Accounting question and answers for December 10, 2023
- Q 9. If a GCs pre-bid plug for cabinets is $100,000 and they do not receive a sub bid on bid day, what should they do
- Q In which of the following situations would trust income be taxed to the grantor and the trust assets be included in the grantors gross estate? a revocable trust that paid...
- Q Engle Retail uses a perpetual inventory system. The following is information about one inventory item for the month of May: May 1 Inventory 30 units @ $20 May 3 Sold...
- Q Witt Recreation Company (WRC) makes e-bikes. The company currently manufactures two models, the Coaster and the Traveler, in one of the WRC factories. Both models require the...
- Q Which of the following statements is true with respect to the cost of goods sold account that a merchandiser using a perpetual inventory system would use? Group of answer...
- Q Blueprint Problem: Bonds - Issued at Premium Bonds When a company requires more cash than it currently has, it can acquire this cash very quickly through the issuance of a...
- Q Prior to liquidating their partnership, Pepper and Reynell had capital accounts of $25,000 and $87,000, respectively. The partnership assets were sold for $40,000. The partnership had no liabilities. Pepper and...
- Q Which of the following statements are true? Multiple select question. When materials are purchased they are recorded in the Raw materials inventory account. Raw materials inventory represents the cost...
- Q 2 years ago an asset was bought for $8,000,000. Depreciated 10% on cost per year. It is now revalued at 10,000,000 with no change in useful life. Calculate the asset...
- Q Alpine Luggage has a capacity to produce 200,000 suitcases per year. The company is currently producing and selling 80,000 units per year at a selling price of $160 per case....
- Q Nguyen invested $45,000 in cash to start the business. Paid $12,000 for the current months rent. Bought furniture for $21,160 in cash. Performed services for $16,400 in cash. Paid $2,500...
- Q On September 30, 2018, Bricker Enterprises purchased a machine for 200,000 dollars. The estimated service life is 10 years with a 20,000-dollar residual value. Bricker records partial-year depreciation based on...
- Q Stella Inc must perform maintenance on its performance machinery after every 10,000 units produced. Production varies between 12,000 and 30,000 units a year. The cost of this maintenance would be...
- Q A factory manufactures two main products. Product X has unit costs of production during a trading year as follows: $ Components 325 Labour 240 Production overheads 85 Distribution expenses...
- Q Mrs. Yang is married and does not wish to file a joint return. She provided more than half of the cost of maintaining the home for the tax year, where...
- Q The accounting profession has created standards to provide guidance on how financial information should be recorded and reported. These standards are called: Question 8Select one: ...
- Q what is the beginning balance of an expense account
- Q Regina recently landed her dream job at a local clothes outlet within a few weeks of working in her new employment however she began to engage in fraud when...
- Q What is the most significant limitation of the template method? Select answer from the options below whether the company has a profit or a loss the number of employees in...
- Q Rex Ford established an irrevocable trust for the benefit of his two adult children. Rex named himself as trustee, and provided that trust income was to be distributed at the...
- Q On its December 31,2020, balance sheet, Trump Company reported its investment in equity securities, which had cost $600,000, at fair value of $560,000. At December 31,2021, the...
- Q Task: This assignment takes the form of an email that summarizes a complex data set. First, choose a company and retrieve their most recent 10-K from...
- Q which of the following is not a factor in determining whether an individual has ceased to be a resident of canada
- Q Which tax authority ultimately gives Congress the power to tax income from whatever source derived? Internal Revenue Code (IRC) of 1986. Title 26....
- Q The balance of Prepaid Rent, $7,200, represents payment on October 31,2024, for rent from November 1,2024, to April 30,2025. The balance of Deferred Revenue, $3,000,...
- Q What are tax treaties, and how do they affect international taxation?....
- Q Cullumber Services Inc. accounts for the lease of a truck. The lease includes a residual value guarantee at the end of the lease term of $15,800. Cullumber estimates...
- Q Aaker Corporatian, which has only one product, has provided the following data conceming ts most recent manth pf operalions Selling Price..$99 0Beginning inventory ..... ...
