Accounting question and answers for August 07, 2023
- Q (8-3)[The following information applies to the questionsdisplayed below.]In January 2017, Mitzu Co. pays $2,700,000 for a tract of land withtwo buildings on it. It plans to demolish Building 1 and...
- Q Cash to Monthly Cash Expenses RatioAmicus Therapeutics, Inc., is a biopharmaceutical company thatdevelops drugs for the treatment of various diseases, includingParkinson’s disease. Amicus Therapeutics reported the followingfinancial data (in thousands)...
- Q During Heaton Company’s first two years of operations, itreported absorption costing net operating income as follows: Year 1Year 2 Sales (@ $63 per unit) $ 1,197,000 $ 1,827,000 Cost of...
- Q Net Present Value Method, Internal Rate of Return Method, andAnalysisThe management of Quest Media Inc. is considering two capitalinvestment projects. The estimated net cash flows from each projectare as follows:YearRadio...
- Q Distinguish between how managerial accounting would support thestrategy of cost leadership and the strategy of productdifferentiation. Give 2 paragraphs and use examples whenneeded.
- Q Refer to the income statement below for The Gap, Inc.Consolidated Statement of EarningsFiscal year ended Jan 31, 2015 Feb 1, 2014Net Sales $16,435 $16,148Cost of goods sold and...
- Q Below is the account information for UMPI Corporation. Prepare aclassified balance sheet in report form for the company as ofDecember 31, 2018. Prepare a balance sheet as of December 31,2020.Equipment...
- Q Cash Payback Period, Net Present Value Method, and AnalysisElite Apparel Inc. is considering two investment projects. Theestimated net cash flows from each project are as follows:YearPlant ExpansionRetail Store Expansion1$110,000$92,000290,000108,000378,00074,000470,00052,000522,00044,000Total$370,000$370,000Each project...
- Q World Measurement is the global leader in product testing forsafety. The recent problem with Chinese-made toy products (forexample, Mattel recalled 19 million toys with evidence of leadpaint) combined with the...
- Q A)Entries for Materials Cost Flows in a Process Cost SystemThe Hershey Company manufactures chocolateconfectionery products. The three largest raw materials are cocoa,sugar, and dehydrated milk. These raw materials first go...
- Q The following unadjusted trial balance is prepared at fiscalyear-end for Nelson Company.NELSON COMPANYUnadjusted Trial BalanceJanuary 31, 2017DebitCreditCash$32,550Merchandiseinventory14,000Storesupplies5,600Prepaidinsurance2,300Storeequipment42,900Accumulateddepreciation—Store equipment$18,000Accountspayable17,000Commonstock3,200Retainedearnings16,000Dividends2,050Sales141,750Salesdiscounts1,850Sales returnsand allowances2,200Cost of goodssold38,000Depreciationexpense—Store equipment0Salariesexpense29,000Insuranceexpense0Rentexpense16,000Store suppliesexpense0Advertisingexpense9,500Totals$195,950$195,950Rent expense and salaries expense are equally...
- Q Problem 18-3 Reacquired shares-comparison of retired shares andtreasury shares [LO18-5]National Supply’s shareholders’ equity included the followingaccounts at December 31, 2017:Shareholders' Equity($ in millions)Common stock, 9 million shares at $1 par$9,000,000Paid-in...
- Q Feather Friends, Inc., distributes a high-quality woodenbirdhouse that sells for $40 per unit. Variable expenses are $20.00per unit, and fixed expenses total $160,000 per year. Its operatingresults for last year...
- Q Problem 5-22 CVP Applications; Contribution Margin Ratio;Break-Even Analysis; Cost Structure [LO5-1, LO5-3, LO5-4, LO5-5,LO5-6]Due to erratic sales of its sole product—a high-capacity batteryfor laptop computers—PEM, Inc., has been experiencing financialdifficulty...
- Q use execl and show me howThe following is a payroll sheet for Otis Import Company for themonth of September 2017. Selected information follows. nemployment compensation rate allowed by the state 1.00%,Unemployment compensation...
- Q Continuous assurance auditing will send signals or messagesdeviated from an audit limit or parameter to internal auditors.What auditing standards and methods are necessary to ensure theeffectiveness and efficiency of continuous...
- Q Sarah is single. She files her tax return as Single. Her2020 income from wages is $450,400. She has “net long-term capitalgains” of $100,000. Total 2020 gross income is $550,400. Sarah...
- Q The following information pertains to the City of Williamson for2017, its first year of legal existence. For convenience, assumethat all transactions are for the general fund, which has threeseparate functions:...
- Q Discuss the different inventory accounting methods that are used(and allowable) in GAAP. How do they differ from one another? Whywould you choose one over another? Choose a sample company,identify which...
- Q Mark Leahy is considering opening a greeting card shop. Mr.Leahy estimates that the rental cost of the store will be $550 permonth. Other relevant costs include:Greeting cards $0.50 per card...
- Q 1) which balance day adjustments are classified ascurrent liabilities in the balance sheet ?2) cartage outwards is transferred to what ledgeraccount in the balance sheet?
- Q On January 1, 2019, Marshall Company (MC) signs a 10-yearagreement to lease a standard non-specialized storage building fromHammer, Inc. The following information pertains to this leaseagreement: a. The agreement requires...
