Accounting question and answers for December 12, 2023
- Q Oriole Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order. Expenditures...
- Q The properties owned by a business enterprise are called: 1. Capital 2. Assets 3. Liabilities 4. Owner's equity...
- Q During Heaton Companys first two years of operations, it reported absorption costing net operating income as follows: Year 1 Year...
- Q The incoming partner is entitled to have any share in the undistributed profit & loss: a. May be b. Not at all c. Always d. Sometimes _________________________________________________________________ Excess of...
- 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 The partners drawing accounts are
- Q Brea Corporations fiscal year-end is December 31, 2024. The following is a partial adjusted trial balance as of December 31. Accounts Debit Credit Retained Earnings $18,000 Dividends $1,800 Service Revenue...
- Q which of the following activities include acquiring and selling land? A. investing activities B. warehouse activities C. operating activities D. financing activities
- Q Darius Beckman is the service manager for SmartEnergy Services in Tampa, Florida. The company provides electrical energy equipment and services to cities and other organizations. In an Excel workbook, Darius...
- Q May the joint Committee on Taxation indefinitely delay a large refund claimed on a tax return?
- Q Please answer the question 11-10. Question 11-9 was given because of the information asked by question 11-10. 119. The Great Lakes Maritime Institute is a public institution preparing cadets for...
- Q 9) On admission of a new partner how is the goodwill created? a. Debit goodwill; Credit partners capital account b. Debit goodwill; Credit partners current account c. Debit partners capital...
- Q Joe's Shoes, Inc. uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: Beginning Inventory...
- Q Maxine King ( sole director and sole shareholder) of Gold Coast Souvenirs Pty Ltd made an appointment to speak to Jessica Jones ( Partner in Griffith Insolvency) in early July...
- Q Bandar Industries Berhad of Malaysia manufactures sporting equipment. One of the companys products, a football helmet for the North American market, requires a special plastic. During the quarter ending June...
- Q Sweet Companys outstanding stock consists of 1,500 shares of cumulative 5% preferred stock with a $100 par value and 10,500 shares of common stock with a $10 par value. During...
- Q On January 4, 2021, the Franc Company purchased for P27,000 a patent that had been filed eight years earlier. The patent covers a manufacturing process that the company plans to...
- Q During March 2019, Virginia Bay Corporation recorded $275,000 of costs related to factory overhead. Alpha's overhead application rate is based on direct labor hours. The preset formula for overhead application...
- Q In settling an audit with an agent, why would a taxpayer be willing to waive his or her right to a 90-day letter?
- Q Lopez acquired a building on June 1, 2014, for $17,688,800. Compute the depreciation deduction assuming the building is classified as (a) residential and (b) non residential. use the depreciation table...
- 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 Describe the procedure for appointing first directors of a company under the companies act, 2019 (ACT 992).
- Q J&TR, Inc., has two classes of stock authorized: $100.00 par preferred and $0.05 par value common. As of the beginning of 20XC, 10,000 shares of preferred stock and 800,000 shares...
- Q Brooks Clinic is considering investing in new heart-monitoring equipment. It has two options. Option A would have an initial lower cost but would require a significant expenditure for rebuilding after...
- Q Steve industries purchased a supply of electronic components from wolf corporation on October 31, 2023. in payment for the $900000 purchase, Steve issue a 1-year installment notes to be paid...
- Q How can REA diagrams help an auditor understand a clients business processes? Which parts of Figure 6 would accurately depict almost every organizations revenue (or sales-collection) cycle? Which...
- Q an atm with a service fee of $2 is used 100 times in a year. what would the future value in 10 years (use 2 percent rate) of the annual...
- Q How is it possible for a company to report net Income on the Income Statement, but have a decrease in total Cash on the Statement of Cash Flows? Explain using...
- Q Tim bought a 15 year Treasury Note in 2008. The Note pays 6% annually and he invested $12,000. How much will the Note be worth in 2023? Which TVM adjustment...
- Q 1. Maureen died intestate leaving an estate after taxes and probate of $700,000. She is survived by her husband, Jack and her two children Adam and Kelly. She is predeceased...
- Q Big Al gives his worker's a one hour lunch and two fifteen minute breaks each day. He believes that a cold soda machine would be...
- Q Jacob Finney's filing status is single, and he has earned gross pay of $1,240. Each period he makes a 403(b) contribution of 8% of gross pay and makes a contribution...
- Q Name two (2) types of property that are exempt from IRS levy.
- Q Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,500 pounds of oysters in August. The companys flexible budget for August appears below: ...
- Q In regards to cash and inventory, what are some "compensating controls" that could have been implemented for this small business (review Ch. 4 for ideas)?
- Q You own your own CPA firm You have a new client Medium size business You signed 5 year audit contract worth $500,000 annually Have 3-4 other CPAs to help with...
- Q Jewelry Suppliers reports net income of $148,000. Included in net income is a gain on the sale of land of $11,500. A comparison of this years and last years balance...
- Q What is a road map in Operations and Supply Chain Management and how is it relevant for business success?
- Q Dan, a self-employed individual taxpayer, prepared his own income tax return for the past year and has asked you to check it for accuracy. Your review indicates that Dan failed...
- Q Most companies have at least two ways in which to defer the decommissioning of a field or installation; what are they?
