Accounting question and answers for August 04, 2023
- Q Phillips Corporation’s fiscal year ends on November 30. Thefollowing accounts are found in its job order cost accountingsystem for the first month of the new fiscal year.Other data:1.On December 1,...
- Q Knitpix Products is a division of Parker Textiles Inc. Duringthe coming year, it expects to earn income Of $310,000 based onsales of $3.45 million; without any new investments, the divisionwill...
- Q RETURN ON INVESTMENT AND INVESTMENTDECISIONSLeslie Blandings, division manager of Audiotech Inc., wasdebating the merits of a new product—a weather radio that would putout a warning if the county in which...
- Q During 2016 hamm corporation had a net income of 65,000.included on the income statement was depreciation expense of28,000. Accounts receivable decreased by 8,200, inventoriesincreased by 5,400 and accounts payable decreased...
- Q BA 211 Fundamentals of Financial AccountingProject #1 – Financial Statements make this into excel spreadsheetsRequirementsUse the following transaction descriptions to compose thefollowing items:?Journal entries for all transactions through the end...
- Q The stockholders’ equity section of Grouper Inc. at thebeginning of the current year appears below.Common stock, $10 par value, authorized 1,016,000 shares,327,000 shares issued and outstanding$3,270,000Paid-in capital in excess of...
- Q Due to erratic sales of its sole product—a high-capacity batteryfor laptop computers—PEM, Inc., has been experiencing financialdifficulty for some time. The company’s contribution format incomestatement for the most recent month...
- Q Question 4Audit risk represents the risk thata)Auditors will issue an adverse audit report, when in fact,they should have issued an unqualified opinionb)Auditors will give an opinion that the financial statementsare...
- Q Referring to their most recent annual reports, access thefinancial statements of a foreign company and a domestic companywith which you are familiar to complete this assignment.A. Determine the GAAP the...
- Q Fairbain Corporation was newly formed early in 20X1. Thefollowing information relates to the full year:Raw materials purchased (net) $3,000,000 Direct labor costs2,000,000 Factory overhead 1,500,000 Selling, general &administrative 700,00080% of...
- Q Manufacturing Income Statement, Statement of Cost of GoodsManufacturedSeveral items are omitted from the income statement and cost ofgoods manufactured statement data for two different companies forthe month of December.OnCompanyOffCompanyMaterials inventory,...
- Q In 2018, X Company's revenue was $198,000, its total variablecosts were $122,760, and its fixed costs were $92,400. In 2019, therelationship between revenue and variable costs will not change,but fixed...
- Q Given Information: As of December 31, 20##BeginningEndingFinished Goods Inventory 99,500 122,500Sales 1,750,000Work In Process Inventory 22,000 23,500Property Taxes (Factory) 24,000Factory Utilities 32,000Direct Material Used 155,000Amortization (80 % Factory) 45,000Direct Manufacturing Labour 400,500Selling and Admin Expense 120,250InDirect Manufacturing Labour 75,000Admin Salaries 182,750Prepare a Cost...
- Q Groupon now deals in B2B. Search the Internet and find out howit is being done?E-Commerce Assignment Please give detailed answer
- Q Copy of Riley's Land Management Company has $27,000 in indirectcosts operating her company. She has identified three activitiesthat drive these indirect cost and created three related cost poolsas detailed below:ActivitiesCostsCost-driversLabor...
- Q On October 1, 2016, Ball Company issued 6% bonds dated October1, 2016, with a face amount of $210,000. The bonds mature in 9years. Interest is paid semiannually on March 31...
- Q Critically evaluate the limitations of Break-Even Analysis
- Q PDR Co. manufactures 4 products using the same machinery. Thefollowing details relate to its 4 products.Product AProduct BProduct CProduct D$ per unit$ per unit$ per unit$ per unitSelling price28304542Direct material5686Direct...
- Q Copy of Riley's Land Management Company has $27,000 in indirectcosts operating her company. She has identified three activitiesthat drive these indirect cost and created three related cost poolsas detailed below:ActivitiesCostsCost-driversLabor...
- Q 3) Given that losses from passive activities can only offsetincome from passive activities unless the passive activity is sold,what types of activities are not considered to be passive? Name atleast...
- Q Compute the 2018 Federal income tax in the followingcases.All are residents of New York State.Alan, single, lives by himself, income 145,000, Itemized deductions9,500.Bob, single lives with his brother who was...
- Q Sandhill Leasing Company signs a lease agreement on January 1,2017, to lease electronic equipment to Teal Company. The term ofthe noncancelable lease is 2 years, and payments are required atthe...
- Q Problem 6-5A (Part Level Submission)You are provided with the following information for Najera Inc.for the month ended June 30, 2017. Najera uses the periodic methodfor inventory.DateDescriptionQuantityUnit Cost orSelling PriceJune1Beginning inventory40$40June4Purchase13544June10Sale11070June11Sale...
- Q Piedmont Fasteners Corporation makes three different clothingfasteners in its manufacturing facility in North Carolina. Allthree products are sold in highly competitive markets, so thecompany is unable to raise prices without...
- Q Neverstop Corporation sells item A as part of its product line.Information about the beginning inventory, purchases, and sales ofitem A are given in the following table for the first six...
