Accounting question and answers for December 13, 2023
- Q Cul de los siguientes factores es irrelevante con respecto a un pedido especial? a.Los costos de mano de obra para el pedido especial b. Los gastos generales fijos...
- Q O Ltd. produces three products: Bo, Mo and Lo from a single joint process. The joint costs for the period are 210,800. O Ltd. uses the physical measures method to...
- Q Adams Fillmores lifelong dream is to own his own fishing boat to use in his retirement. Adams has recently come into an inheritance of $412,600. He estimates that the boat...
- Q Based on the Annual Report for 2015-2018 for Disney and Netflix: Answer the following: How much net cash from operations did each company generate last year? Which company has...
- 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 The method used to value inventories has no impact on the value of the cost of sales True False
- Q Bob is investing in a partnership with Andy. Bob contributes as part of his initial investment, Accounts Receivable of $120,000; an Allowance for Doubtful Accounts of $18,000; and $12,000 cash....
- Q King Lyon has the following assets: Current assets $2,500,000 Capital assets 7,500,000 Total assets $10,000,000 During 4 months of the year, current assets drop to $1,000,000 (total assets will then...
- Q In a complex capital structure of a corporation, describe/explain the meaning of Fully Diluted Earnings per Share, and also how does it come about? (4 marks) . . . ....
- Q A direct cost is a cost that is
- Q David and Ruby are engaged and plan to get married. During 2016, David is a full-time student and earns $7,600 from a part-time job. With this income, student loans, savings,...
- Q Practice Question 37 The following data are available for Allen Clapp Corporation: Net income $200,000 Depreciation expense 40,000 Dividends paid 60,000 Gain on sale of land 10,000 Decrease in accounts...
- Q Bramble Bookstore had 450 units on hand at January 1, costing $8 each. Purchases and sales during the month of January were as follows: Date Purchases Sales Jan. 14 410...
- Q Marigold Inc. manufactures two products, sweaters and jackets. The company has estimated its overhead in the order-processing department to be $195000. The company produces 47000 sweaters and 75000 jackets each...
- Q Entity F borrowed $45,000 on November 1, 2024 issuing a 6-month,9% interest-bearing note to the bank, with principal and interest payable at maturity. At December 31, 2024, what adjusting entry...
- Q 1: Assume all materials go into production at the beginning of the process. There is no beginning inventory. There were 2000 units started in process. There were 500 units finished....
- Q A partnership company does not pay taxes, but instead, any partnership income is reported by each individual partner for tax purposes. Group of answer choices True False...
- Q Which of the following statement is true with regard to the variable costs? Group of answer choices Variable costs per unit vary inversely with changes in production level. Variable costs...
- Q Explain in detail: How does test of details help to see the relationship between acquisition cost and net book value?
- Q At May 1, 2017, Cheyenne Corp. had beginning inventory consisting of 260 units with a unit cost of $6. During May, the company purchased inventory as follows: 530 units...
- Q On January 1, 2021, Clement Corporation purchased 30% of Meyer Corporations common stock for $200,000. During 2021, Meyer had net income of $400,000 and declared and paid a dividend of...
- Q At the end of the day the clerk for Wale's Variety Shop noticed an error in the amount of cash he should have. Total cash sales from the sales tape...
- Q AJAX BOOK COMPANY BIDS ON CONTRACTS TO SELL BOOKS TO VARIOUS SCHOOL DISTRICTS. DURING THE YEAR, THE COMPANY BID ON 150 CONTRACTS AND WAS AWARDED 30 CONTRACTS. TEN OF THE...
- Q Sara and Sally rely on the statements of Alice, an accountant. In a lawsuit brought by Sara and Sally against Alice for fraud, Alice seeks to avoid liability based on...
- Q The following are independent situations: Jenny Watson is the partner on the audit of a non-profit charitable organization, the Tasmanian Epidemiological Society (TES) Incorporated. She is also a member...
