Accounting question and answers for August 01, 2023
- Q Under the periodic inventory system, the Cost of Merchandise Sold is recorded when sales are made. True False
- Q Bill purchased 1500 shares of Bullseye stock (100,000 shares are issued and outstanding) when the price was $20. At year end the fair value of the...
- Q Joe, a resident of Boston, mails his return to the IRS Service center in New York on April 15. April 15 is patriots day, an official holiday only in Mass....
- Q question 2 Which of the following describe the terms of convertible debt securities? I. An interest rate that is generally lower than nonconvertible debt. II. An initial conversion price that...
- Q What is the prescribed GAAP treatment for the amortization of the premium or discount?
- Q Generally Accepted Accounting Principles (GAAP) are not: a. Rules and regulations governing accounting b. Developed by the SEC...
- Q We will calculate financial ratios for the Dover Corporation (stock symbol DOV) in this Excel case. Please see the instructions on the first tab of the attached spreadsheet. You...
- Q Data concerning a recent periods activity in the Prep Department, the first processing department in a company that uses process costing, appear below: ...
- Q How does a lessees recognition of an operating lease differ from the recognition of a capital lease?
- Q Chapter 19 [The following information applies to the questions displayed below. Winfrey Co's March 31 Inventory of raw materials is $120,000....
- Q Tiger Inc., a calendar year S Corporation, is owned solely by David. Tiger owns investment land that was purchased for $160,000 four years ago. At the end of the tax...
- Q A.) Calculate 500,000 of investment to be deprecated over 5 years using Declining Balance Depreciation method and declining balance rate of 200% B.) Calculate 1,000,000 of investment to be deprecated...
- Q Using the information provided above, what is Xavier's desired ending balance for the Allowance for Doubtful Accounts account
- Q The following items are reported on a company's balance sheet: Cash $241,900 Marketable securities 81,100 Accounts receivable 235,900 Inventory 198,400 Accounts payable 319,000 Determine (a) the current ratio and (b)...
- Q 8. What is boot in a tax free exchange and what is the tax effect of boot received in the exchange? (4 points)
- Q Discuss strategies used to meet various challenges in Rural Marketing. QUESTION IS FROM MARKETING MANAGEMENT
- Q What of the following is NOT considered practice before the IRS per circular 230? 1- corresponding with the IRS writing 2- talking on the telephone to the IRS about a...
- Q TB MC Qu. 10-48 (Static) The following standards for variable... The following standards for variable manufacturing overhead have been established for a company that makes only one product
- Q Velleman Company produces a product that requires 3.5 standard pounds per unit. The standard price is $5.10 per pound. If 14,000 units required 48,000 pounds, which were purchased at $5.40...
- Q 4) 6% - What is meant by a subsequent event? How many types are there? What difference and similarities, if any are there between GAAP and IFRS in...
- Q Product costs (materials, labor, overhead) are not separately reported on the financial statements. Same for inventory accounts (raw materials, WIP, finished goods). What accounts reported on the financial statements are...
- Q Ellix Company manufactures two models of ultra-high fidelity speakers, the X200 model and the X99 model. Data regarding the two products follow:...
- Q Lui Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into the Roasting Department. From the Roasting Department, coffee beans are then transferred to the...
- Q Is there a tax credit for dependents?
- Q how can i find the answer? it is the Step-down method.
- Q 2. The following data from the just completed year are takenfrom the accounting records of Mason Company:sales$700,000direct labor cost$100,000raw material purchase$115,000selling expenses$150,000administrative expenses$65,000Manufacturing overhead applied to work in process$100,000Actual manufacturing...
- Q Described below are three independent and unrelated situationsinvolving accounting changes. Each change occurs during 2018 beforeany adjusting entries or closing entries are prepared.a. On December 30, 2014, Rival Industries acquired...
- Q Eagle Company makes the MusicFinder, a sophisticated satelliteradio. Eagle has experienced a steady growth in sales for the pastfive years. However, Ms. Luray, Eagle's CEO, believes that tomaintain the company's...
- Q 26. Tombro Industries is in the process of automating one of itsplants and developing a flexible manufacturing system. The companyis finding it necessary to make many changes in operatingprocedures. Progress...
- Q The Jack Lalanne Company manufactures a high protein energy barsold exclusively at majorleague baseball games. To increase sales they offer an officialmajor league baseball as apromotion when a customer remits...
- Q Hello, this is a TAX scenario for a class on pass-throughentities. Please show all calculations and work for each question(a-e listed below):KEY INFORMATION:John, Karl, and Laura form an entity under...
- Q Tanner-UNF Corporation acquired as a long-term investment $300million of 10% bonds, dated July 1, on July 1, 2018. Companymanagement has the positive intent and ability to hold the bondsuntil maturity....
