Accounting question and answers for August 31, 2023
- Q Melinda and Melissa are partners in a clothing design shoptrading as M&M Boutique. They share profits and losses in theration 2:1.On 30 June 2017, the statement of financial position was...
- Q Selected sales and operating data for three divisions ofdifferent structural engineering firms are given as follows:Division ADivision BDivision CSales$12,440,000$35,550,000$25,550,000Average operating assets$3,110,000$7,110,000$5,110,000Net operating income$547,360$639,900$740,950Minimum required rate of return10.00%10.50%14.50%Required:1. Compute the return...
- Q 1. So just like with last week what is the flow,order, of doing things in recording accounting relatedtransactions/entries.Where do we start and then go from there.....2.From above describe the pieces,...
- Q Vernon Company produces two products. Budgeted annual incomestatements for the two products are provided here:PowerLiteTotalBudgetedPerBudgetedBudgetedPerBudgetedBudgetedBudgetedNumberUnitAmountNumberUnitAmountNumberAmountSales270@$690=$186,300630@$580=$365,400900$551,700Variable cost270@420=(113,400)630@350=(220,500)900(333,900)Contribution margin270@270=72,900630@230=144,900900217,800Fixed cost(12,000)(133,200)(145,200)Net income$60,900$11,700$72,600 Required:Based on budgeted sales, determine the relative sales mixbetween the two products.Determine...
- Q Several items are omitted from the income statement and cost ofgoods manufactured statement data for two different companies forthe month of December.OnCompanyOffCompanyMaterials inventory, December 1$58,870$80,060Materials inventory, December 31(a)90,470Materials purchased149,530(a)Cost of...
- Q A new operating system for an existing machine is expected tocost $680,000 and have a useful life of six years. The systemyields an incremental after-tax income of $155,000 each year...
- Q Required information[The following information applies to the questionsdisplayed below.]During April, the production department of a process manufacturingsystem completed a number of units of a product and transferredthem to finished goods....
- Q Hazelnut Corp. manufactures lawn ornaments. It currently has twoproduct lines, the basic and the luxury. Hazelnut has a total of$169,007 in overhead.The company has identified the following information about itsoverhead...
- Q •I am assigned a project from my CPA firm. I have to go into anew building and try to find as many pieces of furniture andfixtures from the building as...
- Q •I am assigned a project from my CPA firm. I have to go into anew building and try to find as many pieces of furniture andfixtures from the building as...
- Q Alsup Consulting sometimes performs services for which itreceives payment at the conclusion of the engagement, up to sixmonths after services commence. Alsup recognizes service revenuefor financial reporting purposes when the...
- Q The 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 company...
- Q What are some ways that a restaurant chain or other smallbusiness can offset the increase in payroll and subsequent decreasein profit as the result of a minimum wage hike? Please...
- 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 where are the t-accounts charts? that literally the first partto this problem.The general ledger of Red Storm Cleaners at January 1, 2018,includes the following account balances: AccountsDebitsCredits Cash$14,000 Accounts Receivable6,800 Supplies2,800 Equipment16,000 Accumulated Depreciation$5,400 Salaries Payable7,900 Common Stock19,000 Retained...
- Q Which of the following statement is true in regards toaccounting?a.Accounting standards are no longer evolving because the U.S. hashad an established capital market system with formal accountingstandards since the early...
- Q Explain the use of audit sampling methods that work for internalauditor within an organization.
- Q Explain how the evidence developed and collected by the internalauditor.
- Q A government is the recipient of abequest of a multi-story office building that the governmentintends to use as a new city hall. The building has a historicalcost of $850,000; a...
- Q discuss issues relating to ethical considerations for budgetaryforecasting and projections. Expand your answer to explain measuresof how you would give strength to your budgetary assumptions andprovide reliable forecasts
- Q Monkey Business, an import business, builds special-orderyachts. They decide to build one for a customer for at a cost$2,500,000. It will take 2 years (they start building in June 1,2007)...
- Q LJE Ltd undertakes jobs for its clients who are billed when thejobs are completed.Job 101Job 102Job 103StartedMay 2019June 2019July 2019CompletedJune 2019June 2019August 2019Cost information:As at 31 May 2019As at 31...
- Q Baird County maintains an investment trust fund for the SchoolDistrict and the Town of Bairdville (separate governments).Presented below is the preclosing trial balance for the investmenttrust fund, a private-purpose trust...
- Q Could make a answerfast you can please! Thank you!Learning Objectives:CHAPTER 4Describe fraud and itsimpactExplain the objectives and components ofinternal controlDesign and use a bankreconciliationEvaluate internal controls over cashreceipts and cash...
- Q AirQual Test Corporation provides on-site air quality testingservices. The company has provided the following cost formulas andactual results for the month of February:Fixed Componentper MonthVariableComponent per JobActual Totalfor FebruaryRevenue$277$36,030Technician wages$8,500$8,350Mobile...
- Q Franklin Boot Co. sells men’s, women’s, and children’s boots.For each type of boot sold, it operates a separate department thathas its own manager. The manager of the men’s department has...
