Accounting question and answers for August 10, 2023
- Q please solve it fast ASAP with all requirements complete question general entire to balance sheet all steps Tony and Suzie see the need...
- Q Net sales $48537 Cost of goods sold $33109 Net income $17838 Quick assets $88931 Current assets $97415 Long-term assets $24638 Current liabilities $1306 Long-term liabilities $2591 Compute profit...
- Q Firm 1 has a capital structure with 20% debt and 80% equity. Firm 2s capital structure consists of 50% debt and 50% equity. Both firms pay 7% annual interest on...
- Q What is the net present value of a project with the following cash flows and a required return of 12%? Year Cash Flow 0 -$ 28,900 1 $...
- Q Question Help shipped merchandise on account for $6,000 to Kittson Amusement Park, te s FOB shipping point, nao. Maxwell's cost of goods sold is 40% of sales. Ho...
- Q The sweet section of their candy production is broken down into two independent SBUs, both run as profit centres. Both are free to purchase or sell their...
- Q Parent Corporation's current-year taxable income included $299,400 net income from operations and a $29,940 net long-term capit gain. Parent also made a $14,970 charitable contribution. SubCo generated $134,730...
- Q Hello! can you please tell me what's the difference between POHR and Plantwide overhead rate? can you please provide an example to illustrate? thank you!
- Q United Distributors normal credit terms to X-Tyres Stores are 30 days but is prepared to allow a 4% rebate if X-Tyres Stores pays the account within 14 days. Calculate the...
- Q The Florida lottery agrees to pay the winner $269,000 at the end of each year for the next 20 years. What is the future value for this prize if each...
- Q Identify and explain five conditions that performance measurements for governments should focus on.
- Q 1. Johson is a maker of cotton garments that are sold to various retailers. On December 9, Craig's Retailers sent back a shipment of goods that were unsatisfactory. As a...
- Q In 2020, Lisa and Fred, a married couple, had taxable income of $303,000. If they reported taxable income of $126,000 and Fred would have reported...
- Q calculate the following from the given below 3.1.1. break-even-quantity
- Q At the beginning of Year 2, the Redd Company had the following balances in its accounts: Cash $ 8,300 Inventory 2,300 Common stock 7,800 Retained earnings 2,800 During Year 2,...
- Q Q20 Tristan Industries, Inc., makes heavy duty shock absorbers designed for off-road vehicles. The company's ABC costing system has four cost pools, which are...
- Q Convert the store and Regional Sales database to an excel table. Use the techniques described in Example 3.11 to Find: a. the total number of units sold b. the total...
- Q Q3. Over the years, Wal-Mart had excelled and become the best in brick-and-mortar retail stores while Amazon had won the online retail spectrum. Identify and elaborate on their competitive advantages...
- Q Each of the four independent situations below describes a finance lease in which annual lease payments are payable at the beginning of each year. The lessee is aware of...
- Q 5. To manage is to forecast and plan, to organize, to compound, to co-ordinate and to control. This definition was given by A. O Peter F Drucker B....
- Q Cash received from customers-direct method Sales reported on the income statement were $225,000. The accounts receivable balance decreased $14,300 over the year. Determine the amount of cash received...
- Q You own a house that you rent for $1,225 per month. The maintenance expenses on the house average $225 per month. The house cost $224,000 when you purchased it 4...
- Q On January 1, 2019 Drennen Inc. issued 2.6 million face amount of 6-year 10% stated rate bonds when market interest rates were 8%. The bonds pay semiannual interest each June...
- Q need the questions that are circled completed dont mind the answers I put, theyre wrong im sure. ...
- Q Wechsler Company has net accounts receivable opening balance of $223,000 and ending balance of $306,000. The total sales amount for the year is $1,870,000, of which 85% are on credit....
- Q Units sold1,180Price$10Sales$11,800Variable manufacturing costs4,720Fixed manufacturing costs2,360Variable selling costs1,180Fixed administrative costs1,180Required:Using the data provided, compute the margin of safety and marginof safety ratio.mos:mos ratio:
- Q There are 10 units in ending inventory compute the value ofthe ending inventoryusing the periodic inventory method. Compute the answer usingFIFO, LIFO and the averagecost methods. (round your answer to...
- Q Wells Technical Institute (WTI), a school owned by TristanaWells, provides training to individuals who pay tuition directly tothe school. WTI also offers training to groups in off-sitelocations. Its unadjusted trial...
- Q On June 30, 2018, Blue, Inc. leased a machine from Big LeasingCorporation. The lease agreement qualifies as a capital lease andcalls for Blue to make semiannual lease payments of $286,143...
- Q Multiple Choice.A group of related accounts that comprise a complete unit iscalledJournalLiabilityLedgerTransactionA chart of accounts isThe same as a balance sheetusually a listing of accounts in alphabetical orderusually a listing...
