Accounting question and answers for December 13, 2023
- Q On March 25, Osgood Company sold merchandise on account, $1,000, terms n/30. The applicable sales tax percentage is 6%. The cost of merchandise sold is $590. Record the transaction. If...
- Q Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December 2016: 1...
- Q Suppose you are the only owner of a firm, John Adams Co, a food production company located in Toronto. Your firm is currently unlevered with 5,000 shares outstanding and assets...
- Q Which of the following is CORRECT about business decisions and interest rates? a. Firms should always avoid short-term debt. b. Interest rates are easy to predict in a growing economy....
- Q Identify an audience and an idea you would like to propose to the audience. Demonstrate your knowledge of effective proposals by writing a brief outline showing the organizational structure of...
- Q Which of the following statements is false? a liability is a debt for your business b. the accounting equation shows how much of your assets belong to the owner, and...
- Q Evaluating a Balanced Scorecard, would you add or remove any of the perspectives that this concept takes into account? Do you think that one of the perspectives is more crucial...
- Q The best reason for using direct labor costs as an overhead application rate basis is: a) Because all companies have labor costs, there is usually a direct relationship between the...
- Q Omega Company provided the following balance sheet for 2014: Assets Cash $ 4,200 Accounts receivable 6,350 Inventory 10,450 Prepaid expenses 1,800 Plant and equipment, net of depreciation 29,200 Land 20,550...
- Q Rene Rogers has adjusted gross income of $40,000. She has medical expenses of $5,000 and $3,000 of miscellaneous itemized deductions subject to the two-percent-of-AGI limit. In addition, she has a...
- Q A copy machine acquired with a cost of $3,000 has an estimated useful life of 5 years. It is also expected to have a useful operating life of 15,000 copies....
- Q Top Notch Company purchased merchandise on account from a supplier for $13,500, terms 2/10, n/30. Top Notch Company returned $4,000 of the merchandise before payment was made and received full...
- Q Sheds, Inc. disea y construye cobertizos y dependencias para clientes individuales. La empresa utiliza un sistema de costo de trabajo...
- Q A company generates ROA of 3.5% and has sales of $3,400, employing average assets of $5,000 which are funded with 25% liabilities. What is the ROE of the...
- Q Thomas enterprises purchased a depreciable asset on October 31, year 1 at a cost of $100,000. The asset is expected to have a salvage value of $15,000 at the end...
- Q Peterson Paper Products Inc. has 2,400,000 outstanding shares of stock selling for $52 per share. After a 2-for-1 stock split, how many shares of stock are outstanding and what is...
- Q The following unadjusted trial balance is for ACE CONSTRUCTION CO. as of the end of its 2015 fiscal year. The June 30, 2014, credit balance of...
- Q are securing a loan for a home that you are purchasing in Austin, Texas.
- Q Janie graduates from high school in 2019 and enrolls in college in the fall. Her parents (who file a joint return) pay $10,850 for her tuition and fees. If required,...
- Q Your postings should address the following items: summary -major Accounting and why -income levels -job requirements -future job prospects use for keywords from class such as: scarcity, choices,...
- Q 3). What are the major advantages of leasing a fixed assets rather than purchasing it. Discuss.
- Q Una empresa est evaluando una inversin que tiene una inversin inicial de $4,000. Se espera que los flujos de efectivo netos anuales sean de $2,000 durante los prximos tres aos....
- Q What happens when a company engages in a spin-off of an equity carve out?
- Q Por qu las sobreestimaciones de las reservas de reestructuracin a veces hacen que los porcentajes de margen bruto cambien repentinamente?
- Q Messi company is considering an investment that will return a lump sum of 9000000, 6 years from now. what amount should messi company pay for this investment to earn an...
- Q Describe the importance of the internal audit function, and how that function may impact the work completed by an external auditor. Beyond this answer, please provide a detailed perspective on...
- Q Cul de los siguientes se clasificara como un activo circulante para un minorista de muebles? A. Vehculos de reparto. B. Accesorios de tienda. C. Sobregiro bancario....
- Q On September 1, 2019, Rowen Manufacturing issued a $90,000, 6-month, 9% note payable to purchase equipment. At December 31, 2019, the company records an adjusting entry to accrue interest incurred...
- Q Adriana and Belen are partners who share income in the ratio of 3:2 and have capital balances of $50,000 and $90,000 at the time they decide to terminate the partnership....
- Q When product costs reflect the actual direct material costs, actual direct labor costs, and actual overhead costs, the cost system being used is a(n): a. direct cost system b. normal...
- Q Which of the following does not terminate an offer: a. The time stated on the offer. b. A reasonable time if none...
- Q Beginning inventory, purchases, and sales data for portable DVD players are as follows: June 1 Inventory 37 units @ $77 6 Sale 31 units 14 Purchase 15 units @ $81...
- Q As a result of a slowdown in operations, Tradewind Stores is offering employees who have been terminated a severance package of $97,000 cash paid today; $97,000 to be paid in...
- Q Blue Ivy Corporation issued $900,000 bonds on June 30, 2016 for $967,708. The bonds mature on June 30, 2036 (20 years). The market rate is 12%, while the stated rate...
- Q Received a deposit of $125 from another yoga studio for smoothies during the month of August
- Q Divestitures: 1.What happens when a company engages in an equity carve out? 2. How does the subsidiary account for the equity carve out transaction? 3. Does the parent record...
- Q At a total cost of 2000000 steig. Corporation acquired 160000 shares of larson corp. Common stock as a long term investment. Steig. Corporation uses the equity method of accounting for...
