Accounting question and answers for August 24, 2023
- Q The financial statements of AG are given below: Balance sheets as at 31 March 2019 31 March 2018 Sh.000 Sh.000 Sh.000 Sh.000 4,500 370 4,800 400 4,870 5,200...
- Q Question 22 Not yet answered P Flag question Marked out of 2.00 On December 31, 2016, Harley-Davidson, Inc., reported the following (in millions): Total assets Total sales Net...
- Q 2. Frank earns $147,400 in 2021. Social Security taxes are 6.2% up to $142,800 of income and Medicare taxes are 1.45% with no income limit. Calculate...
- Q SEC registrants' financial statements should be accompanied by all of the following reports except the a) auditors' report on internal control over financial reporting. b) management's report on internal control...
- Q Indicate whether the following hospital costs are direct or indirect with respect to a customer/patient cost object
- Q Do some research using WestLaw in the KU library and find a case that involves mortgage and real estate fraud. Give a brief summary of the case. Using the IRS...
- Q On Dec 31, company needed to record its accured wages for yr end. if dec 31 is a wednesday, then company must account for three days of wages. the company...
- Q Vivian, Inc had net sales in 2015 of 700,000. At December 31, 2015, before adjusting entries, the balances in selected accounts were:...
- Q The 2022 accounting records of Novak Corp. reveal these transactions and events. Prepare the cash flows from operating activities section using the...
- Q 13 Part 2 of 3 Required Information PA4-1 Preparing a Trial Balance. Closing Journal Entry, and Post-Closing Trial Balance [LO 4-3. LO 4-5] [The following information applies to...
- Q What are challenges with using the different business valuation methods? Is there a particular method which resonates strongly with you? Why?
- Q O'Sullivan Plastics Co. (OSPC) issued callable bonds on January 1, 2021. OSPC's accountant has projected the following amortization schedule from issuance until maturity: ...
- Q Problem 3 Using the following Adjusted Trial Balance prepare an Income Statement, Retained Earnings Statement and Balance Sheet in correct form. The Marley Company Adjusted Trial...
- Q Which finanacial statement shows changes in the interests of the companys shareholders over a specific period?A) Blance sheet B)Income statement C)Statment of shareholders equity
- Q Williams Company purchased a machine costing $30,500 and is depreciating it over a 10-year estimated useful life with a residual value of $3,500. At the beginning of the eighth year,...
- Q What is noncontrolling interest? How is it classified on the balance sheet of a parent company? Locate a company that has consolidated financial statements, and discuss the noncontrolling interest of...
- Q 7. In deciding whether to drop an electronics product line, which of the following would be considered irrelevant? A. Fixed manufacturing costs that would be avoided if the product line...
- Q Hello, please i need help. Can someone help me write an audit report for these two companies. The audit report should be short and contain the following: - Model risk...
- Q The following cost data relate to the manufacturing activities of Chang Company during the just completed year: $ 17,000 150,000 10,000 90,000 147,000 12,000 $426,000 Manufacturing overhead...
- Q Selected operating data for two divisions of Outback Brewing. Limited, of Australia are given below. Required: 1. Compute each division's margin, tumover, and return on investment...
- Q Under an operating lease: a) the lessee does not obtain substantially all the benefits and risks of ownership. B) the lease transaction is reported more like a purchase. C) No...
- Q Eastlawn Travel has two operating divisions, Tours and Resorts. The two divisions meet the requirements for segment disclosures. Before transactions between the two divisions are considered, revenues and...
- Q Which of the following is used on the cash flow statement?A) The cash equivalents from the balance sheet B)Cash used by investing activities from the income statment C)Cash provided by...
- Q Question Content Area LIFO perpetual inventory The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are as follows: Date...
- Q The Sarbanes Oxley Act of 2002: Multiple Choice created Generally Accepted Accounting principles (GAAP). requires the CEO and CFO to defer responsibility for internal controls to...
- Q Wissota Co. has a direct labor standard of 4 hours per unit of output. Each employee has a standard wage rate of $11 per hour. During February, Wissota Co. paid...
- Q A manufactured product has the following information for June. Standard Quantity and Cost Actual Results Direct materials 6 pounds @ $8 per pound 48,500 pounds @ $8.10 per pound...
- Q please complete this project withn 3 hours please its request to you Scenario: ABC Ltd. is a newly established organisation of organic and non-GMO snacks. It...
- Q HomeGrown Company is a chain of grocery stores that are similar to indoor farmer's markets, providing fresh, local produce, meats, and dairy products to consumers in urban areas. HomeGrown is...
- Q Factor Company is planning to add a new product to its line. To manufacture this product, the company needs to buy a new machine at a $483,000...
- Q A decrease in the fair value of a security that has not yet been realized through an actual sale of the security is called a(n): Contingent loss. Capitalized loss. Realizable...
- Q Faces Au Natural Corp., a distributor of natural cosmetics, is ready to begin its third quarter, in which peak sales occur. The company has requested a...
- Q 3)Profit Margin, Investment Turnover, and ROI Cash Company has income from operations of $112,500, invested assets of $750,000, and sales of $1,875,000. Use the DuPont formula to compute the rate...
- Q Jacob is a member of WCC (an LLC taxed as a partnership). Jacob was allocated $150,000 of business income from WCC for the year. Jacobs marginal income tax rate is...
- Q Salvia Company recently purchased a truck. The price negotiated with the dealer was $43,000. Salvia also paid sales tax of $2,600 on the purchase, shipping and preparation costs of $3,600,...
