Accounting question and answers for December 13, 2023
- Q Medina's Diners plans to start a chain of virtual diners. They believe that if they raise $3 million now, they can sell the chain to Yum Brands for $75 million...
- Q Work in Process Account Data for Two Months; Cost of Production Reports Hearty Soup Co. uses a process cost system to record the costs of processing soup, which...
- Q How have you used advanced excel to improve a process?
- Q Jones Company started the year with no inventory. During the year, it purchased two identical inventory items at different times. The first purchase cost $1,290 and the other, $1,490. Jones...
- Q A company determined that the budgeted cost of producing a product is $30 per unit. On June 1, there were 73000 units on hand, the sales department budgeted sales of...
- Q Jameson is an Australian resident taxpayer who is intending to live and work in the US for three years. Jameson wants to know whether he will contnue to be treated...
- Q What is something interesting about the tax treaty between the US and New Zealand?
- Q Cedric Company recently traded in an older model computer for a new model. The old models book value was $234,000 (original cost of $514,000 less $280,000 in accumulated depreciation) and...
- Q How do you operate in team setting?
- Q State the assumption, principle, or qualitative characteristic that is violated. Q #1. The ABC company has not established an Allowance for Doubtful Accounts, even though there are a...
- Q Andrew purchased a residential rental property for $245,000. He made a down payment of $20,000 and secured a nonrecourse loan for $225,000. Andrew defaulted on the loan when the balance...
- Q Assume that Seiden Company gains control of Rimco, its subsidiary, with the purchase of a 40% interest paid in cash. The Equity Investment account reports a balance of $75,000 on...
- Q What type of format does Pepsico use for their balance sheet (classified or not)? Why do you think PepsiCo selected the format they did for their balance sheet? Overall, what...
- Q In its first month of operation, Sheffield Corp. purchased 230 units of inventory for $9, then 330 units for $10, and finally 270 units for $11. At the end of...
- Q Qu pestaa muestra los saldos de las tarjetas de crdito? A. Pestaa Plan de cuentas B. Pestaa Banca C. Pestaa Gastos Pestaa D.Facturas
- Q Download the attached Excel file for the total ownership model that was used to compare gasoline-powered vs. hybrid automobile costs discussed during class. (attached reference below) Update the model...
- Q Midwest Manufacturing Companys production budget for the month of August includes budgeted sales of 80,000 units, ending inventory of 12,000 units, and production of 74,000 units. Budgeted beginning inventory for...
- Q Consult Paragraphs .04.06 of AU Section 334. Explain why gains recorded on transactions with related parties would have greater inherent risk of being overstated in the financial statements.
- Q Foutz Corporation has entered into a 8 year lease for a piece of equipment. The annual payment under the lease will be $3,600, with payments being made at the beginning...
- Q PT S reported the carrying value of net assets of Rp.400,000,000 when it was acquired 100% by PT P. The fair value of PT S net assets on the acquisition...
- Q Given that the cash flow forecast is crucial to a project, who should be responsible for developing these forecasts? Should it be a team effort, and if so, who should...
- Q Jack purchased a printing machine for $100,000 for use in business. As to the machine he deducted MACRS cost recovery of $30,000, repair costs of #3,000 and maintenance costs of...
- Q For each of the following statements below, select the appropriate listed qualitative characteristics of useful financial information discussed in this chapter
- 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 Western Outfitters Mountain Sports projected 2008 sales of 75,000 units at a unit price of $12.00. Actual 2008 sales were 72,000 units at $14.00 per unit. Actual variable costs, budgeted...
- Q S corporations must do which of the following? A) Apply the investment interest limitations at the corporate level B) Combine investment interest expense with other interest expense and deduct it...
- Q Data for Hermann Corporation are shown below: Per Unit Percent of Sales Selling price $ 130 100 % Variable expenses 78 60 Contribution margin $ 52 40 % Fixed expenses...
- Q Tomeguin manufactured 10 excavators and leased them in the current year to its main customer for 5 years, which is the useful life of the excavators. The contract establishes 5...
- Q Bond J is a 3 percent coupon bond. Bond K is a 9 percent coupon bond. Both bonds have fifteen years to maturity, make semiannual payments and have a YTM...
- Q A machine costing $56,482 with an 8-year life and $53,353 depreciable cost was purchased on January 1. Compute the yearly depreciation expense using straight-line depreciation. Round your answer to the...
- Q What are the key provisions of the SOX Act? Give examples as well please
- Q on july 2018, neha received a $2m grant towards a new plant which will last 5 years. the grant must be repaid if neha sells the asset within 4 years....
- Q 5. Describe the differences in using insurance as a risk-handling technique as opposed to contractual transfer and limited liability as means of protecting an insured from risk. Also, please include...
- Q The allowance for bad debts account has a credit balance of $2000 the company's management estimates that 2% of net credit sales will be uncollectable for the year 2015 net...
- Q Legal Framework A. Analyze the impact court rulings have on the manner in which the interviews were conducted. Include the following in your response: 1. Miranda 2. Daubert 3. Weingarten...
- Q Calculate amounts that would appear on their year-end Balance Sheet. Accounts Balances Cash $6,200 Salaries Expense $2,300 Retained Earnings $2,500 Advertising Expense $1,700 Equipment $12,400 Service Revenue $9,400 Derferred Revenue...
- Q Farrell and Jimmy enter into a partnership agreement on May 1, 2015. Farrell contributes $50,000 and Jimmy contributes $150,000 as their capital contributions. They decide to share profits and losses...
