FUND.ACCT.PRIN.
FUND.ACCT.PRIN.
25th Edition
ISBN: 9781260247985
Author: Wild
Publisher: RENT MCG
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Chapter 8, Problem 14QS
To determine

Concept Introduction:

Internal Control:

Internal controls are policies and procedures implemented by an organization to attain operational goals and maintain the integrity of accounting. Internal Control system has five integral components that together work an effective internal control.

Principles of Internal Control:

Principles of Internal Control are the ways to maintain proper internal controls in an organization. These principles are as follows:

  • Establishing Responsibilities
  • Maintaining Records
  • Safeguards of assets
  • Segregation of Duties
  • Compulsory Employees Job Rotation
  • Split-Related Party Responsibility
  • Using the Technology for Controls
  • Conducting timely Independent Reviews

To identify:

The documents prepared under a voucher system

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These financial statement items are for Wildhorse Co. at year-end, July 31, 2017. $ 3,880 Salaries and wages payable Salaries and wages expense 59,200 Supplies expense 17,000 Equipment 20,300 Accounts payable 4,100 Service revenue 67,800 Rent revenue 9,900 Notes payable (due in 2020) 2,900 Common stock 16,000 Cash 30,900 Accounts receivable 10,880 Accumulated depreciation-equipment 7,600 Dividends 4,000 Depreciation expense 5,600 Retained earnings (beginning of the year) 35,700
Classify the accounts listed below by matching the account name with one of the following financial statementsections in which the account would be reported:a. Current Assetsb. Fixed Assetsc. Intangible Assetsd. Current Liabilitye. Long-Term Liabilityf. Owners’ Equityg. Revenuesh. Operating Expensesi. Other Income/Expense____ 31. Buildings____ 32. Accumulated Depreciation - Buildings____ 33. Depreciation Expense____ 34. Trademarks____ 35. Amortization Expense____ 36. Repairs Expense____ 37. Land Improvements____ 38. Gain on sale of equipment____ 39. Loss on disposal of asset____ 40. Loss from Impaired Goodwill
From the​ worksheet, prepare the assets section of a classified balance sheet. LOADING... ​(Click the icon to view the completed​ worksheet.)     A. Marks Co.       Partial Balance Sheet       December 31, 2019     Assets       Current Assets:                                       Total Current Assets       Plant and Equipment:               Less:
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