Accounting question and answers for December 11, 2023
- Q XYZ Company issued $10 million, 10% bond for 10 years on May 1, 2000 at a price of $98. The company pays quarterly interest on bonds. The company pays interest...
- Q 1.The unadjusted trial balance shows total debits of$66,000 and total credits of $68,600. If there is only one type of error, which type would you look for? a.Slide b.Transposition...
- Q Explain the Accounting cycle steps. Please don't copy from any source
- Q Jane bought an old mountain cabin as a second home and began to remodel it. Immedately after she had removed the old appliances and cleaned the cabin, a fire destroyed...
- Q Which one of the following decision is not relating to the functions of finance manager? a. Investment decision b. Financing decision c.Dividend decision d.Marketing decision ...
- Q At the start of the new business the company set up the following chart of accounts: 101 ...
- Q Edward, age 62, and Tanya, age 23, have been dating for about a year and a half. Edward and Tanya met when Edward was on a vacation in the south...
- Q How to calculate the taxable social security wages on a 941 for line 5a for Owner's name Toni Prevosti Address 820 Westminster Road, Bridgewater, VT 05520....
- Q CuCo, which begins business in 20X8, uses the periodic method and LIFO costing. CuCos 20X8 merchandise purchases are as follow: January 3 2,200 @$5 April 16 1,800 @$8 September 25...
- Q For the past several years, Steffy Lopez has operated a part-time consulting business from his home. As of July 1, 20Y2, Steffy decided to move to rented quarters and to...
- Q the reason that a discount factor presented in the present value of a single sum in year 2 is less than a discount factor in year 2 is that ...
- Q Balance sheets were designed to show what a business would be worth. if it was liquidated today. What managements need, and extended external reporting (social, environmental and financial reporting.
- Q The following were selected from among the transactions completed by Babcock Company during November of the current year: Nov. 3 Purchased merchandise on account from Moonlight Co.,...
- Q Aria Perfume, Inc., sold 3,300 boxes of white musk soap during January of 2018 at the price of $170 per box. The company offers a full refund to unsatisfied customers...
- Q Irene volunteered at a local art museum where she conducted art education seminars. She was required to wear a blazer that the museum provided, but she paid the dry-cleaning costs...
- Q On January 1, 2019, Yuen Corporation sold and issued $1,000,000 of its 10% bonds, receiving a $60,000 premium. On the interest date 5 years later, after the bond interest was...
- Q Use the Free Cash Flow method of valuation and the following information, to calculate the value for a venture with the following information. Expected sales at year zero (or beginning...
- Q Assume that Stacy Williams desires to accumulate $1,025,000 in 16 years using her money market fund balance of $167,200. At what interest rate must Stacys investment compound annually?...
- Q how do i write 6166 in millions?
- Q A customer paid $60,000 to Foley Marketing on December 30, 2015, to perform services from January 1, 2016 through December 31, 2019. If Foley fails to record the revenue recognized,...
- Q Determine how much was paid for inventory during the year. COGS $900,000; Inventory January 1 $130,000; inventory December 31 $165,000; Accounts payable January 1 $23,000; accounts payable December 31 $35,000....
- Q A _________________ account is reset to zero when the accounting cycle is closed.
- Q Sleepy Company has retained earnings for $117,592 at January 1, 2020. They discovered an error in the 2019 financial statements. Salary expense was mistakenly reported at $26,173 higher than it...
- Q Husam Trading Company is in the business of buying and selling of different types of electronics products in Nizwa region and provided the following data to understand the cash position...
- Q Exercise 11-45 (Algorithmic) Partial Statement of Cash Flows Service Company had net income during the current year of $118,000. The following information was obtained from the balance sheet of Service...
- Q Required information Use the following information for the Exercises below. Skip to question [The following information applies to the questions displayed below.] NewTech purchases computer equipment for $265,000 to use...
- Q RobinRobin Corporation has the following data: Net income $19,440 Preferred dividends 11,600 Average common stockholders' equity 98,000 RobinRobin's rate of return on common stockholders' equity is?
- Q Western Manufacturing produces a single product. The original budget for April was based on expected production of 10,000 units actual production for April was 8,000 units. The original budget and...
- Q Three ways in which GAAP allows value changes to be treated in the financial statements.
- Q Humana bought a Gulfstream G-450 jet with a list price of $200,900. The dealer granted a 11.5% reduction in list price and an additional 4% cash discount on the net...
- Q Deltan Corp. allocates overhead to production on the basis of direct labor costs. Deltan's total estimated overhead is $450,000 and estimated direct labor is $180,000. Determine the amount of overhead...
- Q Find the amount that should be set aside today to yield the desired future amount. Use the table. Future amount Interest Compounding Investment time rate period 4% semiannually 3...
- Q Which of the following economic characteristics is consistent with a grocery store chain? Minimal Competition Extensive Competition High net Income to Sales Differentiated Product Which of the following...
- Q You have been called upon to deliver the key note address at the Ghana Accounting College, you have been given a topic The Important role of Cash Book in the...
- Q 1. Identify and discuss options for employee socialization and role socializations plays. 2. Explain the options for organizational structures and rationales associates with each. pls write it on paper with...
- Q Discuss the Interrelationships among the financial statements. What do the income statement and the retained earnings statement have in common? Which item appears on both the income statement and the...
- Q The Sarbanes-Oxley Act of 2002 (SOX) has emphasized the importance of ethical behavior and codes of conduct. Discuss the costs and benefits of the ethical environment. If a poor ethical...
