ACC 290 Week 5 WileyPLUS Assignment Week Five

ACC 290 Week 5 WileyPLUS Assignment Week Five
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Brief Exercise BE5–1

Presented here are the components in Korinek Company’s income statement. Determine the missing amounts.

Brief Exercise BE5–2

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.

Brief Exercise BE6-5

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 profit that would result if the company used FIFO rather than LIFO. The company uses the periodic method

Brief Exercise BE6-7

O’Connor Video Center accumulates the following cost and market data at December 31

Brief Exercise BE7-4

Beaty Company has the followng internal control procedures over cash receipts. Match the internal control principle that is applicable to each procedure

Brief Exercise BE7-6

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