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Chapter 7 1. (a) Generally accepted news report principles (GAAP) argon a big money of standards and rules, having substantial authoritative maintenance, that argon recognized as a general guide for financial reporting. (b) The bodies that provide authoritative tin for GAAP are the fiscal Accounting Standards Board (FASB) and the Securities and extirpate Commission (SEC). 2. The FASBs conceptual framework consists of the by-line: (1) Objectives of fiscal Reporting. (2) Qualitative Characteristics of Accounting Information. (3) Elements of financial Statements. (4) Operating Guidelines (Assumptions, Principles, and Constraints). Chapter 8 E8-5) Procedure IC good or wanton? Related internal spectator principle 1. puny Establishment of Responsibility 2. hot Independent Internal Verification 3. wispy separationism of Duties 4. Good Segregation of Duties 5. Weak Documentation Procedures Chapter 15 E15-1, and E15-2 are on the attached stick out sheet E15-11) Scully Corporations sexual congress balance sheets are presented below.

SCULLY CORPORATION equilibrium 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 accumulate depreciation (15,000) (10,000) correspond $110,500 $120,100 Accounts payable $ 12,370 $ 31,100 Common stock 75,000 69,000 maintained earnings 23,130 20,000 innate $110,500 $120,100 Scullys 2008 income statement included electronic network sales of $100,000, price of goods interchange 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) utility margin. (f) Asset turnover. (g) Return on assets. (h) Return on commonplace 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 suck up a good essay, mold it on our website: Orderessay

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