Accounting question and answers for August 13, 2023
- Q LO 2,3 *** Practice Exercises 2, 3 Show me HOW EXERCISE 8-6 On September 30, Cody Company's selected account balances are as follows: Employees' Federal Income...
- Q Question #2 Mr. Francisco Rosario started a consulting service business in Newark, New Jersey on January 1, 2016 and called it Rosario Consulting Service....
- Q i need this question answered asap long response please. the subject is enterprise law QUESTION 2 (15 marks) Answer all parts 20l and gas giant, Subsea...
- Q A survey was taken to determine which social media platform consumers used most often. The results are shown below. Compute the CUMULATIVE RELATIVE FREQUENCY that would...
- Q Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Standard Quantity or...
- Q Norsk Optronics, ALS, of Bergen, Norway, had a current ratio of 4 on June 30 of the current year. On that date, the company's assets were:...
- Q What is the term for the process of matching the expenses incurred during a specific accounting period with the revenue earned in the same...
- Q The following account balances were included in the trial balance of Skysong Corporation at June 30, 2020. $1,591,380 31,400 897,600 Sales revenue Sales discounts Cost of goods sold...
- Q 3. Explain whether Topeka National Bank should grant the extension on Bradburns notes considering Daniel Browns statement about financing the plant expansion through internally generated funds. Consider...
- Q 4. Determine the Interest expense recorded In Year 2. Note: Do not round intermediate calculations and round your final answers to nearest whole dollar. Use 360 days a...
- Q Learning ctivity-Based And Department Rate Product Costing and Product Cost Distortions Black and Blue Sports Inc. manufactures two products: snowboards and skis. The...
- Q The financial statements for Castile Products, Incorporated, are given below: \table[[Castile Products, Incorporated],[Income Statement,],[For the Year Ended December 31,],[Sales,$2,160,000
- Q est after nine months. E9-9 LO9-4 Reporting Contingent Liabilities James Soda is a regional soda manufacturer. James is currently facing three lawsuits, summarized...
- Q What would be some good recommendations for John if he were to work on trying to move out with his current situation? What are some good questions...
- Q hapter 11 Homework eBook EX.11.27 ALGO Residual Income washington Comp ny has two divisions: the Adoms Division and the Jefferson Division. The following information pertains to last year's...
- Q A business has a market share of 20% and it competes in a market where the total market demand is 300,000 units. The price per unit and...
- Q Question 30 of 75. Jane O'Neil owns a 50% interest in partnership J&B. She contributes a computer system with a FMV of $15,000 and an...
- Q May 1 The company provided $2,900 of sustainability consulting services on credit to a customer. May 3 The company purchased $750 of energy-efficient supplies on credit....
- Q The following accounts was taken from the accounting records of ZZ, Inc. for the year ended December 31, 2025 There were 10,000 shares of common stock and 1,000...
- Q Indicate where each item would appear on a statement of cash flows using the indirect method by placing an X in the appropriate column(s). Note: More than one column...
- Q Question No. 7 (20 minutes) CBA Inc., a manufacturer, has received a special request for 1000 units of its product, widgets, at a price of $ 52.50 per...
- Q Required: a. Reconcile book income to taxable income for Timpanogos Incorporated. Be sure to start with book income and identify all of the adjustments necessary to...
- Q I want solution part II and part III
- Q The following information pertains to The Roses CC and covers questions 1 9: David and Patrick are the only members of a Close Corporation trading as The Roses CC...
- Q Explain what the probable transaction would be requiring the entry, and how this entry is impacting the financial statements. Prepaid Insurance 6,000 debit Cash 6,000 credit
- Q Complete the chart, showing manufacturing cost at various levelsof production for Company XVolume (unit) 10,000 20,000 30,000 40,000Cost A $25,000 $25,000 $25000Cost B $25,000 $50,000 $100,000Cost C $33,000 $48,000 $78,000I...
- Q JY investment Ltd holds awell-diversified portfolio of shares that has a market value of$1.5 million on 30June 2019. JY is concerned about possible downturns in the sharemarket and on 1...
- Q Costs per Equivalent Unit The following information concernsproduction in the Baking Department for March. All direct materialsare placed in process at the beginning of production. ACCOUNT Workin Process—Baking Department ACCOUNT...
- Q Cost of Units Completed and in Process The charges to Work inProcess—Assembly Department for a period, together with informationconcerning production, are as follows. All direct materials areplaced in process at...
- Q 15) Redbird Company uses the indirect method to prepare itsstatement of cash flows. Using the following information, completethe worksheet for the year ended December 31, 2018.- Net Income for the...
