Accounting question and answers for August 24, 2023
- Q Karim Corporation requires a minimum $8,400 cash balance. Loans taken to meet this requirement cost 1% interest per month (paid at the end of each month)....
- Q Pearl Centre is an experienced home appliance dealer. Pearl Centre also offers a number of services together with the home appliances that it sells. Assume that Pearl Centre...
- Q In accounting, which principle emphasizes recording transactions at their original cost? A) Matching principle. B) Revenue recognition principle. C) Historical cost...
- Q 10% APR for 3 years Line baul tractors 532.000 Trailers $13.000 Depreciation - Tractors 5 year straight line Depreciation...
- Q Statement of stockholders' equity Noric Crutses Inc, began the month or Octotier with the following balances: Common Stock, $180,000; Additional Pald-In Capital, $3,100,000; and Retainod Earnings,...
- Q QUESTION ONE On 30 June 2017, Kylie sold her investment apartment for $580,000. The apartment had been purchased on 1 March 2005 for $360,000. At the time...
- Q need help with part c! please show work Debra, the manager of Marin, is analyzing the company's MOH costs from last year. Marin had...
- Q need help witht this question A company has established 4 pounds of Material J at $2 per pound as the standard for the material in...
- Q Function: PV, PMT; Formula: Add; Cell Referencing Using Excel to Determine a Lease Payment with a Guaranteed Residual Value PROBLEM Cardinal Company is negotiating to lease a piece...
- Q Please show formula used to get answer. *19. Standard costs are divided into which of the following...
- Q please help me solve Crest Products expects the following sales of its single product: Required: Crest has on ending finished goods inventory...
- Q later with Standard Withholding and 2021 FICA rates have been used. Click here to access the Percentage Method Tables. Click here to access the Wage-Bracket Method Tables. Feedback...
- Q Which of the following consequences of increasing the debt of the firm causes the WACC to increase? I) Debtholders having a prior claim to stockholders iI)...
- Q On June 30, Year 3, Stuart Company's total current assets were $499,000 and its total current liabilities were $272,000. On July 1, Year 3 , Stuart issued a...
- Q Lightfoot Inc., a software development firm, has stock outstanding as follows: 30,000 shares of cumulative preferred 3% stock, $20 par, and 38,000 shares of $50 par...
- Q On December 31, 2020, Pharoah Company has $6,962,000 of short-term debt in the form of notes payable to Gotham State Bank due in 2021. On December 28, 2020,...
- Q On January 1,2024, Tropical Cruise Lines borrows $31,000 by agreeing to a 6%, six-year note with the bank. Loan payments of $513.76 are due at the end of...
- Q The cost-volume-profit analysis can also be used in personal financial decision-making. Suppose you are considering acquiring an oven and are looking to buy one that saves you on...
- Q Prepare a Schedule of Cost of Goods Manufactured. Show work. OBJ. 2, 3 The following information is available for The NewQuest Corporation for 2016 ME HOWW Inventories Materials...
- Q The following data are for the Akron Division of Consolidated Rubber, Inc.: Sales Net operating income Average operating assets Stockholders' equity Residual income $890,000 $ 73,000 $390,000 $...
- Q please do all requirements Grove Corporation is considering the purchase of a new piece of equipment. The cost savings from the equipment would result in an annual increase in...
- Q Blaze Corporation allocates overhead on the basis of DLH and the standard amount per allocation base is 3.00DLH per unit. For March, the company planned production of 10,000...
- Q examples of transparency in ias40 in the following countries Australia, canda, china , European union, india, japan, korea, mexico, new Zealand, South Africa, United Kingdom and United states
- Q You are opening a restaurant in the hotel. Here are the facts: Sales Price - Breakfast- $20 per meal Sales Price - Lunch - $30 per...
- Q SecuriCorp operates a fleet of armored cars that make scheduled pickups and deliveries in the Los Angeles area. The company is implementing an activity-based costing system that has...
