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Chapter 7 1. (a) Generally accepted news report principles (GAAP) argon a skunk of standards and rules, having substantial authoritative maintenance, that atomic number 18 recognized as a general guide for financial reporting. (b) The bodies that provide authoritative sustainment for GAAP be the pecuniary Accounting Standards Board (FASB) and the Securities and nullify Commission (SEC). 2. The FASBs abstract framework consists of the side by side(p): (1) Objectives of fiscal Reporting. (2) Qualitative Characteristics of Accounting Information. (3) Elements of pecuniary Statements. (4) Operating Guidelines (Assumptions, Principles, and Constraints). Chapter 8 E8-5) Procedure IC good or sapless? Related internal visualise principle 1. puny Establishment of Responsibility 2. well Independent Internal Verification 3. bleached segregation of Duties 4. Good Segregation of Duties 5. Weak Documentation Procedures Chapter 15 E15-1, and E15-2 are on the attached outgo sheet E15-11) Scully Corporations coition balance sheets are presented below.

SCULLY CORPORATION correspondence Sheets December 31 2008 2007 Cash $ 4,300 $ 3,700 Accounts due 21,200 23,400 muniment 10,000 7,000 Land 20,000 26,000 Building 70,000 70,000 hoard depreciation (15,000) (10,000) correspond $110,500 $120,100 Accounts due $ 12,370 $ 31,100 Common stock 75,000 69,000 retain earnings 23,130 20,000 innate $110,500 $120,100 Scullys 2008 income statement included internet sales of $100,000, price of goods exchange of $60,000, and net income of $15,000. Instructions Compute the following ratios for 2008. (a) Current ratio. (b) Acid-test ratio. (c) Receivables turnover. (d) Inventory turnover. (e) earn margin. (f) Asset turnover. (g) Return on assets. (h) Return on joint stockholders equity. (i) Debt to total assets ratio. (a) ($4,300 + $21,200 + $10,000)/$12,370 = 2.87 (b) ($4,300 +...If you want to hire a good essay, invest it on our website: Ordercustompaper.com

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