Accounting question and answers for December 11, 2023
- Q Acme, Inc. (a domestic corporation) generates income from the following sources: U.S. Net Income: $700,000 Foreign Net Income from direct sales in...
- Q A large leisure complex is in the process of re-organising its business. Based on the information provided below: a. Complete the statement of cost for the four cost...
- Q explain the purpose and prepare an adjusted trail balance on format?
- Q On January 1, 2021, Bridgetown Corporation purchased land, a building, and Equipment, together called the property, plant and equipment or PPE. The allocated cost for land was $150,000, for building...
- Q 30) Miami Co. had 400,000 shares of common stock, 40,000 shares of convertible preferred stock, and $4,000,000 of 5% convertible bonds outstanding during 2021. The preferred stock is convertible into...
- Q Wildhorse Co. issues a 8%, 5-year mortgage note on January 1, 2022, to obtain financing for new equipment. Land is used as collateral for the note. The terms provide for...
- Q Case Problem Capricorn Inc. is a private company reporting under ASPE. Its unadjusted trial balance at its fiscal year end, December 31, 2023...
- Q Agrico Inc. accepted a 10-month, 12.8% (annual rate), $9,000 note from one of its customers on May 15, 2019; interest is payable with the principal at maturity. Prepare the horizontal...
- Q En cualquier departamento, el costo inicial del inventario de trabajo en proceso ms los costos incurridos durante el perodo actual deben ser Respuesta A. mayor o igual a los costos...
- Q Present Value of an Annuity Due What is the present value on January 1, 2019, of 7 equal future annual receipts of $30,000 if the first receipt is received on...
- Q Brooklyn Furniture, a retail store, has an average gross profit ratio of 49%. The sales forecast for the next four months follows: July $ 263,000 August 202,000 September 301,000 October...
- Q Helen Bell, a single taxpayer, has $120,000 of profits from her general store, which she operates as a sole proprietorship. She has no employees, and her taxable income is $100,000....
- Q You are the payroll manager for ABC Widgets. Your company has a brand new employee, by the name of Mark Johnson, who e-mailed you for advice. He is upset about...
- Q The following is a bank reconciliation for Usman company as of March 31. Balance per bank statement, March 31 Add: Deposit in transit 6,889 5,784 12,673 Less: Outstanding checks Adjusted...
- Q Briefly explain how auditors awareness of professional ethics would have helped the auditors detect material misstatements and frauds in financial statements, perpetrated the management in the Enron case.
- Q In an attempt to have funds for a down payment in three years, James Dupont plans to save $4,700 a year for the next three years. With an interest rate...
- Q BREAK-EVEN ANALYSIS #2. For a line of Snowblowers sold by Arctic Equipment, fixed cost, including depreciation of $1,000,000, total $2,400,000. The Snowblowers sell for $800 each. Variable costs of a...
- Q Grump Company contributes 6% of employees gross compensation to a qualifying pension plan. Grump guarantees that the plan will earn a 7% average annual return. Grump Company sponsors...
- Q 1. Differentiate between direct taxation and indirect taxation. [10 marks] 2. Not all types of income are subjected to income tax. Provide with an example the types of income subjected...
- Q Your client is looking to start a plumbing and heating business and is looking for advice on how to structure this new business entity. He will be the only employee...
- Q An employee works 52 hours (52 - 40 were overtime hours) during a workweek in December of 2021. He earns $11,000/month, with his employer paying 1.5 times the regular rate...
- Q A decedent's interest and taxes are deductible on both Forms 706 and 1041 only if: The decedent's will did not provide instructions. Either item is a deduction in respect of...
- Q 1. Which of the following is not an objective of financial reporting? MULTIPLE CHOICE A. Financial reporting should provide information that is...
- Q Required information Problem 17-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 [The following information applies to the questions displayed below.] Selected comparative financial statements of...
- Q William and Harry obliged themselves to deliver to Elizabeth a bullet-proof car on her birthday. William and Harry agreed in front of Elizabeth to contribute the amount that will...
- Q 6. What is the role of the government in a market economy? A.The government owns many industries. B.The government has little influence on what is produced and prices....
- Q Suppose Optimum Garde declares cash dividends of $450,000 for 2021. How much of the dividends goes to preferred shareholders? How much goes to common shareholders
- Q Agrico Inc. accepted a 10-month, 12.8% (annual rate), $9,000 note from one of its customers on May 15, 2019; interest is payable with the principal at maturity. b-2. Prepare the...
- Q The auditor should address the significant deficiencies of internal control only to senior management of the company. t/f Tests of application controls would be the starting point when auditors consider...
- Q Nikeya sells land (adjusted basis of $120,000) to her adult son, Shane, for its appraised value of $95,000. How much gain or loss does Nikita recognize on the sale? How...
- Q Agrico Inc. accepted a 10-month, 12.8% (annual rate), $9,000 note from one of its customers on May 15, 2019; interest is payable with the principal at maturity. Prepare the journal...
- Q Leo, Sam, Mavy, Bea, and Erich wanted to form a Cooperative in accordance with the Cooperative Code of the Philippines. Can they comply with its requirements? Why? Provide supporting Articles...
- Q Time Value of Money: Basics Using Excel or the equations and tables in Appendix 12A of this chapter, determine the answers to each of the following independent...
- Q 12) Item Y is produced. costs required: raw material costs Rp. 40.000,- labor costs Rp. 20.000,- BOP Rp. 20,000,-. The resulting 2000 units of product X and 5000 units of...
- Q Citrus Corporation is a calendar year S corporation with the following current year information: Operating loss $(240,000) Liabilities: Notes payable, Big Apple Bank 60,000 Notes payable,...
