Accounting question and answers for December 14, 2023
- Q Lake Sales had $2,200,000 in sales last month. The contribution margin ratio was 40% and operating profits were $160,000. What sales volume does Lake's need to yield a $360,000 operating...
- Q Bob, a taxpayer that files his return using single status, is the sole shareholder of ABC Corporation, an S Corporation. ABC Corporation has a net operating loss of $50,000. Prior...
- Q On March 1 of the current year, Spicer Corporation compiled information to prepare a cash budget for March April, and MayAll of the company's sales are made on account. The...
- Q Big Company showed that its average delivery cycle time was 31.4days, its manufacturing cycle efficiency was 0.9, its average move time was 0.5days, its wait time was 20.2days, and its...
- Q Cornell purchased a 15-year, $90,000 bond from Fulvous Corporation for $72,000 eight years ago. Interest of $9,000 has been amortized over the eight years and added to Cornell's bond basis....
- Q 15. The Reed Company uses the straight-line method to depreciate its equipment. On June 1, 2007, the company purchased some equipment for $200,000. The equipment is estimated to have a...
- Q Terrance determined $1,000 of Prepaid Insurance was used as of January 31. What would the adjusting entry be
- Q Discussion post #1..Consider the following capital budgeting problem. The following two machines, A & B, are mutually exclusive. The cash fows associated with each machine are...
- Q During January 2017, Long Corporation for the first time decided to acquire some equity securities as a means of putting some of its idle cash to work. The securities are...
- Q Current Attempt in Progress An incomplete cost of goods manufactured schedule is presented here. Complete the cost of goods manufactured schedule for Shamrock Company. (Assume that all raw materials used...
- Q 20. The Smith Company uses the cash basis of accounting. Smith Company collected $800,000 from its customers during the year. Smith had $40,000 in Accounts Receivable at the beginning of...
- Q Elston Company had a beginning inventory of 200 units at the cost of $12 per unit on August 1 . During the month, the following purchases and sales were made....
- Q During the current period the Professor made the following purchases of lava rocks. Answer the questions below assuming that the Professor uses the LIFO method for inventory costing. ...
- Q Coca-Cola and PepsiCo are two of the largest and most successful beverage companies in the world in terms of the products that they sell and their receivables management practices....
- Q Elsinore Electronics is a decentralized organization that evaluates divisional management based on measures of divisional contribution margin. Home Audio (Home) Division and Mobile Electronics (Mobile) Division both sell electronic equipment,...
- Q Los costos del departamento de administracin general de la fbrica, el departamento de mantenimiento de la fbrica y la cafetera de la fbrica se asignan en funcin de las horas...
- Q What are the advantages/disadvantages of litigation, arbitration, and mediation? Explain fully.
- Q Question 5 of 6 1.19 The bank portion of the bank reconciliation for Oriole Company at November 30,2022, was as follows. Oriole COMPANY...
- Q January 5: Purchased 100 units of inventory on account for $20 each, terms 2/10, n/30. January 8: Returned 10 units of inventory from the January 5...
- Q Which of the following situations would be most likely to heighten an auditor's concern about the risk of fraudulent financial reporting? Which of the following situations would be most likely...
- Q The general ledger of Zips Storage at January 1, 2024, includes the following account balances: Accounts Debits Credits Cash $26,400 Accounts Receivable $17,200 Prepaid Insurance $15,600 Land $166,000 Accounts Payable...
- Q The board of trustees of a local church is concerned about the internal accounting controls for the offering collections made at weekly services. The trustees ask you to serve on...
- Q Freedom Corporation acquired a fixed asset for $180,000. Its estimated life at time of purchase was 4 years, with no estimated salvage value. Assume a discount rate...
- Q elegant transfort has a delivery van that was purchased on february 1.2019, for $90,000. the van had been depreciated on a straight-line basis with an estimated residual value...
- Q After reading the case study at the bottom of page 23 (Who made your IPhone?), consider the following: Assume that in the countries where fifteen-year-olds were working, it's customary...
