Accounting question and answers for August 21, 2023
- Q Decker, a 62-year-old single individual, sold his principal residence for the net amount of $500,000 after all selling expenses. Decker bought the house 15 years ago and occupied it...
- Q 22 An increase in an expense 0 Ancreases revenues increases assets Decreases owners equity Decreases...
- Q At the beginning of the year, Maroon Industries bought three used machines. The machines immediately were overhauled, were installed, and started operating. Because the machines were...
- Q For the risk of misstating PP&E values, what is the most likely internal control weakness? Failure to audit PP&E regularly Incorrect valuation methods...
- Q Hope Abrams and Crystal Santori are partners who share in the income equally and have capital balances of $172,500 and $66,500, respectively. Abrams, with the consent of Santori, sells one-third...
- Q Problem 10-85A (Algorithmic) Common Dividends Pumpkin Accounting Corp. began 2019 with 1,000,000 authorized and 231,000 issued and outstanding $10 par common shares. During 2019, Pumpkin entered into the...
- Q Abbott has a standard variable overhead rate of $4.50 per machine hour, and each unit produced has a standard time allowed of three hours. The company's static budget was based...
- Q (A2,4)The TechMech Company produces and sells 6,000 modular computer desks per year at a selling price of $500 each. Its current production equipment, purchased for $1,500,000 and with afive-year...
- Q Min-ju Yang is employed as a salesperson and earns both a salary and commission income. In 2020, Min-ju's commissions totaled $5,500. Min-ju is required to pay for numerous employment...
- Q On June 1,2023, Kingbird Company and Oriole Company merged to form Waterway Inc. A total of 830,000 shares were issued to complete the merger. The new corporation reports...
- Q In which situation would a positive confirmation be used to test the validity of a client's assets? Large number of small balances Low...
- Q Heller Companys balance sheet includes total assets of $3,872,000 and the following equity account balances at December 31, 2019: Heller Companys Balance...
- Q Which audit assertion is met when testing for unrecorded accounts payable? Cutoff Existence Occurrence Valuation
- Q What is the difference between direct financing and indirect financing? Identify the main players using direct financing and indirect financing. (2 marks) 1. 2...
- Q Indicate whether each of the following is a characteristic of job order costing or of process costing: 1. Several Work in Process Inventory accounts are used, one for each department...
- Q Australia Accounting Standards allow companies to choose between different depreciation methods. Explain what depreciation is and using your knowledge from accounting so far explain why the accounting standards may...
- Q Compare the definitions of residence and domicile with your understanding and EXPLAIN the similarities and differences.
- Q Please help me to solve this. Thank you. And please comment bellow if you need more info to answer this question. ..................................................Q1....................... Q2.......................... Q3.......................... Q4............................ Year Units sold .............................24,000....................
- Q Question: Evaluate these finance options for Two Seasons. What should Stuart Roberts do? Explain your reasoning. Option Two: Fund growth through bank debt The finances for the...
- Q Multiple Choice $240. $1,894. $1,901. $1,960. $2,200
- Q a. Assume a $100,000, two-year, 10% bond that makes semiannual interest payments is sold for $96,535 when the market interest rate is 12%. Prepare an amortization table and make the...
- Q The December 31, 2021, adjusted trial balance of Business Solutions (reflecting its transactions from October through December of 2021)...
- Q Direct materials and direct labor of a company total $8900000. If manufacturing overhead is $4450000, what is direct labor cost? a. $8900000. b. $4450000. c. $0. d. Can not be...
- Q Locate the website of any company that publishes a corporate social responsibility report (may also be referred to as a sustainability report). Describe three nonfinancial performance measures included in the...
- Q Your Corporation acquired real estate that contained land, building and equipment. The property cost $825,000. An appraisal of the property reported the following values: Land, $185,000; Building, $525,000 and Equipment,...
- Q Described below are three independent and unrelated situations involving accounting changes. Each change occurs during 2024 before any adjusting entries or closing entries are prepared. a....
- Q At the various activity levels shown, Harper Company incurred the following costs: Identify each of these costs as fixed, variable, or mixed
- Q On January 1, 2018, Savor Corporation leased equipment to Spree Company. The lease term is 9 years. The first payment of $698,000 was made on January 1, 2018. The present...
- Q On November 1, 2016, Jamison Inc. adopted a plan to discontinue its barge division, which qualifies as a separate component of...
- Q Compute the additional Medicare tax for the following taxpayers. If required, round your answers to the nearest dollar. a. Mario, who is single, earns wages of $404,400. His additional Medicare...
- Q Phelps Co. uses the sophisticated equity method to account for the 80% investment in its subsidiary Shore Corp. At the time of the acquisition, the fair values of the net...
- Q Bonds with a face value of $696000 and a quoted price of 98.5 have a selling price of ?
- Q Question 8 5 p Which of the following is true for members of the Federal Reserve Board of Governors? They are appointed to 14-year...
- Q Can someone Please solve Question 1. Thanks! List of Accounts- Accounts Receivable Administration Expenses Advertising Expense Cash Cost of Goods Sold Deferred Revenue Depreciation Expense Distribution...
- Q account Under AASB 101 additional line items. headings and subtotals: are precleded as they provide unnecessary information that may confuse the user shali be...
- Q Sales revenue equals $367,810, sales returns & allowances are $10,000, and sales discounts total $14,180. The cost of goods sold is $216,490, operating expenses are $28,500, and the company incurs...
- Q Salt and Mineral (SAM) began 2024 with 350 units of its one product. These units were purchased near the end of 2023 for $24 each. During the month...
