Accounting question and answers for December 11, 2023
- Q Accounting A check for $5,650.00 was received from customer Charles Grubonski, as a partial payment on his past-due account balance. Invoice number G3906. Customer Number: 11100. HOW DO I JOURNALIZE...
- Q Flint Hills employees work Monday through Friday, and salaries of $2,400 per week are paid each Friday. Flint Hills' year-end falls on Tuesday. Which of the following is the correct...
- Q Paula Profit has had her annual workplace review, she has now received a 3% payrise. Explain in 250 words or less, how the record should be updated in the payroll...
- Q WoodGrain Technology makes home office furniture from fine hardwoods. The company uses a job-order costing system and predetermined overhead rates to apply manufacturing overhead cost to...
- Q Please Solve option e k = [3 8 3 6 7 2 4 4 7 8 5 3 2 8 1 6 1 8 8 4] is given ...
- Q Determining Cash Payments to Stockholders The board of directors declared cash dividends totaling $252,000 during the current year. The comparative balance sheet indicates dividends payable of $48,000 at the beginning...
- Q If a $500,000 investment has a project profitability index of 0.35, what is the net present value of the project?
- Q A company has fixed costs of $140,000. Its product sells for $25 per unit and variable costs amount to $15 per unit. The company wishes to earn a before-tax return...
- Q Describe the process needed when the parent acquires subsidiary shares through multiple openmarket purchases (step acquisition).
- Q 3. consideration is being given to two plans for supplying water to a plant. Plan A requires a pipeline costing $160,000 with annual operation and upkeep costs of $2200, and...
- Q The bank statement balance of $7,850 does not include$1,200 in checks outstanding and $750 deposits in transit. When the bank balance is adjusted, it will be: a.$7,850...
- Q Ice Basket Inc. is facing a single legal claim with a 30% likelihood of successful outcome with no cost and a 70% likelihood of adverse outcome with a...
- Q Bell Computers, Ltd., located in Liverpool, England, assembles a standardized personal computer from parts it purchases from various suppliers. The production process consists of several steps,...
- Q Coronado Corporation began 2025 with total stockholders' equity of $1280000, including retained earnings of $934000. During the year, the company issued $1286000 of common stock, recorded expenses of $3534000, and...
- Q A complex trust has taxable income of $29,900 in 2018. The $29,900 includes $5,000 of rental income and $25,000 of taxable interest income, reduced by the $100 personal exemption. The...
- Q Gross Profit During the current year, merchandise is sold for $450,000 cash and $1,350,000 on account. The cost of the merchandise sold is $1,100,000. What is the amount of the...
- Q Should I include intangible and fixed assets into the losses on the sale of assets? I would like a detailed explanation, thanks in advance.
- Q Given the following information, please answer the question below: Actual Direct Materials $4.50 per ft Actual Direct Labor Rate $18 per hour Actual Direct Material Purchase Quantity...
- Q Why is it important for budgets and reports to be presented in a clear manner, that they conform to management information requirements and how would a budget timetable or planner...
- Q Exchange Corp. is a company that acts as a facilitator in tax-favored real estate swaps. Such swaps, know as 1031 exchanges, permit participants to avoid some...
- Q please explain how does a company decide which investment method to apply (simple and short way please) thank you
- Q Could management use long-term liabilities to manage earnings? Explain.
- Q Subject: Taxation What effect does introducing new shareholders have on Imputation credit?
- Q NEZNEZ Corporation had net income for 2018 of $36,500. NEZNEZ had 1,800 shares of common stock outstanding at the beginning of the year and 24,200 shares of common stock outstanding...
- Q Explain how Quickbooks subsidiary ledgers tie to the General Ledger and what these various reports are used for.
- Q Ripley Corporations accumulated depreciationfurniture account increased by $9,360, while $3,230 of patent amortization was recognized between balance sheet dates. There were no purchases or sales of depreciable or intangible assets...
- Q Chapter 8: Applying Excel ...
- Q Radiology Center of Gwinnett: Traditional vs ABC Costing Methods The Radiology Center of Gwinnett (RCG) performs radiographic, ultrasound, CT, and MRI imaging services. RCG has developed a reputation as a...
- Q House of Organs, Inc., purchases organs from a well-known manufacturer and sells them at the retail level. The organs sell, on the average, for $3,300 each....
- Q RoboGarden sells a robot lawn aerator. At the current price, RoboGarden's contribution margin is $134.71 per unit. Because of a shortage of silicon chips, RoboGarden expects variable cost to increase...
- Q A company pays its employees $4,000 each Friday, which amounts to $800 per day for the five-day work week that begins on Monday. If the monthly accounting period ends on...
- Q Using Excel fill out the settlement statement form for the transaction described below. The various closing costs will be allocated between the parties in the customary way unless otherwise noted....
- Q In 2020, Cards by Shannon generated the sales shown. The company expects for sales to increase by 2% for each product in the following year if the prices remain the...
- Q On January 1, 2018, Splash City issues $500,000 of 9% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year. Required: Assuming the...
- Q 4. 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 Chapter 4 Financial Statement Problem Completing the income statement columns...
- Q On January 1, 2021, Beilich Enterprises bought 20% of the outstanding common stock of Wolfe Construction Company for $580.0 million cash. Wolfes net income for the year ended December...
- Q In your own words discuss how corporate governance and business ethics overlap and interact with each other in terms of the day to day requirements of a small company with...
- Q The PVC Company manufactures a high-quality plastic pipe that goes through three processing stages prior to completion. Information...
