Accounting question and answers for December 04, 2023
- Q Consider a company with revenues of $20 million this year. The company is projected to grow its revenues 10% over the next year. What is its projected free cash flow next...
- Q On September 1, the Stan Still Stationery Store sells $2,710 of office supplies on account to Reid Enright Tutoring Services with credit terms of 3/10, n/20. On September 8, Reid...
- Q Mr. Siddharth has a property whose municipal valuation is Rs. 4,00,000 p.a. The fair rent is Rs. 1,50,000 p.a. and the standard rent fixed by the Rent Control Act is Rs....
- Q It is almost the end of a busy workweek. You feel you have been confronted by every challenge imaginable. You just received a panicked call from your immediate supervisor, Julianne...
- Q Garden Gloves has issued 50000 ordinary shares of 50 cents each and 20000 7% preference shares of $1 each. Its profit after taxation for the year to 30 September 2020...
- Q On 1 August 2017, John commences work as a Project manager being paid a salary of $125,000 up to 30 June 2018. On the same day, he also completes a...
- Q During 2021 an individual sold various personal items as follows: furniture $8,000; jewellery $10,000; automobile $29,000; gold coins $9,000. The cost base of these items is as follows: furniture $11,300;...
- Q Contribution margin can be calculated in a lot of different ways and can certainly be used in many different ways. When we break it down to basics, however, it's a...
- Q Calculate the Operating cash flow (OCF) form the following statement of profit or loss.Statement of profit or lossRevenue $46?200Expenses ...
- Q The cash book balance of company A is $360.00. The bank statement, issued on the same day, shows bank charges of $8.00. Outstanding checks amount to $175.00, and the last...
- Q What is audit evidence? Please discuss the appropriateness and sufficiency of audit evidence. What are some examples of audit procedures used to obtain audit evidence? What are tests of controls? What are some...
- Q Lopa has a feedlot that holds 325 calves. She bought 300 medium-frame steers weighing 600 pounds. She wants an average gain of2 pounds per day. She will need to feed...
- Q The returns on a stock for the last 6 years have been -25%, 28%, 16%, -30%, 31%, and 4%.Assuming that you purchased the stock for $200.00 six years ago and...
- Q Regal Limited is an investment company that invests in various assets, which it then holds for capital appreciation. None of the company's assets are held for speculative purposes and, where...
- Q Ms. Raheja is a Finance Manager in Wisdom Ltd. The company has provided him with rent-free unfurnished accommodation in Mumbai. License fee for the accommodation is Rs. 6,500. She gives...
- Q A businessperson is planning for retirement, and is winding down the business by selling the rental properties. By the end of 2020 there were two buildings left. During 2021 both...
- Q A company has target of earning $80,000 profit from sales of goods. Profit margin for each unit is expected to be 10$. How many units company needs to sell in order...
- Q Danilo is 67 years old, retired. During 2021 he received his lump sum retirement pension from his former employer of 8 years in the amount of P4,000,000. His net income...
- Q Mr Kan is an auditor in KPMG, Malaysia. Mr Kan conduct audit to one of the major client for KPMG, Kamuda Bhd (Kamuda). Kamuda is selling and distribute the water...
- Q Copper International is a U.S. based company that would like to invest in a project in Europe. The initial cost of the project is €12 million. It is expected to...
- Q CSM Inc. has the following balance sheet (in $000):Assets: ...
- Q The project manager, Ray William, has asked you to call two subcontractors to set up a meeting for tomorrow morning to discuss some urgent work to be completed, as the...
- Q General Motors Data for the year ended December 31, 2023:ItemAmountTotal Assets$2,000,000,000Total Liabilities$1,500,000,000Shareholders' Equity$500,000,000Revenue$1,300,000,000Operating Expenses$800,000,000Requirements:Calculate General Motors' debt-to-equity ratio.Determine General Motors' net profit margin.Analyze the impact of total assets on General Motors'...
- Q Company: Apple Inc. Data for the year ended December 31, 2023:ItemAmountRevenue$1,500,000,000Cost of Goods Sold$900,000,000Operating Expenses$400,000,000Income Tax Expense$60,000,000Net Income$140,000,000Requirements:Calculate Apple's gross profit margin.Determine Apple's operating profit margin.Discuss the effect of operating expenses on...
- Q Data for the year ended December 31, 2023:ItemAmountRevenue$900,000,000Cost of Goods Sold$500,000,000Operating Expenses$300,000,000Income Tax Expense$40,000,000Net Income$60,000,000Requirements:Calculate IBM's gross profit margin.Determine IBM's operating profit margin.Discuss the effect of operating expenses on IBM's...
