Accounting question and answers for December 13, 2023
- Q Do you add in a shipping cost?
- Q On January 1, 2013, Plymouth Corporation acquired 80 percent of the outstanding voting stock of Sander Company in exchange for $1,200,000 cash. At that time, although...
- Q What are the normal balances for the following accounts of Apple? (a) Accounts Receivable, (b) Accounts Payable, (c) Sales, and (d) Selling, General, and Administrative Expenses.
- Q A company's total liabilities divided by it's total stockholders' equity
- Q The following post-closing trial balance was prepared on December 31, 2019 and 2020 for the Florida Company: Dec. 31, 2019 ...
- Q Identify the internal control principle that is applicable to the following procedure: Cheque signers are not allowed to record cash payment transactions. Select one: A. Segregation of duties B. Physical,...
- Q Describe the differences between management and leadership? How leadership is demonstrated in Volkswagon Company?
- Q 4.Which of the following would reduce total stockholder's equity? A. $10 par common stock issued for $25 a share B. Net income earned for the year of...
- Q Selected current year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31 of the prior year were inventory, $51,900; total assets,...
- Q A company makes a product that has a variable manufacturing cost of $4 per unit and fixed manufacturing costs of $50,000. The product sells for $10 per unit. Using variable...
- Q Just need shown the steps for how to do this! Blue Corporation reports a contribution margin ratio of 40% and fixed costs of $175,000. Blue Corporation expects sales revenue to...
- Q Joleen Dole is employed by a company that pays her $3,600 a month. She is single and claims one withholding allowance. On April 1, the company changed its pay plan...
- Q Richmond Car Company buys cars and sells them at a profit of 20% above cost On January 1, 20X0, Richmond purchased a vehicle for $40,000 and the customer is...
- Q Paradise Corporation budgets on an annual basis for its fiscal year. The following beginning and ending inventory levels (in units) are planned for next year. Beginning Inventory Ending Inventory Raw...
- Q Which, if any, of the following statements reflects the correct Federal transfer tax valuation rules? a.The geographical location of the property is not relevant. b.The value of a note receivable...
- Q The assembly dept. requisitioned raw material from the warehouse having a cost of $5.000 while the finishing department requisitioned raw materials costing $2,000 from the warehouse. Provide the necessary journal...
- Q Stockholders equity is: the amount the company received for all stock when issued minus the amount of retained earnings and treasury stock. the par value the company received...
- Q The debt ratio indicates the: a. company is highly leveraged when the ratio is low. b. ability of...
- Q Match the example of cash flow with the classification in which it would be reported on the Statement of Cash Flows. Payment of interest to lenders Receipt of cash from...
- Q Which of the following investment securities held by Zoogle Inc. may be classified as held-to-maturity securities in its balance sheet? Multiple Choice Debt securities. Equity securities. Common stock. All of...
- Q Find the amount due at the end of 8 months of a loan with proceeds of P20,000 when the discount rate is 9% Discount P50,000 for 125 days at 6%...
- Q Health Co-op is an outpatient surgical clinic that wants to better understand its costs. It decides to prepare an activity-based cost analysis, including an estimate of the average cost of...
- Q Detailed Instructions: In a business setting, we are often asked to write a memo to communicate with internal and external professionals. This assignment further advances your communications within an organization...
- Q Should a person be held accountable for their actions in a life or death situation?
- Q Hurley Corporation leased equipment for its 8-year useful life, agreeing to pay $90,000 at the beginning of the lease term on January 1, 20X0, also paying $90,000 annually on January...
- Q Paid-in capital is externally generated capital and results from transactions with outsiders. True False
- Q Sumner sold equipment that it uses in its business for $31,800. Sumner bought the equipment a few years ago for $79,100 and has claimed $39,550 of depreciation expense. Assuming that...
- Q PART A: Written letter of advice. Due to COVID-19, Madison was informed by her two current employers that she would be nominated as an eligible recipient for JobKeeper...
- Q calculate the EPV of benefit of $10000 payable at the end of the year of exit, if life aged 60 leaves by decrement 3 before age 63. Use an effective...
- Q Corp. leased equipment for its 8-year useful life, agreeing to pay $10,000 at the beginning of the term of the lease, on January 1, 20X0, also paying $10,000 annually each...
- Q A business operated at 100% of capacity during its first month, with the following results: Sales (102 units) $510,000 Production costs (127 units): Direct materials $68,644 Direct labor 17,526 Variable...
- Q Helen Bowers, owner of Helen's Fashion Designs, is planning to request a line of credit from her bank. She has estimated the following sales forecasts for the firm for parts...
- Q During June, Catlin Corporation purchased $76,000 of raw materials on credit to add to its raw materials inventory. A total of $81,000 of raw materials was requisitioned from the storeroom...
- Q What effect does inventory and storage have on the business?
- Q In a paragraph, what is the cost structure for Apple Inc.? Please support your answer with sources (minimum of 2).
- Q The manufacturing overhead rate for the Assembly Department is $1.40 per direct labor hour and for the Painting Department, $1.10 per direct labor hour. If 18 hours were spent on...
- Q A photocopier cost $95,000 when new and has accumulated depreciation of $90,000. If the business discards this plant asset, the result is ________. A. a loss of $5,000 B. a...
- Q To effectively run a business, it is necessary to: Multiple Choice hire a full-time accountant. know the differences between accounting and bookkeeping. use a public accounting firm. understand and...
- Q COVID_19 for Australia is provided to you from 31-12-2019 until 14-06-2020. Find the best time series model for the total number of infected and total number of deaths. Discuss...
