Accounting question and answers for August 24, 2023
- Q Denton Company manufactures and sells a single product. Costdata for the product are given:Variable costs per unit:Direct materials$5Direct labor10Variable manufacturing overhead3Variable selling and administrative1Total variable cost per unit$19Fixed costs per...
- Q Haas Company manufactures and sells one product. The followinginformation pertains to each of the company’s first three years ofoperations:Variable costs per unit:Manufacturing:Direct materials$29Direct labor$21Variable manufacturing overhead$9Variable selling and administrative$3Fixed costs...
- Q 13. Narion, Inc. has a 20% required rate of return. Threemanagers have presented three potential projects to increase incomeover the next ten years, each with their preferred measure. ProjectA was...
- Q After the tangible assets have been adjusted to current marketprices, the capital accounts of Brad Paulson and Drew Webster havebalances of $45,000 and $60,000, respectively. Austin Neel is to beadmitted...
- Q James Supply Co. has the following transactions related to notesreceivable during the last 2 months of 2013. Nov. 1 Loaned $20,000cash to Mary Perkins on a 1-year, 12% note. Dec....
- Q 1. How does a parent company account for its investments insubsidiaries past the acquisition date (in subsequent years) on itsown books ? What are some of the additional documents an...
- Q Tami Tyler opened Tami’s Creations, Inc., a small manufacturingcompany, at the beginning of the year. Getting the company throughits first quarter of operations placed a considerable strain on Ms.Tyler’s personal...
- Q List the advantages and disadvantages of a sole proprietorship,partnership and corporation.
- Q Minden Company introduced a new product last year for which itis trying to find an optimal selling price. Marketing studiessuggest that the company can increase sales by 5,000 units for...
- Q On December 31, 2015, Martin Corp invested in Marlin’s 5-year,$200,000 bond with a 5% interest rate for $191,575. The bond payssemiannual interest on June 30th and December 31st. The fair...
- Q High Country, Inc., produces and sells many recreationalproducts. The company has just opened a new plant to produce afolding camp cot that will be marketed throughout the UnitedStates. The following...
- Q A partially completed pension spreadsheet showing therelationships among the elements that constitute Carney, Inc.’sdefined benefit pension plan follows. At theend of 2018, Carney revised its pensionformula and incurred a prior...
- Q what expressions enable a CPA to build a defense should theaudit wind up in the courtroom? do you see anything wrong withthese expressions from an ethical point of view
- Q The Matsui Lubricants plant uses the FIFO method to account forits work-in-process inventories. The accounting records show thefollowing information for a particular day: Beginning WIP inventoryDirect materials $ 951 Conversion...
- Q Aging of Receivables ScheduleThe A claim against the customer created by selling merchandiseor services on credit.accounts receivable clerk for EversIndustries prepared the following partially completed aging ofreceivables schedule as of...
- 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 Departures from Acquisition Cost Determine theproper total inventory value for each of the following items inPacker Company’s ending inventory:Packer has 60 model X3 cameras in stock. The cameras cost $260each,...
- Q Pablo Company calculates the cost for an equivalent unit ofproduction using process costing.Data for JuneWork-in-process inventory, June 1: 12,000unitsDirect materials: 100% complete$24,000Conversion: 40% complete9,600Balance in work-in-process, June 1$33,600Units started during...
- Q Question 3Assiniboine Company has threeemployees who each earn $3,000 (monthly) and are paid on the2nd of each month (for the month just ended). Thefollowing payroll register for March (of the...
- Q Please Answer the following:1.Kenneth Clark just received a cash gift from hisgrandfather. He plans to invest in a five-year bond issued byPharoah Corp. that pays an annual coupon rate of...
- Q Equivalent Units and Related Costs; Cost of Production Report;EntriesDover Chemical Company manufactures specialty chemicals by aseries of three processes, all materials being introduced in theDistilling Department. From the Distilling Department,...
- Q Due to erratic sales of its sole product—a high-capacity batteryfor laptop computers—PEM, Inc., has been experiencing financialdifficulty for some time. The company’s contribution format incomestatement for the most recent month...
- Q Product Costing and Decision Analysis for a Service CompanyBlue Star Airline provides passenger airline service, usingsmall jets. The airline connects four major cities: Charlotte,Pittsburgh, Detroit, and San Francisco. The company...
- Q [The following information applies to the questions displayedbelow.] The Shirt Shop had the following transactions for T-shirtsfor Year 1, its first year of operations: Jan. 20 Purchased 600units @ $...
- 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 Andretti Company has a single product called a Dak. The companynormally produces and sells 86,000 Daks each year at a sellingprice of $60 per unit. The company’s unit costs at...
- Q Assume Maple Corp. has just completed the third year of itsexistence (year 3). The table below indicates Maple’s ending bookinventory for each year and the additional §263A costs it wasrequired...
