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7.7. (TCO A) XYZ Company recorded the following events involving a recent merchandise purchase. - Received goods for $50,000, terms 2/10, n/30. Returned $1,000 of the shipment for credit due to damaged goods. Paid $1,500 for freight-in. Paid the invoice within the discount period. As a result of these events, the company's merchandise inventory (Points : 3) increased by $50,500. increased by 49,500. increased by $49,470. increased by $49,520. 8. (TCO B) In periods of rising prices, which of the following inventory methods results in the lowest income taxes? (Points : 3) Average cost method FIFO LIFO Cannot be determined based on the information given 10. (TCO E) Which of the following is an objective of internal control? (Points : 3) Risk assessment Information technology Adequate records Comply with legal requirements 11. (TCOs A and E) Your friend, James, has hired you to evaluate the following internal control procedures. Explain to your friend whether each of the numbered items below is an internal control strength or weakness. You must also state which internal control procedure relates to each of the internal controls. For the weaknesses, you also need to state a recommendation for improvement. (1) (2) (3) (4) (5) Background checks are required. Paychecks are stored in an unlocked safe. The Treasurer signs all checks. The accountant counts the cash and makes the bank deposit. The company utilizes internal and external auditors. (Points : 30) 12. (TCOs B and D) Please prepare the following journal entries. Indicate which account should be debited and which account should be credited, along with the dollar amount of the debit and credit. (1) Investors invest $300,000 in exchange for 30,000 shares of common stock. (2) Company made payment on account for $500. (3) Employees work Monday through Friday and are paid on Friday. Salary expense is $20,000 per day, and December 31 falls on a Tuesday. (4) Company purchased Supplies for $2,000. (5) The company needs to record Supplies used for $500. (Points : 30) Question 14.14. (TCO D) The following items are taken from the financial statements of SRW Company for 2012: Cash $375,000 Accounts Receivable 125,000 Prepaid Insurance 100,000 Accounts Payable 88,000 Unearned Service Revenue 15,000 Equipment, net of accumulated depreciation 177,000 Common Stock 125,000 Retained Earnings 12/31/2011 106,000 Long-term debt 336,500 Service revenue 225,000 Cost of Goods Sold 62,500 Rent expense 30,000 Supplies expense Insurance expense 8,000 18,000 Instructions (a) Please create a classified Balance Sheet in good form for the year ended 2012. (25 points) (b) Please calculate the current ratio. (5 points) (Points : 30)