Accounting question and answers for December 08, 2023
- Q Services revenue 94,000 Salaries expense 37,000 Depreciation expense 11,600 Interest revenue 10,400 Dividends 18,500 Utilities expense 4700...
- Q Which of the following accounts is not classified as a current liability? Multiple Choice Unearned revenues. Accounts payable. Notes payable (due in...
- Q Required information Problem 6-36(LO 6-2)(Algo) Skip to question [The following information applies to the questions displayed below.] Rubio recently invested...
- Q Sarah was recording an expense on a T-account. Cash expenses totaled $1,100 and expenses paid by credit card or check totaled $9,100. Which of the following...
- Q Which of the following is not a result when a sole proprietorship terminates?
- Q fInspection of records and documents relates to the auditor's examination of entity accounting records and other information. One issue that affects the reliability of documentary evidence is whether the...
- Q A short-term investment is considered a cash equivalent if it is highly liquid. readily convertible into an unknown amount of cash. within 120...
- Q In its first year of operation, Flip Co, which uses the perpetual method and records purchases at net, buys two lots of sweaters, 1/10, n/30: the first lot...
- Q Fox, the sole shareholder in Fall, a C corporation, has a tax basis of $60,000. Fall has $40,000 of accumulated positive earnings and profits at the beginning of...
- Q 6. SBI considers acquiring new computer equipment. The computer will cost 1,60,000 and result in a cash savings of 70,000 per year (excluding depreciation) for...
- Q In which of the following cases may the taxpayer claim head of household filing status? The taxpayer is single and maintains a household that is the principal place...
- Q All of the following are possible sources of taxable income available to realize a tax benefit for deductible temporary differences except: A) future taxable income exclusive of...
- Q The accountants at French Perfumery have decided to increase the price of a scent LOl, L03 called Breezy by 10%, from $6.00 per bottle to $6.60. French's...
- Q Financial Statements of a Manufacturing Firm The following events took place for Rockhaven Biking Inc. during February, the first month of operations as a producer of road...
- Q which of the following assumes that the financial statements of a business can be prepared for specific periods?
- Q .1. What is a static planning budget?
- Q Question 1 of 2Swifty Corp's statement of financial position at the end of 2022 included the following items:Current assets$1,255,000-/10:LandBuildingsEquipmentAccumulated depreciation-buildings327,00031,300$1,193,5001,270,000Bonds payable1.191,000194,000Accumulated depreciation-equipment(148,000)Common sharesRetained earnings186,000>
- Q Which of the following are internal controls for checks? Multiple select question. Checks should be sequentially prenumbered. Checks for large amounts should require two signatures....
- Q (c) What analysis issues must we consider with respect to reported warranty liabilities? Answer 3 Warranty liability at any given time should...
- Q Required information Skip to question [The following information applies to the questions displayed below.] Washburn Associates has two divisions. Western Division, which has...
- Q The City of South River budget for the fiscal year ended June 30,2024, included an appropriation for the City in the amount of $8,900,000 and estimated revenue...
- Q Larry and Paula are a married couple who file their federal income tax returns separately. They are both over 65 and still provide full support for a son...
- Q For each of the following actions, indicate in which of the six steps (1 through 6) of the tax research process the action would occur.
- Q On January 1,2022, Adam Co. acquired 15,000 shares of Conor Company for $175,000 giving Adam a 10% ownership of Conor. Adam appropriately accounts for this investment using the...
- Q State briefly the rules of debit and credit as applied to asset accounts and as applied to liability and owners' equity accounts.
- Q ????????????????stockreferstocommonstockthatvestsafteraspecifiedperiodoftime. Multiple choice question. Lump-sum Calculated Restricted Vested
- Q A law firm received 3110 cash for legal services to be rendered in the future. The full amount was credited to the liability account unearned service revunue. If...
- Q Betty purchased an annuity for $75,000 in 2013. Under the contract, Betty will receive $500 each month for the rest of her life (beginning in January of 2024...
- Q One internal control safeguard is to assign all the duties of receiving, depositing, and recording cash to one employee. true or false?
- Q the most recent example of the political process at work in standard setting is the controvercy surrondong tje
- Q Carl Conch and Mary Duval are married and file a joint return. Carl is retired US Army but likes to stay busy, and so he works as a...
- Q A company provides you with the following information. How much is the company's ending retained earnings? Retained earnings, beginning 4,000 Net income 15,000 ...
- Q The accountants at French Perfumery have decided to increase the price of a scent LOl, L03 called Breezy by 10%, from $6.00 per bottle to $6.60. French's...
- Q Compliance with the Sarbanes-Oxley Act is required forAforeign companies traded in or that do business in the United States.BAll of these answer choices are correct.private companies planning their...
- Q The cash cycle time equals: Group of answer choices Delivery cycle time Inventory period + manufacturing cycle time + accounts receivable time ...
