Accounting question and answers for August 27, 2023
- Q Gudgeted Income Statement Coral Seas Jewelry Company makes and sells costume jeweiry. For the coming year, Coral Seas expects sales of $19,700,000 and...
- Q [4] West Co.'s manufacturing costs for the period just ended were as follows: What amount should be considered product cost for external reporting purposes? A. $700,000 B. $790,000...
- Q 55 Question 55 The most "fair" tax system is a: O VAT tax O Regressive tax Flat tax O Nothing in taxation is "fair"! O Progressive tax
- Q Whirly Corporation's contribution format income statement for the most recent month is shown below: \table[[,Total,Per Unit],[Sales units),$289,000,$34.00
- Q A Juliet Burke, a former professional tennis star, operates Juliet
- Q John invested a machine worth $200,000 with an outstanding loan of $20,000, the journal entries is debit machine $200,000 credit loan $20,000 ...
- Q need help with these thank you Nash's LLCs has the following inventory data: Nov. 1 8 Inventory Purchase...
- Q Distinguish between agency theory, stakeholder theory, and stewardship theory with respect to controlling the actions of managers.
- Q I need the answer as well as a solution. Exercise 1-11 Statement of changes in equity LO6 On November...
- Q GrandScapes is a manutactures of large fower pots for urban- settings. Tho compony has these standards [Clck the icon to view the...
- Q A truck was purchased for $30,000. It has an estimated five-year life and a $5,000 estimated salvage value. Using double-declining balance depreciation, what is the assets carrying value (book value)...
- Q 6.On January 1, 2020, Hudson Co. sold $2,000,000 of its 10% bonds for $1,770,592 to yield 14%. Interest is payable semiannually on January 1 and July 1. What amount should...
- Q In a 2-agent2-goods pure exchange economy the tastes of the consumers are represented by the U1(x1 1,x1 2)=x1 1x1 2 and U2(x2 1,x2 1)=x2 1x2 2 utility function. The endowment...
- Q If Janice were to name Carolyn as the beneficiary of the life insurance policy on her mother, and then her mother dies, the tax consequences would be: ...
- Q Suppose Company X has a budgeted revenue of $120,000 at 1,000 units however at period end they were able to sell 1,500 units at $100 each. Compute for the Total...
- Q Jennifer is required to take a thirty thousand minimum distribution from her traditional ira, but decided only to take a distribution of twenty thousand for what penalty tax if any...
- Q Colt Company produces two skateboard models. Machine time per unit for Hero is two hours and for Flip is one hour. The machine's capacity is 1,760...
- Q PRINT" VERSO" BACx- Exercise 12-09 Sheridan Company at December 31 has cash $20,800, noncash assets $105,000, labilities $54,600, and the following...
- Q Financial Ratios for Common Stockholders Henshue Corporation has only common stock out-standing. The firm reported earnings per share of $2.00 for the year. During the year, Henshue paid dividends of...
- Q 1. During its first year of operations, Eastern Data Links Corporation entered into the following transactions relating to shareholders
- Q Question 2: Form of Business Kate Brown has operated her small repair shop as a sole proprietorship for several years, but projected changes in her...
- Q Do you think contingent gains should be disclosed in the financial statements? Defend your position.
- Q In 2023, Hanson Incorporated had acquired Peridot Corporation and recorded goodwill of $335 milion as a result. The net assets (including goodwil) from Hanson's acquisition of...
- Q This year, Sooner Company reports a deficit in current E&P of ($424,000). Its accumulated E&P at the beginning of the year was $354,000. Sooner distributed $708,000 to its sole shareholder,...
- Q On January 1, 2016, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2016...
- Q Do you think that the auditors' responsibility in auditing smallpublic firms that are exempt from Section 404(b) of SOX isdifferent from their role in auditing large accelerated filers thatare subject...
- Q A machine costing $209,400 with a four-year life and anestimated $19,000 salvage value is installed in Luther Company’sfactory on January 1. The factory manager estimates the machinewill produce 476,000 units...
- Q Yoshi Company completed the following transactions and eventsinvolving its delivery trucks.2016Jan.1Paid $22,015 cash plus $1,485 in sales tax for a new deliverytruck estimated to have a five-year life and a...
- Q Alexi's bought a home for $1,000,000 during year 1. She made a$200,000 down payment and financed the other $800,000. This home isher only residence. Assume that by year 10 her...
- Q The business manufactures custom patios made of concrete, brick,fiberglass, and lumber- depending upon customer preference. Thecompany's fiscal year is the calendar year. At the beginning ofJuly, selected balances were as...
