Accounting question and answers for August 20, 2023
- Q Pineapple Motor Company manufactures two types of specialtyelectric motors, a commercial motor and a residential motor,through two production departments, Assembly and Testing.Presently, the company uses a single plantwide factory overheadrate...
- Q Clayton Industries has the following account balances:Current assets$25,000Current liabilities$15,000Noncurrent assets79,000Noncurrent liabilities46,000Stockholders’ equity43,000The company wishes to raise $41,000 in cash and is considering twofinancing options: Clayton can sell $41,000 of bonds...
- Q Suzy’s Cool Treatz is a snow cone stand near the localpark. To plan for the future, the owner wants to determine her costbehavior patterns. She has the following information availableabout...
- Q What are the elements of a contract? How does it differ from agift? Can an advertisement ever be a contract? When?
- Q JBeats produce and sell a product that has variable costs of $33and a selling price of $68 . Its current sales total $204,000 permonth. Fixed manufacturing costs total $25,000 per...
- Q Required information[The following information applies to the questionsdisplayed below.]The controller for Tender Bird Poultry, Inc. estimates that thecompany’s fixed overhead is $100,000 per year. She also hasdetermined that the variable...
- Q Piscataway Plastics Company manufactures a highly specializedplastic that is used extensively in the automobile industry. Thefollowing data have been compiled for the month of June. Conversionactivity occurs uniformly throughout the...
- Q Tioga Company manufactures sophisticated lenses and mirrors usedin large optical telescopes. The company is now preparing itsannual profit plan. As part of its analysis of the profitability ofindividual products, the...
- Q Bouwens Corporation manufactures a solvent used in airplanemaintenance shops. Bouwens sells the solvent to both U.S. militaryservices and commercial airlines. The solvent is produced in asingle plant in one of...
- Q On March 1, 2019, Ford Co. issued $1,000,000, 12% bonds at aprice to yield 10%. The bonds pay interest semi-annually onSeptember 1 and March 1. Bond issue costs of $30,000...
- Q Cast Iron Grills, Inc., manufactures premium gas barbecuegrills. The company reports inventory and cost of goods sold basedon calculations from a LIFO periodic inventory system. Cast Iron’sDecember 31, 2021, fiscal...
- Q On January 1, 2018, Taco King leased retail space from FogelmanProperties. The 10-year finance lease requires quarterly variablelease payments equal to 3% of Taco King’s sales revenue, with aquarterly sales...
- Q What is the yield to maturity of a 9.1 % semiannual couponbond with a face value of? $1,000 selling for $ 877.24$ thatmatures in 11 ?years?
- 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$1,712,000Cost of goods sold1,221,496Gross...
- Q What are the alternatives available for accounting for inventoryand advertising?
- Q 1Palmer Hand Clinic has the following accounts andbalances:Cash, $2,350Accounts Receivable, $280Professional Equipment, $1,200Office Equipment, $6,700Accounts Payable, $4,380P. Palmer, Capital, $2,000Income from Services, $6,000Rent Expense, $1,850What is the amount of owner's...
- Q Case 2: Sam’s Paint and Drywall Sam's Paint and DrywallFor the year ended December 31, 2019(In thousands of dollars)Assets Liabilities and Net WorthCash $12AccountsPayable $15Inventory41Notes Payable-Bank 4Accounts Receivable18Other 20Total Current Assets71Total CurrentLiabilities 39Fixed Assets:Long TermLiabilities 41Vehicles10 Equipment15 Building22Land23Total net worth...
- Q Northwood Company manufactures basketballs. The company has aball that sells for $25. At present, the ball is manufactured in asmall plant that relies heavily on direct labor workers. Thus,variable expenses...
- Q Feather Friends, Inc., distributes a high-quality woodenbirdhouse that sells for $120 per unit. Variable expenses are$60.00 per unit, and fixed expenses total $180,000 per year. Itsoperating results for last year...
- Q The following information relates to YogaGuru for the year ended30 June 2020.Prepaid rent14,500Accounts payable52,700Electricity expense7,500Unearned revenue11,600Wages payable12,500Accumulated depreciation- Equipment8,600Capital?Rent expense32,000Cash at bank75,800Wages expense135,400Supplies3,900Service revenue282,600Bank Loan (due in 2025)38,000Accounts receivable7,500Drawings4,000Equipment235,200Depreciation expense-Equipment8,600Required:...
- Q United States Motors Inc. (USMI) manufactures automobiles andlight trucks and distributes them for sale to consumers throughfranchised retail outlets. As part of the franchise agreement,dealerships must provide monthly financial statements...
- Q Cost of Goods Manufactured for a Manufacturing CompanyTwo items are omitted from each of the following three lists ofcost of goods manufactured statement data. Determine the amounts ofthe missing items,...
- Q Required informationUse the following information for the Exercises below.[The following information applies to the questionsdisplayed below.]The Fields Company has two manufacturing departments, forming andpainting. The company uses the weighted-average method...
- Q The Gourmand Cooking School runs short cooking courses at itssmall campus. Management has identified two cost drivers it uses inits budgeting and performance reports—the number of courses and thetotal number...
