Name: S40,000 administrative expenses, $10,000; inte Sales, $905,000; cost of merchandise sold, $ 20,000, rent revenue, $25,00, selling expenses, $90,000 How much is gross profit? -15. Using this data, answer the following questions, c. 265,000 d. 270,000 a. 365,000 b. 235,000 The objectives of internal control are to a control the internal organization of the accounting department personnel and b. provide reasonable assurance that operations are managed to achieve goals, financial nt l6. reports are accurate, and laws and regulations are complied with e 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 18. 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 Which of the following is the appropriate general journal entry to record the declaration of a cash d a. Cash Dividends 19. Cash Dividends Payable b. Cash Dividends payable Cash Cash Cash Dividends payable c. Retained earnings