- Q A limited liability company (LLC) offers the limited liability of a partnership or proprietorship and the tax treatment of a corporation. Group startsTrue or False
- Q TB MC Qu.11-47 The following information was available... The following information was available for the year ended December 31,2022: Net income $ 50,000...
- Q . To avoid the terminable interest limitation on the marital deduction, a QTIP election is made. a. True b....
- Q Which of the following must be reported to those charged with governance? Select answer from the options below Significant deficiency only Material weakness only ...
- Q The process of allocating the cost of buildings, vehicles, and equipment to the accounting periods in which they are used is called:
- Q A company provided services for $80,000, accepting a 12% note for the services. This transaction would include a:
- Q ights, Camera, and More sells filmmaking equipment. The company offers three purchase options: (1) pay full cash today, (2) pay one-half down and the remaining one-half plus 10%...
- Q Select all that apply The break-even point can be affected by Blank______. Multiple select question. net operating income sales...
- Q Module 2 case study, Annies homemade ice cream
- Q A cost that does not change with changes in volume of activity is called a _______blank cost. multiple choice fixed variable mixed step-wise curvilinear...
- Q The bank will show a customer's deposit on bank statements as a Blank______. Multiple choice question. debit, because cash is an asset debit,...
- Q In 2024 Don died with a gross estate valued at $27,000,000. The total debts and expenses deducted on the estate tax return were $170,000. Don left one-third of...
- Q Filmore Corporation manufactures artificial limbs for humans. Filmore is a publically traded company with approximately 30 million shares outstanding. However, Filmore has recently had quality control issues in...
- Q Kayla and Ben were married in November of the current year. What will be their filing status for the current year? Multiple choice question. Single because they...
- Q Jackson and Kade exchange the two properties but Kade has to give Jackson an additional $25,000 in cash. The fair market value of Kades property is...
- Q Select all that apply The definition of inventory includes which of the following items? (Select all that apply.) Multiple select question. items currently in...
- Q Select all that applySelect all that apply What type of expenditures should be included in the cost of inventory of a manufacturing company? (Select all that apply.)...
- Q Managerial decisions based on activity-based costing (ABC) information can only affect volume-related, batch-related, and product-related costs. True or False
- Q Which of the following cost drivers is probably INCORRECT? Group of answer choices Labor hours for labor-intensive activities Machine hours for payroll-related activities...
- Q Sampson Co. sold merchandise to Batson Co. on account, $46,000, terms 2/10, n/30. The cost of the goods sold is $38,500. Batson Co. paid the invoice within the...
- Q When calculating return on net operating assets, interest expense net of tax is added back to net income for purposes of calculating the numerator. What tax rate should...
- Q A company is developing its annual budget. The companys products are made to order and shipped immediately. The controller has information on the following accounts: Raw...
- Q The IRS allows you to reduce your adjusted gross income by either the amount of your standard deduction based on your filing status, or by the sum of your...
- Q Which one of the following accounts is the most liquid? A. Building B. Equipment C. Cash ...
- Q If someone paid $35,000 in mortgage interest based on an interest rate of 5.5%, how much can they deduct?
- Q Which is the information used by the auditor as the support for the auditors opinion? Select answer from the options below Audit list Audit evidence Audit program...
- Q Swade Records, Inc., produces small-run vinyl records for independent bands in the Boston area. Swade Records, Inc., is a calendar year-end company that uses the straight-line method...
- Q Taxable income (TI) is computed after subtracting from adjusted gross income (AGI) the standard deduction or itemized deductions.
- Q valuation date. The donor's adjusted basis, including gift tax paid, and the fair market value (FMV) on the date of the gift. You do not need any information,...
- Q 1. Which of the following is not a qualitative characteristic of accounting information according to the FASBs conceptual framework? a. Predictive value b. Neutrality...
- Q Firebaugh Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year: Raw materials purchased on account$520,000Raw materials (all...
- Q solve the following: On January 1, Year One, the Juneberry Company was started when owners contributed cash of $800,000 to start operations. During the first year, the...
- Q Question Mode Multiple Choice Question What are the tax consequences for a taxpayer who dies before recovering his investment in an annuity contract? Multiple choice question. ...
- Q what are accounting standards? the rules for performing an audit. the technique financial managers use to try to quantify the benefits, costs, and risks of an investment. the rules...
- Q Manufacturing costs during the period include all of the following EXCEPT direct labor applicable to production selling expenses related to goods manufactured direct materials used ...
- Q where do you get 1.65?
- Q In the liquidation of a partnership, any gain and loss on the realization of noncash assets should be allocated
- Q Jones Auditing firm sent their auditors to check on the equipment owned by their client and reconcile it on the list of assets. Which type of audit procedure is...
- Q A taxpayer received rental income of 10000 and had expenses of 3000 from renting their condo. This income should be reported on schedule e. Is this true? ...
- Q Which of the following most negatively affects balance sheet quality? Significant cash balancesradio button unchecked1 of 4 Low accounts receivable (A/R) balancesradio button unchecked2 of...
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