Accounting question and answers for August 06, 2023
- Q Do you think it is proper for a company to force employees notto discuss how much each employee is getting paid? Is pay secrecylegal? Can an employer impose pay secrecy?...
- Q QUESTION TWO [20]Show the effect of the following transactions of Mac Limited onthe accounting equation using the format provided. Use + if theelement increases, - if the element decreases and...
- Q On January 1, 2017, McIlroy, Inc., acquired a 60 percentinterest in the common stock of Stinson, Inc., for $392,400.Stinson's book value on that date consisted of common stock of$100,000 and...
- Q In recent years we’ve witnessed a series of disastrous databreach. Research one of recent (2017-2018) breaches reported in thethis report. https://www.fraud.org/latest_breachesWrite a report about the breach, describing abuse techniques,damages, consequences,...
- Q Selected financial statement information and additional data forJasmine Co. is presented below. Prepare a statement of cash flowsfor the year ending December 31, 2020December 312020 2019Cash $65,000 $42,000Accounts receivable (net)...
- Q A) In? January, Top Tech provided and billed clients for $50,000of consulting services. It was paid for these services inMarch.B) In? January, Top Tech collected $52,000 from clients forservices provided...
- Q Minta Corporation is a leading manufacturer of sports apparel,shoes, and equipment. The company’s 2017 financial statementscontain the following information ($ in millions):20172016Balance sheets:Accounts receivable, net$4,282$3,846Income statements:Sales revenue$36,055$34,081A note disclosed that...
- Q Sales-Related and Purchase-Related Transactions for Seller andBuyer Using Perpetual Inventory System The following selectedtransactions were completed during August between Summit Companyand Beartooth Co.: Aug. 1. Summit Company sold merchandise onaccount...
- Q Please pick any company of your choice, find their most recent form10-K on the internet and summarize the type of segment data theypublish. Also provide us with the most important...
- Q Overhead application to costs is a critical issue for thecosting of your products. We are studying several ways to handlethis situation. Describe overhead and the overhead applicationprocess. What would cause...
- Q Ashley Manufacturing Company prepays its insurance coverage fora three-year period. The premium for the three years is $2,700.Each year’s premium is an equal portion of the total payment and ispaid...
- Q Auto Inc. (Auto) is a company based in New York thatmanufactures automobiles and exports the finished vehicles toEurope. Auto manufactures two models; the most popular model is afour-door sedan (Sedan),...
- Q The following transactions occurred during 2020. Assume thatdepreciation of 10% per year is charged on all machinery and 5% peryear on buildings, on a straight-line basis, with no estimatedsalvage value....
- Q For each of the following transactions indicate how theyimpact the following Financial Statements• Balance sheet• Income statementA.Owner contributes cash to finance the company’s growthB. Company closes on a bank loan...
- Q what are the similarities between mergers andacquisitions ?
- Q Magnesita has the following transactions related to liabilitiesin December 2017 and January 2018. Magnesita’s fiscal year end isDecember 31. Its financial statements are issued in April. 2017 Dec1 Negotiated a...
- Q Identify and explain the types of costs that are involved in aninventory system with relevant examples.
- Q Accounting Cycle Review 4-2 (Part Level Submission)Lars Linken opened Sheffield Cleaners on March 1, 2017. DuringMarch, the following transactions were completed.Mar. 1Issued 10,800 shares of common stock for $16,200 cash.1Borrowed...
- Q Lars Linken opened Sheffield Cleaners on March 1, 2017. DuringMarch, the following transactions were completed.Mar. 1Issued 10,800 shares of common stock for $16,200 cash.1Borrowed $6,600 cash by signing a 6-month,...
- Q On February 15, paid $170,000 cash to purchase AmericanGeneral's 90-day short-term notes at par, which are dated February15 and pay 8% interest (classified as held-to-maturity).On March 22, bought 900 shares...
- Q Ticker Services began operations in 2015 and maintains long-terminvestments in available-for-sale securities. The year-end cost andfair values for its portfolio of these investmentsfollow.Portfolio of Available-for-Sale SecuritiesCostFair ValueDecember 31, 2015$347,460$337,036December 31,...
- Q Vulcan Company’s contribution format income statement for Juneis as follows:Vulcan CompanyIncome StatementFor the Month Ended June 30Sales$900,000Variable expenses400,000Contribution margin500,000Fixed expenses460,000Net operating income$40,000Management is disappointed with the company’s performance and iswondering...
- Q DateTransaction description11Sold 67 boxes of copies of Accidental Accountant to Hoardersfor $380 each, plus 5% sales tax, Invoice No. 459.11Paid sales staff wages of $4,254 for the week up to...
- Q AirQual Test Corporation provides on-site air quality testingservices. The company has provided the following cost formulas andactual results for the month of February: Fixed Component per MonthVariable Component per Job...
- Q Required information[The following information applies to the questionsdisplayed below.]Warnerwoods Company uses a perpetual inventory system. It enteredinto the following purchases and sales transactions forMarch.DateActivitiesUnits Acquired at CostUnits Sold at RetailMar.1Beginning...
