Accounting question and answers for August 18, 2023
- Q QS 12-14B Refer to data in QS 12-11. 1. How much cash is received from sales to customers for year...
- Q 4. Cash disbursements would not include: a. income taxes b. depreciation C. capital expenditures d. marketing expenses 5. When evaluating a make-or-buy decision, which of the following needs...
- Q Simon Company's year-end balance sheets follow. Current Yr At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity...
- Q Vaughn Corp. did some further research and found one other possible machine that would produce the same type of production efficiencies. The information regarding Machine C is below:...
- Q The Marine Division of Pacific Corporation has average invested assets of $100,000,000. Sales revenue of $50,210,000 results in net operating income of $9,963,000. The hurdle rate is...
- Q At the end of 2019, Ayayai Corporation reported a deferred tax liability of $44,800. At the end of 2020, the company had $249,000 of temporary differences related to property, plant,...
- Q Come-Clean Corporation produces a variety of cleaning compounds including Grit 337 and Sparkle silver polish. Grit 337 is a coarse cleaning powder that costs $1.60 a pound to...
- Q Swifty inc, has two divisions. Division A makes and sells student desk. Division B manufactures and sells reading lamps. Fach deskhas a reading...
- Q Wyckam Manufacturing Incorporated has provided the following estimates concerning its manufacturing costs: For example, utilities should be $2,000 per month plus $0,10 per...
- Q Exercise 17-14 (Algo) Effect of pension expense components on balance sheet accounts (L017-7, 17-8] Warrick Boards calculated pension expense for its underfunded pension plan as follows: Service cost...
- Q The direct materials and direct labour standards for one bottle of Clean-All spray cleaner are given below: During the most recent month, the following activity was recorded: a....
- Q Franklin Corporation has three operating departments (Fabricating, Assembly, and Finishing) and two service departments (Custodial and Administrative). Custodial services are allocated based on square feet and administrative services are allocated...
- Q An asset was purchased for $131,000 on January 1, Year 1 and originally estimated to have a useful life of 10 years with a residual value of $10,500....
- Q Sunrise Pools and Spas manufactures fibreglass forms for in-ground pools and swim spas for all-season use. The company uses variable costing for internal management reports and absorption costing for external...
- Q Determine the amount of conversion cost from the following list of costs: Direct material $25,000 Direct labor $35,000 MOH $45,000 Selling and Administrative $60,000 ...
- Q I am not sure if I did any of this calculations right, thank you! Logout-Central Authenticatio | Assignments: FA18: INTRO...
- Q Drake Consulting performs systems consulting and sells accounting software. Drake reviewed the receivables list from the January transactions. Drake uses the allowance method for receivables, estimating uncollectibles to...
- Q ANSWER BOTH PARTS Samtech Manufacturing purchased land and building for $4 million. In addition to the purchase price, Samtech made the following expenditures in connection with the purchase of...
- Q Crane Company accepts from Gates stores a $9,800 Crane Company accepts from Gates Stores a $9,800, 4-month, 10% note dated May 31 in settlement of Gates'...
- Q Wayans Company products and sells automobile batteries, including the heavy duty HD-240. The 2020 soles budget is as follows: Quarter Units of...
- Q cash basis of accounting
- Q XYZ Company provided services of OMR 35,000. The company received cash OMR 10,000 from customers, and it bills the balance of OMR 25,000 on...
- Q Dorsey Company manufactures three products from a common input in a joint processing operation. Joint processing costs up to the split-off point total $310,000 per quarter. For financial...
- Q If you were running a business and needed more cash, would you take out a short-term loan, a. long-term loan or issue more stock? Why? Fit
- Q A Requirement to Pay is issued by: a) Ministry or Department of Justice, Attorney or Solicitor General, Ministry of Community or Social Services b) Service Canada c) Canada Revenue Agency...
- Q Prepare balance sheets for end of each semester.Edwina Haskell was anaccomplished high school student who looked forward to attendingSouthern New England University (SNEU). SNEU was unique in that itoperated on...
- Q Single Plantwide Factory Overhead RateThe total factory overhead for Bardot Marine Company is budgetedfor the year at $1,710,000. Bardot Marine manufactures two types ofboats: speedboats and bass boats. The speedboat...
- Q Return on Investment and Residual IncomeJohnson Company has two sources of funds: long-term debt and equitycapital. Johnson Company has profit centers in the followinglocations with the following net incomes and...
- Q MaxiCare Corporation, a not-for-profit organization, specializesin health care for senior citizens. Management is consideringwhether to expand operations by opening a new chain of care centersin the inner city of large...