- Q Determine the account and amount to be debited and the account and amount to be credited for the following adjustment Equipment purchased for $59,000 on January...
- Q Blue Wave Company budgets the following unit sales for the next four months: September, 3,000 units; October, 4,500 units; November, 6,900 units; and December, 8,600 units. The companys policy is...
- Q entitled to. The cash paid on June 24 equals: Multiple Choice $9,224. $12,280. $12,900 $12,380. $10,534
- Q Question 44 (2 points) Smythe Manufacturing has 27,000 labor hours available for producing X and Y. Consider the following information: Product X Product Y Required labour...
- Q To Loan Or Not To Loan: A Subprime Dilemma A Senior Vice President for a midsized commercial bank is contemplating getting her bank to move forward in extending subprime loans....
- Q Rice Inc. issued a 120-day note in the amount of $150,000 on October 31, 2013 with an annual rate of 6%. What amount of interest has accrued as of December...
- Q Which audit assertion is met when testing whether debt provisions have been met? Completeness Existence Presentation Valuation
- Q Paris Resorts Inc. is a large company that is considering three long-term capital investments. Each investment has a useful life of five (5) years. Consider the profit for the following...
- Q At the end of the year Mercy Cosmetics balance of allowance for uncollectible accounts is 410 before adjustment the balance of accounts receivable is $15,500 the company estimates that 12%...
- Q Carmichael Inc. has a beginning balance in Accounts Receivable of $100,000 at June 1. On June 24, Carmichael sells $20,000 of merchandise to K. Low, terms 2/10, n/30. Assuming just...
- Q Closing entries; Select one: cause the revenue and expense accounts to have zero balances. summarize the activity in every account. are prepared before the financial statements. reduce the number of...
- Q A flexible budget for 15,000 hours revealed variable manufacturing overhead of $90,000 and fixed manufacturing overhead of $120,000. The budget for 20,000 hours would reveal total overhead costs of: $240,000....
- Q Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Metlock had the following account balances. The company uses the perpetual inventory method. ...
- Q Accounting 1. Which of the following accounts normally has a debit balance? a. Accounts payable b. Land c. Retained earnings d. Sales revenue 2. The difference between sales...
- Q Consider the following data collected for Homes, Inc.: Direct Materials Manufacturing Labor Costs incurred: actual inputs x actual prices $216,000 $94,000 Actual inputs x standard prices 214,000 89,000 Standard...
- Q The City of Pfeiffer starts the year of 2017 with the general fund and an enterprise fund. The general fund has two activities: education and parks/recreation. For convenience, assume that...
- Q When an investor appropriately applies the equity method, how should it account for any investee Other Comprehensive Income (OCI)?
- Q As a preferred stockholder, you are entitled to numerous preferences and privileges over common stockholders. If you are a preferred stockholder of a company that has fallen on economic hardship...
- Q 13 Required information Part 1 of5 The foowing information appies to the questions displayed below. Tyrell Co. entered into the following transactions involving short-term labilites In 2017 and...
- Q On January 1, 2024, ZZ, Inc. took out a bank loan. The loan required annual payments of $26,500, with the first payment being due December 31, 2024. In...
- Q Answer the A-F questions in words. What Life fs All About The economist's faith...
- Q Question 23| Variance Analysis MACIT Limited manufactured 2,000 units during November 2023 of a special irrigation tool used by farmers in Jamaica. The irrigation...
- Q Which of the following is correct for Smith Company when Smith issues 10,000 shares of $10 par value common stock and pays $27,500 cash in exchange for a building? The...
- Q Exercise 9-25 Activity-Based versus Traditional Costing (L.O. 4, 5, 6) Rodent Corporation produces two types of computer mice, wired and wireless. The wired mice...
- Q Question One: Explain the taxation of capital gains and losses for a C-Corporation. I already know that C-corporations that pay qualifying dividends to their shareholders will qualify those dividends for...
- Q Erin Murdoch, an architect, organized Modern Architects on January 1, 20Y4. During the month, Modern Architects completed the following transactions: Issued common stock to Erin Murdoch in exchange for $50,000....
- Q Multiple Choice $8,109. $8,536. $8,800. $8,360. $8,153
- Q Mark received 10 ISOs (each option gives him the right to purchase 16 shares of Hendricks Corporation stock for $6 per share) at the time he started working for Hendricks...
- Q For the risk of recording fictitious cash receipts, what is the most likely internal control weakness? Inadequate cashier supervision Inadequate...
- Q what is the formula for down payment, monthly payment and viability using IF function A B D E F G G H Houseloan 4/27/2023 A...
- Q leave it blank
- Q 10 years ago your organisation bought a block of land on the Perth foreshore for $500 000. Over the next two years an apartment block was constructed on...
- Q ackson purchased an apartment complex for $2,404,000 on April 17 of year 1. $212,000 of the purchase price was attributable to the land the complex sits on. What is Jacksons...
- Q Wilson Company used a check to pay Smith Company for services provided by Smith. Smith deposited Wilsons check in its account with the State Bank. When Smiths most recent bank...
- Q Epson produces color cartridges for inkjet printers. Suppose cartridges are sold to mail-order distributors for $4.80 each and that manufacturing and other costs are...
- Q Triple S Company's Accounts Receivable increased by $39,000 and their Accounts Payable decreased by $19,000. What is the net effect on cash from operations under the...
- Q NEED ASAP IN 10 MINUTES!!! PLEASE SHOW WORK!! THANKS
- Q The income statement of Munsun Company is presented here. Munsun Company Income Statement For the Year Ended November 30,2022 Sales revenue $7,600,000 Cost of goods...
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