- Q Henriettas Pine Bakery Background You are an Analyst for the professional service firm, BUSI 1043 LLP. Your firm specializes in providing a wide variety of internal business solutions for different...
- Q Cash (110), Accounts Receivable (111), Supplies (112), and Accounts Payable (210) Complete a transaction analysis chart and journal entry from the following transaction: June 30, 201X Lakota Co. purchased supplies...
- Q For each of the following independent situations, assume that any amounts would be material. (I) Indicate the TYPE of appropriate audit report; A. unqualified, B. qualified or adverse,...
- Q Maddy works at Burgers R Us. Her boss tells her that if she stays with the company for four years, she will receive a bonus of $4,500. With an...
- Q On the first day of the fiscal year, a company issues a $1,800,000, 7%, five-year bond that pays semiannual interest of $54,000 ($1,800,000 7% ), receiving cash...
- Q On April 1, 2020, Olsen Products, Inc. issued at par $25 million of 10%, 10-year bonds. Interest is payable semiannually each April 1 and October 1. - If these bonds...
- Q The condensed form of Nordstrop Companys flexible budget for manufacturing overhead follows: Cost Formula Machine-Hours Overhead Costs (per machine-hour) 5,500 6,500...
- Q Prepare the adjustment to record interest expense on the loan at the bottom of your spreadsheet. I borrowed $150,000 from the bank with an annual interest rate of...
- Q Wilson Enterprises applies overhead based on direct labor cost. The company estimates that their overhead for the year will be $240,000, and direct labor cost to be $300,000. Actual direct...
- Q during 2021, jasmine (age 12) received $6,500 interest income from a corporation bond. She also received $600 interest income from a savings account established for her by her parents. Jasmine...
- Q Develop a project budget template. This template should include the following: 1) title, 2) task, 3) labor (hr & $/hr), 4) materials (units & $/unit), 5) travel, 6) equipment/space, 7)...
- Q ****** Luxury Car Limitations 1. Luxury car purchased for $72,000 Placed in service on January 12,2023 No Section 179 or...
- Q Zytel Corporation produces cleaning compounds and solutions for industrial and household use. While most of its products are processed independently, a few are related. Grit 337, a coarse...
- Q Phoenix Companys 2017 master budget included the following fixed budget report. It is based on an expected production and sales volume of 15,000 units. PHOENIX COMPANY Fixed Budget Report For...
- Q The fact that your organization underapplies or overapplies overhead is an indication of a problem with the people in charge of applying such overhead. Defend or attack this statement. PLEASE...
- Q 9.1 Defina qu se entiende por 'ganancias' y describa por qu es importante para los accionistas. 9.2 Explique qu se entiende por 'gestin de ganancias'. (LO2) Preguntas en clase...
- Q Ellie has a rough December and racks up the following services: Radiology and diagnostic tests (allowable charges $1,200), one ER visit (allowable charges $3,000), two visits to her...
- Q A retailer obtains a purchase allowance from the manufacturer in the amount of $600 for faulty inventory parts. Which of the following represents the journal entry for this transaction, assuming...
- Q What is the critical purpose of the literature review ? (about 2-3 paragraphs)
- Q Exercise 6; page 39: Deferred tax liability Assuming a 30% tax rate, what amount will be recorded for the machine, deferred tax liability, and goodwill?
- Q If vou were a CEO interested in addressing the needs of many stakeholders in order to maintain a healthy economy, what standards and actions should you establish for...
- Q Problem 7-57 (Algo) Finding Missing Data (LO 7-2, 3) A series of computer and backup system failures caused the loss of most of the company records at Stotter, Incorporated. Information...
- Q Following the data for Altor Corporation, a manufacturer of professional basketball balls. Sales for the first quarter of 2020 are expected to be 8,500 units. For the second quarter the...
- Q U.S. accounting standards (GAAP) are established by the PCAOB. FASB. Big Four. SEC.
- Q Consider the following information for Maynor Company, which uses a periodic inventory system: Transaction Units Unit Cost Total Cost January...
