Accounting question and answers for August 02, 2023
- Q Return to question ! Required information [The following information applies to the questions displayed below.] At the beginning of the year, Jorgenson Companies bought a shed, a...
- Q How did you get the Pretax income?
- Q Understanding Operating Assets Descriptions of operating assets are listed below. Required: Identify the category of operating asset associated with each description as property, plant, and equipment; intangible assets; or...
- Q Required information [The following information applies to the questions displayed below] Preble Company manufactures one product. Its variable manufacturing overhead is applied to...
- Q The WGN Company has a bonus arrangement that grants the financial vice president and other executives a $15,000 bonus if the net income exceeds the previous years by $1,000,000....
- Q Explain the policies that can be carried out by the central and local governments in developing investments for the welfare of the community
- Q Internal Control Questionnaire for Book Buy Back Cash Fund. Taylor, a CPA has been engaged to audit the financial statements of University Books, Incorporated Univer sity...
- Q spital administrator during of $7,961. She also earns credit for excess Social Security Kathryn earns a salary of $150,000 from Hospitals, Inc. as a hospital adminis...
- Q The following events occurred during the ycar. Book the entries necessary for the comesponding transactions that have occurred. August 1: The business owner loaned the company $10,000...
- Q Each credit sales transaction for a seller of merchandise using a perpetual inventory system involves: Revenue received in the form of an asset from a customer....
- Q For tax purposes, a deduction is allowed for the consumption of the cost of timber through: a. Amortization. b. Cost recovery. ...
- Q At the beginning of the year, Learer Companys manager estimated total direct labor cost to be $2,518,000. The manager also estimated the following overhead costs for the year....
- Q Please help with A, B, and C.
- Q Rustico es dueo de un pequeo restaurante cerca de un rea de estacionamiento de trimviles. Sus ingresos brutos anuales oscilan entre P400,000 y P450,000. Los ingresos brutos del...
- Q Each of the following independent events requises a year-end adjusting entry. o. Paid $9,900 cash in advance on July 1 for a one-year lease on office...
- Q Web Wizard, Incorporated, has provided information technology services for several years. For the first two months of the current year, the company has used the percentage of credit...
- Q Explain how Royal Caribbean accounts for customer deposits as passengers purchase cruise tickets in advance?
- Q Selected account information (in $ millions) from Target Corporations 2011 annual report follows. While the company has authorized the issuance of 5 million shares of preferred stock, none have been...
- Q The current sections of Teal Mountain Marine Inc.'s balance sheets at December 31,2024 and 2025 are presented here. Teal Mountain Marine's net income for 2025...
- Q On 1 March 2020, Sunrise Ltd, a New Zealand entity, purchases AUD 1 200 000 of inventory from Suresh Incorporated, an AUD entity. The...
- Q Stallion Corporation sold $190,000 par value, 10-year first mortgage bonds to Pony Corporation on January 1, 20X5. The bonds, which bear a nominal interest rate of 10 percent,...
- Q conciliacin bancaria June Company proporcion la siguiente informacin al cierre del mes: Efectivo en banco por extracto bancario 8,000,000 Depsito en trnsito...
- Q Estimated tax information: XYZ made four equal estimated tax payments totaling $360,000 ( $90,000 per quarter). For purposes of estimated tax liabilities, assume XYZ was in existence in...
- Q Purrfect Pets uses the perpetual inventory system. At the beginning of the quarter Purrfect Pets has $41,000 in inventory. During the quarter the company purchases $9,550 of new...
- Q Direct Materials Variances Bellingham Company produces a productthat requires 15 standard pounds per unit. The standard price is $6per pound. If 4,400 units used 64,700 pounds, which were purchasedat $6.12...
- Q The following events pertain to Super Cleaning Company:Acquired $15,200 cash from the issue of common stock.Provided $13,200 of services on account.Provided services for $4,200 cash.Received $2,600 cash in advance for...
- Q Terry’s auditors have approached the management team with theirconcern that Terry has not been properly recording deferred taxes.In particular, they are concerned that Terry is simply recognizing25% as the company’s...
- Q The most recent financial statements for Live Co. are shownhere: Income Statement Sales $18801 Costs $10361 Taxable Income ?Taxes (40%) ? Net Income ? Balance Sheet Current Asset $13198 Debt$18918...
- Q True or False:-SOX requires a company's management as well as its outsideauditors to document and assess the effectiveness of a company'sinternal controls-Cash equivalents are defined as short-term investments whichhave a...
- Q Abacus Co. wishes to maintain a growth rate of 14 percent ayear, a debt–equity ratio of 1.3, and a dividend payout ratio of 25percent. The ratio of total assets to...
- Q Types of Computer Fraud
- Q What is Social Engineering and how can you detect it.
