle that is applicable to each procedure.
Segregation of duties

Establishment of responsibility

Physical controls

Independent internal verification

Documentation procedures


1. Only the treasurer or assistant treasurer may sign checks.
2. Company checks are prenumbered.
3. Check signers are not allowed to record cash disbursement transactions.
4. The bank statement is reconciled monthly by an internal auditor.
5. Blank checks are stored in a safe in the treasurer's office.
Thanks for requesting me. Whats your deadline for these questions?

Regards

Linda
Customer: replied 4 years ago.

Hi Linda,

 

I need help by tomorrow. I have been having so many family issues with my dad having a stroke and my husband having a heart attack, I am constantly running. I promise to provide bonus. I really do appreciate you and your time.

Take care of your family. I will be here whenever you need help and will post the solution tonight.

Regards

Linda
Customer: replied 4 years ago.
Thank you. Will accpet and leave you a bonus.
Thank you.
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