Accounting question and answers for August 21, 2023
- Q Imagine yourself as a member in a business partnership; your role is to run the daily operations of the business. The partnership offers you the choice of the following two...
- Q Bill has just returned from a duck hunting trip. He brought home eight ducks. Bills friend, John, disapproves of duck hunting, and to discourage Bill from further hunting, John presented...
- Q Preparation of a statement of fiduciary net position for a Pension Trust Fund The following information is available for Russellville at June 30, 2019. Prepare a statement of fiduciary net...
- Q Relevant Information for REID COMPANY Income Statement Segment Sales Cost of goods sold Sales commissions Contribution margin General fixed oper. exp. (allocation of president's...
- Q On January 4. Year 1, Barber Company purchased 5,500 shares of Convell Company for $67,200 Convell Company has a total of 27,500 shares of common stock...
- Q Exercise 7-11 The following information pertains to Carla Vista Company. Exercise 7-11 The following information pertains to Carla Vista Company. 1. Cash balance per bank, July 31, $8,352...
- Q 39) Marlow Company purchased a point of sale system on January 1 for $6,800. This system has a useful life of 4 years and a salvage value...
- Q Use the following to calculate the acid - test ratio. (Round your answer to two decimal places.) A. 0.88 B. 6.25 C. 0.75 D. 0.51 Use the following...
- Q Please draw the following: - Production - layout, - Time schedule for machines and staff (machine load schedule, personal load schedule) - Process schedule Deduce the following values...
- Q 15. ABC Corporation acquires the assets and liabilities of XYZ Company in a merger. If ABC offers the former shareholders of XYZ an earnings contingency, what is the likely result...
- Q ing uuing the final quarter . ThanksgMng day and the day after, Thursday and Friday November...
- Q Less accumulated depreciation-buildings? And total plant assets? At December 31, 2025, Bramble Corporation reported the following plant assets. During 2026, the following selected cash transactions occurred. Apr. 1 Purchased...
- Q Moloney Corporation produce y vende un solo producto. Los datos relativos a ese producto aparecen a continuacin: Precio de venta por unidad......$200 Exp. variable. por unidad.........80 Margen de contribucin.......$120 Los...
- Q than once) (1.5 points each) a. completeness b. understated/underestimated c. overstated/overestimated d. payables e. receivables h. existence We are more concerned with auditing for...
- Q Palisades Eco-Park is a small ecological reserve that admits a relatively small number of visitors on any day, but provides both educational and entertaining lectures, exhibitions, and opportunities...
- Q On July 10, 2020, Sweet Acacia Ltd. sold GPS systems to retailers on account for a selling price of $940,000 (cost...
- Q Rafner Manufacturing identified the following budgeted data in its two production departments. Rafner Manufacturing identified the following budgeted data in its two production departments. ...
- Q Thom Jones (SSN 000-00-1111) is an unincorporated manufacturer of widgets. He uses the LCM method to value his inventory and reports the following for 2019: Sales (less returns...
- Q Question 13 Not yet answered Marked out of 1 p Flag question The following data related to A Company 400,000 170,000 50,000 90,000 Net Sales Current...
- Q jones enterprises was started when it acquired $6,000 cash from creditors and $10,000 from owners. the company immediately purchased land that cost $12,000. A. record the events under an accounting...
- Q Blossom Corporation issues $520,000 of bonds for $530.400. (a) Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered....
- Q Kent Company had retained earnings at the beginning of the current year of $600,000. During the year, (1) the company earned net income of $90,000, and (2) a cash dividend...
- Q Nobody has capped for OASDI prior to the bonus check. tax tables for Manual Systems with Forms W-4 From 2020 or Later with Standard Withholding and...
- Q Ariana's health insurance policy includes a deductible of $1,000 and a coinsurance provision requiring her to pay 20 percent of all bills. Her total bill is...
- Q Carraway and Boos have a partnership agreement which includes the following provisions regarding sharing net income or net loss: 1. A salary allowance of $48,000 to Carraway and $36,000 to...