- Q Direct Labor VariancesAda Clothes Company produced 40,000 units during April. TheCutting Department used 12,800 direct labor hours at an actual rateof $16.50 per hour. The Sewing Department used 19,600 direct...
- Q Assume there is an understanding of what GRC is. Also, providingexamples is always good to illustrate your application ofknowledge.Why is GRC important to them? What role should they beperforming? What...
- Q Matt and Meg Comer are married and file a joint tax return. Theydo not have any children. Matt works as a history professor at alocal university and earns a salary...
- Q The law firm of Furlan and Benson accumulates costs associatedwith individual cases, using a job order cost system. The followingtransactions occurred during July:July 3.Charged 420 hours of professional (lawyer) time...
- Q Required informationProblem 17-2A Ratios, common-size statements, and trend percentsLO P1, P2, P3[The following information applies to the questionsdisplayed below.]Selected comparative financial statements of Korbin Companyfollow:KORBIN COMPANYComparative Income StatementsFor Years Ended...
- Q Aspen Company estimates its manufacturing overhead to be$631,250 and its direct labor costs to be $505,000 for year 2.Aspen worked on three jobs for the year. Job 2-1, which was...
- Q Introduction:Case Study: Surgical Robot Arms RaceIn the greater Seattle-Tacoma area, an arms race continuesbetween hospitals to gather the most modern technology available touse on their patients – currently this arms...
- Q (Capital Gains and Losses – Introduction).In 2018, Steven Spielberg (single) has $5,000 of net short-termcapital loss and $17,000 of net long-term capital loss. In 2019, hehas $2,000 of net short-term...
- Q Cash $156,500 Accounts Recieveable 116,650 Allowance forDoubtful Accounts $51,250 Supplies 2,950 Prepaid Insurance 1,700Building 260,000 Equipment 125,000 Land 111,500 AccumulatedDepreciation 167,000 Investment in Bonds held to Maturity 24,000Accounts Payable 5,650...
- Q Riverside Inc. makes one model of wooden canoe. Partialinformation for it follows:Number of Canoes Produced and Sold530680830Total costsVariable costs$71,550??Fixed costs148,500??Total costs$220,050??Cost per unitVariable cost per unit???Fixed cost per unit???Total cost...
- Q Coronado Company issues $26000000, 5%, 5-year bonds datedJanuary 1, 2017 on January 1, 2017. The bonds pay interestsemiannually on June 30 and December 31. The bonds are issued toyield 4%....
- Q Entries for Selected Corporate TransactionsMorrow Enterprises Inc. manufactures bathroom fixtures. MorrowEnterprises’ stockholders’ equity accounts, with balances onJanuary 1, 20Y6, are as follows:Common Stock, $10 stated value (550,000 shares authorized,360,000 shares...
- Q Prepare a statement of stockholders' equity forOakwood for the year ended December 31, 2016 based on the followinginformation:Oakwood Inc. is a public enterprise whose shares are traded inthe over-the-counter market....
- Q Your upper management has just realized that the last time acompliance program was done was over 15 years ago, and you aretasked with reviewing and revising it as necessary. How...
- Q Betty DeRose, Inc. operates two departments, the handling department andthe packaging department. During April, the handling department reportedthe following information: ...
- Q Abbeville Company manufactures faucets in a smallmanufacturing facility. The faucets are made from brass.Manufacturing has 90 employees. Each employee presently provides 36hours of labor per week. Information about a production...
- Q Nouveaux Toys Inc., manufactures plastic rubber ducks. In June,Nouveaux reported the following data:a. All direct materials are added at the beginning of theprocess.b. Beginning work-in-process consisted of 3,000 units, 30percent...
- Q During the current year, Hitchcock Developers disposed of plantassets in the following transactions.Feb.10Office equipment costing $24,000 was given to a scrap dealer atno charge. At the date of disposal, accumulated...
- Q Mercury, Inc., produces cell phones at its plant in Texas. Inrecent years, the company’s market share has been eroded by stiffcompetition from overseas. Price and product quality are the twokey...
- Q Transfer pricing involves setting a price on goods that aretransferred between divisions within a single company. Is thispractice necessary? What are the advantages? Disadvantages? What’san appropriate price if it’s going...
- Q For each employee listed, use the wage-bracket method tocalculate federal income tax withholding.1:Phil McGlynn (Married; 3 federal withholding allowances)earned weekly gross pay of $750.Federal income tax withholding = $2:Gary Williams...
- Q Betty DeRose, Inc. operates two departments, the handlingdepartment and the packaging department. During April, the handlingdepartment reported the following information: % complete %complete units DM conversion work in process, April...
- Q Steve Hitchcock is 38 years old today and he wishes toaccumulate $501,000 by his 61st birthday so he can retire to hissummer place on Lake Hopatcong. He wishes to accumulate...
- Q Hepworth Company has implemented a JIT system and is consideringthe use of backflush costing. Hepworth had the followingtransactions for the current fiscal year:1. Purchased raw materials on account for $600,000.2....
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