Accounting question and answers for December 13, 2023
- Q Required: For each of the following scenarios, complete the schedule allocating the gain or loss on the sale of inventory. Prepare journal entries to record the below transactions. (Do not...
- Q Charles inc. has the following information available regarding one of the projects it is considering: initial investment $50,000 PV of cash inflows 55,000 The profitability index of this...
- Q If $20,000 is deposited in a savings account at the end of each year and the account pays interest of 4% compounded annually, what amount will be in the account...
- Q The Shelby Cobra retails for $36,942 (all taxes included). What are the monthly loan payments for the car if you make a down payment of $4,896, the term is 2...
- Q Why is it important to identify whether ordinary income or statutory income is exempt income or non-assessable non-exempt income? Provide at least one example each- exempt income and non-assessable non-exempt...
- Q A family purchased a house 10 years ago for $90, 000. The family put a 20% down payment on the house, and signed a 30-year mortgage at 9% on the...
- Q X Company, a merchandiser, prepares monthly financial statements. On May 14, its accountant recorded a purchase of inventory on account as an increase in Inventories and a decrease in Retained...
- Q THE AB PARTNERSHIP IS OWNED EQUALLY BY TERRY AND SUE. AB IS A CALENDAR YEAR PARTNERSHIP. SUE BORROWS 200,000 FROM AB AND USES THE PROCEED IN A PASSIVE ACTIVITY....
- Q Lehighton Chalk Company manufactures sidewalk chalk, which it sells online by the box at $22 per unit. Lehighton uses an actual costing system, which means that the actual costs...
- Q Starlight Glassware Company has the following standards and flexible-budget data. ...
- Q If you do not have any bank accounts, how could you or a business benefit from being able to electronically track your accounts, as opposed to just getting money in...
- Q briefly compare the IASB and FASB in regards to the convergence process. Give your opinion on the reasons why a single set of accounting principles would be beneficial to corporations....
- Q Ordinarily, the proceeds from the sale of a bond issue will be equal to:
- Q Would the following three items be considered advantages of the Small Case Division of the Tax Court: 1. Taxpayer can handle the litigation without using an attorney or a CPA....
- Q Vista newspapers sold 6,000 of annual subscriptions at $125 each on June 1. How much unearned revenue will exist as of December 31?
- Q Which of the following describes the classification and normal balance of the income from service account. a. capital, debit b. revenue, credit c.asset, credit d. expense, debit
- Q Please answer this: Distinguish between gross profit as a percentage of cost and gross profit as a percentage of sales price. Convert the following gross profit percentages based on...
- Q Valuation is a high risk assertion for financial investments. T/F
- Q please answer quickly
- Q ABC Company has R150000 cash, R8 0000 as account receivable, R200,00 as allowance for doubtful accounts, R150000 as work in progress inventory, R55000 as prepaid expenses, R150000 land purchased in...
- Q As part of the initial investment, Ray Blake contributes equipment that had originally cost $118,300 and on which accumulated depreciation of $88,725 has been recorded. If similar equipment would cost...
- Q Presented below is information related to Sunland Company for its first month of operations. Credit Purchases Cash Paid Jan .06 Gorst Company $9,200 Jan. 11 Gorst Company $7,000 Jan. 10...
- Q Carreras Caf is a Spanish restaurant in a college town. The owner expects that the number of meals served in June will be 40 percent below those...
- Q On January 2, 2014, Klein Co. bought a trademark from Royce, Inc. for $1,600,000. An independent research company estimated that the remaining useful life of the trademark was 10 years....
- Q On January 1, 2008, ABC Corporation had 10,000 shares of common stock and 2,000 shares of cumulative preferred stock outstanding. Each share of preferred stock is entitled to $2 of...
- Q Ponte en Forma, una revista de vida saludable, recaud $528,000 en ingresos por suscripcin el 31 de mayo. Cada suscriptor recibir una edicin de la revista en cada uno de...
