Accounting question and answers for August 30, 2023
- Q An excerpt from the statement of financial position of Twilight Limited follows: TWILIGHT LIMITED Selected Statement of Financial Position Information At December...
- Q Harry Hart decides to invest $45,000 in a fund that will earn 2 % annual interest, compounded semiannually. How much will his investment be worth in three years? Draw a...
- Q El 2 de enero de 2020, Lucban Company emiti bonos al 9 % por un monto de 10 000 000 que vencen el 2 de enero de 2030. Los bonos...
- Q la empresa Mable tuvo una utilidad de 47.500 y una utilidad por accin de 3,17 durante 2018. El 31 de diciembre de 2018 las acciones tenan un precio de mercado...
- Q Multiple Choice $3,000 favorable. \$3,150 favorable. $3,090 favorable. $3,000 unfavorable. $3,090 unfavorable. Multiple Cholce $48,750 favorable. $48,000 unfavorable. $48,000 favorable. $45,550 favorable. $48,750 unfavorable
- Q Ritas Payroll Services Company entered into the following transactions during May 2017
- Q QUESTION: FOR THE SALES ORDERING PROCESS: 1. Identify specific risks in the sales ordering process (at least 3). 2. Create a specific detective control for each risk...
- Q Buad 195 Chapter 4 Master Budget Assignment Winter 2024 Page 2 of 3 Required: Use Microsoft Excel to complete this...
- Q Which of the following would be an example of a direct materials cost? engine on an airplane ...
- Q Fitness Gym has $700,000 of 20-year bonds payable outstanding. These bonds had a discount of $42,000 at issuance, which was 10 years ago. The company uses the straight-line amortization method....
- Q Kaler Company has sales of $1,410,000, cost of goods sold of $785,000, other operating expenses of $198,000, average invested...
- Q Fepetual imentery Usitg itfo
- Q I need this in 10 minutes pleasd with these set of new nukber but like this plesde hurry itd in a final i...
- Q The article describes two competing claims: 1) city officials claim that salons are arbitrarily charging different prices by gender, and 2) salon owners claiming that servicing different genders entails producing...
- Q im interning for a real estate brokerage and they asked me for some tips and tricks and excel for mac that could help with organzing their list of clients can...
- Q 1. Using the following changes in current assets and current liability accounts and also the income statement, create a partial cash flow statement that only includes the...
- Q In the first year of operations, FKF company reported $8,000 of warranty expense on the tax return and $10,000 of warranty expense on the income statement. The difference will generate...
- Q Your firm has $90,000 in income before taxes and taxable income of $80,000 for 2023. The difference between the two incomes is attributable to two items: ...
- Q On July 1, 2016, Bauer Inc. loaned $5,000 cash to an employee, who signed a note with 10% interest and is due in 12 months. On December 31, 2016, what...
- Q On January 1, Evangel Company issued 9% bonds in the face amount of $100,000, which mature in 5 years. The bonds were issued for $96,207 to yield 10%, resulting in...
- Q Inventories Factory Overhead for December Sales, Materials, and Payroll for December Predetermined Overhead Rate 70% 1. Compute cost of direct labor used. ...
- Q The expected average rate of return for a proposed investment of $5,220,000 in a fixed asset, using straight-line depreciation, with a useful life of 20 years, no residual value, and...
- Q Summer Salons leased equipment from Dillion Co. on July 1, 2022, in a finance lease. The present value of the lease payments discounted at 9% was $104,929. Ten annual lease...
- Q Evaluate the impact Fintech and data analytics will have on how banks in Australia will operate over the next 5 years
- Q true false an unadjustable trial balance is a listning of accounts prepared before adjustments are recorded
- Q Question One.The costs incurred by Noriega Company to acquire land and constructa buildingwere as follows:i.Landk150,000,000ii.Construction insurancek3,500,000iii.Delinquent tax paid on the landk 5,000,000iv.Building construction contractk 220,000,000v.Architect Feesk2,000,000vi.Street and side Walk installationk4,000,000vii.Excavation...
- Q Neptune Company produces toys and other items for use in beachand resort areas. A small, inflatable toy has come onto the marketthat the company is anxious to produce and sell....
- Q Susan Lo picked up the phone and called her boss, Phil Takata,the vice president of marketing at Jewel Clasps Corporation: “Phil,I’m not sure how to go about answering the questions...
- Q Lindon Company is the exclusive distributor for an automotiveproduct that sells for $32.00 per unit and has a CM ratio of 30%.The company’s fixed expenses are $177,600 per year. The...
- Q Menlo Company distributes a single product. The company’s salesand expenses for last month follow:TotalPer UnitSales$302,000$20Variable expenses211,40014Contribution margin90,600$6Fixed expenses72,600Net operating income$18,000Required:1. What is the monthly break-even point in unit sales and...
