Accounting question and answers for August 29, 2023
- Q what components make up total cost in cost volume profit analysis?
- Q On 1/1/24, Brown Company has 600,000 shares of $10 par value common stock outstanding. On 6/1/24, Brown declares a 10% stock dividend when the market price of the stock was...
- Q Consistent with ASC Topic 842, if a company sells an asset for a profit of $175,000 and immediately leases it back, the gain is recognized Multiple Choice A) immediately as...
- Q The current tax year is 2020. The following 1231 transactions occurred: 2013 Sold property for $17,000. Tax basis of $23,000. 2016 Sold property for $34,000. Tax basis of...
- Q Net income and other comprehensive income can be reported in a single statement of comprehensive income using: Multiple Choice IFRS. U.S. GAAP. Neither U.S. GAAP nor IFRS. Both U.S. GAAP...
- Q Prepare a comparative common-size income statement for McCormick Corporation. To an investor, how does the current year compare with the prior year? Explain your reasoning. (Click...
- Q At year end 31st December 2022 Auto Ltd has profits before tax of $700,000 after charging the following: $ Depreciation 50,000 Interest expense 200,000 Interest income (gross) (80,000)...
- Q Tom Thompson expects to invest $20,000 at 7% and, at the end of a certain period, receive $72,330. How many years will it be...
- Q Angelina gave a parcel of realty to Julie valued at $137,500 (Angelina purchased the property five years ago for $59,000). Required: Compute the amount of the taxable gift on the...
- Q One major issue for partners is the concept of mutual agency. Discuss the agency relationship that exists in partnerships. If one partner has doubts about another in certain situations, what...
- Q 58 points Seven QUESTION Ently A is a listed company in Hong Kong for more than 20 years. Its business mainly focuses on the food industry...
- Q For the year of assessment 2022, Cars Limited income chargeable to tax was $10 million. Throughout the year the company promptly paid its employees deductions together with its own...
- Q (1). On September 30, journalize the entry to record the fiow of cosis into the Refining Department...
- Q Where does the qualified business income (QBI) deduction fit in the individual income tax formula and what type of deduction is it?
- Q Cash Flows from Operating ActivitiesIndirect Method (Q:2) Staley Inc. reported the following data: Net income $210,000 Depreciation expense 58,100 Loss on disposal of...
- Q Financial ratios can be divided into liquidity, activity, profitability, debt, and market ratios. What are some examples of each and what do they measure? Describe debt to Equity...
- Q I'm not sure what I'm missing, please help. On April 1, Jiro Nozomi created a...
- Q QS 9-2 Accounting for sales taxes LO C2 Dextra Computing sells merchandise for $4,000 cash on September 30 (cost of merchandise is $2,800). The sales tax law requires Dextra to...
- Q After incorporation on January 15, 2017, the only share capital issued by the privately-owned Sarasota Corporation is 1,000 common shares issued at $10 each. Sarasota reports under IFRS although it...
- Q Carson Electronics uses 70 percent common stock and 30 percent debt to finance its operations. The aftertax cost of debt is 5.4 percent and the cost of equity is 15.4...
- Q 1. True or False: The Codification was adopted as the authoritative source of U.S. GAAP for nongovernmental entities on July 1, 2009.
- Q Need help calculating the profitability ratio of the company as well as the ratio comparison for the two years.
- Q he standard direct labor cost per reservation for Harrys Hotel is $4 (= $16 per labor-hour 4 reservations per hour). Actual direct labor costs during the period totaled $49,240....
- Q This is the 4th question I am posting different numbers and all the previous questions are incorrect, hopefully whoever answers this one gets it correct! Brown Company is considering...
- Q I NEED HELP Mitch, who is single (age 28) and has no dependents, had activity for 2021 as follows: Salary $85,000 Dividends 5,000 Capital Gains 10,000 Capital Losses...
