Accounting question and answers for December 12, 2023
- Q Taxes and the Cannabis Business (a GVV case) in Mintz & Morris (2020). Questions - Assume you are in Hailey's position and answer the following questions. 1 - Explain how...
- Q Mr. Rogers, an unmarried individual, had the following income items: Salary $ 512,600 Interest income 20,000 Dividend eligible for 20% rate...
- Q Benoit Company produces three productsA, B, and C. Data concerning the three products follow (per unit): Product ...
- Q Doanne Food Processing expects to have 55,000 pounds of raw materials inventory on hand on March 31, the end of the current year. The company budgets the following...
- Q Torino Company has 2,600 shares of $20 par value, 5.5% cumulative and nonparticipating preferred stock and 26,000 shares of $10 par value common stock outstanding. The company paid total cash...
- Q Define internal control and identify the principles of internal control.
- Q 1) The amount of deposits in transit is included on the bank reconciliation as a(n) a.deduction from the balance per bank statement b.addition to the balance per company books c.deduction...
- Q Clarissa McWhirter, vice-president of Cyprus Company, was pleased to see a small variance on the income statement after the trouble the company had been having in...
- Q Question: Which of the following is an example of a variable cost? A) Rent for factory building B) Salaries of production supervisors...
- Q Ophelia Ltd. reported retained earnings at December 31, 20x6 of $255575, and at December 31, 20x7, $212718 . Net income for calendar 20x7 was $176161. As...
- Q logistics Solutions provides order fulfillment services for dot.com merchants. The company maintains warehouses that stock items carried by its dot.com clients. When a client receives an order from a customer,...
- Q N Corp. entered into a nine-year finance lease on a warehouse on December 31, 2021. Lease payments of $31,000, which includes maintenance services of $1,700, are due annually, beginning on...
- Q Carter Company purchased a company that manufacturers Kangaroo Boo shoes in 2016 for $10,000,000 and the net asset value was $6,000,000. Due to the introduction of a wildly popular competitor,...
- Q Waxworks current year end is 31 March 2009. Its financial statements were authorised for issue by its directors on 6 May 2009 and the AGM (annual general meeting) will be...
- Q The Kollar Company has a defined benefit pension plan. Pension information concerning the fiscal years 2018 and 2019 are presented below ($ in millions): Information Provided by Pension Plan Actuary:...
- Q Historic cost is defined as a cost already incurred while opportuniy cost is defined as the value of an opportunity forgone. Is the above statement true or false?
- Q The general ledger of the Karlin Company, a consulting company, at January 1, 2018, contained the following account balances: Account Title Debits Credits Cash 29,900 Accounts Receivable...
- Q Which of the following economic characteristics is consistent with a pharmaceutical company? Low barriers to entry. High levels of research and development. Low profit margins. ...
- Q Purchases transactions Bowers Company purchased merchandise on account from Saunders Corp. for $6,100, terms 2/10, n/30. Bowers returned merchandise with an invoice amount of $1,300 and received...
- Q In its production facilities for picture frames, Take A Picture pays the following wages: '$1,750 to employees who repair production facility equipment, $5,000 paid to employees who cut the glass...
- Q The process of evaluating financial data that change under alternative courses of action is knowns as what type of analysis:
- Q Lynch Company manufactures and sells a single product. The following costs were incurred during the companys first year of operations: Variable costs per...
- Q On January 2, 2017, Sunland Company wishes to issue $7100000 (par value) of its 6%, 10-year bonds. The bonds pay interest annually on January 1. The current yield rate on...
- Q Mr. Samuel Silverstein has a spouse and a 19 year old dependent son. Mr. Silversteins 2017Net Income For Tax Purposes is $125,000. For 2017, Mr. Silversteins spouse has no incomeand...
- Q Explain the four conditions that must be met in civil cases for the burden of proving any factual issue relevant to the determination of taxpayer liability to rest with the...
- Q On April 1, 2018, Nantucket Golf Clubs Nantucket Golf Clubs issued $500,000 of 10-year, 9 percent bonds payable. The bonds were sold for $ 490,000. The bonds pay interest each...
- 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 what are some types of audit services and define 3 of them.
- Q I am a California resident (I live in San Mateo) and I drive a 2014 Honda Accord with a blue book market value of approximately $8,000. What...
- Q Bankrupt Corporation is in a deep financial crisis. You are one of the financial avengers Bankrupt is desperately seeking help from. CEO of the company informed you that he is...
- Q Show me the steps to solve Smart Students Inc paid out $33.4million in total common dividends and reported $198.9million of retained earnings at year-end. The prior years...
- Q Sherene Nili manages a company that produces wedding gowns. She produces both a custom product that is made to order and a standard product that is sold in...
- Q Please help with this question Jack invested 15,000 cash in a leasing activity for a 15% ownership share in the business. The remaining 85% owner is Jill. Jill...
- Q On October 1, 2020, Apollo Company purchased equipment costing $30,000. Apollo records depreciation expense for the equipment at the rate of $1,000/month. What is the credit balance in Apollo Company's...
- Q The following selected transactions relate to investment activities of Ornamental Insulation Corporation during 2021. The company buys debt securities, not intending to profit from short-term differences in price and not...
- Q You obtain a $95.000 home loan for 15 years at 5.1% interest compounded monthly. If you made the first payment was made on August 15, 2009, how much interest will...
- Q Imagine you are a consultant who must recommend whether to purchase a company. Explain how you would evaluate the expected rate of return from the investment and the method to...
- Q Which of the following is considered a nonbusiness deduction when determining the amount of a net operating loss? 1. Federal disaster area casualty loss 2. HSA contribution 3. Deductible part...
