Accounting question and answers for December 14, 2023
- Q If Company XYZ holds 10% of the outstanding stock of Company ABC, Company XYZ is said to have a(n) ______ interest in Company ABC . options: A) Passive B) Controlling...
- Q MSI has been approached by a fourth-grade teacher from Portland about the possibility of creating a specially designed game that would be customized for her classroom and environment. The teacher...
- Q Terrance Brooks' investment property was condemned. He purchased the property for $195,000. He received a net award of $265,000. and purchased a replacement property for $331,000. What is the amount...
- Q The trial balance of Pacific Asia Corporation had accounts with the following normal balances: Cash HK$5,000, Revenue HK$85,000, Salaries and Wages Payable HK$4,000, Salaries and Wages Expense HK$40,000, Rent Expense...
- Q Tom's Taxidermy has a monthly target operating income of $25,000. Variable expenses are 75% of sales and monthly fixed expenses are $15,000. If sales volume increases 10% next year operating...
- Q Which of the following is an example of an audit procedure? A. Establishment of accounting policies B. Preparation of financial statements C. Payment of company expenses D. Review...
- Q nichole owns a 50% interest in partnership J&K. she contributed a computer system with a FMV of $15000 and an adjusted basis of
- Q When answering these questions, assume that Mark pays an annual insurance premium of $785, has a $750 annual deductible, and 80/20 coinsurance clause, and an annual stop-loss of $3,000. For...
- Q Whelchel Products Inc. makes two products--K12C and R25O. Product K12C's selling price is $56.00 and its unit variable cost is $33.60. Product R25O's selling price is $195.00 and its unit...
- Q At the end of its first year of operations, Prince Charming Corporation had a current liability of $450,000 for unearned rent. This was the only difference between pretax accounting income...
- Q Total payroll of Walnut Co. was $1,810,000, of which $280,000 represented amounts paid in excess of $118,500 to certain employees. The amount paid to employees in excess of $7,000 was...
- Q Following are preacquisition financial balances for Padre Company and Sol Company as of December 31. Also included are fair values for Sol Company accounts. ...
- Q Cutter Enterprises purchased equipment for $90,000 on January 1, 2021. The equipment is expected to have a five-year life and a residual value of $3,900. Using the double-declining-balance...
- Q ABC limited sells electronic goods. In the month of January, the company sold goods worth sh 1,840,000 inclusive of 16% VAT. In addition customers earned loyalty points which are redeemable....
- Q Issued 100, 000, P 100 par ordinary shares for P 18,000,000. One share of P 500 par preference was issued with every 20 ordinary shares. The market price per ordinary...
- Q [The following information applies to the questions displayed below.] At December 31, 2017, Hawke Company reports the following results for its calendar year. ...
- Q In 2018, Company A acquired Bant Inc. for $163,000 when the fair value of Bants net assets were $124,000. At the end of 2020, Company As required goodwill impairment test...
- Q Daytime Companys direct labor cost for February is as follows: Actual direct labor hours 69,000 Total direct labor payroll $483,000 Efficiency variance $ 6,400 F Rate...
- Q At which stages of the audit process should the auditor exercise professional skepticism? How does exercising professional skepticism impact audit procedures?
- Q ABC limited offers employees a profit sharing scheme where employees are entitled to a 10% of the net profit after tax and after charging the bonus. The bonus is paid...
- Q Explain to your client, Mary, the process of transferring a residential house worth $700,000 and company stock worth $10,000,000 to her children 1) before her death and 2) after her...
- Q Instructions Identify when revenue should be recognized in each of the above situations. E4-2 ...
- Q A manufacturing cell has the theoretical capability of producing 55,000 microchips per quarter. The conversion cost per quarter is $30,000. There are 5,000 production hours available within the cell per...
- Q The Cavy Company estimates that the factory overhead for the following year will be $444,600. The company has decided that the basis for applying factory overhead should be machine hours,...
- Q The operations vice president of Security Home Bank has been interested in investigating the efficiency of the banks operations. She has been particularly concerned about the costs of handling...
- Q This chapter describes accounting regulation in five countries: China, Germany, Japan, Mexico, and the United Kingdom Required: Compare the mechanisms in place to regulate accounting and financial reporting...
- Q MC Qu. 335 Midgley Corporation makes a product... Midgley Corporation makes a product whose direct labor standards are 0.6 hours per unit and $35 per hour. In April the company...
- Q EXPLAIN THE DIFFERENCE BETWEEN THE CLASSICAL AND POSITIVIST SCHOOLS ?
- Q The Molding Division of Cotwold Company manufactures a plastic casing used by the Assembly Division. This casing is also sold to external customers for $27 per unit. Variable costs for...
- Q During the year, the notes payable account increased from $45,000 to $50,000. How, if at all, is this reflected when computing net income from operations? a. Not reported...
- Q The demand for an item is constant at 480 units a year. Unit cost is R200, the cost of processing an order and arranging a delivery is R20 with a...
- Q Under what circumstances auditor may not be able to express an unqualified opinion? 1. The view presented by the financial information as a whole is consistent with the auditor's knowledge...
- Q Durban Metal Products, Limited, of the Republic of South Africa makes specialty metal parts used in applications ranging from the cutting edges of bulldozer blades to replacement parts for...
- Q Roland Curtis's investment property was condemned. He purchased the property for $105,000. He received a net condemnation award of $170,000 and purchased replacement property for $255,000. What is the amount...
- Q A highly automated plant would generally have ______ variable than fixed costs and would have a ______ level of operating leverage than a plant that relied more on manual labor....
- Q Greg converted his sole proprietorship to an S corporation and transferred several assets to the corporation. The assets cost $17,500 and had an adjusted basis of $9,200. He also spent...