- Q Whattypes of contracts fall within the statute of frauds?2.Barney Beatum is a 50 year old billionaire who has attained hisfortune by questionable means. Barney falls in love with abeautiful, but...
- Q There is this Doofus narrative, Prepare a flow chart from it..The storeroom supervisor checks the manual inventory perpetualrecords to identify items that need to be reordered. He prepares atwo-part prenumbered...
- Q Required: Use the following information to complete RhondaHill's 2017 federal income tax return. If any information ismissing, use reasonable assumptions to fill in the gaps. The forms,schedules, and instructions can...
- Q This simulation question available sources is based upon a trueset of facts. The information contained in the simulation questionwas What is the Relationship Between the Fraud Triangle andFinancial Statement Fraud?...
- Q A company has basic EPS of $29 per share. If the tax rate is30%, which of the following securities would be dilutive?Cumulative 8%, $50 par preferred stockTen (10%) percent convertible...
- Q TheSundanceCorporation manufactures cellular modems. It manufactures itsown cellular modem circuit boards? (CMCB), an important part of thecellular modem. It reports the following cost information about thecosts of making CMCBs in2017and...
- Q Measures of liquidity, The ability of a company to make itsperiodic interest payments and repay the face amount of debt atmaturity.Solvency, and The ability of a firm to generateearnings.ProfitabilityThe comparative...
- Q Fit & Slim (F&S) is a health club that offers membersvarious gym services.Required:1. Assume F&S offers a deal whereby enrollingin a new membership for $1,300 provides a year of unlimited...
- Q a) Complete the table below by classifying thecost items. You need to repeat an amount if it belongs to more thanone category. You must provide a total for each column....
- Q Actuary and trustee reports indicate the following changes inthe PBO and plan assets of Douglas-Roberts Industries during2021:Prior service cost at Jan. 1, 2021, from plan amendment atthebeginning of 2018 (amortization:...
- Q Zuniga, Inc. uses a process costing system. During May, 1,200units were transferred into Department 2 at a cost of $38,040.Direct materials are added at the beginning of the process.Additionally:On May...
- Q Cane Company manufactures two products called Alpha and Betathat sell for $155 and $115, respectively. Each product uses onlyone type of raw material that costs $6 per pound. The company...
- Q 14) Fixed costs remain constant at $400,000 per month. Duringhigh-output months variable costs are $320,000, and duringlow-output months variable costs are $80,000. What are therespective high and low indirect-cost rates...
- Q Octaone produces luxury water cooler. This is their first yearin operation (i.e. starting the year with $0 balances). The companyproduced 9,000 units (started and completed) and sold 8,000 unitsfor $560,000....
- Q Your Task COMPLETE ON SPREAD SHEETSHOW FORMULASRed Company purchased a machine on January 1, 2018.Cost $210,000Residual value 24,000Useful life in years 5 *Useful life in hours 25,000*Write the formulas assuming...
- Q Rutter Inc. granted (see below for #) stock options toexecutives and employees on January 1, 2017. The options have astrike price is $10 per share and expire in 2019. The...
- 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 #1. Prepare journal entries to record the December transactionsin the General Journal Tab in the excel template file "AccountingCycle Excel Template.xlsx". Use the following accounts asappropriate: Cash, Accounts Receivable, Supplies,...
- Q Problem 5-27 Sales Mix; Break-Even Analysis; Margin of Safety[LO5-7, LO5-9]Island Novelties, Inc., of Palau makes two products—HawaiianFantasy and Tahitian Joy. Each product's selling price, variableexpense per unit and annual sales...
- Q Exercise 21-05Morgan Leasing Company signs an agreement on January 1, 2020, tolease equipment to Cole Company. The following information relatesto this agreement.1.The term of the non-cancelable lease is 6 years...
- Q Salmone Company reported the following purchases and sales forits only product. Salmone uses a perpetual inventorysystem. Determine the cost assigned to cost of goods sold usingLIFO.DateActivitiesUnits Acquired at CostUnits Sold...
