Accounting question and answers for December 11, 2023
- Q Shadee Corp. expects to sell 640 sun visors in May and 380 in June. Each visor sells for $20. Shadees beginning and ending finished goods inventories for May are 60...
- Q Prepare closing entries for Year 1. T-accounts and trial balance The following transactions apply to Jova Company for Year 1, the first year of operation: Issued $10,000 of common...
- Q Please answer with reason for all why the option is correct and why the other options are incorrect 50. General office expenses are charged to which of the following head?...
- Q An analysis in which all the components of an income statement are expressed as a percentage of net sales is called:
- Q A company had some pending accounts receivable for which they created an allowance for doubtful accounts. They recorded the journal entry as allowance for doubtful accounts debit $500 and bad...
- Q The closing inventory of X amounted to $116,400 excluding the following two inventory lines: (1) 400 items which had cost $4 each. All were sold after the reporting period...
- Q answers to foundations of accounting homework mybusinesscourse
- Q Fatin is a married, filing separately taxpayer. Generally, she must make estimated tax payments if she expects to owe at least $250 in tax for 2016 (after subtracting withholding and...
- Q 21 Equipment acquired on October 1, 2017, at a cost of $600,000 has an estimated useful life of 8 years. The residual value is estimated to be $80,000 at the...
- Q Accounting II - Financial Statement Analysis ProjectFor this project, you will be assigned a public company to analyze. Obtain the 2022Annual Report for your assigned company. Print a copy of...
- Q You sold office equipment to another company on 5th December 2023 for 800, excluding VAT. The VAT rate is 20%. Record the sale and the VAT payable in...
- Q MarleConstructionentersintoacontractwithacustomertobuildawarehousefor$950,000onMarch 30, 2018 with a performance bonus of $50,000 if the building is completed by July 31, 2018. The bonus is reduced by $10,000 each week that completion is...
- Q On January 1,2024, Mania Enterprises issued 12% bonds dated January 1,2024, with a face amount of $21.0 million. The bonds mature in 2033(10 years). For bonds...
- Q Each of the four independent situations below describes a finance lease in which annual lease payments are payable at the beginning of each year. The lessee is aware...
- Q Describe the three primary classifications (sections) in the statement of cash flows and examples of what is included in each. Also, describe the two methods of preparation...
- Q [The following information applies to the questions displayed below.] Shadee Corp. expects to sell 570 sun visors in May and 450 in June. Each visor sells for $20. Shadees beginning...
- Q Problem 7-4A Manufacturing: Preparation of a complete master budget LO P1, P2, P3 The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017: ZIGBY MANUFACTURING Estimated...
- Q comment on each case B and C and explain whether you agree or disagree with it. Provide calculations and/or entries if needed. B. Nada and Noora established a 1-2 partnership....
- Q Exercise 13-9 Financial Ratios for Assessing Profitability and Managing Debt [LO13-4, LO13-5] The financial statements for Castile Products, Inc., are given below: Castile Products, Inc. Balance Sheet December 31 Assets...
- Q There are two projects expected to be in use for 12 years and must select which is a better option. Project A is anticipated to last 12 years, but is...
- Q Need Help: On January 1, 2017, Culver Company issued a $1,256,550, 5-year, zero-interest-bearing note to Larkspur Bank. The note was issued to yield 9% annual interest. Unfortunately, during 2018 Culver...
- Q Hale Corporation is comparing two different capital structures, an all-equity plan (Plan I) and a levered plan (Plan II). Under Plan I, the company would have 190,000 shares of stock...
- Q 5. Airlines are often considered to be high fixed-cost companies. Is this consistent with your findings in requirement 4? What variables or factors could influence the relationship between...
- Q Can someone please help me fill out the following journal entries. Events During January Event Date Description of Event 1 ...
- Q Nickel deposits are generally found in two forms: sulfide or laterite. All major sulfide deposits have been located and mines have been constructed, so any additional nickel supplies would be...
