Managerial Accounting problems somes Help

12. (TCOs B and E) The Caltor Company gathered the following condensed data for the Year Ended December 31, 2010

Cost of goods sold = $ 710,000
Net sales	1,279,000
Administrative expenses	239,000
Interest expense	68,000
Dividends paid	38,000
Selling expenses	45,000

Instructions: 1: Prepare a multiple-step income statement for the year ended December 31, 2010. 2: Compute the profit margin ratio and gross profit rate. Caltor Company’s assets at the beginning of the year were $770,000 and were $830,000 at the end of the year. To qualify for full credit, you must state the formula you are using, show your computations, and explain your findings.

14. Your friend Dean has hired you to evaluate the following internal control procedures. a: Explain to your friend whether each of the numbered items below is an internal control strength or weakness. You must also state which principle relates to each of the internal controls. b: For the weaknesses, you also need to state a recommendation for improvement. 1: Bonding of the cashiers is not required because all of the cashiers have significant experience. 2: The treasurer is the only one allowed to sign checks. 3: All employees may operate cash registers. 4: Blank checks are stored in the safe. 5: Supervisors count cash receipts daily

13. (TCO D and TCO E) 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.  a: Investors invest $100,000 in exchange for 10,000 shares of common stock. b: Company paid a utility bill for $600. c: Company received cash of $15,000 for services performed. d: Company made payment on account for $1,000. e: Company received $12,000 for services not yet performed. (Points : 30)