Accounting question and answers for July 01, 2023
- Q PLEASE USE THE CHARTS I PROVIDED!Equipment acquired on January 6 at a cost of $532,255 has anestimated useful life of 19 years and an estimated residual valueof $60,010.CHART OF ACCOUNTSGeneral...
- Q Essay on Stock Compensation. Note:you do not need to answer in complete sentences; short phrases areokay1. What accounting standard in 2004caused stock options to decline as the primary source of...
- Q I. On November 1, 20x1,Bush Company issued 10% bonds with a face amount of $20 million.The bonds mature in 10 years. For bonds of similar risk andmaturity, the market yield...
- Q Sandhill Co. has had 4 years of record earnings. Due to thissuccess, the market price of its 455,000 shares of $4 par valuecommon stock has increased from $14 per share...
- Q On March 1, 2017, the Company entered into an agreement with acustomer, Thornock Square Apartments, to construct a residentialapartment building for a fixed price of $1.5 million. The Companyestimates that...
- Q Review Questions1- Explain why innovation matters tocompanies.2- How can companies manage resistance tochange?3- List and describe the four main change tools andtechniques.
- Q The Falcon Company does not maintain backupdocuments for its computer files. In June, some of the current datawere lost, and you have been asked to help reconstruct the data.The following...
- Q Countdown book.1. Please comment on the following issue regarding the ScottLondon affair (pp 95-96): what value is auditor independence to thecapital markets? Does it seem to have a material effect?2....
- Q The president of the retailer Prime Products has just approachedthe company’s bank with a request for a $89,000, 90-day loan. Thepurpose of the loan is to assist the company in...
- Q USE GAAP CODIFICATION (CITATION)ABC Construction (ABC or the “Company”), an SEC registrant, is aconstruction company that manufactures commercial and residentialbuildings. On March 1, 2018, the Company entered into an agreementwith...
- Q 1. Brownley Company has two service departments and twooperating (production) departments. The Payroll Department servicesall three of the other departments in proportion to the number ofemployees in each. The Maintenance...
- Q The Gorman Group is a financial planning services firm owned andoperated by Nicole Gorman. As of October 31, 20Y9, the end of thefiscal year, the accountant for The Gorman Group...
- Q Which of the following circumstances does NOT favor departmentaloverhead rates?Each department incurs different types and amounts ofmanufacturing overhead.All departments incur approximately equal types and amounts ofmanufacturing overhead.Each product or job...
- Q Clonex Labs, Inc., uses the weighted-average method in itsprocess costing system. The following data are available for onedepartment for October:Percent CompletedUnitsMaterialsConversionWork in process,October 153,00095%65%Work in process, October 3136,00071%53%The department started...
- Q Outdoor Expo provides guided fishing tours. The company charges$290 per person but offers a 10% discount to parties of four ormore. Consider the following transactions during the month ofMay.May 2...
- Q 2018 Pretax Accounting Income: $600,0002018 Municipal Bond Interest Income Recognized in Pretax AccountingIncome: $10,0002018 Warranty Expense of $40,000 for Accounting Purposes2018 Actual Warranty Costs Incurred were $30,000December 31, 2018 Warranty Liability...
- Q List five advantages of making an S election. Briefly explaineach item.List five advantages of making an S election. (Select all thatapply.)A. Deductions, losses, and tax credits are separately stated andretain...
- Q Carter Corporation Income Stmt and Comparative BalanceSheetRefer to the following financial statements for CrosbyCorporation: CARTER CORPORATIONIncome StatementFor the Year Ended December 31, 20X2Sales$3,000,000Cost of goods sold2,544,000Gross profit$456,000Selling and administrative expense90,000Depreciation expense100,000Operating...
- Q Can you briefly describe the evolution of IFRS from 1973 andalso discuss the structure of IFRS. What is the objective ofIASB?
- Q SHOW WORK PLEASEProblem 4-16 Comprehensive Problem-Weighted-Average Method[LO4-2, LO4-3, LO4-4, LO4-5]Builder Products,Inc., uses the weighted-average method in its process costingsystem. It manufactures a caulking compound that goes through threeprocessing stages prior...
- Q Challenge 2: Job-Order Costing for Customized WorkBased on your advice, High-End Lifts has moved forward andset up the production process to build all of its residentialelevators in-house. In the past,...
- Q Phil Phoenix and Tim Tucson are partners in electrical repairbusiness. Their respective capital balances are $90,000 and$50,000. and they share profits and losses equally. Because thepartners are confronted with personal...
- Q 1) Deferred revenue occurs when cash is received from acustomer before work or the sale is completed.TrueFalse2) In accrualaccounting, revenue may be earned prior to orafter cash is received.TrueFalse3)An expense...
- Q Part 1:List at least 3 common separately stated items. Explain why theymust be separately stated to the partners.Is the character of partnership income/gains and expenses/lossesdetermined at the partnership or partner...