- Q Critical analysis of Audit Assertions Inventory cycle and property, plant & equipment cycle
- Q The super-variable costing net operating income period can be computed by multiplying the number of units sold by the contribution margin per unit and then subtracting total fixed costs. True...
- Q What would be the best ratios to use in accounting for comparing companies in the food industry?
- Q Sky High Company tiene dos departamentos, X e Y. Las siguientes estimaciones son para el prximo ao: XY Mano de obra directa menos horas X: 30 000 Y: 50 000...
- Q Sales Budget FlashKick Company manufactures and sells soccer balls for teams of children in elementary and high school. FlashKicks best-selling lines are the practice ball line...
- Q A new product, an automated crepe maker, is being introduced at Laguna Corporation. At a selling price of $49 per unit, management projects sales of 89,000 units. Launching the crepe...
- Q What increases net income? a. buying equipment on sales b. selling stock c. paying liabilities d. selling land for more than BV
- Q When the IRS defines value as "The amount at which property would change hands between a willing seller and a willing buyer when neither is acting under compulsion and...
- Q (calculating IRR)what is the IRR of the following set of cash flows? Year Cash Flow 0 -$16,800 1 9800 2 9400 3 8600
- Q Many companies still keep cost accounting separate from the production information systems. Do you think this is a good or a bad idea and why?
- Q Statement of Cash FlowsIndirect Method The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, is as follows: Dec. 31, 20Y2...
- Q Say that we have a coin (p, the probability of heads, is unknown), and will toss it five times, and if it comes up heads all five times, decide that...
- Q What is the difference between the Conceptual Framework's fundamental qualitative characteristics of relevance and faithful representation? Can you think of any trade-offs between relevance and faithful representation?
- Q On June 1, 2018, Cork Oak Corporation purchased a passenger automobile for 100 percent use in its business. The auto, with a cost basis of $22,000, has a 5-year recovery...
- Q Worley Company buys surgical supplies from a variety of manufacturers and then resells and delivers these supplies to hundreds of hospitals. Worley sets its prices for all hospitals by...
- Q The Zandar corporation has $1,100 in cash, $600 in inventory, $600 in accounts receivable, and $1,000 in accounts payable. What is its current ratio?
- Q ABC ltd acquired goods on credit worth 1,200,000. There is no trade discount that was offered but the suppliers specified 7.5/10 net 45. The cost of borrowing through an overdraft...
- Q The internal rate of return method is used by Royston Construction Co. in analyzing a capital expenditure proposal that involves an investment of $63,284 and annual net cash flows of...
- Q Koontz Company manufactures two models of industrial componentsa Basic model and an Advanced Model. The company considers all of its manufacturing overhead costs to be fixed and it uses plantwide...
- Q Make a balance sheet: Based on the following data, determine the cost of the land to be reported on the balance sheet. Land purchase price $138,000 Broker's commission 10,000...
- Q Q2. Underlying priced at 200 with MAD of 40. Q2a. What is the probability of option expiring ITM for a 160 CALL? Q2b. What is the average underlying price when...
- Q Which of the following allowances for bad debt should the company enter into their financials for an Accounts Receivable account with a balance of $1,500,000 if the company estimates that...
- Q How is cost-volume-profit analysis useful? Explain your decisions. When output volume increases, do variable costs per unit increase, decrease, or stay the same within the relevant range of activity? Explain....
- Q Pregunta 1 Tomando un conteo fsico del inventario A) no es necesario cuando se utiliza un sistema de inventario peridico B)...
- Q offers a variety of share-based compensation plans to employees. Under its restricted stock award plan, the company, on January 1, 2024, granted 2 million of its $1 par common shares...
- Q What are the processes to file an objection against a decision of the Commissioner? Discuss the key features of the objection and appeal process.
- Q 6) Softball Corporation, an S Corporation, had accumulated earnings and profits of $100,000 at the beginning of 2009. Emily and Ashley each own 50% of the stock and have a...
- Q 2015 Ene. 9 Compr equipo de cmputo a un costo de $10,000, firmando un pagar a seis meses al 7% por esa cantidad. 29 Registr las ventas de la semana...
- Q Which of the following accounts decrease when they are debited? a. assets/drawing b.drawing/ capital c.expenses/ assets d.capital/ liabilities
- Q a. Prepare the journal entry to record Stefan Companys issuance of 12,000 shares of $50 par value 6% cumulative preferred stock for $75 cash per share. b. Assuming the...
- Q The depreciation policy for depreciable leased assets shall be consistent with: the lessor's normal depreciation policy for similar assets. ...
- Q Calculate operating cash flow. Sales $734,800, Costs $327,600, Depreciation $102,000, tax rate 35%
- Q Salem's employment contract was terminated because he refused to add his employer on his Facebook friends list. Discuss the legal issues under the UAE labour law
- Q Lloyd Corp. calculates its payroll for August 15, 2020. Wages due are $146,000. All of those wages are subject to the 7.65% FICA rate. Lloyd's federal unemployment tax rate is...
- Q Pina Colada Inc.s manufacturing overhead budget for the first quarter of 2022 contained the following data. Variable Costs Fixed Costs ...
- Q core values of responsible stewardship and integrity are relevant to accounting. Indicate in your analysis how these two core values are integral to the accounting profession and in particular their...
- Q Why might some liabilities not be reported on the balance sheet? Why would a company look to have some liabilities not reported on its balance sheet?
- Q Alicia was involved in an automobile accident in 2020. Her car was used 60% for business and 40% for personal use. The car had originally cost $40,000. At the time...
- Q Which of the following adjustments to convert net income to net cash provided by operating activities is not added to net income? Depletion Expense Gain on Sale of Equipment Depreciation...
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