Accounting question and answers for August 27, 2023
- Q Manufacturers Southern leased high-tech electronic equipmentfrom International Machines on January 1, 2018. InternationalMachines manufactured the equipment at a cost of $104,000.Manufacturers Southern's fiscal year ends December 31. (FV of $1,PV...
- Q TotalPer UnitSales$318,000$20Variable expenses222,60014Contribution margin95,400$6Fixed expenses72,600Net operating income$22,800Required:1. What is the monthly break-even point in unit sales and indollar sales?2. Without resorting to computations, what is the totalcontribution margin at the...
- Q PLEASE MAKE SURE ALL NUMBERS MATCH UP AND ARE CORRECTLYCALCULATEDThe following unadjusted trial balance is prepared at fiscalyear-end for Nelson Company. NELSON COMPANYUnadjusted Trial BalanceJanuary 31, 2018DebitCreditCash$1,000Merchandise inventory12,500Store supplies5,800Prepaid insurance2,400Store equipment42,900Accumulated...
- Q Question 3Identify and describe a minimum of four internal controls in acomputer lab classroom.RequiredClassify each control as being preventive, corrective and/ordetective. If the control is an information technology control,also classify...
- Q Waterway Company is a multiproduct firm. Presented below isinformation concerning one of its products, the Hawkeye.DateTransactionQuantityPrice/Cost1/1Beginning inventory2,900$182/4Purchase3,900262/20Sale4,400444/2Purchase4,9003411/4Sale4,10048(a)Calculate average-cost per unit. (Round answer to 4decimal places, e.g. 2.7613.)Average-cost per unit$(b)Compute cost...
- Q Question 2RequiredDiscuss generally why accountants need to understand datarepresentation, basic data structures and codingschemes.
- Q 2. Deb is the sole shareholder of Timeless Corporation, acalendar year C corporation. In the current year, Trash earnedtaxable income of $250,000 and distributed $175,000 to Deb. Kyle isthe sole...
- Q Black Co. acquired 100% of Blue, Inc. on January 1, 2020. Onthat date, Blue had land with a book value of $38,000 and a fairvalue of $49,000. Also, on the...
- Q The following are independent situations for which you willrecommend an appropriate audit report: 1. Subsequent to the date ofthe financial statements as part of his post-balance sheet dateaudit procedures, a...
- Q Learning Objectives 4, 5, 6: Analyze the impact of businesstransactions on accounts; record (journalize and post) transactionsin the books; construct and use a trial balance) During the firstmonth of operation...
- Q Pacific Ink had beginning work-in-process inventory of $387,380on October 1. Of this amount, $158,120 was the cost of directmaterials and $229,260 was the cost of conversion. The 22,000 unitsin the...
- Q Would you be comfortable in Higgins’s job? Does the job ofethics officer appeal to you? Why, or why not?Research a company that hires Ethics Officers? What did youfind? (Use the...
- Q Problem 5-25 Prepare and Interpret Income Statements; Changes inBoth Sales and Production; Lean Production [LO5-1, LO5-2,LO5-3]Starfax, Inc., manufactures a small part that is widely used invarious electronic products such as...
- Q You are planning to acquire an asset for use in your business.Should you lease or purchase the asset? What do you feel thedifferences are between the two options. You may...
- Q EcoPak Ltd is a small private company, specialising in themanufacture of takeaway packaging, which offers an environmentallyfriendly alternative to disposable food containers. The business’saccountant Kate has prepared a draft version...
- Q 1- The Statute of Limitations discharges a debt by operation oflaw unless the debtor reinstates the debt.Select one:TrueFalse2- When an anticipatory repudiation occurs, it is treated as amaterial breach of...
- Q On January 1, Orange Crates had assets of P30,000 and owner’sequity of P20,000.During the year, the company had cash revenue or income of P10,000,cash expenses ofP8,000, paid 3,000 to its...
- Q Exercise 8-11Splish Company’s record of transactions for the month of April wasas follows.PurchasesSalesApril 1(balance on hand)1,680@$6.00April 31,400@$10.0044,[email protected],[email protected],[email protected],[email protected],[email protected],[email protected],[email protected],[email protected],[email protected],88014,840Assuming that periodic inventory records are kept in unitsonly, calculate the average-cost per unit....
- Q Briefly explain the concept of a balanced scorecard. Why arenon-financial performance measures important?ZY Airlines is concerned about the quality of customer serviceat their call center. You have been asked to...
- Q P9-6A Altona Limited purchased deliveryequipment on March 1, 2016, for $130,000 cash. At that time, theequipment was estimated to have a useful life of five years and aresidual value of...
- Q Explain how internal control work done by auditors impacts theaudit risk equation. Does control risk change if the auditors areproviding an opinion over internal controls? How is detection riskimpacted?
- Q I am having difficulty figuring out the rest of this problem,primarily with regards to calculating APIC and Retained earningsfor Stock Dividends. Also, I need assistance with the fourthproblem, how to...
