Accounting question and answers for December 06, 2023
- Q Modified Accelerated Cost Recovery System (MACRS), Election to Expense, Listed Property, Limitation on Depreciation of Luxury Automobiles (LO 8.2, 8.3, 8.4, 8.5) During 2020, William purchases the following capital assets...
- Q Seven stars company is a sole proprietorship operated by Judie, whereas the following transactions have been occurred: 2017 Jul.1 Judie opened a bank account under the name of seven Stars...
- Q What additional activities would a manager undertake, in addition to looking at job cost sheets, to determine whether they can remain competitive? Reviewing financial statements and comparing...
- Q Which qualitative characteristic or assumption is best represented by the following statement? All financial information is given in the same currency.
- Q Perform a horizontal analysis for Davis Inc. Use 2017 as the base year. Do not enter dollar signs or commas in the input boxes. Round your answers to the nearest...
- Q Pronghorn Company discovered an error in its accounting records in 2021. Pronghorn acquired patents costing $345,000 on January 1, 2019. The patents have been amortized on a straight-line basis over...
- Q Teamsters Corporation uses accrual accounting and issues monthly financial statements. On October 28, 2020, the corporation bills clients for services provided during October 2020. This event results in an ...
- Q You have a client (Olga) who has been with your firm for over 10 years. Last year, Olga told you her mother passed away. Since Olga is the only child...
- Q For each of the following transactions, indicate wheth-er a special adjustment must be made in computing R Corporations current E&P. Answer assuming that E&P has already been adjusted for current...
- Q Journalize the following transactions by Flint Printing Company. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No...
- Q The following are the estimated monthly sales and desired ending finished goods inventories for Blushing Company for the fourth quarter ending December 31, as well as the month...
- Q On January 1, 20X1, Pepper purchased 80% interest in Salt for $800K. At the time of the purchase, Salts assets and liabilities were equal to book value except for Inventory,...
- Q 7 Dec31, 2020 the business found unrecorded and unpald salary and wages for $9,500. 35 The owing amount will be paid in next week. 8 Please also...
- Q What are two types of standard cost variances that are used by management to assess both the efficiency and effectiveness of comparing actual hours to standard hours?
- Q The following ledger balance made up a companys trial balance: RM Sales 76,700 Purchases 26,800 Non-current assets 31,400 Payables 18,200 Receivables 32,300 Cash...
- Q A sign that the Federal Reserve is moving to raise interewst rates would be__. a. an increase in bank reserves, b. large purchases of Treasury securities by the...
- Q Trial Balance for the year ended 31 may 2018 Debit Credit ...
- Q The EPA needs to set criteria for the amount of toxic chemicals allowed in freshwater lakes and rivers. A common measure of toxicity is the concentration of the pollutant that...
- Q consider a home mortgage of 125,000 at a fixed apr of 9 % for 15 years. what is the monthly payment. what is the total amount paid ? what percentage...
- Q Paul Swanson has an opportunity to acquire a franchise from The Yogurt Place, Inc., to dispense frozen yogurt products under The Yogurt Place name. Mr. Swanson has assembled the following...
- Q Current Year Annual Payroll Information for one Canadian Employee for the current year. Semi-Monthly Payrolls Annual Salary ...
- Q (Treasury Stock Transactions and Presentation) Clemson Company had the following stockholders' equity as of January 1, 2012. Common stock, $5 par value, 20,000 shares issued $100,000 Paid-in...
- Q 1. Adelphi company purchased a bond investment on January 1, 2021. The bonds have a par of $50,000, pay interest at a 3% annual rate and have 10 years until...
- Q On January 1, you win $50,000,000 in the state lottery. The $50,000,000 prize will be paid in equal installments of $6,250,000 over 8 years. The payments will be made on...
- Q Finally, discuss the impact of dumping in global markets by U.S. firms. How does the practice of dumping impact a companys financial statements?
- Q Kramers Company gathered the following reconciling information in preparing its October bank reconciliation: Cash balance per bank statement 10/31 $ 15,800 Outstanding Checks 6,700 Notes receivable and interest collected by...
- Q Unearned revenue is shown on the income statement. True or false A trial balance can be placed directly on a worksheet. true or false
- Q Pawan Corporation acquires all of Sesa Company at an acquisition cost of $80,000,000 in cash. Sesa's reported assets and liabilities are as follows: ...
- Q Production costs chargeable to the Finishing Department in June in Blossom Company are materials $16,968, labor $30,600, and overhead $20,088. Equivalent units of production are materials 20,200 and...
- Q Let the present value from production be equal to V = 100, and this value can move either up (with factor u = 1.3) or down (with factor d =...
- Q selling price per sheet reduction and a 10% increase in the Special Weatherproof Material), calculate the Breakeven Point number of sheets and Breakeven PointLegacy Roofing Global Ltd specialises...
- Q Illustrate the effects on the accounts and financial statements of recording the following transactions: a. Sold merchandise for cash, $18,500. The cost of the merchandise sold was $11,000. b. Sold...
- Q In December 2018, JCOV Bhd increased the operating capacity of its business. Due to a lack of liquid funds JCOV Bhd was unable to buy the required machine which had...
- Q A number of business transactions carried out by Fordy, Inc are as follows Feb 4 Deposited 80000 received from the sale of capital stock. Feb 5 Borrowed 100,000 from the...
- Q Swifty Beauty Corporation manufactures cosmetic products that are sold through a network of sales agents. The agents are paid a commission of 19% of sales. The income statement for the...
- Q You have been asked to prepare a December cash budget for Ashton Company, a distributor of exercise equipment. The following information is available about the companys operations: ...
