Accounting question and answers for December 12, 2023
- Q 4))If the goodwill account is raised for OMR 30,000, the amount is debited to: a. None of these are correct b. Cash account c. The capital accounts of partners d....
- Q Cash Payback Period A project has estimated annual net cash flows of $30,500. It is estimated to cost $94,550. Determine the cash payback period. If required, round your answer to...
- Q List some of the possible defenses that a taxpayer may use against a charge of criminal tax offense.
- Q 15.9 (LO1) Hinges SpA issued 500 shares of 100 par value preference shares for 61,500. Prepare Hinges's journal entry
- Q An individual investor is evaluating the profitability of an anticipated land investment that has an asking price of $5,000 per acre and a current net cash flow of $200 per...
- Q Jennifer purchased 255 shares of stock for $21 per share. Less than 30 days later, she sold all of the 255 shares for $28 per share. Calculate the deferred or...
- Q What are the benefits of reinsurance? Why is it popular in offshore locations such as Bermuda and the Cayman Islands?
- Q explain the utility of experience survey in explotary reaserch.
- Q 6 days a week and 12 hours per day how many hours in a year? with explaining please
- Q On January 1 of the current reporting year, Coda Companys projected benefit obligation was $30 million. During the year, pension benefits paid by the trustee were $4 million. Service cost...
- 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 Exercise 1 - Partnership Profit Allocation ...
- Q Why is it worthwhile to isolate relevant costs under the differential cost approach when the total cost approach results the same outcome?
- Q Terminal Industries (TI) produces a product using three departments: Mixing, Processing, and Filtering. New material is added only in the Mixing Department. The following information is given for the Processing...
- Q The contents of an unmodified external audit report and the types of modification required in different circumstances are closely prescribed in International Standards on Auditing. Required: a) Identify and describe...
- Q What is the biggest difference between IFRS & US GAAP? 1) IFRS provides less detailed guidelines 2)US GAAP provides less detailed guidelines 3)IFRS provides more industry specific intstruction 4) None...
- Q Strombolis is doing an analysis of its liquidity. Which of the following ratios should they exclude in their analysis? Inventory...
- Q Evaluate Larson Cement 's internal controls processes as they applies to the case.
- Q Abdalla drove 25,000 business kilometres this year in his Saskatchewan sales territory and was reimbursed at the government prescribed rates per kilometre. Calculate Abdalla's total reimbursement
- Q On 30 June 20X9, Fey Ltd purchased a parcel of assets and liabilities directly from Pohler Ltd. The cost of acquisition was $140000...
- Q Be prepared to answer the following: 1. Write a brief narrative on the flow and format of a basic 1040 tax return. Include and describe important tax calculations.
- Q 1. Distinguish between the jurisdiction of the US Tax Court and a US District Court. Include the advantages and disadvantages of each court. Give examples of cases that might go...
- Q Equivalent Units of Conversion Costs The Filling Department of Eve Cosmetics Company had 5,400 ounces in beginning work in process inventory (40% complete). During the period, 53,800 ounces were completed....
- Q A company purchased land on which to construct a new building for a cost of $350,000. Additional costs incurred were: Real estate broker's commissions. $24,500 Legal fees incurred in the...
- Q the _____ is a financing activity that results in cash inflow A. purchase of long-term investments B. issuance of bonds C. collection of accounts receivable D. payment of dividends
- Q The Centinela Corporation presents in its accounting books the following items related to its income for 2020: Sales income $ 2,000,000 Cost of goods sold (1,300,000) Interest income savings...
- Q 20 3.33pts On January 2, Year 1, Samsung Corporation issued 26,000 shares of $20 par-value common stock for $24 per share. Which of the following statements is true? Total stockholders'...
- Q out of NPV, ,IRR and MIRR. which is the best method to use. and if the three methods agree or disagree and why
- Q Wiley Plus suppose this information is available for the Automotive and Other Operations Divisions of General Motors Corporationfor a recent year, General Motors uses the LIFO inventory method. Calculate the...
- Q Caffrey Company budgets $804 of fixed costs, a selling price of $3.96 per unit, and a variable cost of $2.86 per unit. Caffrey budgets selling 1,078 units. What is Caffrey's...
- Q 1- ) How would various personal events affect personal financial decisions? 2-) Discuss common methods of budgeting that help a household achieve financial goals and prevent money problems? ...
- Q identify and evaluate the negative and social consequences that might potentially arise following the introduction of aasb 138 intangible assets
- Q In 150 words or less, answer the following: In what order must the financial statements be prepared? Why must they be prepared in this order? How does the standard order...
- Q This is college accounting 21e Heintz and Parry. I need the answers to chapter 3 on page 76
- Q Please explain why cost-volume-profit analysis is important for a company. What does the company need to understand about its costs to be able to perform CVP analysis (i.e. which cost...
- Q Complete the following table for each of the 4 scenarios. Give your answers in percentages and to three decimal places Notional Rate 10.000% 10.400% 10.200% 9.900% Compounding Frequency Monthly...
- Q If a taxpayer is not using an asset in a trade or business, or for the production of income, then it is a(n) ________. real property investment property business...
- Q Medel Industries purchased $10,000 of merchandise on February 1, 2020 with credit terms of 2/10, n/60. It returned $2,500 worth of merchandise on February 4. Medel uses the perpetual inventory...