- Q On March 1, 2019, Annapolis Company has a beginning Work inProcess inventory of zero. All materials are added into productionat the beginning of its production. There is only one productionWIP...
- Q Rob operates a smallplumbing supplies business as a sole proprietor. In 2018, theplumbing business has gross business income of $421,000 andbusiness expenses of $267,000, including wages paid of $58,000. Thebusiness...
- Q ollowing are account balances (in millions of dollars) from arecent FedEx annual report, followed by several typicaltransactions. Assume that the following are account balances on May31 (end of the prior...
- Q Campbell Manufacturing Company began operations in 20X6.Depreciation for the year amounted to $200,000; 30% relates tosales, 20% relates to administrative facilities, and 50% to thefactory. Of the total units produced...
- Q on April 1 2018, company sold 10,000 bonds ($1,000 face value)at 11% semi-annually. they are due April 1 2028.proceeds from the bonds were 9,156,946 and their coupon datesare april 1...
- Q Part A: In each of the following circumstances,determine whether the disposal would qualify as a discontinuedoperation. All companies are calendar year companies andthe transactions are occurring in 2018. Give citations from the...
- Q Select one of these provisions of Sarbanes Oxley Act: 302; 401;402; 806; and 906. Write a brief description of the requirements ofthat section of the Act and briefly describe processes...
- Q A company had the following purchases during its first year ofoperations: PurchasesJanuary:24 units at $115February:34 units at $126May:29 units at $138September:26 units at $146November:24 units at $156On December 31, there were...
- Q Ajax Company bought equipment for $2,500. The company estimatesthat the equipment’s period of useful life will be 5 years. After 5years the residual value is $500. Calculate depreciation expenseand complete...
- Q QUESTION 22Colin and Jane form a partnership on 1 July 2016.Colin’s contribution is $20,000 cash and $80,000 inventory.Jane’s contribution is $16,000 cash and land that cost $125,000 buthas a market...
- Q The following isa partial trial balance for the Green Star Corporation as ofDecember 31, 2016: Account TitleDebitsCredits Sales revenue1,300,000 Interest revenue33,000 Gain on sale of investments53,000 Cost of goods sold720,000 Selling expenses175,000...
- Q ESSAY. Write your answer in the space provided or on aseparate sheet of paper.12) Nashville Records Company uses the indirect method toprepare its statement of cash flows. Refer to the...
- Q Alphabet Company, which uses the periodic inventory method,purchases different letters for resale. Alphabet had no beginninginventory. It purchased A thru G in January at $4 per letter. InFebruary, it purchased...
- Q Explain the distinction between a direct-financing lease and asales-type lease for a lessor.
- Q Dividends on preferred stock.In each of the following independent cases, it is assumed thatthe corporation has $800,000 of 6% preferred stock and $3,200,000of common stock outstanding, each having a par...
- Q Prepare the financing section of the statement of cash flows forthe year ended December 31, 2018.13) Dakota Telescopes Company uses the indirect method toprepare the statement of cash flows. Refer...
- Q Discuss why a declining margin of safety over a period of timewould be an issue of concern to managers?
- Q To calculate the number of years until maturity, assume that itis currently January 15, 2013.Company(Ticker)CouponMaturityLastPriceLastYieldEST $ Vol(000’s) Xenon, Inc. (XIC)5.400 Jan 15, 2020 94.183 ?? 57,362 Kenny Corp. (KCC)7.125 Jan 15, 2017 ?? 6.02...
- Q Cash flow from assets. Use the data from the following financialstatements in the popup? window, LOADING.... The company paidinterest expense of $ 17 comma 300 for 2017 and had an...
- Q if a couple are living together and hold themselvesout as married can they file a joint return?
- Q 1a. Berry Co. purchases a patent on January 1, 2021, for $35,000and the patent has an expected useful life of five years with noresidual value. Assuming Berry Co. uses the...
- Q Leyton and Dustin run a service station in a country town, theservice station sells petrol and a number of other goods, which aredisplayed near the cash register and outside the...
- Q Rosie Dry Cleaning was started on January 1, 2018. Itexperienced the following events during its first two years ofoperation:Events Affecting 2018Provided $32,050 of cleaning services on account.Collected $25,640 cash from...
- Q Addison Manufacturing holds a large portfolio of debt securitiesas an investment. The fair value of the portfolio is greater thanits original cost, even though some debt securities have decreasedin value....
- Q Psymon Company, Inc., sells construction equipment. The annualfiscal period ends on December 31. The following adjusted trialbalance was created from the general ledger accounts on December31: Account Titles Debits Credits...
