Accounting question and answers for August 30, 2023
- Q please show workings 5 1 DO S On January 1, 2021, HGC Camera Store adopted the dollar-vale UFO retail inventory method, Inventory transactions of both cost and...
- Q A reconciliation of Gentry Company's pretax accounting income with its taxable income for 2021, its first year of operations, is as follows: Pretax accounting income $4,500,000 Excess tax depreciation (225,000)...
- Q Cox Electric makes electronic components and has estimated the following for a new design of one of its products. Fixed Cost = $12,000 Material Cost...
- Q for lifo Intercontinental, incorporated, uses a perpetual inventory system. Consider the following information about its inventory: August 1 , purchased 10 units for $910 or $91 per...
- Q The following are transactions of Robina Corporation for the month of February 2020. Provide the corresponding journal entries for each transaction: Purchase of materials (direct and indirect),...
- Q use the chart to answer the 4 questions Standard Quantity and Cost Actual Results Direct materials.......... 6lbs.@$8 per lb.48,500lbs.@$8.10 per lb. Direct labor ............. 2...
- Q Question 5(7 marks) Referring to relevant statutory provisions and common law, discuss whether the following amounts would be as an allowable deduction against assessable income. (Maximum 250 words) ...
- Q Tami Tyler opened Tamis Creations, Incorporated, a small manufacturing company, at the beginning of the year. Getting the company through its first quarter of operations placed a considerable strain on...
- Q Ivanhoe Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2025, the company incurred the following costs. Variable Costs per Unit Direct materials...
- Q Exercise 11-16A (Algo) Variable costing versus absorption costing LO 11-4 Finch Company incurred manufacturing overhead cost for the year as follows. Direct materials $ 39.10 /unit Direct labor $ 27.30...
- Q Please show Steps ultiple Production Department Factory Overhead Rate Method Handy Leather, Inc., produces three sizes of sports gloves: small, medium, and large. A glove pattern...
- Q 6. Real South Products has $400,000 worth of inventory on hand on January 1. Between January and March 13, Real South purchased an additional $190,000 in...
- Q Assume that a company uses a standard cost system and applies overhead to production based on direct labor-hours. It provided the following excerpt from the standard cost card of its...
- Q Exercise 8-11A (Algo) Determining materials price and usage variances LO 8-6 Monique's Florals produced a special Mother's Day arrangement that included eight roses. The standard and actual costs...
- Q Current Attempt in Progress Culver Company has two classes of capital stock outstanding: 7%, $100 par preferred and $2 par common. At...
- Q Keating Co. is considering disposing of equipment that cost $51,000 and has $35,700 of accumulated depreciation to date. Keating Co. can sell the equipment through a broker for...
- Q Required: Answer the following questions (No Journal Entries) What is the year-end balance of the equity investment account? What amount of equity earnings would be reported by Newman Corporation?...
- Q Earnings Management Most accounting students think that accounting reporting is a precise measurement. The ability to use estimates to report financial results may affect earnings quality. Do you think that...
- Q Marin Merchandising Inc. had the following share capital and balances on January 1, 2021 $1771 $2.50...
- Q someone help please. Troy Engines, Ltd., manufactures a variety...
- Q Companies calculate the predetermined overhead rate at the beginning...
- Q Blossom Bus Service uses the units-of-production method to calculate depreciation on its buses. Each bus is expected to be driven 320,300km over its life. Bus 10 was purchased...
- Q Depreciation by Three MethodsPartial Years Perdue Company purchased equipment on October 1 for $50,950 The equipment was expected to have a useful life of three years, or 7,000 operating hours,...
- Q E6-8A. Inventory Costing Me Periodic Method The following data are for the Bloom Company. which sells just one product: Lo: Units Unit Cost $10...
- Q Black Ash Eye and Throat Hospital allocates service department costs to operating departments using the step-down method. The hospital has two service departments, Administration and Information Technology (IT), and two...
