Accounting question and answers for December 12, 2023
- Q Please provide a detailed explanation to EACH question. Are workpaper adjustments and eliminations entered on the parents books? Are workpaper adjustments and eliminations entered on the...
- Q 1. its important to understand revenue recognition and measurement issues and detail required disclosures to revenue recognition. Why do you believe that some students of accounting have difficulty relating to...
- Q financial statements of amazon after acquiring Souq.com and list the years.
- Q Tip Top Corp. produced 3,900 units of product that required 6 standard hours per unit. The standard variable overhead cost per unit is $4.50 per hour. The actual variable factory...
- Q Case Study: Cost Accounting for Operational Efficiency and Decision-Making Introduction: Cost accounting plays a pivotal role in helping organizations manage and optimize their financial...
- Q Where there is an asset revaluation decrement that does not reverse a previous increment, the amount is debited to: Select one: a. a loss account. b. share capital. c. revaluation...
- Q Ogy contracted to buy 100 pieces of 20 cents coins which were used during the British occupation for the amount of RM100 and contracted to buy grass for the price...
- Q Sergio bought a house for $ 200,000 in March 2020 with the intention of remorse it, own it for a time and then sell it. However, in October 2020 a...
- Q Prepare an income statement: For the fiscal year 2010, the Acme Machinery Corporation accumulated the following data: Sales 870,230 Sales Returns & Allowances 33,720 Finished Goods, 1/1 96,640 Finished Goods,...
- Q Planet began January with merchandise inventory of 72 crates of vitamins that cost a total of KD 3,600. During the month, purchased and sold merchandise on account as follows: Jan....
- Q Trio Company reports the following information for the current year, which is its first year of operations. Direct materials$11per unit Direct labor. $20per unit Overhead costs for the year Variable...
- Q Laurel contributed equipment worth $200,000, purchased 10 months ago for $240,000 cash and used in her sole proprietorship, to Sand Creek LLC in exchange for a 15 percent profits and...
- Q Why might a company decide to implement only certain modules in an ERP system rather than a complete implementation? Give reasons the answer should be in two paragraphs and the...
- Q Process I of the AstraSeneca company formulates vaccines against COVID 19 at a cost of $ 75.00 per unit using the FIFO method. Which of the following statements is correct...
- Q A taxpayer maintains a household and is entitled to claim an incapacitated adult child as a dependent. The child lives during the week at an adult day care center and...
- Q On January 3, 2021, Roberts Company purchased 30% of the 100,000 shares of common stock of Thomas Corporation, paying $1,500,000. There was no goodwill or other cost allocation...
- Q The following information is for X Company for 2020: Equipment, January 1 $14,890 Equipment, December 31 14,378 Equipment purchases 7,399 Cost...
- Q The Vista Mar Corporation generated a net taxable income of $ 1,000,000 for 2020. Assume the corporation is subject to an income tax rate of 20%. After tax payment, the...
- Q explain what companies might do to in order to avoid falling into a death spiral?
- Q This year, leron and sheena sold their home for $712,500 after all selling costs. Under the following scenarios, how much taxble gain doer the home sale generate for leron and...
- Q Last December 31, Ramon sold the 10 percent interest in the Del Sol Partnership that he had held for two years to Garrett for $410,000. Prior to selling his interest,...
- Q Stockholders' equity of Afellay Corporation is as follows: Common stock, $5 par; issued and outstanding 150,000 shares: $5,280,000 Paid-in capital excess of par: $3,715,000 Retained...
- Q Rocky Mountain Corporation makes two types of hiking bootsXactive and Pathbreaker. Data concerning these two product lines appear below: Xactive Pathbreaker...
- Q The management of Niagara National Bank is considering an investment in automatic teller machines. The machines would cost $175,200 and have a useful life of seven years. The banks controller...
- Q 3.What effect, if any, would you expect poor-quality materials to have on direct labor variances? 4.Why are separate price and quantity variances ? Use an example to help explain your...
- Q 1) Martinez Corporation reported Net sales of $770,000 and Net income of $137,000. The Profit margin is: 562.0%. 5.62%. 82.21%. 1.78%. 17.79%. 2) Jones Corp. reported current assets of $190,000...
- Q Eton Inc., a merchandising company, has begun its business since 1 Jan. 2017. The selected information from the accounting records on 1 April 2021 is as follows. ...
- Q At month end, we have 10,000 metric tons of soil ready to ship. What is the cost accrual entry for the shipping of this soil if the cost to ship...
- Q On January 1, 2017, Crane Corporation issued $630,000 of 9% bonds, due in 10 years. The bonds were issued for $590,745, and pay interest each July 1 and January 1....
- Q Majic Corporation sells phone cases to public and private companies. They are located at 123 Locus Rd, Toronto, ON M1H 4S3. They employ 200 full time employees who work in...
- Q Which of the following statements about shares issued in exchange for assets is true? A - They are disclosed in a note to the statement of cash flows. B -...
- Q The current portion of long-term debt should be A) Combined with the rest of the long-term debt on the balance sheet. B) Reported as a current liability on the...
- Q Topper, Inc. prepared the following cash budget for the fourth quarter. Fill in the missing amounts, assuming that Topper desires to maintain a $15,000 minimum monthly cash balance and all...
- Q a qualifying small business taxpayer may use any inventory method for tax accounting
- Q The Item List can be accessed from which section of the QUICKBOOKS Home Page? 1. banking 2. customer 3. vendor 4. company
- Q This year, Dani made the following donations: Painting worth $3,000 to the Tucson Museum of Art. She purchased the painting in 2002 for $1,000 and the museum is planning to...