- Q For each item, select the appropriate fundamental principle.Some principles will be used more than once, but each item has onlyone principle as its answer. - a. ...
- Q 1. In a manufacturing firm, which are the most importantaccounts to analyze for liquidity problems?a. Cash account on the balance sheetb. Cash, Accruals, Prepaid, and Accounts Receivablec. Notes Payable, Cash,...
- Q Holly Sportsballs has three product lines in its retail stores:soccer balls, baseballs, and tennis balls. Results of the fourthquarter are presented below: Soccer Balls Baseballs TennisBalls TotalUnitssold 1,000 2,000 2,000 5,000Revenue $22,000 $40,000 $23,000 $85,000Variable departmentalcosts 15,000 22,000 12,000 49,000Direct fixedcosts 1,000 3,000 2,000 6,000Allocated fixedcosts 8,000 8,000 8,000 28,000Net income(loss) $ (2,000) $7,000 ...
- Q Southern Corporation began operations in January2019 and purchased a machine for $120,000 at that time.Southern uses straight-line depreciation over a four-year periodfor financial reporting purposes. For tax purposes, the deductionis...
- Q Hoi Chong Transport, Ltd., operates a fleet of delivery trucksin Singapore. The company has determined that if a truck is driven102,000 kilometers during a year, the average operating cost is11.3...
- Q On 5/2/20, Anna Company purchased $100,000 of the 9%, 10-yearbonds of Dexter Corporation for $106,247, which provides an 8%return on annual interest payments made every 5/ Anna does notintend to...
- Q Assigned (800 words) to write by my own word aboutActivity-based accounting (ABC): its concept, how to implement it,its advantages and disadvantages.( no Plagiarism)
- Q Burns Corporation's net income last year was $96,500. Changes inthe company's balance sheet accounts for the year appear below: Increases(Decreases)Asset and Contra-Asset Accounts:Cash and cash equivalents$18,600Accounts receivable$13,300Inventory$(16,300)Prepaid expenses$4,300Long-term investments$10,300Property, plant, and...
- Q Hyrkas Corporation's most recent balance sheet and incomestatement appear below:Balance SheetDecember 31, Year 2 and Year 1(in thousands of dollars)Year 2Year 1AssetsCurrent assets:Cash$180$250Accounts receivable, net280300Inventory250220Prepaid expenses2020Total current assets730790Plant and equipment,...
- Q Craig owns a home with a replacement cost of $200,000 that issubject to a $100,000 mortgage held by First Federal as themortgagee. Craig has the home insured for $160,000 under...
- Q A mid-sized chain restaurant is considering growing theirbusiness and opening additional restaurants in new markets. One ofthe key factors in making this decision will be the level ofinterest rates over...
- Q Parker, age 48, has a traditional Ira with a balance of $50,000.The $50,000 balance consists of $30,000 of contributions andearning of $20,000. This year Parker's marginal tax rate is 24%.Parker...
- Q Sweet Dates Company offers a premium to its customers—a glassbowl (cost to Sweet Dates is $0.90) upon return of 40 coupons. Twocoupons are placed in each box of dates sold....
- Q Rembrandt PaintCompany had the following income statement items for the year endedDecember 31, 2016 ($ in 000s): Netsales$20,000 Costof goods sold$11,500 Interest income220 Selling and administrative expenses2,700 Interest expense390 Restructuring costs1,000 In addition, during the yearthe company...
- Q Excom manufactures high-end whole home electronic systems. Thecompany provides a two-year warranty for all products sold. Thecompany estimates that the warranty cost is $225 per unit sold andreported a liability...
- Q Fijisawa Inc. is considering a major expansion of its productline and has estimated the following cash flows associated withsuch an expansion. The initial outlay would be$2,000,000 ,and the project would...
- Q During its prior tax year, your client acquired from a thirdparty a license granted by the federal government. The client tellsyou that he/she believes that the license has a useful...
- Q Doaktown Products manufactures fishing equipment forrecreational uses. The Miramichi plant produces the company’s twoversions of a special reel used for river fishing. The two modelsare the M-008, a basic reel,...
- Q Southern Corporation began operations in January2019 and purchased a machine for $120,000 at that time.Southern uses straight-line depreciation over a four-year periodfor financial reporting purposes. For tax purposes, the deductionis...
- Q College Supply Company (CSC) makes three types of drinkingglasses: short, medium, and tall. It presently applies overheadusing a predetermined rate based on direct labor-hours. A group ofcompany employees recommended that...
- Q Samtech Manufacturing purchased land and building for $4million. In addition to the purchase price, Samtech made thefollowing expenditures in connection with the purchase of the landand building:Title insurance$34,000Legal fees for...