- Q Which of the following accounts has a normal balance that is credit? Group of answer choices Premium on Bonds Payable. None of these. Bond Interest Expense....
- Q Micah has a collection of sneakers. He needed some cash to buy more sneaker. so he sells some of his sneaker. He sold 10 pairs of sneakers for 5,000 He...
- Q Can someone please help. Thank you! On April 20, 2010, an explosion at BP PLCs Macondo well in the Gulf of Mexico caused the largest oil spill and one of...
- Q Captulo 4, pgina 150 P4-1. Anlisis de Transacciones; Entradas de diario; Ajuste de asientos de diario. Jester Entertainment Company inici operaciones el 1 de enero de 2018. La empresa...
- Q The purchase and download of e-books constitutes imported services and Vat of 15% is not applicable. True or False
- Q Reece Enterprises machines heavy-duty brake rotors that are used on commercial airliners. The company's management developed the following standard costs: Standard direct labor hours per...
- Q Converting functional plans into annual dollar requirements is the process of Group of answer choices accounting. budgeting. controlling. financial planning. monetary planning.
- Q ABC Ltd issued 700000 ordinary shares of $1 each at a premium of 80 cents. The terms of issue were that 45 cents on application...
- Q What is audit evidence, and what are the different types of audit procedures used to gather evidence?
- Q XYZ Corporation uses a predetermined overhead application rate of P.30 per direct labor hour. During the year it incurred P345,000 dollars of actual overhead, but it planned to incur P360,000...
- Q On March 31, 20Y9, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture store, are as follows:Accounts Receivable: $170,000Accumulated Depreciation-Building:$756,950Administrative Expenses: $991,400Building:$262,600- Cash: $540,200Common...
- Q Toby has a $10,000 basis in her interest in the TF Partnership before receiving a liquidating distribution that consisted of the following assets:AssetBasisFMVCash$4,000$4,000plastic tubes held in inventory$3,000$5,000drip irrigation pipe held...
- Q A company manufactures bar code scanners on a produce-to-order basis. The company manufactures three models of scanners on the same assembly line. The final assembly has 20,000 hours of weekly...
- Q ?sage hill made a adjusting entry on december 31 ?to debit salaries and wages exp and credit salaires and wages payable for 2320. ?on january 2 ?sage hill paid the weekely payroll for 5880 ?what is adjusting...
- Q Case Study: XYZ Manufacturing Company–Horizontal and Vertical AnalysisBackground:XYZ Manufacturing Company is a mid-sized firm that produces industrial equipment. Thecompany’s management is concerned about its financial performance over the last threeyears...
- Q Consider a power drill that was procured by this retailer for $65. ?Assume a 25% ?annual inventory cost. What are the per unit inventory costs for this power drill (in $ per unit)?
- Q The following balance sheets were prepared for Adam Corporation and Best Company on January 1, 20X2, just before they entered into a business combination:Adam CorporationBest CompanyItemBook ValueFair Market ValueBook ValueFair...
- Q At May 31, 2027, ?the accounts of Oriole Company show the following.May 1 ?inventories-finished goods $12,700, ?work in process $15,100, ?and raw materials $8,600.May 31 ?inventories-finished goods $9,700, ?work in process $17,900, ?and raw materials $7,500.Increases to work in process were...
- Q 1. Industrial Chemical Ltd.(ICL) produces chemical Y. the standard ingredients of 1 kilogram of Y are: 0.65 kilograms of ingredient F @ Sh.40 per Kg ...
- Q Blossom Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan forthe year 2025 ?in which no benefits were paid.The actuarial present...
- Q The long-term risk ratio has Multiple choice question. Book value of common stock in the denominator. PBO in the numerator. PBO less pension assets in the numerator. Market value of...
- Q Please locate the financial statements of your hometown or one that is located near your home. You may be able to find the financial report on the Internet.In 200 words...
- Q wyatt sold a pickup truck for 19000 in an installment sale. he reported his gain in full in the year of sale. two years later the buyer...
