Accounting question and answers for December 12, 2023
- Q Carmen contributed $300,000 to an irrevocable trust in 2018 and did not retain any right to the trust assets. The income beneficiary was Carmen's friend, Jane, and...
- Q The board of directors declared cash dividends totaling $364,000 during the current year. The comparative balance sheet indicates dividends payable of $104,300 at the beginning of the year and $91,000...
- Q Can i see the worksheet for for CHeck figure; total assest $122,150
- Q An investor buys a zero-coupon bond with par value $1,000 for $493.63. The maturity date is Y years and the yield rate convertible semi-annually is 8%. Calculate Y ...
- Q Wilson Company reported net income of $105,000 for the year ended December 31, 2014. During the year, inventories decreased by $15,000, accounts payable decreased by $20,000, depreciation expense was $18,000...
- Q Explain the concept of Special classes of income in Malaysian Tax Law. [10 marks]
- Q Which of the following is not included in the reported inventory? A. Purchase returns and discounts B. Inventory - estimated returns and goods on consignment (The company is the consignor)...
- Q discuss the role of task performance, contextual performance, adaptive behaviour, and counterproductive behaviour in developing a recruitment and selection system.
- Q In a periodic inventory system, the journal entry to record the sale of merchandise on account would include a: debit to Inventory no entry involving Inventory...
- Q Question Content AreaLayla has $200,000 of QBI from her neighborhood clothing store (a sole proprietorship). Her proprietorship paid $30,000 in W-2 wages and has $20,000 of qualified property. Layla's spouse...
- Q Tyrene Products manufactures recreational equipment. One of the company
- Q The longer the time period of each observation, the higher the probability of error in matching costs and activity, Select one: True False
- Q The comparative balance sheets of Sloan Company reveal that accounts receivable (before deducting allowances) increased by $15,000 in 2016. During the same time period, the allowance for uncollectible accounts increased...
- Q Ko exchanges computer equipment (five-year property) with an adjusted basis of $9,000 for a business auto (five-year property) worth $6,000. Ko also receives cash of $5,000. What are the recognized...
- Q Ross would like to dispose of some land he acquired five years ago because he believes that it will not continue to appreciate. Its value has increased by $50,000 over...
- Q Why may an organization foment conflict merely by establishing specific objectives? Why is it more important for governments and notforprofit organizations than for businesses to report on service efforts and...
- Q Steven has a $43,000 recognized gain on a Section 1245 property with related depreciation of$17,000. How much of the gain will be taxed at ordinary income rates? $0 $17,000...
- Q A good system of internal control: Urges adherence to prescribed managerial policies. Insures profitable operations. Eliminates the need for an audit. Requires the use of noncomputerized systems. Is not necessary...
- Q The following data regarding its common stock were reported by a corporation: Authorized shares 30,000 Issued shares 24,000 Treasury shares 4,800 The number of outstanding shares is: 19,200...
- Q 'ABC Cc.is manufacturing company and its selected financial statements items are given as following: Net Sales equals to 32000 for the yea 2020 and 28000 for the year 2019.COGS equal...
- Q Cobb Company Selected data from the accounting records of Cobb Company are listed below. General and administrative expenses $2,200 Operating revenues $6,000 Selling expenses 1,800 Income taxes 600 Other revenues...
- Q 1. Issued $50,000 of par value common stock for cash. 2. Repaid a 6 year note payable in the amount of $22,000. 3. Acquired land by issuing common stock of...
- Q Drenthe BV of the Netherlands is a wholesale distributor of Dutch cheeses that it sells throughout the European Community. Unfortunately, the company
- Q What relation should expenditures for PPE have with depreciation expense?
- Q You want to accumulate $20,000 to pay for a new car. You would like to have the amount available on December 31, 2017. Assume that the funds will accumulate earning...
- Q Wouldn't the answer be B. because an efficient tax should affect taxpayer behavior?
- Q Rava Company owns a milling machine that cost $250,000 and has accumulated depreciation of $182,000. Prepare the entry to record the disposal of the milling machine on January 3 under...
- Q On May 1 eternal candle Inc purchases 500 shares of ordinary shares at a cash price of 9$ shares, Journalize the transaction
- Q A company issued 160 shares of $100 par value stock for $37,000 cash. The total amount of contributed capital is: $100 $1,600 $21,000 $36,000 $37,000
- Q Contracts for future transactions are called Select one: a. Commitments. b. Commercial paper. c. Liabilities. d. Bearer bonds.
- Q The Plant Corporation, a publicly accountable entity, purchased a metals processing plant on December 31, 2019 at a cost of $8,000,000 cash. ...
- Q X company prepares monthly financial statements and uses the periodic weighted average method. At April 30, 2021, in inventory there were 2,500 units on hand that...
- Q Robin Market works for Cycle Industries. Her pay rate is $14.50 per hour and she receives overtime pay at one and one-half times her regular hourly rate for any hours...
- Q What is accounting information systems and how does it work?
- Q Not all types of income are subjected to income tax. Provide with an example the types of income subjected to income tax under Income Tax Act 1967. [10 marks]
- Q Terra Corporation, a calendar-year taxpayer, purchases and places into service in 2019 machinery with a 7-year life that cost $650,000. The mid-quarter convention does not apply and Terra chooses to...
- Q 6 3.33pts A corporation has issued 57,000 shares of $100 par common stock and holds 3,000 shares as treasury stock. If the corporation declares a $3/share cash dividend, what amount...
- Q explain the difference between public accounting and managerial accounting, provide in-text citations. Provide a hypothetical example of income st atement for public reporting. Provide a hypothetical example of managerial accounting...
- Q Describe the differences between financial statement audits, operational audits, and Orsoliance audits with respect to a) the criteria, b) who performs the audit, and c) the users of the report....
