Accounting question and answers for August 05, 2023
- Q Your group has been approached for assistance by Paul Zoukis the owner of Zoukis Forklift Services Ltd because the company has no accounting personnel to prepare...
- Q How to record admission as a new partner in Partnership. The three present owners have the following positions: Sara wants to use the bonus method. Lukas believes the goodwill...
- Q At the end of 2017, Dennis Corp. had the following information available regarding its convertible preferred stock: Convertible Preferred Stock: $25par, 3,000 shares outstanding$75,000 Additional Paid-in Capital -...
- Q A corporation issued 230 shares of its $5 par value common stock in payment of a $3,100 charge from its accountant for assistance in filing its charter with the state....
- Q Jay Rexford, president of Photo Artistry Company, was just concluding a budget meeting with his senior staff. It was November of 20x4, and the group was...
- Q .Philip West sold his vacation cabin for $4,500 cash and a vacant lot. The cabin was subject to a liability of $30,000 and had an adjusted basis to Philip of...
- Q Donald corporation has purchased a group asset for 23000. The assets and their relative market values understood below land 11,400 equipment 2850 building 4750 which of the following amounts would...
- Q Segment information is reported based on the internal reporting system of the company rather than the authoritative accounting requirements based on GAAP Analyze the major disclosure reporting requirements related to...
- Q Murray company reports net income of $710,000 for the year. It has no preferred stock, and its weighted average common shares outstanding is 430,000 shares. Compute its basic earnings per...
- Q The changes in account balances for Elder Company for 2016 are as follows: Assets $480,000 debit Common stock 250,000 credit Liabilities 160,000 credit Paid-in capitalexcess of par 30,000 credit Assuming...
- Q Prepare the journal entries to record the following transactions on Pina Colada Corp.'s books using a perpetual inventory system. The first two are confirmed correct, but I am...
- Q the normal balance in the bonds payable premium account is a _____? 1. debit and decreased with a debit 2. credit and decreased with a debit 3. credit and...
- Q Question 8 A company reports the following information in the shareholders' equity section of the balance sheet. Shareholders' Equity: Preferred Shares: Authorized 80,000 shares:...
- Q consider the steps in the accounting cycle. In what order do you think the financial statements should be produced? Does it make more sense to produce the statements in which...
- Q Does US GAAP distinguish between fair values that are readily determinable from current market prices versus those needing to be calculated based on the company's own assumptions? Explain how a...
- Q For its first year of operations, Otter Corporation's computation of taxable income is as followsPretax financial income $835,000 Less: Tax exempt interest revenue on municipal bonds -110,000Less: Excess of tax...
- Q Please help me understand how to do Amazon's competitor, Walmart. Also I forgot to change retail industry to e-commerce industry. Can you explain...
- Q Walsh Company manufactures and sells one product. The following information pertains to each of the companys first two years of operations: Variable costs per unit:...
- Q On June 30, 2021, Julie Company issued 10-year bonds with a total face value of $2,000,000. When the 6% coupon rate bonds were issued, the market rate was 10%. Assuming...
- Q If fixed costs are $1,493,000, the unit selling price is $203, and the unit variable costs are $127, what are the break-even sales (units) if fixed costs are increased by...
- Q Which of the following correctly expresses the accounting equation
- Q Riverboat Adventures pays $390,000 plus $11,000 in closing costs to buy out a competitor. The real estate consists of land appraised at $64,500, a building appraised at $137,600, and...
- Q Should a company pay dividends, if it able to? What influences this decision? Should they be paid in cash or stock?
- Q CA4-5 identifiy the weaknesses and describe why it is a weakness and what should be done to correct the issue: On a income satement Sales Taxes Purchase Discounts Recoveries...
- Q In October, Pine Company reports 20,000 actual direct labor hours, and it incurs $255,000 of manufacturing overhead costs. Standard hours allowed for the work done is 25,500 hours. The predetermined...
- Q THE AMOUNTS ARE INCLUSIVE OF VAT. Ben, a resident of the Republic, sells clothing from a shop he leases in a local shopping centre. He is a...
- Q The comparative financial statements of Essex Cosmetic Supply for 2018,2017, and 2016 include the data shown here: (Click the icon to view the comparative financial data.)...
- Q Break-even sales under present and proposed conditions Portmann Company, operating at full capacity, sold 1,000,000 units at a price of $190 per unit during the current...
- Q he break-even point is where total revenue equals 1. total variable costs. 2. total revenue equals total fixed costs. 3. total variable expenses equal total...
- Q 14. Hawk Company compr 8,000, valor nominal de P1,000, bonos al 9% para obtener un rendimiento del 10%. El valor en libros de los bonos al 1 de enero de...
- Q Calculate the total investments shown in M.T. Glass, Inc.'s December 31,2028 balance sheet (i.e., the balance in the Investment in AA Company plus the...
- Q Assume the taxpayer does NOT wish to contribute to the Presidential Election Fund, unless otherwise stated in the problem. In addition, the taxpayers did NOT receive, sell, send,...
- Q answer fast please A piece of labor-saving equipment has just come onto the market that Mitsui Electronics, Limited, could use to reduce costs in one of...
- Q Assume that Brown's Salvage Company paid $32,000 for equipment with a 16-year life and zero expected residual value. After using the equipment for six years, the...
- Q a corporation with both preferred stock and common stock outstanding has a substantial credit balance in its retained earnings account at the beginning of the current fiscal year. Although net...
- Q In 2021, Orear Company signed a contract to purchase 5,000 inventory items from a former competitor for $45,000. The estimated selling value of the individual items varies greatly, but it...
- Q All of the following are examples of activity bases except Group of answer choices labor hours distance travelled level of production units purchased Which of the following statements...
