Accounting question and answers for December 14, 2023
- Q Pratt is ready to graduate and leave College Park. His future employer (Ferndale Corporation) offers the following four compensation packages from which Pratt may choose. Pratt will start working for...
- Q In your own words summarize the accounting for investment in dept security as well as equity security. what are the equity and consodilation methods of accounting? ( minimum 120...
- Q The total assets are $2,600, the fixed assets are $1,800, long-term debt is $1,900, and short-term debt is $700. What is the amount of net working capital?
- Q Ken is working on the audit of a major client's payroll cycle and has been tasked by his supervisor to verify the accuracy of cash disbursement transactions related to payroll....
- Q . Karim Corporation is considering two alternatives that are code-named A and B. Costs associated with the alternatives are listed below: ...
- Q For the year ending December 31, 2021, Olivo Corporation had income from continuing operations before taxes of $1,330,000 before considering the following transactions and events. All of the items described...
- Q Mercury Corporation issued 8,000 shares of no-par common stock for $20 per share. Mercury also issued 1,200 shares of $30 par, 6 percent noncumulative preferred stock at $40 per share....
- Q 6-What is the relationship between fixed, variable, mixed, and total costs? How do you calculate contribution margin and contribution margin ratio? How do you calculate break-even point and target profit?
- Q As explained in previous weeks, (1) the goals of SCM are about achieving process integration, low costs, and high levels of quality and responsiveness through the pipeline. Customer...
- Q The following transactions relate to the General Fund of the City of Buffalo Falls for the year ended December 31, 2017: Beginning balances were: Cash, $93,000; Taxes Receivable,...
- Q Case Study: Understanding Accounting Equations in Business Operations Introduction: Accounting equations serve as the foundation of financial reporting, providing a systematic framework for recording...
- Q 1-El caso menciona que muchos trabajadores de la salud se sienten abrumados porque trabajan muchas horas. Supongamos que la direccin del hospital acepta flexibilizar el requisito de que...
- Q 1. Kalim Company has fixed costs of $150,000. The unit selling price, variable cost per unit, and contribution margin per unit for the companys two products are provided...
- Q A cement manufacturer has supplied the following data: Tons of cement produced and sold 266,000...
- Q What is accounting? Why is it important?
- Q Discontinued Operations and Intraperiod Income Tax Allocation Nephi Corporation reported the following income items before tax for the year 20X1: Income from continuing operations before...
- Q Wouldnt it be easier to always record revenue to a revenue account and remove any unearned revenue at year-end?
- Q Backflush Costing: Variation 2 Potter Company has installed a JIT purchasing and manufacturing system and is using backflush accounting for its cost flows. It currently uses a two-trigger...
- Q Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations....
- Q Look at Apple's most recent 10-k form. How much of Apple's common stock was outstanding at end of year? How can you tell?
- Q With regard to the educator expense deduction, which of the following is true? 1) A full-time high school teacher who purchases $500 of school supplies for his...
- Q Steve Reese is a well-known interior designer in Fort Worth, Texas. He wants to start his own business and convinces Rob ODonnell, a local merchant, to contribute the capital to...
- Q Casey Nelson is a divisional manager for Pigeon Company. His annual pay raises are largely determined by his divisions return on investment (ROI), which has been above 23% each of...
- Q Caso 4-19 Mtodo del promedio ponderado del segundo departamento [LO4-2, LO4-3, LO4-4] "Creo que cometimos un error cuando contratamos a ese nuevo controlador asistente", dijo Ruth Scarpino, presidenta de...
- Q Carol and Mike live in Alaska (CP state). Mike purchases a $500,000 life insurance policy on his life and names his daughter Julie the beneficiary. Mike pays the life insurance...
- Q Colaw Co. pays all salaried employees on a biweekly basis. Overtime pay, however, is paid in the next biweekly period. Colaw accrues salaries expense only at its December 31 year...
- Q Stockholders equity totaled $91,000 at the beginning of the year. During the year, net income was $21,000, dividends of $7,500 were declared and paid, and $19,000 of common...
- Q Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $39.1 million cash on October 1, 2018, to provide working capital for anticipated expansion. Precision...
- Q Una empresa compr una propiedad comercial (edificio y terreno) por un total de $2,400,000. El valor del terreno de la compra se estim en 350.000 dlares. Cul es la deduccin...
- Q Walsh Company manufactures and sells one product. The following information pertains to each of the companys first two years of operations: ...
- Q Grand Haven is a senior living community that offers a full range of services including independent living, assisted living, and skilled nursing care. The assisted living division provides residential space,...
- Q Governmental Accounting Wilkes Countys fiscal year is from July 1 to June 30. Wilkes County is going to build and maintain a new Little League baseball field on...
- Q Suppose that a decrease in the price of X results in less of good Y sold. What are X and Y called? a. complementary goods ...
- Q On January 1, Emley Corporation purchased a 35% equity in Zeiner Corporation for $240,000. At December 31, Zeiner declared and paid a $60,000 cash dividend and reported net income of...
- Q The revenue recognition standards were previously updated for Apple's fiscal year 2009 (year ending September 25, 2010). Prior to the FASB's announcement of the new revenue recognition rules, there were...
- Q Instructions Chart of Accounts Journal X Instructions Old School Publishing Inc. began printing operations on January 1. Jobs 301 and 302 were completed during the month, and all costs applicable...
- Q Construct an influence diagram for profit in the single-period purchase decision (Newsvendor Model) discussed in this chapter. Use Excels Formula Auditing capability to demonstrate the relationship between the spreadsheet model...
- Q With respect to fraud against companies, which do you think is more prevalent: inside or outside jobs? Explain your position. Describe what you think is the number one target of...
