Accounting question and answers for August 26, 2023
- Q The comparative balance sheet of Cookie & Coffee CreationsInc. at October 31, 2020 for the years 2020 and 2019, and theincome statements for the years ended October 31, 2019 and...
- Q A new business client comes to your office. There arethree owners of the business. The three individuals, Alan, Bob, andCarol, are thinking about forming a partnership. Alan is onlyinvesting $1...
- 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 On January 1, 2017, Palka, Inc., acquired 70 percent of theoutstanding shares of Sellinger Company for $1,274,000 in cash. Theprice paid was proportionate to Sellinger’s total fair value,although at the...
- Q The Holtz Corporation acquired 80 percent of the 100,000outstanding voting shares of Devine, Inc., for $6.70 per share onJanuary 1, 2017. The remaining 20 percent of Devine’s shares alsotraded actively...
- Q Padre, Inc., buys 80 percent of the outstanding common stock ofSierra Corporation on January 1, 2018, for $706,560 cash. At theacquisition date, Sierra’s total fair value, including thenoncontrolling interest, was...
- 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 Costs per Equivalent UnitThe following information concerns production in the BakingDepartment for March. All direct materials are placed in process atthe beginning of production.ACCOUNT Work in Process—BakingDepartmentACCOUNT NO.DateItemDebitCreditBalanceDebitCreditMar.1Bal., 6,000 units,...
- Q Suppose BO company uses the indirect method to prepare the cashflow statement. Indicate which of the following items will appearin the cash flow from operating activities section of the cash...
- Q Port Ormond Carpet Company manufactures carpets. Fiber is placedin process in the Spinning Department, where it is spun into yarn.The output of the Spinning Department is transferred to the TuftingDepartment,...
- Q Question: Of the financial ratios that are used for the industrystandard, which do you feel are most important when determiningwhether First United should approve the loan to Milan Fashions?What do...
- Q Question: Based upon your financial ratio analysis, whatquestions would you like to propose to management to gain clarityon the business operations?Industry Financial Ratio Standards:RatioIndustry NormMilan Fashions Ratios2015Evaluation*Current ratio4.5 times13.25GoodLong-term debt-to-Equity...
- Q What are some benchmarks that can be used in determining programeffectiveness in the case of a high school? Please be specific.Please help me out with this question. I need assistanceon...
- Q Question: Based upon the financial ratio analysis you will haveperformed on Milan Fashions, would do you recommend that thereshould be an approval of the loan request? I want you to...
- Q Destin Company recently acquired several businesses andrecognized goodwill in each acquisition. Destin has allocated theresulting goodwill to its three reporting units: Sand Dollar, SaltyDog, and Baytowne. Destin opts to skip...
- Q Give examples of the strengths and weaknesses inherent in theuse of standards for planning, control and decision making. How dostandards relate to general cost management?Note:Could you please don't use your...
- Q Problem 6-1A Perpetual: Alternative cost flows LO P1[The following information applies to the questionsdisplayed below.]Warnerwoods Company uses a perpetual inventory system. It enteredinto the following purchases and sales transactions forMarch.DateActivitiesUnits...
- Q At year-end (December 31), Chan Company estimates its bad debtsas 0.60% of its annual credit sales of $665,000. Chan records itsBad Debts Expense for that estimate. On the following February...
- Q Daley Company prepared the following aging of receivablesanalysis at December 31.Days Past DueTotal01 to 3031 to 6061 to 90Over 90Accounts receivable$580,000$398,000$92,000$38,000$20,000$32,000Percent uncollectible3%4%7%9%12%a. Complete a table to calculate the estimatedbalance of...
- Q WoolCo buys sheep’s wool from farmers. The company beganoperations in January of this year, and is making decisions onproduct offerings, pricing, and vendors. The company is alsoexamining its method of...
- 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 Lets say I owned a business worth $100 million dollars and Ihave 25% stake in the company. Lets say 100% of the what I own inthe company will be taxable...
- Q George’s PTIN has been revoked as a disciplinary measures which ofthese can’t he do
- Q briefly discusses why it is important to make varianceanalyses, and how to conduct such analyses in a manufacturingcompany. Please apply the “Cost-Benefit Approach” in yourdiscussion whenever possible.
- Q Lets say I owned a business worth $100 million dollars and Ihave 25% stake in the company. Lets say 100% of the what I own inthe company will be taxable...
- Q Raw materials beginning and ending balances were $30,000 and35,000 respectively. Company purchased $76,000 of additional rawmaterials during the year, and the company’s work in process had abeginning balance of $17,000...
- Q In 2018, the Westgate Construction Company entered into acontract to construct a road for Santa Clara County for$10,000,000. The road was completed in 2020. Information related tothe contract is as...
