Accounting question and answers for August 02, 2023
- Q There is really only one reason that a company would use LIFO to account for its inventory. There are several disadvantages to using LIFO. a. What is the one reason...
- Q ABC provided the following statement of net income on December 31,2019 disposal of a business segment. The income statement includes the results of ABC's vegetable division....
- Q Document a process (Your choice, at least 5 steps and 3 participants): 1. Create a narrative (Using MS Word). May be paragraph or Outline form 2. Create a Flowchart (Using...
- Q 11.10 Why is an understanding of cost behaviour (e.g. fixed costs, variable costs, etc.) important? Will such understanding be more important for financial accounting or for management accounting? 11.11...
- Q Interest expenses OMR 200 Interest payable OMR 100 Advertisement OMR 50 Insurance expense OMR 60 Rent received OMR 90 Loss on sale of furniture OMR 75 Sold furniture for profit...
- Q Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 68 units @ $96 10 Sale 51 units 15 Purchase 87 units @ $101...
- Q PLEASE NOTE 12 QUESTIONS WITHIN W.F. Prince Bond Financing Case W. F. Prince is a wholesaler of industrial lighting fixtures with sales of around $190,000,000 per year. The company currently...
- Q 6. What are the statutory provisions with regards to preparation of final accounts? Who are the stakeholders who would be using the final accounts? Also, what are advantages and disadvantages...
- Q If a victim reports the theft of a debit card within two days, but only after fraudulent charges are made, what is their maximum liability for fraudulent charges? $0 $50...
- Q Based on the industry-low, industry-average, and industry-high values for the benchmarked data in each issue of the FIR, which of the following is an unconvincing or untrustworthy indication that one...
- Q What factors might influence management's selection of an inventory cost flow assumption?
- Q Determine whether (1,3) is a solution of (x+7)2(y+5)2=10. Since the expression (x+7)2(y+5)2 evaluated at (1,3) is (1,3) a solution
- Q Next years sales forecast shows that 20,000 units of Product A and 22,000 units of Product B are going to be sold for prices of $10 and $12 per unit,...
- Q Line 24 account type should be Expense, financial statement should be Profit and Loss
- Q A SEP can be established by which of the following entities? 1. S corporation. 2. LLC taxed as a partnership. 3. C corporation. a. 1 only. b. 1 and 2....
- Q Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $11,500 cash and $49,450 of photography equipment in the company in exchange for...
- Q 4. Calculate the contribution margin ratio for each policy. Rank the Insurance Type field from the highest contribution margin ratio to lowest contribution margin ratio. Do these rankings...
- Q What type of risk is avoided by outsourcing? A) Technology risk B) Information for decision-making risk C) Operations risk D) Empowerment risk
- Q Requirement 1. Post the transactions to the T-accounts. Use the dates as posting references in the T-accounts. We will post to the accounts one transaction at a time. Begin by...
- Q Please show all work and formulas used. Classifying Cost Behavior Classify the total costs of each of the following as variable, fixed, mixed, or step. Sales volume...
- Q please answer both for a thumbs up Soge Company is operating at 90% of capacity and is currently purchasing a part used...
- Q For a finance lease, an amount equal to the present value of the lease payments should be recorded by the lessee as a(n): a. ...
- Q Analysis Bal Sheet Analysis Inc Stmt Prepare a horizontal analysis of the balance sheet. (Negative answers should be indicated by a minus sign. Round your answers to 1...
- Q (b) List six steps which auditors should take to minimize the danger of claims against them for negligent work.
- Q All of the following are ways to stay connected to the IRS through subscriptions EXCEPT: E-News for Tax Professionals IRS Social Media www.irs.gov QuickAlerts
- Q How can amount in an Investment Trust Fund be invested?
- Q Brief Exercise 17-1 Pina Company purchased, on January 1, 2017, as a held-to-maturity investment, $71,000 of the 8%, 5-year bonds of Chester Corporation for $65,617, which provides an...
- Q Wang purchased a bicycle for $100 five years ago. Two people try to buy her bicycle. The first person offers $45, and another offers $70. What is Wangs opportunity cost...
- Q Molander Corporation is a distributor of a sun umbrella used at resort hotels. Data concerning the next month's budget appear below: Selling price per unit Variable expense per...
- Q The Bottlebrush Company has income from operations of $72,072, invested assets of $234,000, and sales of $514,800. Round answers to one decimal place. (a) Determine the profit margin. % (b)...
- Q Cane Company manufactures two products called Alpha and Beta that sell for $190 and $155, respectively. Each product uses only one type of raw material that...
- Q please help solve Garden Sales Incorporated, sells garden supplies. Management is planning its cash needs for the second quarter. The...
- Q . Klee Company reported the following data at year-end: Franchise P1,000,000 Computer software 1,500,000 ...
- Q 1ISOs are a common benefit for executives. Which of the following statements is false regarding ISOs? a. ISOs can only be granted to an employee of the corporation issuing the...
- Q na
- Q Q1: Management accounting Is available to both external and internal users Is the same as cost accounting Provides information to managers to help make decisions. Creates technical reports that...
- Q 8. What is depreciation. Explain the different methods of depreciation in brief? Also, explain the main points of difference between straight line method and reducing balancing method. 500-600...
- Q Q3. Silver Lining, Inc., provides investment advisory services. The company adjusts its accounts monthly, but performs closing entries annually on December 31. The firm's unadjusted trial...
