Accounting question and answers for December 08, 2023
- Q The current ratio: Question 19 options: Is used to measure a company's collection period. Is used to measure the relationship between assets and...
- Q George operates a business that generated revenues of $50 million and allocable taxable income of $560,000. Included in the computation of allocable taxable income were $900,000 of business...
- Q Wheeling inc uses the aging of accounts receivable method. It estimates of uncollectible receivables is $107000. What is the estimated bad debt expense for the current year ...
- Q Assume an accounting professor at the University of Texas devotes 60% of her time to teaching, 30% of her time to research and writing, and 10% of her...
- Q Employers who file form 941 electronically are given an extra 10 days from the normal due date to make their deposits true or false
- Q On October 1, Johnsons paid $600 to the local newspaper for an advertisement to run every Thursday for 12 weeks. All ads have been run except for three...
- Q With reference to profitability, Net margin =________. With reference to profitability, Net margin =________. Net Income/Inventories Net Income/Debts ...
- Q Multiple Choice Question On December 1, Hansen Co. borrows $100,000 cash from National Bank by signing a 90-day, 6% interest-bearing note. On December 31, Hansen will record an...
- Q At a manufacturing facility, entry-level accountants are paid $42,000 and entry-level mechanical engineers are paid $55,000. This shows how the relative pay varies for different jobs at the...
- Q For the year ended December 31,2025, Oriole Inc. reported the following: Net income $290000 Preferred dividends declared 50500 Common dividends declared 9300...
- Q The ratio of fixed expenses to the contribution margin ratio is the Group of answer choices indifference point. sensitivity analysis. fixed cost ratio. break-even...
- Q the beginning finished goods inventory plus the cost of goods manufactured equals
- Q A cost incurred several years ago that can not be changed and should not influence current business decisions is called __________. A sunk...
- Q The following is the ending balances of accounts at December 31,2024, for the Weismuller Publishing Company.
- Q Required information Skip to question [The following information applies to the questions displayed below.] Data for Hermann Corporation are shown below: Per...
- Q what is fifo periodic method?
- Q Tucson Fruits leased farm equipment from Barr Machinery on July 1,2016. The lease was recorded as a sales-type lease. The present value of the lease payments discounted...
- Q Question 5 of 6 Aug. 31,,720 Dec. 31 Bal. vv Unearned Service Revenue 1,408 Sept. 4 Dec. 31...
- Q 1) Define and distinguish between the cash-basis system, the accrual-basis system, and the accrual-adjusted approach. (Points: 10)
- Q Land used in the operations of the business is classified under __________ on the balance sheet. a. current assets b. current liabilities ...
- Q An employee turned 18 on July 10,2021. What is the maximum annual Qubec Pension Plan contribution for this employee? Question 24 options: ...
- Q Financial analysis Group of answer choices uses historical financial statements to measure a company's performance and in making financial projections of future performance. uses historical financial...
- Q A company had an average inventory balance during a year of $53,000. During the year, the company sold inventory to customers at a price of $770,000. The total...
- Q Total Hardware Linens Sales $ 4,230,000 $ 3,060,000 $ 1,170,000 Variable expenses 1,256,000856,000400,000 Contribution margin 2,974,0002,204,000770,000 Fixed expenses 2,230,0001,410,000820,000 Net operating income (loss) $ 744,000 $ 794,000 $...
- Q jamalis single he borrowed 900000 and purchased a new mail home in march of 2020 he will be itemizing his deductions. on what portion of the acquisition...
- Q You cannot access your QuickBooks Online subscription from any device except your PC. ...
- Q Scenario 6: Lucas and Abigail Brown Lucas and Abigail are married and want to file a joint return. Lucas earned $35,000 in wages and Abigail earned...
- Q Costs related to manufacturing products typically include Multiple select question. direct labor selling expense administrative expense raw materials overhead
- Q The method of cost accounting that lends itself to breakeven analysis is A. Absorption costing. B. Standard costing. C. ...
- Q Assuming the company has no alternative use for the facilities that are now being used to produce the carburetors, what would be the financial advantage (disadvantage) of buying...
- Q The cost of goods not yet sold is recorded in the Blank______ account, whereas the cost of goods that are sold to customers is recorded in Blank______. ...
- Q Mason's mom is retired and received $18,400 in social security benefits in 2023. This was her only source of income in 2023. Mason's mom saved $1,000 of the...
- Q Which inventory account consists of the cost of items for which the manufacturing process is complete? Multiple choice question. Work-in-process inventory Finished goods inventory...
- Q Depreciation on the companys equipment for the year is $6,000. The Prepaid Insurance account had a $4,650 debit balance before adjustment. An examination of...
- Q A $885 credit to Service Revenue was posted as a $885 credit to Deferred Revenue. Yes No Debit Credit
- Q Internal auditors assist external auditors with financial audits to Group of answer choices reduce audit fees ensure independence represent the interests of management the...
- Q Under the cash method, taxpayers recognize income in the period they it, rather than when they actually it.
- Q One of Marcos employees will work four days at the end of this month and will be paid during next months pay period. The employee makes $200 a...
