Accounting question and answers for December 12, 2023
- Q A plant asset acquired on October 1, 2016, at a cost of $400,000 has an estimated useful life of 10 years. Assuming a December 31st year end, calculate the depreciation...
- Q Assume that John and Mary each work and make $40,000 each annually. There are no children. The mortgage on the condo is $220,000 and they owe $15,000 on their car...
- Q Assume that as of December 31, 10,400 of the $2-off coupons issued during November had been redeemed by customers. Journalize the entry for the remaining unredeemed coupons.
- Q If the book value (or carrying amount) of a PPE item is greater than the amount to be recovered through the asset's use or sale, the asset is...
- Q Analyzing Reconciliation of Financial Reports (chapter 9, 9-14) c. Provide a simple and concise one-page explanation for the differences in the bottom lines.
- Q The ________ approach is useful for short-run pricing decisions and the ________ approach is useful for long-run pricing decisions. contribution; absorption absorption; contribution full costing; target costing full costing;...
- Q In a business combination which is accounted for as an acquisition when the subsidiary will retain its incorporation, how are the following costs treated? Be specific. stock issuance...
- Q At the beginning of the year, Douglas Company purchased 10,400 of the 260,000 shares of common stock of Herrmann Corporation at $60 per share as a long-term investment. The records...
- Q 22 The Dennis Company reported net income of $66,000 on sales of $460,000. The company has average total assets of $740,000 and average total liabilities of $260,000. What is the...
- Q In 2024, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for 23 $10,000,000. The road was completed in 2026 . Information related...
- Q Dauber Corporation's comparative balance sheet and income statement for last year appear below: Comparative Balance Sheet ...
- Q Windsor Corporation began business in 2020 by issuing 36000 shares of $5 par common stock for $7 per share and 3600 shares of 8%, $10 par preferred stock for par....
- Q Cycle-1 is a fast-growing start-up firm that manufactures bicycles. The following income statement is available for October: Sales revenue (360 units...
- Q Which of the following is considered a pervasive constraint by Statement of Financial Accounting Concepts No. 8 a. Costs of providing the disclosure b. Conservatism c. Timeliness d. Verifiability
- Q A trust, which in fact is a corporation, files a trust return ( Form 1041) for a taxable year instead of corporate tax return (Form 1120). Two years later the...
- Q With capital budgeting, one method that is the simplest but stands out among others is the payback method. What makes this method different than the others and why is...
- Q Carrie and Derrick are married filing joint taxpayers. Carrie earned $186,000 in wages. Derrick earned $132,000 in wages. Married fi ling joint filers with wages and self-employment income greater than...
- Q Prepare Intercoastal Electronics budgeted balance sheet as of March 31, 20x1. (Hint: On March 31, 20x1, Bond Interest Payable is $5,500 and Property Taxes Payable is $1,500.)
- Q Stockholders' equity of Dumfries Corporation is as follows: Common stock, $6 par; issued and outstanding 220,000 shares: $7,280,000 Paid-in capital excess of par: $4,517,000 Retained earnings: $5,741,000 The current...
- Q As you read, budgeting is an important planning and control tool. Tell me and the class about your experiences with budgeting in a business environment. Do you or have been...
- Q Under partnership financial statements, what is generally fixed? a. Capital account b. Current account c. Property account d. Bank account _______________________ Revaluation account is prepared to give effect to: a....
- Q Cantrell Company is required by law to collect and remit sales taxes to the state. If Cantrell has $5,000 of cash sales that are subject to an 7% sales tax,...
- Q The Bayou family hired Ronnie, a high school student, to care for their lawn. Ronnie mows the grass on a weekly basis, trims the bushes, and weeds the flower beds...
- Q For an IT department that supports an accounting department as well as other functional areas of the company, which cost allocation method would you choose? Provide support for the basis...
- Q Classifying a cost as either direct or indirect depends upon: a. Whether an expenditure is unavoidable because it cannot be changed regardless of any action taken. b. Whether the cost...
