Accounting question and answers for August 13, 2023
- Q List indicators that a company may be an agent,not a principal, in a revenue transaction andexplain the significance of this relationship in revenuerecognition.
- Q QUESTION 21Listed below are seven errors or problems that might occur inthe processing of cash transactions. Evaluate each possible errorand cite an internal control principle that would reduce theprobability of...
- Q Below is a table with four different scenarios for a taxpayerwho opts to sell several different types of stock throughout theyear. Assume that all ordinary income for the taxpayer is...
- Q answer question #5 The Glory Mountain State Ski Area The GloryMountain State Ski Area – owned and managed by a state publicauthority - expects to attract 292,500 skier days during...
- Q answer question #6 The Glory Mountain State Ski Area The GloryMountain State Ski Area – owned and managed by a state publicauthority - expects to attract 292,500 skier days during...
- Q The Balance Sheet provides information about _____________,____________ and ______________.Cash paid this is owed to an individual reduces a _____________account.Supplies purchases increase a _____________ account and reducesa ____________ account.Complete the following...
- Q answer question #7 The Glory Mountain State Ski Area The GloryMountain State Ski Area – owned and managed by a state publicauthority - expects to attract 292,500 skier days during...
- Q Concerning Salesforce, Inc. 2018 financials;Does the company use the indirect or direct method for preparingthe Cash flow statement?What is the trend in cash from operations for the yearspresented?What are the...
- Q 8/31/y1, $3,000,000 face value bonds are issued for $2,600,000plus accrued interest. These bonds pay interest on October 31 andApril 30. These bonds have a coupon rate of 6%, and are...
- Q Rockin Robbin Music CompanyAdjusted Trial BalanceJune 30, 2018BalanceAccount TitleDebitCreditCash$3,600Accounts Receivable38,700Merchandise Inventory17,800Office Supplies800Furniture39,600Accumulated Depreciation—Furniture$8,900Accounts Payable14,100Salaries Payable1,100Unearned Revenue6,900Notes Payable, long-term13,000Robbin, Capital33,250Robbin, Withdrawals43,000Sales Revenue189,000Cost of Goods Sold85,050Selling Expense19,100Administrative Expense17,500Interest Expense1,100Total$266,250$266,2501.Prepare Rockin Robbin's ?multi-step...
- Q You have just been hired by FAB Corporation, the manufacturer ofa revolutionary new garage door opening device. The president hasasked that you review the company’s costing system and “do what...
- Q Kitchen Supply, Inc. (KSI), manufactures three types offlatware: institutional, standard, and silver. It applies allindirect costs according to a predetermined rate based on directlabor-hours. A consultant recently suggested that the...
- Q Corporation P acquired the stock of Corporation T for $40Million from T shareholders. No Section 338 election was made.Corporation T has assets with a fair market value of $25 Millionand...
- Q Problem C, Contingencies Z Corp. filed a claim for patentinfringement against M Corp. in October 2020. In preparing itsfinancial statements for the year ending December 31, 2020, M Corp.financial accounting...
- Q On December 31, 2015, Milton Company acquired a computer fromHamil Corporation by issuing a $600,000 zero-interest-bearing note,payable in full on December 31, 2019. Milton Company’s creditrating permits it to borrow...
- Q Sam and Alex are married and filejointly. Throughout the year, they received dividend income fromtwo stocks. Stock XYZ paid out a non-qualified dividend (based ontiming of ownership relative to the...
- Q In January 2018, Deep Sea Oil Inc. builds and begins operatingan oil drilling platform in the Gulf of Mexico. The company expectsto operate the platform for 9 years and will...
- Q Lowell Company makes and sells artistic frames for pictures. Thecontroller is responsible for preparing the master budget and hasaccumulated the following information for 2020.JanuaryFebruaryMarchAprilMayEstimated unit sales10,80011,1008,7008,4008,000Sales price per unit$50.50$48.20$48.20$48.20$48.20Direct labor...
- Q Explain the difference between a training set and a testing set.Why do we need to differentiate them? Can the same set be used forboth purposes? Why or why not? explain...
- Q Stellar manufactures and sells swimsuits for $40.00 each. Theestimated income statement for 2017 is as follows:Sales: $2,000,000, Variable costs: 1,090,000, contributionmargin: 910,000. Fixed costs: 765,000. Pretax earnings: 145,0001.Compute the contribution...
- Q Assets total $100,000 and liabilities total $20,000. What isthe equity of the business? $800 $8,000 $80,000 $88,000None of the aboveIf during the accounting period the assets decreased by$10,000, and equity increased by $2,000, then...
- Q QUESTION 12 (Show all workings)As at 1 July 2014, Mehta Company had a debit balance in theirAccounts Receivable Control account of $35,820 and a credit balancein their Allowance for Doubtful...
- Q Your company makes $10M revenue of year, has $3M in COGS, $2Min S&A, and a 40% tax rate. Marketing costs are $500,000 andare included in SG&AYou are considering buying a...
- Q Pls do not handwritten for easy reading === ===Question:-CC Ltd, a company incorporated in Singapore with Dec 31 year ends,acquired a retail shop on 2 Jan 20x1 for $600,000 with...
