Accounting question and answers for August 11, 2023
- Q With various high-profile examples of unethical behavior in thefinancial and accounting profession that negatively affectedemployees, investors, and the entire U.S. economy, explain yourposition on teaching ethics to accounting students andprofessionals.
- Q Which method will give you a higher amount of depreciationexpense in the later years of an asset's life, straight-line ordeclining balance? Explain
- Q Isit "buyer beware," or do you advocate for more checks and balancesover financial practices?
- Q Question 1Inherent risks can be classified according to their nature, suchas “unusual pressure on management” or “account likely to requireadjustments”; and also their level as either a “financial reportlevel inherent...
- Q Explain how straight- line depreciation is computed.
- Q partial credit, P3-48 (similar to) Marston Corporationmanufactures housewares products that are sold through a network ofexternal sales agents. The agents are paid a commission of 19?% ofrevenues. Marston is considering...
- Q ACCOUNTING The assumption of financial accounting thatindividual companies must be separate and distinct from theirowners and other entities best describes: the economic entityassumption. the going concern assumption. the fiscal periodassumption....
- Q FIFO versus LIFO: Ratio AnalysisPresented below are the financial statements of two companiesthat are identical in every respect except the method of valuingtheir inventories. The method of valuing inventory is...
- Q On January 1, 2017, Sheridan Company purchased 9%bonds having a maturity value of $ 290,000, for $ 313,782.32. Thebonds provide the bondholders with a 7% yield. They aredated January 1, 2017, and...
- Q Explain why Ford would be violating U.S. GAAP if itrecognized all related revenue at the time cash was received fromcustomers, rather than recording any as deferred
- Q Campbell Manufacturing Company uses two departments to make itsproducts. Department I is a cutting department that is machineintensive and uses very few employees. Machines cut and form partsand then place...
- Q Q1) The Buffet Company produces and sells Parrot-head t-shirts.Income statements for two activity levels are provided below:Unit Volumes40,00060,000Revenue$300,000$450,000Less cost of goods sold120,000180,000Gross margin$180,000$270,000Less operating expenses: Salaries and commissions$40,000$ 50,000 Advertising...
- Q AssignmentWanda comes to you because she is discouraged and needs to talk.Her parents have heard she is thinking of expanding her businessand even possibly taking out a second mortgage on...
- Q Ch.11 Current LiabilitiesExplain the two basic entries for payroll.
- Q The Alpine House, Inc., is a large retailer of snow skis. Thecompany assembled the information shown below for the quarter endedMarch 31: Amount Sales $ 1,360,000 Selling price per pair...
- Q Marwick’s Pianos, Inc., purchases pianos from a largemanufacturer for an average cost of $1,496 per unit and then sellsthem to retail customers for an average price of $2,300 each. Thecompany’s...
- Q Comment on post below-thanksIs ABC info always better than Average-cost? No… not always. ABCcosting will surely be more detailed and most likely more accurate,however will an organization's benefits of ABC...
- Q The Dorilane Company produces a set of wood patio furnitureconsisting of a table and four chairs. The company has enoughcustomer demand to justify producing its full capacity of 4,000sets per...
- Q On January 1, 2017, Brussels enterprises issue bonds at pardated January 1, 2017, that have $3,300,000 par value, mature in 4years and pay 10% interest semiannually on June 30 and...
- Q Presented is information pertaining to the cash flows of threemutually exclusive investment proposals: Proposal X Proposal YProposal Z Initial investment $52,000 $52,000 $52,000 Cash flowfrom operations Year 1 50,000 26,000...
- Q On January 1, 2017, Buffalo Company purchased 12%bonds, having a maturity value of $ 304,000, for $ 327,047.70. Thebonds provide the bondholders with a 10% yield. They are datedJanuary 1, 2017,...
- Q A variation on cost-plus pricing is time-and-material pricing.Under this approach, two pricing rates are set. Explain where thisapproach is used and identify the steps involved intime-and-material pricing. Also explain what...
- Q On January 1, 2011, Garner issued 10-year $200,000 face value,6% bonds at par. Each $1,000 bond is convertible into 30 shares ofGarner $2, par value, ordinary shares. Interest on the...
- Q Re-organize the scrambled accounts into the income statement forPet Land Inc., a pet food and accessories retailer in a smallCanadian town.You will have to calculate Sales Revenue, Cost of Goods...
- Q Desh Bondhu Polymer Co. prepare a financial plan. Use thefinancial statements and the other information provided in whatfollows lo prepare the financial planDesh Bondhu PolymerStatement of Profit & Loss‘000ParticularsActual figure...
