Accounting question and answers for August 05, 2023
- Q Prepare the following adjusting journal entries.1. Services billed for the period of $12,0002. Wages accrued for the week of $1,2003. Property taxes accrued for the month of $2,0004. Supplies used...
- Q Erskine Consulting Ltd. has been in business for several years,providing software consulting to its customers on an annualcontract or special assignment basis. All work is done over theInternet, although some...
- Q Question 3A company buys new computer equipmentfor 10 000 pounds. At the same time it buys 3 pens for 40 penceeach. Define the following accounting conventions and explain howthey would...
- Q Calculation of Social Security Tax and Marginal, Average andEffective Tax Rates on Social Security Taxes (LO. 1)Rory earns $70,000 per year as a college professor. Latesia is amarketing executive with...
- Q A copy machine acquired with a cost of $1,900 has an estimateduseful life of 4 years. It is also expected to have auseful operating life of 10,000 copies. Assuming that it...
- Q Corsco is a large telecommunications company that is listed on astock exchange.It is highly geared because,like many suchcompanies,it borrowed a large sum to pay for a licence to operate amobile...
- Q When creating a business, the owners must decide on what taxableyear to give the business.What choices of taxable years are available for "C"corporations, "S" corporations and partnerships?What impact does the...
- Q FINANCIAL ACCOUNTING (5 multiple choice questions)ChapterRevenue and Accounts Receivable :1)On December 31, 20x5, you enter into a three yearcontract to build an office building for $19697757. At the end of20x6,...
- Q Course - Theory of Interest (Chapter 5: Amortization &Sinking Funds)This is a Muti-Part Question.A loan of $50,000 is being paid back with annual payments over20 years. Interest in a nominal...
- Q Discuss the difference between product cost and period cost.Identify three major components of product costCompare and contrast Master budget and flexible budget. Whichof the two budgets is more useful for...
- Q Assume that the following facts pertain to a non-cancelablelease agreement between Coco Inc. and Bubs Corp, a Lessee.Inception date January 1, 2018Residual value of equipment at end of lease term,...
- Q On January 1, 2017, Fro-Yo Inc. began offering customers a cashrebate of $5.00 if the customer mails in 10 proof-of-purchaselabels from its frozen yogurt containers. Based on historicalexperience, the company...
- Q What is the journal entry for the following?The bank statement as of December 31, 20185) The liability insurance policies were paid for two yearscoverage on July 1, 2018. Unadjusted Adjusting Income BalanceTrialBalance Entries Statement SheetACCOUNTDRCRDRCRDRCRDRCRInsurance Expense136000
- Q Your assistant has been reading the IASB’s Frame work for thePreparation and Presentation of Financial Statements (theFramework) and, as part of the qualitative characteristics offinancial statements under the heading of...
- Q Big Co. purchases shares of Little Co starting on 1/1/21. LittleCo. has 100,000 shares of stock outstanding. Relevant data shownbelow:1/1/21: Purchased 5,000 shares at $18/share, plus $10commission.11/1/21: Little Co. paid...
- Q ADI produces memory enhancement kits for NUY Microwaves. Salesof the kits have been very erratic, with some months showing aprofit and some months showing a loss. Currently, the ADI producesas...
- Q Discuss how a firm can add value by combining traditionalcapital budgeting techniques with an alternative strategy andconsider sustainable capital. Your paper should synthesize at leastone alternative technique into the capital...
- Q The office manager for the Gotham Life Insurance Company ordersletterhead stationery from an office products firm in boxes of 500sheets. The company uses 6,500 boxes per year. Annual carryingcosts are...
- Q Becton Labs, Inc., produces various chemical compounds forindustrial use. One compound, called Fludex, is prepared using anelaborate distilling process. The company has developed standardcosts for one unit of Fludex, as...
- Q The following partially completed process cost summary describesthe July production activities of Ashad Company. Its productionoutput is sent to its warehouse for shipping. All direct materialsare added to products when...
- Q Question UPDATED (3 parts)Waterways has two major public-park projects to provide withcomprehensive irrigation in one of its service locations thismonth. Job J57 and Job K52 involve 15 acres of landscaped...
- Q Section A:NMD Retail is a company that manufactures and sells tables.Using the company’s financial information provided below, constructtheir Income Statement and then the Statement of Financial Positionfor the year ending...
- Q You are a staff accountant at a confectionary company, PhillyChocolates International (“the Company” or PCI). The lease on thecurrent multifunction copiers the Company has in its headquartersis almost up. PCI...
- Q Schedule of Cash Payments for a Service CompanySafeMark Financial Inc. was organized on February 28. Projectedselling and administrative expenses for each of the first threemonths of operations are as follows:March$147,500April137,200May124,900Depreciation,...
- Q 1.What is the relationship between interest rate level and bondprice? Why must this relationship be true? How has the current rateenvironment impacted the prices of bonds?2. What are some factors...
- Q Compare and contrast the following styles ofbudgeting: line-item budgeting, performancebudgeting, program budgeting, functional budgeting, and zero-basebudgeting. What are the strengths and weaknesses of each?
