Accounting question and answers for August 20, 2023
- Q answers only Green Thumb Gardening is a smal gardening service that uses activity-based costing to estimate costs for pricing and other purposes. The proprietor of the company...
- Q The Eastem Technology Company manufactures Weather Radios for sale to retailers such as...
- Q Transactions for the month of July for Shelly's Bookstore were as follows: July (a) 1 (balance) 8 22 Purchases 30 600 @ $7.3 1,200@ $7.40 700@ $7.60 250@ $7.75...
- Q Paney Company makes calendars. Information on cost per unit is as follows: Direct materials $1.50 Direct labor 1.20 Variable overhead 0.90 Variable marketing expense 0.40 Fixed marketing expense totaled $13,000...
- Q Bills Inc. recorded the following values regarding the liabilities and assets of the division it held as a discontimued operation. The company has retained eamings with...
- Q Certain discretionary activities of a company may be conducive to the development of standards similar to manufacturing standards. The costs that have known relationships to quantifiable activity bases are called:...
- Q Chapter7q8 4. Chadis notranding souvied 11.540 . sementiont
- Q The basic REA template includes links between two events and links between events and resources and between events and agents. Why do you think the basic REA template does not...
- Q Explain the process of establishing new accounts for fixed assets that will be depreciated like equipment. Why is accumulated depreciation set up with a negative beginning balance? What is the...
- Q Three different companies each purchased trucks on January 1, Year 1, for $62,000. Each truck was expected to last four years or 250,000 miles. Salvage value was estimated...
- Q Enter the following transactions for Rojo in ledger accounts, and then balance off the accounts and transfer the balances into a trial balance Date Jan 1 Jan 2...
- Q A company produces three different products from a joint process. The joint costs to produce Products A, B, and C are $30,000. Product A is allocated $15,000 of this joint...
- Q Consider a digital music service like Amazon or Apple. What are some of the major cost categories? Are they mostly fixed or mostly variable?
- Q LO.4, 6 In each of the following cases, distinguish between the terms. a. Offer in compromise and closing agreement. b. Failure to file and failure to pay. c. 90-day letter...
- Q Which of the following situations involving an exchange of business property exemplifies a fully nontaxable exchange ? Giving up a machine and $5,000 for another machine; giving up a machine...
- Q do that Robert and Tammy married and filing jointly lived in your home for two years property values in their area Rose dramatically during this time and at the beginning...
- Q expalin them pls Andretti Company has a single product called a Dak. The company normally produces and sells 80,000 Daks...
- Q Which of the following is correct with regard to discretionary fixed costs? A.Discretionary cost activities typically include lease rentals, property taxes, and depreciation. B.All of the choices are true regarding...
- Q Give examples of how ratios gleaned from the financial statements can be used as a tool in helping a firm plan for the future. What do these ratios tell an...
- Q Debits: Increase liabillities Increases Revenue Decrease Assets Increase Expenses Select One
- Q A company can sell any mix of Product A and Product B at full capacity. The company has? 100,000 hours of capacity. The demand for each product exceeds the capacity....
- Q Horizontal and Vertical Analyses LO5 The following information (in millions) was taken from a recent income statement of The J.M. Smucker Company: Current Year Prior Year Net sales $4,605 $3,758...
- Q 1. Novak Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Torres Co., for a lump-sum price of $1,050,000. At the time of purchase, Torres's assets had...
- Q Autumn Designs 8 Decorators issued a 120 -day. 4% note for $76,800, dated April 13 to Zebra Furniture Company...
- Q When performing procedures to test assertions about purchases, an auditor vouches a sample of entries in the voucher register to the supporting documents. Which...
- Q Problem 6-27 Sales Mix; Break-Even Analysis; Margin of Safety[LO6-7, LO6-9]Island Novelties, Inc., of Palau makes two products—HawaiianFantasy and Tahitian Joy. Each product’s selling price, variableexpense per unit, and annual sales...
- Q Jean Erickson, manager and owner of an advertising company inCharlotte, North Carolina, arranged a meeting with Leroy Gee, thechief accountant of a large, local competitor. The two are lifelongfriends. They...
- Q In five years, Kent Duncan will retire. He is exploring thepossibility of opening a self-service car wash. The car wash couldbe managed in the free time he has available from...
- Q Using the capital expenditures above, calculate the missingdepreciation numbers for all 3 years.All equipment will be depreciated using the straight-linemethod. Everything in the table is purchased on January 1 of...
- Q Birrell Scientific Inc. manufactures electronic products, withtwo operating divisions, the GPS Systems and Communication Systemsdivisions. Condensed divisional income statements, which involve nointracompany transfers and which include a breakdown of expensesinto...