- Q Statement of Cash Flows—Indirect MethodThe comparative balance sheet of Merrick Equipment Co. forDecember 31, 20Y9 and 20Y8, is as follows:Dec. 31, 20Y9Dec. 31, 20Y8AssetsCash$263,410$246,720Accounts receivable (net)95,42088,610Inventories269,380262,370Investments0101,640Land138,1600Equipment297,200231,960Accumulated depreciation—equipment(69,580)(62,550)Total assets$993,990$868,750Liabilities and Stockholders'EquityAccounts...
- Q The following transactions were recorded by an inexperiencedbookkeeper during the months of June and July for Ivanhoe Company.Ivanhoe Company uses a perpetual inventory system.June 10A purchase of $4,500 of merchandise...
- Q I know headquarters wants us to add that new product line,” saidDell Havasi, manager of Billings Company’s Office ProductsDivision. “But I want to see the numbers before I make any...
- 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 below: Hi-TekManufacturing Inc. Income Statement Sales...
- Q Questions 4-8 USE THE FOLLOWING INFORMATION TO ANSWERTHE NEXT (5) QUESTIONS:Pitchfork, Inc. sold merchandise to Min Corporation on June 1,2019 and accepted an interest-bearing note with an 8% APR. Minagreed...
- Q How is merchandising inventory valued when using thelower-of-cost-or-market rule? a)ABC Company paid $3,000 for its merchandise inventory. At theend of the accounting period, the merchandise inventory can now bereplaced for...
- Q A company is able to produce four products and is planning itsproduction mix for the next period.Estimated cost, sales, and production data follow:Product W X Y Z ? ? ? ?SellingPrice/unit 29 36 61 51Labour (@ ?5/hr) 15 10 35 25Material (@ ?1/kg) 6 18 10 12 Contribution ?8 ?8 ?16 ?14Resources/Unit ? ? ? ?Labour(hours) 3 2 7 5Materials(Kgs.) 6 18 10 12Maximum Demand(Units) 5000 5000 5000 5000Based on...
- Q InstructionsAs you recall, you have started a business, Main Squeeze, that willsell lemonade. You have decided to incorporate the company forlegal liability and taxation reasons.The following are some of Main...
- Q Calculate net sales:Cost of goods sold$74,500Sales revenue$112,800Operating expenses$23,600Sales returns$4,600Sales discounts$6,700Inventory purchases$80,530
- Q Lyon Center began operations on July 1. It uses a perpetualinventory system. During July, the company had the followingpurchases and sales.PurchasesDateUnitsUnit CostSales UnitsJuly 17$62July 65July 113$66July 143July 214$71July 273New attempt...
- Q On December 31, 2020, an analysis of the accounts for a companyreveals the following:$100,000 loss on disposal of discontinued operations, beforetax$6,000 gain on sale of investments, before tax$10,000 depreciation expense...
- Q Lou Barlow, adivisional manager for Sage Company, has an opportunity tomanufacture and sell one of two new products for a five-yearperiod. He has computed the cost and revenue estimates for...
- Q Kids Moving (KM), a small not-for-profit sports center isconsidering purchasing a new set of pitching machines theycurrently rent. There will be annual maintenance on the machinesthat KM will now have...
- Q All other things the same, in periods of increasing sales, netoperating income will tend to increase more rapidly in a companywith high fixed costs and low variable costs than in...
- Q Toxaway Company is a merchandiser that segments its businessinto two divisions—Commercial and Residential. The company’saccounting intern was asked to prepare segmented income statementsthat the company’s divisional managers could use to...
- Q Exercise 16-44 Comprehensive Cost Variance Analysis (LO 16-5,6)NSF Lube is a fast-growing chain of oil-change stores. Thefollowing data are available for last year’s services:NSF Lube performed 467,700 oil changes last...