- Q CASE 1 MARIMAR MINING COMPANY has acquired a tract of mineral land for P27,000,000. marimar Mining estimates that the acquired property will yield 150,000 tons of ore with sufficient mineral...
- Q How many items below are included in the calculation of the accounting profit but excluded in the calculation of the taxable profit? Parking infringement expenses Goodwill impairment losses Sales...
- Q How can you tie conscious capitalism to auditing
- Q In recent years more companies have been remanufacturing a wide variety of products including cell phones, car parts, and medical equipment. Rising commodity prices and regulations requiring that certain electronic...
- Q Serial Problem Business Solutions LO P1, P2 Santana Rey, owner of Business Solutions, realizes that she needs to begin accounting for bad debts expense. Assume that Business Solutions has total...
- Q John bought his principal residence for $250,000 on May 3,2023. He sold it on May 3,2024, for $400,000. What is the amount and character of his gain? ...
- Q Nott Co. at the end of 2020, has the following information: Pretax financial income $ 1,000,000 Pretax Taxable income $ 1,000,000 Extra depreciation taken for financial purposes...
- Q Prepare entries to record the following transactions using goodwill method. Show your calculations to get full credit. 1. On January 1, 2018, Ahmed contributes OMR 36,000 cash, a building...
- Q The term for passing title (and hence, risk of loss) of goods to buyer when goods must be transported is _____________ which means ____________. ...
- Q Evaluate alternatives A and B using i = 5% and a B/C analysis using both conventional and modified B/C ratios. A ...
- Q Based on the Audit Plan created last week, create a plan for sampling and testing controls. This can be done in a table format in your Excel workbook of audit...
- Q Problem 12-10A Prepare a Statement of Cash Flows; Free Cash Flow [LO12-1, LO12-2, LO12-3] Joyner Companys income statement for Year 2 follows: Sales $ 708,000 Cost of goods sold 381,000...
- Q Model Inputs Input Analysis You are the owner of a small business that manages the program, food, and merchandise sales at...
- Q Lyle Co. has only one product line. For that line, the reorder point is 500 units, the lead time for production is 3 weeks, and the sales volume is estimated...
- Q 1. Maxim has already spent $30,500 to manufacture a hamster food product called Green Health. Maxim currently has 10,000 bags of Green Health on hand that can be...
- Q Electro-cycle Inc. is a privately-owned business located in Vancouver. It has found success with the production of electronic bikes (e-bikes), a growing trend in the cycling industry. E-bikes give people...
- Q ABC Company uses the retail inventory method to value its inventory for financial reporting purposes. The company compiled the following cost and retail data for 20X1. ...
- Q A report qualified due to a GAAP departure results when the auditor has concluded that the financial statements...
- Q RECORD THE TRANSACTIONS FOR OAKLEY, THE SELLER Assume Oakley Incorporated-the maker of stylish sunglasses, goggles, and many other leading products- a) Made merchandise costing $150,000 and sold...
- Q SNV Corp. expects earnings at the end of this year of $5 per share. The company announced today that it will cut dividend from $4 to $2 per share...
- Q Primare Corporation has provided the following data concerning last months manufacturing operations. Purchases of raw materials $ 31,000 Indirect materials included in manufacturing overhead $ 4,580 Direct labor $ 60,000...
- Q The information on the following page was obtained from the records of Breanna Incorporated: Accounts receivable $ 10,200 Accumulated depreciation 51,600 Cost of goods...
- Q During Year 1 and Year 2, Agatha Corp. completed the following transactions relating to its bond issue. The corporations fiscal year is the calendar year. Year 1 ...
- Q Complete adjusting journal entries 1 On March 1, ABC purchased a one-year liability insurance policy for $98,400. Upon purchase, the following journal entry was made: Dr Prepaid insurance 98,400 Cr...
- Q The LaGrange Corporation had the following budgeted sales for the first half of the current year: Cash Sales Credit Sales January...
