Accounting question and answers for August 03, 2023
- Q Froya Fabrikker A/S of Bergen, Norway, is a small company thatmanufactures specialty heavy equipment for use in North Sea oilfields. The company uses a job-order costing system that appliesmanufacturing overhead...
- Q Froya Fabrikker A/S of Bergen, Norway, is a small company thatmanufactures specialty heavy equipment for use in North Sea oilfields. The company uses a job-order costing system that appliesmanufacturing overhead...
- Q Schrager Company has two production departments: Cutting andAssembly. During July, the following transactionsoccurred.1.Purchased $63,700 of raw materials.2.Incurred $60,200 of factory labor.3.Incurred $71,100 of manufacturing overhead.4.Requisitioned materials for Cutting $15,900 and...
- Q The following information relates to Hawkrigg Corporation’spurchase of equipment on 15 June 20X7: Invoice price..................... $ 210,000 Discount for early payment (if paidby 30 June)....... $ 1,050 Shipping costs..................... $2,000...
- Q Gitano Products operates a job-order costing system and appliesoverhead cost to jobs on the basis of direct materials used inproduction (not on the basis of raw materialspurchased). Its predetermined overhead...
- Q Superior Company provided the following data for the year endedDecember 31 (all raw materials are used in production as directmaterials):Selling expenses$213,000Purchases of raw materials$260,000Direct labor?Administrative expenses$152,000Manufacturing overhead applied to work...
- Q Provide the closing entry for the following trial balance atyear end:DR. CR.Cash $5,275A/R $1,850Equipment $56,480A/P $12,350OwnersCapital $70,405Owners Withdrawals $6,000Revenue $85,000Cost of Goods Sold $25,000Salaries $50,000 PayrollTaxes $8,900Utilities $13,800
- Q Leonard’s Orchard growscherries. In July, as the cherries are picked, they aresorted into grades. They sell the Grade A cherries at theirroadside stand for $5 per kilogram. Grade B cherries canalso be...
- Q Pastina Company sells various types of pasta to grocery chains asprivate label brands. The company's reporting year-end is December31. The unadjusted trial balance as of December 31, 2021, appearsbelow. Account TitleDebitsCreditsCash35,200Accounts...
- Q Arthur Wesson is a single taxpayer and had $350,000 ofalternative minimum taxable income for 2018.REQUIRED:1) Calculate his alternative minimum tax..2) Would it make a difference if he were married? Assume...
- Q 7) On January 1, Tiger Corp. paid $66,000 cash formachinery that was expected to last for 11 years.Is the machinery a current asset or a long-term asset?Why?Give Tiger’s journal...
- Q Below are approximate amounts related to retained earningsreported by five companies in previous years. 1. Coca-Cola reportsan increase in retained earnings of $3.0 billion and net income of$6.5 billion. 2....
- Q King Companies, Inc.King Companies, Inc. (KCI) is a private company that owns five autoparts stores in urban Los Angeles, California. KCI has gone fromtwo auto parts stores to five stores...
- Q Luzadis Company makes furniture using the latest automatedtechnology. The company uses a job-order costing system and appliesmanufacturing overhead cost to products on the basis ofmachine-hours. The predetermined overhead rate was...
- Q Gitano Products operates a job-order costing system and appliesoverhead cost to jobs on the basis of direct materials used inproduction (not on the basis of raw materialspurchased). Its predetermined overhead...
- Q what are some audit strategies or procedures to address therisks of material misstatement regarding expenses and overstatedrevenue
- Q A 9-month short position of a forward contract on a stock isentered into today, when the stock price is $60. The stock hasexpected dividends of $1.0 in 2 months, $2.0...
- Q Salt Company has 6,000 machine hours available to produceeither Product 1 or Product 2. The cost accounting departmentdeveloped the following unit information for each product:Product 1Product 2Sales Price$35$48Direct Materials812Direct Labor43V....
- Q What are the four sections of the Auditor’s report?
- Q QUESTION 7 UVM, Inc. employs a process costing system and usesnormal costing. Its records showed the following inventory balancesin 2019: Jan 1, 2019 Dec 31,2019 Materials.................................. $31,000 ?? Work in...
- Q Answer Parts A,B, and C please4) Anton Decorators had the following selectedbalances in its accounts on March 1:Cash$6,000Accounts Receivable2,000Supplies1,500Salary Payable1,000Unearned Revenue4,000Service Revenue9,000Salary Expense5,000Supplies Expense600A. Draw these T-accounts, putting in...
- Q Electronic Distribution has a defined benefit pension plan.Characteristics of the plan during 2021 are as follows:($ millions)PBO balance, January 1$460Plan assets balance, January 1250Service cost65Interest cost35Gain from change in actuarial...
- Q marinamarina Boats guarantees its boats for three years or 1,500hours, whichever comes first. Industry experience indicates thatMarinaMarina can expect warranty costs will equal 9 percent ofsales. Assume in its first...
- Q The basic business activities performed in the revenue cycle aresales order entry, shipping, billing, cash collections. Pleasedescribe these activities.
- Q Marin Industries has the following patents on its December 31,2016, balance sheet.Patent ItemInitial CostDate AcquiredUseful Life at Date AcquiredPatent A$43,4523/1/1317 yearsPatent B$16,5607/1/1410 yearsPatent C$20,6409/1/154 yearsThe following events occurred during the...
