Accounting question and answers for December 14, 2023
- Q which of the following is true under the TJCA? A) The partnership technical termination rule is repealed. B) The partnership substantial built-in loss rule is repealed. C) Deductions for charitable...
- Q Negredo Medical Supplies uses LIFO cost flow assumption and has developed the following data for its products: Surgical Equipment Surgical Supplies Number of units in inventory 400 370 Per unit:...
- Q Just-in-time (JIT) processing gained popularity in Japan.While it is being used successfully by many US businesses, its use by domestic enterprises may never achieve the level of implementation and degree...
- 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 Drew and Karen are in the 24% tax bracket. They have a $4,000 health savings account deduction. They also have a child care credit of $800. How much will the...
- Q Teton sold machinery for $400,000. What is the amount of the gain Teton must recognize on the sale? The original basis was $710,000 and the accumulated depreciation was $450,000. What...
- Q What is the issuance cost of a preferred stock with the following characteristics: 10% preferred stock that is expected to sell for its $80-per share value. The cost of issuing...
- Q White Tiger Electronics produces CD players using an automated assembly line process. The standard cost of CD players is $142 per unit (labor, $27; materials, $69; and overhead, $46). The...
- Q Land was purchased by issuing common stock this transaction would read reported on the statement of cash flows as a
- Q Lets review how the income statement...
- Q Cost accounting a managerial emphasis 15th edition Solutions for 9-22
- Q On January 1, Year 1, Mainland,...
- Q Question: Tan plc revalued an equipment which originally costs 800,000 on 1 January 20X1, to 1,000,000 on 1 January 20X6. The equipment was depreciated using straight line depreciation at a...
- Q Which of the following statements about the four approaches of reducing activity costs is/are correct? i. Activity reduction only applies to value-added activities. ii. Activity elimination only applies to non-value-added...
- Q On January 1, 2021, Yellow Company issued a 4% $100,000 bond for $94,000. The market rate for a bond of this type is 5%. The bond pays interest semi-annually on...
- Q 1. Witch Manufacturing has $5,000,000 of taxable income. One of the states in which it does business is Kentucky, which uses the three-factor formula with a double-weighted sales factor to...
- Q Which agency is responsible for enforcing FCPA CRIMINAL penalties? SEC FDA NLRB DOJ
- Q Julia has invested her profits from the last several years with BF Dutton and has provided the forms 1099 interest and 1099 dividends for 2022 for her investment income. She...
- Q 18 A large company has two outstanding bonds with the same features, including maturity, except for the coupon rate. Bond A is paying 7.8%, while bond B is paying 8.6%....
- Q What are consolidated financial statements also the advantages and disadvantages?
- Q Discuss corporate governance, its importance and the potential conflicts of interest.
- Q The Manhattan Company sells its one and only product for $89.00 per unit. Variable costs per unit amount to $63.50 and total fixed costs are $3,697,500. If management desires a...
- Q How would the tax rate of $.6943 in decimal be expressed per $100? A. $690.3 B. $6900.43 C. $6.943 D. $69.43
- Q Corporation prepares quarterly financial statements, ending March 31, 2017. The balance sheet at December 31, 2016, is presented below. Cudahy Corporation Balance Sheet December...
- Q Munn Corporations records included the following stockholders equity accounts: Preferred stock, par value $15, authorized 20,000 shares $ 255,000 Additional paid-in capitalpreferred stock 15,000 Common stock, no par, $5 stated...
- Q Philip transfers land and equipment adjusted bases of $350,000 and $50,000, respectively, to a newly formed corporation in exchange for 100% of the stock. The corporation assumes a $500,000 liability...
- Q Netpass Company has 250,000 shares of common stock authorized, 212,500 shares issued, and 112,500 shares of treasury stock. The companys board of directors declares a dividend of $2.60 per share...
- Q Based on the bottom information( The first table): Create a risk register for the project. You dont need to include all project risks; instead, incorporate at least six risks that...
- Q Why may one claim that when AIG was engaged in the CDS business it was underwriting systemic risk?Please answer thequestion with the discussion on AIGs collapse.
- Q Current E & P $400,000 an Accumulated E & P 200,000. During the year Zeta distributes $900,000 to shareholders (A & B $400,000 to each) A has a basis in...
- Q the trial balance for Pioneer Advertising Inc. is shown below. Pioneer Advertising Inc. Trial Balance October 31, 2022 ...
- Q Magpie LLC produces and sells wooden spatulas for $0.50 per unit. In 2020, 100,200 units were produced and 98,958 were sold. Other information for the year includes: ...
- Q Stephanie purchases a computer for use in her business. What type of asset is it?
- Q The Manhattan Company sells its one and only product for $89.00 per unit. Variable costs per unit amount to $63.50 and total fixed costs are $3,697,500. If management desires a...
- Q Drew and Karen are in the 24% tax bracket. They have a $4,000 health savings account deduction. They also have a child care credit of $800. How much will the...
- Q Mango Inc. purchased a new truck on Oct 1, 2011 for $75,000. The truck had estimated life of 5 years with an estimated residual value of $5,000. Prepare the depreciation...
- Q Notes Receivable Calculations On August 25, Intercontinental Company received a 90-day, 9 percent note in settlement of an account receivable in the amount of $20,000. Determine the maturity date, amount...
- Q 21. On July 1, 2006, Whiting Corporation received $4,104 in advance for a two-year rental of some land, and credited Unearned Rent. In the adjusting entry at December 31, 2006,...
- Q One major drawback to the use of LIFO for financial reporting purposes is the increased risk of obsolescence and spoilage because of the advanced age of the inventory on hand....