- Q Debit $ 5,000 Credit Accounts Receivable Accumulated Depreciation Additional Paid-in Capital Allowance for Doubtful Accounts Bonds Payable Buildings $30,000 90,000 2,000 247,00e 10,000 ash8s Common Stock, 10,000 shares...
- Q The records of Waterway's Boutique report the following data for the month of April. Compute the ending inventory by the conventional retail irventory method. (Round answer...
- Q QUESTION 1 (12 MARKS) You are the auditor of Pezula Golf club. The golf club is situated on the Pezula Estate in Mat North. The year end of...
- Q steps 1-5 The company is in the process of preparing a budget for May and has assembled the following data: a. Sales are budgeted at $260,000...
- Q Team 5 Problems Granite Company is a merchandiser with multiple store locations. One of its store managers is considering a shift in her store's product mix...
- Q Erroneous Balance Sheet Cutler Corporation prepared the following balance sheet: Required: Determine the errors and prepare a corrected, properly classified balance sheet. Cutler Corporation Balance Sheet December 31,...
- Q Why is Process costing method is better for sewing ( example pants) production, manufacturing?
- Q Jake would like to organize Jake's Garage as either a single-member LLC (taxed as a sole proprietorship) or a C corporation, In either...
- Q Which one of the following categories on a statement of cash flows is used to report the cash flow effects of buying and selling property, plant, and equipment? a. Profit...
- Q Discuta la importancia de que una empresa cuente con un seguro adecuado y vincule a sus empleados. Esta pregunta es del libro de texto de Contabilidad Gerencial Financiera de...
- Q The following is a measure of a manager performance working in a profit center. A. balance sheet B. rate of return and residual income measures C. budget performance report D....
- Q Draw a General ledger DFD chart with the correct symbols for the process below. A. assume the purchase was made on account
- Q b) On 20th January 2021, Dan Willy entered into an agreement with Mike Danson in which Mike Danson agreed to smuggle some goods into the country for Dan Willy by...
- Q 18. Which of these statements most accurately characterizes linear perspective? End of exam A. Through experience, we determine that changes in images focused on the retina occur as a result...
- Q What is the total period cost for the month under variable costing
- Q Exercise 4-19 (similar to) Better Boat Company bogan operations on November...
- Q At its $34 selling price, Mtlantic Company has sales of $17,000, variable manufacturing costs of $7000, fixed manufacturing costs of $1000, variable selling and administrative costs of $3000...
- Q Question 3 The cash book at 31 December 2023 of Tatoo Trading, showed debit balance of RM600 but the bank statement of...
- Q Comprehensive Tax Return Problem Problem 1 Miguel and Sofia Arroyo are married and live at 13071 Sterling Drive, Marquette, MI 49866. Miguel is a self-employed insurance claims adjuster (business activity...
- Q Which of the following would be considered a long - term asset? A. Land B. Accounts Payable C. Retained Earnings D. Office Supplies
- Q Using the spreadsheets for Pfizer and Moderna calculate the following eight ratios: Current Ratio, Quick Ratio, Debt Ratio, Debt to Net Worth Ratio, Net Sales to Total Assets Ratio, Accounts...
- Q \table[[Accounting Cycle Steps,Accounting Cycle Descriptions],[1. Chart of Accounts,],[2. Transactions,-],[3. Trial Balance,],[4. Adjustments,],[5. Adjusted Trial Balance,],[6. Financial Statements,]] E10.2 Statement of Cash Flows For each of...
- Q Assume the following account balances:Cash $30,000:Equipment $23,000;Accounts Receivable 45,000;Bank Loan 65,000;Supplies 3,000;Accounts Payable 35,000;Land 13,000;Share Capital ?;Building 67,000;Net Income 29,000. No dividends were paid. Calculate retained earnings. a. $29,000 b....
- Q For each of the following situations, calculate the amount of bond discount or premium, if any a) Riley, inc, issued $89,000 of...