- Q Belinda was involved in a boating accident in 2019. Her speedboat, which was used only for personal use and had a fair market value of $28,000 and an adjusted basis...
- Q Cridberg Corporation's selling and administrative expenses for last year totaled $278,000. During the year the company's prepaid expense account balance increased by $27,000 and accrued liabilities decreased by $21,000. Depreciation...
- Q Compare the new definitions of the elements of financial statement provided by SFAC 8 to the prior definitions provided by SFAC 6. What are the differences? Why did FASB make...
- Q assume you have extra money to invest-how they would prefer to invest the money. would yoh consider loaning money to a corporation or would you rather buy shares of stock...
- Q Kielly Machines Inc. is planning an expansion program estimated to cost $100 million. Kielly is going to raise funds according to its target capital structure shown below. Debt 0.30 Preferred...
- Q Lets take the same example but add a little more complexity. So far we have assumed there was no resale value for the work already completed. Assume that the company...
- Q Search for a relevant fraud risk assessment checklist and apply it to a recent publicly held corporation that experienced major fraud within the past five years. Develop...
- Q ABC Inc. provide the following in fiscal 2016. The company employs the LIFO method of accounting for its inventory. Beginning Inventory, August 1, 2011: 140 units @ $19.50 Purchase 300...
- 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 costs...
- Q What do you think can happen to the Phillips curve in the long run?explain briefly in 80 words
- Q Explain the cash conversion cycle (CCC). Describe the CCC for your employer or company in an industry in which you're interested. What are some specific things that your company could...
- Q "Use of a single cost driver rate when an indirect cost pool includes costs that have different cost drivers (causes of costs) leads to distortions in job costs." Do you...
- Q Taxes R Us (TRU), an income tax preparation firm, uses the FIFO method of process costing for its monthly reports. TRU has no materials cost in the preparation of the...
- Q Benton, Inc. leased equipment from Tower Company under a four-year lease requiring equal annual payments of $344,152, with the ...
- Q Mr. and Mrs. Kilo, married filing jointly, purchased their first home in 2003 for $240,000. They sold this home in 2007 for $210,000. They purchased their second home in 2008...
- Q Siena sold $120,000 of 6% bonds for $127,125. Each $1,000 bond carried ten warrants and each warrant allowed the holder to acquire one share of $5 par common stock for...
- Q 19 Bajo un ambiente Lean, los empleados tienen la responsabilidad y autoridad para a.inventario de compras. b.tomar decisiones sobre las operaciones, en lugar de esperar a la...
- Q I'm having trouble completing this: please help Exercise 16-23 Profit Variance Analysis (LO 16-4) The master budget at Western Company last period called for sales of 226,500 units at $10.5...
- Q when analyzing the impact of a external tranactions on the accounting equation do not include which of the following questions: Do assets equal liabilities plus stockholders' equity after posting...
- Q AK borrows $14,000 at a 9% annual INTEREST rate and will repay $19,761. When will AK repay the loan? (use present value and future value labels, a spread sheet for...
- Q M&R Company provided $2,100 in services to customers in December. Those customers are expected to pay the company sometime in January following the companys year-end
- Q PRODUCT LIABILITY INSURANCE IS CLASSIFIED AS WHICH OF THE FOLLOWING A DIRECT PRODUCTION COST A MIXED SERVICE COST A PERIOD COST AN INDIRECT PRODUCTION COST
- Q This is for 3M (recent Annual Report 2016) Find the companys balance sheet and determine the following: the number of outstanding shares of common stock and the average price at...
- Q Explain with reasons the following statements a) The future price of gold can be calculated from its spot price and other observable variables. This is not the case with...
- Q (Please show calculations for study purposes) Troy Engines, Ltd., manufactures a variety of engines for use in heavy equipment. The company has always produced all of the necessary parts for...