- Q A large automobile manufacturer is considering the installation of a high-tech material handling system for $30,000,000. This system will save $7,500,000 per year in manual labor, and it will incur...
- Q An individual files his 20X1 return one day late on April 16,20X2, enclosing payment for the full amount of tax due on the return. The IRS subsequently imposes a failure...
- Q Prepare the General Ledger journal entries for the General Fund for the City of Corona for the fiscal year ended May 31, 2018. The budget was formally adopted. Estimated revenues...
- Q Describe the allocation of inventoriable costs may be made under any of the following assumptions as to the flow of costs (a) first-in, first-out (FIFO), (b) last-in, first-out (LIFO), or...
- Q company issues a bond whose bond rate is 6%. The bond yield is 5%. given the bond rate and bond yield, companys bond will be issued at a discount. True...
- Q A granary allocates the cost of unprocessed wheat to the production of feed, flour, and starch. For the current period, unprocessed wheat was purchased for 260,000, and the following quantities...
- Q Amy's Art Shop kept all inventory and sales records on the basis of retail prices. It recorded purchases at cost and marked up its merchandise at 159% of cost. On...
- Q You are required to prepare a reflection paper that incorporates your answers to the following questions: 1. Besides earning a profit, what other objectives might a business have? How can...
- Q Olsen Company prepares its statement of cash flows using the indirect method. Indicate whether the item would be added to net income (increase), deducted from net income (decrease), or has...
- Q Benton County includes an independent school district and two individually chartered towns within the County. Benton County's Treasurer assesses and collects property taxes on behalf of itself, the school district,...
- Q On June 27, 2021, Cara Van Travel distributed to its common shareholders 440,000 outstanding common shares of its investment in Constance Noring Pillows. The book value on Van's books of...
- Q Based on a review of the Statement of Cash Flows from FY 2018-2020, focusing on deprecation and amortization, as well as payments for property and equipment, Walmart is in what...
- Q Arlington LLC purchased an automobile for $40,000 on July 5, 2017. What is Arlington's depreciation expense for 2017 if its business use percentage is 75 percent (ignore any possible bonus...
- Q True or False 1. Cash in the chart of accounts is an example of a control account. 2. It is normal to have a debit balance in the allowance for...
- Q According to the Productivity Commission's 2010 report on Australian not-for-profit organisations, which of the following legal structures was dominant in the not-for-profit sector in Australia? a. Unincorporated association b. Company...
- Q Individual Y files a fraudulent 20X1 tax return on April 15,20X2, but on June 15,20X2 he files an amended return correctly reporting his tax. On July, 20X8, Y is charged...
- Q Determine the price of a $500,000 bond issue under each of the following independent assumptions: Maturity Interest Paid Stated Rate Market Rate 10 years semiannually 10% 12% 20 years semiannually...
- Q Is there any limit to the IRS authority to extend the due date for the filing of a tax return for a taxpayer living abroad?
- Q Undeniably, profitability is the ultimate goal of companies and readers of a companys financial statements are very much interested in the reported profit figure. The profit figure is achieved...
- Q Selected balance sheet information and the income statement for Pioneer Industries for the current year are presented below. Selected Balance Sheet Accounts Prior Year Current Year Accounts Receivable $ 17,100...
- Q Roland had revenues of $602,000 in March. Fixed costs in March were $227,950 and profit was $54,990. a. What was the contribution margin percentage? contribution margin b. What...
- Q Production costs of the Finishing Department in June in Blossom Company are materials $14,880, labor $36,580, and overhead $22,320. Equivalent units of production are materials 24,800 and conversion costs 14,725....
- Q Empresas Olivera maintains its accounting records under the accrual basis and its annual accounting period ends on December 31. During 2020, you incurred expenses in the amount of $ 100,000,...
- Q Received validated deposit receipt from the bank for $7,931.96 for deposit made December 14th. What is the journal entry for this transaction? is there any adjusting entry needed in the...
- Q Alte Inc. issues $5 million face amount convertible bonds; the bonds issue at 101. Similar bonds issued without the conversion right would have been issued at 99. Alte...
