Accounting question and answers for December 12, 2023
- Q Class Quest Company had the following balances as at January 1, 2016: Accounts Receivable $600,000 Debit Allowance for Doubtful Accounts $32,000 Credit During the fiscal year 2016 (Jan 1 to...
- Q The field of accounting that depends on generally accepted accounting principles is called?A. International accounting B. Responsible accounting C. Managerial accounting D. Financial accounting E. Cost...
- Q The Old Tyme Ice Cream Shoppe sold 8,700 servings of ice cream during June for $5 per serving. The shop purchases the ice cream in large tubs from the Amazing...
- Q The financial statements of Oasis Company are presented here. OASIS COMPANY Income Statement For the Year Ended December 31, 2009 Net...
- Q Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for...
- Q Discuss the ways in which audits of computer-based information systems might affect information systems organisation, system development activities, computer operations, files, and other aspects being audited.
- Q Question 7: Esfandairi Enterprises is considering a new three-year expansion project that requires an initial fixed asset investment of $2.18 million. The fixed asset falls into the three-year MACRS class...
- Q In July, Econo Company purchased materials costing $18,400 and incurred direct labor costs of $72,000. Overhead totaled $32,700 for the month. Information on inventories was as follows: ...
- Q Prepare Journal Entries April 26 Paid amount due to Adele Co cheque amount to $500, Cheque 101 April 29 Wrote cheque No. 103 for $ 250 to Lucky Inc...
- Q 1) Ayayai Services Inc. issued 1,300 $1 convertible preferred shares at $75 and 4,400 common shares at $25 each in 2019. Each preferred share is convertible into three common shares....
- Q A company issues 9%, 5-year bonds with a par value of $150,000 on January 1 at a price of $156,083, when the market rate of interest was 8%. The bonds...
- Q Max bought a ticket to the championship baseball game for $75. Someone approaches him outside the stadium and offers him $175 for his ticket. If Max decides to go to...
- Q Sky Co. employed Tom Mills in Year 1. Tom earned $9,400 per month and worked the entire year. Assume the Social Security tax rate is 6 percent for the first...
- Q Lease conversion from operating to corporation A company has borrowing cost of about 4% in 2014 and lease balance $4,300 (No work needs to be done on the chart below)...
- Q Delite Confectionary Company produces various types of candies. Several candies could be sold at the split-off point or processed further and sold in a different form after further processing. The...
- Q The following are transactions of Samantha Payapag Advertising Company for the month of July 2013 Prepare Journal Entries, Ledger, T- Accounts, Trial Balance, Income Statement, and Balance Sheet July 3...
- Q Keesha Company borrows $125,000 cash on November 1 of the current year by signing a 90-day, 10%, $125,000 note. 1. On what date does this...
- Q Which of the following exchanges qualify as like-kind exchanges? a. Unimproved land for warehouse b. Factory for apartment building c. Computer for small building d. Inventory...
- Q Problem 8-19 (Algo) Cash Budget; Income Statement; Balance Sheet [LO8-2, LO8-4, LO8-8, LO8-9, LO8-10] Minden Company is a wholesale distributor of premium European chocolates. The companys balance sheet as of...
- Q beginning inventory, purchases and sales data for the month of august are as follows beginning inventory 10 units @ 25 august 5 sale 5 units august 10 purchase 18 units...
- Q On May 3,2020, Leven Corporation negotiated a short-term loan of $885,000. The loan is due October 1,2020, and carries a 6.90% interest rate. Use ordinary interest to calculate...
- Q Assuming all of the following expenses were incurred for the purpose of earning property income, which of the following would NOT be deductible in the computation of net property income?...
- Q On a $15,000 short-term loan, with a a term of 90 days and a simple interest rate of 11.5%, the interest due is $[____]. *Round your answer to the nearest...
- Q FYI - Journal Entry WIP Inventory - Bottling (Debit) & WIP inventory - manufacturing (Credit)
- Q MSIs educational products are currently sold without any supplemental materials. The company is considering the inclusion of instructional materials such as an overhead slide presentation, potential test questions, and classroom...
- Q Royal Lawncare Company produces and sells two packaged products, Weedban and Greengrow. Revenue and cost information relating to the products follow: Product Weedban Greengrow Selling price per unit $ 11.00...
- Q A company began January with 4,000 units of its principal product. The cost of each unit is $8. Inventory transactions for the month of January are as follows:...
- Q Portsmouth Company makes upholstered furniture. Its only variable cost is direct materials. The demand for the company's products far exceeds its manufacturing capacity. The bottleneck (or constriant) in the production...
- Q Japan Company produces lamps that require 3 standard hours per unit at an hourly rate of $12.40 per hour. Production of 4,900 units required 14,260 hours at an hourly rate...
- Q Due Day 3 The supplies adjustment records the office supplies used for the month. A co-worker asks you to record a larger supplies adjustment compared to what is...
- Q Amy is an individual taxpayer, operating on a calendar year-end. Her agricultural aircraft was destroyed during a tornado on August 12, XX03. She received insurance proceeds to cover the damage...
- Q Company which manufactures custom made machinery routinely incurs sizable telephone costs in the process of taking sales orders from customers. Which of the following is a proper classification of this...
- Q Hank earns $24.00 per hour with time-and-a-half for hours in excess of 40 per week. He worked 50 hours at his job during the first week of March 2018. Hank...
- Q Castor Incorporated is preparing its master budget. Budgeted sales and cash payments for merchandise purchases for the next three months follow. Budgeted April May June ...
- Q Material, Labor, and Variable Overhead Variances The following summarized manufacturing data relate to Brown Corporation's May operations, during which 2,000 finished units of product were produced. Normal monthly capacity is...
