Accounting question and answers for August 27, 2023
- Q Edison Company has 5,000 obsolete desk lamps that are carried in inventory at a manufacturing cost of $45,000. If the lamps are reworked for $20,000, they could be sold for...
- Q Dinkins Inc. est considerando deshacerse de una mquina con un valor en libros de $50 000 y una vida restante estimada de cinco aos. La mquina vieja se puede vender...
- Q WorldBiz operates divisions around the world. Its European division-EuroBiz (EB)-has recently reported the following information to...
- Q The Farley Corporation starts the year with a beginning inventory of 3,700 units at $5 per unit. The company purchases 5,700 units at $4 each in...
- Q What are some of the options available to families with inadequate savings?
- Q Explain how estimates of service costs help managers to manage resources and create values.
- Q P3.A: Taxpayer trades $2,000,000 of assets (FMV) for a new asset. His basis is 3,000,000. If this transaction is taxable what is the: Realized gain/ loss: Recognized gain/ loss: Basis...
- Q uick Pix is a large digital processing centre that serves 130 outlets in grocery stores, service stations, camera and photo shops, and drugstores in 16 nearby towns. Quick Pix operates...
- Q The Saudi Aramco company had income from operations of $60,000 in 2021 and $65,000 in 2022; invested assets was $345,000 in 2021 and $355,000 in 2022; and sales were $786,000...
- Q The unadjusted trial balance for Fashion First as December 31 is provided on the trial balance tab, Information for adjustments...
- Q Which of the following leases is not likely to be viewed as a lease from the perspective of the Internal Revenue Service? a. a 20 year lease for an asset...
- Q One amount is missing in the following trial balance of proprietary accounts, and another is missing from the trial balance of budgetary accounts of the Save...
- Q Both questions please 6. The following account information is for Extra Inc. as at December 31, 2017. All accounts have debit balances. 10 marks...
- Q Library Assignment: Please find the Accounting standards & New Tax accounting regulations for 2022. Answers must be two pages report or 600 words minimum.
- Q Willis Bus Service traded in a used bus for a new one. The original cost of the old bus was $53,200. Accumulated depreciation at the time of the trade-in amounted...
- Q Inventory records for Marvin Company revealed the following: Date Transaction Number of Units Unit Cost Mar. 1 Beginning inventory 990 $ 7.18 Mar. 10 Purchase 580 7.60 Mar. 16 Purchase...
- Q Bridgeport inc. issues $2,500,000 of 7% bonds due in 10 years with interest payable at year-end. The current market rate of interest for bonds of similar risk is 12% ...
- Q need Req3-7, Req 1 and 2 are already completed please answer this as fast as possible, i need to understand how to do this before i take my quiz tn...
- Q Good evening, below you can find the information that is different for the three suppliers (all the rest you...
- Q correct answer ( 70000-10000)*.75*(1-65%)*30%
- Q Which of the following causes basic EPS to differ from fully diluted EPS? Multiple Choice Warrants. All of these answer choices are correct. ...
- Q In 2022, costs incurred were $2.650.000 with remaining costs estimated to be $3,825,000.2022 billings were $2,900,000 and $2,625000 cash was collected. The...
- Q Ouestion 3 (6 +4 = 10 marks) What are the relative strengths and weaknesses of three current theories of accounting. How and why does Traditional Accounting Theory continue to...
- Q interest on notes payable balance is 1 percent per month. the adjusting entry to record interest expence for january 2019 and the liability for interest payable is $10. Add account...
- Q Daisy, a clerk at a Games and More store, takes a video game player and a selection of new games from the store without permission. Daisy is liable Group of...
- Q \table[[\table[[Vaughn Inc.],[Balance Sheets]]],[,Dec. 31,2025,Jan. 1,2025,Inc./Dec.],[Assets,,,,],[Cash,$44,100,$12,740,$31,360,Inc.],[Accounts receivable,89,180,86,240,2,940,Inc.],[Equipment,38,220,21,560,16,660,Inc.],[Less: Accumulated depreciation-equipment,16,660,10,780,5,880,Inc.],[Total,$154,840,$109,760,,],[Liabilities and Stockholders' Equity.,,,,],[Accounts payable,$19,600,$14,700,$4,900,Inc.],[Common stock,98,000,78,400,19,600,Inc.],[Retained earnings,37,240,16,660,20,580,Inc.],[Total,$154,840,$109,760,,]] Net income of $43,120 was reported, and dividends of $22,540 were paid...
- Q annual salary is $120,000 and have enough of a down payment for a 20% down-payment on a home. Your only long-term debt is a Range Rover that costs $1,000 per...
- Q Question 5 Bramble Corp.'s balance sheet at December 31, 2016, is presented below BRAMBLE CORP Balance Sheet December 31, 2016 Cash Inventory Prepaid insurance Equipment $31,800 Accounts payable...
- Q Jack and Dan agree to go into business together selling clothing. According to the agreement, Jack will contribute inventory valued at $91,200 in return for 80 percent of the stock...
- Q Additional information from the accounting records: During 2021, $241 million of equipment was purchased to replace $180 million of equipment (90% depreciated) sold at book value. In order...
- Q Assume (1) a predetermined overhead rate of $8.00 per machine-hour, (2) actual machine-hours worked during the period of 54,000 hours, and (3) estimated machine-hours to be worked during the coming...
- Q Exercise 10.6 Use of an Amortization Table (LO10-4) Glen Pool Club, Inc., has a $148,000 mortgage liability. The mortgage is payable in monthly installments of $1,522, which include interest computed...
- Q Describe how negative selection is achieved in developing B cells to prevent B cells from reacting to self antigens. Including how the process is different with monovalent and multivalent antigens...
