Accounting question and answers for August 12, 2023
- Q Consider the following costs that take place in Publisher Inc. that prints various textbooks. (1) Setting up copying machines (2) Dealing with authors (3)...
- Q At the beginning of the year, the balance in Allowance for Doubtful Accounts is a credit of $760. During the year, $417 of previously...
- Q Pharoah Travel Court was organized on July 1, 2021, by Betty Johnson, Betty is a good manager but a poor accountant. From the...
- Q E12-12 (Static) Inferring Balance Sheet Changes from the Cash Flow Statement (Indirect Method) LO12-2 A recent statement of cash flows for Apple contained the following information...
- Q Dec. 1,"Received $17,000 cash from Christian in exchange for common stock." Dec. 2,"Received $2,800 cash from customers for services performed." Dec. 5,Paid $150 cash for office supplies. Dec. 9,"Performed services...
- Q Treasury Stock Transactions evelops and produces spraying equipment for lawn maintenance and industrial uses. On March 9 of the current year,...
- Q Problem 8-31 Completing a Master Budget [LO8-2, LO8-4, LO8-7, LO8-8, LO8-9, LO8-10] Hillyard Company, an office supplies specialty store, prepares Its master budget on a quarterly basis. The...
- Q Can you show me how to calculate all the work? Zira Co. reports the following production budget for the next four months. April 622 May Production (units) June...
- Q Ashley Foods, Inc. has determined that any one of five machines can be used in one phase of its chilli canning operation. The costs of the machines are estimated...
- Q Bramble Company purchased an electric wax melter on April 30,2025 , by trading in its old gas model and...
- Q Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet Allied maje...
- Q The following describes production activities of Mercer Manufacturing for the year Actual direct materials used Actual direct labor used Actual units produced 31,000 lbs. at $5.00...
- Q What is the present value of the following cash flow stream at a rate of 1150 Years CFS 2 5750 $2,450 $3,175 54,400 $9.109.07 $9.282.58 $8,328.29...
- Q In January 202X, Fritz Mining Corporation purchased a mineral mine for $6,300,000 with removable ore estimated by geological surveys at 2,500,000 tons. The property has an estimated value of $600,000...
- Q Purchased a vehicle for $45,000 on April 1, paying $5,600 cash and signing a $39,400 bank loan for the balance. The vehicle is estimated to have a useful life of...
- Q Presented below is information related to Bramble Corp. for the month of January 2022. Prepare the necessary adjusting entry for inventory. (Credit account titles are automatically indented when...
- Q Blossom Company purchased a machine on January 1,2022 for $951000. At the date of acquisition, the machine had an estimated useful life of 6 years with...
- Q ercise 4-13 aroah Company has an inexperienced accountant. During the first 2 weeks on the job, the accountant made the following errors in journaling transactions aries...
- Q Connect Assignment Blue Water Kayak began operations on January 1,2022. The owner invested $16,000 during the first year and was able to withdraw cash of $51,000 after a...
- Q I need help with the answers marked incorrect Sun Corporation received a charter that authorized the issuance of 90,000 shares of $7 par common...
- Q March 31 March 1 $ 10,500 4,800 $ 9,200 5,600 Raw materials inventory Work in process inventory Materials purchased in March Direct labor in March Manufacturing...
- Q The city of Charleston had the following sales of water for the selected months of 2017: Month Sales ...
- Q QUESTION 1: [31] Dhatu makes small plant stands that sell for R25 each. The company's annual level of production...
- Q ESTUDIO DE CASO: TEMA- SOCIEDADES Charles Lake, Liz Wood, and Hal Park have formed a partnership. Lake invested $15,000, Wood $18,000, and Parks $27,000. Lake...
- Q TB MC Qu. 13-165 (Algo) Boney Corporation processes sugar beets... Boney Corporation processes sugar beets tivet it purchases tiom farmers. Sugar beets are processed in batches....
- Q Cost of Production Report The debits to Work in Process—RoastingDepartment for Morning Brew Coffee Company for August, togetherwith information concerning production, are as follows: Work inprocess, August 1, 1,100 pounds,...
- Q At the beginning of the current period, Muebles de Pavo Real, a furniture company out of Madrid, Spain, had the following data referring to its inventory at the end of...
- Q Question textActivity-Based CostingSlack Corporation has the following predicted indirect costs andcost drivers for 2016 for the given activity cost pools:Fabrication DepartmentFinishing DepartmentCost DriverMaintenance$80,000$70,000Machine hoursMaterials handling30,00015,000Material movesMachine setups70,0005,000Machine setupsInspections-25,000Inspection hours$180,000$115,000The following...
