Accounting question and answers for August 29, 2023
- Q Mzanzi Couture is owned by fashion designer Petro Stevens and is a registered VAT vendor. Mzanzi Couture only trades with other registered VAT vendors. The business charges 15% VAT...
- Q 34) Gains are grouped with operating income on the income Statement. a. True b. False
- Q der purchased a Dump Truck for $150 On July 1st 2015 The First Or The First Order expects the dump truck to last 9...
- Q Only need (h)(i) Note: In Eviews one can estimate the model >>- + B - Bo+BAH + by typing the following command in the Equation Estimation window:yes(-100-j)...
- Q Who qualifies for a home office deduction for business use of the taxpayers home even though the use of the space is not exclusive to the business
- Q The following transactions were completed by Winklevoss Inc., whose fiscal year is the calendar year: Year 1 July 1 Issued $74,000,000...
- Q Which of the following risk response items would not be affected by an increase in the cost of managing a strategic alliance partnership that was formed to reduce a top...
- Q On October 1, 2022, ABC borrows $20,000 from the bank. The loan is to be repaid on March 31, 2023. The annual interest rate on the loan is 10%. All...
- Q The following materials standards have been established for product Wand: Standard quantity per unit of output10.0 kilogramsStandard price$16.20 per kilograms The following data pertains to operations concerning product Wand for...
- Q 26. Marilyn, age 38, is employed as an architect. For calendar year 2021, she had AGI of $204,000 and paid the following medical expenses: Medical insurance...
- Q Bing Corp. owns 81% of Cay Corp's common stock. During October, Cay sold merchandise to Bing for $100,000. At December 31, one-half of the merchandise remained in Bing's inventory. For...
- Q What accounting information would help a manager decide what to do with returned merchandise?
- Q Pharoah Company sold $3,260.000,9%,10-year bonds on January 1,2025. The bonds were dated January 1, 2025, and pay interest on January 1 . The company uses straight-line...
- 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 Klumper Corporation is a diversified manufacturer of industrial goods. The company's activity-based costing system contains the following six activity cost pools and activity rates: Activity data have...
- Q The following accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals. The entries for the first transaction are labeled with...
- Q For each of the following situations, Identify (1) the case as elther (a) a piesent or a future value and (b) a single amount or an annulty. (2)...
- Q The third company: Preparing the list of retained earnings for the company from the data provided below? If you know that the balance of the retained earnings for the...
- Q what is Filed By an entity that is electing to be taxed as a C corporation
- Q Please answer everything in 30-40mins i need to submit now its due. QUESTION 5 _18 marks : 32 minutes) Xola, Yanga and Zea have been in...
- Q 1. Tahani's company receives a 7.5%, six-month note, for $6,000 and the total interest due on the maturity date is going to be: A. 450.00 B. 225.00 C....
- Q At January 1, 2015, Alligator Industries reported retained earnings of $150,000. During 2015, Alligator had a net loss of $30,000 and paid dividends of $15,000. At December 31, 2015, the...
- Q Problem 9-22 (Algorithmic) (LO. 2) On July 1, 2017, Brent purchases a new automobile for $41,500. He uses the car 84% for business and drives the car as...
- Q Question 3: (C1&C2)(8 Marks) Indicate the category and the standard for each statement below: 1- The auditor expresses an opinion on the financial statements. 2- The...
- Q In addition, during the year, the company completed the disposal of its plastics business and incurred a loss from operations of $3 million and a gain on disposal...
- Q The cash account shows a balance of S45,000 before reconciliation. The bank statement does not include a deposit of $2,300 made on the last day of the month. The bank...
- Q 2,500 1,600 Average selling price per premium garage door Average variable manufacturing cost per door... Average...
- Q Presented here are summarized data from the balance sheets and income statements of Wiper, Inc.: WIPER, INC. Condensed Balance Sheets ...
- Q darby inc tiene 25000 acciones emitidas y en circulacin. todas las acciones de stcik tienen los mismos derechos y caractersticas; por lo tanto, la accin se llama lo que
- Q What is a performance obligation? Describe in your own words. Provide citation from ASC 606.
- Q 12. hours. At this level of activity, the company budgeted the following man overhead costs: A company's planned activity level for next year is...
- Q Determine the missing amounts. (Round answers to 0 decimal places, e.g. 1,225.) Unit Selling Price Unit Variable...
- Q Problem 26-27 (LO. 6) The following independent cases involve the value of a closely held business in the decedent's gross estate. Reported Value corrected IRS Valuation $25,000 $20,000...
- Q Safe Shipment Company purchased a delivery truck on January 1, 2015, at a cost of $ 150,000. The estimated useful life of the truck is 10 years, with an estimated...
- Q Fly Corporation issued a $ 4,000,000, 8%, 6 years convertible bonds on 1/1/2020. The bonds were issued at 97, and pay interest semiannually, on July 1, and January 1 of...
- Q Need help with the following Problem 4-32 (LO. 2, 5) Al is a medical doctor who conducts his practice as a sole proprietor. During...
- Q Kaelker Corporation informa que a un nivel de actividad de 7 000 unidades, su costo variable total es de $590 730 y su costo fijo total es de $372 750....
- Q Define auditing. How is auditing different from accounting? Q3 Discuss in brief the advantages and limitations of auditing. Q4 What are ethical issues and principles and how to Resolving Ethical...
- Q The Common Stock account for Baltimore Corporation on January 1, 2018 was $57,500. On July 1, 2018 Baltimore issued an additional 5,000 shares of common stock. The Common Stock is...
