Accounting question and answers for December 12, 2023
- Q Consider the following: March 15 current year, Erin created a new inventory item named "Bird bath" When creating the item, a beginning quantity of...
- Q Hi-Tek Manufacturing, Incorporated, makes two types of industrial component parts--the B300 and the T500. An absorption costing income statement for the most recent period is shown: Hi-Tek Manufacturing Incorporated Income...
- Q Macpie Prima Bhd (MPB) was formed on 1 July 2000. The following data were taken from the Statement of Financial Position of MPB on 30 June 2018: ...
- Q Patterson Company has three divisions that all report to the Vice President of Manufacturing. Each division has two departments. The Vice President of Manufacturing should receive detailed responsibility reports on...
- Q The following are Nucors partial Balance Sheet and partial inventory footnote for the year ending 12/31/2019. 6. INVENTORIES: Nucor uses the LIFO method for inventory cost flow assumptions. If...
- Q MVT is a midsize publicly traded industrial company that has been in operation for over ten years. This is the first year that North Central CPAs has been engaged to...
- Q The PVC Company manufactures a high-quality plastic pipe that goes through three processing stages prior to completion. ...
- Q Leann just sold a $10,000 par value bond for $9,800. The bond interest rate was 6.5% per year payable quarterly. Leann owned the bond for 3 years. The 1st interest...
- Q Leonard, an accountant, was negligent in filing the taxes of Big Corporation. In settlement of Big Corporations claim against him, Leonard signed a promissory note for $10,400 on behalf...
- Q Question 4 (7 marks) a) Ally Jones, manager of the Vodafone sales team, has the following budget for her department: Billings long distance $350 000 Billings tele card...
- Q Explain how the translation adjustment is accounted for and how a hedge may be employed
- Q Create a cap table with the following information. With two friends you acquire an old factory to start producing ventilators to address the COVID-19 pandemic. Instead of paying cash for...
- Q Exercise 8-7 Straight-line depreciation LO P1 Prepare a table showing depreciation and book value for each of the four years assuming straight-line depreciation. Year Year 1 Year...
- Q The following is a list of costs and amounts for Stelia Industries' latest month. Stelia makes one product, a metallic, reusable water bottle. Stainless steel sheet metal $...
- Q Mulan owns 90% of China. On January 2, 2016, China Company sold equipment costing $100,000 to Mulan Company for $160,000. The equipment has a 10 year life. Both firms use...
- Q Problem 9-8A PPE costs; partial year's depreciation; alternative methods LO1,2,3Logic Co. recently negotiated a lump-sum purchase of several assets from a company that was going out of business....
- Q Canuck Oil Corporation is a Canadian crude oil producer. Today is July 15. Canucks estimated oil production level in three months time will be 100,000 barrels. The current spot price...
- Q Milar Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Direct materials 7.7 pounds $...
- Q Which of the following do NOT need to be disclosed in financial statements? Select one: a. Reasons for assets not being revalued b. All of the options c. A description...
- Q Macinski Leasing Company leases a new machine to Sharrer Corporation. The machine has a cost of $70,000 and fair value of $95,000. Under the 3-year, non-cancelable contract, Sharrer will receive...
- Q Purchases Transactions Xanadu Company purchased merchandise on account from Springhill Company for $10,200, terms 1/10, n/30. Xanadu returned merchandise with an invoice amount of $2,000 and received full credit. a....
- Q You have recently been appointed as the internal auditor of North Shore (Pty) Ltd, a large shipping company in Port Elizabeth. Your first assignment was...
- Q Pretend that you are working for a construction company. Your boss has asked you to determine how to calculate sales tax on a small prefabricated building that is NOT physically...
- Q Prosperous Bank has three support areas (administration, human resources, and accounting) and three revenue-generating areas (checking accounts, savings accounts, and loans). Monthly direct costs and the interdepartmental support...
- Q Gundy Company expects to produce 1,275,600 units of Product XX in 2020. Monthly production is expected to range from 84,000 to 122,000 units. Budgeted variable manufacturing costs per unit are:...
- Q Jarvene Corporation uses the FIFO method in its process costing system. The following data are for the most recent month of operations in one of the companys processing departments: ...
- Q Kellers Music was organized in January of 2017. The company offers music lessons to people of all ages and skill level. The company charges an annual $50 registration fee and...
- Q Explain the case of Craven Book based on the 5 phases of System Development Life Cycle (SDLC)
- Q AAA Co. uses a periodic inventory system and has the following information in regard to its inventory: Beginning inventory 200 units @ 15 $3,000 Purchase...
- Q Applying and Analyzing Inventory Costing MethodsAt the beginning of the current period, Chen carried 1,000 units of its product with a unit cost of $32. A summary of purchases during...
- Q Im not sure we should lay out $310,000 for that automated welding machine, said Jim Alder, president of the Superior Equipment Company. Thats a lot of money,...
- Q On January 1, Cheyenne Corp. had 61,400 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following...
- Q Below are the balances of a partial adjusted trial balance for Web & Company as of December 31, 2013: Prepare the closing entries. ...
- Q I was asked to compare one type of research (critical perspective) to the traditional accounting approach. But, What is the traditional accounting approach?? its so vague ...
- Q The income statement for the year ended December 31,20X6, for Total Inc. contains the following information: Total Inc. Income Statement Year Ended December...
- Q On September 1, ATP Enterprises has decided to initiate a petty cash fund in the amount of $800. Prepare journal entries for the following transactions: a. On September 5, the...
- Q St. Elsewhere is considering opening an outpatient clinic for patients who have minor injuries or illnesses. The clinic will be open 24 hours a day, 7 days per week; the...
