Accounting question and answers for December 11, 2023
- Q Which of the following is an advantage of analyzing big data sets using business analytics? An increased current ratio A reduced arbitrage fund An...
- Q Imperial Jewellers is considering a special order for 30 handcrafted gold bracelets for a wedding. The gold bracelets are to be given as gifts to members of the wedding party....
- Q 4. A company records an adjusting journal entry to record $10,000 depreciation expense. Which of the following describes the entry?
- Q Steve Conyers and Chelsy Boxer formed a partnership, dividing income as follows: Annual salary allowance to Conyers of $120,960. Interest of 5% on each partner's capital balance on January 1....
- Q Give an example of accrued revenue other than the examples given in this chapter. Explain how your example of accrued revenue would be adjusted using journal entries. ?
- Q 1) Jack purchased a new house 3 years ago. The purchase price were the following: Purchase price $280,000, Title fees $700, Recording Fees $300 , Survey Fee $1,000, Appraisal Fees...
- Q On May 20, Montero Company paid $174,000 to acquire 50 shares (8%) of ORD Corporation as a long-term investment. On August 5, Montero sold one-tenth of the ORD shares for...
- Q In June 2014, Pena Inc. announced a 3-for-1 stock split. On the split date, Pena had about 54.6 million shares outstanding. After the split the number of shares outstanding was:...
- Q A building acquired at the beginning of the year at a cost of $100,000 has an estimated residual value of $3,000 and an estimated useful life of four years. Determine...
- Q Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides data concerning the companys costs: ...
- Q This activity is a web-search challenge, in research and analysis of Globalization and E-Commerce for an organization. Overview: Locate business articles that discuss the importance of Globalization and E-Commerce. After...
- Q On January 1, 2019, Learned Inc. issued $105 million face amount of 20-year, 14% stated rate bonds when market interest rates were 16%. The bonds pay interest semiannually each June...
- Q As an accounting student with knowledge in accounting, a company hired 6 accounting personel and fired them within two months, apart from the fact that the decision may or can...
- Q Financial statements for Allendale Company follow: ALLENDALE COMPANY Balance Sheets As of December 31 Year 4 Year 3 Assets...
- Q Which of the following managerial objectives is served by traditional product costs? (1.67pts) Product mix decisions External financial reporting Strategic design decisions ...
- Q 1.Describe the eight main provisions of ASU 2016-01. 2.Why did the FASB make only targeted improvements instead of adopting its 2013 proposed update that is similar to IFRS 9?...
- Q Gough Corporation has two divisions: Domestic and Foreign. Data from the most recent month appear below: Total Company Domestic Foreign Sales $711,000 $351,000 $360,000 Variable expenses 303,300 105,300 198,000 Contribution...
- Q Generally excepted accounting principles (GAAP) allow companies to account for sales discounts byA. The net method only. B. The gross method only. C. Either the gross or the net method....
- Q 3) Charles, a self-employed real estate agent, attended a conference on the impact of some new building codes on real estate investments. His unreimbursed expenses were as follows: ...
- Q Prepare the journal entries for the following transactions 1 June: Purchased 1.000 of its own shares at TL 900 each 2 June: Sold 450 of the above...
- Q true or false: explain why1. In each succeeding payment on an installment note the amount of interest expense decreases. 2. In the initial journal entry used to record quality assurance...
- Q Can anyone explain to me the difference between insignificant influence, significant influence, and control? Need to have a more solid understanding of this as well as the accounting method that...
- Q An accounting principle that calls for the use of the same method of inventory cost flow assumption from year to year, with full disclosure of the effects of any change...
- Q TopChop sells hairstyling franchises. TopChop receives $58,000 from a new franchisee for providing initial training, equipment and furnishings that have a stand-alone selling price of $58,000. TopChop also receives $36,000...
- Q Based on the information below, you are to prepare all operations budgets, financial budgets and schedules for a bicycle manufacturer. Scenario: Wing Bicycle Company manufactures and sells 2 sizes...
- Q The Excel file Science and Engineering Jobs shows the number of jobs in thousands in the year 2000 and projections for 2010 from a government study. Use the Excel file...
- Q A Corporation issues a bond that has a stated interest rate of 10%, face amount of $50,000, and is due in 5 years. A Corporation uses the accrual basis of...
- Q Floyd Norris donated land to the city of Tahlequah for a park. He had purchased it in 1970 for $10,000. It was now worth $600,000. Floyd's AGI this year is...
- Q Your client has asked you to assist in setting up a trust. Before doing so, you must be able to distinguish between simple trusts and complex trusts. What are the...
- Q Journalize entries for the following related transactions of Lilly Heating & Air Company. Refer to the Chart of Accounts for exact wording of account titles. A. Purchased $36,000 of merchandise...
- Q 5. Auto loan requires payments of 300 Rial at the end of each interval for 3 years at a nominal annual rate of 9%, compounded monthly. The present value of...
- Q TipTop Flight School offers flying lessons at a small municipal airport. The schools owner and manager has been attempting to evaluate performance and control costs using a variance report that...
- Q Discuss whether the following expenses are allowable deductions in whole or in part. Relevant authorities must be cited in support of each answer. Pamela obtained a loan of $50,000 at...
- Q Tim and Sandra are married filing jointly for California tax purposes and havethree children. The children are all below 13 years of age for the entire year. In total the...
