Accounting question and answers for August 24, 2023
- Q Which of the following is the formula to reconcile absorption costing and variable costing income: O A fixed overhead per unit * (units produced - units...
- Q How does FOB Shipping Point differ from FOB Destination
- Q On November 1, 2024, Taylor signed a one-year contract to provide handyman services on an as-needed basis to King Associates, with the contract to start immediately. King agreed to pay...
- Q Effect of Doubtful Accounts on Net Income During its first year of operations, Master Plumbing Supply Co. had sales of $380,000, wrote off $6,100 of accounts as uncollectible using the...
- Q True or False: 1) Generally accepted accounting principles, or GAAP, encompass the rules, practices, and procedures that define the proper execution of accounting. 2) The International Accounting Standards Board (IASB)...
- Q Baden Company has gathered the following information. Units in beginning work in process 0 Units started into production 43,300 Units in...
- Q Required information [The following information applies to the questions displayed below.] Nicole's Getaway Spa (NGS) has been so successful that Nicole has decided to expand...
- Q On the internet and in the news you see many articles on non-profit companies and their contribution rates. For example, let us say that a firm returns 20% of its...
- Q MANAGERIAL ACCOUNTING I need help with these questions, im just lost thats all. 1. Overhead costs actually incurred in production are recorded in such a way to: A....
- Q Anderson Consulting leased machinery from Red Inc. on July 1, 2018. The lease was recorded as a finance lease. The present value of the lease payments discounted at 10% was...
- Q You are evaluating purchasing the rights to a project that will generate after tax expected cash flows of $99k at the end of each of the next five years, plus...
- Q When the yield curve is flat or inverted, this typically predicts that a. short term interest rates will rise b. long term interest rates will rise c. shot term interest...
- Q A debtor of GEE Computers paid his account of R5 000 by cheque during the month of May 2020. At the end of May 2020, the bank statement of GEE...
- Q Alice is a single taxpayer with no dependents that has AGI of $11,200 in 2019. Alice is required to carry minimum essential coverage in 2019 or else pay additional tax...
- Q payroll Register and Payroll Journal Entry 1. Prepare a payroll register for Marys Luxury Travel for the week ended March 22, 20--. (In the Taxable Earnings/Unemployment Compensation column, enter the...
- Q 14. In ratio analysis, the ratios are never expressed as a a. rate. b. negative figure. C. percentage. d. simple proportion
- Q NEW ANSWER PLEASE Why should multinational companies be concerned about auditing issues? Think about this in the context of an international setting and the link between auditing and...
- Q 10/1 a company sells inventory that cost $78,000. The retail price of the sale was $135,000. 80% of the sales were cash sales and 20% were sales on credit. What...
- Q Consider the following scenario: Mercer Company charges $100 per textbook sold. The variable cost per textbook was originally $28, but Mercer recently negotiated with a different textbook supplier, and now...
- Q Daily corporation has outstanding 67000 shares of $35 par- value preferred stock, issued at an average price of $42 a share. The preferred stock is convertible into common stock at...
- Q Ron Prentice bought goods from Shelly Katz. On May 13, Shelly gave Ron a time extension on his bill by accepting a $3,150, 8%, 160-day note. On Aug. 15, Shelly...
- Q Variable costing is often suggested as a solution to the incentive to overproduce inherent in absorption costing. How does variable costing differ from absorption costing? What are the advantages of...
- Q Kindly find the similarities and differences of Accounting standards used in the company of Nestle and Dutchlady in Malaysia from 2015 to 2020.
- Q What is the fundamental difference between operating and financing assets and liabilities? Give an example of an operating asset, an operating liability, a financing asset, and a financing liability.
- Q which is a period cost? Rent on a factory building Depreciation on factory equipment Commissions paid on each unit sold Raw materials cost
- Q You are considering the purchase of an investment that would pay you $5,000 per year for Years 15, $3,000 per year for Years 68, and $2,000 per year for Years...
- Q EX 5-16 Accounts payable subsidiary ledger The cash payments and purchases journals for Magnolia Landscaping follow. The accounts payable control account has a June 1,20Y1, balance...
- Q e. 9- The owner of a small restaurant that sells burgers pays each month $1,000 in rent, $300 in utilities, $200 interest on his loan, and...
- Q Hux Investments leased equipment from a leasing company on July 1, 2018 in a finance lease.. The present value of the lease payments discounted at 10% was $75,600. Ten annual...
- Q When establishing a code of ethics, should management lean toward Utilitarianism, Deontology, or Teleology? Explain What is the Social Contract its pros and cons? How can...
- Q Lilliflower company incurred the following costs during last year Knowing that the budgeted volume was 170 pieces and the actual has been 250 pieces, calculate the variances of...
- Q The Framework issued by the AASB is equivalent to the one issued by which accounting body Select one: O a. IASB. O b. PSASB. c. FASB....
- Q Journal entries and trial balance On August 1,20Y7, Rafael Masey established Planet Realty, which completed the following transactions during the month: Rafael Masey...
- Q The following is the preclosing trial balance for Allen University as of June 30, 2020. Additional information related to net assets and the statement of cash flows is...
- Q On January 1, 2024, Tru Fashlons Corporation awarded restricted stock units (RSUs) representing 12 million of Its $1 par common shares to key personnel, subject to forfelture...
- Q Part 1: Role Plays To complete this part of the assessment, you will participate in a role play with the help of a colleague or peer to demonstrate your ability...
- Q (a) Explain Binary Search tree. (b) Insert into an empty binary search tree, entries with keys 32,42 25, 58, 48, 29, 10, 19 (in this order). Draw the tree...