- Q Drenthe BV of the Netherlands is a wholesale distributor of Dutch cheeses that it sells throughout the European Community. Unfortunately, the companys profits have been declining,...
- Q Hensely Company, which produces and sells a small digital clock, bases its pricing strategy on a 25 percent markup on total cost. Based on annual production costs for 25,000 units...
- Q A company has budgeted fixed costs per unit of NOK 10,000, budgeted variable cost per unit is NOK 30,000 and the budgeted sales price was NOK 50,000. The company has...
- Q A company purchased 10 units for $5 on January 3. It purchased 10 units for $7 each on February 28. It sold 10 units on March 1. If the company...
- Q Laker Company reported the following January purchases and sales data for its only product. Date Activities ...
- Q Mastery Problem: Cost-Volume-Profit Analysis Cost Behavior Cover-to-Cover Company is a manufacturer of shelving for books. The company has compiled the following cost data, and wants your...
- Q At December 31 of the current year, a company reported the following: Total sales for the current year: $860000 includes $220,000 in cash sales Accounts receivable balance at Dec. 31,...
- Q A company operates two plants which manufacture the same item and whose total cost functions are C1=9+0.01q21 and C2=5.4+0.02q22, where q1 and q2 are the quantities produced by each plant....
- Q Even a number of countries claiming the use of IFRS in their financial reporting, we should not take this on its face, would you agree or disagree with this and...
- Q The carrying value of 11% bonds with face value of $6,500,000 is $6,922,000. The bonds have 9 years to maturity. Interest is payable semiannually. Assuming that the next...
- Q Parkes Limited recognised an impairment loss of $20 000 against a cash-generating unit containing the following assets: buildings $50 000; roads $110 000; equipment $40 000. The net carrying amount...
- Q lleo, Inc. had credit sales for the period of $85,000. The balance in Allowance for Doubtful Accounts is a debit of $867. What is the credit to Allowance for Doubtful...
- Q Because of its simplicity and ease of use, most businesses keep their accounting records on the cash basis of accounting.
- Q The 500 in 200/500/50 refers to: Multiple Choice property damage liability coverage. the amount of the deductible. collision coverage. the total coverage for an accident. the limit for all bodily...
- Q The terms 2/10, n/30 state that a 2% discount is available if the invoice is paid within the first 30 days. True False
- Q Knowles Company sold merchandise for $3,900. The event is subject to a state sales tax of 9%. Based on this information, Yang would be required to: A) recognize sales tax...
- Q Reconcile book income to taxable income on worksheet (below). Notes: 1. SMP owns 10% of the outstanding S Corp. (S) stock. S Corp. reported...
- Q Current Attempt in Progress Jen Co. had 200,000 shares of common stock and 20,000 shares of 10%, $100 par value cumulative preferred stock. No dividends...
- Q why does stockholder's equity derease when assets decrease?
- Q Exercise 14-15 Schedule of cost of goods manufactured and cost of goods sold LO P1, P2 Beck Manufacturing reports the information below for 2017. ...
- Q bridle Inc. issues $300,000, 10 year 8% bonds at 98. Prepare the journal entry to record the sales of these bonds on March 1 2017.
- Q You are to take a stand regarding the 2nd Amendment. Please read the amendment carefully and decide what you think the founding fathers were thinking. Did they intend that every...
- Q financial note on provisionsThe company has 100,000 preferred shares issued and outstanding for the entire year. The preferred shares are non-cumulative and non-participating. There is a conversion feature where each...
- Q Golf World sold merchandise to Mulligans for $19,000, offering terms of 1/15, n/30. Mulligans paid for the merchandise within the discount period. Both companies use perpetual inventory...
- Q Zip Zap Zop makes running shoes. The estimated costs, by quarter, for the coming year are given below: Q1 Q2 Q3 Q4 DM costs $89,205 $64,227 $49,955 $78,500 DL costs...
- Q (Q 1) ________ are expensed as incurred. Purchased identifiable intangible assets with indefinite life Unidentifiable intangible assets Purchased identifiable intangible assets with finite life Research and development costs (Q2) ________...
- Q 1. Discuss the role of the following regulatory framework related to the financial reporting of the business. a. GAAP b. IASB c. IFRS 2. Why there is a need for...
- Q Yu Company has an opportunity to purchase an asset that will cost the company $60,000. The asset is expected to add $12,000 per year to the companys net income. Assuming...
- Q 13 3.33pts The following balance sheet information is provided for Curt Company: Assets Cash Accounts receivable Inventory Year 2 $3,700 $13,200 $33,500 Year 1 $3,300 $15,200 $40,500 Assuming Year 2...
- Q What is the purpose of the sale authority? Real estate Victoria, Australia.
- Q The installment method of recognizing revenue is now acceptable for financial reporting if a. The collectability of the sales price is reasonably assured b. The installment period is less than...
- Q Major tax reform that affects both individuals and businesses was enacted in December 2017. Its commonly referred to as the Tax Cuts and Jobs Act, TCJA or tax reform. ,...
- Q A corporation has issued 57,000 shares of $100 par common stock and holds 3,000 shares as treasury stock. If the corporation declares a $3/share cash dividend, what amount is recorded...
- Q Why are frequency marketing programs technically NOT considered to be sales promotions?Select one: a. Due to their nonpersonal nature b. As they are ongoing in nature c. Since they require...
- Q Bryan Company issued $570,000 of 6% face value bonds on January 1, 2016, for $554,160. The bonds are due December 31, 2018, and pay interest semiannually on June 30 and...
- Q When the auditor adopts a substantive approach, the auditor (Several choices may be correct.) 1 - Must still consider and document internal controls. 2 - Must perform a certain level...
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