Blevins Incorporated                                      Condensed Balance Sheet                                         ...
on this./100
Gallup Corporation                                    Condensed Income Statements                                   For th...
Scully Corporation                                           Ratios for 2008a) Current ratio                              ...
IC good         Related internalProcedure            or weak?         control principle     1       Weak            Establ...
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Week 5 individual assignemnt bush

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Week 5 individual assignemnt bush

  1. 1. Blevins Incorporated Condensed Balance Sheet 31-Dec Increase or (Decrease) 2009 2008 Amount Percentage AssetsCurrent assets 125,000 100,000 25,000 25.0%Plant assets(net) 396,000 330,000 66,000 20.0%Total Plant Assets 521,000 430,000 91,000 21.2% LiabilitiesCurrent liabilities 91,000 70,000 21,000 30.0%Long-term liabilities 133,000 95,000 38,000 40.0%Total Liiabilities 224,000 165,000 59,000 35.8% Stockholders EquityCommon stock, $1 par 161,000 115,000 46,000 40.0%Retatined Earnings 136,000 150,000 (14,000) -9.3%Total Stockholders Equity 297,000 265,000 32,000 12.1%Total Liabilities and Stockholders Equity 521,000 430,000 91,000 21.2% Professors Notes: Missed some points on the exercise. Please see what needed to be done on this. If you should have questions email me Overall Points 85 /100
  2. 2. on this./100
  3. 3. Gallup Corporation Condensed Income Statements For the Years Ended December 31 2009 2008 Amount Percent Amount PercentSales 750,000 100.0% 600,000 100.0%Cost of goods sold 465,000 62.0% 390,000 65.0%Gross Profit 285,000 38.0% 210,000 35.0%Selling expenses 120,000 16.0% 72,000 12.0%Administrative expenses 60,000 8.0% 54,000 9.0%Total Operating Expenses 180,000 24.0% 126,000 21.0%Income before Income taxes 105,000 14.0% 84,000 14.0%Income tax expense 33,000 4.40% 24,000 4%Net income 72,000 9.60% 60,000 10%
  4. 4. Scully Corporation Ratios for 2008a) Current ratio 2.87b) Acid-test ratio 2.06c) Receivables 4.48%d) Inventory turnover 7.06e) Profit margin 15%f) Asset turnover 0.87g) Return assets 13%h) Return on common stockholders equity 0.16i) Debt to total assets ratio 11.20% Professors Notes: Excellent job!
  5. 5. IC good Related internalProcedure or weak? control principle 1 Weak Establishment of Responsibility Good Independent Internal Verification 2 Weak Segregation of 3 Duties Good Segregation of 4 Duties Weak Documentation 5 Procedures Professors Notes: Excellent Job!

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