Accounting question and answers for August 09, 2023
- Q A parent company and its subsidiaries are separate legal entities. Hence, they have separate accounting records. Explain why they may be consolidated.
- Q Cash Share Capital Accounts Receivable Retained Earnings Prepaid Rent Dividends Unexpired Insurance Income Summary Office Supplies Rental Fees Earned Rental Equipment Salaries Expense Accumulated Depreciation: Rental Equipment Maintenance...
- Q Brief Exercise 11-4 Simba Company's standard materials cost per unit of output is $8.00 (2.00 pounds x $4.00). During July, the company purchases and uses 2,860 pounds of...
- Q Suppose Bookholders sells 1,000 used textbooks per day at an average price of $30. Assume that Bookholders cost is 75% of the selling price it charges retail customers. They have...
- Q Identify three economic and three accounting factors that will drive a firms price-earnings ratio in a given period to be higher than that of other firms in the same industry....
- Q 10. The most popular management think of modern times is. A. O Mary Parkett B. O Lillian Gilberth C. O Peter Drucker D. Elton Mayo
- Q Financial information for The Gap, Inc. 2018 FYE is: Net income: 1,003,000,000 Stock price: $18.66 Weighted average common shares outstanding: 385,000,000 Additional diluted potential shares: 3,000,000 Total assets: $8,049,000,000 1....
- Q As a member of a development team, you
- Q Skylar Keys organized Keys Computers 10 years ago in order to produce and sell several computer devices on which he had secured patents. Although the company has been...
- Q Jeremy corp estimated manufacturing overhead costs for the year to be 500,000. jeremy also estimated 8,000 machine hours and 2,000 direct lavor hours for the year. it bases the predetermined...
- Q Activity 22 What are the limitations placed on customer service representatives who do not meet training standards? Discuss in 80100 words.
- Q 3. Jerry has a landscaping business and uses unleaded petrol in his ute and various gardening equipment. For the quarter ended 30th June he used a total of 273 litres,...
- Q International Accounting deals ONLY with the study of International Financial Reporting Standards (IFRS). Do you agree with the preceding statement? If YES, give the reasons for your position and if...
- Q I'm having a really hard time with this question.. Please help, and show you work so I can hopefully gain a better understanding. Thank you! Problem 19-3A Dousmann Corp.
- Q Craigmont uses the allowance method to account for uncollectible accounts. Its year-end unadjusted trial balance shows Accounts Receivable of $132,500, allowance for doubtful accounts of $945 (credit) and sales of...
- Q Exposure Draft- Proposed Statement of Financial Accounting Concepts, Concepts Statement No. 8, Conceptual Framework for Financial Reporting Define changes and corrections of this draft.
- Q Chart of Accounts 2. Post the transactions to " T " accounts 3. Prepare an adjusted trial balance sheet 4. Prepare a...
- Q \table[[Activity,Cost Driver,Amount,M,XY],[Production setups,Number of setups,$84,000,8,12],[Material handling,Number of parts,42,000,56,24],[Packaging costs,Number of units,211,500?,70,000,50,000],[,,$337,500?,,]] What is the total overhead per unit allocated to Product XY using activity-based costing...
- Q Rusty Hardware makes only cash sales. It began 2021 with a credit balance of $33,300 in the refund liability account. Sales during 2021 were $730,000. Rusty estimates that...
- Q Determine the price of a $512,000 bond issue under each of the following independent assumptions: (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1...
- Q Hitzu Company sold a copier (that costs $4.800 ) for $6,000 cash with a two year parts warranty to a customer on Aupust December 31 On...
- Q 1. What is the hospital intensity index and hospital index cost?
- Q Lopez Corporation incurred the following costs while manufacturing its product. Materials used in product $127,100 Advertising expense $49,900 Depreciation on plant 64,800 Property taxes on plant 19,700 Property taxes on...