- Q Ratio of Liabilities to Stockholders' Equity and Times InterestEarnedThe following data were taken from the financial statements ofHunter Inc. for December 31 of two recent years:Current YearPrevious YearAccounts payable$628,000$193,000Current maturities...
- Q Michael Scott Consulting Corporation started businessoperations on July 1, 2019.Michael Scott is the sole owner of thecorporation.Part A: Journalize the following transactions forJuly.DuringJuly, the following transactions were completed by Michael...
- Q Milano Pizza is a small neighborhood pizzeria that has a smallarea for in-store dining as well as offering take-out and free homedelivery services. The pizzeria’s owner has determined that theshop...
- Q John Fleming, chief administrator for Valley View Hospital, isconcerned about the costs for tests in the hospital’s lab. Chargesfor lab tests are consistently higher at Valley View than at otherhospitals...
- Q Question # 1Barhom’s Cellular (BC) is a distributor and sells phones for$1250. BC gets the phones for $900 each. BC pays the sales staff acommission of 10% for each phone...
- Q "Time Value of Money "The time value of money is a critical concept to understand inaccounting, especially when dealing with loans, investmentanalysis, and capital budgeting decisions. The time value of...
- Q Financial ratios are relationships between two financialstatement numbers and are often used in analyzing and describing acompany's performance. Liquidity is a measure of a company’sability to pay their short-term obligations...
- Q Question 3: Woo Ltd. recently conducted an extensivereview of its accounting and reporting policies. The followingaccounting changes are an outgrowth of that review: 1. Woo acquireda machine at a cost...
- Q Proof that the PV of nominal CFs at a nominal rate of interestis equal to PV of the parallel real CFs at a equivalent real rateof interest.
- Q During 2016, Dana Company decided to begin investing its idlecash in marketable securities. The information contained belowrelates to Dana’s 2016 marketable security transactions:Feb. 3Purchased 3,000 shares of Blair Company common...
- Q considering the Food and General Merchandise types of retailers(not Service): What type of retailer do you think is experiencingthe biggest growth? Why? What type of retailer do you think isdecreasing...
- Q Feather Friends, Inc., distributes a high-quality woodenbirdhouse that sells for $80 per unit. Variable expenses are $40.00per unit, and fixed expenses total $200,000 per year. Its operatingresults for last year...
- Q Francine’s Fast Deliveries, Inc. (FFD) was organized in Decemberof 2011. It had limited activity in 2011. The resulting balancesheet at the beginning of 2012 is provided below:Francine’s Fast Deliveries, Inc.Balance...
- Q What is audit evidence?Define audit evidence? Provide three examples of audit evidenceand explain why you believe that each example is auditevidenceDiscuss the two attributes of audit evidence and provide one...
- Q 9. A bond matures in 12 years and pays a 6 percent annualcoupon. The bond has a face value of $1,000 and currently sells for$890. What is the bond’s current...
- Q Question # 3 Answer each of thefollowing independent questions.On Jan. 10, 2015 AIE Co. bought a plant asset with a cost of$216,000, estimated life of 6 years, and residual value...
- Q Please write a minimum of 150 words each6. When is revenue earned and therefore should berecognized?7. When a company pays $10,000 for insurance that will cover itfor two years, the...
- Q discuss the concept of cloud cost management, its applicationand other related issues
- Q Question #6.2: For each of the following independentcases:a) Record the transaction using the accounting equation. Bespecific about account names & $ amounts.b) Indicate the effect of each transaction on the...
- Q The fixed assets of a business are:Generally capital assets throughout their holding period.Generally not capital assets.Generally are held for investment.Generally are held for personal use.None of the above.
- Q Under which method are revenues and expenses recognized in thesame accounting period that cash receipts and payments occur?Under the cash basis of accountingUnder the accrual basis of accountingUnder the adjusting...
- Q Required informationUse the following information for the Exercises below.Skip to question[The following information applies to the questionsdisplayed below.]Ramirez Company installs a computerized manufacturing machine inits factory at the beginning of...
- Q A-Design Inc., a federally incorporated company in theCanada and specializing in design and manufacturingarmrests for the wheelchair industryproduce and sell 18,000 armrests at $60 each in itsthird year of operation...