- Q Which of the following accounts would not appear on the postclosing trial balance? Question 29 options: Cash Accumulated Depreciation, Office Equipment Supplies Supplies Expense
- Q Kingbird Inc., a publicly listed company, has a building with an initial cost of $380,000. At December 31, 2020, the date of revaluation, accumulated depreciation amounted to $118,000. The fair...
- Q Is deferred income debited or credited with the following normal balance
- Q 24) Cul de los siguientes describe mejor las caractersticas de los asientos de ajuste? A) Los asientos de ajuste reducen a cero el saldo de las cuentas de ingresos,...
- Q Discuss whether two competing, alternate capital projects are equally desireable if they both generate a positive NPV of $2,000 when using the the Net Present Value method.
- Q Choose the least liquid current asset type Cash A/R S/T STATEMENT INVENTORY
- Q In a group Select one: a. Companies that are directly or indirectly controlled by the parent company are consolidated b. Only companies that are indirectly controlled by the parent company...
- Q when the taxpayer deposits loan proceeds in an accounting containing other funds, an interest allocation may be required unless proceeds within what time period. 15 days 30 days 6 months...
- Q Entity K is authorized to issue 4,000,000 shares of $1 par value common stock. On January 15, Entity K issued 500,000 shares of stock at $8 per share. The journal...
- Q Production records indicate that actual quantity of raw materials used for the prior month was 45,000 pounds at $4 per pound to produce 10,000 units of finished product. Engineering standards...
- Q Which of the following may be treated as second class stock? A) a shareholder loans the S corporaton $8,000 and a note is not signed. Repayment is expected within 60...
- Q 8. If expenses exceed revenues for the accounting period, the income summary account: A. Will have a debit balance after closing B. Will have a debit balance prior to closing...
- Q Waterway Shutters has the following inventory information. Nov. 1 Inventory 60 units @ $7.00 8 Purchase 100 units @ $8.00 17 Purchase 40 units @ $9.00 25 Purchase 100 units...
- Q 4. Use the balance sheet and income statement below to construct a statement of cash flows for 2016 for Mamun Constructions. Balance Sheet of Mamun Constructions...
- Q A disproportionate amount of the Federal income tax is paid by individuals at upper income levels. Is this a desirable condition? Defend your position in no more than three PowerPoint...
- Q Differential Analysis Select one type of analysis (sell or lease, make or buy, discontinue a segment or product, replace equipment, process or sell, or special order) and create a UNIQUE...
- Q Brief Exercise 12-9 Suppose during 2014, Cypress Semiconductor Corporation reported net cash provided by operating activities of $89,274,000, cash used in investing of $43,196,000, and cash used in financing of...
- Q Underapplied manufacturing overhead at the end of the year means: Less overhead was charged to production than was actually incurred. More overhead was charged to production than was actually incurred....
- Q The Footwear Department of Lee's Department Store had sales of $190,000, cost of goods sold of $133,500, indirect expenses of $13,450, and direct expenses of $27,700 for the current period....
- Q A discount on bonds payable
- Q In October, Patnode Inc., a merchandising company, had sales of $294,000, selling expenses of $27,000, and administrative expenses of $35,000. The cost of merchandise purchased during the month was $211,000....
- Q A Japanese branch of a U.S. corporation paid $4,200,000 in taxes to the government of Japan on income it generated there. The corporation is subject to a 35% tax rate...
- Q Respond to the following in a minimum of 175 words: As discussed in the chapter, The Coca-Cola Company reported over $20 billion of investments accounted for under the equity method...
- Q Tessa, age 21, single, does not participate in a retirement plan at work and has an adjusted gross income of $130,000. 1-How much can Tessa contribution to a Roth IRA?...
- Q sandhill company receives a three-year, $12,000, zero-interest-bearing note, and the related present value with a market interest rate of 9% is $9266.16. The total discount of $2,733.84 under the straight-line...
