Accounting question and answers for December 12, 2023
- Q Financial Statement Analysis Project Each student is to analyze the 2015 and 2014 financial statements of Tootsie Roll Industries, Inc. The 2013 financial statements can be found by going...
- Q Simple Simons capital at commencement of the year was R234 500 and by the year end was R258 400. Identify the profit he made in the year, if his drawing...
- Q Discuss and justify Tax Avoidance with five different original cases
- Q A manager has several forecasts of sales corresponding to different levels of advertising. The manager decides to implement $1 million of advertising in the next fiscal year. At this level...
- Q Problems: Must show all work to receive full credit! 1. Marsha Brady, a lawyer, whose filing status is head of household, is not blind, is...
- Q Chapter 11 Comprehensive Problem The trial balance of Pacilio Security Services, Inc. as of January 1, Year 11, had the following normal balances: ...
- Q Rank the following three single taxpayers in order of the magnitude of taxable income (from lowest to highest). (First mean highest taxable income, third means lowest taxable income.) Ahmed Baker...
- Q The Beef, not Turkey Company, produces and sells a single product. The following data refer to the year just completed A. Prepare an income statement under the absorption costing...
- Q Company X just paid a dividend of d0 = 2. If dividends are expected to grow at a rate of 4%, what is the price of a share of equity...
- Q When you design and implement an AIS, you are going to require many forms and reports. However, it is critical to remember that too much information can be counterproductive when...
- Q Calculate the ratios for year 2 that are listed below: COMPANY XYZ Income Sheet Year 1 Year 2 Sales (all...
- Q Opportunities and threats in Strengths-Weaknesses-Opportunities-Threats (SWOT) analysis can be identified most readily by: a. Using value-chain analysis b. Analyzing the industry and the organizations competitors c. Analyzing the organizations critical...
- Q As it relates to audit evidence, sufficiency refers to the a. Originality of evidence gathered b. Quality of evidence gathered c. Quantity of evidence gathered d. Timeliness of evidence gathered
- Q Rex Industries has identified three different activities as cost drivers: machine setups, machine hours, and inspections. The overhead and estimated usage are: Potterii sells its products to large box stores...
- Q WyldRyde Ltd is a firm that runs theme parks. Many years ago, WyldRyde opened a theme park that was unsuccessful and the land and buildings are currently rented by a...
- Q On November 1, Alan Company signed a 4 month, 8% note payable, with a face value of $9,000. What is the adjusting entry for the accrued interest at December 31...
- Q Bonita Companys December 31, 2020, trial balance includes the following accounts: Investment in Common Stock $72,100, Retained Earnings $122,900, Trademarks $34,200, Preferred Stock $152,100, Common Stock $64,600, Deferred Income Taxes...
- Q Standard Company issues a draft for $500 on May 1, payable to the order of Ace Credit Corporation. The draft is drawn on First State Bank. If the bank does...
- Q Multiple Choice Question 97 Waterway Industrieshas $30000 of ending finished goods inventory as of December 31, 2013. If beginning finished goods inventory was $25000 and cost of goods sold was...
- Q The sales volume variance is favorable if actual sales volume is higher than the budgeted. True or False
- Q Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the...
- Q The financial statements of the Oriole Company report net sales of $420000 and accounts receivable of $55200 and $31200 at the beginning of the year and the end of the...
- Q You will need to use time value of money tables to complete this problem. The present value of $1 and Present Value of an Annuity tables are presented on the...
- Q Las actividades en el Departamento de Ensamble de Challenger Company para el mes de marzo son las siguientes: (4 puntos) Porcentaje completado Nmero de unidades Conversin de materiales Inventario de...
- Q The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash...
- Q Required information: Questions : 4 Questions needed to be answered , Thank you ~ ...
- Q Suppose that in addition to common stock outstanding, Sherbert, Corp. also had outstanding, 15 million shares of 10% $9 par value preferred stock. Also suppose that Sherbert declared $40M in...
- Q if the preferred shareholders are entitled to receive the preference rate and in addition to share in any further dividends declared in a year, the stock is known as known...
- Q Discuss the disadvantages of using data analytics in auditing new clients. Refer to the recent academic literature in the last five years to support your discussion.
- Q If the shares in FedEx originally were purchased for $142 each and those in Cisco were purchased for $21, and the investors tax rate on capital gains income is 15%,...
- Q Sophie owns an unincorporated manufacturing business. In 2019, she purchases and places in service $2,557,000 of qualifying five-year equipment for use in her business. Her taxable income from the business...
- Q 1. How many types of commodities are available for trading in NYBOT group? 2. How far into the future can you trade on the prices of these commodities? ...
- Q A 10-year 4.8% coupon bond was issued 1 year(s) ago. Similarly risky bonds are yielding 5.9%. Assume semi-annual coupon payments. The bond's price should be $___________. Hint: Original bond maturity...
- Q On December 1, 2020, Crane Corporation committed to sell inventory to a foreign company, to be delivered and paid April 1, 2021. The selling price was 800,000 units of foreign...
- Q a firm expects to sell 24,600 units of its product at $10.60 per unit and to incur variable costs per unit of $5.60. total fixed costs are $66,000. the pretax...
- Q Manny, a single taxpayer, earns $65,000 per year in taxable income and an additional $12,000 per year in city of Boston bonds. What is Manny's current marginal tax rate for...
- Q An investment of $5,000 provides an average net cash flows of $320 with zero salvage value. Depreciation is $35 per year. The accounting rate of return using the original investment...
- Q What account would we debit when a company ships merchandise it has sold to a customer and pays for the transportation costs? merchandise inventory freight out...
- Q on november 10 of the current year, flores mills sold carpet to a customer for $8,400 with credit terms 3/10, n/30. Flores uses the gross method of accounting for sales...