- Q Built-Tight is preparing its master budget for the quarter endedSeptember 30. Budgeted sales and cash payments for product costsfor the quarter follow:JulyAugustSeptemberBudgeted sales$64,000$80,000$48,000Budgeted cash payments forDirect materials16,16013,44013,760Direct labor4,0403,3603,440Factory overhead20,20016,80017,200Sales are...
- Q ScenarioWanda just doesn’t understand her friend Jamie sometimes. Theyhave been working together since the first dog biscuit came out ofthe oven, but now that the business is expanding, she can’t...
- Q Joan Hill, President of Hill & Hill Pens, was lookingforward to receiving the company’s second quarter income statement.She knew that the sales budget of 20,000 units sold had been metduring...
- Q Irwin, Inc., constructed a machine at a total cost of $23million. Construction was completed at the end of 2012 and themachine was placed in service at the beginning of 2013....
- Q You have just made your first $5,700 contribution to yourretirement account. Assuming you earn an 13 percent rate of returnand make no additional contributions, your retirement account willbe worth $592,728...
- Q Indicate the effect (increase, decrease, no change, or notenough information) that each of the following situations has onbreak-even unit sales. If you answer “notenough information,” list the information that you...
- Q 3. Which of the following statements regarding liquidity andprofitability is not true?a. If a business is unable to pay its debts as they come due, itis operating unprofitably b. In...
- Q three product lines in its retail stores: soccer balls,baseballs, and tennis balls. Results of the fourth quarter arepresented below: Soccer Balls Baseballs Tennis Balls Total Unitssold 1,000 2,000 2,000 5,000...
- Q Four grams of musk oil are required for each bottle of MinkCaress, a very popular perfume made by a small company in westernSiberia. The cost of the musk oil is...
- Q Control is the process of setting goals and determining ways toachieve them.T/FAn important managerial accounting report is the budget, whichpredicts revenues and expensesT/FAn employee overstates his reimbursable expenses in one...
- Q Tri-State Bank and Trust is considering giving Novak Corp. aloan. Before doing so, management decides that further discussionswith Novak’s accountant may be desirable. One area of particularconcern is the inventory...
- Q Solex Company manufactures three products from a common input ina joint processing operation. Joint processing costs up to thesplit-off point total $100,000 per year. The company allocatesthese costs to the...
- Q Question 3 10 marks Barton Company requested a large loan fromFirst National bank to acquire a large piece of land for futureexpansion. Bart reported current assets of R1,900 ,000 (R430...
- Q Exercise 16-15Sarasota Inc. uses a calendar year for financial reporting. Thecompany is authorized to issue 9,640,000 shares of $10 par commonstock. At no time has Sarasota issued any potentially dilutivesecurities....
- Q On January 1, 2018, Nath-Langstrom Services, Inc., a computersoftware training firm, leased several computers under a two-yearoperating lease agreement from ComputerWorld Leasing, whichroutinely finances equipment for other firms at an...
- Q Question 3 30 marks Travel On Inc. sells luggage. They sell aduffle bag, a carry-on suitcase and a deluxe suitcase. The priceand variable cost for each type of luggage is...
- Q On April 1, 2017, Jiro Nozomi created a new travel agency,Adventure Travel. The following transactions occurred during thecompany’s first month.April1Nozomi invested $30,000 cash and computer equipment worth$30,000 in the company...
- Q Create short flowcharts for each of the following examples:1. Data gathered from magnetic disk is displayed on a computerscreen and printed out on a report2. Manually updating the sales journal...
- Q Cost of Production Report: Average Cost MethodSunrise Coffee Company roasts and packs coffee beans. Theprocess begins in the Roasting Department. From the RoastingDepartment, the coffee beans are transferred to the...
- Q ScenarioFor the third time in less than a week, Wanda has received aphone call from a customer who is upset that when her orderarrived, it was incorrect. Wanda refunded money...
- Q Cost of Units Transferred Out and Ending Work in ProcessThe costs per equivalent unit of direct materials and conversionin the Filling Department of Eve Cosmetics Company are $0.80 and$1.25, respectively....
- Q Wheeling Company is a merchandiser that provided a balance sheetas of September 30 as shown below:Wheeling CompanyBalance SheetSeptember 30AssetsCash$66,600Accounts receivable138,000Inventory64,800Buildings and equipment, net of depreciation260,000Total assets$529,400Liabilities and Stockholders’ EquityAccounts payable$159,400Common...
- Q McGuire Corporation began operations in 2018. The companypurchases computer equipment from manufacturers and then sells toretail stores. During 2018, the bookkeeper used a check register torecord all cash receipts and...
- Q Excalibur Corporation sells video games for personal computers.The unadjusted trial balance as of December 31, 2018, appearsbelow. December 31 is the company’s fiscal year-end. The companyuses the perpetual inventory system....
- Q The unadjusted trial balance as of December 31, 2018, for theBagley Consulting Company appears below. December 31 is thecompany’s fiscal year-end.Account TitleDebitsCreditsCash15,650Accounts receivable5,750Prepaid insurance2,300Land170,000Buildings37,500Accumulated depreciation—buildings15,000Office equipment69,000Accumulated depreciation—office equipment27,600Accounts payable26,050Salaries and...
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