- Q Part A A company rents a small building with 10,000 square feet of space for $100,000 per year. The rent is allocated to the company's three departments on the basis...
- Q The cost of capital is a starting point of setting up a new project for a company.Which costs should be included and why?Marginal or historical?
- Q SawPro Company, owned and operated by Heather Moore, opened forbusiness in 2015. The company sells a single model of commercialgrade chain saws that it purchases from the manufacturer. Heather’scustomers, primarily...
- Q Statement of Cash Flows—Indirect MethodThe comparative balance sheet of Merrick Equipment Co. forDecember 31, 20Y9 and 20Y8, is as follows:Dec. 31, 20Y9Dec. 31, 20Y8AssetsCash$236,660$218,630Accounts receivable (net)85,73078,520Inventories242,020232,490Investments090,070Land124,1400Equipment267,020205,540Accumulated depreciation—equipment(62,510)(55,430)Total assets$893,060$769,820Liabilities and Stockholders'EquityAccounts...
- Q The financial statements of Morgan Ltd appear below:Morgan LTDComparative Statement of Financial Position31 December 2018________________________________________________________________________________________Assets 2018 2017 Cash.................................................................................................. $25,000 $ 40,000Marketable securities........................................................................... 15,000 60,000Accounts receivable (net)..................................................................... 50,000 30,000Inventory............................................................................................ 150,000 170,000Property, plant and equipment (net)...................................................... 160,000 200,000 Total assets.................................................................................. $400,000 $500,000Liabilities and equityAccounts payable................................................................................ $20,000 $...
- Q 1)What is Balance scorecard (BSC)?2)Any differences of BSC from one university to another?Discuss why or why not.3)If our vice-chancellor wants to improve theuniversity’s goal and performance, what are the characteristicsthat...
- Q Ayayai Company provides the following information about itsdefined benefit pension plan for the year 2017.Service cost$91,200Contribution to the plan104,700Prior service cost amortization9,800Actual and expected return on plan assets62,800Benefits paid40,500Plan assets...
- Q According to the monetary approach to exchange ratedetermination, how would an increase in foreign real income affectthe value of domestic currency? In your explanation, discuss boththe quantity theory and PPP
- Q Q1. Accounting in the financial institutions has specialcharacteristics compared to the non-financial institutions, discussthis statement and explain characteristics of balance sheets,income statement and cash flow statement in banks.Q2. Regulations require...
- Q Answer in ~ 600-700 wordsExplain the Australian dividend imputation credit system and howit applies in Australia. Include an analysis of how the receipt offranking credits will result in differing returns...
- Q Amounts are in thousands of dollars (except number of sharesand price per share): Kiwi Fruit Company Balance Sheet Cash and equivalents$570 Operating assets650 Property, plant, and equipment2,700 Other assets110 Total assets$4,030 Current liabilities$920 Long-term debt1,280 Other liabilities120 Total liabilities$2,320 Paid in...
- Q A company is manufacturing building bricks and fire bricks. Bothproduction require two processes. Brick forming and Heat treatment.The requirements for the two bricks are:Building BricksFire BricksForming per 100 bricks3 hours2...
- Q If you desire to have $5,000,000 in your retirement account atthe age of 65, how much must you invest each year, if you startinvesting at the age of 25, 35,...
- Q Schrader Cellars uses the FIFO method in its two departmentprocess costing system: Fermenting (grape sorting is part of thefermentation process) and Packaging. Direct materials (grapes) areadded at the beginning of...
- Q Select a large U.S. public corporation you are familiar with orwhich interests you. It should be on the Fortune 500 list. Usingthe company's most recent annual report (or Form 10-K)...
- Q Sounds Extreme Inc.Sounds Extreme Inc. (“Sounds”) sells high qualityhearing protection.Sounds most popular product is a set of ear plugsdesigned for smaller ear sizes, offered in 5 different colours. Theproduction process...
