Accounting question and answers for August 02, 2023
- Q Carlson Enterprises manufactures tires for the Formula 1 motorracing circuit. For August 2017?,it budgeted to manufacture and sell 3,300 tires at a variablecost of $72 per tire and total fixed...
- Q 1. What are the key elements that determine if we should processan item further or sell it at the split off point?2. What are the key points we should consider...
- Q Bradford Plumbing had the following data for a recent year:Credit sales $547,900 Allowance for doubtful accounts, 1/1 (acredit balance) 8,740 Accounts receivable, 1/1 42,340 Collectionson account receivable 489,770 Accounts receivable...
- Q Recording Notes Receivable: Issuance, Payment, and DefaultMarydale Products permits its customers to defer payment by givingpersonal notes instead of cash. All the notes bear interest andrequire the customer to pay...
- Q Accounting standards and regulations should aim to state how allsituations should be dealt with. Discuss.
- Q At the beginning of the year, Tennyson Auto Parts had anaccounts receivable balance of $31,800 and a balance in theallowance for doubtful accounts of $2,980 (credit). During theyear, Tennyson had...
- Q Brown Company makes copper fire pits. Each job is unique in sizeand design. Brown has provided you with the following January 1,2011 account balances.Raw Materials, 1/1/2021 $35,000Work-in-process 1/1/2021 $80,000Finished Goods...
- Q Carpenter, Kneller, and Hartley are partners.Their Capital account balances were $35,000, $30,000, and$24,000, respectively, at the beginning of the current fiscalyear.The partnership agreement provides for an allowance of interestat the...
- Q 1.)Who is responsible for the fair presentation of the financialstatements and the integrity of the system of internalcontrols? A. The independent registered accounting firm B. The CEO and CFO C. Management of the...
- Q Why might a not-for-profit health care organization use fundaccounting?
- Q A new machine costs $120,000, has an estimated usefullife of five years and an estimated salvage value of $15,000 at theend of that time. It is expected that the machine...
- Q The following data were takenfrom the records of a company Period 1 Period2 Period 2 Production 30,000 38,000 27,000 Sales 30,000 27,000 38,000 OpeningStock - 11,000 ClosingStock 11,000All the above inKgsThe firm makes a singleproduct the financial details of which are as follows (based...
- Q Please provide and discuss three reasons why companies willissue restricted stock to employees in their stock compensationplans..
- Q Direct Materials, Direct Labor, and Factory Overhead CostVariance AnalysisMackinaw Inc. processes a base chemical into plastic. Standardcosts and actual costs for direct materials, direct labor, andfactory overhead incurred for the...
- Q Bunker makes two types of briefcase, fabric and leather. Thecompany is currently using a traditional costing system with laborhours as the cost driver but is considering switching to anactivity-based costing...
- Q Cost of Units Completed and in ProcessThe charges to Work in Process—Assembly Department for a period,together with information concerning production, are as follows.All direct materials are placed in process at...
- Q Exercise1 Prepare journalentries to record the following transactions for Riyadhtown for2018. The Town records encumbrances only for its Suppliesappropriation. a. Riyadhtownadopted the following budget for theyear: Revenues: Propertytaxes SAR 375,000 Licenses andfees 35,000 Appropriations:Salaries 255,000 Supplies 40,000 Interest 1,500 b. Property tax bills amounting...
- Q On June 1, our company purchases $10 million book value ofcorporate bonds that we classify as available-for-sale (AFS). Weintend to sell these securities on September 30 to meet plannedfunding needs....
- Q Match each of thefollowing basic concepts and principles to the appropriatedescription.ConservatismExpenserecognitionConsistencyMaterialityDisclosureThe accountant shouldexercise the option that results in a lower balance of assets,lower net income or a higher balance of...
- Q The following lots of a particular commodity were availablefor sale during the year:Beginning inventory 10 units at $30First purchase 25 units at $32Second purchase 30 units at $34Third purchase 10...
- Q Diana Mark is the president of ServicePro, Inc., a company thatprovides temporary employees for not-for-profit companies.ServicePro has been operating for five years; its revenues areincreasing with each passing year. You...
- Q Waterways Problem 01 b1-b3 (Part Level Submission)Waterways Corporation is a private corporation formed for thepurpose of providing the products and the services needed toirrigate farms, parks, commercial projects, and private...
- Q Special notes.BooksTuitionTaxTax bracketPell GrantsThis student volunteers time at a local school to help withtheir underfunded music program. He could have earned $400 with thetime he spent there.$300$4,000$1,00012%$3,300What is the amount...
- Q Presented below is the 2018 income statement and comparativebalance sheet information for Tiger Enterprises. TIGER ENTERPRISESIncome Statement For the Year Ended December 31, 2018 ($ inthousands) Sales revenue $ 7,000...
- Q 2. Advanced Medical Technology is a new,rapidly growing firm that produces specialized medical instruments.They sell to hospitals and other surgical units, and a substantialportion of their sales are to foreign...