- Q A June sales forecast projects that 5,500 units are going to be sold at a price of $10.50 per unit. The desired ending inventory of units is 10% higher than...
- Q Natraj Limited recognized an impairment loss of OMR 200 against a cash-generating containing the following assets: Mine buildings OMR 500; Roads OMR 300; Crushing equipment OMR 700. The net carrying...
- Q On June 1st, 2019 Keisi Financial Group purchased new furniture with a cost of $250,000, plus sales tax of $1,250 and shipping charges of $850. The furniture had a residual...
- Q K Company estimates that overhead costs for the next year will be $2,900,000 for indirect labor and $800,000 for factory utilities. The company uses direct labor hours as...
- Q Pat's Custom Tuxedo Shop maintains its records on the cash basis. During this past year Pat's collected $42,400 in tailoring fees, and paid $13,200 in expenses. Depreciation expense totaled $2,700....
- Q Cash to Monthly Cash Expenses Ratio El Dorado Inc. has monthly cash expenses of $ $30,000. On December 31, the cash balance is $150,000. a. Compute the ratio of cash...
- Q Could management use long-term liabilities to manage earnings? Explain.
- Q What are 3 potential client controls in the Creating Vendor Invoice process over data entry, approval (3-way-match) and vendor payment?
- Q Splash Planet is considering purchasing a water park in Atlanta, Georgia, for $1,920,000. The new facility will generate annual net cash inflows of $481,000 for eight years. Engineers estimate that...
- Q when preparing a journal entry, the standard format is to list alla. liability accounts first b. accounts to be debited first c. accounts to be credited first d. assets accounts...
- Q Tropic Zone Corporation experienced the following variances: materials price $350 U, materials quantity $1,700 F, labor price $800 F, labor quantity $500 F, and overhead $1,200 U. Sales revenue was...
- Q Discuss how the parent reports the difference between selling price and book value when shares are sold subsequent to acquisition.
- Q Janice acquired an apartment building on May 4, 2014, for $130,000. The value of the land is $300,000. Janice sold the apartment building on Apr. 1, 2020. Determine Janice's cost...
- Q Olive Company is considering a project that is estimated to cost $254,000 and provide annual net cash flows of $61,023 for the next five years. What is the internal rate...
- Q Create a general journal Transaction Description of transaction 01. June 1: Byte of Accounting, Inc. acquired $86,400...
- Q which buisness structure has the least amount of risk and explain why?
- Q A sporting goods store purchased $10,150 worth of ski boots in October. The store had $4,350 of ski boots in inventory at the beginning of October and expects to have...
- Q Hinshaw Company purchased a new machine on October 1, 2014, at a cost of $92,800. The company estimated that the machine has a salvage value of $8,600. The machine is...
- Q Gorman company has just received a special, one-time order for 1,000 units. producing the order will have no effect on the production and sales of other units. The buyer's name...
- Q 3. Accounting for a permanent fund Scenario: Mr. Pedro Donante donated the sum of $ 200,000 to the city of Loma Vista for the maintenance...
- Q When the future value of an annuity due is computed, the number of compounding periods will always be: Entry field with incorrect answer less than or equal to the number...
- Q 3. Do you think the monetary policies adopted by the FED will help the Financial sector and the economy? Justify.
- Q Cost of the project is OMR 35,000 and cash inflows for the first 4 years are OMR 10,000, OMR 12,000, OMR 9,000 and OMR 6,000 respectively. Find out the payback...
- Q Describe the difficulties a company would face if they were to replace their current system in lieu of the REA accounting information system.
- Q the effects of adjusting entries for accrued expenses inlcudea. an increase in an asset and an increase in revenue b. an increase in a liability and an increase in an...
- Q Information for Kent Corporation for the year 2024: Reconciliation of pretax accounting income and taxable income: Pretax accounting income $ 180,800 Permanent differences (13,700) 167,100 Temporary difference-depreciation (11,800) Taxable income...
- Q Smythe Co. makes furniture. The following data are taken from its production plans for the year. Direct labor costs $ 5,520,000 Hazardous waste disposal costs 610,000 Chairs Tables Expected production...
- Q What do we mean by 3/15, n45?
- Q Assume that Lucas's marginal tax rate is 32 percent and his tax rate on dividends is 15 percent. If a dividend-paying stock (with no growth potential) pays an 8 percent...
- Q Assume that Cornish Corp. has 2,500,000 shares of $3 par value common stock issued and outstanding. the company is authorized to issue 10 million shares. Due to increased share prices,...
- Q Chen Wu is buying potato chips. The following sizes are for sale: 1.5 ounces, $0.65; 5.75 ounces, $1.30; and a 2-pack of the 5.75 ounces, $2.45.
- 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 On January 1,20X3 Poke Corporation acquired 25 percent of the outstanding shares of Shove Corporation for $100,000 cash. Shove Company reported net income of $75,000 and paid...
- Q If the finished goods inventory balance increased by $6,400 during the period and the cost of goods manufactured is $170,000, then what is the unadjusted cost of goods sold? ...
- Q SBUs that include the assets they employ as well as profits in the performance evaluation are: 1 Revenue centers. 2 Contribution centers. 3 Cost centers. 4Investment centers. 5Profit centers.
- Q Explain how a company accounts for its uncertain income tax positions under FASB ASC Topic 740.
- Q The CHS Company has provided the following information:
- Q Selected T-accounts for Rolm Company are given below for the just completed year: Raw Materials Manufacturing...
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