- Q Case 4 A Saudi Company has 8,000 machine hours available to use to produce either Product A or Product B. The cost accounting department developed the following unit...
- Q Financial information is presented here for two companies. (a) Fill in the missing amounts
- Q Depreciation by three methods; partial years Layton Company purchased tool sharpening equipment on October 1 for $81,810. The equipment was expected to have a useful life of...
- Q The following annual information is for Dexter Corporation: Product A Revenue per unit: $20.00 Variable cost per unit: $15.00 ...
- Q excel Question7. Down payment Interest rate Terms Loan Amount 0 100000 48 4% 4.12% 4.25% 4.75% 72 84 Find the mortgage payment for the terms and...
- Q Immediate feedback is possible in written reports.
- Q Required information [The following information applies to the questions displayed below.] Sara's Boutique has the following transactions related to its top-selling Gucci purse for the month of October....
- Q KL Company uses a job order costing system. During the month of July, the following events occurred: (a) Purchased raw materials on credit, $32,000. (b) Raw materials used in production:...
- Q Se est comprando una casa por $275,000. El comprador acepta un prstamo del 80% y el vendedor paga $5,000 de los costos de cierre del comprador. Qu cantidad tendr el...
- Q Determine the missing Cost of Goods Sold in the following multi-step income statement: Sales Revenue $1,600 Cost of Goods Sold ? Gross Profit $300 Operating Expenses $100 Operating Income ?...
- Q During the month of September, Norris Industries issued a check in the amount of $845 to a supplier on account. The check cleared the bank during September. The disbursement was...
- Q During 2019, Sally Co. had total credit sales of $56,000, received total cash collections of $45,000, wrote off $3,600 of uncollectible accounts, and recovered $4,000 of previously written-off accounts. If...
- Q On January 1, 2020, Baker Co. issued $1,800,000 of 12-year, 9% bonds at an effective interest rate of 8%. The bonds make a cash interest payment each year on December...
- Q Rogrer Company received a machine with a fair value of $130,000 and a building with a fair value of $200,000 in exchange for 6,000 shares of $45 par value common...
- Q During its first year of business, XYZ Inc. purchased $1,600 of supplies. By the end of the year, only $500 of supplies remain in the supply cabinet. Determine the amount...
- Q On 30 June 2020 Paul Ltd had the following balances: current tax liability of $13,000; deferred tax asset $19,000 (2019: $11,000); deferred tax liability $10,000 (2019: $8,000); and, profit and...
- Q Is acknowledgment included in the body of the report?
- Q 2. (15') Multi-Location Newsvendor: Consider a fashion retailer in Singapore that manages three retail stores at Jurong West, Orchard and Harbour Front respectively. The retailer faces the...
- Q El final del perodo es el 31 de enero. Se adeudan salarios de $800 a partir de esta fecha. La entrada de ajuste para esto es __________. ...
- Q Quartnox manufactures paint. The company charges the following standard unit costs to production on the basis of static budget volume of 31,000 cans of paint per month (Click...
- Q excel 2:28 Done Quevison? Oown terin. Lain Amose () 44 a) 244 1 Previous Crop and scale
- Q Trio Company reports the following information for the current year, which is its first year of operations Assume instead that Trio Company uses...
- Q Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts for exact wording of account titles. A. Sold $63,600 of merchandise on account, subject to...
- Q Statement I: Managerial accounting is limited to qualitative factors. Statement II: Corporate social responsibility is considered in Managerial Accounting. Statement III: Company-wide reports are a priority in Managerial Accounting but...
- Q A company buys a machine for $100,000 cash which will be depreciated over 10 years with no residual value. What happens on the balance sheet, income statement and cash flow...
- Q SECTION A Answer both questions in this Section Question one XYZ Ltd makes one product which it sells for K600 per unit, The analysis...
- Q of 11 Points: 6.15 of 15 points Save Fast Spirit Calendars imprints calendars with college names. The company has fixed expenses of $1,065,000 each...
- Q Marcus, a resident of Texas, has found the ideal gift for his wife in celebration of their upcoming wedding anniversary a $22,000 diamond tennis bracelet. However, Marcus is appalled...
- Q Credit Debit $ 26,600 49,200 $ 5,700 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated...
- Q Brenton Chair's cost formula for its supplies cost is $1,620 per month plus $13 per chair. For the month of April, the company planned for activity of 882 chairs, but...
- Q Marcus is a full-time third-grade teacher at Sutterville Elementary School. During 2023, he spends $556 of his own money to purchase classroom supplies, and his employer does not provide any...
- Q Cal Cookie Company (CCC) has 100 million shares of $1 par common stock authorized. The transactions below caused changes in CCC's outstanding shares. January 4, 2016: Repurchased and retired 1...
- Q On January 1, Tiger Inc. purchased a vehicle for $48298. Tiger Inc.'s depreciation policy states that Vehicles are depreciated straight-line over a useful life of 9 years. If Tiger Inc....
- Q Please explain how each answer was given with proof/work. 5. What is overapplied or underapplied overhead? PROBLEM 2 (35 points) /16 Baker Corporation applies manufacturing overhead...
- Q What is an equivalent unit and why do we need to determine the cost per equivalent unit? Why is it computed separately for materials and...
- Q Hill Corporation issued $2,100,000 of 8% bonds at 98 on January 2, Year 1. Interest is paid semiannually on June 30 and December 31. The bonds had a 10-year life...
- Q Daisy Company LLC has 550 shares of $95 par value, 10% cumulative preferred stock, and 25,000 shares of $30 par value common stock outstanding. The following dividends were paid: Year...
- Q 22. What is the price of a $1,000 Treasury bond that pays a 10% coupon and has 5 years to maturity, if it is priced to yield 8% p.a., compounded...
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