- Q On 1/1/2001, ABC Co. issued $1,000,000 5-year bonds with amarket rate of 8%. Interests are paid annually on 12/31. The couponrate is 6%. Answer the following questions assuming that thecompany...
- Q Selzik Company makes super-premium cake mixes that go throughtwo processing departments—Blending and Packaging. The followingactivity was recorded in the Blending Department during July:Production data:Units in process, July 1 (materials 100%...
- Q A company purchases an asset that costs $46,000. This assetqualifies as three-year property under MACRS. The company uses anafter-tax discount rate of 12% and faces a 31% income tax rate.(Use...
- Q Builder Products, Inc., uses the weighted-average method in itsprocess costing system. It manufactures a caulking compound thatgoes through three processing stages prior to completion.Information on work in the first department,...
- Q Weston Products manufactures an industrial cleaning compoundthat goes through three processing departments—Grinding, Mixing,and Cooking. All raw materials are introduced at the start of workin the Grinding Department. The Work in...
- Q Lubricants, Inc., produces a special kind of grease that iswidely used by race car drivers. The grease is produced in twoprocessing departments—Refining and Blending. Raw materials areintroduced at various points...
- Q The modern Age Copier Company is considering purchasing a copierfor use by customers. Data for the copier under consideration isreflected in the table below. The copier is expected to last...
- Q Assigning Traceable Fixed ExpensesSelected data for Miller Company, which operates three departments,follow:Department ADepartment BDepartment CInventory$60,000$216,000$84,000Equipment (average cost)$540,000$324,000$216,000Payroll$810,000$720,000$270,000Square feet of floor space18,0009,0003,000During the year, the company's fixed expenses included thefollowing:Depreciation on...
- Q Troy Engines, Ltd., manufactures a variety of engines for use inheavy equipment. The company has always produced all of thenecessary parts for its engines, including all of the carburetors.An outside...
- Q How Managerial Accounting Practices support Strategy andStrategic Management ?
- Q TO Industries prepares monthly cash budgets. The followingbudget information is available for April and May 2019:AprilMaySales$650,000$700,000Direct material purchases220,000240,000Direct labor175,000180,000Manufacturing overhead120,000130,000Selling and administrative expenses150,000150,000All sales are credit sales. The company expects...
- Q Multiple Production Department Factory Overhead RatesThe total factory overhead for Bardot Marine Company is budgetedfor the year at $411,750, divided into two departments:Fabrication, $276,750, and Assembly, $135,000. Bardot Marinemanufactures two...
- Q Activity-Based Costing: Selling and Administrative ExpensesJungle Junior Company manufactures and sells outdoor playequipment. Jungle Junior uses activity-based costing to determinethe cost of the sales order processing and the customer returnactivity....
- Q Write SWOT analysis for AUDI
- Q onnelly Inc., a manufacturer of quality electric ice creammakers, has experienced a steady growth in sales over the past fewyears. Because her business has grown, Jan DeJaney, the president,believes she...
- Q Bubba’s Western Wear is a western hat retailer in Lubbock,Texas. Although Bubba’s carries numerous styles of western hats,each hat has approximately the same price and invoice (purchase)cost, as shown in...
- Q In year 0, Javens Inc. sold machinery with a fair market valueof $610,000 to Chris. The machinery’s original basis was $477,020and Javens’s accumulated depreciation on the machinery was $71,000,so its...
- Q Question 15Not yet answeredMarked out of 1.00Flag questionQuestion textLosh Company has the following unadjusted account balances onDecember 31, 2019. The pre-adjustment balance of Allowance forDoubtful Accounts is $3,200 debit. This...
- Q The Davidson Company uses a weighted average process costingsystem. The following information was reported for the AssemblyProcess for January. Materials are added at the beginning of theprocess and are 100%.Units:units%...
- Q In 2018, Carson is claimed as a dependent onhis parents' tax return. Carson's parents provided most of hissupport. What is Carson's tax liability for the year in each of thefollowing...
- Q Static and Flexible BudgetsGraham Corporation used the following data to evaluate its currentoperating system. The company sells items for $10 each and used abudgeted selling price of $10 per unit.ActualBudgetedUnits...
- Q Ivanhoe Company had $177,900 of net income in 2019 when theselling price per unit was $154, the variable costs per unit were$98, and the fixed costs were $572,500. Management expects...
- Q On January 1, 2018, Whittington Stoves issued $810 million ofits 10% bonds for $746 million. The bonds were priced to yield 12%.Interest is payable semiannually on June 30 and December...
- Q Design an interview plan for an accounting job: This plan willdescribe every aspect of preparing and conducting the interviewsfor this job opening. It should be at least 1 page in...