- Q Sleepeze Company produces mattresses for 20 retail outlets. Ofthe 20 retail outlets, 19 are small, separately owned furniturestores and one is a retail chain. The retail chain buys 60% of...
- Q Exercise 8-16 (Algo) Direct Materials and Direct Labor Budgets[LO8-4, LO8-5]The production department of Zan Corporation has submitted thefollowing forecast of units to be produced by quarter for theupcoming fiscal year:1st...
- Q At the end of the year, before distributions, Bombay (an Scorporation) has an accumulated adjustments account balance of$15,600 and accumulated E&P of $20,750 from a previous year asa C corporation....
- Q Tanner-UNF Corporation acquired as a long-term investment $300million of 10% bonds, dated July 1, on July 1, 2018. The marketinterest rate (yield) was 7% for bonds of similar risk andmaturity....
- Q Problem #3 Fuzzy Monkey Technologies, Inc., purchased as along-term investment $275 million of 9% bonds, dated January 1, onJanuary 1, 2018. Management has the positive intent and ability tohold the...
- Q An accounting clerk prepares his trial balance as of June 30,20-and determines that total debits equal total credits. Hebreathes a sigh of relief and informs his boss that his ledger...
- Q The problems we have worked on in class have consistently beenbonds that have been purchased at the date of their payments (i.e.January 1 for a bond that pays June 30...
- Q Explain the process by which assets are written up (or down) onintercompany asset transfers and why GAAP prohibits the recognitionof profit in the intercompany transfers of assets. Please cite yoursources...
- Q Jake’s Roof Repair has provided the following data concerningits costs:Fixed Cost per Month Cost per Repair-Hour Wages and salaries $21,200 $ 16.00 Parts and supplies $ 7.60 Equipment depreciation $2,710...
- Q Problem 4-15 Comprehensive Problem-Weighted-Average Method[LO4-2, LO4-3, LO4-4, LO4-5]Sunspot Beverages, Ltd., of Fiji uses the weighted-averagemethod in its process costing system. It makes blended tropicalfruit drinks in two stages. Fruit juices...
- Q Discuss the preference for the use of Flexible Budgets insteadof Static Budgets
- Q P 16-9 on september 30,2017, Gargiola inc. Issued 4millions of10 year, 8% convertible bonds for 4.6millions. The bonds payinterest on march 31 and September 30 and mature on September 30,2027....
- Q Case 1Case 2Case 3Case 4Sales Revenue100,000100,000answer?answer?Contribution Margin40,000answer?20,000answer?Fixed cost20,000anwser?answer?answer?Net Incomeanswer?5,0009,000answer?Variable Cost Ratioanswer?answer?answer?.20Contribution Margin Ratioanswer?answer?.50answer?Break even point (dollars)answer?answer?answer?25,000Margin of safety (dollars)answer?answer?answer?20,000
- Q Gable Company uses three activity cost pools. Each pool has acost driver. Information for Gable Company follows:Activity Cost PoolsTotal Cost of PoolCost DriverEstimated Cost DriverMachining$259,000Number of machine hours85,600Designing costs59,000Number of...
- Q Department A had 5,000 units in work in process that were 62%completed as to labor and overhead at the beginning of the period;31,900 units of direct materials were added during...
- Q At the beginning of 2018, Blue Dragon, a small private company,acquired a mine for $1,925,000. Of this amount, $190,000 wasallocated to the land value and the remaining portion to theminerals...
- Q 1)Why is it important for an accountant to understand theirbusiness and industry as well as managements informational needs inaddition to knowing how to generate financial statements?Note: You may use S&S...
- Q Show all of your work.Assets Liabilities and Owner’sEquity A/P$60,000LT Debt100,000Total Debt160,000CS, par2,000PIC50,000R/E50,000Total Equity$102,000Total Liabilities and Owners Equity$262,000Cash$1,000A/R6,500Inventory62,500Prepaids12,000Fixed Assets250,000Accum Depreciation(70,000)Total Assets$262,000Sales$800,000COGS370.000Gross Profit430,000Operating Exp.-170,000Depreciation-10,000EBIT250,000Interest-10,000EBT240,000Taxes-80,000Net Income$160,000Prepare a financial analysisof this company (using ratios and your...
- Q Problem 5-22 CVP Applications; Contribution Margin Ratio;Break-Even Analysis; Cost Structure [LO5-1, LO5-3, LO5-4, LO5-5,LO5-6]Due to erratic sales of its sole product—a high-capacity batteryfor laptop computers—PEM, Inc., has been experiencing financialdifficulty...
- Q You have been assigned to audit the sales and accountsreceivable balances of Coppero Engineering Ltd. for the year endedSeptember 30, 2020. Coppero Engineering is a major manufacturer ofsteel parts and...