- Q 37. Bill incorporated his business four years ago and owns 100% of its stock. The corporation distributes a piece of land, used as a parking lot for customers, to Bill....
- Q Since estimates are not actual amounts and are used to approximate, there is not a need for the estimate to be fairly accurate. True or False
- Q Topic: Financial Restatements (methods companies use to distort financial performance Answer the following Questions: 1. Discuss the main problem/problem diagnosis 2. State and evauluate alternative solutions 3....
- Q The FASB issues accounting standards in the form of: Financial Accounting Standards. Financial Technical Bulletins. Accounting Standards Updates. Accounting Research Bulletins.
- Q 2. Brisky Corporation uses activity-based costing to compute product margins. In the first stage, the activity-based costing system allocates two overhead accounts-equipment depreciation and supervisory expense-to...
- Q 9: The proposed amendments would require that all entities disclose the amount of income taxes paid (net of refunds received) disaggregated by federal (national), state, and foreign taxes, on an...
- Q The following data is available for Santos Service Corporation at December 31, 2014: Common stock, par $10 (authorized 100,000 shares) = $400,000 Treasury Stock (at cost $15 per share)...
- Q The FASB issues accounting standards in the form of: Financial Accounting Standards. Financial Technical Bulletins. Accounting Standards Updates. Accounting Research Bulletins.
- Q On May 10, Whispering Winds Corp. issues 2,600 shares ofpar value common stock for cash atper share. amount entered for the particular Asset, Liability or Equity item that...
- Q A 25-year term insurance policy issued to (25) with face amount $250,000. What is the net annual premium payable for a maximum of 15 years?
- Q Gosford Manufacturing produces a single product that sells for $200. Variable costs per unit equal $50. The company expects total fixed costs to be $140 000 for the next month...
- Q Un pasivo contingente es una obligacin que depende de la ocurrencia de un evento futuro y que debe registrarse en las cuentas: Respuesta A. Si el evento futuro relacionado probablemente...
- Q Speedy has net income of $28,955, and assets at the beginning of the year of $210,000. Assets at the end of the year total $256,000. Compute its return on assets....
- Q On the first day of the fiscal year, a company issues a $4,300,000, 7%, 8-year bond that pays semiannual interest of $150,500 ($4,300,000 7% ), receiving cash of...
- Q Circular 230 practitioners and annual filing season program (AFSP) participants who prepare 50 or more returns per year can check weekly reports of returns filed using their: EA number...
- Q The gas division of Power-U-Up plans to introduce a new gas delivery system based on the following accounting information. Fixed costs per period are $4 236; variable cost per unit...
- Q 32. Which term is central to Edwin Holt's theory? - Habit - Drive - Instinct -...
- Q Jewels inc completed two jobs: Job 1 was for 500 necklaces and Job 2 was for 300 bracelets. Direct material costs totaled $100 for each necklace and $75 for each...
- Q Jim, single, also participates in a qualified retirement plan at work and has modified AGI of $130,000. What is the maximum amount of Roth IRA he can contribute? For this...
- Q Personal Selling: Buddle Health Personal Selling Buddle Health Insurance Firm Activity Description In this activity, you will play the role of an inside sales representative with...
- Q TB MC Qu. 6-100 (Algo) Mary signed up and paid... W Mary signed up...
- Q Ferris Company began January with 7,000 units of its principal product. The cost of each unit is $6. Merchandise transactions for the month of January are as follows: Purchases Date...
- Q For the FY 2018, Dorchester Company's balance sheet included the following current items: cash $39,000, accounts receivable $143,000, inventories $102,000, prepaid expenses $15,000, accounts payable $78,000, and accrued expenses $61,000....
- Q In 2022, Richie purchases a new 4.3 million qualified principal tesidence usung a mortgage loan of $3million. Ruchie's mirtgage interest deduction maybe ljmited. true false
- Q You have been told that for 2019 the ending inventory was correctly reported, but a cash purchase of merchandise was not recorded. (Assume this purchase was...