- Q A company has sales of $712,000 and cost of goods sold of $285,000 lts gross profit equals: $142,000. $712,000. $285,000. $427,000. $997,000
- Q On August 31 of the current year, the assets and liabilities of Gladstone, Inc. are as follows: Cash $29,400; Supplies, $790; Equipment, $9,400; Accounts Payable, $8,200. What is the amount...
- Q (a) \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline & & Givipmam & & & & & & alave \\ \hline heode & & & & & &...
- Q Delph Company uses job-order costing with a plantwide predetermined overhead rate based on machinehours. At the beginning of the year, the company estimated...
- Q Consider an election in which the votes were cast according to the table on the right. Complete parts (a) and (b) below. Candidate Number of Votes ...
- Q Squirrel contributed property valued at $120,000, with a basis of $30,000 in exchange for a 40% interest in Acorn Partnership. If Acorn sells the property that same year to an...
- Q On 23 October 2023, Guy Garvey Ltd sold a machine with a carrying amount of $114,000 for $100,000. Which of the following is the correct treatment? This will result a...
- Q The standards for product V28 call for 7.8 pounds of a raw material that costs $18.50 per pound. Last month, 1,700 pounds of the raw material were purchased...
- Q gnment (Chapter 16) Saved Velma and Keota (V&K) is a partnership that owns a small company. It is considering two alternative investment opportunities. The first Investment...
- Q Smoky Mountain Corporation makes two types of hiking bootsthe Xtreme and the Pathfinder. Data concerning these two product lines appear below: Xtreme Pathfinder Selling price...
- Q Bob Katz is purchasing a new Honda Pilot for $35,000. He is financing $30,000 with a six year, 4% loan with annual payments. Construct an amortization schedule, in the 2nd...
- Q ******* Scenario 66: Thomas is a 20% partner in a partnership. The partnership incurred a net loss of $210,000 for the year,...
- Q An international accounting standard concerning _________ ensures that most large businesses implement a full cost approach to income measurement. A. expenses ...
- Q Factory Overhead Volume Variance Dvorak Company produced 4,600 units of product that required 3.5 standard hours per unit. The standard fixed overhead cost per unit is $2.15 per hour at...
- Q As at 1st January 2019, a company has wages and salary outstanding of $30,000. During the year ended 31st December 2019 $250,000 was paid as salary. However,...
- Q Three different plans for financing a $18000,000 corporation are under consideration by its organizations. Under each of the following olans the securities will be invested at their par or face...
- Q Now suppose that KMS plans an expansion project next year. If the company retains the cash it would not need to raise new funds from outside investors for the project....
- Q TABLE B.3 Present Value of an Annuity of 1 Perlods 1% 2% 4% 5% 6% 7% 8% 9% 10% 12% 15% 0.9901 0.9804 0.9709 0.9615 0.9524 0.9434 0.9346...
- Q Question-7 Why did the SEC modify the proxy statement disclosure rules regarding executive pay / compensation? Why were Sections 304 and 306 of the Sarbanes-Oxley Act adopted?
- Q Choose one of the three disclosure reports required by the SEC for publicly traded companies. Analyze the major elements that companies must disclose. Propose at least two specific disclosures...
- Q If taxpayers are not allowed to claim deductions for dependency exemptions, is it necessary to determine who qualifies as a taxpayers dependents? Briefly explain.
- Q 1. The following data have been taken from the accountine records of Why Me! Corp Required: Calculate the cost of goods manufactured for the year
- Q The FASB issues accounting standards in the form of: Financial Accounting Standards. Financial Technical Bulletins. Accounting Standards Updates. Accounting Research Bulletins.
- Q Retained earnings is $1,630,000, and the cost of treasury shares is $1,274,000. Required: Prepare the stockholders' equity portion of Renee's balance sheet
- Q Exercise 7-10 (Algo) Customer Profitability Analysis (L07-3, LO7-4, LO7-5) Worley Company buys surgical supplies from a variety of manufacturers and then resells and delivers these supplies to hundreds...
- Q during the first year of operations, AI's fast food restaurant had cash sales of 200,000. other relevent information as follows: purchases- $70,000 salaries- $90,000 other expenses- $10,000 ending inventory-...
- Q Journal entries - EXHIBIT III - PHOTOGRAPHY SALES AND COLLECTIONS- CORPORATE CUSTOMERS August 1, 2016 September 5, 2016 December 12, 2016 February 10, 2017 James received...
- Q Private Manufacturing Company acquired 90 percent of Secret Corporations outstanding common stock on December 31, 20X5, for $1,152,000. At that date, the fair value of the noncontrolling interest was $128,000,...
- Q What is the minimum percentage of assets that a REIT must invest into real estate or mortgages A 50% B 66 2/3 % CO...
- Q the following labor standards have been established for a particular product: Standard labor-hours per unit of output 9.1 hours Standard labor rate $ 16.20 per hour The following data pertain...
- Q Week 7. Chapter 11 Required information The following information applies to the questions displayed below Tyrell Co. entered into the following transactions...
- Q his Question: 1 pt The Accounts Receivable account of Brownstone, Inc. has the following postings: Accounts Receivable 20,000 6,000 2,000 Calculate the ending balance...
- Q When using the gross profit method to estimate ending inventory, it is NOT necessary to know: A.) Cost of goods sold. B.) Beginning Inventory. C.) Net purchases....
- Q Recher Corporation uses part Q89 in one of its products. The company's Accounting Department reports the following costs of producing the 7,400 units of the part that are needed every...
- Q Sandusky Company borrowed $14,000 from the Lakeside Bank by issuing a 10% three-year installment note. Sandusky agreed to repay the principal and interest by making annual payments in the amount...
- Q Puget Sound Divers is a company that provides diving services such as underwater ship repairs to clients in the Puget Sound area. The companys planning budget for May appears below:...
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