- Q Inventory Costing: LIFO Filimonov Inc. has the following information related to purchases and sales of one of its inventory items: Date Description Units Purchased at Cost Units Sold at Retail...
- Q [The following information applies to the questions displayed below.] Westin Watercrafts predetermined overhead rate for year 2011 is 200% of direct labor. Information on the...
- Q a. Give an example of a bank balance sheet with a leverage ratio of 100. b. If the value of the banks assets rises by 1 percent, what happens to...
- Q Primus, Inc., owns all outstanding stock of Sonston, Inc. For the current year, Primus reports net income (exclusive of any investment income) of $528,000. Primus has 50,000 shares of common...
- Q What type of account is "Accumulated Depreciation"? a) Expense b) Contra asset c) Liability d) Revenue
- Q All the following are disadvantages of the partnership form of business except: A.unlimited liability for the partnership's debt. B.each partner is empowered to act as an agent for...
- Q Hart Labs, Inc. provides mad cow disease testing for both state and federal governmental agricultural agencies. Because the companys customers are governmental agencies, prices are strictly regulated. Therefore, Hart Labs...
- Q EX.12-3 Minor differences in the terms of a contribution may justify major differences in revenue recognition. Upon meeting with the executive director of the Crime...
- Q [The following information applies to the questions displayed below.] Oslo Company prepared the following contribution format income statement...
- Q Bert Garro is a waiter at La Bron House, where he receives a weekly wage of $75 plus tips for a 40-hour workweek. Garro's weekly tips usually range from $300...
- Q Jeremy, Nodir and Fran, unrelated individuals, own 30/30/40 shares respectively, in Joseph Corporation. The corporation has 100 shares outstanding and E&P of $200,000. The corporation redeems 20 shares owned by...
- Q Betty received $ 500,000 from a life insurance policy to be distributed to her as an annuity certain in 10 equal annual installments with the first payment made immediately. On...
- Q At the beginning of the current year, Xiaoyao Corporation (a calendar year taxpayer) has accumulated E&P of $10,000. During the year, the corporation incurs a $15,000 deficit in current E&P...
- Q Artisan Works is owned and operated by a craftsman who makes replicas of historic firearms for museums, sportsmen, and collectors. The data are as follows: Sales...
- Q The post-closing trial balances of two proprietorships on Jan 1, 2020, are presented below Sorensen company Lucas company DR CR Dr Cr Cash $14,000 12,000 ...
- Q 6. In which a merchandising company would recognize sales revenue? Select one: a. Merchandise is shipped to the customer. b. Merchandise is ordered by the customer. c. Merchandise is...
- Q Assume we bought an identical item at 3 different prices as follows: March 1--$100 April 1--$108 May 1--$113 Now assume we sold this item for $135...
- Q Luke purchased an office building on October 23, 2019, for $1,000,000. Determine the cost recovery deduction for 2019. 1. $ 7,580 2. $ 5,350 3. None of the...
- Q Stake Company reported the following summarized balance sheet data as of December 31, 20X2: Cash $ 30,000 Accounts Payable $ 49,000 Accounts Receivable $ 80,000 Common Stock $ 110,000 Inventory...
- Q On January 1, 2019, Quick Stop, a convenience store, purchased a new soft-drink cooler. Quick Stop paid $15,224 cash for the cooler. Quick Stop also paid $750 to have the...
- Q Explain why ethics and corporate governance are important topics in the study of accounting and the business environment?
- Q ) - Google Chrome iz.php Course: IUPUI MAR 371 Section 24494, 24495, 24497 with Mark Mayer Fall 2023 Module: Advertising Metrics / Problem Set ID: 1030 Spring Time, a maker...
- Q ANALYSISMAXA electrical Ltd. True to its nature, is the leader among comparable companies in the industry. Since its formation, it has progressed quickly. The excellent performance of the company is...
- Q X Company estimates the following for its only two products for 2020 - X and Y: x y Unit Sales 6650 580 ...
- Q Discussion Question 1: Which depreciation method would choose if you acquired new machinery with a 10-year life in which expect to use it more in the earlier...
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