- Q The cash account for Pala Medical Co. at June 30, 20Y1,indicated a balance of $146,035. The bank statement indicated abalance of $181,965 on June 30, 20Y1. Comparing the bank statementand...
- Q Tiner Leasing Company purchased specialized equipment fromFredCompany on December 31, 2019 for $800,000. On the same date, itleased this equipment to Tears Company for 6 years, the useful lifeof the...
- Q Vertical Analysis of Income StatementRevenue and expense data for Innovation Quarter Inc. for tworecent years are as follows: CurrentYear PreviousYearSales$432,000$372,000Cost of goods sold267,840212,040Selling expenses64,80063,240Administrative expenses73,44059,520Income tax expense8,64014,880a. Prepare an income statement in...
- Q Roane Company has entered into two lease agreements. In eachcasethe cash equivalent purchase price of the asset acquired isknown, the interest rate is 6%, and you wish to find the...
- Q MSI is considering eliminating a product from its ToddleTownTours collection. This collection is aimed at children one to threeyears of age and includes “tours” of a hypothetical town. Twoproducts, The...
- Q MSI’s educational products are currently sold without anysupplemental materials. The company is considering the inclusion ofinstructional materials such as an overhead slide presentation,potential test questions, and classroom bulletin board materialsfor...
- Q Cicchetti Corporationuses customers served as its measure of activity. The followingreport compares the planning budget to the actual operating resultsfor the month of December:CicchettiCorporationComparison of Actual Results to Planning BudgetFor...
- Q Borunda Corporation has provided the following data forits two most recent years of operation:Selling price per unit$83Manufacturing costs:Variable manufacturing cost per unitproduced:Direct materials$9Direct labor$7Variable manufacturing overhead$3Fixed manufacturing overhead per year$360,000Selling...
- Q Combat Fire, Inc. manufactures steel cylinders and nozzles fortwo models of fire extinguishers: (1) a home fire extinguisher and(2) a commercial fire extinguisher. The home model is ahigh-volume (54,000 units),...
- Q Hanks Corporation produces a single product. Operatingdata for the company and its absorption costing income statementsfor the last two years are presented below:Year 1Year 2Units in beginning inventory01,000Units produced9,0009,000Units sold8,00010,000Year...
- Q Golden Ring Company produces two types of product: Large andLarger. Two work orders for two batches of the products are shownbelow, along with some additional cost information:LargeLargerWork Order 10Work Order...
- Q 1: Identify the three inventory accounts maintained bymanufacturing firms and explain the purpose of each - what value dothey provide an organization?#2: Identify and explain the three major categories used...
- Q What are three FEDERAL documents in which tax-exemptorganizations are REQUIRED to disclose to the public?List three characteristics of Gen Z which were described in thevideo, "Gen Z in the Workforce"...
- Q spoke about auditing but specifically risk-based audit.Risk-based audit focuses on auditing controls and systems ratherthan numbers.
- Q Mickey, Mickayla, and Taylor are starting a new business (MMT).To get the business started, Mickey is contributing $230,000 for a40 percent ownership interest, Mickayla is contributing a buildingwith a value...
- Q Menlo Company distributes a single product. The company’s salesand expenses for last month follow:TotalPer UnitSales$600,000$40Variable expenses420,00028Contribution margin180,000$12Fixed expenses153,600Net operating income$26,400Required:1. What is the monthly break-even point in unit sales and...
- Q Cost of Production Report: Average Cost MethodSunrise Coffee Company roasts and packs coffee beans. Theprocess begins in the Roasting Department. From the RoastingDepartment, the coffee beans are transferred to the...
- Q Morrison Company uses a job-order costing system to assignmanufacturing costs to jobs. Its balance sheet on January 1 is asfollows:Morrison CompanyBalance SheetJanuary 1AssetsCash$40,500Raw materials$15,100Work in process6,300Finished goods22,65044,050Prepaid expenses3,200Property, plant, and...