- Q Nineteen Measures of Solvency and ProfitabilityThe comparative financial statements of Blige Inc. are asfollows. The market price of Blige Inc. common stock was $64 onDecember 31, 2016.Blige Inc.Comparative Retained EarningsStatementFor...
- Q Special notes.BooksTuitionTaxTax bracketPell GrantsThis student volunteers time at a local school to help withtheir underfunded music program. He could have earned $400 with thetime he spent there.$300$4,000$1,00012%$3,300What is the amount...
- Q Grant Industries, a manufacturer of electronic parts, hasrecently received an invitation to bid on a special order for25,000 units of one of its most popular products. Grant currentlymanufactures 50,000 units...
- Q The Foster Company has two manufacturing departments, formingand painting. The company uses the FIFO method of processcosting. At the beginning of the month, the formingdepartment has3,000 units in inventory, 60%...
- Q Explain in summary of how an auditor audited cash and marketablesecurities.
- Q Explain the approaches (steps and techniques) required tocomplete a quality audit.
- Q Evan participates in an HSA carrying family coverage forhimself, his spouse, and two children. In 2018, Evan has $100 permonth deducted from his paycheck and contributed to the HSA. Inaddition,...
- Q How can we differentiate between whether an individual would beconsidered an independent contractor or a W-2 employee?What repercussions, if any, does an employer face if theyincorrectly identify an employee as...
- Q Thinking of a trip that you or someone you know, is planning ontaking. In planning a budget for the trip, what types of costsshould be included in the budget? List...
- Q Cost of Goods Sold BudgetWilmington Chemical Company uses oil to produce two types ofplastic products, P1 and P2. Wilmington budgeted 31,900 barrels ofoil for purchase in June for $63 per...
- Q Jason has an opportunity with his current employer to workoverseas for five years. If he takes this option, Jason would moveoverseas, while his family would stay in Canada. In this...
- Q During Heaton Company’s first two years of operations, itreported absorption costing net operating income as follows:Year 1Year 2Sales (@ $62 per unit)$1,116,000$1,736,000Cost of goods sold (@ $36 per unit)648,0001,008,000Gross margin468,000728,000Selling...
- Q Problem 2-16 Plantwide Predetermined Overhead Rates; Pricing[LO2-1, LO2-2, LO2-3]Landen Corporation uses a job-order costing system. At thebeginning of the year, the company made the followingestimates:Direct labor-hours required to support estimatedproduction155,000Machine-hours...
- Q On your own words, talk briefly about two of the inventorycosting methods, give one example of each method.
- Q Our Chapter 4 discussion will focus on the purpose and benefitsof financial forecasting.Commonly, financial forecasting is being used in a variety ofbusinesses to control any upcoming risks, thereby assisting inmaking...
- Q Cost of Goods SoldPietro Frozen Foods, Inc., produces frozen pizzas. For nextyear, Pietro predicts that 54,200 units will be produced, with thefollowing total costs:Direct materials?Direct labor71,000Variable overhead24,000Fixed overhead245,000Next year, Pietro...
- Q On January 1, 2018, Access IT Company exchanged $910,000 for 40percent of the outstanding voting stock of Net Connect. Especiallyattractive to Access IT was a research project underway at NetConnect...
- Q Q1.In this question, you need to provide an amount for eachtransaction.1- A merchandising company purchases merchandise inventory oncredit, the credit terms are 2/10,n/30.2- The company pays the amount due within...
- Q The following transactions apply to Pecan Co. for Year 1, itsfirst year of operations:Received $38,000 cash in exchange for issuance ofcommon stock.Secured a $101,000 ten-year installment loan from State Bank.The...
- Q On January 1, 2017, Mcllroy, Inc., acquired a 60 percentinterest in the common stock of Stinson, Inc., for $325,200.Stinson’s book value on that date consisted of common stock of$100,000 and...