- Q How do the wash sale rules apply if the taxpayer purchased fewer shares of substantially identical stock than the number of shares sold within the 61-day prohibited period? A...
- Q Un mdico puede ofrecer un(a) ______ despus de recibir una carta previa a la acusacin para evitar que avancen los procedimientos disciplinarios. A- defensa afirmativa B- testimonio de...
- Q Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For the year ended December 31, 2018 Net...
- Q Presented is basic financial information (in millions) from the annual reports of Nike Nike Sales revenue $18,627 Allowance for doubtful accounts, Jan. 1 71.5 ...
- Q Ziggys Inc. is a retailer of highly specialized clothing that opened for business on May 1, 2018, in a leased store in a strip mall. A condensed income statement for...
- Q ECU Dental Clinics offers the following three basic dental services:CleaningFillingCappingPrice per Unit$120$400$1,200Variable Cost per Unit$80$300$500Units sold per year9,000900100 Variable costs include the labor costs of the dental hygienists and dentist....
- Q For parts 1-5. You have the option to lease or purchase an asset which will have a 3-year life. You can purchase the asset for $17,500, or you can lease...
- Q 2) Mac Donald company reported the following on its comparative income statement: 2017 2018 2019 Revenue 9,000 10,000 14,000 Cost of goods sold 6,000 4,000...
- Q For the year ended December 31, 2018, Transformers Inc. reported the following: Net income $180,000 Preferred dividends declared 30,000 Common dividend declared 6,000 Unrealized holding gain on available-for-sale securities, net...
- Q Healthy Eating Foods Company is a distributor of nutritious snack foods such as granola bars. On December 31,20X1, the firms general ledger contained the accounts and balances that...
- Q These items are taken from the financial statements of Sheffield Corporation for 2022 Retained earnings (beginning of year) $34,870 Utilities expense 2,180 Equipment 69,870 Accounts payable 19,960 Cash 11,460 Salaries...
- Q Walker Co. has hired you as a consultant to guide the creation and implementation of an enterprise risk management system. For this assignment, research the options for an enterprise risk...
- Q Purchases Budget in Units and Dollars Budgeted sales of The Music Shop for the first six months of 2010 are as follows: Month Unit Sales...
- Q Target prepares flexible budgets. The following amounts were used for the May 2024 budget: Units produced 4,500 Direct materials $ 19,200 Supervisor salaries $ 6,500 Variable overhead $ 2,950 Fixed...
- Q The cost of credit depends upon 1. the time the borrower has the use of the funds 2. the stated rate of interest 3. the proceeds the...
- Q A client has asked you for guidance on selecting the best type of entity for her new business. Using actual codes from the IRS prepare an outline detailing...
- Q Packim Carters provides training to individuals who pay tuition directy to the business. The business also offers extensio a trannato groups in off-site locations. Additional information avarable at the December...
- Q Lewes Company appropriately uses the installment sales method for tax purposes and the accrual method for revenue recognition for accounting purposes. Pertinent data at December 31, Year...
- Q The following transactions apply to Walnut Enterprises for Year 1, its first year of operations: Received $50,000 cash from the issue of a short-term note...
- Q This quesiton is wrong and the website don't allow you to make comments to tell the correct answer. The answer is wrong because the dividend received deduction...
- Q Jonathan, Oswald, and Millie formed a partnership by investing $45,000, $60,000 and $85,000 respectively. The agreed method for dividing profits and losses is as follows: Oswald receives a salary...
- Q Almaden Hardware Store sells two product categories, tools and paint products. Information pertaining to its 2018 year-end inventory is as follows: Inventory, by Product Category Quantity Per Unit Cost Net...
- Q Kiwi Corporation paid $201,000 to acquire Strawberry Company, a U-Pick fresh fruit farm. At the time of the acquisition, Strawberry's balance sheet reported total assets of $201,000 and liabilities of...
- Q On January 1, Year 1, Nectarine Company purchased a patent for $201,000. Although the patent gives legal protection for 20 years, the patent is expected to be used for only...
- Q InterGlobal Industries is a diversified corporation with separate operating divisions. Each divisions performance is evaluated on the basis of profit and return on investment. The Air Comfort Division manufactures and...
- Q What is the correct journal entry for a Tax Custodial Fund to record tax levies on behalf of other governments? Multiple Choice A. Taxes Receivable Transfer...
- Q For tax year 2018, based on the amount of the taxpayer's adjusted gross income (AGI), the amount of otherwise allowable itemized deductions will be reduced by what percent (%) on...
- Q You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door opening device. The president has asked that you review the companys costing system and...
- Q On December 31, 2015, C Enterprises purchased land at a cost of $550,000 and decided to apply the revaluation model. The fair value of the land on of the land...
- Q Partners T. Greer and R. Parks are provided salary allowances of $30,000 and $25,000, respectively. They divide the remainder of the partnership income in a ratio of 3:2. If partnership...
- Q if the market price of a bond exceeds its face amount multiple choice
- Q Allied Merchandisers was organized on May 1. Macy Company is a major customer (buyer) of Allied (seller) products. May 3 Allied made its...
- Q Relevant range 1.) is the range of activity over which our assumptions about cost behavior are true 2.) only applies to fixed costs 3.) is defined as total sales...
- Q Janice would like to send her parents on a cruise for their 25th wedding anniversary. She has priced the cruise at $15,000, and she has 5 years to accumulate this...
- Q Dakota Company experienced the following events during Year 2: Acquired $25,000 cash from the issue of common stock. Paid $20,000 cash to purchase...
- Q In the current year, Dove Corporation (E & P of $1 million) distributes all of its property in a complete liquidation. Alexandra, a shareholder, receives land having a fair market...
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