- Q Weston Corporation manufactures a product that is available inboth a deluxe and a regular model. The company has made the regularmodel for years; the deluxe model was introduced several years...
- Q The comparative balance sheet of Navaria Inc. for December 31,20Y3 and 20Y2, is as follows: 1 Dec. 31, 20Y3 Dec. 31, 20Y2 2Assets 3 Cash $625,680.00 $586,230.00 4 Accounts receivable...
- Q a college produces and sells two types of delivery foraccounting classes, Daytime Delivery & Online Delivery. Thecompany records show the following monthly data relating to thesetwo programs:DaytimeOnlineSelling Price per Course$350$ ...
- Q Sorrentino Company Sorrentino Company, which has been inbusiness for one year, manufactures specialty Italian pastas. Thepasta products start in the mixing department, where durum flour,eggs, and water are mixed to...
- Q Required information[The following information applies to the questionsdisplayed below.]The Shirt Shop had the following transactions for T-shirts forYear 1, its first year of operations:Jan. 20Purchased530units@$8=$4,240Apr. 21Purchased330units@$10=3,300July 25Purchased410units@$13=5,330Sept. 19Purchased220units@$15=3,300During the year,...
- Q General Tools is seeking ways to maintain and improve cashbalances. As company controller, you have proposed the sale andleaseback of much of the company’s equipment. As seller-lessee,General Tools would retain...
- Q CH: 20; Irwin, Inc., constructed a machine at a total cost of$79 million. Construction was completed at the end of 2012 and themachine was placed in service at the beginning...
- Q Cane Company manufactures two products called Alpha and Betathat sell for $120 and $80, respectively. Each product uses onlyone type of raw material that costs $6 per pound. The company...
- Q The post-closing trial balance of Carla Vista Corporation atDecember 31, 2020, contains the following stockholders’ equityaccounts.Preferred Stock (14,300 shares issued)$715,000Common Stock (253,000 shares issued)3,795,000Paid-in Capital in Excess of Par—Preferred Stock253,000Paid-in...
- Q Lionel is an unmarried law student at State University LawSchool, a qualified educational institution. This year Lionelborrowed $24,000 from County Bank and paid interest of $1,440.Lionel used the loan proceeds...
- Q On June 30, 2018, Plaster, Inc., paid $972,000 for 80 percent ofStucco Company's outstanding stock. Plaster assessed theacquisition-date fair value of the 20 percent noncontrollinginterest at $243,000. At acquisition date,...
- Q Management is responsible for identifying and measuring fraudrisks. What are some of the challenges management face inmitigating risk?
- Q What are the auditor's challenges when assessing the risk ofmaterial misstatement due to fraud?
- Q Exercise 17-1 (Part Level Submission) Saddle Inc. has two typesof handbags: standard and custom. The controller has decided to usea plantwide overhead rate based on direct labor costs. Thepresident has...
- Q Roth Contractors Corporation was incorporated on December 1,2019 and had the following transactions during December:Part A a. Issued common stock for $5,000 cashb. Paid $1,200 cash for three months’ rent:...
- Q On August 1, Hyde,Inc. exchanged productive assets with Wiggins, Inc. Hyde's asset isreferred to below as “Asset A,” and Wiggins' is referred to as“Asset B.” The following facts pertain to...
- Q Cane Company manufactures two products called Alpha and Betathat sell for $120 and $80, respectively. Each product uses onlyone type of raw material that costs $6 per pound. The company...
- Q Examine the narrative provided below. Discuss how this processimplements the concept of segregation of duties. Be specific as towhich entity (or entities) performs each of the four-eventprocessing functions.The Customer Service...
- Q 2. Assigning Overhead to individual jobs – a. PredeterminedOverhead rate is used to assign overhead costs to individual jobsin a manner which approximates their relative usage of overheaditems based on...
- Q Royal Gift Shop sells cards, supplies, and various holidaygreeting cards.Sales to retail customers are subjected to an 8percent sales tax. The firm sells its merchandise for cash; tocustomers using bank...
- Q What are some of the risk factors that indicates that financialstatements may be misstated and the potential risks factors thatthis might and how to address the risks of materialmisstatements
- Q . Ledger Properties has the following financial information:Current YearPrior YearRevenues$48,915$43,610Administrative expenses12,10611,602Interest expense816468Cost of goods sold29,71526,309Depreciation1,4081,387Net fixed assets32,71131,984Current liabilities14,65214,625Common stock15,00014,000Current assets16,50614,687Long-term debt12,200?Retained earnings7,3654,246Dividends paid290275What is the cash flow of the firm...
- Q Andretti Company has a single product called a Dak. The companynormally produces and sells 82,000 Daks each year at a sellingprice of $62 per unit. The company’s unit costs at...
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