- Q On an instrument, a mere reference to another writingAs per contract does not render the instrument nonnegotiable. TRUE OR FALSE
- Q If you have a choice, which job will you choose, the internal audit or the external audit? Being an external auditor comes with opportunity of auditing different companies and I...
- Q Harriet, Mickey, and Zack decide to liquidate their partnership. All assets are sold, and the liabilities are paid. Following these transactions, the capital balances and profit and loss percentages are...
- Q Basic Scenarios 29 Basic Scenario 5: Aurora Davis Interview Notes Aurora and Oscar separated in 2017 and divorced in October 2019. She earned $40,000 in wages and paid more...
- Q Selected data for the current year ended December 31 are as follows: {:[" Balance, "],[" December 31 "]:} {:[" Balance, "],[" January 1 "]:} Accrued expenses payable (operating expenses) $29,500...
- Q The auditing of published financial accounts allows the auditor to give a judgment on whether the accounts present a "true and fair view." Discuss what this view...
- Q Peking Duct Tape Company has outstanding a $1,000-face-value bond with a 14 percent coupon rate and 3 years remaining until final maturity. Interest payments are made semi-annually. a. What value...
- Q Give an actual example of a fiduciary duty owed by directors towards their companies.
- Q Maria Am Corporation uses the weighted-average method in its process costing system. The Baking Department is one of the processing departments in its strudel manufacturing facility. In June in the...
- Q Why is the revenue cycle of concern to auditors? What are some of the risks associated with the revenue transaction cycle? What type of assertions pertain to the revenue cycle...
- Q Bobbi and Stuart are partners. The partnership capital of Bobbi is $41,400 and that of Stuart is $74,700. Bobbi sells his interest in the partnership to John for $63,900. The...
- Q Question Content Area During February, Charm Inc. worked on two jobs with the following data: Job 13 Job 12 Units in each job...
- Q If an S corporation inadvertently terminates its election, the IRS Group of answer choices may permit the corporation to report as an S corporation even for the period that includes...
- Q aAccording to Ian Redbath and Robert Lickwar, which IRS FORM IS used to calculate the amount of business expense a sole proprietor can deduct and how much will be treated...
- Q Winchester Salad Dressing had beginning work-in-process for process 1 in July of $248,320 consisting of $101,640 of materials and $146,680 of conversion costs. There were 16,000 units in beginning work-in-process,...
- Q Describe the purpose of analytic procedures at the beginning and end of the audit. Include in your discussion how it is used in both situations, whether it is required. At...
- Q Michaella, age 23, is a full-time law student and is claimed by her parents as a dependent. Du ring 2020, she received $1,400 interest income from a bank savings account...
- Q Rhodes Incorporated incurred a net operating loss (NOL) of $250,000 in 2015. The combined income for 2013 and 2014 was $350,000. The tax rate for all years is 40%. Rhodes...
- Q Simmons Inc. applies overhead to production at a predetermined rate of 13.50 per direct labor hour. Job No. 250, the only job still in process at the end of August,...
- Q Eden acquired a 20% interest in the partnership by contributing a total of $71,500 directly to the other four partners. Goodwill is to be recorded. Profits and losses have previously...
- Q Consider five example costs of providing a product or service in your organization. Classify each example cost as being either FIXED, VARIABLE, or MIXED. For costs that you believe to...
- Q Inventory shrinkage is a measurement that represents the difference between the recorded inventory and the actual inventory. According to Kenton (2020), the impact of shrinkage is a loss of profits...
- Q Last year Cumberland Corporation reported a cost of goods sold of $73,000. Inventories increased by $14,000 during the year, and accounts payable increased by $12,000. The company uses the direct...
- Q Mike Barr was an outstanding football player in college and expects to be drafted by the NFL in the first few rounds. Mike has let it be known that he...
- Q Bonita Corporation was organized on January 1, 2020, with authorized capital of 494000 shares of $10 par value common stock. During 2020, Bonita issued 31100 shares at $12 per share,...
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