Financial Reporting

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solve 11 questions regarding Internal control and financial reporting for cash and merchandise sales

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Question 1:
Question 2
Question 3:
The following transactions were selected from the records of Evergreen Company:
July 12 Sold merchandise to Wally Butler, who paid the $1,100 purchase with cash. The goods cost Evergreen Company $737.
15 : Sold merchandise to Claudio’s Chair Company at a selling price of $5,200 on terms 3/10, n/30. The goods cost Evergreen Company $3,484.
20: Sold merchandise to Otto’s Ottomans at a selling price of $3,900 on terms 3/10, n/30. The goods cost Evergreen Company $2,613.
23: Collected payment from Claudio’s Chair Company from the July 15 sale.
Aug 25: Collected payment from Otto’s Ottomans from the July 20 sale.
Assuming that Sales Discounts are reported as contra-revenue, compute Net Sales for the two months ended August 31. (Round your answer to the nearest dollar amount. Omit the “$” sign in your response.)
Net Sales =
Question 4:
Questoion 5:
The following information was available to the accountant of Horton Company when preparing the monthly bank reconiliation:
The amount of Cash that should appear on the balance sheet following the reconciliation and the adjustment of the accounting records is:
660
305
640
620
Question 6:
A company sells goods at a selling price of $20,000. The cost of the goods is $15,000 under a perepetual inventory system , the journal entries to record the sales will include:
Question 7:
Quesstion 8:
When a customer returns a defective product for credit, the sellere would record the transaction using which of the following accounts?
a)Sales
b)Sales returns and allowances
c)Sales discounts
d)Purchase returns and allowances
Question 9:
When preparing this month’s reconciliation, you find that you failed to record a $95 deposit for a payment you received from a customer. You prepare a journal entry to record the deposit. Which of the following describe the actions to be taken when preparing next month’s bank reconciliation?
a)increase the balance per books by $95
b)No action…

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Financial reporting

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Amos Excavating Inc. is purchasing a bulldozer. The equipment has a price of $104,000. The manufacturer has offered a payment plan that would allow Amos to make12 equal annual payments of $14,524, with the first payment due one year after the purchase.
(a) How much total interest will Amos pay on this payment plan? (Round answers to 0 decimal places, e.g. $458,581.)

Total interest $

(b) Amos could borrow $104,000from its bank to finance the purchase at an annual rate of 8%. Should Amos borrow from the bank or use the manufacturer’s payment plan to pay for the equipment?

Use Manufacturer’s Payment PlanBorrow from the Bank
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