- Q A major aim of financial information is to provide inputs fordecision?making.?Accounting?can be described as the informationsystem which identifies, records, and communicates the financialactivity of an entity to others.?The users?of accountinginformation...
- Q Reasons for why a security audit is necessary with yourrecommendations for conducting such an audit:-Potential costs (personnel, finances, etc.)-Proposed audit timeline-Two recommend methodologies (Audit)
- Q C.S. Pharoah Company had the following transactions involvingnotes payable.July 1, 2022Borrows $47,000 from First National Bank by signing a 9-month,8% note.Nov. 1, 2022Borrows $50,000 from Lyon County State Bank by...
- Q GREECE and S.E. ASIA. You were supposed to research on thefinancial crises, causes, effects, contagion, winners and losers,and how it was fixed.
- Q Variable cost (per pound)Direct materials $3.75Direct manufacturing labor 8.00Variable overhead (manufacturing, marketing, distribution andcustomer service) 2.05Total variable cost per bowl $13.80Fixes costsManufacturing $12,000Marketing, distribution, and customer service 214,800Total fixed cost...
- Q Explain the reasons why the stock market needs U.S. GAAP.
- Q DiscountGroup names:OnJan 1, 2016, Zahid sold a truck to Othaim in exchange for a$200,000, 6% (payable annually), 5 year, notes payable. On Jan 1,2016, the market rate was 8%.Amortization TableDateCash...
- Q All dividends, except for stock dividends, reduce thetotal stockholders’ equity in the corporation. Why isthat? Explain. 1-2 sentences max
- Q Stoll Co.’s long-term available-for-sale portfolio at December31, 2016, consists of the following.Available-for-Sale SecuritiesCostFair Value80,000 shares of Company A common stock$1,039,600$920,00028,000 shares of Company B common stock338,750328,00034,000 shares of Company C...
- Q policy date of purch. months costA April 1, 2015 24 $15,840B April 1, 2016 36 $14,616C August 1, 2017 12 $13,440Use the information to prepare adjusting entries as of December31,...
- Q Imagine you are the chief financial officer of a company withvaluable internally created intangible assets. Create an argumentsupporting the inclusion of the intangibles on the balance sheet atfair market value....
- Q The information below relates to a leasing arrangement betweenSummer Leasing Company and Talon Company, a lessee.Inception date January 1, 2020Lease term 6 yearsAnnual lease payment due at the beginning ofeach...
- Q Carlsville Company, which began operations in 2017, invests itsidle cash in trading securities. The following transactions arefrom its short-term investments in trading securities.2017Jan.20Purchased 900 shares of Ford Motor Co. at...
- Q Brokeback Towing Company is at the end of its accounting year,December 31, 2017. The following data that must be considered weredeveloped from the company’s records and relateddocuments:On July 1, 2017,...
- Q The New Me” is a company that has successful marketed healthcare products for the past 10 years in Canada. They decide that toensure the long-term prosperity of the company to...
- Q Using the data provided, perform the steps below to complete thefinal project.On December 1, 2019, SoccerBox Inc. started operations. Thefollowing transactions occurred during December 2019.NOTE: There are no beginning balances-this...
- Q Explain the division of power between the Board of directors andGeneral Meeting of Shareholders.
- Q PremiumGroup names:OnJan 1, 2016, Zahid sold a truck to Othaim in exchange for a$200,000, 6% (payable annually), 5 year, notes payable. On Jan 1,2016, the market rate was 8%.Amortization TableDateCash...
- Q Linen Corp. sold $2,500,000 of 11%, 10-year bonds at 106.231 toyield 10% on January 1, 2015. The bonds were dated January 1, 2015,and pay interest on July 1 and January...
- Q Q1. Based on the ‘Real life’ titled ‘The accountant in themodern business environment’ in the section ‘Management accountingprocesses and techniques’, describe some of the qualities that asuccessful chief financial officer...
- Q Indicate whether the items are permanent differences ortemporary differences. Fortemporary differences, indicate whether they will create deferredtax assets or deferredtax liabilities.5. Installment sales of investments are accounted for by theaccrual...
- Q On Dec 31, 2016, Rawda Company had accounts receivable of$750,000 and allowance for doubtful accounts that had a debitbalance of $10,000. The company uses an aging schedule (agingmethod) to estimate...
- Q Share a media-related or personal example thatinvestors/creditors/suppliers/customers use financial informationwhen they make their investment/lending/purchasing decisions
- Q On Dec 31, 2016, Riyadh Company had accounts:Credit sales $2,500,000Ending accounts receivable 800,000Salesdiscousnts 120,000Sales returns andallowances 280,000Beginning accountsreceivable 750,000Allowance for doubtful accounts(credit) 12,000 The aging schedule (aging method) for the company’s accountsreceivable is shown in...
- Q On August 1, Year 1 Hernandez Company loaned $48,000 cash toAcosta Company. The one-year note carried a 5% rate of interest.Which of the following shows how the accrual of interest...
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