- Q Julia has invested her profits from the last several years with BF Dutton and has provided the forms 1099 interest and 1099 dividends for 2022 for her investment income. She...
- Q Cost accounting a managerial emphasis 15th edition Solutions for 9-22
- Q Question: Tan plc revalued an equipment which originally costs 800,000 on 1 January 20X1, to 1,000,000 on 1 January 20X6. The equipment was depreciated using straight line depreciation at a...
- Q Which of the following is an example of an organizational cost driver? Select one: A. Deciding how to arrange raw materials inventory within a warehouse B. Inspecting incoming raw materials...
- Q During 2017, Bourne Eternity, Inc. receives $12,000 from its customers and pays $5,000 to purchase inventory. In addition, Bourne Eternity receives $42,000 from the bank by taking out a loan,...
- Q All of the following are likely to be methods that could be used to conduct fraud EXCEPT a. Creating fictitious customer invoices. b. Overstating liabilities. c. Not recording various expenses....
- Q completed 4.2 hours of service work for customer hank cobb. hank also purchased a new starlight trailer. the selling price for the trailer is 1,485. be sure to include the...
- Q White Tiger Electronics produces CD players using an automated assembly line process. The standard cost of CD players is $142 per unit (labor, $27; materials, $69; and overhead, $46). The...
- Q Wild West Fashion expects the total costs of goods sold to be $31,000 in November and $61,000 in December for one of its young adult suits. Management also wants to...
- Q which of the following items drives the other three? A) channel mix. B) service mix. C) customer mix. D) product mix.
- Q Selected data from the Income Statement and Balance Sheet of Old Home, Inc. are as follows Net Income 493,000 Depreciation Expense 11,580 Incr Accts Receivable 9,000 Decr Accts Payable 3,350...
- Q Teton sold machinery for $400,000. What is the amount of the gain Teton must recognize on the sale? The original basis was $710,000 and the accumulated depreciation was $450,000. What...
- Q 18 A large company has two outstanding bonds with the same features, including maturity, except for the coupon rate. Bond A is paying 7.8%, while bond B is paying 8.6%....
- Q What is the monetary base? Assume the Fed increases the monetary base by increasing reserves at Bank A by $200 million and the required reserve ratio is 5%. Show how...
- Q Mary and Charlie (MFJ) sold some stock in 2018 at a gain of $50,000. They bought the stock on Feb 20, 2017 and they sold the stock on Feb 13,...
- Q On December 31,2024,when the market interest rate is 10%,Bryant Realty issues $700,000 of 7.25%, 10-year bonds payable. The bonds pay interest semiannually. Determine the present value of the bonds at...
- Q Daniel company uses a periogic inventory system. data for ine current vear: bec inning merchandise inventory (ending inventory December 31, prior year),2,100 units at $38; purchases, 7,840 units...
- Q On January 1, Year 1, Mainland, Incorporated, issued five year, 9% bonds with a face value of $500,000 for cash of $520,275. The bonds mature in five years and interest...
- Q Given the following: Number purchased Cost per unit Total January 1 inventory 39 $ 5 $ 195 ...
- Q Mr. and Mrs. Cleaver want to sell their rental property and buy some land on which to build their dream home. They will have a significant amount of gain when...
- Q A company having few competitors would typically use cost-plus pricing to determine its regular sales price. True False
- 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 Which of the following transactions will affect the cash budget for a particular month in which each transaction occurs? A. Sale of a product...
- Q which of the following is true under the TJCA? A) The partnership technical termination rule is repealed. B) The partnership substantial built-in loss rule is repealed. C) Deductions for charitable...
- Q Which of these is reported on Schedule L, Balance Sheets per Books? Inventories. Other adjustments account. Tax-exempt interest. Unrecaptured Section 1231 gain (loss)
- Q Which of the following statements about the four approaches of reducing activity costs is/are correct? i. Activity reduction only applies to value-added activities. ii. Activity elimination only applies to non-value-added...
- Q Which agency is responsible for enforcing FCPA CRIMINAL penalties? SEC FDA NLRB DOJ
- Q A retailer returns $400 worth of inventory to a manufacturer and receives a full refund. What accounts recognize this return before the retailer remits payment to the manufacturer A. accounts...
- Q Arroyo Corporation produced and sold 80,000 units and reported sales of $4,000,000 during the past year. Management determined that variable expenses totaled $2,800,000 and fixed expenses totaled $720,000. What is...
- Q 1. Witch Manufacturing has $5,000,000 of taxable income. One of the states in which it does business is Kentucky, which uses the three-factor formula with a double-weighted sales factor to...
- Q Lets now assume that Teton sells the machinery for $160,000. If the original basis was $710,000 and the accumulated depreciation was $450,000, What is the amount of the gain or...
- Q Lucky Company's direct labor information for the month of February is as follows: Actual direct labor hours worked (AQ) 61,500 Standard direct labor hours allowed (SQ) 63,000 Total payroll for...
- Q Discuss corporate governance, its importance and the potential conflicts of interest.
- Q Jisoo Limited and Jennie Pty Limited entered into a joint operation, BP.Perfume, at the beginning of the financial year to produce and sell fragrances. The joint operation agreement indicates the...
- Q The current ratio of Bicon Ltd. is 4.5:1 and the liquidity ratio is 3:1 stock is 6,00,000. Find out the current liabilities
- Q Jax Company's (a monthly depositor) tax liabilty (amount withheld from employees' wages for federal income tax and FICA tax plus the company's portion of the FICA rax) for July was...
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