- Q Inventory Costing Methods—Periodic SystemThe following information is available concerning the inventoryof Carter Inc.:UnitsUnit CostBeginning inventory202$9Purchases: March 529710 June 1240111 August 2325412 October 215314During the year, Carter sold 1,015 units. It uses a periodicinventory system.Required:1....
- Q For each of the following, calculate the cost of inventoryreported on the balance sheet.(a)The total inventory on hand at the end of the year asdetermined by taking a physical inventory...
- Q Company X failed to record (accrue) $5,000,000 of vendorinvoices and warranty liability at year-end. With this omission,the company's summary financial statements were stated as follows:Summarized Income Statement Sales $50,000,000 All...
- Q Jimmie’s Fishing Hole has the following transactions related toits top-selling Shimano fishing reel for the month ofJune. Jimmie’s Fishing Hole uses a periodic inventorysystem.DateTransactionsUnitsUnit CostTotal CostJune1Beginning inventory16$190$3,040June7Sale11June12Purchase101801,800June15Sale12June24Purchase101701,700June27Sale8June29Purchase91601,440$7,9803. Using LIFO, calculate...
- Q How to calculate Return on Equity??I just want to learn theformula, no specific data?If the return on equity is low, how can it be improved?Net Earnings per shareRetained earnings, beginning...
- Q How is theposition that all corporate profits belong to shareholderscountered?Listguidelines that corporations might follow in developing andimplementing a corporate giving program.?
- Q Sabert manufactures the Mosaïc® line of heavyweight plasticcutlery. Colored a distinctive silver, Mosaïc’s® products allow oneto “entertain with more style.” Currently, Sabert offers two“combo” assortments: (1) 32-piece (16 forks, 8...
- Q Wixis Cabinets makes custom wooden cabinets for high-end stereosystems from specialty woods. The company uses a job-order costingsystem. The capacity of the plant is determined by the capacity ofits constraint,...
- Q These variance analysis are a lot of work. Think about how youcould benefit from them,either at work or in your personal life. Orare they too much trouble? Please be around...
- Q Assume your organization has the following inventory changesduring the year.Beginning inventory - 15 units valued at $10,000 eachFebruary purchases - 13 units at $11,500 eachJune purchases - 20 units at...
- Q Denton Company manufactures and sells a single product. Costdata for the product are given:Variable costs per unit:Direct materials$3Direct labor11Variable manufacturing overhead3Variable selling and administrative2Total variable cost per unit$19Fixed costs per...
- Q Windsor Corporation had 141,600 shares of stock outstanding onJanuary 1, 2017. On May 1, 2017, Windsor issued 48,000 shares. OnJuly 1, Windsor purchased 9,600 treasury shares, which werereissued on October...
- Q b) Electric Car Co (ECC). currently manufactures two differenttypes of fully electronic cars in 2021. Type 8Y is a large SUVwhereas Type 8W will be the fastest car in the...
- Q Nicolas Drinks Inc. (Nicolas) manufactures fizzy drinks such ascola and lemonade aswell as other soft drinks and its year end is 31 December 2017. Youare the auditmanager of B&J CPAs...
- Q Allied Merchandisers was organized on May 1. Macy Co. is a majorcustomer (buyer) of Allied (seller) products.May3Allied made its first and onlypurchase of inventory for the period on May 3...
- Q Amachine costing $250,000 with a five-year life and an estimated$25,000 salvage value is installed in Sun Company’s factory onJanuary 1. The factory manager estimates the machine will produce400,000 units of...
- Q Cycle Wholesaling sold merchandise on account, with terms n/60,to Sarah’s Cycles on February 1 for $950 (cost of goods sold of$575). On February 9, Sarah’s Cycles returned to Cycle Wholesalingone-quarter...
- Q Five Measures of Solvency or ProfitabilityThe balance sheet for Garcon Inc. at the end of the currentfiscal year indicated the following:Bonds payable, 8%$1,200,000Preferred $10 stock, $100 par181,000Common stock, $12 par705,900.00Income...
- Q On January 1, 2020, Swifty Company purchased 12% bonds having amaturity value of $230,000, for $247,437.40. The bonds provide thebondholders with a 10% yield. They are dated January 1, 2020,...
- Q 4. During 3 months of the year, current assets drop to $400,000.Its operating profit (EBIT) is expected to be $620,000. Its taxrate is 40 percent. Shares are valued at $10....
- Q XYZ Corporation has a deferred compensation plan under which itallows certain employees to defer up to 20 percent of their salaryfor five years. For purposes of this problem, ignore payroll...
- Q Troy Engines, Ltd., manufactures a variety of engines for use inheavy equipment. The company has always produced all of thenecessary parts for its engines, including all of the carburetors.An outside...
- Q The general ledger of Red Storm Cleaners at January 1, 2018,includes the following account balances: AccountsDebitsCredits Cash$12,000 Accounts Receivable6,400 Supplies2,400 Equipment18,000 Accumulated Depreciation$6,200 Salaries Payable8,700 Common Stock17,000 Retained Earnings6,900 Totals$38,800$38,800 The following is a summary of the transactions for the year:March...
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