- Q ecation for office equ [AJ debit to Accumulated Depreciatio B] credit to Accumulated Depreciation [C] credit to Offie Equipment for s [D] credit to...
- Q Forten Company's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash...
- Q Which of the following would be reported in Other Expenses and Losses? Dividends Interest Expense Rent Expense Income Tax Expense
- Q The Captain Company began operations on January 1, 2014. The company estimated that $0.10 of warranty costs will be incurred for each $1 of sales. In 2014, Captain
- Q Cactus Corporation, an S Corporation, had accumulated earnings and profits of $100,000 at the beginning of 2018. Tex and Shirley each own 50% of the stock. Cactus does not make...
- Q Mastering Payroll 2020 - Section 10- PAYROLL ENTRIES 1. On February 13, ABC Corporation pays 20 employees total wages of $50,000, withholding $12,300 FIT, $3,825 FICA and $200 union...
- Q what is different line items on a Variable Costing Income Statement vs Absorption Costing Income Statement?
- Q The following data came from the financial statements of St. James Corp. for 2019 and 2018. 2019 2018 Net income $143,900 $120,000 Cash dividends paid on preferred stock $15,000 $15,000...
- Q PLease answer question 14.7 model. b. What is a project scoring matrix? 14.6. What is a post-audit? Why is the post-audit critical to go investment decision-making?...
- Q a limited liability partnership form of organization: a. decreases liability of all partners of a CPA firm c eliminates personal liability for some, but not all, partners d. eliminates personal...
- Q he employer should record payroll deductions as Multiple Choice Employee receivables Employee payables Current liabilities Payroll taxes expense
- Q SaJessica (22) is single and her AGI is $22,000 a year. She is not a full-time student or a dependent. She contributes $2,000 per year to her Roth IRA. In...
- Q You have just reviewed the financial statements of Penelope's Candy Store (PCS). You have determined that PCS has a Profit Margin of 19%. How do you explain this to owner...
- Q During June, Cisco Company produced 12,000 chainsaw blades. The standard quantity of material allowed per unit was 1.5 pounds of steel per blade at a standard cost of $8 per...
- Q 21. LO.2 Sam and Abby are dependents of their parents, and each has income of $2,100 for the year. Sams standard deduction for the year is $1,050, while Abbys is...
- Q ...
- Q 63 52 How many data observations are present (sample size)? COUNT 83 What is the sum of the data? SUM 51 What is the mean (average) of the data? AVERAGE...
- Q [The following information applies to the questions displayed below.] Mears and Company has been operating for five years as an electronics component manufacturer specializing in cellular...
- Q Year Taxable Income Tax Rate 2018 20,000 30% 2019 (150,000) 30% 2020 90,000 25% 2021 15,000 25% Assume that at the end of 2021, management determined that it is more...
- Q A machine that cost $32,000 on January 1, 2015 was depreciated by Ava Company using the double declining method. The machine had a $3,700 residual value and a useful life...
- Q Fees for services provided are billed to a customer during 2012. The customer remits the amount owed in 2013. Discuss the matter of which year the revenues are to be...
- Q A vehicle was purchased for R5 500. Its residual value is R500, while its monthly depreciation expenses are R100 using the straight line method. Which of the following is the...
- Q Unearned revenue is initially recognized with a Multiple Choice debit to revenue. credit to unearned revenue. credit to revenue. credit to revenue...
- Q Qu cantidad de dinero invertida hoy al 15% de inters puede proporcionar las siguientes becas; Php 30.000 al final de cada ao durante 6 aos; Php 40.000 durante los prximos...
- Q Software Distributors reports net income of $47,000. Included in that number is depreciation expense of $6,000 and a loss on the sale of land of $4,200. A comparison of this...
- Q Dillon rented his personal residence at Lake Tahoe for 14 days while he was vacationing in Ireland. He resided in the home for the remainder of the year. Rental income...
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