Accounting question and answers for December 10, 2023
- Q the initials GAAP stand for
- Q an accounting report that shows the changes in capital during an accounting period is:
- Q The basic purpose of the matching principle is to allocate the cost of an asset to expense over the years in which the asset contributes to revenue. Current accounting...
- Q BE11-8 Creative Sound Systems sold investments, land, and its own common stock for $40 million, $16 million, and $42 million, respectively. Creative Sound Systems also purchased treasury stock,...
- Q True or false employers must withhold FICA taxes on it payments that are made to independent contractors
- Q A formal budget program will almost always result in: Group of answer choices more cash inflows than cash outflows. decreased expenses. higher sales. a detailed...
- Q Paper Corp. purchased 70% of the outstanding shares of Sand Ltd. on January 1, Year 2, at a cost of $103,110. Paper has always used the equity method...
- Q When our Business pays Cash or a Check for Goods and Services Before Our Business actually Receives any of the Goods or Services, This is Called what Type...
- Q Whst is the total current liabilites?
- Q Net profit margin compares net income before taxes with what other financial statement element?
- Q Swifty Corporation is authorized to issue 24,000 shares of $50 par value, 10% preferred stock and 130,000 shares of $5 par value common stock.
- Q Suppose a company provides services to customers in the current period but does not collect cash from those customers. How will the basic accounting equation be affected
- Q Subject: Capital Expenditures and Depreciable PropertyFor each of the following expenditures, identify whether the expenditure is on account of income (a deductible current expense) or is a non-excluded...
- Q The expense recognition principle dictates that expenses should be recognized in the accounting records in the period after a liability is repaid at the end of each year and...
- Q what is not a financing activity
- Q in a partnership, does net earnings from self-employment affect a partner's bases?
- Q The objectives of cost allocation are to
- Q Would investors be willing to pay more than $500,000 for the restaurant near the campus? What is the maximum price you would be willing to pay...
- Q Which financial statement would best indicate whether the company relies on debt or stockholder's equity to finance its assets?
- Q Is the auditor's liability under common law affected if the third party was unknown rather than known? Explain. Question content area bottom Part 1 ...
- Q Job costing with multiple direct-cost categories, single indirect-cost pool, law firm (continuation of 5-31). Rachel Hamilton, the managing partner of Timlin Associates, asks her assistant to collect details...
- Q A supplier has quoted a $1.5 total labor cost per unit for a part. You have learned that the supplier's ratio of direct labor to indirect...
- Q A company acquires a subsidiary and will prepare consolidated financial statements for external reporting purposes. For internal reporting purposes, the company has decided to apply the initial value method....
- Q What is asset valuation? The evaluation of all assets None of the above A method of evaluating a business The identification of assets that...
- Q A taxpayer is presumed a resident if they live within the state for an aggregate of how many months?
- Q What happens to the accounting equation when a company issues common stock for cash? Assets increase; Owners equity decreases Assets increase; Liabilities increase ...
- Q Diversity, Equity, and Inclusion: What do these terms mean? How can I demonstrate equity and inclusivity in college, at my workplace, and in my personal life? Please provide an...
- Q l. Suppose you borrow $15,000. The interest rate is 7%, and it requires 4 equal end-of-year payments. Set up an amortization schedule that shows the annual payments, interest payments, principal...
- Q Excess tax credit: The corporate tax rate in Canada is 30% and the withholding dividend tax rate is 8%. If Home-depot generates $10,000 of taxable income in Canada and...
- Q In this discussion, you will take the role of manager of technology acquisition at upscale knitwear seller Jon Smedley. The firm is interested in using Knyttan technology as a platform...
- Q You are retired, have $264,500 in your savings, withdraw $2,000 at the beginning of each month, and earn 5.4 percent, compounded monthly. How long will it be until you run...
- Q (4) The advantages of currency swap over parallel loan include the following except a. Reduced the default risk of parallel loans b. Swaps will be capitalized on the balance sheet...
- Q Quantitative Problem 3: Assume today is December 31, 2017. Imagine Works Inc. just paid a dividend of $1.20 per share at the end of 2017. The dividend is expected to...
- Q A firms profit margin is 24%, and its asset turnover ratio is .5. It has no debt, has net income of $15 per share, and pays dividends of $6 per...
- Q A company has $13,500,000 in taxable income. Consider the following corporate marginal tax rates: What is the marginal rate for the company? Taxable income ($) Tax rate...
- Q Your firm is considering purchasing new equipment that would cost $10,000,000($3,000,000 expensed immediately, and the rest depreciated straight-line over 4 years to a book value of zero, after...
- Q A. A zero-coupon bond with face value $1,000 and maturity of five years sells for $741.22. What is it's yield to maturity and what would its yield to maturity be...