- Q On January 1, 2017, Panther, Inc., issued securities with atotal fair value of $557,000 for 100 percent of Stark Corporation'soutstanding ownership shares. Stark has long supplied inventory toPanther. The companies...
- Q Cesar's Bottlers bottles soft drinks in a factory that canoperate one shift, two shifts, or three shifts per day. Each shiftis eight hours long. The factory is closed on weekends....
- Q Cintra is the Management Accountant of Fine pens Ltd. Thecompany manufactures various types of pens ranging from cheapdisposable units to expensive units which are intended to bereusable. Both ball point...
- Q NO PHOTO OR HANDWRITING CLEAR SCHEDULEYOU CAN PUT ANY FIGURE ITS ASSUMPTIONSAkbar Company is producing two types of products i.e.Product A and Product B. You are required to show quantitativeanalysis...
- Q ecton Labs, Inc., produces various chemical compounds forindustrial use. One compound, called Fludex, is prepared using anelaborate distilling process. The company has developed standardcosts for one unit of Fludex, as...
- Q "Off Balance Sheet Financing"Harold Walker is CEO and Owner of Walker Enterprises (WE), acompany that has shown strong and consistent growth over the years.However, WE is struggling with cash flow...
- Q Perception" Please respond to the following:You have been immersed in the world of managerial accounting(i.e., cost accounting) for seven (7) weeks. At this point in thecourse, what is your assessment of...
- Q Hemming Co. reported the following current-year purchases and salesfor its only product. DateActivitiesUnits Acquired at CostUnits Sold at RetailJan.1Beginning inventory300units@ $14.00=$4,200Jan.10Sales250units@ $44.00Mar.14Purchase520units@ $19.00=9,880Mar.15Sales460units@ $44.00July30Purchase500units@ $24.00=12,000Oct.5Sales480units@ $44.00Oct.26Purchase200units@ $29.00=5,800Totals1,520units$31,8801,190unitsExercise 5-7 Perpetual: Inventory costing...
- Q The following is a December 31, 2018, post-closing trial balancefor Georgetown, Inc. .Account TitleDebitsCreditsCash$45,000Investments110,000Accounts receivable60,000Inventories200,000Prepaid insurance (for the next 9 months)9,000Land90,000Buildings420,000Accumulated depreciation—buildings$100,000Equipment110,000Accumulated depreciation—equipment60,000Patents (net of amortization)10,000Accounts payable75,000Notes payable130,000Interest payable20,000Bonds Payable240,000Common...
- Q Cheryl Montoya picked up the phone and called her boss, WesChan, the vice president of marketing at Piedmont FastenersCorporation: “Wes, I’m not sure how to go about answering thequestions that...
- Q Neptune Company produces toys and other items for use inbeach and resort areas. A small, inflatable toy has come onto themarket that the company is anxious to produce and sell....
- Q If our business affairs are to be conducted in a godly manner,we could consider Luke 16:12: "And if you have not been trustworthywith someone else's property, who will give you...
- Q NEEDS TO BE DONE IN EXCEL.A price level adjusted mortage (PLAM) is made with thefollowing terms:Amount=$95,000Initial interest rate= 4 percentTerm= 30 YearsPoints= 6 percentPayments to be reset at the beginning...
- Q Laker Company reported the following January purchases and salesdata for its only product.DateActivitiesUnits Acquired at CostUnits sold at RetailJan.1Beginning inventory175units@$10.00=$1,750Jan.10Sales135units@$19.00Jan.20Purchase130units@$9.00=1,170Jan.25Sales140units@$19.00Jan.30Purchase250units@$8.50=2,125Totals555units$5,045275unitsThe Company uses a perpetual inventory system. For specificidentification, ending inventory...
- 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$933,000$267,000$406,000$260,000Variable manufacturing and selling...
- 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$1,753,800Cost of goods sold1,234,694Gross...
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