- Q The GASB has the responsibility for establishing financial accounting standards for all of the following entities except: A) school districts. B) veterans hospitals. C) state and local government entities. D)...
- Q Physical counts of inventory: Are necessary to adjust the Inventory account to the actual inventory available. Must be taken at least once a month. Are not necessary under the...
- Q pay rate is 19.70 per hour with an overtime rate of 1.5 times for hours over 40 in a workweek. he worked 44 hours. calculate using the premium approach. Since...
- Q Which financial statment includes dividends?A) Balance sheet B)Income Statment C)Statement of sharehders equity
- Q Allowance for Doubtful Accounts has a credit balance of $800 at the end of the year (before adjustment), and an analysis of accounts in the customer ledger indicates the estimated...
- Q Thome Company uses a flexible budget for manufacturing overhead based on direct labor hours. Variable manufacturing overhead costs per direct labor hour are as follows. Indirect labor $1.40 Indirect materials...
- Q Hi, please help. I think im switching up the formulas wrong idk Fill in the blanks in the following separate income statements a through e. (Amounts to be...
- Q Addleman Corporation has an activity-based costing system with three activity cost pools--Processing, Supervising, and Other. In the first stage allocations, costs in the two overhead accounts, equipment...
- Q discuss how COVID-19 will affect your audit planning, execution and reporting: a. Risk Assessment b. Audit Planning and Audit Strategy
- Q In what ways has texting become a barrier to hearing and listening?
- Q Forten Company, a merchandiser, recently completed its calendar-year 2013 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect...
- Q A request for a ruling as to the status of a worker under the Canada Pension Plan Act or the Employment Insurance Act might be required in which of the...
- Q Yoshi Company completed the following transactions and events involving its delivery trucks. Year 1 January 1 Paid $23,515 cash plus $1,635 in sales tax for a new delivery...
- Q A supplier to a Manufacturing company is going to use Scrum to develop a system. The Manufacturing company has laid out 245 functional requirements and 19 external interface requirements. The...
- Q ...
- Q A project has estimated annual net cash flows of $54,000. It is estimated to cost $172,800. Determine the cash payback period. Round your answer to one decimal place.
- Q Shlee Corporation issued a 7-year, $67,300, zero-interest-bearing note to Garcia Company on January 1, 2011, and received cash of $67,300. In addition, Shlee agreed to sell merchandise to Garcia at...
- Q QUESTION 3 The following information has been extracted from the financial records of Blue Ltd: 31/3/2022 31/3/2021 ...
- Q A corporation distributes land and the related liability in a nonliquidating distribution to a shareholder. The land (a capital asset) has an adjusted basis of $50,000, an FMV of $75,000...
- Q Joe-Joe Inc. produces yo yo's. The variable cost of production is $0.60 per unit. Fixed Manufacturing Overhead costs are estimated to be $ 400,000 per year. Fixed Selling and Administrative...
- Q Suppose that instead of $1,030, Kingbird expects the residual value to be only $500 (the guaranteed amount is still $1,030). How does the calculation of the present value of the...
- Q What is the nature of comprehensive income, and how does it impact financial reporting and analysis?
- Q Estimate the proper balance of the allowance for doubtful accounts should be as of December 31
- Q In a profit center, the manager has responsibility and authority for making decisions that affect a)costs b)assets C)investments d)long-term liabilities
- Q The Lancaster Corporations income statement is given below. LANCASTER CORPORATION Sales $ 246,000 Cost of goods sold 179,000 Gross profit $...
- Q what is liabilities and distinguish between current and long term liabilities?
- Q Question Content Area FIFO perpetual inventory The beginning inventory at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows:...
- Q Suppose jumbo packs of notepads are sold in a perfectly competitive market for 60. To produce jumbo packs of notepads, an individual firm has a cost function...
- Q On January 1,Crane Company issued $372,000, 7% , 10-year bonds at face value. Interest is payable annually on January 1 Prepare the journal entry to record the issuance...
- Q An investor wants to double her money in 6 years. What annual interest rate, compounded quarterly, will enable her to do so? (Round your final answer to one decimal place.)
- Q We constantly seem to be pricing ourselves out of some markets and not charging enough in others. Our pricing policy is pretty simple: we mark up our full manufacturing cost...
- Q 2. Cost of Production and Flexible Budget Jane's next task was to prepare a flexible budget that could later be used to prepare a budgeted income statement and...
- Q ratio measures the ability to pay short term debt. page
- Q Company P purchased an 80% interest in Company S on January 1, 20X3, for $800,000. On the purchase date, Company S stockholders' equity was $800,000. Any excess of fair value...
- Q Republic City Bank provides loans to businesses in the community through its Commercial Lending Department. Small loans (less than $250,000 ) may be approved by an individual loan...
- Q At each calender year end Maize Supply co uses the percent of accounts receivable METHOD to estimate bad debts. On 31 december 2013 it has an outstanding accounts receivable...
- Q The adjusted trial balance for Crane Ltd. at August 31,2024 is as follows:Question 3 of 4 manually. List all debit entries before credit entries. If no...
- Q Which of the following is true of financial leverage? a) It refers to an organizations ability to increase its reported net income by using equity financing. b) It refers to...
- Q In a profit center, the manager has responsibility and authority for making decisions that affect a)costs b)assets c)investments d)long-term liabilities
- Q 72.Answer the following questions regarding custodial funds: A. When is it appropriate to account for an activity in a custodial fund? B. What are the required financial statements of a...
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