- Q Tamarisk, Inc. includes the following account among its tradereceivables.Hopkins Co.1/1Balance forward8541/28Cash (#1710)1,3421/20Invoice #17101,3424/2Cash (#2116)1,6473/14Invoice #21161,6474/10Cash (1/1 Balance)1874/12Invoice #24122,0824/30Cash (#2412)1,2209/5Invoice #36146029/20Cash (#3614 and part of #2412)96810/17Invoice #49121,04510/31Cash (#4912)1,04511/18Invoice #56812,44012/1Cash (#5681)1,52512/20Invoice #634797612/29Cash...
- Q Sharp Company manufactures a product for which the followingstandards have been set:Standard Quantityor HoursStandard Priceor RateStandardCostDirect materials3feet$5per foot$15Direct labor?hours?per hour?During March, the company purchased direct materials at a costof $52,965,...
- Q Chocolate De-lites imports and exports chocolate delicacies.Some transactions are denominated in U.S. dollars and others inforeign currencies. A summary of accounts receivable and accountspayable on December 31, 20X6, before adjustments...
- Q Although materiality is ultimately a matter of professionaljudgment, two types of criteria are taken into consideration whendetermining materiality thresholds. Provide the two types ofcriteria
- Q 1) Farmers Tool Company sells lawn mowers with a 2-yearservice-type warranty. The warranty costs $99. On November 1, 2017,Farmers Tool Company sold 20 lawnmowers at $2,000 each. Tenwarranties were sold....
- Q What is the opinion or perspective on this idea of assessingrisk in the internal control process? (See paragraph below to getan idea or answer the question.) Please raise thoughtful questions,analyze...
- Q What is the opinion or perspective on this? Please raisethoughtful questions, analyze relevant issues, build on ideas,synthesize across readings and discussions, expand the perspective,and appropriately challenge assumptions and perspectives.Significance of...
- Q Purchase Receipt 1Purchase Receipt 1 - EquipmentPurchase Date: 7/1/Year 2Purchase Amount: $600,000Purchase Receipt 2Purchase Receipt 2 - Machine SetPurchase Date: 1/1/Year 5Purchase Amount: $600,000Purchase Receipt 3Purchase Receipt 3 - LandPurchase...
- Q David raised working capital from local investors by issuingbonds. The bonds, which have a face value of $40,000, were sold onJuly 1st, 2018. They have a coupon rate of 7.40...
- Q The following information is available for the month ofApril.The company uses the perpetual inventory method. April 1 inventorybalance 120 units @$8.04 each April 10purchase 200 units @ $8.20each April 20purchase...
- Q 1) Mighty Joe company purchases merchcandise for $12,000 on Dec1, 2017, by issuing a $12,000, 10%, 30 day note to the supplier.Record the journal entry for the issuance of the...
- Q Incredible Sound is a wholesale business that sells musicalinstruments.Transactions involving sales and cash receipts for thefirm during April 2019 follow. The firm sells it's merchandise forcash and on open account....
- Q Chaz Corporation has taxable income in 2018 of $312,000 forpurposes of computing the §179 expense and acquired the followingassets during the year:Placed inAssetServiceBasisOffice furnitureSeptember 12$780,000Computer equipmentFebruary 10930,000Delivery truckAugust 2168,000Qualified improvement...
- Q Pitcher Corporation purchased 60 percent of SoftballCorporation’s voting common stock on January 1, 20X1. On January 1,20X5, Pitcher received $288,000 from Softball for a truck Pitcherhad purchased on January 1,...
- Q On January 1, 2017, Fisher Corporation purchased 40 percent(72,000 shares) of the common stock of Bowden, Inc. for $984,000 incash and began to use the equity method for the investment....
- Q Place the items listed below into either the Balance Sheet orthe Income Statement.Cash $10,300 Accounts Receivable $9,500 Supplies $2,000Inventory $7,200 Building $78,000 Notes Receivable $20,000 AccountsPayable $7,700 Salaries Payable $5,300...
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