Accounting question and answers for August 10, 2023
- Q Electro Corp sells a refrigerator and a freezer as a single package for $1,000. Other data are in the chart below. Refrigerator Full-size Freezer Packaged Price Selling price $800 $400...
- Q Comparative balance sheet accounts of Nash Inc. are presented below. NASH INC. COMPARATIVE BALANCE SHEET ACCOUNTS AS OF DECEMBER 31, 2020 AND 2019 December 31 Debit Accounts 2020...
- Q Kinkaid Co. is incorporated at the beginning of this year and engages in a number of transactions. The following journal entries impacted its stockholders' equity during its first...
- Q PT. ABC produces bookshelves with projected sales for the first quarter of the coming year and beginning and ending inventories as follows: Unit sales 150,000 units Price...
- Q The folowing transactions were completed by Winklevoss tre, whose fiscal year is the calendar year: 201 Sul I issuod $74,000,000...
- Q What was the cost of the direct materials used in production during 2016
- Q 6. Before any month-end adjustments are made, the net income of LL Company is $550,000. However, the following adjustments are necessary: (1) office supplies...
- Q Atlas Corporation sells 100 bicycles during a month. The contribution margin per bicycle is $200. The monthly fixed expenses are $8,000. What is the profit from the sale of 100...
- Q A company had a tractor destroyed by fire. The tractor originally cost $128,000 with accumulated depreciation of $62,700. The proceeds from the insurance company were $23,000. The company should recognize:...
- Q Scoresby Inc. tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it...
- Q Rho Company makes organizers. Information on cost per unit is as follows: $1.50 1.20 Direct materials Direct labor Variable overhead Variable marketing expense 0.90 0.40 Fixed marketing expense...
- Q Each unit requires 4 pounds of raw materials costing $6 per pound. On December 31,2021 , the ending raw materials inventory...
- Q Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Performance reports are prepared monthly for each department. The planning budget and flexible budget...
- Q 1.Based on the income statement from the traditional costing systems, make recommendations with respect to the future product line and product introduction 2. Identify some signals and symptoms...
- Q Prepare the journal entries necessary to record the following stock transaction of FitzPatrick Corporation. -June 1 Purchased 4,000 shares of its own $30 par value common stock for $70 per...
- Q which of the following is the approach that fasb suggests in assigning gain or losses on constructive retirement of inter corporate bond A. Assigned to the affiliated company initially issuing...
- Q The payback period suffers from which of the following deficiencies? a. It is a rough measure of the uncertainty of future cash flows. ...
- Q I will vote if correct!!! Delicious Candy Company is considering purchasing a second chocolate dipping machine in order to...
- Q Anjali Shah Company had credit sales of $1,600,000. The beginning accounts receivable balance was $165,000 and the ending accounts receivable balance was $280,000. Using the direct method of reporting cash...
- Q Memo Exercise Upon completing your research, you must communicate your findings in an easily comprehensible manner. Most researchers use an internal research memo that consists of four basic parts: (1)...
- Q Wellington Chemical Company manufactures specialty chemicals by a series of three processes, all materials being introduced in the Distilling Department. From the Distilling Department, the materials pass through the...
- Q Hi all. I am having issues with this accounting problem. Would someone be willing to help me out? Thanks! Calculate the cash sources or cash uses that should be...
- Q A company you work for has recently applied for financial aid from the National Board of Small Scale Industries (NBSSI). A few days ago, you received notification that the companys...
- Q Shaker Stairs Co. designs and builds factory-made premium wooden stairways for homes. The manufactured stairway components (spindles, risers, hangers, hand rails) permit installation of stairways of varying lengths and widths....
- Q 1. One reason a company may repurchase stock is because it wants to send a signal to the market that its shares are overvalued. T/F 2. A company's profit declines...
- Q X Corp issues a bond on April 1, 2021, with a maturity date of March 31, 2031. The redemption amount is 100,000, and the bonds were issued to the public....
- Q Below is a list of company monthly costs: Direct materials: $50,000 Direct Labour wages (hourly rate based): $30,000 Salary of factory supervisor: $5,000 Factory insurance cost: $1,000 Salary of HR...
- Q Miracle Consulting Corporation has its headquarters in Denver and operates from three branch offices in Portland, Dallas, and Miami. Two of the company's activity cost pools are General...
- Q Inspirational Inc. is a motivational consulting business. At the end of its accounting period, October 31, 20Y2, Inspirational has assets of $863,870 and liabilities of $272,980. Using the...
- Q The following data were accumulated for use in reconciling the bank account of Kaycee Sisters Inc. for August 20Y9: Cash balance according to the company's records at August 31, $24,030....
- Q K Corporation uses the weighted-average method in its process costing system. Data concerning the first processing department for the most recent...
- Q EB 18. LO 3.5Krespy Corp. has a cash balance of $7,500 before the following transactions occur:received customer payments of $965supplies purchased on account $435services worth $850 performed, 25%...
- Q Equipment acquirod on January 6 at a cost of $532,255, has an estimated useful tle of 19 years and an estimated tesidual value of $60,010. Required:...
- Q Class: ACCT 301 How has accounting been a part of your life in the past? How do you think accounting will be part of your life in the future? Example?
- Q Provide a spreadsheet which displays the costs, revenues, NOI, after tax NOI, and the NPV and IRR of this project. Do you invest? Suggestion: Create one spreadsheet to...
- Q The accounting standard dealing with the statement of cash flows is: IAS 18/AASB 118. IAS 1/AASB 1001. IAS/19/AASB 1019. LAS 7/AASB 107
- Q 5) MC Qu. 67 Swinger Corporations comparative ... Swinger Corporation's comparative balance sheet appears below: Ending Balance Beginning Balance...