- Q Please create a GENERAL LEDGER for the month of OCTOBER ONLY.Maintain a running balance for every posted transaction.Oct.1S. Rey invested $45,000 cash, a $20,000 computer system, and$8,000 of office equipment...
- Q The city of Grafton's records reflected the following budget andactual data for the general fund for the the fiscal year ended June30, 20171. Estimated revenues:Taxes(property) $3,213,000Licenses and permits 790,000Intergovernmental revenues...
- Q What are other coststo consider as they relate to exit and disposal of leases?Should the other costsbe accrued as of Dec 31? If not, how does a company recognize thosecosts?what...
- Q Karla Tanner opens a Web consulting business called Linkworksand completes the following transactions in its first month ofoperations. April 1 Tanner invested $130,000 cash along with officeequipment valued at $31,200 in...
- Q The adjusted trial balance for Chiara Company as of December 31follows.DebitCreditCash$157,200Accounts receivable51,500Interest receivable18,600Notes receivable (due in 90 days)171,500Office supplies16,000Automobiles168,000Accumulated depreciation—Automobiles$55,000Equipment140,000Accumulated depreciation—Equipment27,000Land81,000Accounts payable96,000Interest payable25,000Salaries payable26,000Unearned fees36,000Long-term notes payable154,000Common stock27,580Retained earnings248,220Dividends53,000Fees earned574,000Interest...
- Q Prepare journal entries for the following transactions forChillee Company: A. Chillee sold consulting services on account toa customer RST for $3,000, terms 2/10, n/30. B. Customer RST wasnot completely satisfied...
- 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 Listed below are items that are treated differently foraccounting purposes than they are for tax purposes.(i) Explain the difference between a temporary difference and apermanent difference.(ii) Indicate whether the items...
- Q Consider the following statement of comprehensive income forthe Dartmoor Corporation: DARTMOOR CORPORATIONStatement of Comprehensive Income Sales$47,000 Cost31,300 Taxable income$15,700 Taxes (34%)5,338 Net income$10,362 Dividends$2,500 Addition to retainedearnings7,705 The statement of financial position for the DartmoorCorporation follows. DARTMOOR CORPORATIONStatement of Financial...
- Q you must writea three page paper discussing the legal issues and likely outcomesfor all of the scenarios provided below.1) Paul Peters is aninventor. He has various creative inventions that he...
- Q This is from a case CalledWaste Management, IncManipulating Accounting Estimatesand here is the required questionsREQUIRED[1] Review Waste Management’s ConsolidatedBalance Sheet as of December 31, 1996. Identify accounts whosebalances were likely...
- Q 1. On November 28, 20x7, Barrett Company purchased 20,000 sharesof HAL Corporation common stock for $360,000. Barrett's managementintends to hold the shares for a short period of time. On December31,...
- Q Shadee Corp. expects to sell 550 sun visors in May and 320 inJune. Each visor sells for $21. Shadee’s beginning and endingfinished goods inventories for May are 60 and 45...
- Q Assets at12/31/03 Liabilities at 12/31/03 Cash $ 200 Short-term tradepayables $ 500 Short-term trade receivables 600 Note payable toCEO, due 8/31/04 (2) 350 Inventories 700 Wagespayable 100 Prepaid warehouse rentals (1)300 Customeradvances(3) 150 Property & equipment, net 900 Income taxespayable 50 Totalassets $2,700 Bonds payable, due 2004-11...
- Q Would Yogurt Vi usejob costing or process costing in calculating the cost of acustomer's cup of frozen yogurt and toppings?Yogurt Vi (pronouncedvee) is a frozen yogurt restaurant with several locationsin...
- Q Profitability AnalysisAssume Strands, a local hair salon, provides cuts, perms, andhairstyling services. Annual fixed costs are $150,000, and variablecosts are 40 percent of sales revenue. Last year's revenues totaled$300,000.(a) Determine...
- Q A company issues 800,000 of 10% bonds dated 6/1/16 which are due6/1/26. interest is paid annually at 6/1. the market rate for thebond is 9.75%on 5/1/19 the company retired all...
- Q Make a comment at least 120 words"An account is an individual accounting record of increases anddecreases in a specific asset, liability, or stockholder’s equityitem. An account consists of 3 parts;...
- Q Have you often wondered why investors sue the external auditorswhen massive fraud negatively affects the stock of a public companyup to and including bankruptcy? Often when financial fraud isdiscovered, shareholders...
- Q On January 1, 2018, Ellison Co. issued 9 year bonds with a facevalue of $250,000,000 and a stated interest rate of 7.5%, payablesemiannually on July 1 and January 1. The...
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