- Q Consider two people age 40. What is the actuarial present value of a pension that pays $50,000 per year as long as at least one of the two 40-year-old...
- Q Please tell me the answer of each along with step by step explanation
- Q Norr and Caylor established a partnership on January 1, 2017. Norr invested cash of $100,000 and Caylor invested $30,000 in cash and equipment with a book value...
- Q A company records sales tax at the time a sale is made. In October, company sales were $34,000. The sales tax rate is 8.1% Which entry should the company use...
- Q CarlaFurniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $5,500,000 on January 1, 2020. Carla expected to complete the...
- Q Anna, Elsa, Kristoff and Sven are partners sharing earnings in the ratio of 3/21, 4/21, 6/21 and 8/21. the balance on their capital accounts on december 31, 2020 are: anna,...
- Q Cost method consolidation entries (controlling investment in affiliate, fair value differs from book value) Assume on January 1, 2020, an investor company purchased 100% of the outstanding voting common stock...
- Q a guarANTIEED PAYMENT IS A
- Q Cullumber Warehouse distributes hardback books to retail stores and extends credit terms of 4/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred....
- Q A company applies overhead using machine hours and shows the following information. Compute the variable overhead variance. Actual hours of machine use 11,000 hours Standard hours of machine use (for...
- Q Syahril runs a fast-food outlet in Kuala Terengganu. The outlets statement of profit and loss for the year ended 31 August 2015 is as follows: ...
- Q Selected cost data for DD Manufacturing are as follows: Estimated manufacturing overhead cost for the year 100,000.00 Estimated direct labor costs for the year 80,000.00 Actual manufacturing overhead costs for...
- Q Question 30 of 75. All of the following are steps in the judicial foreclosure process EXCEPT: A) The court issues a decree of judgment. B) A notice of sale is...
- Q of budgeted merchandise purchases for the month of June. 1. Expected sales: June $480,000, July $576,000. 2. Cost of...
- Q An automotive manufacturer is setting up capacity in China and North America for the next 2 years. The annual demand in each market is 3 thousand automobiles and it is...
- Q Mocha Company manufactures a single product by a continuous process, involving three production departments. The records indicate that direct materials, direct labor, and applied factory overhead for Department...
- Q A company records sales tax at the time a sale is made. In October, company sales were $34,000. The sales tax rate is 8.1% Which entry should the company use...
- Q When variable overhead spending variance is unfavorable, it can be safetly assumed that
- Q Question 1 The balance sheet equation can be expressed as: Assets = Liabilities + Owners' equity Assets - Liabilities = Owners' equity Assets - Ownership equity = Liabilities All of...
- Q On January 1, 20X1, Pepper purchased 80% interest in Salt for $800K. At the time of the purchase, Salts assets and liabilities were equal to book value except for Inventory,...
- Q Suppose it is year-end, and a firm has a reported net income of $1,500,000, Management decides to pay dividends of $600,000. What is the firms payout ratio? Select one: a....
- Q For the year ended December 3 1 , 2 0 2 4 , Fidelity Engineering reported pretax accounting income of $ 1 ,...
- Q Taxes on cigarette would be considered an economic consideration. A True B False (Personal note, I thought it might be a sin tax not economic so I'm not sure.)
- Q A new machine costs $120,000, has an estimated useful life of five years and an estimated salvage value of $15,000 at the end of that time. It is expected that...
- Q Farewell Boating Company manufactures special metallic materials and decorative fittings for luxury yachts that require highly skilled labor. Allen uses standard costs to prepare its flexible budget. For the first...
- Q On 1 January 2018, VIVI Bhd (VIVI), a company which operates a retail business, signed a contract to lease a shop lot at Quill City Mall from Wealthy Properties Bhd...
- Q The persons who manage the McGrath Trust funds (its trustees) a. Are agents of the people who donate to the trust b. Have beneficial ownership of the money...
- Q For each of the following transactions for the Brazos Co., indicate the account that is debited and which is credited on the transaction date. Brazos provides a service to...
- Q Flounder Corporation began operating as a business in 2020. During January 2021, the company paid $296500 in design costs to develop its trademark and $244000 in legal and...
- Q Perrette Motor Company rebuilds automobile engines that have been damaged or are in need of extensive repair. The rebuilt engine has a 100,000-mile warranty and is purchased by auto shops,...
- Q Environmental Accounting and Sustainability Reporting - Brief Information Step 1: Data Collection and Measurement Environmental accounting involves the systematic collection and measurement of data...
- Q true or false The true test of supplys contribution is when the chief executive officer and the management team recognize the value of supply and suppliers in reducing...
- Q Meir, Benson, and Lau are partners and share income and loss in a 1:4:5 ratio (in percents: Meir, 10%; Benson, 40%; and Lau, 50%). The partnership's capital balances are as...
- Q On June 30, Year 3, Vernon Companys total current assets were $503,000 and its total current liabilities were $279,000. On July 1, Year 3, Vernon issued a long-term note to...
- Q Prepare the balance sheet of ABS-CBN based on the following financial data. Net Sales P 1,500,000 Total asset turnover 3.0 times Fixed asset turnover 8.0 times Account receivable turnover 20...
- Q The following information for the past year is available from Gas Company, a company that uses machine hours to apply standard factory overhead cost to outputs: ...
- Q Mike and Betty Booth are retired and enjoy their golden years with sailing, spending time with their grandchildren, and participating in charitable activities. For 2019 they receive the following taxable...
- Q Using the annual financial statements and other research, explain the stock structure of Costco. What elements comprise their capital structure? What is the history of Costco's growth? Look up the...
- Q Spencer promised to pay Georgina $4,000 for building a deck adjacent to his house. The terms of the contract included the dimensions, the type and quality of lumber, and a...
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