- Q in chapter 5 Exercise 5-26 page 201, Exercise 5-27 page 201,Exercise 5-33 page 203,Exercise 5-35 page 204,
- Q Problem 2 Unearned Revenue 10 minutes 8 marks On August 1, 2020, the Hogwarts Express received $115,000 in advance ticket sales for a future trip on the...
- Q Calamity Casualty Insurance Company, a primary insurer, has a $10,000,000 excess of $1,000,000 treaty (i.e. a $1,000,000 retention) with Whitecherry Re. Calamity Casualty insured Acme Engineering for a limit of...
- Q Prepare an income statement for the year ended December 31, 2023. Prepare a statement of changes in equity for the year ended December 31, 2023. Prepare a balance sheet...
- Q To obtain a new customer, a business sells merchandise to the customer for $40. Normally the merchandise sells for $80. For this sale, the business should record revenue of ...
- Q Exercise 12-4 Prepare a Statement of Cash Flows [LO12-1, LO12-2] The following changes took place last year in Pavolik Companys balance sheet accounts: ...
- Q On September 5, 2018, Maxima sold 300 shares of stock in BrightEyez LLC that she had purchased July 19, 2003. Her cost basis is $10,000; she sold it for $20,000...
- Q Which of the following ratios would be relevant for you while auditing the revenue account: A. Asset Turnover Ratio B. Receivables Turnover Ratio C. Sales return ratio ...
- Q From the following information of two companies. Company Xy P/E ratio is 12. Company XzP/E is 2. The sum total of the post tax earnings of the above mentioned companies...
- Q During 2023, Trevor has the following capital transactions: LTCG $ 6,000 Long-term collectible gain 2,000 STCG 4,000 STCL 10,000
- Q Calculating sales estimates, derived from an estimate of the sales growth rate, is how the forecasting process begins? True or False?
- Q Lord Varys borrowed $10,000 to open his new store, Little Birds Seed and Feeder Store. If Lord Varys must repay a total of $15,400 at the end of 5 years,...
- Q When High Horizon LLC was formed, Maude contributed the following assets in exchange for a 25 percent capital and profits interest in the LLC: Maude: Basis Fair Market...
- Q System ABC in calculating indirect cost in a facility with an example?
- Q Whispering Winds Corporation is considering investing in a new facility. The estimated cost of the facility is $3,551,000. It will be used for 12 years, then sold for $836,000. The...
- Q Ben received the following benefits from his employer this year. What amount must Ben include in his gross income? Benefit Value Health insurance coverage paid by employer $ 5,800...
- Q Tyler Company received $60,000 in late 2008 for rent on property it leases to Danford Corporation. The payment represents rent for the years 2009 and 2010, the period covered by...
- Q Evans Inc. has just started a small corporation that buys and sells booths for trade shows across Canada. The bank has lent Evan $50,000 and needs the 2022 financial...
- Q What are the three major disadvantages of your present credit cards?
- Q Sales Discounts-determine Net Sales(affect on Gross Margin).
- Q How are transactions that do not concern daily activities but are included in net income handled
- Q Monthly remittance (payment) of sales tax: A) Reduces Liabilities B) All of these answers are correct. C) is a claims exchange transaction D) Reduces stockholders equity
- Q Beta Sdn Bhd, a registered manufacturer of household products, sold taxable goods in March 2019 as follows: Sale value RM To a hotel in Langkawi 60,000 To a hypermarket in...
- Q Explain why we use general accepted accounting principles for doing the Master Budget but we use discounted cash flows for Capital Budgets. An answer to the question should be discussed...
- Q Jacob Corporation shows a total of $1,260,000 in its common stock account and $1,400,000 in its paid-in capital in excess of par value - common stock account. The par value...
- Q Explain how management and unions negotiate contracts.
- Q I Need Bottomless Waffle Fries (NBWF) manufacturers fries. Relevant information is provided below: Per unit variable cost $8.00 Total fixed costs $216,000 Units 4,000 units Average market price $94.00...
- Q .A company purchased plant and machinery for one million, on 1 January 2008. The company uses straight-line depreciation. The company estimates that the plant and machinery will have...
- Q The following information is departmental cost allocation with two service departments and two production departments. Department Cost Percentage Service Provided to S1 S2 P1 P2 Service 1 (S1) $ 30,000...
- Q On January 1, a customer paid X Company $33,900 in advance for cleaning services. The cleaning was going to be done once in January, once in February, once in March,...
- Q During August, Boxer Company sells $346,000 in merchandise that has a one year warranty. Experience shows that warranty expenses average about 5% of the selling price. The warranty liability account...
- Q Determining Gross Profit During the current year, merchandise is sold for $823,000. The cost of merchandise sold sold is $600,790. a. What is the amount of the gross profit? $...
- Q Cane Company manufactures two products called Alpha and Beta that sell for $175 and $135, respectively. Each product uses only one type of raw material that...
- Q Name the four (4) functional units around which the IRS organizes itself.
- Q To whom does the Chief Counsel of the Internal Revenue Service report?
- Q In this activity, we will estimate a confidence interval for the proportion of times a Hersheys kiss lands on its base as opposed to its side. To do this, we...
- Q Financial information is presented below: Operating expenses $ 33000 Sales returns and allowances 7000 Sales discounts 3000 Sales revenue 176000...
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