- Q On January 1, 2018, Bishop Company issued 10% bonds datedJanuary 1, 2018, with a face amount of $19.6 million. The bondsmature in 2027 (10 years). For bonds of similar risk...
- Q Question #6: For each of the following independentcases:a) Record the transaction using the accounting equation. Bespecific about account names & $ amounts.b) Indicate the effect of each transaction on the...
- Q The citizens of Spencer County approved the issuance of$2,003,000 in 6 percent general obligation bonds to finance theconstruction of a courthouse annex. A capital projects fund wasestablished for that purpose....
- Q 1. Webber Technologies is an emerging manufacturer of 3.5 inchdiagonal touch screens for mobile communication devices/mediaplayers. 2011 industry sales were reported at 17.21 million units.This number represents an 19.2 %...
- Q Boston’s Dairy has just opened its main yogurt factory inupstate Massachusetts. This main factory can produce 3,500 boxes ofyogurt monthly (each box contains twelve 6-oz cups). Due tooverwhelming demand for...
- Q Lars Linken opened Sheffield Cleaners on March 1, 2017. DuringMarch, the following transactions were completed.Mar. 1Issued 10,800 shares of common stock for $16,200 cash.1Borrowed $6,600 cash by signing a 6-month,...
- Q You have been asked by senior management to report on changingcustomer needs and to compare changes in customer satisfaction.Explain how you would go about doing this, how you would access...
- Q Sunny Ltd., a hand sanitizer manufacturer, has prepared itsfinancial statements for the year ended at December 31, 2019. OnFebruary 28, 2020, the board of directors authorized to issue thefinancial statements...
- Q We should encourage our customers to complain! In a paragraph ofat least 250 words, explain what this statement means, how itshould be applied, why it should be applied and why...
- Q Is it possible for an organisation to provide excellent customerservice without every employee having a job they feel makes a realcontribution? Explain your answer. (50–100 words)
- Q To whom should customer feedback be disseminated and why?(120–150 words)
- Q If you identified a need for changes/ improvements to customerservice strategies, to whom would you report this and in whatformat might the report be made? (30–50 words)
- Q Would a PROCESS COSTING SYSTEM be ideal for a clothingline business? With regard to process costing, discuss some of theaccounting issues that will need to addressed --again, with regardto process...
- Q Explain what is meant by product/ service standards and bestpractice models. (200–250 words)
- Q HK Limited has 100 employees. Each employee earns two weeks ofpaid vacation per year. Vacation time not taken in the year earnedcan be carried over to two calendar years. Paid...
- Q Q1 Which of the following taxes is not deductible?Select one:a. Goods and Services Taxb. None of the answers are correctc. Payroll taxe. Fringe Benefits TaxWhich of the following amounts is...
- Q Exercise 15-3A job order cost sheet for Ryan Company is shown below.Job No. 92For 2,000 UnitsDateDirectMaterialsDirectLaborManufacturingOverheadBeg. bal. Jan. 15,5006,7004,69086,700128,8007,040252,900274,0003,20015,10019,50014,930Cost of completedjob: Directmaterials$ 15,100 Direct labor19,500 Manufacturingoverhead14,930Total cost$ 49,530Unit cost ($ 49,530 ÷ 2,000)$...
- Q Mannon Company’s accountant exclaimed, “Our cost accountingsystem allocates overhead based on direct labour hours, but ouroverheads cost appear to be more related to setup activities thanto the use of direct...
- Q I need an explanation of the correct answer in 150 words atleast.Which of the following types of payments made by a privateorganization would be subject to all statutory deductions?a) Signing...
- Q What type of costing information could be relevant whenpreparing a profit and loss statement?
- Q Assume that McKinley Electronics completed these selectedtransactions during March 2016?:a. Sales of $ 2, 400, 000 are subject to estimated warranty costof 5%. The estimated warranty payable at the beginning...
- Q 4.Genco Inc. makes asingle product that sells for $50. The standard variablemanufacturing cost is $32.50 and the standard fixed manufacturingcost is $7.50, based on producing 20,000 units. During the yearGenco...
- Q Mainstream spreadsheet and database software, such as Excel andAccess, are often sufficient for analyzing the variety and volumepresented by big data. T or F ?Organizations that spend more on legacy...
- Q On January 1, 2017, Panther, Inc., issued securities with atotal fair value of $557,000 for 100 percent of Stark Corporation’soutstanding ownership shares. Stark has long supplied inventory toPanther. The companies...
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