Accounting question and answers for December 12, 2023
- Q If Mr A takes goods which would have been sold for R300 and they have a cost price of R120, which entries would he record in his sole trading business?...
- Q on may 1, Knox inc. purchases $100,000 of 10-year, 6% Madison corporation bonds dated march 1 at 100 plus accrued interest. journalize the entry to record the semiannual receipt of...
- Q What are the four types of accounting?
- Q A bank is considering making a loan to Cream Pty Ltd. Which financial statement would the bank be most interested in looking at when making this decision? Briefly explain your...
- Q Gorberchev Food Processing expects to have 38,000 units of finished goods inventory on hand on March 31 and reports the following expected sales (in units) for the months of April...
- Q Sarah purchased 2440 shares of stock at $3 per share on April 1, XX01. She sold all the shares on June 15, XX01 for $2.50 per share. On July 31,...
- Q La pantalla Informacin personal le permite al profesional de impuestos ingresar el __________ del contribuyente. Ocupacin(es). Salarios y retenciones. Informacin de la declaracin de impuestos del ao...
- Q Q.2 Distinguish between Capital Projects Funds (CPF), Debt Service Funds (DSF) Leased Assets and Permanent Funds.
- Q Customers who have large A/R balances ultimately end up as bad debt expenses to the firm. Identify and discuss at least three (3) things you can do via QuickBooks to...
- Q Rajan agreed to supply 50 computers to Better Buy by December 1 but he is worried he may not be able to supply enough computers to avoid breaching the contract....
- Q Hart Manufacturing operates an automated steel fabrication process. For one operation, Hart has found that 45% of the total throughput (manufacturing cycle) time is spend on non-value-added activities. Delivery cycle...
- Q E1-1B compute the cost to produce one helmet
- Q Edward recognized a $13,000 gain on Section 1231 property, which had accumulated depreciation of $12,000. Determine how the gain or loss will be taxed. $12,000 long-term capital gain; $1,000...
- Q Suppose La-Z-Boy issued $150,000 5-year, 14% bonds on January 1, 2019 when the market rate was 12%. Interest is payable semi-annually each June 30 and December 31. Use the effective-interest...
- Q Contingent liabilities present certain problems and opportunities for companies. You have been asked to help prepare the company's annual report and a lawsuit has been brought against the company for...
- Q Required information [The following information applies to the questions displayed below.] The following financial statements and additional information are reported. IKIBAN INC....
- Q Given that the sales are $1,500 million, with profit margin 20%. By what percentage does a company need increase the average ticket price to maintain profits, given that the fuel...
- Q Dupage College is a public college. During the year, it received tuition and fees totaling $25,000,000. The college also awarded scholarships, for which no services were required, amounting to $2,500,000....
- Q 1) Define information of symmetry and how it plays a role in the agent model. Include how symmetry of information can be reduced.
- Q - recordkeeper - person who opened the mail - with the money to the cashier
- Q For which company is the current ratio more important? Group of answer choices Amazon AMC Apple Walmart
- Q In a real estate sale, which of the following is not considered the agent of the seller
- Q Using the 2017 Buckle, Inc. annual report, calculate the ROE using the DuPont method for the most recent two years. Also, calculate the growth in assets and the growth in...
- Q Income statement for Gaidar Company for 2014 and 2015 follow. GAIDAR COMPANY Income Statement ...
- Q 8) Name 3 types of analytical procedures and give scenarios
- Q Which philosophy in setting budgeted amounts assumes both the complete elimination of inefficiencies and a level of absolute efficiency? Question 13 options: The behavioral approach. The total quality management approach....
- Q 14-3 Moms Apple Pie Company uses a standard cost system. The standard direct labor time for each pie is 20 minutes. During the most recent month, the company produced and...
- Q Assume the perpetual inventory method is used. 1) The company purchased $12,900 of merchandise on account under terms 3/10, n/30. 2) The...
- Q Which of the following taxes is not deductible as an itemized deduction? - Property taxes paid to the local government based on the value of an automobile - real estate...
- Q The journal entry for the Debt Service fund upon the receipt of money from the General Fund would be: Multiple Choice a. Debit to Cash and credit to...
- Q A newly listed company started operations in January, but its profit value in the first two months was negative and its expenditure was more than $4000 more than its income....
- Q Accounting for pensions receives more attention in the United States than in other countries. Discuss/summarize reasons that would explain why pension accounting has less emphasis in many foreign countries than...
- Q Debate 51Concepts of Capital Maintenance SFAC No. 5 states that the concept of capital maintenance is critical in distinguishing an enterprises return on investment from return of its...
- Q 1.Research business plan models and choose a model appropriate for a hypothetical medical facility. 2,You are responsible to present this plan to obtain a bank loan for the initial...
- Q Engberg Company installs lawn sod in home yards. The companys most recent monthly contribution format income statement follows: Amount Percent of Sales Sales $ 90,000 100% Variable expenses 36,000 40...
- Q Widgets Corporation has $5,000 in assets, $10,000 in liabilities, made $5,000 in sales, and $1,000 in net income. What is the company's return on assets? 100% 10%...
- Q .A Corporation sold 5000 issue of 20-year bonds, having a total face value of 10,000,000 for 9,500,000. The bonds bear interest at 16%, payable semiannually. The company wishes to establish...
- Q Robin and Nissan are the owners of a gift shop. They are partners in a partnership of the shop. They share profits and losses equally under the partnership agreement. In...
