Superb Professors

Answer these questions, approximately 100 to 150 word each question1)Adjusting entries are required at the end of the period for some accounts. Explain why this process is required and develop the adjusting entry at the end of the period for salary payable to employees $2400.2)In accounting it is necessary to understand which accounts have a debit balance and which accounts have a credit balance. Name 2 accounts that have a normal debit balance. Name 2 accounts that have a normal credit balance. Give an example of a journal entry when a company purchases land for $5000 by paying cash using the debit/credit rules3)Discuss the various components of Internal Control . Explain management’s role in establishing a good internal control environment . (3) What role does internal auditors and external auditors have in the internal control process?4) ABC company has the following record for inventory: On June 1, beginning inventory was 14 units @ $42, a purchase was made June 2 for 4 units @ $69, a sale was made on June 7 for 7 units @ $111, and a final sale was made on June 13 for 5 units at $111. What amounts should the company report for ending inventory and cost of goods sold under the FIFO method and the LIFO method? Which method would result in the lowest net income and tax if everything else is equal? How did you determine the method that would result in the lowest net income and tax?5)To evaluate the financial operation and health of a business ratio analysis is used. Provide the formula for the Acid-test (or Quick) Ratio and explain how it is computer and provide an example of how this ratio can be used in decision-making in business.

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