- Q Define/describe control deficiency, significant deficiency, and material weakness. Additionally, describe how you would evaluate D, SD, and MW. Lastly, describe the auditor responsibilities related to required communications between the auditor,...
- Q Curtis invests $250,000 in a city of Athens bond that pays 7 percent interest. Alternatively, Curtis could have invested the $250,000 in a bond recently issued by Initech, Inc. that...
- Q Global Services is considering a promotional campaign that will increase annual credit sales by $580,000. The company will require investments in accounts receivable, inventory, and plant and equipment. The turnover...
- Q Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. ...
- Q I hope that you found the course material useful and that it also pushed you to think critically. For this assignment, I want you to write 3 insights that you...
- Q The president of Crown Construction was informed that the first quarter financial statements would be available "as soon as the adjusting entries are made." Being a non-accountant, the president feels...
- Q Jean-Michel has worked for an advertising company in British Columbia since May 5, 1985. His employment was terminated on August 31, 2011, and he was paid a $58,000.00 retiring allowance....
- Q In a manufacturing process, 1000 units of Grade 1 product and 500 units of Grade 2 product are made at a pre separation cost of OMR 33,000. You are required...
- Q DeWitt Company uses flexible budgets to control its selling expenses. Monthly sales are expected to range from $167,300 to $202,400. Variable costs and their percentage relationship to sales are: Sales...
- Q Regarding the use of a spreadsheet for the preparation of the statement of cash flows, which of the following statements is incorrect? A. Accountants can prepare the statement of cash...
- Q Problem 13-17A Common-Size Financial Statements [LO1] You have just been hired as a loan officer at Fairfield State Bank. Your supervisor has given you a file...
- Q Accounting for Partnerships B. Dropping a Partner During the two years following the admission of Dharma, the partnership was dissolved and a new one was created when Dong retired....
- Q How have you used multi tasking skills at your current job ?
- Q Identify the three accounts of Balance of Payment (BOP)?
- Q The ending balance of accounts receivable was $88,000. Sales, adjusted to a cash basis using the direct method on the statement of cash flows, were $373,000. Sales reported on the...
- Q Compute the total and annual return on the following investment.Five years after paying $3000 for shares in a startup company, you sell the shares for $2000 (at a loss). The...
- Q Set #3Chapter 5 MerchandisingPurchaser/Buyer Question 1: Information for Olaf Co. follows: Apr. 5 Purchased merchandise from DeVito Company for $15,000, terms, 2/10,...
- Q Leno Company makes swimsuits and sells these suits directly to retailers. Although Leno has a variety of suits, it does not make the All-Body suit used by highly skilled swimmers....
- Q A company is considering the following alternative plans for financing the company: Plan #1: Raise $3,000,000 by issuing new stock. Each stock would sell for $10.00. Plan #2: Raise $3,000,000...
- Q Litke Corporation issued at a premium of $5,000 a $100,000 bond issue convertible into 2,000 ordinary shares (par value $40). At the time of the conversion, the unamortized premium is...
- Q Jerome traded his fully depreciated office building with a fair market value (FMV) of $92,000 in exchange for a business-use office condominium with an FMV of $100,000. Jerome...
- Q T CORPORATION IS A RETAILER THAT BEGAN BUSINESS IN YEAR 1. ITS GROSS RECEIPTS FOR YEARS1-4 WERE AS FOLLOWS: YEAR 1 18,000,000 YEAR 2 29,000,000 YEAR 3 29,000,000 YEAR 4...
- Q Sales revenue for a sporting goods store amounted to $539,000 for the current period. All sales are on account and are subject to a sales tax of 11%. Which of...
- Q the firm has accounting break even in unit is 100000 if the variable cost fixed cost and price for unit are dollar $30, $820000,$41 then what is the...
- Q Un comprador contrata (sin contingencia) para comprar una casa por $200,000. La casa est valuada en $180,000 y el prestamista acepta hacer un prstamo LTV del 80%. Cunto dinero...
- Q Caterpillars Inc., a manufacturing company, acquired equipment on January 1, 2012 for $500,000. Estimated useful life of the equipment was 7 years and the estimated residual value was $10,000. On...
- Q 1. Indicate how the following items are recorded in the accounting records in the current year of Coronet Co. (a) Impairment of goodwill. (b) A change in depreciating plant assets...
- Q Bramble Company uses a periodic inventory system. Details for the inventory account for the month of January, 2020 are as follows: Units Per unit price Total Balance, 1/1/20 150 $6.00...
- Q The adjusting entry to accrue revenue will Group of answer choices Decrease a liability and increase revenue. Increase an asset and increase revenue. Decrease an asset and decrease revenue. Increase...
- Q Conley company invested $15,000 for 11 years at 10% with interest compounded annually. Conley will receive the entire amount (principal plus interest) at the end of the 11 year period....
- Q The Bayside Company uses the LIFO cost flow method to value inventory. In the current year, profit at Bayside is running unusually high. The corporate tax rate is also high...
- Q Which of the following would not be a factor in the consideration of whether or not a special order is accepted? a. Variable costs b. Avoidable fixed costs c. Unavoidable...
- Q Form 1065 Schedule B: What's the best answer to this question: At any time during the tax year, was any partner in the partnership a disregarded entity, a partnership (including...
- Q Cash dividends and treasury stock purchases ________. A. may be limited by creditors to ensure that the company maintains a minimum level of stockholders' equity B. may be restricted as...
- Q 6. for reporting purposes, deferred tax assets and deferred tax liabilities for the same company and tax jurisdiction areL 1. Reflected only in the notes to the financial statements...
- Q 3. On December 10, Linh Store sold merchandise to a customer amounting to $ 8,000 on terms 2/10, n/30. a. If the customer pays on December 20 , how much...
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