Accounting question and answers for December 11, 2023
- Q The Hamada Company sales for 2018 totaled $162,000 and purchases totaled $88,000. Selected January 1, 2018, balances were: accounts receivable, $19,200; inventory, $15,300; and accounts payable, $11,000. December...
- Q When a bond is sold at a premium the: Multiple Choice effective interest rate is less than the stated rate. interest expense...
- Q Hardware is adding a new product line that will require an investment of 1,418,000. Managers estimate that this investment will have a 10-year life and generate net cash inflows of...
- Q Mr. Donald Trump is saving up to support his daughters college education. He has decided to deposit $100 per month for 18 years. Then his daughter will go to college...
- Q Carnes Co. decided to use the partial equity method to account for its investment in Domino Corp. An unamortized trademark associated with the acquisition was $30,000, and Carnes decided to...
- 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 Flight Caf prepares in-flight meals for airlines in its kitchen located next to a local airport. The companys planning budget for July appears below: Flight Caf Planning Budget For the...
- Q When confirmations are not received or are received with discrepancies, describe the audit procedures necessary to address the discrepancy or absence. Identify the procedures in order of effectiveness...
- Q E9-7 Assessing Financial Statement Effects of Marketable Equity Securities Use the financial statement effects template to record the following four transactions involving investments in marketable equity securities. Assume that these...
- Q There is a lot of controversy surrounding the tax exempt status of Not For Profit hospitals. State your thoughts on the requirements of "community benefits" and do you feel this...
- Q If Pierre takes out $10,000 out of his TFSA, how much of the $10,000 is taxable? a) Based on his tax rate b) 10% c) 100% d) 0%
- Q Duval, Inc., budgets direct materials at $1/liter and requires 4 liters per unit of finished product. April's activities show usage of 832 liters to complete 196 units at a cost...
- Q Larry and Jessica form the L&J Partnership. Larry contributes property with an adjusted basis of $70,000, a fair market value of $200,000, and subject to a liability of $80,000 in...
- Q Floyd, a cash basis taxpayer, gives his son, Seth, corporate bonds with a face amount of $12,000 and a 5% stated annual interest rate. The interest is payable on the...
- Q Hello, Please explain and advise, In 2020, Martha paid $2,000 of tuition and $680 for books for her dependent son to attend State University this past fall as...
- Q A balance sheet included cash ($4,000,000), accounts receivable ($16,000,000), inventories ($10,000,000), prepaid expenses ($2,000,000), accounts payable ($9,000,000), and accrued expenses ($7,000,000). These are the only current...
- Q "Plantwide overhead rate" means the company uses one overhead rate to apply overhead, "departmental overhead rates" means the company uses two overhead rates, and activity based costing means the company...
- Q A June sales forecast projects that 11,000 units are going to be sold at a price of $10.50 per unit. The desired ending inventory of units is 12% higher than...
- Q Presented below are selected transactions for Novak Company during September and October of the current year. Novak uses a perpetual inventory system. Sept. 1 ...
- Q In terms of debits and credits, which types of accounts will have the same (debit or credit) normal balance? a.Expenses, liabilities, and capital stock b.Assets, capital stock, and revenues c.Dividends,...
- Q On May 2, 2018, Karen placed in service a new car that cost $120,000 and has a gross vehicle weight of 5,200 lbs. The vehicle is used 60% for business...
- Q 8) Item Y is produced. costs required: raw material costs Rp. 40.000,- labor costs Rp. 20.000,- BOP Rp. 20,000,-. The resulting 2000 units of product X and 5000 units of...
- Q Create a phylogenetic tree of the two clades and their taxa. Ecdysozoa, Nematoda, Arthropoda, Onychophora, Chelicerata, Eurypterids, Pycnogonids, Horseshoe crabs, Arachnids, Myriapoda, Pancrustacea, Remipedians, non-Remipedian crustaceans, Hexapoda, Archaeognatha,...
- Q Discuss and describe how the gain or loss on constructive retirement of intercompany bond holdings is allocated between the purchasing and issuing companies.
- Q Calculate the cost of goods sold. From the data presented below, determine the cost of goods sold to be shown on the income statement fo the Langley Corporation for the...
- Q A stock with a current price of $400, can go either up by 25%, or down by 20%. You have the opportunity to buy a European call option on this...
- Q On 30 June 2020 the CEO has asked you to selectively revalue Land and Buildings to improve the balance sheet. You note that some of the Land and Buildings on...
- Q what type of bonds does publix supermarket use
- Q Cost of merchandise sold to customers $ 178,000 Merchandise inventory, beginning-of-year 25,846 Merchandise purchases, gross amount 182,486 Shrinkage on inventory as of year-end 800 Transportation-in for merchandise purchases 1,825 Cost...
- Q Prepare a bank reconciliation. A comparison of the checks written with the checks that have cleared the bank shows outstanding checks of $650. Some of the checks that cleared in...
- Q Daniel is the sole shareholder in Helio, Inc., a calendar-year corporation. After operating as a C corporation for 5 years, Helio, Inc, elected S corporation status in 2015. At the...
- Q Which accounting principle states that revenue should be recognized when it is earned, regardless of when the cash is received? A) Matching principle B) Revenue recognition principle C) Conservatism principle...
- Q During 2019 Noriko paid the following taxes: Real Estate property taxes on residence (paid from escrow account) $1,800 State Income Tax 1,600 Property taxes on land held for long-term appreciation...
- Q 9. What is the relationship between Revenue and Net Income on the Income Statement?
- Q Barber and Atkins are partners in an accounting firm and share net income and loss equally. Barber's beginning partnership capital balance for the current year is $277,000, and Atkins's beginning...