- Q On January 1, 2018, Allied Industries leased a high-performanceconveyer to Karrier Company for a four-year period ending December31, 2021, at which time possession of the leased asset will revertback to...
- Q You have been employed to establish a computerised accountingsystem in a small organisation. The organisation currently uses aledger card system for its accounts. The organisation has chosen apopular proprietary accounting...
- Q Explain the three common methods of assigning overhead to thecost of a product. Be sure to discuss the advantages anddisadvantages of each method. Which method do you feel is the...
- Q Assume you currently work at a CPA firm. During the assessmentof internal controls, your firm concluded that your publicly tradedclient did not have accounting staff who met the firm’s criteriafor...
- Q Question 1 4 ptsThe following account appears on the income statement of amerchandiser:dividendscost of goods soldmerchandise inventoryretained earningsFlag this QuestionQuestion 2 4 ptsWhich of the following would we credit to...
- Q Because the absorption-cost approach includes allocated fixedcosts, it does not clarify how the company’s costs will change asthe sales volume changes. Identify three specific reasons why somemanagers prefer the variable-cost...
- Q Sandy Bank, Inc., makes one model of wooden canoe. Partialinformation is given below.Required:1. Complete the following table.2. Suppose Sandy Bank sells its canoes for $580each. Calculate the contribution margin per...
- Q The Statement of Cash Flow The following cash flow informationwas taken from The General Electric Company (GE) annual report.Compute the missing values in the table (amounts are in millions).Year 3...
- Q UCC Revised Article 3 covers negotiable instruments within theUS. What problems hinder any efforts to establish uniforminternational rules for negotiable instruments? What additionalvariables do you see in trying to establish...
- Q Under the United States Generally Accepted Accounting Standards(U.S. GAAP), property, plant and Equipment are reported athistorical cost net of accumulated depreciation. These assets arewritten down to fair value when it...
- Q Natalie’s friend, Curtis Lesperance, decides to meet withNatalie after hearing that her discussions about a possiblebusiness partnership with her friend Katy Peterson have failed.(Natalie had decided that forming a partnership...
- Q ?Don’t Cry Over Spilled? Milk, Inc., a manufacturer of? mops,uses the weighted average method in its processing costing system.The company uses a departmental costing system to allocatemanufacturing overhead? (MOH) to...
- Q Continuing on financial statement fraud. How does this affectthe corporation, employees, investors, related parties, andconsumers.
- Q On August 1st The Bus company hasa Cash balance of $200. During August, the company performed $2000in services on account and collected $900 from customers forservices performed. A total of...
- Q Ch.11 Current LiabilitiesExplain the two basic entries for product warranties.
- Q I need a fresh answer. Do not copy and paste. Solve only whenyou have deep subject knowledge,. Thank YouPlease answer the question below.prepare the journal entries for all the following...
- 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 Based on your work experience or reading of the chapter, brieflydescribe how an ERP can connect and integrate the cycles of abusiness (e.g., revenue-expenditure cycles, revenue-payroll cycles,and etc)
- Q olvency AnalysisThe following information is available from the balance sheetsat the ends of the two most recent years and the income statementfor the most recent year of Impact Company:December 3120172016Accounts...
- Q During 2020, Skysong Furniture Company purchases a carload ofwicker chairs. The manufacturer sells the chairs to Skysong for alump sum of $77,805 because it is discontinuing manufacturingoperations and wishes to...
- Q Feathered FriendsFeathered Friends makes backyard birdfeeders.The company sells the birdfeeders to home improvement stores for$12 per birdfeeder. Each birdfeeder requires 3.0 board feet of?wood, which the company obtains at a...
- Q Income StatementPietro Frozen Foods, Inc., produces frozen pizzas. For nextyear, Pietro predicts that 53,100 units will be produced, with thefollowing total costs:Direct materials?Direct labor55,000Variable overhead28,000Fixed overhead245,000Next year, Pietro expects to...
- Q Maddow and Wells, Inc. purchased equity securities in 2018. Themanagement of the company has decided that the securities will notbe sold immediately, but will be held for at least three...
- Q explain the situations that are related to the transfer ofproducts between divisions located in different countries.illustration 8B-1 from your textbook, Weygandt, Kimmel, & Kieso(2015, p. 337). What conclusion can you...
- Q Question 2 Active PLC is a leading investment companyin Australia and you the below details relating to the capitalstructure of the company. Information concerning raising newcapital Bonds $1,000 Face value...
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!