- Q In 2018, the Westgate Construction Company entered into acontract to construct a road for Santa Clara County for$10,000,000. The road was completed in 2020. Information related tothe contract is as...
- Q What are the major sources of funds for a capital project anddebt services funds, and how are the sources classified in theStatement of Revenues, Expenditures, and changes in FundBalance?
- Q Joe has an annual income of $80,000. His employer pays all ofhis health insurance premiums.Joe expects to incur $2,000 in unreimbursed medical expenses forthe year. He pays an averagefederal tax...
- Q Denton Company manufactures and sells a single product. Costdata for the product are given:Variable costs per unit:Direct materials$5Direct labor12Variable manufacturing overhead3Variable selling and administrative3Total variable cost per unit$23Fixed costs per...
- Q Ben Conway, Ida Chan, and Clair Scott formed CCS Consulting bymaking capital contributions of $252,000, $288,000, and $182,000,respectively. They anticipate annual profit of $433,200 and areconsidering the following alternative plans...
- 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 Describe what factors contribute to the pension benefitobligation. Discuss the effect of the increase or decrease on thePBO. How is this change reported in the financial statements andwhat other accounts...
- Q Santana Rey expects sales of Business Solutions’s line ofcomputer workstation furniture to equal 300 workstations (at asales price of $4,000 each) for 2019. The workstations’manufacturing costs include the following. Direct...
- Q Frederick Company has two service departments (CafeteriaServices & Maintenance). Frederick has two productiondepartments (Assembly Department & Packaging Department.)Frederick uses a step allocation method where Cafeteria Services isallocated to all departments...
- Q A company,currently operating at full capacity, manufactures and sellssaucepans at £2 each. Current volume is 100,000 pans per annum withthe following cost structure. Operating Statementfor year £ Sales (100,000 at£2) 200,000 ...
- Q The following selected transactions are from Ohlm Company.(Use 360 days a year.)2016Dec.16Accepted a $11,900, 60-day, 9% note dated this day in grantingDanny Todd a time extension on his past-due accountreceivable.31Made...
- Q List 5 business processes
- Q eBookShow Me HowCalculatorDetermine the amount of sales (units) that would be necessaryunderBreak-Even Sales Under Present and Proposed ConditionsDarby Company, operating at full capacity, sold 99,900 units ata price of $78...
- Q Hemming Co. reported the following current-year purchases andsales for its only product. DateActivitiesUnits Acquired at CostUnits Sold at RetailJan.1Beginning inventory250units@ $12.00=$3,000Jan.10Sales200units@ $42.00Mar.14Purchase400units@ $17.00=6,800Mar.15Sales360units@ $42.00July30Purchase450units@ $22.00=9,900Oct.5Sales420units@ $42.00Oct.26Purchase150units@ $27.00=4,050Totals1,250units$23,750980unitsRequired:Hemming uses a perpetual inventory...
- Q Jim is a single dad who lives with and provides 100% of thefinancial support for his three children. Jim's children were 10,14 and 19 as of the last day of...
- Q FIFO Method, Unit Cost, Valuation of Goods Transferred Out andEnding Work in ProcessDama Company produces women's blouses and uses the FIFO methodto account for its manufacturing costs. The product Dama...
- Q The following terms are used to describe various economiccharacteristics of costs: Opportunity Cost Average Cost Sunk CostOut-of-pocket Cost Differential Cost Required: Choose one of thepreceding terms to characterize each of...
- Q Paynesville Corporation manufactures and sells a preservativeused in food and drug manufacturing. The company carries noinventories. The master budget calls for the company to manufactureand sell 112,000 liters at a...
- Q American Food Services, Inc., leased a packaging machine fromBarton and Barton Corporation. Barton and Barton completedconstruction of the machine on January 1, 2018. The lease agreementfor the $4.5 million (fair...
- Q Laker Company reported the following January purchases and salesdata for its only product.DateActivitiesUnits Acquired at CostUnits sold at RetailJan.1Beginning inventory185units@$11.00=$2,035Jan.10Sales145units@$20.00Jan.20Purchase100units@$10.00=1,000Jan.25Sales125units@$20.00Jan.30Purchase270units@$9.50=2,565Totals555units$5,600270unitsThe Company uses a perpetual inventory system. For specificidentification, ending inventory...
- Q A company produces circuit boards used to update outdatedcomputer equipment. The fixed cost is RM 39,000 per month, andvariable cost is RM 55 per circuit board. The selling price perunit...
- Q TufStuff, Inc., sells a wide range of drums, bins, boxes, andother containers that are used in the chemical industry. One of thecompany’s products is a heavy-duty corrosion-resistant metal drum,called the...
- Q Glenn Grimes is the founder and president of HeartlandConstruction, a real estate development venture. The businesstransactions during February while the company was being organizedare listed as follows. Feb. 1 Grimes...
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