- Q According to Meera Kothand (2019), A good content system drive Sales: You are an integrated marketing specialist. Critically develop and discuss content system pieces you would adopt to drive...
- Q Accounting is basically about debit and credit, explain in detail using two accounts, how the golden rule of accounting can be applied in the recording revenue and expenses
- Q What are 3 potential client controls over the creation, changing & releasing of Projects?
- Q Sleepwell LLC has entered into a contract to supply 50,000 units of sleeping mattes to customer on sale or return basis at OMR 60 each. The cost of making...
- Q Please fill in the answers in the empty boxes. Property Basis FMV on 1/1/18 FMV on 4/1/18 ...
- Q Critically explain how quantity can be manipulated by doing a particularly rigorous stock-take in years when profit needs to be increased and then a slack stock-take if the inventory is...
- Q Which of the following methods of recognizing income is most recommended? a. Billings method b. Percentage-of-Completion method
- Q 3.Which of the following errors would not be revealed by the trial balance? a.Receipt of a payment debited to Accounts Receivable for $2,000 and credited to Cash for $2,000...
- Q In order to acquire a patent a company issued 3500 shares of OMR 5.8 each. The original cost of patent was OMR 20,000. The market values of the shares issued...
- Q Boston company is considering the production and sale of a new product with the following sales and cost data: unit sales price, $300; unit variable costs, $180; total fixed costs,...
- Q Amortizing a Bond Discount:
- Q The objective of accounting for defined benefit plans is to a. determine which employees rights have vested. b. recognize the appropriate expense and liability over the accounting periods in which...
- Q Youth unemployment in Toronto-give me a good introduction Please don't cut and paste from other source
- Q Which of the following formulas determines the budgeted units to be produced?
- Q Discuss the importance of the indoor Management rule? What type of conduct was the rule designed to protect against?
- Q $327.45 subtracted from $572.98 is closest to which of the following?
- Q Grand Corporation reported pretax book income of $807,500. Tax depreciation exceeded book depreciation by $690,000. In addition, the company received $160,000 of tax-exempt municipal bond interest. The companys prior-year tax...
- Q Prepare the journal entry for materials and labor, based on the following:Raw materials issued: $850 for Job 609 600 for general use in the factory Labor time tickets: $1,600 for...
- Q As volume increases, a fixed product cost will Remain constant per unit Increase per unit Remain constant in total Increase in total None of the above...
- Q Jill received a gift of $7,500 at the time of her high school graduation. She invests it in an account that yields 10% compounded semi-annually. What will the value of...
- Q in December, 2016, Sutton estimated overhead costs for 2017 to be $800,000. Sutton applies overhead using direct labor cost. Actual overhead during 2017 was $750,000, and applied overhead during 2017...
- Q Harold has the following records of charitable contributions he made this year. $300 check to local church with no written acknowledgment. $600 by payroll deduction of $50 per month to...
- Q A notice was received from the bank that the $5,000.00 check received from customer Arlene Baxteron June 14 has not cleared due to lack of funds. The $5,000.00 balance of...
- Q Two kawasaki jet ski 800 sx-r personal watercraft were sold to customer arlen baxter at an out the door retail sale price os 12,852.00 whicj includes sales tax. Recieved from...
- Q A payroll check was issued to part-time employee kim booker. kim earns 11.30 per hour and worked 40 hours during this past two week par period ending today. how would...
- Q Constructor Limited estimated an impairment loss of OMR 5000 against its single cash-generating unit. The company had the following assets: Headquarters Building OMR 10000; Construction Plant OMR 6000; Equipment...
- Q In 1980s and 1990s, Airlines welcomed the idea of leasing aircrafts instead of owning them by incurring debt. Consider air carriers' cash flow streams. Can you think of any reasons...
- Q what is the chief difference between the traditional DuPont disaggregation of RoE and the disaggregation based on RNOA
- Q Harry and Martha are married and filed a joint return. Harry reported $90,000 of salary earned. Martha had no income during the year. They reported one dependent child age 10....
- Q Wills Widget Company (WWC) incorporated near the end of 2017. Operations began in January of 2018. WWC prepares adjusting entries and financial statements at the end of each month. Balances...
- Q The following information was available for the year ended December 31, 2019: Net sales $ 1,040,250 Cost of goods sold 646,050 Average accounts receivable for the year 43,350 Accounts receivable...
- Q In the bid the develop an accounting framework, the organization has tasked you to develop and accounting cycle suitable for a fruit manufacturing company and explain why they are relevant...
- Q Question 6: On June 6 , National Credit lent $80,700 to Shaquan Michaud on a 60 day 7% note. Journalize for National Credit the lending of the money on June...
- Q On December 1 of the current year, Rob Elliot invested $35,500 of his cash to form a proprietorship, GGE Enterprises. After all transactions have been entered into the accounting equation,...
- Q The CHS Company has provided the following information:
- Q The CHS Company has provided the following information:
- Q The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers. Also note that the company uses a clearing...
- Q What is the advantages and disadvantages of Earnings Management?
- Q On January 1, 2018, White Water issues $570,000 of 7% bonds, due in 10 years, with interest payable annually on December 31 each year. Assuming the market interest rate on...
- Q On January 2, 2016, Alpha Corporation issued 15,000 shares of $10 par value common stock for $15 per share. On March 1, 2016, Alpha reacquired 1,000 of these shares when...
- Q Using departmental overhead rates results in higher overhead costs per unit than using a plant wide overhead rate. TRUE or FALSE?
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