- Q Product Cost Markup Percentage Crescent Lighting Inc. produces and sells lighting fixtures. An entry light has a total cost of $64 per unit, of which $32 is product cost and...
- Q Describe how the cost principle applies to plant assets and explain the concept of depreciation.
- Q Sharon sold her antique dining set for $5200. She purchased the dining set years ago at a yard sale for $520. The FMV is $4750. Calculate Sharons realized gain or...
- Q On March 1, 2020, Pinnacle Prairie Corporation sold 100 shares of common stock to Tahoe Lake Venue. Each share of stock cost Tahoe $44. Pinnacles par value of one share...
- Q 18- In its first year of existence, KES, an S corporation, reported a business loss of $10,000. Kim, KESs sole shareholder, reports $50,000 of taxable income from sources other than...
- Q How would you explain the accounting valuations for the post -control step acquisitions to the Berkshire Hathaway executives? Do you agree or disagree with the GAAP treatment of reporting...
- Q which of the following forms is provided to a recipient to report their share of royalty income?
- Q Which one of the following events will decrease the cash balances of a business? The following question has more than one correct answer, you need to select all of them...
- Q A client's financial statements follow GAAP except that they do not include a note on a significant related party transaction. Which Financial Statement Opinion is this and why?
- Q Trial Balance Adjustments Trial Balance Account Names Debit...
- Q Determining Bond Prices Lunar, Inc., plans to issue $800,000 of 6% bonds that will pay interest semiannually and mature in 5 years. Assume that the effective interest...
- Q While preparing this year's tax return you discover last year's return has a $1,000,000 error. If the client refuses to correct the mistake must you resign from the engagement?
- Q Zamboni Enterprises has $1,000 face value bonds that pay interest annually and currently have eight years to maturity. These bonds are currently selling for $1,062 in the bond market. At...
- Q Wasson Company purchased items of inventory as follows: (Marks 2) Dec. 2 80 units @ $20 Dec. 12 42 units @ $21 Wasson sold 50 units on December 20....
- Q If $12,000 had been invested in a certain investment fund on September 30, 2008, it would have been worth $54,089.24 on September 30, 2018. What interest rate, compounded annually, did...
- Q On January 1, Year 2, Chavez Company had beginning balances as follows: total assets of $12,500, total liabilities of $4,500, and common stock of $3,000. During Year 2, Chavez paid...
- Q Read the following scenario and answer the questions that follow. Despite the challenges of the COVID-19 pandemic, many persons have found opportunities to start and grow business ventures. With food...
- Q In 2020, Ingenieros Villalongo & Co. obtained a consulting contract on the island of San Thomas for the construction of a resort. The firm sent two engineers to St. Thomas...
- Q Iron Islands Company borrowed $200,000 to purchase a new ship. Iron Islands signed a promissory note to repay the loan in 10 equal installments due at the end of each...
- Q Murgatroyd Co. purchased equipment on January 1, 2019, for $910,000, estimating a five-year useful life and $110,000 residual value. In 2019 and 2020, Murgatroyd depreciated the asset using the double-declining-balance...
- Q When assessing buyer power using Porters five forces, which of the following is not consistent with low buyer power? Brand loyalty Control of distribution channel Large number...
- Q On September 1, Swifty Office Supply had an inventory of 30 calculators at a cost of $22 each. The company uses a perpetual inventory system. During September, the following transactions...
- Q Sandhill Inc. began selling game consoles on November 1, 2024. The company offers a 60-day warranty for defective merchandise. Based on past experience with other similar products, Sandhill estimates...
- Q Conlon Chemicals manufactures paint thinner. Information on the work in process follows: Beginning inventory, 37,000 partially complete gallons. Transferred out, 209,000 gallons. Ending inventory (materials are 21...
- Q Discuss an assumption made when compiling a cash budget or pro forma financial statements. Be sure to include how that assumption may be calculated incorrectly and the effect it may...
- 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 Whose Liability is limited to the extent of his capital to the firm? A. Owner B. Partner C. Employee D. None...
- Q Wildan Ltd. (PL) first year of its operations, reported the following information: a) Loss (accounting loss) before tax for the year was $900,000 and the tax rate was 38%; b)...
- Q All of the following are for AGI deductions except: A. Contributions to qualified retirement accounts. B. Charitable contributions. C. Business expenses for a self-employed taxpayer. D....
- Q ABC CORP BALANCE SHEET December 31, 2010 Cash $ 100 Marketable Securities 0 Accounts Receivables 2,000 Inventory 140 Fixed Assets ( net )...
- Q Assume you are the senior accountant on an audit engagement of a fictitious business, Pine Street Company (PSC). Assume the instructor is the engagement partner. You are to prepare an...
- Q Geithner LLC patented a process it developed in the current year. The patent is expected to create benefits for Geithner over a 10-year period. The patent was issued on April...
- Q What are directors duties and who can take action if they are breached?
- Q Madrid Inc. has the following budgeted production in units for the next four months: Units Month Produced June 90,000 July 120,000 August 210,000 September 150,000 Two pounds of raw materials...
- Q Calla Company produces skateboards that sell for $66 per unit. The company currently has the capacity to produce 95,000 skateboards per year, but is selling 82,000...
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!