- Q Kingsguard Armour, Inc. deposited $30,000 into a bank account. If the account can earn a return of 6%, what amount will Kingsguard Armour have in the account at the end...
- Q The full disclosure principle: A. Requires that when a change in inventory valuation method is made, the notes to the statements report the type of change, its justification and its...
- Q This is only Part A where is the answer to all the other parts ?
- Q One investing firm is assessing an opportunity of a real estate investment. The project requires 4.5 million CAD at the beginning of the first year to start up the first...
- Q E9-3A. Depreciation Methods A delivery truck costing $22,000 is expected to have a $2,000 salvage value at the end of its useful life for four years or 100,000 miles. Assume...
- Q QUESTION 2 (30 MARKS: 72 MINUTES) Elvis Dresley is the owner of Eldress Boutique that specializes in producing batik shirts, blouses, and other batik theme garments as...
- Q Lyric is at which stage of the seven-step product development process? a Screening b Commercialization c Prototype development d Concept testing
- Q Jane Doe is the recently appointed Group Accountant at Acquisitivea company listed on the Antarctican Stock Exchange.1 She is preparing to deliver her first press release and investor conference callto...
- Q 19. Rafaela donated a painting to a registered charity. An independent appraiser valued the painting at $150,000. Rafaela bought the painting eight year ago for $60,000. Her income from other...
- Q When you read an article quoting sampling research do you consider the lack of sufficient information about the sample size or that is based on a small sample, disqualifying the...
- Q Discuss the (1) focus and (2) financial statement emphasis of (a) the percent of sales and (b) the analysis of receivables methods of estimating bad debts
- Q Yakin Consultancy Sdn Bhd providing management consultancy on various corporate matters since 2000. The company is a service tax registrant with RMC, taking effect on 1.9.2019. For the taxable period...
- Q What are TWO different users can make use of the information derived from Inventory Item Summary and Profit and Loss reports. Include clear examples of decisions made informed by the...
- Q The Wright Company paid total cash dividends of $200,000 on 25,000 outstanding common shares. On the most recent trading day, the common shares sold at $80. What is this company's...
- Q On January 1, 20X1, Davis Inc. reports 600,000 shares outstanding. On March 1, the company issues 300,000 shares at $22 per share. On July 1, the company declares a 2:1...
- Q Arya Dancing Masters Academy will deposit $25,000 at the end of each year for 8 years into a fund to save up to purchase a building for a new dance...
- Q Discuss what problems and challenges can contribute to a poorly functioning balanced scorecard?
- Q A company uses the weighted average method for inventory costing. During a period, Department B finished and transferred 55,000 units to Department C. Also in Department B during the period,...
- Q How can you tell if it is favorable vs unfavorable
- Q Which of the following statements about shares issued in exchange for assets is true? A - They are disclosed in a note to the statement of cash flows. B -...
- Q Peggy worked with a local IRS-approved charity whose mission was to capture and neuter feral cats and take care of them until they could be released back into the wild....
- Q Nuri was shopping in a self service supermarket. She picked up a bottle of ice cream soda from a shelfs. While she was examining it, the bottle exploded in her...
- Q Piedmont Fasteners Corporation makes three different clothing fasteners in its manufacturing facility in North Carolina. All three products are sold in highly competitive markets, so the company is...
- Q How QuickBooks helps manage digital information flows and accounting automation. How could QuickBooks help with accounting controls?
- Q Royal Corp. produces drum kits. It takes 4 hours of direct labor to produce a single drum kit. Generals standard labor cost is $12 per hour. During July, Royal produced...
- Q Investment $ 2,500,000 Annual Cash Flow $ 896,400 per year Working Capital $ 74,000 Tax Rate 21%...
- Q If, under GAAP in governmental accounting, capital leases are considered long-term obligations, why, in many jurisdictions, are they not subject to debt limitations?
- Q On May 31, the Cash account of Tesla had a normal balance of $5,400. During May, the account was debited for a total of $12,600 and credited for a total...
- Q A customer of RoughEdge Sharpener alleges that RoughEdge's new razor sharpener had a defect that resulted in serious injury to the customer. RoughEdge believes the customer has an 90% chance...
- Q If a company's Cost of goods sold is $158,400 for the period, beginning and ending Inventory balances are $18,200 and $13,200, respectively, and the beginning and...
- Q One of the primary purposes of the cash flow statement is to A - determine if the company is adequately managing accounts receivable and inventory B - inform users of...
- Q Discuss the situations in which each three of costing system in accounting would be best employed by a business.
- Q When800shares of $1 par value Common Stock are issued at $22 per share,Paid minusinCapital in Excess of ParCommon will: A.increase $ 16 comma 800$16,800. B.decrease $ 17 comma...
- Q Exercise 2 - Accounting for a New Partner ...
- Q badbug makes Viral Memes which sell for $1,000 each. The production process is fairly simple and involves tweaking components purchased from various suppliers. Since each Viral Meme only takes one...
- Q Swift Corporation was formed on January 10, 1995, by James Brown and Martha Swift to sell clothing. Pertinent information regarding Swift is summarized as follows: c) James and Martha each...
- Q Hi, Please help, if I have to reverse a treasury stock purchase in the amount $8000 what line items in the balance sheet, income and cash flows statement will...
- Q Preparation of Balance Sheet Ari Companys December 31 post-closing trial balance contains the following normal balances: Cash $19,000 Accounts payable 20,000...
- Q An investment opportunity requires an immediate cash outlay of $45,000, and then an $80,000 cash outlay two years from now. Net returns of $10,000, $30,000, and $125,000 are expected...
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