Question

Help! Short or no explanations! Answer right and you will have postivle feedback! Answer all 4, because accouding to the policy in a single post I can ask 4 questions! Thanks

Question 21 (of 33) 21. Use the following selected information from Wheeler, LLC to determine the 2015 and 2014 common size percentages for cost of goods sold using Net sales as the base. Net sales Cost of goods sold Operating expenses Net earnings 2015 $ 571,400 232,900 84,940 42.940 2014 $ 461,800 136.610 81.860 30,440 179.8% for 2015 and 211.4% for 2014 40.8% for 2015 and 29.6% for 2014 55.6% for 2015 and 47.3% for 2014 123.7% for 2015 and 100.0% for 2014 7.5% for 2015 and 6.6% for 2014

Answer 1

21) Option :( B) 40.8% For 2015 ,29.6% For 2014

Explanation:

1)

	2015	2014
Cost of Good Sold (a)	$232,900	$136,610
Sales ( b)	$571,400	$461,800
% of Cost of Good Sold ( a ÷b)	40.8%	29.6%

22) Option ( C) Guarantee a Return to Investor

( Interal Control states policies and procedure regarding how to run a business, it does not gurantee a return to investor.)

23) Option ( A) Separate Record Keeping From Custody Of Assets

( Internal Control includes, separation of duties, so option ( a) is the correct choice.)

24) Option ( B) Maintaing security by having one person track and record assets.

( Internal Control includes principle of : Segregation of duties. So it can not give two task to same person, hence ( b) is the correct choice.)