- Q Facebook (Meta Platforms Inc.) Data for the year ended December 31, 2023:ItemAmountTotal Assets$1,800,000,000Total Liabilities$1,100,000,000Shareholders' Equity$700,000,000Revenue$1,400,000,000Operating Expenses$800,000,000Requirements:Calculate Facebook's debt-to-equity ratio.Determine Facebook's net profit margin.Analyze the impact of total assets on Facebook's financial...
- Q Company: Goldman Sachs Data for the year ended December 31, 2023:ItemAmountTotal Assets$3,000,000,000Total Liabilities$2,000,000,000Shareholders' Equity$1,000,000,000Revenue$1,500,000,000Operating Expenses$900,000,000Requirements:Calculate Goldman Sachs' debt-to-equity ratio.Determine Goldman Sachs' net profit margin.Analyze the impact of total assets on Goldman Sachs'...
- Q Johnson & Johnson Data for the year ended December 31, 2023:ItemAmountTotal Assets$2,300,000,000Total Liabilities$1,600,000,000Shareholders' Equity$700,000,000Revenue$1,200,000,000Operating Expenses$700,000,000Requirements:Calculate Johnson & Johnson's debt-to-equity ratio.Determine Johnson & Johnson's net profit margin.Analyze the impact of total assets...
- Q McDonald's Corporation Data for the year ended December 31, 2023:ItemAmountRevenue$1,200,000,000Cost of Goods Sold$700,000,000Operating Expenses$400,000,000Income Tax Expense$50,000,000Net Income$50,000,000Requirements:Calculate McDonald's gross profit margin.Determine McDonald's operating profit margin.Discuss the effect of income tax expense...
- Q ATTACK Company's Statement of Comprehensive Income in 2023 presented Sales Revenue amounting to P3,000,000 and Cost of Goods Sold of P1,700,000. Its 2023 Statement of Financial Position...
- Q On December 31, 2019, Remburn Inc. purchased 80% of the outstanding voting shares of Stanton Inc. for $350,000 plus a commitment to pay an additional $150,000 in two years if...
- Q The budget committee for Amacom Company, with the help of the district sales manager, projects sales of 80,000 units of its primary product next year. The budget committee...
- Q ExxonMobil Data for the year ended December 31, 2023:ItemAmountRevenue$1,100,000,000Cost of Goods Sold$600,000,000Operating Expenses$400,000,000Income Tax Expense$70,000,000Net Income$30,000,000Requirements:Calculate ExxonMobil's gross profit margin.Determine ExxonMobil's operating profit margin.Discuss the effect of income tax expense on...
- Q The manufacturing overhead budget at Rotring Corporation is based on budgeted direct labor-hours. The direct labor budget indicates that 2,800 direct labor-hours will be required in September. The variable overhead...
- Q On June 30, Year 3, Stuart Companys total current assets were $499,500 and its total current liabilities were $279,500. On July 1, Year 3, Stuart issued a short-term note to...
- Q On 1 January 2013, Panama purchased an item of property, plant and equipment for K12 million. Panama uses the revaluation model to value its non-current assets. The asset has zero...
- Q Q # 1 Distinguish between capital expenditures and revenue expenditures Q # 2 National company acquired a machine on January 01, 2005 at a list price of Rs....
- Q At January 1, 2021, Caf Med leased restaurant equipment from Crescent Corporation under a nine-year lease agreement. The lease agreement specifies annual payments of $25,000 beginning January 1, 2021, the...
- Q Select an organization- Choose what Training you would like to offer. Design Training and Development Process for same.
- Q Using pre-numbered sales invoices is the primary control procedure for: O Ensuring that all sales transactions are recorded O Ensuring that all recorded sales transactions are valid O None...
- Q Harlan Corporation deposits $250,000 every June 30th and December 31st in a savings account (beginning in the current year) for the next three years so that it can purchase a...
- Q Ryan 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 Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in the Mixing Department. The company uses the...
- Q Glendale Manufacturing Ltd. owns equipment that was purchased on January 1, 2015, for $100,000. The equipment, which has a 10-year useful life and no residual value, has since been...
- Q Skip HW Chapters 4 & 25- Operating and Nonoperating, Time Value of Money Navigation M4-24.Stat eBook Print Question 2IncorrectMark 0.00 out of 10.00...
- Q Alex and Bess have been in partnership for many years. The partners, who share profits and losses on a 60:40 basis, respectively, wish to retire and have agreed to liquidate...