- Q State yes or no and briefly state your reason
- Q A bond that matures in 13 years has a $1,000 par value. The annual coupon interest rate is 12 percent and the market's required yield to maturity on a comparable-risk...
- Q Zack has $30,000 in a savings account that earns 2% annually. The interest is not compounded. How much interest will he earn in 3 years
- Q Assume a basic bank as illustrated in the table, with bank equity of $50. RL = interest rate charged on a loan RD = interest rate...
- Q An increase in the expected rate of inflation will _____ the expected return on bonds relative to that on _____ assets. A. reduce; real B. reduce; financial...
- Q Usain Bolt and Yohan Blake are established athletes in Jamaica. During the 2012 London Olympic Games they managed first and second place respectively in the 100m race for men. Bolt...
- Q You have shorted 10,000 shares of Citigroup stock at $40 per share. Assuming a 50% initial margin requirement (IMR) and a 40% minimum maintenance requirement (MMR), at what price...
- Q Stock X has a 10.5% expected return, a beta coefficient of 1.0, and a 35% standard deviation of expected returns. Stock Y has a 13.0% expected return, a beta coefficient...
- Q Lakeside Winery is considering expanding its winemaking operations. The expansion will require new equipment costing $695,000 that would be depreciated on a straight-line basis to zero over the 6-year life...
- Q The Turkish lira (TL) was officially devalued by the Turkish government in February 2001 during a severe political and economic crisis. The Turkish government announced on February 21 that the...
- Q Lou Lewis borrows $33,000 to be repaid over 14 years at 11 percent. Repayment of principal in the first year is: Use Appendix D to calculate the answer. (Round your...
- Q 23. Consider the following limit orders (each for 100 shares) on stock XYZ: Bid Ask $9.04 $9.08 9.03 9.09 9.10 The specialists bid...
- Q The following information describes a companys direct labor usage in a recent period. Actual direct labor hours used...
- Q What would you do if you found out that you misunderstood an important communication on the job?
- Q Assume that stock A and B are priced in equilibium. Given the following information, AM=0.3 BM=0.9 A=6% B=16% M=2% Calculate beta of stock A...
- Q A) A bond with a 7 percent yield to maturity has a duration of 3.2 years. If the bond yield would increase by 0.2 percentage points, the estimated percentage change...
- Q Whirlpool purchases land in Tennessee to build a new factory. This is listed as ____________ on the statement of cash flows. a. a liabilityb. cash flows from operating...
- Q The furniture has an estimated uselful life of nine years and straight line deprection is appiled and furniture is worth 54000 do a genral entry.
- Q 5. As generally conceived, the audit committee of a publicly held company should be made up of: a. members of the board of directors who...
- Q Ashley Garrett operates a flight training school. On occasion, she will provide introductory flight simulator sessions. This month she performed introductory sessions and received $2,500. The sessions...
- Q When calculating the departmental overhead rate, the numerator should be
- Q The area of accounting at serving the decision making needs of internal users
- Q Over a 5-year period, simple interest is Blank______ compound interest on the same note. would it be more or less
- Q he formula for Accounts Receivable Turnover Ratio is:
- Q For a Note issued at a DISCOUNT, as an interest-bearing note, what is the relationship between the following: (answer should be <,=, or >) ...
- Q Accrual accounting recognizes revenues only when cash is received and expenses only when cash is paid.
- Q If a business entity entered into certain related party transactions , it would be required to disclose all of the following information except the ...
- Q Unit Contribution Margin Calculation Lorris income statement is as follows: Sales*$120,000Less variable costs(38,400)Contribution margin$81,600Less fixed costs(19,200)Net income$62,400 *8,000 units sold...
- Q E8.7. Using Accounting Relations (a) Income Statement: Start with the income statement where the answers are more obvious: A = $9,162 B...
- Q Having worked as an individual management consultant, Nicola Nonchev has enjoyed a great dealof success. Her effectiveness has generated a fairly long list of potential clients. Recognizing theopportunities...
- Q Company X manufactures widgets for a cellphone manufacturer. Cost estimates at output 100000 are as follows: direct materials, R500000; direct labour, R400000; production overheads, R350000; non-production overheads, R120000....
- Q Under what conditions will a partner recognize loss in a liquidating distribution?
- Q Post the following transactions to T-accounts and determine each account's ending balance assuming that it is the companys first period of operations. 1. Supplies...
- Q When a parent uses the acquisition method for business combinations and sells shares of its subsidiary, which of the following statements is false?
- Q Would a physical status modifiers required?
- Q You need to save $500,000 for retirement. You plan on retiring in 20 years. Your account earns 4% interest. After you retire you plan on pulling out funds...
- Q There is a ____ relationship between the risk of a security and the expected return from investing in the security. Question 3 options: ...
- Q A $1,000 par value bond has 8 years left to maturity. Its annual coupon rate is 6% and the current annual YTM is 10%. If the bond pays...
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