Accounting question and answers for August 03, 2023
- Q boris runs a consultancy business and incurs the following expenses -dinner with clients at a lavish restutant $789 - speeding fine incurred running late for a client meeting $560 -$5000,...
- Q An agents fiduciary duty to their principal includes confidentiality, obedience, loyalty, and disclosure. When is the agency violating one of these duties and why?
- Q Robin a d Kristine, both calendar- year taxpayer end on June 30 of beach year, own a 20 % interest in Partnership TNT. Partnership TNT has not established a business...
- Q DIR Fit Co. is a fitness club. All members pay in advance to be admitted to the club premises. Advance payments are credited to an account entitled Unearned Revenue. Adjusting...
- Q On January 1, 2019, Portly Corporation acquired equipment for $136,000. The estimated life of the equipment is 10 years or 45,000 hours. The estimated residual value is $10,000. What is...
- Q What is an environmental pollution
- Q A company has three categories of inventory in stock: Category Cost Market value Tin $400 $350 Stainless...
- Q explain the accounting cycle with the aid of a business transaction 6 marks
- Q On July 1, 2020, Coronado Industries purchased machinery for $248000. Salvage value was estimated to be $9500. The machinery will be depreciated over ten years using the double-declining balance method....
- Q Can a company report positive earnings on its Income Statement while also reporting negative cash-flow?
- Q 37 (3) onentere 37 (3) onentere
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- Q Req.2: To realize maximum efficiency and meet managements desired level of stock, how many Black & White handbags should be produced in Job 114?
- Q How does a business typically use Cost-Volume-Profit analysis? Group of answer choices To decide which products to discontinue and which to promote based on their popularity. To set the salaries...
- Q When the Statement of Cash Flow is complete you will have explained which of the following facts? Choose the best answer. Select one: a. The reasons why you made a...
- Q A company had inventory on November 1 of 5 units at a cost of $16 each. On November 2, they purchased 13 units at $18 each. On November...
- Q The major challenge when planning fixed overhead is: a.calculating the cost allocation rate b. choosing the appropriate planning period c. calculating total costs d.choosing the appropriate level of capacity
- Q Madison Carter spent much of her childhood learning the art of cookie-making from her grandmother. They spent many enjoyable hours mastering every type of cookie imaginable and later creating new...
- Q Palmer Corp. is considering the purchase of a new piece of equipment. The cost savings from the equipment would result in an annual increase in net income after tax of...
- Q Bargain Rental Car offers rental cars in an off-airport location near a major tourist destination in California. Management would like to better understand the variable...
- Q Barger Company had the following information at December 31: Finished goods inventory, January 1 $90,000 Finished goods inventory, December 31 126,000 If the cost of goods manufactured during the year...
- Q Hi, I was hoping to get some help with the following problem: I am to prepare a) statement of activities for governmental activities for December 31, 2015. and a-1)...
- Q Calculate the Canada's federal income tax payable before the tax credit, if the income of Mrs. Z is $60,000.
- Q An Advantage of defined benefit pension plan is: A. for an older participant with high salary or self-employment income ,they per annual deductible contributions than the other tax-advantaged retirement...
- Q The executor of Danny Mack's estate has listed the following properties at fair value: Cash $200,000, Life Insurance Receivable $500,000, Investment in Stocks and Bonds $50,000, Rental Property $100,000, and...
- Q Nondo Industies uses a peniodo inwentory sysiom. During ts first month of operations, Nondo Industries purchased imvortory as follows: There were 100 unts in ending invencry on Jafsary...
- Q Gallerani Corporation has received a request for a special order of 5.700 units of product A90 for $2760 each. Product A90's unit product...
- Q The law requires ______ to pay FICA taxes. A. both employee and employer B. the employee C. the employer D. only retailers
- Q Use the 2016 and 2017 annual balance sheets and income statements data to calculate two years' ratios in the "Ratios" worksheet. (1) Calculate liquidity ratios, efficiency ratios, leverage ratios, coverage...
- Q What is the period type for the element us-gaap_RevenueFromContractWithCustomerIncludingAssessedTax in the 2021 US GAAP XBRL Taxonomy as published by the FASB 1. instant ...
- Q need help solving 6 a) b) c) d) the answer for b) should come out to 395,328 use info below if needed to solve ...
- Q QUESTION 3-23 Marks Samstung Corporation has been in business for 15 years and prepares its reports using IFRS. On the first day of...
- Q Chmelar Manufacturing Company developed the following data: Beginning work in process inventory $ 80,000 Direct materials used 480,000 Actual overhead 560,000 ...
- Q Dinnell Company, with a June 30 year-end, owns the following assets: Asset A B C Year purchased 2014 2015 2016 Cost $20,000 $40,000 $100,000 Expected life 5 years 8 years...
- Q All of the following forms have been eliminated for 2019 EXCEPT: Schedule 3 Schedule 4 Schedule 5 Schedule 6
- Q (i). Going concern concept (ii). Accruals concept (iii). Business entity concept (iv). Prudence concept (v). Historical cost concept Required : Give or list two drawbacks of each of the above...
- Q Ryan Company deposits all cash receipts on the day they are received and makes all cash payments by check. Ryan's June bank statement shows $29,361 on deposit in the bank....
- Q Fayer Corporation has provided the following financial data: Balance Sheet December 31, Year 2 and Year 1 Assets Year...
- Q If price elasticity of demand is 3 and the price increases, how much will quantity demanded decrease by? For every 1% increase in price quantity demanded will go down by...