- Q Wyalusing Industries has manufactured prefabricated houses for over 20 years. The houses are constructed in sections to be assembled on customers lots. Wyalusing expanded into the precut housing market when...
- Q Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $348,189 for the year, and machine usage is estimated at...
- Q The Boot Department at the Omaha Department Store is being considered for closure. The following information relates to boot activity: Sales revenue $ 360,000 Variable costs: Cost of goods sold...
- Q During 2018, the first year of operations, Silver, Inc., pays salaries of $175,000. At the end of the year, employees have earned salaries of $20,000, which are not paid by...
- Q The Case of the Director Who Wore Too Many Hats Catalina is one of 5 directors of Zeta Investments Corporation. She is also a majority shareholder holding both common and...
- Q what are the objectives,purpose and questions of internal control quality implications of leadership change in public sector environment?
- Q On January 1, 2019, Concord Corp. signs a contract to lease nonspecialized manufacturing equipment from Stone Inc. Concord agrees to make lease payments of $47,500 per year. Additional information pertaining...
- Q The 2020 financial statements of Outdoor Waterworks Inc. follow: Outdoor Waterworks Inc. Income Statement For Year Ended December 31, 2020 ...
- Q During January 2018, the following transactions occur: January 2. Sold gift cards totaling $8,200. The cards are redeemable for merchandise within one year of the purchase date. January 6. Purchase...
- Q Level of client satisfaction during the period is an example of financial measure while sales per employee is an example of non-financial measure. Is the above statement true or...
- Q Based on your research discuss the impact the organization's structure and culture have on internal controls over financial reporting. What characteristics would you say lead to better internal controls within...
- Q You believe that Rose, Inc., stock is going to fall and you have decided to sell 800 shares short. If the current share price is $47. The initial margin...
- Q Notes Payable; Contingent LiabilityThe following items were selected from among the transactions completed by Sherwood Co. during the current year:Mar. 31.Issued a 30-day, 8% note for $225,000 to...
- Q Part 1: A borrower has two alternatives for a loan: (1) issue a $185,000, 60-day, 4% note or (2) issue a $185,000, 60-day note that the creditor discounts at 4%....
- Q Net Present Value Method The following data are accumulated by Paxton Company in evaluating the purchase of $129,200 of equipment, having a four-year useful life: ...
- Q the general data protection regulation recognizes many differant human rights and required minimum and maximum efforts that must be made to protect the privacy of individuals. the minimum efforts is...
- Q What increases the Assets & Equity? A. Fresh Capital B. Debts paid off C. Revenues D. None of the above ...
- Q The ultimate economic burden of a tax is best captured by: A. None of the answers are correct. B. the marginal tax rate. C. the average tax...
- Q Louisville Slugger Incorporated (LSI) is a manufacturer of traditional baseball equipment. The company was established by Lawrence Alexander in 1951, and at that time only produced wooden baseball...
- Q After reading the assigned pages from the Victoria Business School's "Example of a Finished Report," you will answer a series of questions. Your responses should run 1-2 sentences per question....
- Q A post-closing trial balance does not show total debits equal total credits. only reflects the changes during the year. ...
- Q On January 1, 2023, Genevieve Ltd. purchased 8%, $100,000 (par value) bonds for $108,530. The bonds were purchased to yield 6%. Interest is paid on July 1 and January 1...
- Q Identify the basic concepts of an accounting information system and describe the nature and purpose of a subsidiary ledger.
- Q King City Specialty Bikes (KCSB) produces high-end bicycles. The costs to manufacture and market the bicycles at the company's volume of 2,000 units per month are shown in the following...
- Q Compute the missing information to discount the following promissory note. Use a 360-day year for all interest and discount calculations. Jane Phipps owned a finance company. On April 22 she...
- Q Which of the following topics is generally considered to be outside the field of OB? a. therapy b. absenteeism c. employment turnover d. productivity e. job satisfaction
- Q t the beginning of the current period, Marigold Corp. had balances in Accounts Receivable of $220,000 and in Allowance for Doubtful Accounts of $15,000 (credit). During the period, it had...
- Q What interest rate column and what number of periods would be used to look up a time value of money factor for an annual interest rate of 4%, invested for...
- Q Heroes Ltds Statement of profit or loss for the year ended 30 June 2018 and Statements of financial position as at 30 June 2017 and 2018 were as follows:...
- Q The bookkeeper for Oriole Manufacturing Ltd. was trying to determine what items would be used in preparing the companys bank reconciliation that she is completing at May 31, 2021, the...
- Q Raphael corporation common stock is currently selling it stock exchange at 194 per share, and its current balance sheet shows the following stockholders equity section: Preferred stock - 5% cumulative,...
- Q The trial balance of HT Pte Ltd (HT) as at 31 December 20X1 is as follows: Trial Balance Debit ...
- Q The direct labor budget of Yuvwell Corporation for the upcoming fiscal year contains the following details concerning budgeted direct labor-hours: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Budgeted direct...
- Q The trial balance for Terrys Auto Shop as of January 1, Year 2, follows: Account Titles Debit Credit Cash $ 18,000 ...
- Q The below lots of a particular commodity were available for sale during the year. The periodic inventory system is used. Beginning Inventory...
- Q Harley-Davidson Motorcycles has traditionally targeted men between the ages of 35 and 55. It has recently started to produce smaller bikes with less powerful engines in the hopes that women...
- Q XYZ produces beach-balls, and sells 15,000 in a year. Variable costs for the year are 9,000 and fixed costs amount to 3,000. What is the total cost per unit? ...
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