- Q Squabb Corporation issued a $12,000,000,5-year bond, with a contract rate of 8%. The market rate of interest for similar bonds was 6%. Interest is payable semi-annually. ...
- Q The following materials standards have been established for a particular product: ...
- Q Feather Friends, Incorporated, distributes a high-quality wooden birdhouse that sells for $20 per unit. Variable expenses are $8 per unit, and fixed expenses total $180,000 per year. Its operating results...
- Q Your client, Leo Getz, was elected to the bench on the Supreme Court of Washington last year. As such, he is required to attend court in Olympia at a minimum...
- Q Create a scenario where external auditors determined that a company's internal controls were deficient, but such a deficiency might not mean that a material weakness existed. Ascertain the impact on...
- Q QUESTION 19 Titou Co.'s contribution format income statement for the most recent month is shown below: Total...
- Q Silver Company makes a product that is very popular as a Mothers Day gift. Thus, peak sales occur in May of each year, as shown in the...
- Q Bramble Company purchased equipment for $236,430 on October 1, 2017. It is estimated that the equipment will have a useful life of 8 years and a salvage value of $13,320....
- Q Perilous Parachutes manufactures sky diving equipment. The Compact Canopy is their best-selling product, with a production capacity of 60,000 per year and currently selling 52,000 units per year. Chaos Tours...
- Q Larned Corporation recorded the following transactions for the just completed month. Purchased $85,000 of raw materials on account. $83,000 in raw materials were used in production. Of...
- Q The assets and liabilities of Gator Pest Control Services, Inc. at May 31, 2018, the end of the current year, and its revenue and expenses for the year are listed...
- Q question 23 of 75 Noel died in December 2019. His wife, Holly, has not remarried. In January 2020, Holly received a check from Ride Share Inc. and a letter...
- Q Bradbo owned two adjoining restaurants, the Pork Palace and the Chicken Hut. Each restaurant was treated as a profit center for performance evaluation purposes. Although the restaurants had...
- Q Required information Skip to question Greenwood Company manufactures two products13,000 units of Product Y and 5,000 units of Product Z. The company uses a plantwide overhead rate based on direct...
- Q Imperial Jewelers manufactures and sells a gold bracelet for $409.00. The companys accounting system says the unit product cost for this bracelet is $271.00, as shown below: Direct...
- Q Sheridan Company provided consulting services and billed the client $ 3040. As a result of this event, a) assets remained unchanged. b) assets increased by $ 3040. c) assets and...
- Q Question 2 On 1 January of the current calendar year, an employer purchased a new car at a cost of $58,000. The car is given to an employee who uses...
- Q Described below are three independent and unrelated situations involving accounting changes. Each change occurs during 2021 before any adjusting entries or closing entries are prepared. On December 30,...
- Q Julie, a member, has been retired for four years. Before retirement, she worked as a partner for a CPA firm. While a member in public practice, she performed audits, prepared...
- Q 2. On January 1, 2020, Stine Co. had the following balances: Projected benefit obligation $7,200,000 Fair value of plan assets 7,100,000 Other data related to the pension plan for 2020:...
- Q Jones Company's unadjusted trial balance shows the following selected balances at 12/31/2022. Sales Revenue $500,000 Accounts Receivable $120,000 Allowance for uncollectible accounts 6,000 (credit balance) Consider the following scenarios: Jones...
- Q The standard cost of Product DD is 4 hours of labor at a rate of $12.00 per hour. During the month 40,600 hours of labor are incurred at a cost...
- Q Boots Plus has two product lines: Hiking boots and Fashion boots. Income statement data for the most recent year follow: Total Hiking...
- Q Jen Erso (single) acquired a 30 percent limited partnership interest in Rogue One LLP several years ago for $48,000. At the beginning of year 1, Jen has tax basis and...
- Q Ogden Co. manufactures a single product in one department. All direct materials are added at the beginning of the manufacturing process. Direct labor and...
- Q Lynn, age 45, is single and has no dependents. Her income and expenses for 2019 are reported as follows. Income ...
- Q File 135 Tell me what you want to do Home Insert Page Layout Formulas Data Review View Help PROTECTED VIEW Be careful files from the...
- Q The account that records expenses, gains and losses is A. Personal account B. Real account C. Nominal account ...
- Q Problem 23-3A Flexible budget preparation; computation of materials, labor, and overhead variances; and overhead variance report LO P1, P2, P3, C2 [The following information applies to the questions...
- Q Which of the following items are found on a book side of the bank reconciliation? Group of answer choices beginning bank balance interest income outstanding checks error made by bank
- Q 1. The transaction type used to record purchases from vendors on account is: a. Bill b. Invoice c. Check d. Expense 2. Sheff Industries uses cash to pay for any...
- Q In the law of contract, once the contracting parties agree and the contract is entered into, nothing can spoil, impair or destroy the contract.Discuss
- Q The following information for the past year is available from Gas Company, a company that uses machine hours to apply standard factory overhead cost to outputs: Actual total factory overhead...
- Q On January 1,2020, QuickPort Company acquired 90 percent of the outstanding voting stock of NetSpeed, Inc., for $810,000 in cash and stock options. At the acquisition date, NetSpeed...
- Q Amigos Ltd has an asset with a carrying value of $60000. The tax base of this asset is $40000. The tax rate is 30%. The deferred tax...
- Q Maxco, a foreign corporation, owns 100% of Sheetco, a domestic corporation. Maxco manufactures a wide variety of sheets for worldwide distribution. Sheetco imports Maxcos finished goods for resale in the...
- Q Important considerations for check-out include all of the following except: easy to use constantly available calculators easy to change basket
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