- Q X Manufacturing uses a normal cost system and hadthe following data available for 20x8:Direct materials purchased on account$148,000Direct materials requisitioned98,000Direct labor cost incurred127,000Factory overhead budgeted151800Factory overhead incurred138,200Cost of goods sold260,000Beginning...
- Q Zena Company’s financial records showed the following selecteditems for 2015:Advertising receipts$650,000Land rental revenues$520,000Interest paid on borrowings$100,000Wage expense$190,000Zena follows the accrual basis of accounting. The followingbalances were taken from Zena’s balance...
- Q The Organization of the Petroleum Exporting Countries (OPEC) isa group of oil producers that have entered into an agreement aimedat controlling the world supply of oil. They behave like amonopolist,...
- Q Lamp Light Company maintains and repairs warning lights, such asthose found on radio towers and lighthouses. Lamp Light Companyprepared the following end-of-period spreadsheet at December 31,2018, the end of the...
- Q The Zef Radiator Company uses a? normal-costing systemwith a single manufacturing overhead cost pool and? machine-hoursas the? cost-allocation base. The following data are for2017?:Budgeted Manufacturing Overhead Costs$ 4,875,000Overhead Allocation Basemachine-hoursBudgeted...
- Q Q1. What is the difference between the substantive analyticalprocedures and the substantive test of details? Explain in detailand provide an example of each one.
- Q On January 2, 2018, Athol Company bought a machine for use inoperations. The machine has an estimated useful life of eight yearsand an estimated residual value of $1,750. The company...
- Q Bramble Company uses normal costing in its? job-costingsystem. The company produces custom bikes for toddlers. Thebeginning balances? (December 1) and ending balances? (as ofDecember? 30) in their inventory accounts are...
- Q 87. Eloise is a sales representative for a video productioncompany. While at an exposition, she incurs $2,000 in entertainmentexpenses and $1,200 for meals. The expenses occur while she isdiscussing business...
- Q Gabe and Dana are married and file jointly. For 2019,Gabe earned $150,000 and Dana earned $20,000 working part time as aparty planner. They have two young children, a 4-year old...
- Q Fogerty Company makes two products—titanium Hubs and Sprockets.Data regarding the two products follow:DirectLabor-Hours per UnitAnnualProductionHubs0.8022,000unitsSprockets0.4057,000unitsAdditional information about the company follows:Hubs require $35 in direct materials per unit, and Sprocketsrequire $12.The...
- Q What is a favorable variance and what is an unfavorablevariance? How do you calculate them? Is a favorable variance alwaysa bad thing and is an unfavorable variance always a good...
- Q Using Activity based costing, why are indirect costs allocatedwhile direct costs are not allocated?
- Q Calculates the tax benefits of switching the business to a scorporation for each of the stakeholders involved and the businessentityFor a s corporation lets say the company Is worth $100...
- Q Q3. Explain the importance of observing physical inventoryduring an audit.
- Q Based on the movie The Accountant, perform an internetsearch for what they did with Artificial Intelligence.Required:Answer the following questions:What was he attempting to do by examining the financialnumbers?Discuss what is...
- Q Bartolo Delivery hastwo divisions, air express and ground service, that share thecommon costs of the company’s communications network, which are$8,000,000 a year. You have the following information about the twodivisions...
- Q On February 1, 2018, Cromley Motor Products issued 6% bonds,dated February 1, with a face amount of $55 million. The bondsmature on January 31, 2022 (4 years). The market yield...
- Q Hilton Corporation began operations on 1-1-2012. Hilton used thelast-in-first-out (LIFO) inventory costing method from 1-1-2012through 12-31-2014. Presented below are effects of using LIFO for2014 and earlier years.Year201220132014Cost of goods sold...
- Q On January 1, 20X1, Porta Corporation purchased Swick Company’snet assets and assigned goodwill of $80,900 to Reporting DivisionK. The following assets and liabilities are assigned to ReportingDivision K on the...
- Q The general ledger of Pipers Plumbing at January 1, 2021,includes the following account balances:AccountsDebitsCreditsCash$3,850Accounts Receivable8,850Supplies2,850Equipment23,000 Accumulated Depreciation$5,400Accounts Payable3,400Utilities Payable4,400Deferred Revenue0Common Stock16,500Retained Earnings8,850Totals$38,550$38,550The following is a summary of the transactions for the...
- Q 6/30/y1, $5,000,000 face value bonds, with an 8%coupon rate, are issued to yield 5%. These are 20-year bonds, and they pay interest on June 30 andDecember 31. These bonds were...
- Q Newton Corporation uses a process costing system to trace coststhrough several phases of production, starting with the BlendingDepartment and ending with the Packaging Department. Recentcomputer problems have caused some of...
- Q Colton Enterprises experienced the following events for Year 1,the first year of operation: Acquired $45,000 cash from the issueof common stock. Paid $13,000 cash in advance for rent. The paymentwas...
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