- Q Explain the political cost hypothesis of Positive Accounting Theory. Use SAMSUNG as your case study in your discussion?
- Q Locate 263A and determine how oil/gas delay rentals are treated to a lessee. Also, provide a court decision that provides the tax treatment of how delay rentals are treated to...
- Q The company uses a job-order costing system in which overhead is applied to jobs on the basis of direct labor cost. Its predetermined overhead rate is based on a cost...
- Q The Clarks, who file their income taxes as married filing jointly, paid $108,000 of state income taxes in 2019 and itemized deductions. This state income tax deduction was their only...
- Q Determine which accounts that have relations with revenues
- Q Which stage of the five-step coaching process includes taking time to understand the individual? O Observe. O Document. O Propose. O Test. O Discuss.
- Q Si una variable aleatoria x tiene una distribucin uniforme con una media de 10 y el valor ms bajo de x es 5 cul es el valor ms grande de...
- Q Equipment was acquired for $252,000 and has accumulated depreciation of $192,000. The business exchanges this equipment for new equipment. The new equipment has a market value of 204,000 and the...
- Q Theta Company reported the following for its most recent year of operations, (in millions): Capital expenditures: $163.10 Net income: $46.10 Depreciation expense: $49.00 ...
- Q Justin acquires 90% of the voting common shares of Stevens on January 1, 2019. In 2010, Justin pays dividends of $350,000 and Stevens pays dividends of $25,000. a) How much...
- Q No qestion to answer it free for you enjoy your weekend
- Q TODD Candle Co. produces scented candles. Their most recent income statement is as follows: All Amounts in Thousands of US $ Revenue $2,400 Variable cost @ $3 per candle...
- Q Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous Year Sales $487,000 $443,000 ...
- Q What journal entry must be prepared when the company is notified by the bank that a customer's check that had been deposited in the amount of $776 was returned NSF?
- Q INSTRUCTIONS: 1. Search for a sample bank check. 2. Identify the parts. 3. Tell whether your sample bank check is in conformity with Sec. 1 of the Negotiable Instruments Law...
- Q What an audit is, and why is it so important in organizations? Do you feel it helps in managing foreign operations?
- Q 4. Modified internal rate of return (MIRR) The IRR evaluation method assumes that cash flows from the project are reinvested at the same rate equal to the IRR. However, in...
- Q 2. XYZ Machining Inc. is considering the purchase of a new milling machine at a cost of $18,000. The machine is expected to have a service life of eight years...
- Q ACC Corporation was organized in January 2018. The state authorized 200,000 shares of no-par common stock and 50,000 shares of 12%, $25 par, preferred stock. Record the following transactions that...
- Q Outline with an example in a business on its areas where ABC cost system can be applied and cannot be applied.(200 words)
- Q San Lorenzo General Store uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available for...
- Q If $14,000 had been invested in a certain investment fund on September 30, 2008, it would have been worth $63,649.05 on September 30, 2018. What interest rate, compounded annually, did...
- Q Andrea is buying a house for $120,000. She plans to make a 12 % down payment. Closing costs include $950 for 6 months of homeowners insurance, $1150 for 6 months...
- Q Warwicks Co., a womens clothing store, purchased $79,500 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Warwicks returned $9,300 of the merchandise, receiving a credit memo....
- Q Calculating Price by Applying a Markup Percentage to Cost Integrity Accounting Firm provides various financial services to organizations. Integrity has decided to price its jobs at the total variable costs...
- Q Which of the following costs would be considered a direct or indirect cost of serving a customer who ordered a customized personal computer directly from the manufacturer? A. The cost...
- Q 4) Product A is budgeted to be sold as many as 8,000 units with a selling price/unit of Rp.20 and product B is budgeted to be sold as much as...
- Q Ladow Inc. incurred a $32,000 net operating loss in 2018. If Ladow's 2019 taxable income was $38,000 before NOLs, compute Ladow's 2019 NOL deduction. Multiple Choice $0 $25,600 $30,400 $32,000
- Q A company has a required rate of return of 15% for five potential projects. The company has a maximum of $500,000 available for investment and cannot raise any capital. Details...
- Q Because most of the parts for its irrigation systems are standard, Waterways handles the majority of its manufacturing as a process cost system. There are multiple process departments. Three of...
- Q The use of sampling is declining true or false
- Q Part A: Capital Structure Optimization In the pursuit of achieving an optimal capital structure, how can a publicly traded company strike a balance between using debt and equity financing? Discuss...
- Q What is used to increase the balances of expense accounts? Debits Credits
- Q Problem B: Jones Corporation has a book balance of $22,462 and a bank balance of 23,200. The following additional information is available: Deposits in transit $5,000 Outstanding checks $3,000 Notes...
- Q An adjusting entry normally affects a.income statement accounts only. b.balance sheet accounts or income statement accounts, not both. c.an income statement account and a balance sheet account. d.balance sheet accounts...
- Q Win Bookshops actual number of accounting books sold in March in the year 2021 is [] It is projected that in comparison with March 2021, the sale units...
- Q What is used to increase the balances of revenue accounts? Debits Credits
- Q ikea: identify and assess their success and/or failure at upholding their code of ethics/conduct (include limitions in analysis)
- Q (1st question) Compare and contrast the development and use of GAAP and IFRS. Do you think the implementation of international accounting standards is feasible? Please explain please add citation from...
- Q during the year, Chappel Engineering Corporation has operating expenses of $48,000.There was an increase in prepaid expenses of $4,000 and an increase in accrued liabilities of$6,000. What were Chappel's cash...
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!