- Q Zeta, Inc., produces handwoven rugs. Budgeted production is 5,000 rugs per month and the standard direct labor required to make each rug is 2 hours. All overhead is...
- Q AmBen has provided the following information from his incomplete records kept by his son. Bank account $ $ Balance 1/1.2014 4,100 Payments to creditors 67,360 Receipts from debtors...
- Q The condensed income statement for the Blossom and Paul partnership for 2020 is as follows. Sales (240,000 units) $1,200,000 ...
- Q On January 1, 2018, the general ledger of ACME Fireworks includes the following account balances: Accounts Debit Credit Cash 26,200 Accounts Receivable 48,400 Allowance for Uncollectible Accounts 5,300 Inventory 21,100...
- Q The following information relates to a joint production process for three products, with a total joint production cost of $185,000. There are no separable processing costs for any of the...
- Q Differential Analysis for Machine Replacement Proposal Flint Tooling Company is considering replacing a machine that has been used in its factory for four years. Relevant data associated with the operations...
- Q Required information The Foundational 15 (Algo) [LO13-2, LO13-3, LO13-4, LO13-5, LO13-6] Skip to question [The following information applies to the questions displayed below.] Cane Company manufactures two products called Alpha...
- Q Ayayai Company reported the following amounts in the stockholders equity section of its December 31, 2016, balance sheet. Preferred stock, 10%, $100 par (10,000 shares authorized,...
- Q Suppose that in addition to common stock outstanding, Sherbert, Corp. also had outstanding, 15 million shares of 10% $9 par value preferred stock. Also suppose that Sherbert declared $40M in...
- Q Moby Inc. is considering two alternatives to finance its construction of a new $2 million plant.
- Q Question: Review one recent (2015 onwards) online available/accessible journal article on Sustainability, Ethics and Management Accounting and summarise it in your own words (MAXIMUM 200 words each). Prefer source: Google...
- Q discuss the similarities and differences between accounts receivables, notes receivables and other receivables?
- Q Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in the Mixing Department. The company uses...
- Q Shirts Unlimited operates a chain of shirt stores that carry many styles of shirts that are all sold at the same price. To encourage sales personnel...
- Q 2. Income Statement: Lankston Company began the year by issuing $60,000 of common stock for cash. The company recorded revenues of $550,000, expenses of $480,000, and paid dividends of $30,000....
- Q zes K. Emiko, Withdrawals Sales Sales returns and allowances Sales discounts Cost of goods sold Sales salaries expense Utilities expense Selling expenses Administrative expenses View...
- Q A debt to equity ratio of 50% indicates that a. The company is close to bankruptcy. b. 50% of the company's interest expense comes from long-term debt financing. c. The...
- Q Cathy is the president and sole shareholder of Boxer, Incorporated, a regular corporation. The corporation reported taxable income of $435,000 after deducting Cathy's $800,000 salary. If the IRS disallowed $550,000...
- Q The Crestar Company reported net income of $75,600 on 16,000 average outstanding common shares. Preferred dividends total $11,600. On the most recent trading day, the preferred shares sold at $46,...
- Q Northwood Company manufactures basketballs. The company has a ball that sells for $25. At present, the ball is manufactured in a small plant that relies heavily on...
- Q Relevant costs are frequently called unavoidable costs. True or False
- Q What is special journals? what are the advantages of special journals in bookkeeping
- Q Limousine ltd issues 5000 preference shares for a cash at $60 shares .Journalize the issue of preference share
- Q In each of the following cases, compute the corporations regular tax: Use 2017 tax rate schedule if needed. Required: Allen Corporation has $175,000 taxable income for its...
- Q Question 2 The following is a summary of the annual financial statements of Texton Ltd. Texton Ltd. Income Statement For the Year Ending September 30, 2021...
- Q We have a packaging operator who worked 36 hours this week. His salary is $ 14 per hour with a marginal benefit of 20%. During his work he was able...
- Q At the beginning of 2024, VHF Industries acquired a machine with a fair value of $6,808,125 by signing a three-year lease. The lease is payable in three annual payments of...
- Q The controller for Alberts, Inc. is concerned about the company's costing system. He is concerned that the current system is not providing good information about product costs. He also fears...
- Q As companies have become more highly automated, overhead costs have become a larger part of total manufacturing cost. True or False
- Q On January 1, 2016, Digger purchased some equipment for $29,600. The anticipated life of the equipment was five years and residual value was estimated to be $4,100. The machine was...
- Q Suppose la z boy issued $150,000 5-year, 14% bonds on January 1,2019 when the market rate was 12%. Interest is payable semi annually each June 30 and December 31. Use...
- Q Question 11 pts Accounts receivable is an asset that reports the amounts generated by credit sales that are still owed to an organization by its customers. Group of answer...
- Q Payroll Accounting What is the difference between an independent contractor and an employee? How does this status affect their taxes and reporting requirements on both employee and employer sides?
- Q Ironwood, Inc. is located in Country X. Ironwood expects a cumulatively favorable difference to reverse in Year 4 (3 years from now). Currently Country X has a 21% tax rate,...
- Q The following financial information is related to the 2022 operations of Wildhorse Company. Maintenance and repairs expense $$91,000 Utilities expense 14,000 Salaries and wages expense . 151,500 Advertising expense 2,500...
- Q Alpha sold machinery, which it used in its business, to Beta, a related entity, for $40,500. Beta used the machinery in its business. Alpha bought the equipment a few years...
- Q A company purchased a delivery van for $20,000 with a salvage value of $3,200 on September 1, Year 1. It has an estimated useful life of 4 years. Using the...
- Q list and describe four tools that can be used to perform financial calculations
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