- Q Classify each of the following tasks as belonging in therevenue, expenditure, human resources/payroll, production, orfinancing cyclea. Selling bonds to raise capital-b. Purchasing electronic components to manufacture DVDplayers-c. Moving electronic components...
- Q you have been hired by a company in the Bay area to assesswhether diverse teams are more effective than non-diverse teams.You hypothesize that diverse team are more effective thannon-diverse teams.1....
- Q Hogue Sports Hut provides individual instruction and coaching tochildren participating in the city’s baseball, softball,basketball, and soccer youth leagues. Last year’s results were asfollows:Sales revenue$921,450Variable expenses647,750Contribution margin273,700Fixed expenses154,700Operating income$119,000B) If...
- Q On April 1, Jiro Nozomi created a new travel agency, AdventureTravel. The following transactions occurred during the company’sfirst month. April 1 Nozomi invested $37,000 cash and computerequipment worth $40,000 in...
- Q Consolidated Balance Sheet Working Paper, BargainPurchaseOn January 1, 2019, Paxon Corporation acquired all of theoutstanding common stock of Saxon Company for $1.7 billion cash.The balance sheets of Paxon and Saxon,...
- Q What are the steps to the closing process and do we post theseentries?
- Q Distinguish between Revenues and Estimated Revenue. Illustratethe budget entry for Estimated Revenue. Use this information tobook the entry. The city approved the revenue budget for thefollowing. Total Revenue $750,000 (Taxes...
- Q According to the SEC, “[A]s part of the cover up, Peregrinepersonnel wrote off millions of dollars in uncollectible—primarilysham—receivables, to acquisition-related accounts” (LR 18205A).1. Explain how this would affect the signal...
- Q Throughout the year, Johnson Inc. had the following sharesoutstanding. There were no shares issued or repurchased during theyear.Preferred shares, $3.00, unlimited number authorized,60,000issued and outstanding $12,000,000Common shares, unlimited number authorized,...
- Q If you were to develop an accounting conceptual framework fromscratch, where would you start and how would you structure it?
- Q Oslo Company prepared the following contribution format incomestatement based on a sales volume of 1,000 units (the relevantrange of production is 500 units to 1,500 units):Sales$80,000Variable expenses52,000Contribution margin28,000Fixed expenses21,840Net operating...
- Q Classify each of the following accounts as an asset, liability,stockholders’ equity, revenue, or expense item.The Bonita Vista Golf & Country Club details the followingaccounts in its financial statements.
- Q Complete the problems listed below relating to BIO-SCI Corp forits employee, Jone Lee. For each event of each problem, indicate ifthis is a taxable event, amount of taxable income and...
- Q Know Your Product Ltd is an Australian company with a functionalcurrency = A$. The company has entered into a number oftransactions denominated in US$ during the year ended 30 June...
- Q Cordeio, Inc. is a controlled foreign corporation (CFC) for theentire tax year. Yancy Company, a U.S. corporation, owns 70% ofCordeio's one class of stock for the entire year. Subpart F...
- Q Complete the problems listed below relating to BIO-SCI Corp forits employee, Jone Lee. For each event of each problem, indicate ifthis is a taxable event, amount of taxable income and...
- Q The adjusted trial balance for Wisdom Company, as of December31, 2019, is shown below: Wisdom Company Adjusted Trial Balance Asat December 31, 2019 Dr Cr Accounts receivable 19,800 Machinery44,800 Cash...
- Q Navajo Company’s financial statements show the following. Thecompany recently discovered that in making physical counts ofinventory, it had made the following errors: Inventory on December31, 2016, is understated by $56,000,...
- Q Audit Sampling and Accounts ReceivableQuestion 1 KPMG was the auditor for Xerox Corporationbetween 1997 and 2000. During this time, approximately $6 billionof revenue was improperly classified and earnings were overstatedby...
- Q A company issues term bonds totaling $300,000 on January 1,2014. The bonds have a coupon rate of 5%, pay interestsemi-annually on Jan 1st and July 1st of each year, and...
- Q The amounts of the assets and liabilities of Nordic TravelAgency at December 31, 2016, the end of the year, and its revenueand expenses for the year follow. The retained earnings...
- Q Allocating Selling and Administrative Expenses usingActivity-Based CostingShrute Inc. manufactures office copiers, which are sold toretailers. The price and cost of goods sold for each copier are asfollows:Price$700per unitCost of goods...
- Q True Or False _____The Fair Value Adjustment account has a normal creditbalance._____Companies report trading securities at fair value, withunrealized holding gains and losses reported in net income._____Equity security holdings between20 and...
- Q The trial balance of Pacilio Security Services, Inc. as ofJanuary 1, Year 6, had the following normal balances: Cash $ 74,210Accounts Receivable 13,500 Supplies 200 Prepaid Rent 3,200Merchandise Inventory (24...
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