- Q a loan for $2,000 with a simple annual interest rate of 8% was made on November 15th and was due on January 29th find the ordinary interes
- Q Fixed costs normally will not include: a. direct labour b. depreciation of building c. rates & taxes d. factory supervisor salary
- Q during 2022 Sheridan corp reported after tax net income of 930000 and paid 185200 in common dividends the weighted average number of common shares issued in 2022 was 196000 there...
- Q Kimber Co. is in the process of liquidating and going out of business. The firms accountant has provided the following balance sheet and additional information: ...
- Q 4. Vaden Company purchased a patent from Williams Co. for $300,000 on January 1, 2016 when there was 15 years remaining in the legal life of the patent. Vaden estimates...
- Q Discuss the concept of the corporate veil and the need to lift or pierce the corporate veil.
- Q Determine for each of the following accounts whether or not they appear on the Assets section of the Classified Balance Sheet. Long Term Revenues Plant, Property, and Equipment...
- Q On March 1, 2020, Sabina Inc.s application for a patent of a new product was granted. Legal and registration costs incurred for the patent were $75,000. The patents legal life...
- Q When activity-based costing is used, how much of the overhead cost is allocated to product X1? $670,000. $800,000. $950,000. $580,000
- Q "Current Liabilities" on the Balance Sheet contain the portion of Assets that can normally be turned into cash within one year. O True False
- Q John Barton is both excited and amazed. Excited because on graduating from college one year ago at age 22, he landed a good job with a commercial leasing firm...
- Q Milo Company manufactures beach umbrellas. The company is preparing detailed budgets for the third quarter and has assembled the following informMilo Company manufactures beach umbrellas. The company is preparing...
- Q Objective 2 Matching: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. Accounts Payable Subsidiary Ledger Accounts Receivable...
- Q You work in the SC department of a firm that makes microchips, You are trying to convince...
- Q Determine the average rate of return for a project that is estimated to yield total income of $507,640 over four years, cost $624,000, and has a $62,000 residual value. %
- Q On September 1, 2024, a company decides to lease office space in a building. The buildings owner offers the company the following options, with the first monthly payment beginning September...
- Q then bemiannally? a. If the intarest a paid semiannualy, the valuit of the bondis (Recid lo the ararest cent)
- Q Sumner sold equipment that it uses in its business for $30,000. Sumner bought the equipment a few years ago for $80,000 and has claimed $40,000 of depreciation expense. Assuming that...
- Q Ozark Distributing Company is primarily engaged in the wholesale distribution of consumer products in the Ozark Mountain regions. The following disclosure note appeared in the companys 2024 annual...
- Q Future Semiconductor is considering the purchase of photolithography equipment that will cost $3 million. The equipment requires maintenance of $5,000 at the end of each of the next five years....
- Q Billy and Sue are married and live in Texas, a community property state. They jointly own real property with an adjusted basis of $200,000. When the property...
- Q Soto Industries Inc. is an athletic footware company that began operations on January 1, Year 1. The following transactions relate to debt investments acquired by Soto Industries Inc., which has...
- Q Frederick Grant is employed by Jabex Ltd as an Engineer. He earns 270,000 per month as a gross salary. the company has an approval pension scheme to which he contributes...
- Q (a) Discuss the extent of an auditor's responsibilities to shareholders and others during the course of their normal professional engagement.
- Q hw 3.5 ngie Silva has recently opened The Sandal Shop in Brisbane, Australia, a store that specializes in fashionable sandals. Angie has just received a degree in business and she...
- Q Phantom Inc. has an unadjusted debit balance of $5,250 in its Allowance for Doubtful Accounts. The company has experienced bad debt losses of 2% of credit sales in prior periods....
- Q David gave property with a basis of $1,330 to Hannah when the property had a FMV of $1,000 and paid gift taxes of $80. If Hannah later...
- Q Candle Co. performs an inventory court at year-end. The company records a ending balance of $56,000 for inventory on its balance sheet. During the following year, the...
- Q e. If Grainger had kept its 2015 allowance for uncollectible accounts at the same percentage of gross accounts receivable as it was in 2013, by what amount...
- Q Budget Information Sales Budget Production Budget DM Budget DL Budget FOH Budget Cap Ex Budget Selling Budget G&A Budget For Year Ending December 31, 2019 October Novembr Deeember...
- Q Provide an example of transaction that follows five-step revenue recognition principle. Please identify each revenue recognition steps.
- Q What are cost objects, cost pools and allocation bases ? What role do they play in cost allocation? What is the difference between cost allocation bases and cost drivers ?
- Q Question 8 ( 4 points) Ch. 5 - Pringles, Inc., a company that produces and sells a single product, has provided its contribution format income statement...
- Q Al December 31, 2016, the Accounts Receivable balance of Foley Distribution Service is $210,000. The Allowance for Bad Debls account has a $14,780 debit balance. Foley Distribution Service...
- Q ate Law | Semester 2 2021 Question 3 Do (a) proprietary companies and (b) public companies have a minimum and maximum number of members? Explain. In...
- Q It can be a role at your company or any company you choose. Controller Briefly describe the role. Include the following elements In the sourcing plan: Describe the approach youll...
- Q Accounting Problem Help! Rensing Ltd. estimates sales for the second quarter of 2017 will be as follows. Month Units ...
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