- Q P13-12A The income statement and unclassifiedstatement of financial position for E-Perform, Inc. follow:E-PERFORM, INC.Statement of Financial PositionDecember 31??2018????2017??AssetsCash$ 97,800$ 48,400Held for trading investments?128,000?114,000Accounts receivable??75,800??43,000Inventory?122,500??92,850Prepaid expenses??18,400??26,000Equipment?270,000?242,500Accumulated depreciation?(50,000)?(52,000)Total assets$662,500$514,750Liabilities and Shareholders' EquityAccounts payable$?93,000$?77,300Accrued liabilities??11,500???7,000Bank...
- Q [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 Acquired at CostUnits Sold at RetailMar.1Beginning inventory150units@...
- Q [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 Acquired at CostUnits Sold at RetailMar.1Beginning inventory150units@...
- Q 1. Go to the Microsoft Corporate website (Official Home Page)and click on “Investors” at the bottom of the page. This willdirect you to the Investor Relations Page. Click on Annual...
- Q Emery Communications Company is considering the production andmarketing of a communications system that will increase theefficiency of messaging for small businesses or branch offices oflarge companies. Each unit hooked into...
- Q Preparing the [I] consolidation entries for sale of depreciableassets-Equity methodAssume on Jan. 1, 2016, a parent sells to its wholly ownedsubsidiary, for a sale price of $162,000, equipment that originallycost...
- Q After the success of the company’s first two months, Santana Reycontinues to operate Business Solutions. The November 30, 2017,unadjusted trial balance of Business Solutions (reflecting itstransactions for October and November...
- Q subject: company accounting ConsolidationIndigo Ltd gives $55 000 as an interest-free loan to VioletLtd on 1 July 2019. Violet Ltd made a $20 000 repayment by 30 June2020.Violet Ltd owns...
- Q iii. Charging of Fees: Advanced Accounting Service Pty Ltdplanning to register as a tax agent and provides taxation serviceto its clients. a) Can Advanced Accounting Service Pty Ltd startcharging fees...
- Q 8. BONUS: Nilam Patel is the primarystockholder in two hotel corporations. One corporation owns a90?room economy property located in the suburbs of a large westerntown. The other corporation is a...
- Q Olivia’s Outdoor Essentials produces gear for climbing, hiking,and camping. Last month, Olivia reported the following: BeginningWork in Process Inventory: $20,000 Ending Work in ProcessInventory: $25,000 Beginning Finished Goods Inventory: $15,000Ending...
- Q Sunspot Beverages, Ltd., of Fiji uses the weighted-averagemethod in its process costing system. It makes blended tropicalfruit drinks in two stages. Fruit juices are extracted from freshfruits and then blended...
- Q Sandhill Printing Corp. uses a job order cost system. Thefollowing data summarize the operations related to the firstquarter’s production.1.Materials purchased on account $194,300, and factory wagesincurred $93,000.2.Materials requisitioned and factory...
- Q Johnson, Inc. manufactures car seatsin its Houston plant. Each car seat passes through the AssemblyDept and the Testing Dept. This problem focuses on the AssemblyDept. the process-costing system at Johnson,...
- Q Pureform, Inc., uses the weighted-average method in its processcosting system. It manufactures a product that passes through twodepartments. Data for a recent month for the first departmentfollow:UnitsMaterialsLaborOverheadWork in process inventory,...
- Q What is the profit margin and how can it be used?14.What are liquid assets and why are they important?15.What are the advantages to a seller of being paid by creditcard?16.How...
- Q Penny Worth Band Uniforms uses a standard costing system. Thestandard material and labor costs for producing a marching band hatare as follows:Materials (0.90 yards × $11.40)$10.26Direct labor (1.20 hours ×...
- Q Show-Off, Inc. sells merchandise through three retail outlets—inLas Vegas, Reno, and Sacramento—and operates a general corporateheadquarters in Reno. A review of the company’s income statementindicates a record year in terms...
- Q What is the formula for the following ratios AND what do theymeasure?Inventory turnoverDays' sales in inventory
- Q What is Petty Cash and how is it represented on the balancesheet? What types of expenses are used with petty cash?
- Q Use excel spreadsheet to solve the following problems Problem 1:A young engineer’s stating salary is 55,000. The engineer expectsannual raises of 3%. The engineer will deposit 10% of the annualsalary...
- Q What are the concepts and principles of effective written andoral communication? Please explain your understanding of theconcepts and principles
- Q What is Porter’s Five Forces Framework? Please identify eachforce individually.
- Q What is Financial Statement Analysis?
- Q Compute and Interpret Measures for DuPont DisaggregationAnalysisBalance sheets and income statements for 3M Company follow.3M CompanyConsolidated Statements of IncomeFor Years Ended Dec. 31 ($millions)201520142013Net sales$30,674$31,821$30,871Operating expensesCost of sales15,38316,44716,106Selling, general &...
- Q Analysis and Interpretation of ProfitabilityBalance sheets and income statements for Best Buy Co., Inc.follow.Consolidated Statements of EarningsFor Fiscal Years Ended ($ millions)February 26, 2011February 27, 2010February 28, 2009Revenue$ 50,272$ 49,694$...
- Q Cone Corporation is in the process of preparing its December 31,2018, balance sheet. There are some questions as to the properclassification of the following items:$56,000 in cash restricted in a...
- Q Ending inventory presented on the balance sheet must be based onthe Lower of Cost or Market. What does this mean?
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