- Q Smith Company can produce two types of carpet cleaners, Brighterand Cleaner. Data on these two products are as follows:Sales volume in units Brighter: 400 Cleaner:600 Unit sales priceBrighter:$1,000 Cleaner$1,000 Unit...
- Q What are the risks vs. possible returns in a leasing cashflow?
- Q Benson Construction Company expects to build three new homesduring a specific accounting period. The estimated direct materialsand labor costs are as follows:Expected CostsHome 1Home 2Home 3Direct labor$72,000$109,000$179,000Direct materials104,000134,000197,000Assume Benson needs...
- Q Question 12A comparative balance sheet for Rocker Company appearsbelow:ROCKER COMPANYComparative Balance SheetDec. 31, 2020Dec. 31, 2019AssetsCash$34,000$11,000Accounts receivable18,00013,000Inventory25,00017,000Prepaid expenses6,0009,000Long-term investments017,000Equipment60,00033,000Accumulated depreciation—equipment(20,000)(15,000) Total assets$123,000$85,000Liabilities and Stockholder'sEquityAccounts payable$17,000$7,000Bonds payable36,00045,000Common stock40,00023,000Retained earnings30,00010,000 Total liabilities and stockholders'equity$123,000$85,000Additional...
- Q Problem 12-18 Allocation to accomplish smoothing LO 12-1, 12-2,12-3Walton Corporation estimated its overhead costs would be $22,200per month except for January when it pays the $155,700 annualinsurance premium on the...
- Q Please provide answers.5. The declaration and payment of cashdividendsa.reduces the amount of resources a company has to invest inproductive assets.b.sometimes does not reduce a company's cash balance.c.sometimes does not reduce...
- Q Analysis a recent ethics scandal, your report should discuss theconditions that gave rise to unethical business strategies andbehavior and provide an overview of the costs resulting from thecompany's business ethics...
- Q Please answer to the point and accurate and please do not copysomeone else.. Please don't go for length, 200-300 words will befine but please very accurate and very careful. I...
- Q ABC Grocers, Inc. has an investment in debt securities of$200,000 from Keller Company, a privately-held corporation. Thedebt security was purchased on 1/1/15 and the terms were asfollows: 5-year loan, annual...
- Q The Village of Parry reported the following for its Print ShopFund for the year ended April 30, 2017.Village of Parry-Print Shop FundStatement of Revenues, Expenses, and Changes in Net PositionFor...
- Q The Rose Williams Company has a C/M ratio of 36%. Breakevensales are Rs. 160,000. The company earned a profit of Rs. 28,800during the year.Required: ...
- Q Paul Sabin organized Sabin Electronics 10 years ago in order toproduce and sell several electronic devices on which he had securedpatents. Although the company has been fairly profitable, it is...
- Q Personal Budget At the beginning of the school year, KatherineMalloy decided to prepare a cash budget for the months ofSeptember, October, November, and December. The budget must planfor enough cash...
- 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 Recording Income Tax ExpenseThe Boeing Company reports the following tax information in Note 4to its 2014 financial report.Year ended December 31201420132012Current tax expenseU.S. federal$775$-84$756Non-U.S.937863U.S. state7113219397831Deferred tax expenseU.S. federal9271,6301,308Non-U.S3643(15)U.S state(7)71859561,7441,378Total income...
- Q Mike Cichanowski founded Wenonah Canoe andlater purchased Current Designs, a company thatdesigns and manufactures kayaks. The kayak-manufacturing facilityis located just a few minutes from the canoe company’s headquartersin Winona, Minnesota.Current...
- Q On January 1, Year 1, Brown Co. borrowed cash from First Bank byissuing a $64,500 face value, four-year term note that had an 9percent annual interest rate. The note is...
- Q On January 1, 20X7 Quick Company acquired 100 percent ofSluggish Company's stock when Sluggish reported book values asfollows: assets of $1,200,000; liabilities of $450,000; commonstock of $350,000; and retained earnings...
- Q Fit & Slim (F&S) is a health club that offers membersvarious gym services.Required: 1. Assume F&S offers a deal whereby enrolling in anew membership for $1,300 provides a year of...
- Q The US Constitution isthe foundation of our legal and political system. Discuss what youfound interesting or surprising in our Constitution.
- Q Vander Company acquired the net assets of Howe Company for$190,000. Vander issued 5000 shares of its $1 par common stock tocomplete the transaction. Vander's stock was selling for $38 ashare...
- Q At the beginning of 2018, Ace Company had the followingportfolio of investments in available-for-sale debt securities (allof which were acquired at par value):SecurityCost1/1/2018 Fair ValueA$20,000$25,000B30,00029,000Totals$50,000$54,000During 2018, the following transactions occurred:May...
- Q Q2. International Brands Ltd. Is operating at 60% capacity andproducing 2,700 pieces of product A. The cost of production for themonth of August 2012 was: ...
- Q Caro Manufacturing has two production departments, Machining andAssembly, and two service departments, Maintenance and Cafeteria.Direct costs for each department and the proportion of servicecosts used by the various departments for...
- Q Mott Company has a line of credit with Bay Bank. Mott can borrowup to $570,000 at any time over the course of the calendar year.The following table shows the prime...
- Q how to solve this question step by step.Calculate the number of workers that should have beenavailable to process the July claims, and show allwork.Standard time for processing per claim (simple...
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