- Q In the firstyear of operations in 2017, the pretax accounting income of LisleCompany was$16,000. Included in pretax accounting income were thefollowing: (2) $33,000of sales revenue that will not be...
- Q Timberly Construction negotiates a lump-sum purchase of severalassets from a company that is going out of business. The purchaseis completed on January 1, 2017, at a total cash price of...
- Q Dillon Products manufactures various machined parts to customerspecifications. The company uses a job-order costing system andapplies overhead cost to jobs on the basis of machine-hours. At thebeginning of the year,...
- Q Fredo, Inc., purchased 10% of Sonny Enterprises for $1,000,000on January 1, 2018. Sonny recognized a total of $400,000 net incomeduring 2018, paid $30,000 of dividends to Fredo during 2018, and...
- Q Joe operates a business that locates and purchases specializedassets for clients, among other activities. Joe uses the accrualmethod of accounting but he doesn’t keep any significantinventories of the specialized assets...
- Q Herbal Care is ready to begin its third quarter. The company hasrequested a $40,000, 90-day loan for its bank tohelp meet cash requirements during the quarter. The bank’s loanofficer has...
- Q In 20-- the annual salaries paid each of the officers of Abrew,Inc., follow. The officers are paid semimonthly on the 15th and thelast day of the month. Compute the FICA...
- Q true or falseA taxpayer should invest in tax exempt bonds instead of taxablebonds if the interest on the exemptbonds is greater than the interest on the taxable bonds multipliedby 1...
- Q College Coasters is a San Diego–based merchandiser specializingin logo-adorned drink coasters. The company reported the followingbalances in its unadjusted trial balance at December 1.Cash$10,005Accounts Receivable2,000Inventory500Prepaid Rent600Equipment810Accumulated Depreciation110Accounts Payable1,500Salaries and Wages...
- Q C&S Marketing (CSM) recently hired a new marketing director,Jeff Otos, for its downtown Minneapolis office. As part of thearrangement, CSM agreed on February 28, 2018, to advance Jeff$50,000 on a...
- Q The Spokane Recycling Company (SRC) purchases old water and sodabottles and recycles them to produce plastic covers for outdoorfurniture. The company processes the bottles in a special piece ofequipment that...
- Q Northwood Company manufactures basketballs. The company has aball that sells for $25. At present, the ball is manufactured in asmall plant that relies heavily on direct labor workers. Thus,variable expenses...
- Q Meca Concrete purchased a mixer on January 1, 2016, at a cost of$39,600. Straight-line depreciation for 2016 and 2017 was based onan estimated eight-year life and $2,400 estimated residual value.In...
- 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-Tek Manufacturing Inc.Income StatementSales$1,704,000Cost of goods...
- Q Your father is 50 years old and will retire in 10 years. Heexpects to live for 25 years after he retires, until he is 85. Hewants a fixed retirement income...
- Q On February 8, 2018, Holly purchased a residential apartmentbuilding. The cost basis assigned to the building is $209,000.Holly also owns another residential apartment building that shepurchased on December 15, 2018,...
- Q What are unsecured notes? Why would they carry a relatively highinterest rate? What are convertible securities? Why are they goodfor the investor and for the company? Why would they carry...
- Q Which of the following would definitely be an example of a varoablecost for Bikes Unlimited (a company thst produces and sells moutainbikes)?a. Rent on the production facilityb. Depreciation of productiom...
- Q Liabilities can be listed as both long-term and short-term,based on the time frame for paying them. You have a notes payablewhich was issued to purchase inventory and it was issued...
- Q The following incorrect income statement was preparedby the accountant of the Axel Corporation:AXEL CORPORATIONIncome StatementFor the Year Ended December 31, 2021Revenues and gains:Sales revenue$760,000Interest revenue49,000Gain on sale of investments96,000Total revenues...
- 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...
- Q Exercise 7-48 (Algorithmic) Depreciation Methods BerkshireCorporation purchased a copying machine for $9,800 on January 1,2019. The machine's residual value was $1,175 and its expected lifewas 5 years or 2,000,000 copies....
- Q Menlo Company distributes a single product. The company’s salesand expenses for last month follow:TotalPer UnitSales$320,000$20Variable expenses224,00014Contribution margin96,000$6Fixed expenses73,800Net operating income$22,200Required:1. What is the monthly break-even point in unit sales and...
- Q On January 1, 20X8, Liv Ltd. (LL), a Canadian company, acquired90% of Marcus Co. (MC), a foreign company for FC 623,200. At theacquisition date, the carrying value of MC’s net...