- Q Alegria Corporation has 300,000 shares of Common Stock issued and outstanding. The par value of these shares is $100 per share and they are being sold at $125. The Board...
- Q Denny Asbestos Removal Company removes potentially toxic asbestos insulation and related products from buildings. The companys estimator has been involved in a long-simmering dispute with the...
- Q The management of Unter Corporation, an architectural design firm, is considering an investment with the following cash flows: Year Investment Cash Inflow 1 $54,000 $4,000...
- Q 1. Durell and Earline are married; file a joint return; and their two children, ages 5 years and 6 months, qualify as dependents. Also, Earline's son from a previous marriage,...
- Q Choctaw Co. completed the following transactions in 2018, the first year of operation: Issued 31,000 shares of $10 par common stock for $10 per share. Issued 4,100 shares...
- Q On December 1, 2024, Liang Chemical provides services to a customer for $79,000. In payment for the services, the customer signs a three-year, 12% note. The face amount is due...
- Q Financial statements and closing entries The Gorman Group is a financial planning services firm owned and operated by Nicole Gorman. As of October 31, 20Y9, the end of the fiscal...
- Q need help with explanation as soon as possible Question 10 (8 points) Sophie Company is a retailer in Nova Scotia operating three (3) locations; Truro (T),...
- Q Which taxpayer should file schedule c (form 1040) to report business activity
- Q In which case was it held that an auditor did not owe a duty of care to potential shareholders? a. Cambridge Credit b. London and General...
- Q Required: a. Benton currently applies overhead on the basis of direct labor cost. What is the predetermined overhead rate for the quarter? b. The CFO and...
- Q Kobe Company has a factory machine with a book value of $90,0000 and a remaining useful life of 5 years. It can be sold fro $30,000. A new machine is...
- Q Gaga Fashions uses a periodic inventory system. The beginning inventory of a particular product, and the purchases during the current year, were as follows: Jan 1 Beginning...
- Q 8. An investor makes a $2,800 annual deposit into a mutual fund that produces a return of 12% annually for 3 years. How much...
- Q Slim Line Inc. manufactures computer tables. They have budgeted that a single computer table will take 6 hours of direct labor. They budget labor costs at...
- Q At a break-even point of 430 units, variable costs were $516 and fixed costs were $258. What will the 431st unit sold contribute to operating profits before income taxes? $0.60....
- Q Four variance method of computing overhead variances
- Q Gamma Corporation is considering an investment of $514,000 in a land development project. It will yield cash flows of $210,000 for 5 years. The company uses a discount rate of...
- Q Analyzing and Interpreting Equity Accounts and Comprehensive Income Following is the shareholders' equity section of the 2010 balance sheet for Procter & Gamble Company and its statement of shareholders' equity....
- Q The Welding Department of Bramble Company has the following production and manufacturing cost data for February 2020. All materials are acded at the beginning of the process. ...
- Q Kindly find the similarities and differences of fraud and irregularities activities of Nestle and Dutchlady in Malaysia from 2015 to 2020.
- Q Exercise 13-20(Algo) Various transactions involving contingencies; disclosures [LO13-5,13-6] The following selected transactions relate to contingencies of Classical Tool Makers, Incorporated, which began operations in July Classical's...
- Q Provide the missing data in the following table for a distributor of martial arts products: (Round "Turnover" and "ROI" answers to 1 decimal place.)
- Q Peanut Company acquired 100 percent of Snoopy Company's outstanding common stock for $318,000 on January 1, 20X8, when the...
- Q Med Max buys surgical supplies from a variety of manufacturers and then resells and delivers these supplies to hundreds of hospitals. Med Max sets its prices...
- Q The following information relates to Goldman, Inc.'s overhead costs for the month: (Click the icon to view the information.) Requirements 1. Compute the...
- Q Sadie buys an art gallery for $5,000,000. In the first year of operation, the gallery brings in a profit of $3,000,000. The second year she earns $6,000,000. In the third...
- Q How does FOB Shipping Point differ from FOB Destination? 1 A B I
- Q In March, 2018, Gamma sold Available-for-Sale securities for $75. It had originally purchased these securities for $45. By mistake, Gamma debited cash and credited investments for $75 at the time...
- Q Exercise 5-13 (Algo) Changes in Selling Price, Sales Volume, Variable Cost per Unit, and...
- Q There are now twice as many people in the household, but your income has also doubled. Is your new tax liability about twice as much as when you were single,...
- Q Fletcher Company manufactures and sells one product. The following information pertains to each of the companys first two years of operations: ...
- Q Need help for the last 4 parts (e-h)!! Answers for a-d provided!! Sharon Scotia, CFO of Rome Industries, must decide what to do about Procras Corporation, a major customer that...
- Q Answer ALL questions below [100 MARKS] QUESTION 1 (20 Marks) The trial balance and additional information given below were...
- Q In the month about to begin, XYZ WLL bank expects $15 million in incoming deposits, 25 million in deposit withdrawals $30 million in revenues from the sale of nondeposit...
- Q During 2016, it cost Westa, Inc. $18 per unit to produce part T5. During 2017, it has increased to $21 per unit. In 2017, Southside Company has offered to provide...
- Q Classify the following "used up" costs as product or period costs. For the product costs (and only for the product costs) indicate if they are direct or indirect...
- Q In Spain, If an Employee has taken 6 months leave of absence which brings him/her over to christmas. is he/she still entitled to the 14th month bonus or Christmas...
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