- Q The following selected accounts and their current balancesappear in the ledger of Clairemont Co. for the fiscal year endedMay 31, 2018:Cash$ 240,000Accounts receivable966,000Inventory1,690,000Estimated returns inventory22,500Office supplies13,500Prepaid insurance8,000Office equipment830,000Accumulated depreciation-office equipment550,000Store...
- Q Explain the role that earnings and profits play in determiningthe tax treatment of distributions. Describe the tax treatment ofdividends for individual shareholders. Find an example of acorporation (AT&T) that has...
- Q Describe how the managerial finance function isrelated to economics and accounting.Q2. Describe the legal forms of business organization.Q3. Discuss business taxes and their importance in financialdecisions.Q4. Complete the 2012 balance...
- Q Make-or-Buy Decision for a Service CompanyThe Theater Arts Guild of Dallas (TAG-D) employs five people inits Publication Department. These people lay out pages forpamphlets, brochures, magazines, and other publications for...
- Q Machine Replacement DecisionA company is considering replacing an old piece of machinery,which cost $597,600 and has $352,200 of accumulated depreciation todate, with a new machine that has a purchase price...
- Q At the beginning of the current season on April 1, the ledger ofGranite Hills Pro Shop showed Cash $2,810; Inventory $3,500; andCommon Stock $6,310. The following transactions were completedduring April...
- Q Decision on Accepting Additional BusinessDown Home Jeans Co. has an annual plant capacity of 64,600units, and current production is 46,700 units. Monthly fixed costsare $40,300, and variable costs are $25...
- Q For its three investment centers, Martinez Company accumulatesthe following data:IIIIIISales$2,000,000$3,750,000$3,730,000Controllable margin1,400,0001,708,2503,208,810Average operating assets5,000,0007,630,0009,860,000The centers expect the following changes in the next year: (I)increase sales 10%; (II) decrease costs $390,000; (III)...
- Q 7. International capital budgetingOne of the important components of multinational capitalbudgeting is to analyze the cash flows generated from subsidiarycompanies.Consider this case:Sacramone Products Co. is a U.S.-based firm evaluating a...
- Q Clayton Industries has the following account balances:Current assets$24,000Current liabilities$6,000Noncurrent assets82,000Noncurrent liabilities40,000Stockholders’ equity60,000The company wishes to raise $37,000 in cash and is considering twofinancing options: Clayton can sell $37,000 of bonds...
- Q The following information pertains to Austin, Inc. and HustonCompany:Account TitleAustinHustonCurrent assets$65,000$75,000Total assets400,000580,000Current liabilities22,75037,500Total liabilities270,000452,500Stockholders’ equity240,000127,500Interest expense16,80019,700Income tax expense33,60029,800Net income80,00082,200Requireda-1. Compute each company’s debt-to-assets ratio,current ratio, and times interest earned (EBIT...
- Q Consider that the key difference in revenue recognition underASC 605 vs 606 is that ASC 605 focused on transferring risks andrewards, but ASC 606 focuses on transferring control. How is...
- Q Assume that you are living in Dar Es Salaam, Tanzania and yourfriend, Safari in Rwanda invites you to visit him. Safari is sogenerous , he has promised you to pay...
- Q In 1968 the Worcester Five Cent Savings Bank hired RonaldHaselton to be its new president and chief executive officer. Onething that Haselton did was change the name of the bank...
- Q March, April, and May have been in partnership for a number ofyears. The partners allocate all profits and losses on a 4:2:2basis, respectively. Recently, each partner has become personallyinsolvent and,...
- Q Problem 08-3A Flexible budget preparation; computation ofmaterials, labor, and overhead variances; and overhead variancereport LO P1, P2, P3, P4 Skip to question [The followinginformation applies to the questions displayed below.]...
- Q 1.At the beginning of the month, the Painting Department of SkyeManufacturing had 23,000 units in inventory, 70% complete as tomaterials, and 25% complete as to conversion. The cost of thebeginning...
- Q Gallatin Carpet Cleaning is a small, family-owned businessoperating out of Bozeman, Montana. For its services, the companyhas always charged a flat fee per hundred square feet of carpetcleaned. The current...
- Q Hi-Tek Manufacturing, Inc., makes two types of industrialcomponent parts—the B300 and the T500. An absorption costing incomestatement for the most recent period is shown:Hi-Tek Manufacturing Inc.Income StatementSales $ 1,633,300Cost of...
- Q Second case#1:CRV Corp manufactures small plastic fittings for plumbingapplications. They have accepted a new contract to provide a widerange of custom plastic fittings. To service the contract, CRVpurchases a new,...