- Q May 23, 1999 Sold merchandise that cost $9,000 for $17,000 to Cheyenne on account. The sale was subject to 5% trade discount. Term 3/9, n/30, FOB Shipping point. Cheyenne paid...
- Q Question 1 Explain briefly and clearly the purpose and construction of a statement of functional expenses. (want typed answer)
- Q teacher swapping teaching work valued at $1,000 with a retailer for a device which has a market value of $700 (but only cost the retailer $500). How much, if...
- Q In addition, the following sales unit volume information for the period is as follows: a. Prepare a contribution margin by product report. Compute the contribution margin ratio for...
- Q A client you are preparing financial statements for has asked you to prepare financial statements with adjustments added to artificially inflate profit to a level required by bank covenants. The...
- Q Nash Jewelry reported the following income statement data for a 2-year period. 2019 2020 Sales revenue HK$2,130,000 HK$2,540,000 Cost...
- Q On October 1, Goodwell Company rented warehouse space to a tenant for $2,500 per month. The tenant paid five months rent in advance on that date, with the lease beginning...
- Q Show Me How Entries for Investment in Bonds, Interest, and Sale of Bonds Gonzalez Company acquired $205,800 of Walker C0.,6% bonds on May 1 at their face amount....
- Q construction accounting problem Which factor formula presented would correctly calculate the present value in year 0 of the cash flows below using a...
- Q The following statements have been made about target costing and lifecycle costing. Target costing ensures that new product development costs are recovered in the target price for the...
- Q 1. A petty cash fund had $200 and the cash payments report shows $300 in miscellaneous expenses and $30 cash left. This means that the fund is (short...
- Q Despus de los primeros aos de vida de un activo, los mtodos de depreciacin acelerada: Opcin multiple hacer que un activo se contabilice al mismo valor en libros...
- Q Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step....
- Q Alimony is excluded of gross income True False Alimony is excluded of gross income True False Bonuses is excluded of gross income...
- Q Cheyenne Corporation issued 1,700 $1,000 bonds at 103. Each bond was issued with one detachable stock warrant. After issuance, the bonds were selling separately at 98. The market price...
- Q The time period assumption states that: Select one: a. the economic life of a business can be divided into artificial time periods. b. assumption that the company is going to...
- Q In the consolidated financial statements of a parent and its 90%owned subsidiary . A. Comprehensive income or loss attributable to the parent and the noncontrolling interest is reported at separate...
- Q 16. On July 19, 2022 Big Deal Oil Company pays landowner Cringeworthy $3 an acre for the right to explore 3,200 acres (5 sections). Big Deal also buys...
- Q (c) Your answer is partially correct. Try again. Prepare all the necessary journal entries...
- Q Nike store signed a four-month note payable in the amount of $30,000 on September 1. The note requires interest at an annual rate of 5%. The amount of interest...
- Q French Bakery makes a large sale for $1,000 of pastry on November 23. However, the customer paid the full amount on December 10. The bakery shop follows GAAP and applies...
- Q Problem 9-39 Preparation of Master Budget (LO 9-3, 9-4, 9-5, 9-6) [The following information applies to the questions displayed below.] ...
- Q A company buys a new machine on July 1,2022, and it is put into use immediately. Purchase price with installation is 132,000. ...
- Q question Use your professional judgement and scepticism to identify and explain the key risks of material misstatement using the data and information contained in the...
- Q The Budgetary Comparison Schedule for the City of Salem appears in Illustration 2
- Q Calculate the direct material price variance. Calculate the direct material quantity variance
- Q Magnolia Company's Division A has operating income of $94,000 and assets of $305,000. The minimum acceptable return on investment is 14%. What is the residual income...
- Q NEED HELP! 5. Refer to the original data. By automating, the company could reduce variable expenses by $3 per unit. However, fixed expenses would increase by $52,000...
- Q Emperor Company provides renting services. In September 2019, the company receives $2700 in advance payment for providing renting service for six months to XYZ company. On December 31, the...
- Q A man borrowed P 50,000.00 payables in equal quarterly payment of P 1,827.79 for 10 years. Calculate the interest rate
- Q Jack transfer property worth $250,000 (basis of $240,000) to seafoam corporation(a calendar year C-corporation). In return, he receives 80% of its stock( worth $230,000) and a long term note, executed...
- Q In what situations/ circumstances may it more effective to have a nonprofit/ or nonprofit with earned income structure than a for-profit with social impact enterprise?
- Q can be held responsible for not complying with their state laws. Explain.
- Q When it comes to potential lawsuits, let us all keep in mind that CPAs can use contributory negligence by audit clients as a defense. Explain.
- Q Accounting 203 Class Exercises Chapter 3 Part I - Transactions and Adjusting Journal Entries John and Lou Topp are brothers. In April 2020, they...
- Q The advantages of using variable costing in internal reporting include following except: a. it is easier to estimate the profitability of segments of the business. b....
- Q Crane Company has a contribution margin of $220000 and a contribution margin ratio of 40%. How much are total variable costs? $88000 $132000 $330000 $550000
- Q I know headquarters wants us to add that new product line, said Dell Havasi, manager of Billings Company's Office Products Division....
- Q 2 flow of costs; schedule of cost of goods manufactured: Below is the information for the current year ended 12/31/2020 for Dust Motes, Inc., a feather duster manufacturer. ...
- Q Venice InLine, Inc., was founded by Russ Perez to produce a specialized in-line skate he had designed...
- Q Below are departmental income statements for a guitar manufacturer. The manufacturer is considering eliminating its electric guitar department since it has a...
- Q A sailboat costs $22856. you pay 55 down and amortize the rest with equal monthly payments over a 8 year period. if you must pay 6.6% compounded monthly, what is...
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