Accounting question and answers for August 22, 2023
- Q How can the culture of an organization contribute to overallemployee satisfaction? What elements contribute to the overallculture of an organization?
- Q Use the following information to prepare the July cash budgetfor Anker Co. It should show expected cash receipts and cashdisbursements for the month and the cash balance expected on July31.a.?Beginning...
- Q In January, Arco Company purchased the rights to a naturalresource for $3,000,000. The estimated recoverable units from thenatural resource amount to 3,000,000 units. During the year, Arcosold 100,000 units of...
- Q what factors do you think infulences an investment other thanfinancials?
- Q closing entries are prepared for which of thefollowing reasons...???a) To get the journal ready for the next accounting periodb) To get financial statements ready for next accountingperiod3) To get the...
- Q Smith-Kline Company maintains inventory records at sellingprices as well as at cost. For 2018, the records indicate thefollowing data:($ in 000s)CostRetailBeginning inventory$91$130Purchases518905Freight-in on purchases23Purchase returns11Net markups3Net markdowns7Net sales800Required:Assuming the price...
- Q Pro-Weave manufactures stadium blankets by passing the productsthrough a weaving department and a sewing department. The followinginformation is available regarding its June inventories: BeginningInventory Ending Inventory Raw materials inventory $...
- Q Accountants generally follow the lower of cost or market (LCM)basis of inventory valuations. a. Define cost as applied to thevaluation of inventories b. Define market as applied to thevaluation of...
- Q Outline five (5) reasons for the discrepancy betweenthe cash book and the bank statement.
- Q The Regal Cycle Company manufactures three types of bicycles—adirt bike, a mountain bike, and a racing bike. Data on sales andexpenses for the past quarter follow:TotalDirtBikesMountain BikesRacingBikesSales$919,000$262,000$405,000$252,000Variable manufacturing and selling...
- Q Gary Theater is in the Hoosier Mall. A cashier's booth islocated near the entrance to the theater. Two cashiers areemployed. One works from 1:00 to 5:00 p.m., the other from...
- Q 2. What if the U.S. tax structure moved awayfrom taxing income to taxing the value a company added? Doyou think Apple would prefer:(a) tax on income (at 2018 rate)(b) a...
- Q Macondo, Inc. is a wholesaler located in Aguadilla.During its current fiscal year, ended December 31, 2019, MacondoInc. completed the following selected transactions:Feb. 3 Purchased 2,500 shares of its own common...
- Q Hamilton Company uses a periodic inventory system. At the end ofthe annual accounting period, December 31 of the current year, theaccounting records provided the following information for product1: Units Unit...
- Q Accountants have advocated two types of income statements basedon differing views of the concept of income: the current operatingperformance and all-inclusive concepts of income. How would thefollowing items be handled...
- Q What can we say about the increase of the dividend payout ratiofor a company.Is it a good sign and which is the impact on the freecash flows?
- Q What are the answers? Royals Incorporated leases a piece ofequipment to Polar Corporation on January 1, 2017. The leaseagreement called for annual rental payments of $8,648 at thebeginning of each...
- Q During the first month of its current fiscal year, Green Co.incurred repair costs of $24,000 on a machine that had 4 years ofremaining depreciable life. The repair cost was inappropriatelycapitalized....
- Q Keller Construction is considering two new investments. ProjectE calls for the purchase of earthmoving equipment. Project Hrepresents an investment in a hydraulic lift. Keller wishes to usea net present value...
- Q a large hotel? chain, has been using? activity-based costing todetermine the cost of a? night's stay at their hotels.One of the? activities, "Inspection," occurs after a customerhas checked out of...
- Q Turner Video will invest $84,500 in a project. The firm’s costof capital is 6 percent. The investment will provide the followinginflows. Use Appendix A for an approximate answer but calculateyour...
- Q Helix Company purchased tool sharpening equipment inApril 1, 2010 for $72,000. The equipment was expected to have auseful life of four years, or 9,000 operating hours, and a residualvalue of...
- Q Transactions of Sky Company for the month of December 2017 arepresented below: 1. The owner invested $400,000 to start hisbusiness. 2. Purchased equipment for $48,000, paying $12,000 cashand the remaining...
- Q Discuss the importance of ethics in financial accounting.What issues may arise if ethics is compromised? How would thisimpact the company internally, how would it impact the externalusers such as investors,...
- Q Audit sampling requires that the auditor collect only arelatively small sub-sample of data, thereby initiating detectionrisk, i.e., the risk. . . that, based on the sample the auditortakes, the auditor...