- Q choose the response that completes the following sentence. A cash distribution from a qualified retirement account in which the taxpayer only? a) Is always fully taxable b) Is never taxable...
- Q Brief, Inc., had a receivable from a foreign customer that is payable in the customer's local currency. On December 31, 2017, Brief correctly included this receivable for 420,000 local currency...
- Q intermediate accounting II Chapter 19 Question 1: Describe how preferred dividends affect the calculation of EPS. Question 2: Describe what is meant by weighted-average number of common shares. Question 3:...
- Q The budgeted cost of product A is Rp.16 for 8,000 units and product B is Rp.12 for 4,500 units, while the realization of the cost of goods for product A...
- Q Long-term notes discount/premium can be amortized with the effective-interest method. TRUE or FALSE
- Q How could managers use the annual report figures to measure budget control success
- Q Sheridan Company uses a job order cost system in each of its three manufacturing departments. Manufacturing overhead is applied to jobs on the basis of direct...
- Q 1. On January 1, 1997, G transfers $100,000 to a trust. The income is payable to Gs niece or her estate for ten years, and the corpus reverts to G....
- Q Pat and Marie have the following expenses and account balances: Pats annual 401(k) plan contribution - $16,500 Pats annual salary - $100,000 Current liabilities - $24,000 Housing costs (P&I&T&I) monthly...
- Q Which of the following accounts should not be closed . Group of answer choices Sales The correct answer is not listed. Rent Expense Purchases Unearned Sales Revenue
- Q What is the risk when companies use the Net Book Value for assessing ROI?
- Q "I leave the cash balance deposited in the First National Bank (up to a total of $50,100) to Jack Abrams. I leave $20,100 cash to Suzanne Benton. I leave 1,220...
- Q Selected sales and operating data for three divisions of different structural engineering firms are given as follows: Division A Division B Division C...
- Q The annual depreciation taken on a vehicle totals $3,900. The vehicle has been in service for two full years and the adjusting entries have been completed for the year. At...
- Q Kathy is 60 years of age and self-employed. During 2019, she reported $538,000 of revenues and $107,600 of expenses relating to her self-employment activities. If Kathy has no...
- Q Bridgeports Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Bridgeports purchases and sales of Xpert snowboards during September is shown below. During the same...
- Q A taxpayer is the sole owner of a small corporation (C) that prepares tax returns. The decision is between paying a salary to the owner of $50,000 and $10,000 in...
- Q Revenue at 6000 units ? refer image
- Q Matias sold a pickup truck for $15,000 on an installment contract and reported the sale in full in the year of sale. When the buyer was in default, Matias repossessed...
- Q For the Maid 2 Help partnership return, what entries might be different if the partnership used the accrual method of accounting? The partnership would need to record, as cost-of-goods sold,...
- Q In its income statement for the year ended December 31, 2020, Flounder Company reported the following condensed data. Operating expenses $759,720 Interest revenue $29,970 Cost of goods sold 1,334,200 Loss...
- Q Problem 17-47 (LO. 5) The following information for 2019 relates to Sparrow Corporation, a calendar year, accrual method taxpayer: Net income per books...
- Q Madison & Gallatin Companies exchanged assets during the year. Assume that the following cases are independent and rely on the following data. Madison Co. Gallatin Co. Equipment (cost)...
- Q STOCK APPRECIATION RIGHTS Universal Communications grants 10 million SARs to key executives at January2016. Upon exercise the SARs entitle executives to receive cash or stock equal in value to...
- Q The management of Flint Instrument Company had concluded, with the concurrence of its independent auditors, that results of operations would be more fairly presented if Flint changed its method of...
- Q identify and assess the various costs of World War I. You should then speculate on how these costs might affect the generation of Europeans who were witnesses to the...
- Q An individual investor is evaluating the profitability of an anticipated land investment that has an asking price of $2,000 per acre and a current net cash flow of $120 per...
- Q Which of the following self employed taxpayers are least likely to claim a business use of home deduction a a state approved daycare provider b a jewelry maker who rent...
- Q intermediate accounting II Chapter 21 Question 1: Identify transactions that are classified as financing activities. Question 2: Determine cash flows from operating activities by the direct method. Question 3: Explain...
- Q Castlegar Manufacturing Inc. has outstanding $ 280 comma 000$280,000 of 1515% debenture bonds. The bonds were issued at 107107 in 20 XX20XX and mature in 20 years....
- Q 2. Aztec Industries produces bread which goes through two operations, mixing and baking, before it is ready to be packaged. Next year's expected costs and activities are shown below. Mixing...
- Q Exercise 12-3(Algo) Measures of Internal Business Process Performance [LO12-3] Management of Mittel Company wants to reduce the elapsed time from when a customer places an order to...
- Q Arm's Length Range Given Data ...
- Q when there is a decrease will the following be recorded as debit or credit : -Cost of goods sold -Notes payable -prepaid expense -Dividends -Revenue ...
- Q Suppose a taxpayer invests $100,000 in a partnership, matching the investment of the other 50% partner. In the first year, the partnership spends all of this investment on research, which...
- Q use financial statement and return on assets to evaluate business performance?
- Q Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $44,200. The machine's useful life is estimated at 10 years,...
- Q Use the following information to answer Question. The Furniture Division of Waverly Company reports the following results for 2012: Use the following information to answer Question. The Furniture Division...
- Q A European call and put both have a strike price of $20 and expire in 3 months. Both sell for $1.5. Assume the annual interest rate is 12%, the current...
- Q Bonneau Corp has purchased 100 shares of Crossley Inc (this investment represents 10% of Crossley's outstanding stock). Bonneau pays $10 per share plus a brokerage fee of $100. The journal...
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