- Q The following information is taken from Smith Corporation'sfinancial statements:December 312020 2019Cash$100,000$ 27,000Accounts receivable95,00080,000Allowance for doubtful accounts(4,500) (3,100)Inventory145,000175,000Prepaid expenses7,5006,800Land100,00060,000Buildings287,000244,000Accumulated depreciation (35,000) (13,000)Patents 20,000 ———————— $715,000 35,000———————— $611,700Accounts payable$ 90,000$ 84,000Accrued liabilities54,00063,000Bonds payable135,00060,000Common stock100,000100,000Retained earnings——appropriated80,00010,000Retained earnings——unappropriated271,000302,700Treasury stock, at...
- Q Twenty metrics of liquidity, Solvency, and ProfitabilityThe comparative financial statements of Automotive SolutionsInc. are as follows. The market price of Automotive Solutions Inc.common stock was $66 on December 31, 20Y8.AUTOMOTIVE...
- Q Course: Theory of Interest (Actuarial Science)Chapter: Yield RatesProblem: This is a Multi-Part QuestionJoe's retirement scheme at work pays $500 at the end of eachmonth. Joe puts his money in an...
- Q a) A cash-basis business owner pays $2,300 for "in-house"lobbing expenses during the year. How much can she deduct?b) What is the annual dollar limit of deductible compensationfor the top five...
- Q Cane Company manufactures two products called Alpha and Betathat sell for $155 and $115, respectively. Each product uses onlyone type of raw material that costs $6 per pound. The company...
- Q DataSpan, Inc., automated its plant at the start of the currentyear and installed a flexible manufacturing system. The company isalso evaluating its suppliers and moving toward Lean Production.Many adjustment problems...
- Q Sales BudgetFlashKick Company manufactures and sells soccer balls for teamsof children in elementary and high school. FlashKick’s best-sellinglines are the practice ball line (durable soccer balls for trainingand practice) and...
- Q Mittler & Sons Inc. had the following purchases and salestransactions during the month of April 2019. Mittler uses theperpetual inventory method to account for inventory.Date Activities Units Acquired at Cost...
- Q Fill in the missing amounts in each of the eight case situationsbelow. Each case is independent of the others. (Hint: Oneway to find the missing amounts would be to prepare...
- Q Gallatin Carpet Cleaning is a small, family-owned businessoperating out of Bozeman, Montana. For its services, the companyhas always charged a flat fee per hundred square feet of carpetcleaned. The current...
- Q Governmental Accounting is different than financialaccounting. What are some differences?So, how does governmental accounting relate to otherbusiness areas?Why is it important that businesses be aware of howgovernment does their accounting,...
- Q Due to erratic sales of its sole product—a high-capacity batteryfor laptop computers—PEM, Inc., has been experiencing financialdifficulty for some time. The company’s contribution format incomestatement for the most recent month...
- Q Pittman Company is a small but growing manufacturer oftelecommunications equipment. The company has no sales force of itsown; rather, it relies completely on independent sales agents tomarket its products. These...
- Q Tioga Company manufactures sophisticated lenses and mirrors usedin large optical telescopes. The company is now preparing itsannual profit plan. As part of its analysis of the profitability ofindividual products, the...
- Q Rolfe Company (a U.S.-based company) has a subsidiary in Nigeriawhere the local currency unit is the naira (NGN). On December 31,2016, the subsidiary had the following balance sheet (amounts arein...
- Q QUESTION 21Alpha Company has purchased 10,000 shares of stock of BetaCompany for $50,000,000. This represents 20% ownership. Whatjournal entry, if any would Alpha make in the followingsituation:Beta declares and immediately...
- Q Plata Company produces two products: a mostly handcrafted softleather briefcase sold under the label Maletin Elegant and aleather briefcase produced largely through automation and soldunder the label Maletin Fina. The...
- Q Direct Method, Reciprocal Method, Overhead RatesMacalister Corporation is developing departmental overhead ratesbased on direct labor hours for its two productiondepartments—Molding and Assembly. The Molding Department employs 19people, and the Assembly...
- Q 1) Modern Décor Furniture began June with merchandise inventoryof 40 sofas that cost a total of $28,000. During the month, ModernDécor purchased and sold merchandise on account asfollows: June 7Purchase30 sofas...
- Q 26)In December 2016, Shire Computer’s management establishes the2017 predetermined overhead rate based on direct labor cost. Theinformation used in setting this rate includes estimates that thecompany will incur $780,000 of...
- Q The Welding Department of Healthy Company has the followingproduction and manufacturing cost data for February 2020. Allmaterials are added at the beginning of the process.Manufacturing CostsProduction DataBeginning work in processBeginning...
- Q Identify the purposes and types of adjusting entries that anentity might make.
- Q The followingrepresents the financial information for Domingo Corporation fortwo months.MarchAprilSalesrevenue$540,000$430,000CostsProcessinspection$1,500$1,840Scrap1,9401,870Qualitytraining19,50013,500Warrantyrepairs4,2005,100Product testingequipment6,6007,100Customercomplaints2,9003,100Rework16,00019,500Preventivemaintenance12,70010,200Materialsinspection7,4005,000Fieldtesting8,60011,600Required:a.Classify these items into Prevention, Appraisal, Internal failure,or External failure costs.The followingrepresents the financial information for Domingo Corporation fortwo months.MarchAprilSalesrevenue$540,000$430,000CostsProcessinspection$1,500$1,840Scrap1,9401,870Qualitytraining19,50013,500Warrantyrepairs4,2005,100Product...