- Q Have you had any experience in developing or monitoring a budget,either for your employer or for family? If so, please discuss yourexperience, both positive and negative. If you haven’t done...
- 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 write between 400 to 1000 words about the differences between SAPand Sage accounting software
- Q Data Performance, a computer software consulting company, hasthree major functional areas: computer programming, informationsystems consulting, and software training. Carol Bingham, a pricinganalyst, has been asked to develop total costs for...
- Q Please search and review COSTCO financial statements and notesto financial statement for fiscal year 1998 and fiscal year1999.For the year ended in August 1998, how much and how weremembership fees...
- Q Yosef Corporation acquired 90% of the outstanding voting stockof Randeep Inc. on January 1, Year 6. During Year 6, intercompanysales of inventory of $45,000 (original cost of $27,000) were made.Only...
- Q Focus on Trading SecuritiesTanner-UNF Corporation acquired as a long-term investment $240million of 7% bonds, dated July 1, on July 1, 2018. The marketinterest rate (yield) was 9% for bonds of...
- Q Apple Inc., has is holding a tremendous amount ofcash. Most is held overseas where the profit was made. In the pastseveral years they started paying dividends by borrowing by issuingbonds....
- Q You have just been hired as a new management trainee by EarringsUnlimited, a distributor of earrings to various retail outletslocated in shopping malls across the country. In the past, thecompany...
- Q 1. Whitehall Companysells a single product for $25. It had no beginning inventories.Operating data follow.Sales, 27,000units $675,000Normalcapacity 30,000 unitsProduction costs:Variable perunit $13Fixedproduction $150,000Selling andadministrative expenses:Variable per unitsold $2Fixedselling $20,000Number of unitsproduced 32,500 unitsAssume the actualcosts were as...
- Q Gallatin Carpet Cleaning is a small, family-owned businessoperating out of Bozeman, Montana. For its services, the companyhas always charged a flat fee per hundred square feet of carpetcleaned. The current...
- Q Jane buys men’s sportshirts. She is in the process of estimatingher June and July open to buy. As of June 10, she has actual stockon hand of $1,543,768. Jane’s area...
- Q Exercise 15-16An analysis of the accounts of Roberts Company reveals thefollowing manufacturing cost data for the month ended June 30,2017.InventoryBeginningEndingRaw materials$9,460$14,020Work in process6,3808,070Finished goods9,3506,960Costs incurred: raw materials purchases $56,410, direct...
- Q Process Costing Tempe Manufacturing Company makes a singleproduct that is produced on a continuous basis in one department.All materials are added at the beginning of production. The totalcost per equivalent...
- Q Jeremy earned $102,100 in salary and $8,100 in interest incomeduring the year. Jeremy’s employer withheld $11,200 of federalincome taxes from Jeremy’s paychecks during the year. Jeremy hasone qualifying dependent child...
- Q Citibank Performance Evaluation HBS CaseAssignmentFirst, read the Citibank case carefully. Then, think about thefollowing questions (on your own, and in discussion with yourteam-members, if any). Note that Citibank uses the...
- Q Adam is an individual taxpayer who has these followingactivities:2016: Short-term capital loss of (20,000), a short-term capitalgain of 12,000, a Long-term capital loss of (15,000), and long-termgain of 10,0002017: Short-term...
- Q On January 1, Year 2, PAT Ltd. acquired 90% of SAT Inc. whenSAT’s retained earnings were $1,000,000. There was no acquisitiondifferential. PAT accounts for its investment under the costmethod. SAT...
- Q Please search the news that AOL agreed to pay a $3.5 millionfine to SEC for improper accounting practices in 1995 and 1996.What is "Direct Response/Mail Advertising"?How did AOL report the...
- Q PROBLEM 6:Following is a pre-closing trial balance of a village's GeneralFund at December 31, 2019. The amount shown as Fund balance(unassigned) has not changed since the year started. The amountshown...
- Q Explain how the Wells Fargo accounting information system (i.e.,components and functions) contributed to the fraud and / orembezzlement. You will need to focus on how each component /function of the...
- Q Crunch is King, Inc. operates at capacity and processes potatoesinto potato chips in a highly automated manufacturing facility. Thecompany sells chips to the retail consumer market and to theinstitutional market,...
- Q Complete the first step in the accounting cycle: Recordjournal entries for the following transactions in the GeneralJournal, which is the first sheet in the template file.Explanations are not needed.Dec. 1 ...
- Q Kyle worked as a free-lance software engineer for the firstthree months of 2018. During that time, he earned $62,000 ofself-employment income. On April 1, 2018, Kyle took a job as...
- Q Research project preliminary report of Starbucks.
- Q Beech Corporation is a merchandising company that is preparing amaster budget for the third quarter of the calendar year. Thecompany’s balance sheet as of June 30th is shown below:Beech CorporationBalance...
- Q Contrast and compare the qualitative characteristics identifiedby the International Accounting Standards Board (IASB) with thequalitative Characteristics identified by the Financial AccountingStandards of Statement of Financial Accounting Concepts (SFAC) No.2.
- Q Lloyd and Harry, Inc. is a manufacturer of briefcases. Thecompany produces and sells two products: Leather and Vinyl.Currently, the company uses a traditional costing system toallocate manufacturing overhead to production...
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