Accounting question and answers for August 08, 2023
- Q The following information relates to the Cisco Corporation forthe years ended December 31.Cisco CorporationComparative Balance SheetsDecember 31Assets20192018Cash$ 92,700$ 33,400Accounts receivable70,80037,000Inventory131,900102,650Investments84,500107,000Equipment310,000205,000Accumulated depreciation - equipment(49,500)(40,000)Total$640,400$445,050Liabilities and Stockholders’ EquityAccounts payable$ 62,700$ 48,280Accrued expenses...
- Q Stewart purchased and placed in service a 5 year asset onNovember 23, 2018. It cost $100,000. He sold the asset on February19, 2019. Determine his depreciation deduction for2019
- Q DiveIn, Inc. manufactures two products, Goggles and Snorkels.Goggles are the more complex of the two products, requiring moredirect labor time and more machine time per unit than Snorkels.Manufacturing overhead is...
- Q Riyadh Electricity Company manufactures chandeliers . Followingis information for next year’s operations, based on an estimatedvolume of 20,000 units: 4 marksExpectedrevenues $1,000,000Unit costs:Directmaterials $ 6.25Directlabor 15.75Variableoverhead 5.50Fixed manufacturingoverhead 2.50Total $30.00Other fixed costs:Administration, marketing,etc. $225,000Income taxrate 30%a. What...
- Q Background: MS-DRGs are used or reimbursement in theinpatient setting as part of the inpatient prospectivepayment system (IPPS). Only one MS-DRGcan be assigned to an inpatient stay (this is different than...
- Q how do you do statement of cash flows
- Q Highpoint owns a 95 percent majority voting interest inMiddlebury. In turn, Middlebury owns an 80 percent majority votinginterest in Lowton. In the current year, each firm reports thefollowing income and...
- Q "Accounting for a Loss Contingency"Do the provisions of SAB 92 allow the company to reflect thetrue impact of the loss?What changes would you recommend to SAB 92?Please provide a rationale...
- Q Edit questionAlvin is a successful sole practitioner offering businessconsultancy services to a number of local companies. His chiefcompetitor is Betty, who offers similar services. Betty and Alvindecide that they wish...
- Q Risk Assessment- Exercise #1Social Konnections Inc. (SKI or the “Company”) is a globalInternet company that runs Social Konnections, a large social medianetworking Web site. SKI has experienced steep growth since...
- Q You have decided to start your own small business sellingSkatePlates—mini skateboards which clip on to users’ shoes. Youthink you have a good product, but know there is lots ofcompetition for...
- Q Kramer Corp. began the current period with 4,000 unitsin process that were 100% complete as to materials and 60% completeas to conversion. Costs of $7,500 in direct materials and $4,700...
- Q Accounting can really be considered the “language of business”.What does this actually mean? With the increase of businesses beingconducted internationally explain why it might be necessary tocreate an international accounting...
- Q Sandhill Co. sold $3,300,000, 7%, 10-year bonds on January 1,2017. The bonds were dated January 1, 2017, and pay interest onJanuary 1. The company uses straight-line amortization on bondpremiums and...
- Q Risk Assessment- Exercise #1Social Konnections Inc. (SKI or the “Company”) is a globalInternet company that runs Social Konnections, a large social medianetworking Web site. SKI has experienced steep growth since...
- Q Donellys, Inc. has prepared the following comparative balancesheets for 2007 and 2008: 2008 2007 Cash $ 297,000 $ 153,000Receivables 159,000 107,000 Inventory 150,000 180,000 Prepaidexpenses 18,000 27,000 Plant assets 1,260,000...
- Q higher receivable turnover than payable turnover what does thissay about a company
- Q You have just been made a valuation analyst. Before you gettraining (what else is new!), your boss asks you to value a numberof items: 1) a publicly-traded company; 2) a...
- Q Match each description with the appropriate term. - A. B. C. D. E. F. G. H. ...
- Q I am trying to create a classified balance sheet and I am unsurewhat is involved when reporting the current assets, liabilities andowners equity?
- Q Anja is an advisor. She uses her own car to travel to variouslocations to meet clients. She acquired a car on 1 March 2020 for$57,000. The acquisition cost was funded...
- Q Bakerston Company is a manufacturing firm that usesjob-order costing. The company's inventory balances were as followsat the beginning and end of the year:BeginningBalanceEndingBalanceRaw materials$11,400$15,300Work in process$32,400$14,900Finished goods$106,000$122,000The company applies overhead...
- Q Explore what impact the different auditor’s opinion will have onthe audited organization, its employees and its stakeholders. Doyou feel it is absolutely necessary to audit an organization everyyear if they...
- Q Select one area of risk related to auditing operating systemsand networks: Describe the threats associated with the risk area.What are the associated controls to address and reduce thelikelihood of these...
- Q Statement of Realization and LiquidationAt January 1, 2020, the records of Sharon Thomson, trustee inbankruptcy for Davis Corporation, showed the following:Dr (Cr)Cash20,000Assets not realized:Land60,000Building250,000Equipment75,000Patents15,000Liabilities not liquidated:Accounts payable(279,000)Loans payable(341,000)Estate deficit200,000During January,...
