Accounting question and answers for December 11, 2023
- Q HCF, a finance company, lends Able Business $2,400 at 5% for three months on December 1, 2015. HCF's adjusting entry on December 31, 2015, should include: a. A debit to...
- Q Mazarina starts the year with a $5,000 allowance for doubtful debts (debit balance). During the year, Mazarina has $450,000 of receivables and estimates that 2% will be uncollectible...
- Q Correction of Errors Graces trial balance did not balance, the debits exceeded the credits by $1 560. A suspense account was opened for the difference. You are asked to help...
- Q 26) Suppose you purchase a zero-coupon bond with face value $1,000, maturing in 20 years, for $214.51. If the yield to maturity on the bond remains unchanged, what will the...
- Q The accounting records of DMC indicate the company has $500 of cash; $3,500 of land; $1,000 of liabilities; $600 of common stock; and $2,400 of retained earnings. Based on this...
- Q 18) The Undeposited Funds account contains: A) Only partial payments received from customers B) Funds received from customers but not deposited in the bank C) Funds the company owes vendors...
- Q Evans Sports Company reported the following in recent balance sheets (amounts in millions). (in millions) June 30,2019 December 31,2018 Assets Current Assets ...
- Q What is the basic outline and elements of a marketing plan?
- Q Which of the following accounts is not included in the calculation of net income?Multiple ChoiceServices revenue.Wages expense.Rent expense.Cash.Rent revenue.
- Q Problem 1: Total Inventory A master carver of wooden birds operates her business out of a garage. At the end of the current period. the carver has 17 units (carvings)...
- Q I need help in choosing a topic for my research; The subject should be in any auditing, financial reporting, or tax-related issue that can be researched in the FASB Codification...
- Q Soda Dispensing Systems Inc. (SDS) was owned by two shareholders, each of whom owned half the stock. One shareholder was president and the other was vice president. Their shareholders' agreement...
- Q Entries for payroll and payroll taxes The following information about the weekly payroll was obtained from the records of Saine Co.: Line Item Description Amount...
- Q 21. Partial balance sheet data and additional information for Deloitte Industries are given below: Deloitte Industries Comparative Balance Sheet December 31, 2012 and...
- Q Lillich, Inc., manufactures and sells two products: Product U6 and Product R5. Data concerning the expected production of each product and the expected total direct labor-hours (DLHs) required...
- Q A business paid $ 44 comma 000$44,000 cash to purchase equipment. The business would: A.debit Equipment for $ 44 comma 000$44,000 and credit Cash for $ 44 comma...
- Q 2. Businesses use the step method of cost allocation when they want to acknowledge that service centers provide support to other service centers. Group of answer choices True False...
- Q For several years, Ive been a senior audit manager on a subsidiary of a foreign entity. We conduct the annual audit, with no review of quarterly financial information. One year,...
- Q Changing beneficiaries on beneficiary designation forms is rarely an important issue when going through a divorce as this is handled via the divorce agreement
- Q 1) Company's most recent income statement is given below. Sales (8,000 units) $160,000 Less variable expenses (68,000) Contribution margin 92,000 Less fixed expenses (50,000) Net income $42,000 Required: a. Contribution...
- Q The IRS is a subsidiary agency of the Department of the ____________________. The IRS is one of the largest Federal agencies, employing almost ____________________ people throughout the year. ...
- Q Interview Notes Archie and Tina Reynolds are married and always file Married Filing Jointly. Archie earned $32,000...
- Q Required information [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $88,000. Raw materials purchases in April are $570,000,...
- Q Variance Performance Analysis Cryolab Inc makes and sells a lawn fertilizer called Hypergro. The company has developed standard costs for one bag of Hypergro as follows: ...
- Q Elaborate the condition of insolvency of a company Assigmnt Of Auditing : Elobarate the conditions of insolvence in business and organisations.
- Q In the Concord Corporation, indirect labor is budgeted for $77000 and factory supervision is budgeted for $44000 at normal capacity of 140000 direct labor hours. If 160000 direct labor hours...
- Q Come-Clean Corporation produces a variety of cleaning compounds and solutions for both industrial and household use. While most of its products are processed independently, a few are related, such as...
- Q Due to erratic sales of its sole producta high-capacity battery for laptop computersPEM, Incorporated, has been experiencing financial difficulty for some time. The companys contribution format income statement for the...
- Q This project examines fraud prevention and detection. In the construction industry. The goal is to apply what you have learned in the course in a real-world situation for an actual...
- Q Managerial accounting looks at three broad functions which include planning, controlling and selling directing, controlling and evaluating planning evaluating and manufacturing planning, controlling and evaluating
- Q Dos eventos son independientes si a. PAGS ( UN | segundo ) = PAGS ( UN ) o PAGS ( segundo | UN ) =...
- Q Which of the following costs is most likely to be classified as a fixed cost?Multiple ChoiceITS01:10:29Sales commissionsDirect materialsProperty taxesDirect laborShipping costs
- Q The records of Ellens Boutique report the following data for the month of April. Sales revenue $95,100 Purchases (at cost) $70,100 Sales returns 3,500 Purchases (at sales price) 98,900 Markups...
- Q An allowance for bad debts is used for which of the following: (in a nonprofit org) Question 3 options: Accounts receivable ...
- Q Original data: Assume that Feather Friends, Inc., distributes a high-quality wooden birdhouse that sells for $20 per unit. Variable costs are $7.00 per unit, and fixed costs total $165,000 per...
- Q # Transaction Account DR CR 1 Government levied $2,000,000 of General Fund Property tax for the fiscal year with an estimated uncollectible amount of $400,000....
- Q Analyzing and Interpreting the Financial Statement Effects of Periodic FIFO, LIFO, and Weighted Average Cost [LO 7-3] Orion Iron Corp. tracks the number of units...