- Q 1. Calculate depreciation. A machine which cost $400,000 is acquired on October 1, 2022. Its estimated salvage value is $12,000 and its expected life...
- Q On October 1, FY6, 654321 Canada Inc. signed an inventory sales contract with a customer in Italy for a sale price of 400,000. Under the contract, inventory was...
- Q A report for a company's Assembly Department for the month of March follows. Pequired: Tepare a flexible budget performance report for the month of March
- Q On August 1, 2018, All-Care Inc. sold 8%, five-year bonds with a maturity value of $2,000,000 for $1,964,000. Interest on the bonds is payable...
- Q Question 9 1 points SAVE ANSWER Rod and Carmen Hill run a WWII memorabilia store from home. To find items to sell, they travel around the...
- Q At the beginning of 2022, Snowfall Inc. began offering a two-year warranty on its products. The warranty program was expected to cost Snowfall 4% of net sales. Net sales made...
- Q The management of Kingbird Company has asked its accounting department to describe the effect upon the company's financial position and its income statements of accounting for inventories on...
- Q Cordova, Inc., reported the following receivables in its December 31, 2017 year-end balance sheet Current annet Accounts receivable, net of $53,000 in allowance for uneollectible accounts...
- Q Assume Gillette Corporation will pay an annual dividend of 50 68 one year from now. Analysts expect this dividend to grow at 11% per year thereafter...
- Q Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 50 units...
- Q Explain the difference between financial reporting and financial statements. Where on the income statement does a company report an unsual gain not expected to occur more often than once every...
- Q (Answer all questions).Many businesses borrow money during periods of increased business activity to finance inventory and trade receivables. Nordstrom, Inc., is one of North Americas most prestigious...
- Q methods for allocating service department costs to other departments are A) step-down, indirect and reciprocal allocation B) direct,step-up and reciprocal allocation C) step-down, direct...
- Q The following information is available for Lock-Safe Company, which produces special-order security products and uses a job order cost accounting system. ...
- Q please help i attached a picture of instructions/journal entey and 2 other pictures with chart of accounts on it HY Chart...
- Q 2.You are analyzing the financial condition of a company to assess its ability to meet upcoming loan payments. You calculate its current ratio as 1.2. You also find that a...
- Q The December 31, Year 4, balance sheet for Burdette Corporation is presented here. These are the only accounts on Burdettes balance sheet. Amounts indicated by question marks...
- Q Can i please have a detailed explanation of the theory behind this please? 6.3 The closing inventory at cost of Darcy Co at...
- Q The following events occurred in June: June 1: Owner contributed $50,000 in cash to the business. June 1: Owner purchased a company vehicle in the...
- Q Pinnacle Corp. budgeted $254,600 of overhead cost for the current year. Actual overhead costs for the year were $210,580. Pinnacle's plantwide allocation base, machine hours, was budgeted at 49,430...
- Q On January 1,2024, Concord Corporation purchased equipment for $20000. The company is depreciating the equipment at the rate of $800 per month. At January...
- Q View Policies Current Attempt in Progress Financial information is presented below: $ 20160 6000 Operating expenses Sales returns and allowances Sales discounts Sales revenue Cost of...
- Q What theory of liability might a customer use to bring suit against the auditors? What documentation should the auditors prepare regarding their assessment of the risk of material misstatements resulting...
- Q Consider the problem of a firm. The firm produces output using a single input. Let the firm's production function be given by y = f(n). The firm receives...
- Q Judy's mother, Catherine, looks after Judy's four-year-old twins so Judy can go to work (she drops off and picks up the twins from Catherine's home everyday). Since Catherine is a...
- Q An LLP is a subcategory of: A.Corporation B.LLC C.General partnership D.Mutual partnership
- Q Wellington Chemical Company manufactures specialty chemicals by a series of three processes, all materials being introduced in the Distilling Department. From the Distilling Department, the materials pass through the...
- Q The sales journal for Carothers Company is shown below. Show how the amounts would be posted to the general ledger accounts
- Q Lets suppose you (USA dealer) imported 10 BMW (7 series) from a German dealer on March 1, 2018 at 60,000 each, payable in 30 days. The exchange rate on...
- Q Current Attempt in Progress Condensed financial data of Sage Hill Inc. follow. \table[[\table[[Sage Hill Inc.],[Comparative Balance Sheets],[December 31]]],[Assets,2025,2024],[,],[Cash,$242,400,$145,200
- Q Assume F&S offers a deal whereby enrolling in a new membership for $1,250 provides a year of unlimited access to facilities and also entitles the member to receive a voucher...
- Q On January 1, 2022, Tamarisk, Inc had $1,180,000 of common stock outstanding that was issued at par and retained...
- Q Hernandez Company expects credit sales for January to be $100,000. Cash sales are expected to be $60,000. The company expects credit and cash sales to increase 10% for the month...
- Q Heather Hudson makes stuffed teddy bears. Recent information for her business follows: Selling price per bear $ 35.50 Total fixed cost per month 1,450.00 Variable cost per bear...
- Q Biossom Trading Company uses a periodic inventory system and has a beginning inventory as of April 1 of 265 tents. This consists of 265 tents purchased...
- Q If employee has 2500 in pensionable what is the employee EI Premium @ 1.58%?
- Q Elijah owns an apartment complex that he actively manages. Elijah paid $300,000 cash for the apartment complex three years ago. During 2015, the rental activity generated a loss of $30,000....
- Q Effective January 1, 1970, Chrysler Corporation adopted the FIFO method for inventories pre- viously valued by the LIFO method. The 1970 annual report stated, This ... makes the financial statements...
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