- Q Chapman Company obtains 100 percent of Abernethy Company’s stockon January 1, 2017. As of that date, Abernethy has the followingtrial balance: Debit Credit Accounts payable $ 50,000 Accountsreceivable $ 40,000...
- Q Income Statement Preparation Watson Corporation has severalsubsidiaries and the accounts below reflect their combined amountsbefore income taxes and excluding the amounts noted. WatsonCorporation's capital structure consists of 20,000 shares of...
- Q Problem 4-01A a-d (Video) The trial balance columns of theworksheet for Warren Roofing at March 31, 2020, are as follows.Warren Roofing Worksheet For the Month Ended March 31, 2020 TrialBalance...
- Q Exercise 9-27Presented below is information related to Sandhill Corporation.Price Index LIFO Cost Retail Inventory on December 31, 2017, whendollar-value LIFO is adopted 100 $36,600 $69,100 Inventory,December 31, 2018 110 ?...
- Q Required information[The following information applies to the questionsdisplayed below.]Fred currently earns $9,000 per month. Fred has been offered thechance to transfer for three to five years to an overseasaffiliate. His...
- Q Relevant Range andFixed and Variable CostsChild Play Inc.manufactures electronic toys within a relevant range of 20,000 to150,000 toys per year. Within this range, the following partiallycompleted manufacturing cost schedule has...
- Q Match each description with the appropriate term. - A. B. C. D. E. F. G. H. ...
- Q The Sarbanes Oxley Act is sometimes described as the"full-employment act for accountancy." Why do you think it is oftencharacterized that way?
- Q Flannigan Company manufactures and sells a single product thatsells for $500 per unit; variable costs are $270. Annual fixedcosts are $943,000. Current sales volume is $4,250,000. Compute thecontribution margin per...
- Q Equipment Corporation incorporated was established on October20, 1974. to comply with accounting requirements, the company usesan accrual method of accounting. Its accumulated earnings andprofits as of December 31, 2016, were...
- Q what can proper phrasing of a question do?
- Q Dreyvins Coffee House Limited's bank statement for themonth of November 2022 showed a balance per bank of $7,000. Thecompany's general ledger Cash account showed a balance of $5,659 atNovember 30....
- Q A company sells medical supplies to hospitals and healthcarefacilities that are mostly located in the Michiana region. Thecompany has 150 employees, and it is about to decide whether partof them...
- Q The general ledger of the Karlin Company, a consulting company,at January 1, 2021, contained the following account balances: Account TitleDebitsCreditsCash28,700Accounts receivable18,000Equipment31,000Accumulated depreciation9,300Salaries payable10,000Common stock49,000Retained earnings9,400Total77,70077,700The following is a summary of the...
- Q Statement of Cash FlowsJacoby Corporation, a merchandiser, recently completed itscalendar year 2016 operations. For the year:? All sales are credit sales? All credits to Accounts Receivable reflect cash receipts fromcustomers?...
- Q For your fictitious healthcare service, you will create abalance sheet and income statement based upon the followingfinancial transactions occurring during your start-up year:6. May 1, 2020 through December 31, 2020:...
- Q Star Videos, Inc., produces short musical videos for sale toretail outlets. The company’s balance sheet accounts as of January1 are given below.Star Videos, Inc.Balance SheetJanuary 1AssetsCash$92,000Accounts receivable115,600Inventories:Raw materials (film, costumes)$17,800Videos...
- Q Question 1: Hashem started a business that offers legal serviceson 1 December 2019. The following are transactions occurred duringthe month of December 2019: 1. Hashem brought in RM50,000 cash andoffice...
- Q Luzadis Company makes furniture using the latest automatedtechnology. The company uses a job-order costing system and appliesmanufacturing overhead cost to products on the basis ofmachine-hours. The predetermined overhead rate was...
- Q Hashem started a business thatoffers legal services on 1 December2019. The following are transactions occurredduring the month of December2019:Hashem brought in RM50,000 cash and office equipmentsworth RM12,000 into the business.Bought...
- Q What is the calculation of benefits from the u.s social securityprogram?
- Q For this activity, you have been hired as a team of consultantson a multi-year basis for a global washer and dryer manufacturer.They currently offer two core washer and dryer sets:...
- Q Are these items deductible or not deductible?a. Deductibleb. Not deductible____state income taxes____Interest on a 2018 mortgage loan of $750,000____Real estate taxes____$67 in credit card interest____$ 576 interest on a bank...
- Q 2. Which is NOT true of the QBI-Qualified Business IncomeDeduction? Caution: read all answers before you choose.a. The QBI is 20%b. The QBI doesn't reduce self-employment taxc. The QBI doesn't...
- Q Purchases, Accounts Payable Subsidiary Account, and AccountsPayable Ledger Sterling Forest Landscaping designs and installslandscaping.The landscape designers and office staff use office supplies,while field supplies (rock, bark, etc.) are used in...
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