- Q 7) If direct labor and direct material costs increase by $1each, contribution margin ________.A) increases by $20,000B) increases by $14,000C) decreases by $24,000D) decreases by $14,000Answer the following questions using...
- 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$2,100,000Cost of goods sold1,600,000Gross...
- Q ) Genosis Metals provided the following information for lastmonth: Sales $20,000 Variablecosts 8,000 Fixedcosts 4,000 Operatingincome $8,000If sales reduce to half the amount in the next month, what isthe projected operating income?A) $0B) $4,000C) $2,000D) $6,000Answer the following...
- Q Alva Community Hospital has five laboratory technicians who areresponsible for doing a series of standard blood tests. Eachtechnician is paid a salary of $30,000. The lab facility representsa recent addition...
- Q Choi Company manufactures two skin care lotions, Smooth Skin andSilken Skin, from a joint process. The joint costs incurred are$310,000 for a standard production run that generates 180,000 pintsof Smooth...
- Q Company manufactures one product that goes through oneprocessing department called Mixing. All raw materials areintroduced at the start of work in the Mixing Department. Thecompany uses the weighted-average method of...
- Q What are the key considerations when formulating a definition ofprofessional skepticism?
- Q The following is the ending balances of accounts at June 30,2018 for Excell Company.Account TitleDebitsCreditsCash$121,000Short-term investments103,000Accounts receivable318,000Prepaid expenses70,000Land113,000Buildings358,000Accumulated depreciation—buildings$179,000Equipment284,000Accumulated depreciation—equipment139,000Accounts payable192,000Accrued expenses64,000Notes payable138,000Mortgage payable320,000Common stock290,000Retained earnings45,000Totals$1,367,000$1,367,000Additional information:The short-term investments account...
- Q Mountain Dental Services is a specialized dental practice whoseonly service is filling cavities. Mountain has recorded thefollowing for the past nine months:MonthNumber of Cavities FilledTotal CostJanuary525$6,100February6506,000March5506,100April4755,850May4005,250June6256,400July6006,350August3005,000September7006,600Required:1. Use the high-low method...
- Q Part C: Master Budget with SupportingSchedulesYou have just been hired as a new management trainee by EarringsUnlimited, a distributor of earrings to various retail outletslocated in shopping malls across the...
- Q The following transactions occurred at the Daisy King Ice CreamCompany.Started business by issuing 10,000 shares of common stock for$37,000.Signed a franchise agreement to pay royalties of 5% ofsales.Leased a building...
- Q The following income statement items appeared on the adjustedtrial balance of Foxworthy Corporation for the year ended December31, 2018 ($ in 000s): sales revenue, $21,600; cost of goods sold,$14,150; selling...
- Q Richard, Barry and Andrew decided to enter into a partnershipagreement as from 1st July 2018, some of the provisionsof which were as follows.1. Richard to contribute$24000 cash, inventory the fair value...
- Q The following data reflect the current month's activity forSills, Inc.: Actual total direct labor$184,080 Actual hours worked13,000 Standard labor-hours allowed for actual output(flexible budget)14,400 Direct labor price variance$4,680U Actual variable overhead$45,500 Standard variable overhead rate per...
- Q On January 1, 2016, Kittson Company had a retained earningsbalance of $218,600. It is subject to a 30% corporate income taxrate. During 2016, Kittson earned net income of $67,000, and...
- Q Research Questions:Mortgage-backed securities may have negative convexity whichcushions the increase in price when interest rates decline. Explainthe reason.Callable bonds may have negative convexity. Explain thereason.Positive convexity is said to be...
- Q Mission Foods produces two flavors of tacos, chickenand fish, with the following characteristics: Chicken FishSelling price pertaco$3.40 $5.50 Variable cost pertaco 1.70 2.75 Expected sales(tacos) 195,000 291,000 The total fixed costs for the company are$124,000. Required: b. Assuming that the product mix would...
