cdise sld, $40,000 adm inistrative expenses, s10,000 in rent revenue, $25,000, selling expenses, $90,000. IS. Using this data, answer the following Sales, $905,000; cost of merchandise sold, S How much is gross profit? c. 265,000 d. 270,000 a 365,000 b. 235,000 The objectives of internal control are to a control the intermal organization of the accounting department personnel and equipment b provide reasonable assurance that operations are managed to achieve goals, financial 16. reports are accurate, and laws and regulations are complied with c prevent fraud, and promote the social interest of the company d provide control over "internal-use only" reports and employee internal conduct 17. A business pays weekly salaries of $20,000 on Friday for a five-day week ending on that day. T entry necessary at the end of the fiscal period ending on Tuesday is a debit Salaries Payable, $8,000, credit Cash, $8,000 b. debit Salary Expense, $8,000, credit Salaries Payable, $8,000 c. debit Salary Expense, $8,000; credit Dividends, $8,000 d. debit Dividends, $8,000; credit Cash, $8,000 Notes receivable due in 350 days appear on the a. balance sheet in the fixed assets section b. income statement as an expense c balance sheet in the current liabilities section d balance sheet in the current assets section 18. 19. Which of the following is the appropriate general journal entry to record a. Cash Dividends the declaration of a cash d Cash Dividends Payable b. Cash Dividends payable Retained earnings d. Paid-in capital Cash Cash Cash Dividends payable c