- Q 9.Profitability RatiosThe following selected data were taken from the financialstatements of Vidahill Inc. for December 31, 20Y7, 20Y6, and20Y5:December 3120Y720Y620Y5Total assets$220,000$198,000$176,000Notes payable (8% interest)70,00070,00070,000Common stock28,00028,00028,000Preferred 3% stock, $100 par14,00014,00014,000(no change...
- Q 10.Six Measures of Solvency or ProfitabilityThe following data were taken from the financial statements ofGates Inc. for the current fiscal year.Property, plant, and equipment (net)$2,127,400Liabilities:Current liabilities$194,000Note payable, 6%, due in...
- Q On January 1, 20X8, Liv Ltd. (LL), a Canadian company, acquired90% of Marcus Co. (MC), a foreign company for FC 623,200. At theacquisition date, the carrying value of MC’s net...
- 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 $ 1,000Conversion costs 437Current...
- Q Allocating Joint Costs Using the Sales-Value-at-Split-Off MethodOrchard Fresh, Inc., purchases apples from local orchards and sortsthem into four categories. Grade A are large blemish-free applesthat can be sold to gourmet...
- Q On January 1, 20X8, Liv Ltd. (LL), a Canadian company, acquired90% of Marcus Co. (MC), a foreign company for FC 623,200. At theacquisition date, the carrying value of MC’s net...
- Q Problem 13-6 Various contingencies [LO13-5, 13-6]Eastern Manufacturing is involved with several situations thatpossibly involve contingencies. Each is described below. Eastern’sfiscal year ends December 31, and the 2018 financial statements areissued...
- Q Your client, Gwendolyn R. Nichols, SSN: 113-33-3333, DOB:05-01-1941, attends her annual appointment with you to discuss thefiling of her 2018 Federal Income Tax return. Gwendolyn is a widow,her husband, Harold...
- Q Problem 13-1 Bank loan; accrued interest [LO13-2]Blanton Plastics, a household plastic product manufacturer,borrowed $14 million cash on October 1, 2018, to provide workingcapital for year-end production. Blanton issued a four-month,...
- Q Allocating Joint Costs Using the Net Realizable Value Method Acompany manufactures three products, L-Ten, Triol, and Pioze, froma joint process. Each production run costs $12,600. None of theproducts can be...
- Q Walnut Systemsproduces two different products, Product A, which sells for $135per unit, and Product B, which sells for $192 per unit, using threedifferent activities: Design, which uses Engineering Hours as...
- Q Ethics of SellingFor each step of the personal selling process, explainunethical or illegal practices that a marketer must avoid.Describe a situation when you have worked with a salespersonthat you thought...
- Q On January 1, 2017, Pharoah Company purchased 12% bonds, havinga maturity value of $320,000, for $344,260.74. The bonds providethe bondholders with a 10% yield. They are dated January 1, 2017,and...
- Q A15-11 Convertible Debt; Investor Option versus ConversionMandatory (LO 15-3, 15-4)AMC Ltd. issued five-year, 5% bonds for their par value of$900,000 on 1 January 20X1. Interest is paid annually. The bondsare...
- Q 2. What are the three steps to goodwill impairment test and arethey optional?
- Q Piedmont Company segments its business into two regions—Northand South. The company prepared the contribution format segmentedincome statement as shown:Total CompanyNorthSouthSales$825,000$550,000$275,000Variable expenses495,000385,000110,000Contribution margin330,000165,000165,000Traceable fixed expenses144,00072,00072,000Segment margin186,000$93,000$93,000Common fixed expenses64,000Net operating income$122,000Required:1. Compute...
- Q On January 1, 2018, Nath-Langstrom Services, Inc., a computersoftware training firm, leased several computers under a two-yearoperating lease agreement from ComputerWorld Leasing, whichroutinely finances equipment for other firms at an...
- Q Please describe generally how the federal gift and estate taxoperates, and discuss how individuals use the planning process tominimize its cost. I need approximately 2 paragraphs. Thanks!
- Q Three different companies each purchased trucks on January 1,2018, for $74,000. Each truck was expected to last four years or250,000 miles. Salvage value was estimated to be $5,000. All threetrucks...
- Q 1) Enos Printing Corp. uses a job order cost system. Thefollowing data summarize the operations related to the firstquarter's production.1. Materials purchased on account $197,600, and factory wagesincurred $92500.2) Materials...
- Q The city of Miami has received a proposal to build a newmultipurpose outdoor sports stadium. The expected life of thestadium is 20 years. It will be financed by a 20-year...
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