- Q E17-9 Compute overhead rates and assign overhead using ABC Air United, Inc. manufactures two products: missile range...
- Q Antifraud professionals agree that perception of detection is at the top of the list of fraud prevention measures. What are some of the things you would recommend to the owners...
- Q El Ames y Johnson camaradera asigna beneficios y prdidas 80% ...
- Q ABC recieves a non-refundable deposit for $100,000 to sell widgets to WTH company in 2/2016. Please provide all journal entries and work for this tansaction.
- Q If the total amounts for mixed costs are $28,000 and $44,000 for activity levels of 5,000 and 9,000 units respectively, how much are total fixed costs?
- Q If the financial statements are not achieve fair presentation, Auditor shall perform?: 1. Perform additional Audit procedures. 2. Discuss the matter with the Management. 3. Determine how the matter is...
- Q the payroll register for Jaffrey company for the week ended may 16 indicated following: salaries:1250000 social security:58750 medicare tax withheld:18750 federal income tax withheld:250000 in addition state and federal...
- Q Basis of measurement for investment properties and biological assets Both of the above asset categories are measured on a fair value basis. Why do the levels of the fair value...
- Q In January 2020, Jacques Webster, Inc., began selling guitars with a 60-day return policy for $100 each. Webster sold 250 guitars in the first quarter of 2020 (Q1). At the...
- Q Which of the following statements regarding balance sheet presentation is true? Group of answer choices IFRS does not prescribe the ordering of liabilities within current and noncurrent groups. The account...
- Q 1. a) The contribution income statement specifically identifies the contribution margin within the income statement. How does forecasting at three levels assist in determining whether the organization's contribution margin on...
- Q Calculate the 2003 dividend payout ratio and operating income. ASSETS ...
- Q Keller Company makes two models of battery-operated boats, the Sandy Beach and the Rocky River. Basic production information follows: Sandy Beach Rocky...
- Q A factory provides you information about overheads for given period. Budgeted output 25,000 units, budgeted hours 4,000, budgeted fixed overhead OMR 10,000 and budgeted variable overhead OMR 6,000. Actual output...
- Q Problem 1. Complete the missing information in the payroll of Angara Manufacturing Co. for the month of April 2022: ...
- Q una pareja solicit un prstamo para financiar la compra de una nueva casa. Qu ley federal se cre? A) Ley de informes crediticios justos B) Ley de...
- Q which of the following is true with respect to pcaob inspections accounting firms
- Q Assume that the equivalent units of production this month for Alabama Red's Hot Sauces are 8,350. If the costs in beginning inventory were $450.00 and current manufacturing costs were $5,311.50,...
- Q 11/ Refer to the following selected financial information from Graceworks, Corp. Compute the company's days' sales in inventory for Year 2. (Use 365 days a year.) ...
- Q Flounder Inc. issues $3,200,000 of 7% bonds due in 14 years with interest payable at year-end. The current market rate of interest for bonds of similar risk is 9%. Click...
- Q State the accounting equation and define each of its terms. What is the logic behind this equation? (100 words minimum)
- Q Puede alguien ayudarme con esto? 1. El capital proporcionado por los accionistas comunes durante el perodo utilizado para calcular el rendimiento del capital comn es igual a ...
- Q 19.) Let r be the nominal interest rate, compounded yearly. For what values of r is the cash flow stream 20, 10 preferable to the cash flow stream 0, 34?
- Q PLEASE HELP. WILL RATE! On January 1, 2018, Warren Corporation had 1,000,000 shares of common stock outstanding. On March 1, the corporation issued 300,000 new shares to raise additional capital....
- 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 What is the purpose of a stock split? What are some benefits of a stock split for a company? What are some benefits for an investor? What is the effect...
- Q 1. An auditor is responsible for communicating which of the following matters to the audit committee? A. Audit adjustments. B. Consultation with other accountants. C. Disagreements with management. D. All...
- Q With a programmable calculator (or a computer), it is possible to evaluate the expressions for the sums of areas of approximating rectangles, even for large values of n, using looping....
- Q A $1,000 par value bond has 7.5% semiannual coupons and matures on July 1, 2017 at $1,050. Find the actual selling prove of this bond on November 15, 2013 and...
- Q Orear Company earns 8% on an investment that will return $475,600, 6 years from now. What is the amount Orear should invest now to earn this rate of return? (Round...
- Q a restaurant borrows $18,700 from a local bank for 2 months. the local bank charges simple interest at an annual rate of 14% for this loan. Assume each month is...
- Q Simon Companys year-end balance sheets follow. At December 31 2017 2016 2015 Assets ...
- Q For Mize Company, units to be produced are 5,470 in quarter 1 and 6,480 in quarter 2. It takes 1.5 hours to make a finished unit, and the expected hourly...
- Q 3. ABC Company sold the rights to use one of their patented processes that will result in them receiving cash payments of $10,000 at the end of every six months...
- Q Si los estados financieros examinados por un auditor conducen al auditor a emitir una opinin que contiene una excepcin que no es de suficiente magnitud para invalidar el estado en...
- Q 3. Solve using the corner point method (include graph, table, & maximum solution, or full table & maximum solution); Andrew Crowley plans to start a new business called River Explorers,...
- Q In year 1 (the current year), LAA Inc. made a charitable donation of $124,500 to the American Red Cross (a qualifying charity). For the year, LAA reported taxable income of...
- Q Brief Exercise 8-12 (Static) Determine the financial statement effects of a contingent liability (LO85) Consultants notify management of Discount Pharmaceuticals that a stroke medication poses a potential health hazard. Counsel...
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