- Q Question 2 facts – Joe reconciles his checkingaccount check register to the penny every month with the bank’sstatement. After accurately recording all of the transactions thathe initiated during the month,...
- Q Cyrus is a tipped employee in Illinois. He is single with onewithholding allowance and the minimum cash wage in Illinois is$4.95 per hour for a 40-hour workweek. The tip credit...
- Q Magnolia Manufacturing makes wing components for large aircraft.Kevin Choi is the production manager, responsible formanufacturing, and Michelle Michaels is the marketing manager. Bothmanagers are paid a flat salary and are...
- Q ****PLEASE ONLY ANSWER E AND F**** Rain Gear, Inc., producesrain jackets. The master budget shows the following standardsinformation and indicates the company expected to produce and sell28,000 units for the...
- Q Millwight, CPA, is considering various risks in planning theaudit of Arro Financial, a securities firm that has recentlyexperienced difficulty due to the global financial crisis. Selectfrom the option list provided...
- Q Why would Category 1 assets be used to fund a pension plan?
- Q Assigning Traceable Fixed ExpensesSelected data for Colony Company, which operates three departments,follow:Department ADepartment BDepartment CInventory$70,000$252,000$98,000Equipment (average cost)$630,000$378,000$252,000Payroll$607,500$540,000$202,500Square feet of floor space27,00013,5004,500During the year, the company's fixed expenses included thefollowing:Depreciation on...
- Q Calculating 'cash flows at the end'Today (Year 0), Kangaroo Enterprises is evaluating whether topurchase a new jetboat to operate scenic thrill rides around LordHowe Island. The company currently has two...
- Q For a recent year, McDugal's company-owned restaurants had thefollowing sales and expenses (in millions): Sales $20,200 Food andpackaging $7,702 Payroll 5,400 Occupancy (rent, depreciation, etc.)3,998 General, selling, and admin. expenses...
- Q ou 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 On August 1, 2018, Limbaugh Communications issued $22 million of11% nonconvertible bonds at 105. The bonds are due on July 31,2038. Each $1,000 bond was issued with 40 detachable stockwarrants,...
- Q For 2020, prepare a pension worksheet for Brownie Company thatshows the journal entry for pension expense and the year-endbalances in the related pension accounts.Projected benefit obligation,1/1/20 (before)$580,000Plan assets, 1/1/20565,600Pension liability14,400On...
- Q Several items are omitted from the income statement and cost ofgoods manufactured statement data for two different companies forthe month of December 2016: 1 Prius Company Volt Company 2Materials inventory,...
- Q Wybock?'s Netballs is a manufacturer of? high-qualitybasketballs and volleyballs. Setup costs are driven by the numberof batches. Equipment and maintenance costs increase with thenumber of? machine-hours, and lease rent is...
- Q The unadjusted pre-closing 12/31/20 account balances for theMaloney Company are listed below:Net Sales$12,540Net Purchases9,000Selling Expenses424Cash487Machines6,019Accumulated Depreciation, Machines2,154Accounts Payable1,445Retained Earnings4,182Allowance for Doubtful Accounts60Building4,800Accumulated Depreciation, Building468Common Stock4,760Accounts Receivable2,877Depreciation Expense, Machines1,077Inventory @ 1/1/20...
- Q Damon, Inc., acquired 25% of Jolie Enterprises for $8,000,000 onOctober 1, 2018. The total fair value of Jolie's identifiable netassets was $27,000,000 on that date, and the total book value...
- Q Equity Method Accounting, Subsequent YearsPL Communications acquired all of the stock of SJ Telecom onJanuary 1, 2019. It is now December 31, 2021, three years later. PLCommunications uses the complete...
- Q Jackson Company engaged in the following investment transactionsduring the current year. Feb. 17Purchased 500 shares of Medical Company common stock for $20 pershare plus a brokerage commission of $100. (Hint:...
- Q What are the similarities of non-current assets and depreciationbetween GAAP and IFRS ?
- Q Selected year-end financial statements of Cabot Corporationfollow. (All sales were on credit; selected balance sheet amountsat December 31, 2016, were inventory, $51,900; total assets,$179,400; common stock, $85,000; and retained earnings,$48,534.)CABOT...
- Q Zigma purchased 100% of Standard for $450K on January 1st 2XX1.The information below is from the December 31, 2XX1 accounts. Atthe time of purchase all FMV of all assets and...
- Q The following partially completed process cost summary describesthe July production activities of Ashad Company. Its productionoutput is sent to its warehouse for shipping. All direct materialsare added to products when...
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