- Q Old MathJax webview In the preceding problem, what is the carrying amount of the note payable on December 31, 2020? In the preceding problem, what is the equity of...
- Q Question 1: Differentiate between line managers and staff managers. (10 marks)
- Q Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an item available for sale during the year were as follows: Date...
- Q Marco Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 Balances on March...
- Q Chuck Justice operates a Competition Go-Kart racing track on his 40-acre ranch in Monterey County California, just a short distance from world famous Laguna Seca. The facility includes a 1.5-mile...
- Q If variable costs per unit increased because of an increase in hourly wage rates, the break-even point would: a. increase. ...
- Q Item1 Item 1 QS 3-10 Unearned (deferred) revenues adjustments LO P2 Record adjusting journal entries for each of the following for year ended December 31. Assume no other adjusting entries...
- Q H.T. Tan Company is preparing the annual financial statements dated December 31 of the current year. Ending inventory information about the five major items stocked for regular...
- Q Black Ridge financial has been presented with 2 possible expansion opportunities. The first is to start a new branch in Canada, while the second option would be to start a...
- Q At year-end, the perpetual inventory records of Anderson Co. indicate 60 units of a particular product in inventory, acquired at the following dates and unit costs: Purchased in August: 30...
- Q The account that records expenses, gains and losses is A. Personal account B. Real account C. Nominal account ...
- Q Natarajan, Inc. had the following operating segments, which indicated amounts of segment revenues and segment expenses: External Revenue Intersegment sales Segment Expenses A $7,500,000 $ 600,000 $ 6,300,000 B 2,900,000...
- Q Lamonda Corp. uses a job order cost system. On April 1, the accounts had balances as shown in the T-accounts below: The following transactions occurred during April: (a) Purchased materials...
- Q Which of the following is NOT a difference between how investments are accounted for under the equity method and how they're accounted for under the fair value method?
- Q How much of the increase in cash during fiscal year 2020 is the result of operating activities?
- Q Which of these areas is likely to be a profit center? Group of answer choices The sales department The consumer products division The head office ...
- Q Which of the following statements best describes reporting and analytics? Group of answer choices Reporting and analytics refer to the same thing Accountants are only involved in...
- Q making consistent losses is sufficient evidence that a trade does not exist: true or false?
- Q Which of the following shows how the index displadisplays
- Q Paar Corporation bought 100 percent of Kimmel, Inc., on January 1, 2018. On that date, Paars equipment (10-year remaining life) has a book value of $420,000 but a fair value...
- Q Harveys Wholesale Company sold supplies of $46,000 to Northeast Company on April 12 of the current year, with terms 1/15, n/60. Harvey uses the net method of accounting for sales...
- Q This is a different question than Question 3) Thor Labs supplied hospitals with a comprehensive diagnostic kit for $100. At a volume of 100,000 kits,...
- Q https://www.bp.com/content/dam/bp/pdf/investors/bp-second-quarter-2010-results.pdf Refer to BPs third-quarter 2010 report. Details about the impact of the Gulf of Mexico oil spill on BPs financial statements are provided in Note 2Significant event in...
- Q Lubricants, Incorporated, produces a special kind of grease that is widely used by race car drivers. The grease is produced in two processing departmentsRefining and Blending. Raw materials are introduced...
- Q Foster Corporation, a cash-basis taxpayer, borrowed $100,000 on January 1, year 1, and received $98,000 in proceeds. The loan matures in 10 years and the $100,000 principal is due on...
- Q 1. From the banks perspective, what would increase when we make a cash deposit?********************************************************************************** 2. What are the two main differences responsible for making the companys checking account balance not...
- Q The amount of consideration an entity expects to be entitled to as a result of providing goods or services to customers is known as: Group of answer choices ...
- Q Which of the following describes an an account that would be debited when applying manufacturing overhead A Finished goods inventory B) Work in progress inventory C) Manufactoring...
- Q 4) Thomas Corporation has a targeted operating income of $500,000 for the upcoming year. The selling price of their single product is $40.00 each, while the variable cost per...
- Q A continuacin se presenta el estado de resultados y el balance general de Windsor, Inc: Estado de Resultados 2020 Ventas $100 Costo de los bienes vendidos...
- Q For income tax purposes, what are expenses that can be deducted from adjusted gross income, such as certain medical expenses, real estate taxes, mortgage interest, charitable contributions, etc....
- Q Does governance work?
- Q Mr. C died 25.01.2023 in Slovenia. He had a wife and two daughters who lives in Turkey. The wife and daughters inherit 5.000.000 TRY land, 1. 500.000 TRY car, 1....
- Q The following facts pertain to a noncancelable lease agreement between Crane Leasing Company and Cheyenne Company, a lessee. Inception date: May 1, 2017 ...
- Q On November 1, 2019, Sandhill Corp. adopted a stock option plan that granted options to key executives to purchase 42,400 common shares. The options were granted on January 2, 2020,...
- Q The balance sheets of Jeff as at December 31, 2021 and December 31, 2022 are as follows: 20212022Details/Accounts$$$$$$Fixed Assets:CostAcc.depNBVCostAcc.depNBVEquipment9,6003,8405,76012,8005,1207,680Motor car6,4004,8001,6006,4005,600800Office machinery3,2002,880320 19,20011,5207,68019,20010,7208,480Current Assets: Stock 3,200 5,600 Debtors 6,080 4,800 Bank...
- Q 15. The purchases journal is used to record: a. Inventory purchases only b. All vendor invoices on account c. Inventory and...
- Q On December 10, Year 3, a Canadian company, Chuk Inc., arranged to purchase inventory from a supplier in Germany for 500,000. Payment is due one month after delivery of the...
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