- Q a restaurants cash register shows sales of $2,800 for the day. Of this amount, 1,700 was cash. What amount represents the sales to be recorded to accounts receivable?...
- Q 16.The following data is given for the Stringer Company: Budgeted production 906 units Actual production 1,059 units Materials: ...
- Q What is the Warranty of Merchantability, what is the Warranty of Fitness for a Particular Purpose, and what is a Disclaimer?
- Q Examples of dedicated expenses are: a.Mortgage payments b.Insurance payments c.Visa bill d.A&B
- Q Popes Garage had the following accounts and amounts in its financial statements on December 31,2022. Assume that all balance sheet items reflect account balances at December 31,2022,...
- Q Exp22_Excel_Ch02_ML1- Katherine's Coffee Shop Weekly Payroll
- Q What term describes excessive fear of social situations? a) Agoraphobia b) OCD c) PTSD d) SAD
- Q Bitonti Corporation has provided the following data for its most recent year of operation: Manufacturing...
- Q If a company has sales of $100,000, variable expenses of $60,000, and fixed expenses of $50,000 the company has a: Multiple choice question. $10,000...
- Q Robert received a $20,000 academic scholarship this year to attend the University of Alabama. Robert used $10,000 of the scholarship funds for tuition and fees, $2,000 for books,...
- Q CMA 0696 P2 Q2 - Revenue RecognitionDiamond Clover Construction Inc. uses the percentage-of-completion method of accounting. In year 1, the companybegan work on job #4115, with a contract price of...
- Q Management Accountant of Coffee Shack has been analysing income statement on the store locations and drawn management attention of underperforming. The statement has shown details for the period ending 31...
- Q Assume the same facts as presented in the foregoing two questions. Which of the following statements is correct regarding the tax consequences to partnership XY immediately after the contributions? Select...
- Q estimates that annual manufacturing overhead costs will be $600,000. Direct labor cost $460,000, Direct labor hours 40,000 and machine hours 80,000. Actual manufacturing overhead cost for the year was $602,000...
- Q Skimming is an "off-book" technique to remove cash before a company records the receipts.
- Q The following financial statements are taken from the records of Organo Inc. a) Use horizontal analysis techniques to compare the changes between 2019 and 2018 balance sheet items. Do not...
- Q WhyOmission Effects on F/S: Because liabilities are not recognized, net assets and equity are _______(aggressive accounting). In the period that a contingent liability arises, a liability __________...
- Q Prepare a trial balance, closing and adjusting entrees (LO 4, 5) Joan Robinson opens her own law office on July 1, 2020. During the first month of oper- ations, the...
- Q rebulit and delivered five pianos in january to customers who paid 18400 in cash
- Q Mini Project: World Series Inc. World Series Inc. sells inventory and provides services (baseball lessons). The following balance sheet is for World Series Inc. for the fiscal year 2019 ending...
- Q (1) Receive 60,000 in exchange for common stock. (2) Borrow 12,000 from bank. (3) Purchase 2,400 of supplies inventory on credit. (4)...
- Q Which of the following statements is generally correct regarding the tax treatment of unencumbered assets contributed to a partnership? Select one: a. Per IRC Section 721, no gain or loss...
- Q ONI, Inc., purchased $60,000 of equipment for cash. How does this transaction impact the statement of cash flows? Group of answer choices Decreases the...
- Q Alpha, a sole proprietor presented the following information for the month ending 31 October 2017: Motor vehicle repair-----------------------------------------------------------------60,000 Electricity bill------------------------------------------------------------------------------40,000 Factory extension-----------------------------------------------------------------------800,000 Land purchased-------------------------------------------------------------------------450,000 Staff salaries------------------------------------------------------------------------------150,000...
- Q Question 18Which activity must occur first when starting a new business? A. Investing activities B. Operating activities C. Financing activities D. They must all occur simultaneously
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