Financial Accounting Homework Help ? ?

I was able to answer more questions in my homework assignments, but some were too confusing for me to understand, while the majority of them, I couldn’t find the answers to even after ransacking the chapters and the Internet for hours. Please help! There is but only four days left of school and I need to turn these assignments in at least by Monday.
Chapter 7: Inventories
7. Because of imperfections, an item of merchandise cannot be sold at its normal selling price. How should this item be valued for financial statement purposes?
8. The inventory at the end of the year was understated by $23,950. (a) Did the error cause an overstatement or an understatement of the gross profit for the year? (b) Which items on the balance sheet at the end of the year were overstated or understated as a result of the error?
9. X-mas Co. sold merchandise to Mistletoe Company on October 31, FOB shipping point. If the merchandise is in transit on October 31, the end of the fiscal year, which company would report it in its financial statements? Explain.
10. A manufacturer shipped merchandise to a retailer on a consignment basis. If the merchandise is unsold at the end of the period, in whose inventory should the merchandise be included?
Chapter 8: Sarbanes-Oxley, Internal Control, and Cash
5. Assume that Peggy Gyger, accounts payable clerk for Patmen Inc., stole $193,750 by paying fictitious invoices for goods that were never received. The clerk set up accounts in the names of the fictitious companies and cashed the checks at a local bank. Describe a control procedure that would have prevented or detected the fraud.
6. Before a voucher for the purchase of merchandise is approved for payment, supporting documents should be compared to verify the accuracy of the liability. Give an example of supporting documents for the purchase of merchandise.
9. Smyrna Inc. has a petty cash fund of $900. (a) Since the petty cash fund is only $900, should Smyrna Inc. implement controls over petty cash? (b) What controls, if any, could be used for the petty cash fund?
10. (a) How are cash equivalents reported in the financial statements? (b) What are some examples of cash equivalents?

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