- Q (Show Work and Calculations)On January 2, 2011 N&M Company issued $1 Million of 5-year,3% bonds for $940,000, their interest payable semiannually everyJune 30, and Deember 31. N&M uses stright line...
- Q The following trial balance was prepared for Tile, Etc., Inc. onDecember 31, 2017, after the closing entries were posted:Account TitleCash$110,000Accounts receivable125,000Allowance for doubtful accounts$18,000Inventory425,000Accounts payable95,000Common stock450,000Retained earnings97,000Tile, Etc. had the...
- Q Miller Company’s contribution format income statement for themost recent month is shown below:TotalPer UnitSales (37,000 units)$185,000$5.00Variable expenses74,0002.00Contribution margin111,000$3.00Fixed expenses44,000Net operating income$67,000Miller Company’s contribution format income statement for themost recent month...
- Q Prepare journal entries to record the following transactions ofWeatherford Teen Foundation, Inc. (WTFI), a nonprofit entity thatprovides counseling, training, and other programs for young people.WTFI accounts for all transactions in...
- Q Exercise: 2 The adjusted trial balance of Ahmed Company onDecember 31, 2017 includes the following accounts: AccumulatedDepreciation, $6,000; Depreciation Expense, $2,000; Note Payable$7,500; Interest Expense $150; Utilities Expense, $300; RentExpense,...
- Q The account balances appearing on the trial balance were takenfrom the general ledger of Ahmed's Copy Shop at October 31.Additional information for the month of October which has not yetbeen...
- Q On January 1, 20X8, Liv Ltd. (LL), a Canadian company, acquired90% of Marcus Co. (MC), a foreign company for FC 623,200. At theacquisition date, the carrying value of MC’s net...
- Q Suppose you owe $900 on your credit card and you decide to makeno new purchases and to make the minimum monthly payment on theaccount. Assuming that the interest rate on...
- Q TheShell Hunteris a? take-out food store at a popular beach resort.Samantha Jones?,owner of theShell Hunter?,is deciding how much refrigerator space to devote to fourdifferent drinks. Pertinent data on these four...
- Q Net revenues at an older manufacturing plant will be $2 millionthis year. The net revenue will decrease by 15% per year for 5years, when the assembly plant will be closed...
- Q A lease agreement that qualifies as a finance lease calls forannual lease payments of $50,000 over a four-year lease term (alsothe asset’s useful life), with the first payment at January...
- Q ASX CodeCompany NameOperating RevenueReported NPAT After AbnormalsTotal AssetsTotal EquityMarket Cap.ANNAnsell Limited2,137,459,004161,271,9233,389,277,0562,011,122,2014,210,692,886SOMSomnoMed Limited58,892,033-16,437,66734,750,78617,819,925206,625,712OCCOrthocell Limited1,087,353-5,852,21413,597,69010,724,46289,412,060RHTResonance Health Limited3,624,5451,270,2336,416,6435,893,58088,331,206NANNanosonics Limited84,585,00013,602,000129,521,000110,083,0002,259,579,903ADOAnteoTech Limited150,243-3,296,8404,767,6824,235,13143,335,128IVQInvitrocue Limited568,198-7,010,2021,492,994-1,313,54234,709,214VTIVisioneering Technologies Inc4,667,044-23,710,68214,705,29812,701,89818,166,270OSPOsprey Medical Inc.3,562,081-24,825,68239,011,00836,178,2286,908,757CYCCyclopharm Limited13,404,222-35,45623,536,72117,015,96987,627,005ALCAlcidion Group Limited16,832,113-84,16524,857,17513,242,586217,952,691LSHLifespot Health Ltd345,788-1,722,6293,090,9862,682,6572,714,903ADRAdherium Limited2,779,000-11,794,0002,244,000830,00015,408,368LBTLBT Innovations Limited2,553,000-4,350,00038,125,00029,518,00036,508,666PABPatrys...
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