- Q Problem 6-67(Algo) Two-Stage Allocation and Product Costing (LO 6-2,3) Hall, Incorporated manufactures two components, Standard and Ultra, that are designed for the same function, but are...
- Q The activities section of the statement of cash flows indicates how well a company is able to generate cash through its normal business activities and management of working...
- Q Knowledge Check 01 Under the indirect method of preparing the statement of cash flows, increases in current assets should be: multiple choice Deducted...
- Q Capricorn Corporation made a claim to its insurance company for damages caused by a recent storm. Why would this be considered a nontrade receivable? Select answer from the...
- Q Which of the items is stated incorrectly? a. Supplies expense b. Change in amount of wages expense c. Wages expense d. Fees...
- Q letters (a) through (g) represent several recent recent transactions that were posted to some of johnson companys
- Q actory overhead includes all manufacturing costs, including direct materials and direct labor. Group startsTrue or False True, unselectedFalse, unselected
- Q Question Content AreaMerchandise which is not sold at the end of the year is reported on the balance sheet as _____. a. capital stock ...
- Q Managers who are responsible for both revenues and expenses from segments that are often treated as standalone business units are in charge of which type of center? ...
- Q Scholarship income spent on course-required tuition or fees Deduction Capital gains Included in tax credits Contributions to qualified personal retirement accounts (IRAs) ...
- Q Lexington Company engaged in the following transactions during Year 1, its first year in operation: (Assume all transactions are cash transactions.) Acquired $4,100 cash from...
- Q If a fee of $2,630 earned from a client was debited to Accounts Receivable for $2,360 and credited to Fees Earned for $2,630, which of the following statements...
- Q In a perpetual inventory system, freight costs on purchases are Multiple choice question. recorded in a separate Freight-in account. added to the inventory account....
- Q A balance sheet should be dated for a period (such as For the year ended December 31,2006), whereas an income statement should be dated at a point in...
- Q HI I have a questions. I have a QBO account with two bank accounts (personal Checking / Business checking) the personal account has 4 transactions. These need...
- Q ExcelExcel Cruiseline offers nightly dinner cruises departing from several cities on the East Coast of the United States including Charleston, Baltimore, and Alexandria. Dinner cruise tickets sell...
- Q (b) The amount in the Insurance Expense account represents the adjustment made at January 31 for January insurance expense. If the original insurance premium was for one year,...
- Q During the current year, Gerri's employer provides him with a $200 non-cash wedding gift and a $700 non-cash gift as an award for 10 years of service. No...
- Q Activity - based costing provides less detailed measures of costs than do plantwide or department allocation methods more detailed measures of costs than do plantwide allocations but less...
- Q If a service business uses job order costing, __________.
- Q Petunia Inc. has the following statement of financial position information available: 15. Current Assets 16.17.18. Current Liabilities 19. 20. Cash 21. $25,00022.23. Accounts Payable 24....
- Q In Year 2 the company had the following information: Decrease in AP 25,000 Proceeds from issuance of stocks 40,000 ...
- Q IGene claimed the standard mileage rate for a car he placed into service in 2023 for his business. Which of the following is true? ...
- Q To reduce the burden on small firms, the government established a 25 percent deduction of qualified business income from pass through businesses. Group startsTrue or False...
- Q The budget process is a loop that consists of________. Question content area bottom Part 1 A. developing strategies,...
- Q Bear Publishing sells a nature guide. The following information was reported for a typical month:SalesVariable expensesContribution marginFixed expensesNet operating incomeTotalPer Unit$ 17,600$ 16.009,6807,9203,600$ 4,320What is Bear's current break-even...
- Q What it the tax code designation for a non-profit organization?What it the tax code designation for a non-profit organization?401k501c3503bNGO27
- Q A company issued 120 shares of $100 par value common stock for $14,200 cash. The total amount og paid-in capital excess of par is:
- Q Burton Company purchased goods for resale. Burton Company paid some cash for the purchase and the remainder was put on the companys credit accounts with its...
- Q Discount Airlines is preparing a contribution margin report segmented by route. The following information is available: Line Item DescriptionAtlanta/ New YorkMiami/LANew York/ ...
- Q Exercise 6-12(Algo) Time value of money for accounts receivable [LO6-6]1 Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles. The snowmobiles were delivered on...
- Q Crane's standard quantities for 1 unit of product include 2 pounds of materials and 1.0 labor hours. The standard rates are $2 per pound and $5 per hour....
- Q The City of Sharpsburg received a gift of $2,100,000 from a local resident on June 1,2024, and signed an agreement that the funds would be invested permanently...
- Q 1. Revenue recognition definition: Revenue recognition is a generally accepted accounting principle GAAP. Its important to revenue recognition. Revenue is recorded when sales are made or services are...
- Q Exercise 9-23(Algo) Calculate and analyze ratios (LO9-8) Two online travel companies, E-Travel and Pricecheck, provide the following selected financial data: ...
- Q During the 2023 tax year, an S corporation experienced an ordinary loss from operating activities of $160,000 and a long-term capital gain from the sale of investment property...
- Q Financial statements are ___ in nature. Group of answer choices Prescriptive Predictive Descriptive Directive
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