- Q During 2016, Canton Company's assets increased $95,500 and the liabilities decreased $17,300. Canton Company's stockholders' equity at December 31, 2016 was $211,500. What amount was stockholders' equity at January 1,...
- Q A company buys a 100 par value bond with 5% annual coupons. The company pays a price that will give it a yield rate of 4% effective if the bond...
- Q A customer purchases $150 of goods at a Dollarama store using a $100 gift card with the remaining amount in cash. Prepare the journal entry for this transaction.
- Q Backcountry Equipment makes backpacking stoves. It has the capacity to produce 10,000 stoves per year and currently is producing and selling 7,000 stoves. The normal selling price for a stove...
- Q Grand Corporation reported pretax book income of $615,000. Tax depreciation exceeded book depreciation by $410,000. In addition, the company received $307,500 of tax-exempt municipal bond interest. The company's prior-year tax...
- Q Stockholders' equity of Dumfries Corporation is as follows: Common stock, $6 par; issued and outstanding 220,000 shares: $7,280,000 Paid-in capital excess of par: $4,517,000 Retained earnings: $5,741,000 The current...
- Q Hello I need the answer to this question in EMR innovation case study Determine the sales of the Lock-Awn (in units and revenue) needed to break even and the...
- Q Complete the sum-of-the-years' digits method of depreciation. Useful Life (years) 8 Sum-of-the- Years' Depreciation Rate Fraction Year 1 Year 3 Year 5
- Q Molander Corporation is a distributor of a sun umbrella used at resort hotels. Data concerning the next months budget appear below: ...
- Q Novak Manufacturing incurs unit costs of $7.00 ($5.00 variable and $2.00 fixed) in making a sub-assembly part for its finished products. Asupplier offers to make 12,500 of the parts for...
- Q From Martinez and Newsome standpoint, do they care about the Enterprise Value? What do they care about really? Why? Are they paying a fair value for the securities?
- Q Hardware Distributors reports net income of $56,000. Included in that number is depreciation expense of $10,500 and a loss on the sale of land of $5,100. A comparison of this...
- Q Why the current audit report format was introduced by IAASB?
- Q In a criminal investigation name the most common method used by the IRS to approximate a taxpayer's true income?
- Q On January 1, 2016, Ithaca Corp. purchases Cortland Inc. bonds that have a face value of $270,000. The Cortland bonds have a stated interest rate of...
- Q Sheffield Corp. reported the following year-end information: beginning work in process inventory, $74000; cost of goods manufactured, $780000; beginning finished goods inventory, $54000; ending work in process inventory, $63000; and...
- Q On January 1, 2020, Culver Corporation issued $660,000, 5%, 5-year bonds dated January 1, 2017, at 98. The bonds pay annual interest on January 1. The company uses the straight-line...
- Q Hugo, Inc. has a process costing system at its Plainfield Avenue Plant. All materials are introduced when conversion costs reach 50 percent complete. The following information is available...
- Q Consolidation subsequent to date of acquisitionEquity method with noncontrolling interest and AAP Assume, on January 1, 2015, a parent company acquired a 90% interest in its subsidiary. The total fair...
- Q Define and distinguish between a condition and a warranty. Under what circumstances a breach of condition is to be treated as a breach of warranty? ...
- Q baelish investment advisors inc. issues 10-year, $100,000 bonds, which have a contractual interest rate of 8% and pay interest annually. what is the selling price of the bonds if the...
- Q A stock index is currently 990, the risk free rate is 5%, and the dividend yield on the index is 2%. Use a three step to value and 18-month American...
- Q sabrina deposits $300 inta an savings at the end of each month for 5 years. if accumulated value of the deoposit is $20000 and interest is compounded semi-annually, calculate the...
- Q All-Things Manufacturing produces two types of entry doors: Premier and Basic. The assignment basis for support costs has been direct labor dollars. For 2011, All-Things compiled the following data for...
- Q Case Study 3 Khalid LLC Trading Company has produced 12,500 units which is 25% capacity level in the factory. The company has used raw material to make the...
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