1. Blevins Incorporated
Condensed Balance Sheet
31-Dec
Increase or (Decrease)
2009 2008 Amount Percentage
Assets
Current 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%
Liabilities
Current 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' Equity
Common stock, $1 par 161,000 115,000 46,000 40.0%
Retatined Earnings 136,000 150,000 (14,000) -9.3%
Total Stockholder's Equity 297,000 265,000 32,000 12.1%
Total Liabilities and Stockholder's
Equity 521,000 430,000 91,000 21.2%
Professor's 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. on this.
/100

3. Gallup Corporation
Condensed Income Statements
For the Years Ended December 31
2009 2008
Amount Percent Amount Percent
Sales 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. Scully Corporation
Ratios for 2008
a) Current ratio 2.87
b) Acid-test ratio 2.06
c) Receivables 4.48%
d) Inventory turnover 7.06
e) Profit margin 15%
f) Asset turnover 0.87
g) Return assets 13%
h) Return on common stockholders' equity 0.16
i) Debt to total assets ratio 11.20%
Professor's Notes:
Excellent job!

5. IC good Related internal
Procedure
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
Professor's Notes:
Excellent Job!