- Q At December 31,2020, Pharoah company has three long term debt issued. The first is $1920000 note payable which matured June 30 2023.The second is $6260000 bond issued which matured September...
- Q Equivalent Units of Materials Cost The Rolling Department of Kraus Steel Company had 2,800 tons in beginning work in process inventory (80% complete) on October 1. During October, 46,000 tons...
- Q the statement of cash flows reports for a period of time the net cash flows froma. operatingn, income, and financial activities b. operating, investing, and financing activitez c. investing, financial,...
- Q Using the following information, prepare the Stockholders equity section of the balance sheet. 70,000 shares of common stock are authorized and 7,000 shares have been reacquired. Common Stock, $75 par...
- Q The asset account Office Supplies has a balance of $855 at the beginning of the year. The amount on hand at the end of the year...
- Q A company is replacing old equipment with carrying amount of $40,000 and annual depreciation amount of $5,000. The new equipment is cost of $50,000, 5 useful life, S/L, no salvage...
- Q What are some of the problems associated with financial statement analysis?
- Q Which of the following statements is not true regarding the Mortgage Insurance Premiums Deduction? a) homebuyers who are unable to make at least a 20% down payment on the purchase...
- Q We pay a option premium when we buy call option. When we replicate this position by delta hedging, hedging cost is corresponded with option premium that we paid. Question....
- Q The current worth of a sum of money to be received at a future date is called: a. Real value b.Future value c.Present value d.Salvage...
- Q E12-5 Use incremental analysis for make-or-buy decision Pottery...
- Q What factors have been cited as causes of crime and violence? Which do you believe are the most important causes?
- Q Where is the authoritative IFRS guidance related to accounting and reporting for inventories found? IAS 2 only. IAS 41 only. Neither IAS 2 or IAS 41 deal with inventory. Both...
- Q Often banks are willing to accept either review or audit level assurance. What are the benefits and costs if a review engagement is requested instead of an audit?
- Q Which one of the Macroeconomic policy relating to interest rates and the value exchange rate? a.Market policy b.Supply side policy. c.Fiscal policy d.Monetary policy. ...
- Q Consider a 20-year graduated-payment mortgage on a $150,000 mortgage with yearly payments. The stated interest rate on the mortgage is 6%, but for the first payment it is calculated assuming...
- Q Which interest rate would you insert into an Excel formula to calculate the present value for 8% interest compounded quarterly?
- Q imami LLC produces car accessories. The company incurs fixed production overheads of OMR 90,000 for an accounting year 2019. Actual production during the year was 25,000 units. The normal production...
- Q Palisade Creek Co. is a retail business that uses the perpetual inventory system. The account balances for Palisade Creek as of May 1, 20Y6 (unless otherwise indicated), are as follows....
- Q adam antal is confused. he does not understand why rent on his apartment is adixed coat and rent on a hertz rental truck is a mixed cost. explain the difference...
- Q Economy: $14,780 was invested, from which can be withdrawn a geometric gradient series of annual payments decreasing at the rate of 10% per year. The first payment received was $4,000,...
- Q The comparative balance sheets for 2016 and 2015 and the statement of income for 2016 are given below for Wright Company. Additional information from Wright's accounting records is provided also....
- Q Heritage Company manufactures a beautiful bookcase that enjoys widespread popularity. The company has a backlog of orders that is large enough to keep production going indefinitely...
- Q Explain briefly auditors' responsibility for subsequently discovered facts existing at the date of the auditors' reports.
- Q How would the auditor categorize a situation when the financial statements do not contain a footnote the auditor believes is necessary for fair presentation? a. A scope...
- Q Please provide step-by-step solution The Angel Investor, that is investing a million dollars, has asked for some...
- Q 10. Disclaimers of opinion can only be issued by auditors based on which of the following? a. Violations of GAAP. b. Substantial scope limitations. c. Going concern. d. Lack of...
- Q Hoffman Corporation issued $90 million of 5%, 15-year bonds at 102. Each of the 90,000 bonds was convertible into one share of $1 par common stock. Prepare the journal entry...
- Q Which one of the following is not a type of unqualified audit opinion issued by auditors? a. Standard with three paragraphs. b. Includes explanatory...
- Q What is/are the key pillars of macroeconomic policy? 1. Fiscal Policy 2. Monetary Policy 3. Supply side Policy 4. Microeconomic Policy a.1, 2 and 3 b.only1...
- Q Wu Company incurred $40,000 of fixed cost and $50,000 of variable cost when 4,000 units of product were made and sold. If the company's volume doubles, the total cost per...
- Q Imagine a California disaster preparedness program that subsidizes seismic insurance premiums, to help homeowners living in earthquake prone areas afford the coverage. Critics say such insurance is unsustainable financially,...
- Q Al-Yusr Company invests in a project with expected cash inflows of OMR 18,000 per year for 4 years. The required rate of return on investment is 9%. If the...
- Q 1. Which of the following is FALSE? Unlike financial accounting, managerial accounting provides data for internal users. b. Unlike financial accounting, managerial accounting is required by law. Unlike managerial...
- Q Jane Taxpayer had AGI of$100,000, and the following medical expenses: braces, $5000; birth control pills, $3,000; psychiatrist costs, $1,000; co-payments, $3,000; advil, $1,000; eyeglasses, $500; medical marijuana, $10,000. What is...
- Q 5) The joint cost of a production process is Rp. 1.000.000,-. Two products are produced : A and B . The weighting factor for A is 4 points out of...
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