- Q Hartman, Inc. has prepared the following comparative balancesheets for 2017 and 2018: 2018 2017 Cash $ 282,000 $ 153,000 Accountsreceivable 139,000 117,000 Inventory 150,000 180,000 Prepaidexpenses 18,000 27,000 Plantassets 1,295,000 1,050,000 Accumulateddepreciation (450,000) (375,000) Patent 153,000 174,000 $1,587,000 $1,326,000 Accountspayable $ 153,000 $ 168,000 Accruedliabilities 60,000 42,000 Mortgagepayable — 450,000 Preferredstock 525,000 — Additionalpaid-incapital—preferred 120,000 — Commonstock 600,000 600,000 Retainedearnings 129,000 66,000 $1,587,000 $1,326,0001. The AccumulatedDepreciation account has been credited only for the depreciationexpense for the period.2. The RetainedEarnings account has been charged for...
- Q The following is a partial trial balance for General LightingCorporation as of December 31, 2018:Account TitleDebitsCreditsSales revenue2,500,000Interest revenue83,000Loss on sale of investments24,000Cost of goods sold1,220,000Loss from write-down of inventory due...
- Q Karla Tanner opened a Web consulting business called Linkworksand completed the following transactions in its first month ofoperations. April1Tanner invested $110,000 cash along with office equipmentvalued at $26,400 in the company...
- Q Paolucci Corporation's relevant range of activity is 8,100 unitsto 16,500 units. When it produces and sells 12,300 units, itsaverage costs per unit are as follows:AverageCost per UnitDirectmaterials$7.05Directlabor$3.95Variablemanufacturing overhead$1.95Fixedmanufacturing overhead$3.40Fixed sellingexpense$1.25Fixedadministrative...
- Q Marc and Michelle are married and earned salaries this year of$67,600 and $13,350, respectively. In addition to their salaries,they received interest of $350 from municipal bonds and $950 fromcorporate bonds....
- Q The most recent financial statements for Live Co. are shownhere: Income Statement Sales $15752 Costs $11206 Taxable Income ?Taxes (40%) ? Net Income ? Balance Sheet Current Asset $13516 Debt$16391...
- Q On March 31, 2021, theHerzog Company purchased a factory complete with vehicles andequipment. The allocation of the total purchase price of $950,000to the various types of assets along with estimated...
- Q … has the following standard cost sheet for its mainproduct:DirectMaterials2 feetat$5 perfoot$10DirectLabor0.5 hours at$10 per hour$5Variable overhead0.5 hours at$2 per hour$1Fixedoverhead0.5 hours at$4 per hour$2Standardoverhead18The fixed and variable overhead rates...
- Q Acme Manufacturing is trying to decide whether to eliminateDepartment Z, which has produced low profits or losses for severalyears. The company’s departmental income statements show thefollowing:AZTotalSales$700,000$175,000$875,000Cost of goods sold461,300125,100586,400Gross profit238,70049,900288,600Operating...
- Q Measures of liquidity, Solvency, and ProfitabilityThe comparative financial statements of Marshall Inc. are asfollows. The market price of Marshall common stock was $ 53 onDecember 31, 20Y2.Marshall Inc.Comparative Retained EarningsStatementFor...
- Q For 20Y2, McDade Company reported a decline in net income. Atthe end of the year, T. Burrows, the president, is presented withthe following condensed comparative income statement:McDade CompanyComparative Income StatementFor...
- Q Required informationProblem 12-4A Partnership income allocation, statement ofpartners' equity, and closing entries LO P2Mo, Lu, and Barb formed the MLB Partnership by makinginvestments of $67,500, $262,500, and $420,000, respectively. Theypredict...
- Q You are recently hired as a staff accountant for a smallfinished goods manufacturing company. Part of your duties includedoing the month end inventory of finished goods. After a few monthsyou...
- Q A lease agreement that qualifies as a finance lease calls forannual lease payments of $25,000 over a six-year lease term (alsothe asset’s useful life), with the first payment at January...
- Q what are the advantages and disadvantages of the soleproprietorship form of organization?Provide specific examples.
- Q X-TREME Corporation has the following activities: creating billsof materials (BOM), studying manufacturing capabilities, improvingmanufacturing processes, training employees, and designing tooling.The general ledger accounts reveal the following expenditures formanufacturing engineering:Salaries$ 75,000Equipment40,000Supplies ...
- Q Distinguish between cash-basis accounting and accrual-basisaccounting. Why is accrual-basis accounting accept-able for mostbusinesses and the cash-basis unacceptable in the preparation of anincome statement and a balance sheet?
- Q At the beginning of Year 2, the Redd Company had the followingbalances in its accounts:Cash$8,000Inventory2,000Common stock7,500Retained earnings2,500During Year 2, the company experienced the following events:Purchased inventory that cost $5,500 on...
- Q Is Social Security an Entitlement?BackgroundAlan Simpson, Senator from Wyoming, Co-chair of Obama’s deficitcommission, called senior citizens “the Greediest Generation” as hecompared Social Security to a Milk cow with 310 million...
