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Xacc 290 Exercise 3

In: Business and Management

Submitted By cutiegurl
Words 274
Pages 2
BE5-1 Korinek Company
Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Net Income
$71,200.00 $41,200.00 $30,000.00 $17,900.00 $12,100.00
$108,000.00 $70,000.00 $38,000.00 $8,500.00 $29,500.00
$181,500.00 $71,900.00 $109,600.00 $46,200.00 $63,400.00

BE5-2 Pocras Company Date Account Title and Explanations Debit Credit Inventory $590.00 Accounts Payable $590.00 (To record merchandise purchased from Wedell Co. on account)

Wedell Company Date Account Title and Explanations Debit Credit Cash $590.00 Inventory $590.00 (To record merchandise sold to Pocras Co.)
If Moraine Company used the FIFO method then the amount of cogs is $12.40 rather than $12.80 if using LIFO. It is referred to as a phantom credit since using one method can be higher or lower than using another.

Olsson inventory Inventory Cost Market Lower of
Categories Data Data Cost-or-Market
Cameras $12,500.00 $13,400.00 $12,500.00
Camcorders $9,000.00 $9,500.00 $9,000.00
DVD's $13,000.00 $12,200.00 $12,200.00
Total Inventoy $33,700.00

Aldstadt Company
A Documentation Procedures
B Human Resource Controls
C Independent Internal Verification
D Segregation of Duties
E Establishment of Responsibility

BE7-5 Date Account Title and Explanations Debit Credit Cash $975.74 Cash Over and Short $12.88 Sales Revenue (To record cash shortage) $988.62
Ndon Company

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