- Q A company has a December year end and creates checks to paytheir vendors towards the end of the month. The company creates allthe proper journal entries at the time of...
- Q Snavely, Inc., manufactures and sells two products: Product E1and Product A7. Data concerning the expected production of eachproduct and the expected total direct labor-hours (DLHs) requiredto produce that output appear...
- Q Explain the need for account reserves. What do accountantscreate reserves for (be specific)? What purpose do reserves serve?How do reserves make a company's financial records moreaccurate?
- Q What are the steps in completing the accounting cycle? How dothe different steps affect the financial statements? What is theeffect on the financial statements of missing a step whencompleting the...
- Q Problem 10-10 Multiple Products, Materials, and Processes[LO10-1, LO10-2]Mickley Corporation produces two products, Alpha6s and Zeta7s,which pass through two operations, Sintering and Finishing. Each ofthe products uses two raw materials—X442 and...
- Q Lindon Company is the exclusive distributor for an automotiveproduct that sells for $48.00 per unit and has a CM ratio of 30%.The company’s fixed expenses are $324,000 per year. The...
- Q A company’s inventory records report the following in Novemberof the current year: Beginning November 1 6 units @ $6 PurchaseNovember 2 12 units @ $8 Purchase November 12 8 units...
- Q ammer Company uses a weighted average perpetual inventory systemand reports the following: August 2 Purchase 5 units at $9.00 perunit. August 18 Purchase 7 units at $11.00 per unit. August...
- Q Pirate Seafood Company purchases lobsters and processes theminto tails and flakes. It sells the lobster tails for $19.50 perpound and the flakes for $14.60 per pound. On average, 100 poundsof...
- Q Jack, a geologist, opened a business organized as a Ccorporation called Geo-Jack (GJ) in January of this year. Jackis the sole shareholder. Assume GJ reports on a calendaryear and uses...
- Q Here is the entire problem; however the trial balance did notcopy in correctly. I need to know how to calculate thebasic consolidation entry (mostly income from Soda Company,Investment in Soda...
- Q Problem 11-26A Analyzing the stockholders' equity section of thebalance sheet LO 11-2, 11-3, 11-7The stockholders’ equity section of the balance sheet for MannEquipment Co. at December 31, Year 1, is...
- Q Process costing can be found in which of the following companies(industries)?Coca-Cola.Royal Dutch Shell Group (petroleum).Kimberly-Clark (paper products).Reichhold Chemical (chemicals).All of these answer choices are correct.East Bay Fisheries Inc. processes king...
- Q 5. A broker offers to sell you shares of Bay Area Healthcare,which just paid a dividend of $2 per share. The stock's price is$30 a share. The dividend is expected...
- Q Assume that you will have a 10-year, $19,000 loan to repay whenyou graduate from college next month. The loan, plus 6 percentannual interest on the unpaid balance, is to be...
- Q Share about the taxation of carried interests. How would youexplain them to a person without a business background? Should itbe allowed or encouraged? Can you think of an alternative method...
- Q Company owner contributes 100,000, which is investedin a twenty year bond with a 5% coupon paid semi-annually. Aftersix months the firm receives the coupon payment of 2500 and themarket price...
- Q Explain why after the auditor issues the audit report to a CPA firmthey encounter evidence showing that the clients financialstatements one materially missed stated or lacked disclosures thatare required. What...
- Q Sales are a component of cash flow statement1.True2.False
- Q Comparative Earnings per ShareLucas Company reports net income of $5,125 for the year endedDecember 31, 2016, its first year of operations. On January 4,2016, Lucas issued 9,000 shares of common...
- Q wo items are omitted from each of the following three lists ofcost of goods sold data from a manufacturing company incomestatement. Determine the amounts of the missing items, identifyingthem by...
- Q ) Matthews Co. acquired all of the common stock of Jackson Co.on January 1, 2017. As of that date, Jackson had the followingtrial balance: Debit Credit Accounts payable $ 60,000...
- Q Specifically look at the AICPA website. What is the function ofthe AICPA? What standards to they enforce? How can you become amember? Are there any ethical implications? Do you think...
- Q 7) The following information is from Carter Corp.’s year-endfinancial statements.:Cash$150Accounts Receivable$175Short-Term Investments$300Prepaid Expenses$75Land$1,000Equipment$950Accumulated Depreciation$625Accounts Payable$275Salaries Payable$25Interest Payable$100Long-Term Notes Payable$300Long-Term Loans Payable$400Total Revenues$2,500a) Calculate Carter’s current ratio, quick (acid test) ratio,and...
- Q Disk City, Inc. is a retailer for digital video disks. Theprojected net income for the current year is $2,770,000 based on asales volume of 290,000 video disks. Disk City has...
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