Blem 1 20 Marks Bridgerton Company has a fiscal year ending on September 30. The adjusted trial balance at the end of the year is as follows:
Bridgerton Company TRIAL BALANCE (Adjusted) 30-Sep-17
Debit
$37,400 $4,200 $6,200 11,000 3,900 70,000 120,000 80,000
18,600
123,500 7,800 18,000 14,400 12,000 21,900 548,900
Credit
Cash
Inventory
Supplies
Accounts Receivable Prepaid Insurance Land
Equipment
Patent
Accumulated Depreciation – Equipment Accounts Payable
Mortgage Payable (due 2020)
Interest Payable
Salaries and Wages Payable
Unearned Rent Revenue
Dividends
Capital
Retained Earnings, Oct 1, 2016
Sales Revenue
Rent Revenue
Cost of Goods Sold
Depreciation Expense
Insurance Expense
Supplies Expense
Interest Expense
Salaries and Wages Expense
Required:
a) Prepare a classified statement of financial position.
b) Journalize the closing entries
c) Prepare a post-closing trial balance
$42,000 19,600 79,000 6,000 4,100 4,800
109,700 28,800 240,500 14,400
548,900
(10 marks) (5 m

Insurance companies have internal controls in place to protect assets, monitor the accuracy of accounting records and encourage operational efficiencies and adherence to policies. these internal controls are generally of two types: administrative controls and accounting controls. administrative controls are the policies and procedures that guide the daily actions of employees. accounting controls are the policies and procedures that delineate authorizations of financial transactions that are done, safeguard assets, and provide reports on the company’s financial status in a reliable and timely manner. internal controls should include both preventative and detective controls. the purpose of preventative controls is to stop problems and errors before they occur. detective controls identify problems after they have occurred. preventative controls are usually more effective at reducing problems, but they also tend to be more expensive. internal controls must be flexible to adjust for changes in laws and regulations in addition to adding new products or modifying current ones. companies must also do regular analyses to ensure that the benefits of implementing the controls are worth their costs. when concerned about paying unwarranted insurance claims which type of control would be useful?

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True or false: it is generally better to concentrate your exercise time on the weekends only for maximum aerobic benefit.