- Q On January 1, 2024, ?Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2024 ?and 2025 ?are as follows: 2024 2025Cost Retail Cost RetailBeginning inventory $ 90,000 ?$ 150,000 Purchases 478,000 730,000 ?$ 511,000 ?$ 760,000Purchase returns 2,500 3,500 2,200 4,000Freight-in 6,960 8,000 Net markups 8,500 10,000Net markdowns 4,000 6,000Net...
- Q Where were the auditors? Where were the auditors? This is the question investors and public have been asking after a number of business collapses and accounting scandals...
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- Q The general fund is often considered to be the principal financial statement for a governmental unit. Contrast in detail, its relationship to other funds that are found within the financial...
- Q None of the prepaid rent paid on September 1 by a calendar year cash basis taxpayer for the next 1 8 months is deductible in the current periodPSelect oneO TrueO...
- Q Mrs. Vick, a 40-year-old cash basis taxpayer, earned $45,000 as a teacher and $5,000 as a part-time real estate agent in Year 2. Mr. Vick, who died on July 1,...
- Q The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows:Date Transaction Number of Units Per Unit TotalJan. 1...
- Q Refer to Problem 3.11. ?A 3-in. ?long specimen was cut from the split-spoon sampler for performing a shear strength test. If the specimen was required to be 100% ?saturated for the test, determine:a. ?Saturated unit weightb. ?Moisture content...
- Q 1) In the casting of steel under certain mold conditions, the mold constant in Chvorinov's Rule is known to be 4.0 min/cm2, based on previous experience. The casting is a...
- Q Sierra Corporation had sales revenue of $5,850,000 ?and investment revenue of $227,000 ?for the year ended December 31, 2023. ?Other items pertaining to 2023 ?were as follows:Cost of goods sold$4,610,000Salaries and wages expense (sales)368,000Advertising expense126,000Entertainment expense78,000Selling expenses572,000Salaries and...
- Q You are saving for the college education of your two children. They are two years apart in age; one will begin college 14 years from today and the other will...
- Q Lassie, Co. manufacturers premium dog furniture such as 4-poster beds and chaise lounges. In preparing their annual budgets for 2022, Lassie Co. had estimated the following:Sales Units4,500,000Production Units4,350,000Direct...
- Q For each of the following independent situations described below, calculate the amount ofimpairment loss that should be recognized in Company A's December 31, Year 4, financialstatements. Enter in the designated...
- Q Into what two measures can return on net operating assets be disaggregated?
- Q Ryan corporation incurred the following cost while manufacturing it's product
- Q The actual price per pound of direct materials is closest to:
- Q How might you draw an indifference curve map that illustrates the following ideas?a. Margarine is just as good as the high-priced spread.b. Things go better with Coke.c. A day without...
- Q Andrea is getting a divorce and she has been referred to you by her divorce attorney toprepare Andrea’s current year’s return. In the past, Andrea prepared her and her spouse’sjoint...
- Q E1.8(LO 4,5), AP Writing An analysis of the transactions made by Foley & Co., a certified public accounting firm, for the month of August is as follows. Each...
- Q When consolidating the balance sheets of a parent and its subsidiary at the date of acquisition, consolidation eliminating entries 1. Remove the full balance of the parent’s investment account and...
- Q An accountant prepared the following post-closing trial balance:Security Services Co.Post-Closing Trial BalanceJuly 31, 20Y0Debit BalancesCredit BalancesCash14,000Accounts Receivable31,080Supplies1,960Equipment138,460Accumulated Depreciation—Equipment46,200Accounts Payable16,800Salaries Payable1,540Unearned Rent6,300Common Stock13,500Retained Earnings101,160229,040141,960Prepare a corrected post-closing trial balance. Assume that...
- Q How can a company maintain competitive advantage in a rapidly changing technology landscape?
- Q M incorporated a business and allocated some of the shares to her 10 ?year-old child. The child paid for the shares with funds received from a grandparent’s estate. During the current year...
- Q Communicating the news of impending layoffs is a difficult task, but ensuring ____________ justice when doing so is critical to maintaining engagement on the part of the employees who will...
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