- Q Smokey and the Bandit produces outdoor activity clothing. Theproduct line consists of pants, jackets, tops, and accessories.Data has been collected related to direct materials and directlabor for the four product...
- Q 3.Morris Industries manufactures and sells three products (AA, BB,and CC). The sales price and unit variable cost for the threeproducts are as follows:ProductSales Priceper UnitVariable Costper UnitAA$55 $25 BB45 20 CC30 5 Their sales mix is...
- Q Employee #1 Colin Forth, 40 years oldAnnual Salary $80,000Married with a 10-year-old sonStudied part-time at Humber College for 2 months, and paidtuition fees of $1,500.Spouse, Emma has $65,000 incomeEmployee #2...
- Q Case 2.2Business Case: Data Chaos Creates RiskData chaos often runs rampant in service organizations, such ashealth care and the government. For example, in many hospitals,each line of business, division, and...
- Q 1. the chief audit executive has noticed that some staffauditors have become more proficient in the use of personalcomputers while other auditors want nothing to do with them. theexecutive should:A....
- Q Whitelands, Inc. had $100 of cash and shareholders’ equity as theresult of its initial sale of stock on January 1, 2012. During itsfirst month of operations, Whitelands had the following...
- Q Pronghorn produces one single product, a small reading tablet,and sells it at $100 per unit. Its current annual sales are$200,000. Its annual fixed costs include factory rent, $38,000;depreciation expense; equipment,...
- Q Mesmerizing Marketers (MM) is a marketing company that offers avariety of marketing offerings to its customers. Specifically:• MM will create a TV commercial for $1M, build an app for$500K, and...
- Q Problem:Charity Going Concern You are the newly hired controller for acharitable organization that is in trouble. The organizationHelping Hands assists disabled individuals with all aspect oflooking for and getting jobs....
- Q Winslow Inc. manufactures and sells three types of shoes. Theincome statements prepared under the absorption costing method forthe three shoes are as follows: Winslow Inc. Product IncomeStatements—Absorption Costing For the...
- Q 4. Process Costing – Equivalent units of production,Weighted Average Method (7pts): The Lost Moon of Poosh,Inc. is a sports drink manufacturer who uses process costing toaccount for its production costs...
- Q Pls do not handwritten for easy reading === ===Question:-1a) The Singapore "Conceptual Framework for Financial Reporting" onqualitative characteristics deals with the attributes that makefinancial information useful.Explain the following 2 qualitative...
- Q 1. Rose Company has a relevant range of production between10,000 and 25,000 units. The following cost data represents averagecost per unit for 15,000 units of production.Average Costper UnitDirect Materials$13 Direct Labor10 Indirect...
- Q Translationand Remeasurement of Depreciable AssetsMassmart, the secondlargest retailer in Africa, is a subsidiary of Wal-Mart Inc., aU.S. company. Massmart reports its accounts in its local currency,the rand (R). Wal-Mart’s fiscal...
- Q assignmentWanda wants all of her employees to be motivated to do a goodjob and continue the success of Salty Pawz, but there is only somuch money she can shell out...
- Q Walter's Inc. began operations on January 15, 2018, and had thefollowing transactions in trading securities during 2018 and2019:March 1, 2018 Purchased 500 shares of Apex, Inc. common stock at$11 per...
- Q THUMB Ltd, which manufactures a single product, is consideringwhether to use absorption costing or marginal costing to report itsbudgeted profit in its management accounts. The followinginformation is available:K /unit Direct...
- Q Entries for Process Cost System Preston & Grover SoapCompany manufactures powdered detergent. Phosphate is placed inprocess in the Making Department, where it is turned intogranulars. The output of Making is...
- Q Ratio of Liabilities to Stockholders' Equity and Times InterestEarnedHasbro, Inc. and Mattel, Inc., are the two largest toy companiesin North America. Condensed liabilities and stockholders' equityfrom a recent balance sheet...
- Q Cost of Production Report Arabica Highland Coffee Company roastsand packs coffee beans. The process begins by placing coffee beansinto the Roasting Department. From the Roasting Department, coffeebeans are then transferred...
- Q Cost of Production and Journal EntriesAccuBlade Castings Inc. casts blades for turbine engines. Withinthe Casting Department, alloy is first melted in a crucible, thenpoured into molds to produce the castings....
- Q Equivalent Units and Related Costs; Cost of Production Report;Entries Dover Chemical Company manufactures specialty chemicals bya series of three processes, all materials being introduced in theDistilling Department. From the Distilling...
- Q What are product and period costs and how do they impactfinancial statements?
- Q Your company, Bearcat Inc., is planning to purchase newequipment with a price of $1,165,000. Bearcat Inc. is working outthe financing plan with the manufacturer, and is considering thechoice to finance...
- Q You are considering the following mutually exclusive projects.Both projects will be depreciated using straight line depreciationto a zero book value over the life of the project. Neither projecthas any salvage...
- Q The partners in Sandhill Company decide to liquidate the firmwhen the balance sheet shows the following.Sandhill CompanyBalance SheetMay 31, 2020AssetsLiabilities and Owners’ EquityCash$29,100Notes payable$13,300Accounts receivable25,500Accounts payable26,700Allowance for doubtfulaccounts(1,500)Salaries and wagespayable4,000Inventory35,000A....
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