- Q How are the components of revenues and expenses different for amerchandising company? Explain the income measurement process of amerchandising company.
- Q Alpine Perceptions Ltd.Alpine Perceptions Ltd. (APL) provides “technology solutions” tomanufacturing companies. APL is a wholly owned subsidiary ofElevation Technologies Inc. (Elevation), a privately ownedconglomerate. In 2016 APL was performing poorly...
- Q Tami Tyler openedTami’s Creations, Inc., a small manufacturing company, at thebeginning of the year. Getting the company through its firstquarter of operations placed a considerable strain on Ms. Tyler’spersonal finances....
- Q Wright, Inc. manufactures a product that has the followingstandard costs:Direct materials: 30 yards at $4.75 peryard $142.50Direct labor: 7 hours at $18.00 perhour 126.00 Total $268.50The following information pertains to July:Direct material costs 20,000...
- Q Geyser Company beganoperations in 2017 and has provided the following information.Pretax financial income for 2017 is $200,000.The tax rate enacted for 2017 and future years is 40%.Differences between the 2017...
- Q With the ever-changing tax rules that come into effect everyyear, what options would you use to notify your client of thechanges to the tax code that may affect them? Give...
- Q Transferred-In CostGolding's finishing department had the following data forJuly:Transferred-InMaterialsConversionUnits transferred out60,00060,00060,000Units in EWIP13,00011,0009,000 Equivalent units73,00071,00069,000Costs: Work in process, July 1: Transferred-in from fabricating$2,100 Materials1,500 Conversion costs3,000 Total$6,600 Current costs: Transferred-in from fabricating$30,900 Materials22,500 Conversion costs45,300 Total$98,700Required:1. Calculate unit costs for the...
- Q The MN Partnership was formed by Morgan and Nate. Morgancontributed $45,000 cash for a 50% partnership interest. Natecontributed property with a tax basis of $23,000 and a value of$45,000 for...
- Q Lorien Corp., a client, has received a research grant from thefederal government. As acondition of the grant, the government requires a report onmanagement’s assertion about theeffectiveness of the company’s internal...
- Q Visit a local retailer and while you are there, you need to finda NEW product. It could be identified on the store shelf or on thepackaging of the product, but...
- Q The following transactions were completed by Winklevoss Inc.,whose fiscal year is the calendar year:Year 1July 1 Issued $71,100,000 of 20-year, 12% callable bonds datedJuly 1, Year 1, at a market...
- Q The January 1, 2016 trial balance for the Taylor company isfound on the trial balance tab. The beginning balances are assumed.Perry Co. entered into the following transactions involvingshort-term liabilities in...
- Q The Plant department of the local telephone company purchasedfour special pole hole diggers eight years ago for $14,000 each.They have been in constant use to the present time. Due to...
- Q On January 1, 2021, Baddour, Inc., issued 12% bonds with a faceamount of $166 million. The bonds were priced at $145.4 million toyield 14%. Interest is paid semiannually on June...
- Q Sockerville machine shop fabricates polished steel casings. Theycurrently sell 27,000 casings at a selling price of $70. They havethe following cost structure:Variable costs per unit$45Fixed costs$210,000Answer and Show Work:What is...
- Q Complete the following table by filling in the unknownquantities and U/F designations for variances.ActualResultsFlexibleBudgetVarianceFlexibleBudgetSalesVolumeVarianceMasterBudgetUnits3,5003,200Sales revenues$252,000Variable costs2,000 U121,600Contribution marginFixed costs22,00020,000Operating income$ 92,000
- Q Market Makers Inc. (MMI) provides a range of services to itsretail clients—customer service for inquiries, order taking, creditchecking for new customers, and a variety of related services. AutoSupermarket (AS) is...
- Q The City of Grinders Switch maintains its books in a manner thatfacilitates the preparation of fund accounting statements and usesworksheet adjustments to prepare government-wide statements.General fixed assets as of the...
- Q Prospect of accounting profession in Bangladesh(Minimum 1500words)
- Q Assume that Painless Dental Clinics, Inc., offers three basicdental services. Here are its prices and costs:Priceper UnitVariable Costper UnitUnitsSoldper YearCleaning$140$908,000Filling4204001,700Capping1,225530300Variable costs include the labor costs of the dental hygienistsand dentists....
- Q Amazon: Describe the fraud risks (Please be industry specific)Need: Resource in where you got the answer about Amazon Fraudrisks!
- Q IBM acquired land and a building for a purchase price of$2,290,000. Before purchasing, they paid $30,000 for an appraisalthat determined the fair value of the land as $756,000 and thebuilding...
- Q Tartan Industries currently has total capital equal to $4million, has zero debt, is in the 40% federal-plus-state taxbracket, has a net income of $2 million, and distributes 40% of itsearnings...
- Q Laval produces lamps and home lighting fixtures. Its mostpopular product is a brushed aluminum desk lamp. This lamp is madefrom components shaped in the fabricating department and assembledin the assembly...
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