- Q In 2020, Novak Corporation reported net income of $ 1,052,400. It declared and paid preferred stock dividends of $ 274,100. During 2020, Novakhad a weighted average of 193,700 common...
- Q The following information was available for Pharoah Company at December 31, 2022: beginning inventory $70000; ending inventory $102000; cost of goods sold $624000; and sales $816000. Pharoah inventory turnover ratio...
- Q What is the formula for variable cost per inspection
- Q 5. On December 1, 2014, Hogan Co. purchased a tract of land as a factory site for $750,000. The old building on the property was demolished, and salvaged materials resulting...
- Q The Kendikei Literary Guild is planning its annual gala. The gala committee has assembed the following expected costs for the event: Dinner (per person) ...
- Q Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the companys...
- Q How can HR professionals demonstrate that they add value to a company's bottom line? Provide your justification with the help of examples / scenarios.
- Q A machine with a cost of $132,000, accumulated depreciation of $86,000, and current year depreciation expense of $17,500 is sold for $40,800 cash. The amount that should be...
- Q Which of the following statements regarding the accrual basis of accounting is true? A) It records transactions only when cash is received or paid. B)...
- Q Schwiesow Corporation has provided the following information: Cost per Unit Cost per Period Direct materials $ 7.40...
- Q How can SMEs demonstrate awareness of social responsibility, cultural diversity, and function both effectively and constructively from a global perspective? Global Perspective refers to a persons ability to demonstrate awareness...
- Q Congo Company on January 1, 2019, enters a five-year noncancelable lease, with four renewal options of one year each, for equipment having an estimated useful life of 10 years and...
- Q American Co. sold $100,000 of bonds for an issue price of 98. As a result of selling these bonds, its total assets increase by: $98,000 and its total liabilities increase...
- Q Consider the following accounting case study: A manufacturing company, XYZ Corp, produces widgets. The company has been facing challenges in its cost accounting system, particularly in understanding the true cost...
- Q Alyeska Services Company, a division of a major oil company, provides various services to the operators of the North Slope oil field in Alaska. Data concerning the most recent year...
- Q Discuss competitive efforts: To capitalize on ongoing technological advances and the pipeline of product enhancement capabilities flowing from the company's expenditures for product R&D, each year the company typically changes...
- Q Which of the following statements regarding the accrual basis of accounting is true? A) It records transactions only when cash is received or paid. B)...
- Q Samantha dies and is survived by her husband, Troy. Under Samantha's will, all of her otherwise uncommitted assets pass to her husband. Based on the property interests listed below, determine...
- Q Fuzzy Monkey Technologies, Inc., purchased as a long-term investment $180 million of 6% bonds, dated January 1, on January 1, 2018. Management has the positive intent and ability to hold...
- Q The subject is Acquisition & Procurement (Textbook is Contract Management by Peter Sammons) Question - Name and discuss four key, universal reasons why contracts need proactive management?
- Q Kays Delivery Service begun operation in 2020 and the owner of the company Karen Taylor has requested the assistance of your group in the preparation of the companys accounts....
- Q The advantages of a partnership include all of the following, except: Multiple Choice fewer financial resources. longer survival. shared management and pooled...
- Q if the owner contributes 15,900 and net income is 15,400 how much did the owner withdraw (owner,withdrawls)
- Q 1- A half-hour interview provides very little information about the likely success of a job candidate. Noise ...
- Q Mo Salah, owner of Liverpool Limited, was approached by a local dealer in air conditioning units. The dealer proposed replacing the old cooling system of the company with a modern,...
- Q Internal processes of a company contribute to the company's overall effectiveness. Identifying ways to improve internal processes helps build a highly efficient organization. Root causes need to be identified. Methods...
- Q Problem 11-1 Consider Marjean Company Accounts Receivables Inventory Fixed Assets Accum Deprec Module 11 Homework $900,000 100.000 $200,000 300,000 800,000 Accounts Payable Note Payable Owners'...
- Q Rundle Boot Co. sells mens, womens, and childrens boots. For each type of boot sold, it operates a separate department that has its own manager. The manager of the mens...
- Q Identify each item as describing the FIFO method, LIFO method, or average cost method of inventory valuation. A. Involves calculating the total number of...
- Q 1. A warrant's speculative premium equals the market price of the underlying common stock minus the option price. Group of answer choices True False 2. The term structure...
- Q Froya Fabrikker A/S of Bergen, Norway, is a small company that manufactures specialty heavy equipment for use in North Sea oil fields. The company uses a job-order costing...
- Q Match each item with the principle of internal control that is being followed: an answer may be used once, more than once or not at all. ...
- Q Marietta will use the single filing status for 2019. She owns shares of stock, and during the year, she received dividends from this investment. She received a 2019 Form 1099-DIV...
- Q Wildhorse Company expects to have a cash balance of $59,100 on January 1, 2022. These are the relevant monthly budget data for the first two months of 2017. ...
- Q Pittman Company is a small but growing manufacturer of telecommunications equipment. The company has no sales force of its own; rather, it relies completely on independent sales agents to market...
- Q May 1, 2021: Sarah invests $10,000 Cash into the business in exchange for Capital Stock. June 30, 2021: The business obtained a $1,000 loan from a bank to be paid...
- Q Question 2 is part E,F, and G Buckley Manufacturing reported the following budgeted and actual figures for one of its products: Standard variable...
- Q Aaron Corporation, which has only one product, has provided the following data concerning its most recent month of operations: Selling price $115 Units in beginning inventory 0 Units produced 6,500...
- Q The comparative financial statements prepared at December 31, Year 2, for Goldfish Company showed the following summarized dala Year 2 Year 1 Statement...
- Q On July 9, Mifflin Company receives an $7,800, 150-day, 10% note from customer Payton Summers as payment on account. What entry should be made on the maturity date assuming the...
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