- Q NO COLLABORATION PERMITTED ON THIS ASSIGNMENT. PLEASE TYPE ANDDOUBLE SPACE AND STAPLE. MUST BE HANDED IN BY YOU AT THE BEGINNINGOF CLASS ON THE DUE DATE. NO LATE PAPERS ACCEPTED.Jack...
- Q Needed into a excel page formatWe need to use the basic time value of money function tocalculate the answer to this question. According to th basic TVMfunction: PV = FV...
- Q "System Implementation" Please respond to the following:Evaluate the factors of significance within the structure of an ITbusiness with manufacturing and determine what factors influencethe decision to create real-time data or...
- Q What do you think about the posted articles?- The determination of alimony versus child support is verycomplex, and ultimately up to the attorneys and the courts, but Ifrequently have conversations...
- Q Assembly Department uses a process cost accounting system and aweighted-average cost flow assumption. The department addsmaterials at the beginning of the process and incurs conversioncosts uniformly throughout the process. During...
- Q Bryan followed in his father’s footsteps and entered into thecarpet business. He owns and operates I Do Carpet (IDC). Bryanprefers to install carpet only, but in order to earn additionalrevenue,...
- Q Rex loves to work with his hands and is very good at makingsmall figurines. Three years ago, Rex opened Bronze Age Miniatures(BAM) for business as a sole proprietorship. BAM produces...
- Q Hank started a new business, Hank’s Donut World (HW for short),in June of last year. He has requested your advice on the followingspecific tax matters associated with HW’s first year...
- Q A Company has two support departments (Administration andJanitorial) and three producing departments (Fabricating, Assembly,and Finishing). Costs and activities are as follows: Administration Janitorial Fabricating Assembly FinishingDirect costs........................ $50,000 $30,000 $40,000 $50,000 $25,000Number of employees....... 10 30 40 20Square feet........................ 2,000 10,000 28,000 15,000Direct labor hours.............. 5,000 6,000 2,000Administrative services...
- Q Adam has decided to purchase a sewing machine. He has twochoices: Poppy and Iris. The sewing machines sold by Poppy and Irisoffer the same features (work space, stitch quality and...
- Q Laura Leasing Company signs an agreement on January 1, 2020, tolease equipment to Kingbird Company. The following informationrelates to this agreement.1.The term of the non-cancelable lease is 3 years with...
- Q Landen Corporation uses a job-order costing system. At thebeginning of the year, the company made the followingestimates:Direct labor-hoursrequired to support estimated production95,000Machine-hours required to supportestimated production47,500Fixed manufacturing overhead cost$266,000Variable manufacturing...
- Q The following is the current balance sheet for a localpartnership of doctors:Cash and currentassets$67,000Liabilities$74,000Land232,000A, capital54,000Building andequipment (net)181,000B, capital74,000C, capital124,000D, capital154,000Totals$480,000Totals$480,000The following questions represent independentsituations:E is going to invest enough money...
- Q Molly and Mark are wife and husband and earned salaries thisyear of $12,000 and $64,000, respectively. In addition to theirsalaries, they received interest of $350 from municipal bonds and$500 from...
- Q Prepare a stockholder's equity section of the balance sheet inproper format using the following information. (Remember treasurystock is common stock) Poppa Inc. was organized and authorized to issue25,000 shares of $500...
- Q High Desert Potteryworks makes a variety of pottery productsthat it sells to retailers. The company uses a job-order costingsystem in which departmental predetermined overhead rates are usedto apply manufacturing overhead...
- Q Financial SataementsWhat are the classifications of ratios (List them and explainwhat information they provide)
- Q Romano Services provides room-cleaning arrangements for hotels.On April 1, Swanky Hotels & Resorts signed an agreement tooutsource its room cleaning functions to Romano. The contractspecifies the service fee to be...
- Q The following calendar year-end information is taken from theDecember 31, 2019, adjusted trial balance and other records ofLeone Company.Advertising expense$33,300Direct labor$678,000Depreciation expense—Office equipment10,200Income taxes expense269,000Depreciation expense—Selling equipment9,700Indirect labor56,100Depreciation expense—Factory equipment33,400Miscellaneous...
- Q Hearty Soup Co. uses a process cost system to record the costsof processing soup, which requires the cooking and fillingprocesses. Materials are entered from the cooking process at thebeginning of...
- Q Problem 14-1AOn January 1, 2017, Geffrey Corporation had the followingstockholders’ equity accounts.Common Stock ($22 par value, 54,000 shares issued andoutstanding)$1,188,000Paid-in Capital in Excess of Par—Common Stock199,000Retained Earnings626,000During the year, the...
- Q When assets are exchanged in a transaction involving commercialsubstance, how is the gain or loss on disposal of plant assetscomputed?
- Q Required information[The following information applies to the questionsdisplayed below.]Sweeten Company had no jobs in progress at the beginning ofMarch and no beginning inventories. The company has twomanufacturing departments--Molding and Fabrication....
- Q Kings, Inc. manufactures and sells a single product. A partiallycompleted schedule of the company’s total and per unit costs overthe relevant range of 30,000 to 50,000 units produced and soldannually...
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!