- Q Forest Components makes aircraft parts. The followingtransactions occurred in July.Purchased $16,960 of materials on account.Issued $16,790 in direct materials to the productiondepartment.Issued $1,290 of supplies from the materials inventory.Paid for...
- Q Identify and describe each step in the Accounting Cycle.
- Q A fixed capital investment of P10,000,000 is required for aproposed manufacturing plant and an estimated working capital ofP2,000,000. Annual depreciation is estimated to be 10% of the fixedcapital investment. Determine...
- Q These items are taken from the financial statements of Kingbird,Inc. for 2017.Retained earnings (beginning of year)$ 33,380Utilities expense2,150Equipment68,380Accounts payable22,250Cash14,300Salaries and wages payable5,510Common stock12,000Dividends12,000Service revenue72,730Prepaid insurance6,010Maintenance and repairs expense1,650Depreciation expense3,140Accounts receivable15,650Insurance...
- Q Required informationThe Foundational 15 [LO2-1, LO2-2, LO2-3, LO2-4][The following information applies to the questionsdisplayed below.]Sweeten Company had no jobs in progress at the beginning ofMarch and no beginning inventories. The...
- Q Fauna Inc has the following items at year-end:Cash in FirstBank $15,000Postdatedchecks $450Bank overdraft in checking account atSecondBank $400Savings account balance at SecondBank $2,600Treasury bills maturing in 2months $2,500Petty cash onhand $600Cash in Third Bank (bond sinkingfund) $7,500Customer...
- Q 1. What is the Cost Principle?and Definition of CostPrinciple2. give 3 example of Cost Principle3. Some Issues with the Cost Principle4. Short-Term vs Long-Term Assets
- Q Accounts ReceivableThe following table indicates the historical breakout ofaccounts receivableDaysCurrent30 to 6060 to 90Over 90Percent of Balance50%30%15%5%Percent Collectible95%90%80%60%The company uses the gross method of recording all sales onaccounts.Marketable SecuritiesThe interest...
- Q John Fleming, chief administrator for Valley View Hospital, isconcerned about the costs for tests in the hospital’s lab. Chargesfor lab tests are consistently higher at Valley View than at otherhospitals...
- Q Variable and Absorption Costing—Three ProductsWinslow Inc. manufactures and sells three types of shoes. Theincome statements prepared under the absorption costing method forthe three shoes are as follows:Winslow Inc.Product Income Statements—Absorption...
- Q Thomas Denton, Jr. was appointed the manager of WestbrookProperties, a recently formed company that manages residentialrental properties. Maria Garcia is the accountant. She prepared achart of accounts based on an...
- Q Problem 23-5A (Part Level Submission) Hart Labs, Inc. providesmad cow disease testing for both state and federal governmentalagricultural agencies. Because the company’s customers aregovernmental agencies, prices are strictly regulated. Therefore,Hart...
- Q Pull the annual report from Mergent Online for one of thefollowing Fortune 500 Companies:AppleMicrosoftAmazonUsing the Excel Template in the Course Materials folder,calculate the following ratios from 2014-2016.Total Debt to Equity...
- Q The president of the retailer Prime Products has just approachedthe company’s bank with a request for a $93,000, 90-day loan. Thepurpose of the loan is to assist the company in...
- Q Prepare income statements using variable costing andabsorption costing.Alexandra Manufacturing manufactures a single product.? Cost,sales, and production information for the company and its singleproduct is as? follows:Sales price per unit $49Variable...
- Q Problem 7-23 Absorption and Variable Costing; ProductionConstant, Sales Fluctuate [LO7-1, LO7-2, LO7-3]Tami Tyler opened Tami’s Creations, Inc., a small manufacturingcompany, at the beginning of the year. Getting the company throughits...
- Q what are the 2 element that are an integral part of anaccounting information system?
- Q The price of a two-year 6% coupon bond was $100 on January27company issued a press-release where it announced that theprevious CEO would resign and would be replaced by a moreexperienced...
- Q Equipment costing $590,000 with an expected useful life of 10years and an expected salvage value of $40,000, was purchased atthe beginning of the year.Calculate the depreciation expense for the first...
- Q Impact on EPS, Rankings, and ComputationsWaseca Company had 5 convertible securities outstanding duringall of 2016. It paid the appropriate interest (and amortized anyrelated premium or discount using the straightline method)...
- Q Volunteer Corporation reported taxable income of $470,000 fromoperations this year. During the year, the company made adistribution of land to its sole shareholder, Rocky Topp. Theland’s fair market value was...
- Q Product Costing and Decision Analysis for a Service CompanyBlue Star Airline provides passenger airline service, usingsmall jets. The airline connects four major cities: Charlotte,Pittsburgh, Detroit, and San Francisco. The company...
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