- Q Jack, a geologist, had been debating for years whether or not toventure out on his own and operate his own business. He haddeveloped a lot of solid relationships with clients...
- Q Camden Biotechnology began operations in September 2018. Thefollowing selected transactions relate to liabilities of thecompany for September 2018 through March 2019. Camden’s fiscal yearends on December 31. Its financial statements...
- Q Bill and Janet are a married couple filing jointly in 2018 andhave one child, Robert, who is 9 years old. Robert has interestincome of $3,000 in 2018. Bill and Janet’s...
- Q Varmit-B-Gone is a pest control service that operates in asuburban neighborhood. The company attempts to make service callsat least once a month to all homes that subscribe to its service.It...
- Q Where would federal agencies report information concerning theirperformance goals and performance results, along with their futurechallenges?Question 85 options:A)Management discussion and analysis.B)Notes to the financial statements.C)Required supplemental information.D)Other accompanying information.
- Q equired information [The following information applies to thequestions displayed below.] Sweeten Company had no jobs in progressat the beginning of March and no beginning inventories. The companyhas two manufacturing departments--Molding...
- Q Problem 10-14 Basic Variance Analysis [LO10-1, LO10-2,LO10-3]Becton Labs, Inc., produces various chemical compounds forindustrial use. One compound, called Fludex, is prepared using anelaborate distilling process. The company has developed standardcosts...
- Q Pittman Company is a small but growing manufacturer oftelecommunications equipment. The company has no sales force of itsown; rather, it relies completely on independent sales agents tomarket its products. These...
- Q Fair value and equity methods. Prepare journal entries for thefollowing transactions, assuming ABC uses (a) the fair value methodand (b) the equity method for accounting for its investments in XYZCo....
- Q 4. What is the present value of $1,000,000 to be received in 35years if the average rate of interest over the 35 years is 2.5%?Interpret your result. Make sure to...
- Q Starfax, Inc., manufactures a small part that is widely used invarious electronic products such as home computers. Results for thefirst three years of operations were as follows (absorption costingbasis):Year 1Year...
- Q Bridgeport CompanyWorksheet (Partial)For the Month Ended April 30, 2019Adjusted Trial BalanceCash10,000Accounts Receivable8,080Prepaid Rent2,500Equipment22,700Accumulated Depreciation—Equip.5,500Notes Payable5,700Accounts Payable5,500Common Stock19,460Retained Earnings8,100Dividends3,400Service Revenue15,000Salaries and Wages Expense10,980Rent Expense900Depreciation Expense700Interest Expense60Interest Payable 60 Totals59,320Journalize the closing entries at...
- Q Pastner Brands is a calendar-year firm with operations inseveral countries. As part of its executive compensation plan, atJanuary 1, 2021, the company issued 320,000 executive stock optionspermitting executives to buy...
- Q 1. Giorgio had cost of goods sold of $9,529 million, endinginventory of $2,197 million, and average inventory of $2,073million. Its inventory turnover equals:2. Bedrock Companyreported a December 31 ending inventory...
- Q This is an intermediate accounting question about Stockholder'sEquity. (Chp15)Todd's 12-31-14 balance sheet reported: Common stock outstanding: 600,000 shares, par $1per share $600,000 Paid-in capital in excess of par value 2,400,000 Retained...
- Q 1) Answer T or F for the followinga) Medical expenses for the year are to be reduced by anyinsurance reimbursement that is expected to be received in thefuture in order...
- Q ying and yang are accountants and partners in their accountingfirm. ying is concerned anout he lavish spending habits of yang whois constantly buying expensive business equipment and creatinglarge amounts of...
- Q ProForm acquired 70 percent of ClipRite on June 30, 2017, for$980,000 in cash. Based on ClipRite's acquisition-date fair value,an unrecorded intangible of $600,000 was recognized and is beingamortized at the...
- Q Prepare a process documentation thatis prepared in a professional manner.is in the form of a memorandum or as a numbered listing ofitems, depending on your individual preference.includes the following elements:a...
- Q Everyone is probably aware of the overall concept of risk andreturn. We are well aware of the "painful" side of risks present inour investments or 401k plans. However, we want...
- Q Mastery Problem: Activity-Based CostingWoolCorpWoolCorp buys sheep’s wool from farmers. The company beganoperations in January of this year, and is making decisions onproduct offerings, pricing, and vendors. The company is alsoexamining...
- Q SMC, Inc. Balance Sheet December 31, 2018AssetsCash ... $34,500 Accounts receivable .25,000 Inventory ..10,000Supplies .. 200 Total assets.. $69,700 Liabilities andStockholders’ Equity Liabilities: Accounts payable .. $12,000Salaries payable .. 1,000...
- Q Kaa & Shere Khan Company has a non-contributory, definedbenefit pension plan. Kaa’s incremental borrowing rate is 7%. Theaccounting period ends 31 December 2016. Pension plan data to beused for accounting...
- Q London Township began Year 1 with a balance of $10 million inits bridge repair fund, a capital projects fund. The fund balanceis classified as restricted.At the start of the year,...
- Q Colleges and universities often make loans to students. Howwould these loans be reported on the financial statements?Question 54 options:A)An investment.B)A liability.C)An expense.D)A receivable.
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