- Q Selected data for Donna's Store appear below. 2020 2019 Net sales $931,000 $505,000 Cost of goods sold 623,770 322,000 Inventory at end of year 85,220 93,000 Accounts receivable at end...
- Q Professional judgment framework Property, Plant and Equipment: Impairment Background Toyda, Inc. (Toyda) is one of the worlds leading car manufacturers. They sell cars exclusively in the US. In...
- Q Maureen operates a cosmetics sales business from her home. She uses 400 of 1,600 square feet of the home as an office for the entire year. Her income before her...
- Q A manufacturing firm would begin preparation of its master budget by constructing a: sales budget. production budget. cash budget. capital budget. set of pro-forma financial statements.
- Q The balance in the unearned fees account, before adjustment at the end of the year, is $13,490. Journalize the adjusting entry required if the amount of unearned fees at the...
- Q Required information Skip to question Outline: Introduction: Understanding the Importance of the Marketing Process Practice Activities: 1. Identifying Market Segments A Closer Look: VoluntripTraveling for a Cause 2. Identifying a...
- Q 1. How many types of commodities are available for trading in MCX (Multi Commodity Exchange of India? 2. How far into the future can you trade on the prices...
- Q The PCAOB which is charged with overseeing, regulating, inspecting, and disciplining accounting firms in their roles as auditors of public companies. a. True b. false
- Q A company issues 8% bonds with a par value of $240,000 at par on January 1. The market rate on the date of issuance was 7%. The bonds pay interest...
- Q You have agreed to help your brother-in-law prepare financial statements for the first six months of his newly created computer repair business. He hands you a shoebox with his bank...
- Q Ash Grove Cement Company hired Electric Company of Omaha (ECO) to relocate a cable tray. ECO gained access to the tray from the flat roof of Ash Groves building and...
- Q Debate 62Income Concepts The allinclusive and current operating performance concepts of income represent opposing views regarding the inclusion of items to be reported in earnings on the income...
- Q Spencer Company has a $400 petty cash fund. At the end of the first month the accumulated receipts represent $63 for delivery expenses, $207 for merchandise inventory, and $32 for...
- Q What are differences on the tax breaks on owner-occupied housing vs. tax breaks on rental housing?
- Q Blue Skies Equipment Company uses the aging approach to estimate bad debt expense at the end of each accounting year. Credit sales occur frequently on terms n/60. The balance of...
- Q 5. Factory Overhead Controllable Variance Venneman Company produced 14,000 units of product that required 4 standard hours per unit. The standard variable overhead cost per unit is $0.80 per hour....
- Q Martha Minnati was reviewing the previous years audited financial statements of a clothing manufacturer. Her manager explained to her that for a financial statement audit, the clothing company was the...
- Q Durante el ao en curso, Jolly Company ofreci un cupn de reembolso en efectivo P20 a los clientes que compraron una de sus nuevas lneas de productos. La entidad vendi...
- Q In Enron's bankruptcy, "Revenue Recognition" was one of the major issues. First, summarize the revenue recognition issue in Enron Bankruptcy. Second, as an auditor, what type of evidence would you...
- Q Help the Johnson clothing company build a production budget spreadsheet using the previous years sales (2022) for the periods July 580- tshirts August 600- t shirts September 650- tshirts October....
- Q A 7.50 percent coupon bond with 13 years left to maturity is priced to offer a yield to maturity of 8.2 percent. You believe that in one year, the yield...
- Q Sirius XM Holdings, Inc. We could adjust the financial statements to undo the expensing of R&D. In this case, we would include the expenditures in our intangible...
- Q Which inventory cost flow method/assumption would be most suitable for milk? Justify your choice.
- Q In November 2019 you purchase a 5 year Government bond with a $3,000 face value. The bond has an annual coupon rate of 4%, paid semi-annually. If the required rate...
- Q Explain the differences between an auditor using a combined approach versus a substantive approach and when you might use one approach over the other. Discuss at least ONE pros and...
- Q 14-1 The Ace Company sells a single product at a budgeted selling price per unit of $75. Budgeted fixed manufacturing costs for the coming period are $25,000, while budgeted fixed...
- Q Closing entries would be prepared before: The opening balance sheet is prepared. The after-closing trial balance. An adjusted trial balance. Adjusting entries.
- Q 12-3 Given an asset with a net book value (NBV) of $29,000. a. What are the after-tax proceeds for a firm in the 33% tax bracket if this...
- Q Ramer and Knox began a partnership by investing $74,000 and $104,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $57,000 to Ramer...
- Q Profit center income statements are most meaningful to managers when they are prepared: Multiple Choice In a multiple-step format. In a single-step format. On a variable cost basis. On a...
- Q QS 16-4 (Algo) Weighted average: Physical unit flow reconciliation LO P1 Prepare a physical unit flow reconciliation with the following information. Blending Process Units of Product Beginning work in process...
- Q Which of the following is least likely to result in a qualification of the auditors' opinion due to a scope limitation? Reliance...
- Q Otto usa su camioneta Dodge Ram 2016 en su negocio de jardinera, tambin tiene una propiedad de alquiler a unas 100 millas de distancia a la que va una vez...
- Q Net investment income is always less than gross investment income. Question 4 options: 1) True 2) False
- Q Identify and name a company that you have an interest in either because you work for the company, you buy its products, or use its services. What type of social...
- Q In a troubled debt restructuring in which the debt is restructured by a transfer of assets with a fair value less than the carrying amount of the debt, the debtor...
- Q Failed to record the declaration (only) of a $3M cash dividend during fiscal year 2020. No related entry(ies) were recorded before the financial statements were distributed. The effect on net...
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