sam boyer acc 290 week 8 paid

sam boyer acc 290 week 8 paid - reality Sheet1 Page 2 B...

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Sheet1 Page 1 ACC290 Week 5 Exercises - Brief Exercises Thank you for using ACCNerd.com! BE5-1 A. $181,500 B. $41,200 C.$ 38,000 D. $17,900 E.$ 8,500 F.$63,400 BE5-2 Porcas Company Inventory 900 Accounts payable 900 (To record goods purchase on account) Wedell Company Accounts Receivable 900 Sales Revenue 900 (To Record credit sale to Porcas Company) Cost of goods sold 590 Inventory 590 (To record cost of merchandise sold to Porcas company) BE6-5 BE6-7 $33,700 is the lower of cost for Olson inventory. BE7-4 A. Physical Control Phantom profit would equal $1720 when following the FIFO (Firs only recover the cost first, thus making the profit appear higher overstated on financial reports. It is called "phantom" profits bec
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Unformatted text preview: reality. Sheet1 Page 2 B. Human Resource Control C. Independent Internal VerifcaTon D. SegregaTon oF DuTes E. Establishment oF Responsibility BE7-5 Cash 975.74 Cash over and short 12.88 Sales Revenue 988.62 (±o record cash shor²all) BE7-6 A. DocumentaTon Procedures B. Independent Internal VerifcaTon C. Physical Controls D. Establishment oF Responsibility E. SegregaTon oF DuTes Sheet1 Page 3 s rst In, ±irst Out) accoun²ng method. Phantom proFts r than it is in reality. This causes the net proFt to be cause it appears di³erent than it actually should in Sheet1 Page 4...
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