- Q Students will occasionally comment that they are studying to become accountants yet never mention Accounting Information Systems. Discuss the flaws in such reasoning.
- Q Wolseley Manufacturing Corporation manufactures various electronics... Wolseley Manufacturing Corporation manufactures various electronics products and follows a traditional (job-order) costing system in which it applies manufacturing overhead to its...
- Q A cash budget, by quarters, is given below for a retail company (000 omitted). The company requires a minimum cash balance of at least $3,000 to start each...
- Q The Stair Company sells computer parts through a retail store that it operates. The firms comparative income statement and balance sheet for the years 2019 and 2018 are shown below....
- Q Problem 14-28 (Algo) (LO 14-5, 14-6, 14-9) Gorman and Morton form a partnership on May 1, 2019. Gorman contributes cash of $59,000; Morton conveys title to the following properties to...
- Q 16 Points) Dental Diversity provides three basic service appointments; Cleaning, Check-up, and Full service. Total annual costs average $840,000. An RVU analysis indicates the following: Annual Average Appointments RVUs/appointment Cleaning...
- Q Casper used the following assets in his Schedule C trade or business in the tax year 2018. Casper is a new client and unfortunately does not have a copy of...
- Q Gambit Ltd. results for the year ended December 31, 2019, are as follows: Sales revenue $780,000; Cost of goods sold $610,000; Beginning inventory $80,000; Ending inventory $60,000. The gross profit...
- Q What are the retained earnings of Revlon, Inc for the year 2018 given the balance sheet and income statement?
- Q XYZ Company sells a product for $10. Budgeted sales for the first quarter of the current year are as follows: Budgeted Sales January $160,000 February $100,000 March...
- Q Question What are the dangers associated with taking an old contract and merely changing the name of the supplier for use in a new, three-year contract with a...
- Q Once budget data has been compiled, it is important that the data is represented properly in presentations for interpretation. Discuss which one of the methods to display data you would...
- Q 14. Determine the initial markup percent which will be required to achieve a 5.2% profit. Markdowns 4.0% Employee discounts 0.9 Expenses 45.0 Shortages...
- Q A company had an accounts receivable turnover ratio of 15.0 and net sales of $727,500 for a given period. What was the average amount of accounts receivables for this period?...
- Q Under the SEC's XBRL mandate, public companies are required to tag each quantiative amount in (select the best answer): 1. the primary financial statements...
- Q Wolseleys dilemma of Traditional Costing versus Activity Based Costing Wolseley Manufacturing Corporation manufactures various electronics products and follows a traditional (job-order) costing system in which it applies manufacturing overhead...
- Q Relevant costs are always fixed costs. variable costs. A&B None of the above
- Q Critical Thinking Problem 20.2 Interpreting the Balance Sheet The Stockholders' Equity section of Foreign Tours Corporation's balance sheet at the close of the current year follows....
- Q Chloe Co. sold $300,000 of equipment during January under a one-year warranty. The cost to repair defects under the warranty is estimated at 5% of the sales price. On June...
- Q what does your business unit's master budget look like? Provide an example in the form of a template
- Q Crawford Company has the following equivalent units for July: materials 20,000 and conversion costs 18,000. Production cost data are: Materials Conversion Work in process, July 1 $ 3,200 $ 1,500...
- Q A firm plans to buy a machine costing $600,000. It has a residual value of $25,000 and an expected useful life of six years. The firm's management estimates total income...
- Q what is the journal entry for accumulated amortization of trademark over two years?
- Q Ivanhoe Company incurs these expenditures in purchasing a truck: cash price $30,000, accident insurance (during use) $1,500, sales taxes $1,350, motor vehicle license $600, and painting and lettering $1,790. What...
- Q Exercises Part B 9. The worksheet on page 185 contains several errors. a. List the errors b. Prepare a correct work sheets. c. What is the correct net income? d....
- Q Killian Corp. has a residual income of $38,000 on invested assets of $456,000. If the hurdle rate is 10%, what is the operating income? $45,600 $38,000 $3,800 $83,600
- Q On March 3, Shamrock, Inc. sells $682,900 of its receivables to Western Factors Inc. Western Factors Inc. assesses a service charge of 6% of the amount of receivables...
- Q A company reported that its bonds with a face value of $84,000 and a carrying value of $61,500 are retired for $73,000 cash. The amount to be reported under cash...
- Q Wallowa Company is considering a long-term investment project called ZIP. ZIP will require an investment of $135,582. It will have a useful life of 4 years and no salvage value....
- Q During FY 2018, Adelphi Company reported sales of $400,000, a contribution margin of $10.00 per unit, fixed costs of $55,000, and net income of $20,000. Use this information to determine...
- Q On January 1, 2019 Jeacle Corporation acquired equipment for $120,000. The estimated life of the equipment is 8 years or 14,000 hours. The estimated residual value is $4,000. If Jeacle...
- Q Julie Hernandez is single and has no dependents. She operates a dairy farm and her Social Security number is 000-00-1111. She lives at 1325 Vermont Street in Costa, Florida. Consider...
- Q Do you believe a firm must have a firm grasp of the concepts of differential cost, opportunity cost and sunk cost to be effective in making business decisions? Min of...
- Q Martha has a net capital loss of $20,000 and other ordinary taxable income of $45,000 for the current year. What is the amount of Martha's capital loss carryforward
- Q What is meant by the phrase efficient allocation of resources? What mechanism fosters the efficient allocation of resources in the United States?
- Q Why are separate "expense" and "revenue" accounts used when all revenues and expenses could be shown directly in the retained earnings account?
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