- Q The Regal Cycle Company manufactures three types of bicyclesa dirt bike, a mountain bike, and a racing bike. Data on sales and expenses for the past quarter follow: ...
- Q In Year 4, Landmark Restaurants reported the cost of property and equipment at $1,189.8 million and the accumulated depreciation at $224.2 million. In that same year, Coca Cola reported $10,149...
- Q Develop a measure of ethical capital for inclusion in an intellectual capital report.
- Q At the end of the 6th year, the bonds were redeemed at 99: - Write the Journal Entry Premium on Bonds Payable Balance: Amortization: $22,941.80 * 6 years = $137,650.80...
- Q It is now 30 June and our business is preparing adjustments via a worksheet. Complete the following adjustments in the worksheet (if no adjustment is necessary enter "0" in the...
- Q The time to assemble the first unit on a production line is 15 hours. The learning rate is 0.87. Approximately how long will it take for the fifth unit to...
- Q Determining the Proceeds from Bond Issues Madison Corporation is authorized to issue $570,000 of 5-year bonds dated June 30, 2019, with a stated rate of interest of 9%. Interest on...
- Q Differences Between Internal Control & Financial Statement Audits Internal Control Financial Statement Scope...
- Q Franco converted a building from personal to business use in May 2013 when the fair market value was $55,000. He purchased the building in July 2010 for $80,000. On December...
- Q In maintaining a capital account on a book basis, which of the following statements is the MOST true? A.) A capital account is decreased by nondeductible expenditures, B.) A capital...
- Q Curtis invests $525,000 in a city of Athens bond that pays 7.50 percent interest. Alternatively, Curtis could have invested the $525,000 in a bond recently issued by Initech, Inc. that...
- Q Discuss performance measures that shall be put in place to assess the scope for internal politics and goal displacement within Habitat for Humanity.
- Q What challenges do you think you will face working at a new job?
- Q Tell me about a time you have lead an accounting team project in college or entry level position?
- Q What are the three general methods for determining transfer prices? Question content area bottom Part 1 A. Transactional net margin method, profit split method, cost-plus method B. Comparable...
- Q The cost of an asset is $1,000,000 and its residual value is $100,000. Estimated useful life of the asset is four years. Calculate depreciation for the second year using the...
- Q Grover Corporation purchased a truck at the beginning of 2014 for $93,600. The truck is estimated to have a salvage value of $3,600 and a useful of 120,000 miles. It...
- Q The subsidiary of a U.S. corporation located in Country Y generated income of $1,000,000 on which it paid $400,000 (40%) in taxes to Country Y. The subsidiary paid a dividend...
- Q 1-In recent years, the Wall Street Journal has indicated that many companies have changed their accounting principles. What are the major reasons why companies change accounting methods?
- Q An example of an asset account is: a. wages payable b.purchases c. accounts receivable d. sales
- Q Prepare the journal entries to record these transactions on Kimbrel Companys books using a periodic inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent...
- Q Fehr Company is considering two capital investment proposals. Estimates regarding each project are provided below: Project Blue Project Gray Initial investment $400,000 $600,000 Annual net income 20,000 42,000 Net annual...
- Q On january 1, 2019, Potter incorporate sold a 5-year, $500,000 bond with a stated rate of 5% for $450,675. The market interest rate at the time was 6%. Interest is...
- Q To enter Starbright fun parlour you need to obtain a ticket form the ticket office and then present it to the person at the entrance. To obtain the ticket you...
- Q A 25,000 square foot warehouse was just constructed for $650,000. If the cost-capacity factor is 0.88, what is the estimated cost to construct a 34,000 square foot warehouse? ....
- Q Assume that the following data relative to Lane Company for 2015 is available: Net Income $1,100,000 Jan. 1,2015,...
- Q Haymitch Global Industries is a world leading producer of loudspeakers and other electronics products, which are sold under brand names like JRH, Excelsior, and Haymitch/Krug. The...
- Q recibi un cheque por $1,000 de un nuevo cliente el 29 de marzo como depsito para trabajar en su declaracin de impuestos. Dani, contador en Demsash, comenz a trabajar en...
- Q Michignal LTD. estimates the cost of its physical inventory at March 31 for use in interim Financial statements. Their gross profits on sales average 40%. Account Balances are available:...
- Q Jamar company purchased a depreciable asset for $225,000. the estimated salvage value is $15,000, and the estimated useful life is 8 years. the double-declining balance method will be used for...
- Q . Suppose Loss Corp. acquired Gain Corp. in a statutory merger, and the original shareholders of Loss Corp. ended up with more than 50 percent of the stock of the...
- Q I plan on retiring at 70 years of age. I want to retire with a net income of $105,000 a year, total. I anticipate that social security will fund $20,000...
- Q c. Why do companies use cost flow assumptions to determine inventory cost? What cost flow assumption(s) does Deere & Company use to determine inventory cost? d. Assume that prices that...
- Q Selected T-accounts for Rolm Company are given below for the just completed year: Raw Materials ...
- Q Wyndham Stores operates a regional chain of upscale department stores. The company is going to open another store soon in a prosperous and growing suburban area. In discussing how the...
- Q The Miller Company earned $190,000 of revenue on account during 2016. There was no beginning balance in the accounts receivable and allowance accounts. During 2016 Miller collected $136,000 of cash...
- Q Manufacturing Corp. owns a five-acre parcel of land. Its factory takes up one acre of this land, and there is a mall on the other four acres. Manufacturing Corp. rents...
- Q 8. The following information relates to Boss Freightways for its first year of operations: Pretax accounting income: 192 Pretax accounting income included: Municipal bonds interest (not taxable for tax purposes):...
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