- Q Which of the following gives rise to a deferred tax asset? Group of answer choices A. None of the given answers. B. For assets, the carrying amount is less than...
- Q freitas Pneumatic Services an invoice dated April 22 for $1854 with terms of 3/15 EOM. if the invoice is paid on May 12, find the amount to pay the invoice...
- Q On January 1, 2018, Marshall Company acquired 100 percent of the outstanding common stock of Tucker Company. To acquire these shares, Marshall issued $300,000 in long-term liabilities and 20,000 shares...
- Q Taffy Industries is considering purchasing equipment costing $60,000 with a 6-year useful life. The equipment will provide cost savings of $14,600 and will be depreciated straight-line over its useful life...
- Q Kirsten cree que los costos generales de su empresa estn impulsados (afectados) por la cantidad de horas de mano de obra directa porque el proceso de produccin requiere mucha mano...
- Q By modifying the break-even equation, a company is able to determine the sales required to earn a ________________ profit. a.banker's b.working capital c.target d. contribution
- Q Actual overhead costs, $650,000; estimated manufacturing overhead costs, $600,000; estimated direct labor costs, $250,000; estimated direct labor hours, 50,000 hours.What is the manufacturing overhead application rate if direct labor hours...
- Q Wursthaus, Inc. completed its sixth month of business, October: Wursthaus, Inc. Balance Sheet October 31 Cash $5,594 Accounts...
- Q Jenna paid foreign income tax of $2,997 on foreign income of $14,986. Her worldwide taxable income was $120,800, and her U.S. tax liability was $30,000. Required: What is the amount...
- Q What are three reasons that cash is worth more today than cash to be received in the future? Define the term return on investment. How is the return normally expressed?...
- Q Taxpayers must generally include income from the cancellation of debt in their total income, unless they qualify for an exception or exclusion. Exclusions must be applied in the...
- Q Adam, who is single, sells his current personal residence (adjusted basis of $220,000) for $475,000. He has owned and lived in the house for five years. Adam's selling expenses are...
- Q A company has two classes of stock. 10,000 shares of $100 par cumulative, 4% preferred stock and 400,000 shares of $3 par common stock are outstanding. The board of directors...
- Q Los activos de Pace Corp. son de $625 000 y su deuda total pendiente es de $185 000. El nuevo CFO quiere emplear un ndice de endeudamiento del 55%. Cunta...
- Q If an company switched from LIFO to FIFO, how would the asset turnover ratio be affected? Explain your reasoning.
- Q 1. There have differences between overproduction of product vs lack of orders. Which do you feel in this situation is the proper view of this situation and why? 2. When...
- Q Find the tax owed in the following problem. Ivy Yang had an adjusted gross income of $36,200 last year. She had deductions of $1032 for state income tax, $1491 for...
- Q No-Treble Corporation has issued 900,000 shares of $9 par value common stock and has 600,000 shares outstanding. The corporation declares a 35% stock dividend when the fair value of the...
- Q Describe how the Financial Crisis, Globalization, Deregulation, and Technological Impact contributed to crowdfunding (as a financial innovation)
- Q January 1, 2020 Maury Inc. acquired land and existing building by paying cash of $400,000 and signing a noninterest-bearing note requiring the company to pay the remaining $2,000,000 on December...
- Q Lehighton Chalk Company manufactures sidewalk chalk, which it sells online by the box at $22 per unit. Lehighton uses an actual costing system, which means that the actual costs...
- Q Describe how the Financial Crisis, Globalization, Deregulation, and Technological Impact contributed to capital market digitalization (as a financial innovation)
- Q Results of the financial statement audit are communicated to users through a(n):a) managements' decision and analysis b) audit report c) financial statement d) analysis earnings forecast
- Q Carlos earns a gross income of $5,580 per month and applies for a mortgage with a monthly PITI of $1,227.60. Carlos has other financial obligations totaling $887.22 per month. If...
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