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$1,800 in beginning inventory. What is the company’s cost of goods sold?
11. Goods available for sale are $40,000; beginning inventory is $16,000; ending inventory is $20,000; and the cost of goods sold is $50,000. What is the inventory turnover?
12. Which element of internal control deals with establishing procedures for things such as handling of incoming checks, and which element deals with the oversight of the internal control systems?
13. What is an audit opinion?
14. A company has $235,000 in credit sales. The company uses the allowance method to account for uncolleclible accounts. The Allowance for Doubtful Accounts now has a $7,250 credit balance. If the company estimates 7% of credit sales will be uncolleclible, what is the journal entry to record estimated uncolleclible accounts?
15. Bestway, Inc. had credit sales of $142,000 for the period. The balance in Allowance for Doubtful Accounts is a debit of $643. If Bestway estimates that 2% of credit sales will be uncollectible, what is the required journal entry to record estimated uncolleclible accounts?
16. An asset has a cost of $50,000, with a residual value of $10,000. It has a life of 5 years and was purchased on January L Under double-declining-balance, what’s the assets fourth full year of depreciation expense?
17. A truck costing $56,000 has accumulated depreciation of $50,000. The truck is sold for $8,500. What is the joumal entry for this transaction?
18. On January 1, Bixby Machine signed a $210,000, 8%, 30-year mortgage that requires semiannual payments of $7,585 on June 30 and December 31 of each year. What’s the correct joumal entry for recording the second semiannual payment? (Round interest calculation to the nearest dollar.)
Tyrell Manns 18 0 A I student ID 233599
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