- Q Assignment Requirements: Prepare the 2020 financial statements using Excel, which includes: Income Statement (multi-step) Statement of Stockholders Equity (NOT just Retained Earnings) Balance Sheet (classified; also show...
- Q True or False: Section 10, Objectives states the high-level objectives of the guidance in the Subtopic but does not discuss the main principles of Subtopic.(FASB)
- Q Costello Corporation reported pretax book income of $501,000. During the current year, the reserve for bad debts increased by $7,000. In addition, tax depreciation exceeded book depreciation by $41,000. Finally,...
- Q Product Cost Markup Percentage Green Thumb Garden Tools Inc. produces and sells home and garden tools and equipment. A lawnmower has a total cost of $230 per unit, of which...
- Q Anu Ghai was a new production analyst at RHI, Inc., a large furniture factory in North Carolina. One of her first jobs was to update the predetermined overhead allocation rates...
- Q Yem Company expects to sell 1,750 units of finished product in January and 1,850 units in February. The company has 230 units on hand on January...
- Q True and False: The codification includes GAAP from the GASB, the FASBs governmental counterpart.
- Q What is the amount of standard deduction in 2019 for a divorced parent with six dependents? Select one: a. $28,250 b. $18,350
- Q Naylor's is an all equity firm with 60,000 shares of stock outstanding at a market price of $50 a share. The company has earnings before interest and taxes of $87,000....
- Q Table 1. Gross Domestic Product:Leveland Chanse troe Pricedine Priod-Cortinus Use table 3 (Gross Domestic Product...
- Q Which of the following is not a condition of accounting for hedge derivatives? The derivative is used to hedge a cash flow exposure to foreign exchange...
- Q The following data is available for Jim And Johns repair shop for 2016 Repair technicians wages 360,000 Fringe Benefits 80000 Overhead 60000 Total 500000 The Desired profit margin is 50$...
- Q Bullseye Company manufactures dartboards. Its standard cost information follows: Standard Quantity 3.00 sq. ft. 1 hrs. Standard Price (Rate) $ 3.00 per sq. ft. $12.00 per hr. Standard...
- Q Direct Labor Costs During May, Hatch Company accumulated 650 hours of direct labor costs on Job 200 and 550 hours on Job 305...
- Q Here are simplified financial statements for Phone Corporation in a recent year: INCOME STATEMENT (Figures in $ millions) Net...
- Q 1: Does Starbucks offer a pension? if so, how does it work and where did you find this in the statements? 2. Does Starbucks lease their store locations? How is...
- Q Problem 2 (15 points) It is nice to see that small variance on the income statement after all the trouble we've had lately in controlling Manufacturing...
- Q If working capital is allowed to increase to an inappropriately high level: A: it can reduce the average rate of return on assets. B: it can reduce the...
- Q How would the following transaction be recorded in the general ledger of HEAD OFFICE Receivables of the branch pay the accounts to: The branch R 120 000 The head office...
- Q Acme's standard cost for their hula hoop is $6 per unit(3 pounds of material at $2 per pound). During March, they purchased 20,000 pounds of material for $43,000. During the...
- Q 1 1 point What is true? Irrelevant costs are costs that affect the decision. None of the choices are correct. Sunk costs are incurred in the future....
- Q Question 1 (20 marks) Beginning inventory, purchases and sales data of ABC Co. are as follows: May 3 24 units @ $90 Inventory Purchase 11 26 units @...
- Q Cherokee Incorporated is a merchandiser that provided the following information: Amount Number of units sold 13,000 Selling...
- Q The FASB issues accounting standards in the form of: Financial Accounting Standards. Financial Technical Bulletins. Accounting Standards Updates. Accounting Research Bulletins.
- Q 11. Using the plantwide overhead rate, what percentage of the total overhead cost is allocated to Product Y and Product Z ? (Round your intermediate calculations to 2...
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