- Q A not-for-profit organization receives a restricted gift. Whenand in which type of fund should it recognize the revenue? When andin which type of fund should it recognize the related expense?...
- Q 1.a.)When using FIFO for inventories, market value generallyrefers to ________ under U.S. GAAP and ________ under IFRS.A) current replacement cost; historical costB) historical cost; net realizable valueC) historical cost; current...
- Q Whitt Valley Presbyterian Hospital is a nonprofit initial carefacility. For the hospital’s calendar year ending December 31,2019, prepare (I) journal entries to record the transactions listedin a. through n. below,...
- Q What does liquidity mean for accounting purposes?In what order should assets be listed on the balance sheet?Can an account that is not listed in the chart of accounts beused to...
- Q Natalie has prepared the balance sheet and income statement ofCookie & Coffee Creations Inc. and would like you to preparethe cash flow statement. The comparative balance sheet of Cookie& Coffee...
- Q Corp. had 468,000 shares of common stock outstanding. During2021, it had the following transactions that affected the CommonStock account.On January 1, 2021, Coronado Corp. had 468,000 shares of commonstock outstanding....
- Q Why is it critical to reconcile the bank statement on a timelybasis each month?
- Q Calculate the taxpayer's 2019 qualifying business income deductionfor a qualified trade or business:Filing Status: SingleTaxable Income: $180,000W-2 Wages: $20,000Net Capital Gain: $0Qualified Business Income: $80,000
- Q 18.(Determination of property tax rate)The City of Weston ispreparing its budget for calendar year 2009. After estimatingrevenues from all other sources, the City calculates that it mustraise $7,000,000 from property...
- Q Wolsey Industries Inc. expects to maintain the same inventoriesat the end of 2016 as at the beginning of the year. The total ofall production costs for the year is therefore...
- Q IceCap Hotels operates a series of northern European hotels andreports under IFRS. On June 30, 2016, IceCap purchased land for€3,000,000. IceCap reports land values on the balance sheet underProperty, plant,...
- Q Write a paragraph explaining the income statement and thebalance sheet, write how the company is doing, and anything to noteor watch for. Note any differences from the previous quarter'sbalance sheet.Supplies...
- Q Branif Leasing leases mechanical equipment to industrialconsumers under sales-type leases that earn Branif a 10% rate ofreturn for providing long-term financing. A lease agreement withBranson Construction specified 20 annual payments...
- Q Simon Company's year-end balance sheets At December 31 2017 20162015 Assets Cash $34,248 $41,667 $44,275 Accounts receivable, net99,261 71,487 58,461 Merchandise inventory 127,348 94,465 61,040Prepaid expenses 11,367 10,937 4,872 Plant...
- Q Kubin Company’s relevant range of production is 22,000 to 27,000units. When it produces and sells 24,500 units, its average costsper unit are as follows: Amount per UnitDirect materials$8.20Direct labor$5.20Variable manufacturing overhead$2.70Fixed...
- Q Define coupon and market interest rates as theydetermine bond pricing at par, premium, or discountvalues.
- Q Identify and explain the types of employer payroll taxes.
- Q 20. Comfort realty purchases 3,000 shares of its $50 par valuecommon stock for $180,000 cash on July 1. It will hold the sharesin the treasury until resold. On November 1,...
- Q TheGold PlusCompany manufactures windows. Its manufacturing plant has thecapacity to produce6,000windows each month. Current production and sales are5,000windows per month. The company normally charges$200per window.Variable costs that vary with number...
- Q PLEASE POST EXCEL SPREADSHEETPlease show all computation and underline your finalanswer in your submission.Income statements and balance sheets follow for MicrosoftCorporation. Refer to these financial statements to answer therequirements. (non-operating...
- 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 7. Comfort realty has the following account balances at December31, 2018 Notes payable ($80,000 due after 12/31/19) $200,000Unearned revenue 75,000 Other long-term debt ($30,000 due in 2019)150,000 Salaries payable 22,000...
- Q (Show work and Calculations)On February 1, 2011, M&N company issued $100,000 of 5 yearbonds, paying 8% interest every July 31 and January 31. The bondssold for $92,278 reflecting the market...
- Q Complete the following worksheet for Appliance Repair for theyear ended 30 June 2020. Additional information to complete the worksheet:The equipment of $67,500 was purchased on 1 March 2020. Thestraight-line depreciation...
- Q Esperado Furnishings are retailers who purchase and sellhousehold furnishings, including table lamps. The business uses aperpetual inventory system and adjusts cost of goods sold for anyshortage or excess inventory. The...
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