- Q Just need help on 3 Waterway Corporation had the following selected transactions in the month of March. The company adjusts its accounts monthly. 1. ...
- Q Swifty Company sells 8% bonds having a maturity value of $3,000,000 for $2,772,550. The bonds are dated January 1, 2020, and mature January 1, 2025. Interest is payable annually on...
- Q You are a CPA working for a local firm and have been assigned the 2019 tax return of Bobby Crosser. In going over the data that Bobby gave the firm,...
- Q If a straight-line method of amortization of bond premium or discount is used then
- Q 19. Company A issued bonds on January 1, 201 under the following conditions. -Debenture period: January 1, 201 to December 31, 203 (one-time repayment) -Interest: 6%...
- Q University has provided the following data to be used in its service department cost allocations: Service Departments Operating...
- Q EX 3-42 Hunter & Sons sells a single model of meat smoker for use in the home. The smokers have the following price and cost characteristics. ...
- Q Vaughn Industries reported the following information for December: Beginning balance, Raw Materials Inventory $187200 Beginning balance, Work in Process Inventory 306000 Beginning balance, Finished Goods Inventory 108000 Manufacturing overhead applied...
- Q how can calculate 54) At January 1, 2021, Eddy Corporation had the following share capital: $ 2 Preferred shares, noncumulative, 500,000 shares authorized, 1,000 shares issued $ 650,000 Common shares,...
- Q The following percentages apply to Thornton Company for 2018 and 2019: 2019 2018 Sales 100.0 % 100.0 % Cost of goods sold 61.0 64.0 Gross margin 39.0 36.0 Selling and...
- Q As an employee of the foreign exchange department for a large company, you have been given the following information. Beginning of Year Spot rate of = $1.596 Spot rate...
- Q Thompson Industrial Products Inc. (TIPI) is a diversified industrial-cleaner processing company. The companys Dargan plant produces two products: a...
- Q A local business has asked you to consult about the direction and growth of their business. Not all information is available use web searches/personal knowledge to make reasonable assumptions...
- Q ri-State Bank and Trust is considering giving Swifty Company a loan. Before doing so, management decides that further discussions with Swiftys accountant may be desirable. One area of...
- Q Janay Lewis has the following capital gain and loss transactions for 2019. Short-term capital gain $150,000 Short-term capital loss (360,000) Long-term capital gain...
- Q Corporation uses the percentage-of-sales method to estimate uncollectibles. Net credit sales for the current year amount to $5,000,000, and management estimates 3% will be uncollectible. Allowance for Doubtful Accounts prior...
- Q PLEASE ANSWER ALL MY QUESTIONS! 1. Timeton Inc. and Roseton Inc. purchase identical assets for $850,000 each. The assets of both the companies are estimated to have same life. However,...
- Q X Company currently makes a part and is considering buying it next year from a company that has offered to supply it for $17.02 per unit. This year, total costs...
- Q Macon Company supplied the following data and information on inventories at the end of the current year: January 1 December 31 Materials $21,000...
- Q P6.15 Consolidation Working Paper Eliminations, Intercompany Transactions, Noncontrolling Interest, IFRS Adaris Group, headquartered in the UK, owns a 70 percent interest in Adaris Malaysia. The acquisition cost was 250...
- Q How do you model a collapsed sub proces Yannis is planning a trip to Hawaii with a friend. They first decide when to go and how much they can afford...
- Q *** please don't use handwriting use your keyboard.. **** please don't copy and paste, I need unique and new answer thank you**** ACC 403 Question 1: The correct and complete...
- Q 20X9 ASSETS CURRENT Cash 564,911 Trade and...
- Q Which of the following is not a relational database management system (RDBMS)? A) MySQL B) MongoDB C) Oracle D) PostgreSQL...
- Q Project S has a cost of $10,000 and is expected to produce benefits (cash flows) of $3,500 per year for 5 years. Project L costs $25,000...
- Q Kowkeela has recently opened The Cooker Shop, a store that specializes in one type of cooker. Kowkeela has just received a degree in business and she is anxious to apply...
- Q 3. Spring Company, a traditional department store that has just started to run an online website in an effort to remain competitive in the retail industry, purchased a delivery truck...
- Q Thomas Taylor is the CEO of Taylor Industries. Thomas is interested in purchasing new pollution abatement equipment because the current equipment is outdated and not efficient. The controller of the...
- Q Nazifa commenced a trading business which has been in operation for five years and makes up its accounts on 31st December annually. Details of Nazifas existing non-current assets for the...
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