- Q 1) Using accrual accounting, expenses are not recordeduntil the cash for the expense is disbursed.TrueFalse2) The adjusting entry for accrued revenue alwaysinvolves a:A.debit to an asset account and a credit...
- Q In its Department R, Recyclers, Inc., processes donated scrapcloth into towels for sale in local thrift shops. It sells theproducts at cost. The direct materials costs are zero, but theoperation...
- Q The Town of Bedford Falls approved a General Fund operatingbudget for the fiscal year beginning on July 1. The budget providesfor estimated revenues of $2,493,000 as follows: property taxes,$1,828,000; licenses...
- Q Payroll. Ontario and Québec.Aside from a termination pay that must be paid upon terminationwhat are other empolyer related cost that may occur upon employmenttermination?
- Q Required information[The following information applies to the questionsdisplayed below.]The following financial statements and additional informationare reported.IKIBAN INC.Comparative Balance SheetsJune 30, 2017 and 201620172016AssetsCash$87,500$44,000Accountsreceivable, net65,00051,000Inventory63,80086,500Prepaidexpenses4,4005,400Total currentassets220,700186,900Equipment124,000115,000Accum.depreciation—Equipment(27,000)(9,000)Totalassets$317,700$292,900Liabilities andEquityAccountspayable$25,000$30,000Wagespayable6,00015,000Income taxespayable3,4003,800Total currentliabilities34,40048,800Notes payable(long term)30,00060,000Totalliabilities64,400108,800EquityCommon...
- Q On January 1, 2014, Thor Corp.bought 30,000 shares of the available 100,000 common shares of LokiInc., a publicly traded firm. This acquisition provided Thor withsignificant influence. Thor paid $700,000 cash...
- Q 6. The Carlberg Company has two manufacturing departments,assembly and painting. The assembly department started 10,000 unitsduring November. The following production activity unit and costinformation refers to the assembly department’s November...
- Q Alternative Financing PlansFrey Co. is considering the following alternative financingplans:Plan 1Plan 2Issue 10% bonds (at face value)$1,320,000$660,000Issue preferred $1 stock, $10 par—1,100,000Issue common stock, $5 par1,320,000880,000Income tax is estimated at...
- Q Financial statementdisclosuresYou are the financial accountant for Superstore Ltd,and are in the process of preparing its financial statements forthe year ended 30 June 2018. Whilst preparing the financialstatements, you become...
- Q Wireless needed additional capital to? expand, so the businessincorporated. The charter from the state of Georgia authorizesUpper B minus WirelessB?Wirelessto issue100 comma 000100,000shares of7 %7%?,?$5050par value cumulative preferred stock and100...
- Q Walsh Company manufactures and sells one product. The followinginformation pertains to each of the company’s first two years ofoperations:Variable costs per unit:Manufacturing:Direct materials$25Direct labor$12Variable manufacturing overhead$2Variable selling and administrative$1Fixed costs...
- Q Your boss, the CEO, asks you to analyze our company'sperformance in relation to our competitors, but she only gives youa short timeframe for the project. You can do this either...
- Q It is now 30 June and our business is preparing adjustments viaa worksheet.Complete the following adjustments in the worksheet (if noadjustment is necessary enter "0" in the relevant box). The...
- Q ROI, ResidualIncomeRaddington Industriesproduces tool and die machinery for manufacturers. The companyexpanded vertically in 20x1 by acquiring one of its suppliers ofalloy steel plates, Keimer Steel Company. To manage the twoseparate...
- Q At the end of 2016, Richards Company prepared a trial balance,recorded and posted its adjusting entries, and then prepared anadjusted trial balance. Selected accounts and account balances fromthe trial balance...
- Q Conceptual FrameworkThe qualitative characteristics of useful financialinformation(this is the complete question)Determine if each of the following items contains informationthat is relevant and explain why. If you determine that the item...
- Q In June 2004, Jen Kluger and Suzie Orol received a phone callfrom Sarah Gibson, one of their retail customers, in Winnipeg,Manitoba. Gibson called with a complaint about how many of...
- Q what is the employer needs to do when a discrepancy statement isreceived
- Q (10 pts) Barley Company owns a plot of land on which buriedtoxic wasteshave been discovered. Since it will require several years and aconsiderable sum of money before the property is...
- Q The following financial statements and additional informationare reported.IKIBAN INC.Comparative Balance SheetsJune 30, 2017 and 201620172016AssetsCash$87,500$44,000Accounts receivable, net65,00051,000Inventory63,80086,500Prepaid expenses4,4005,400Total current assets220,700186,900Equipment124,000115,000Accum.depreciation—Equipment(27,000)(9,000)Total assets$317,700$292,900Liabilities and EquityAccounts payable$25,000$30,000Wages payable6,00015,000Income taxes payable3,4003,800Total current liabilities34,40048,800Notes payable...
- Q Based on the amounts of taxable income below, compute thefederal income tax payable in 2018 on each amount assuming thetaxpayers are married filing a joint return. Also, for each amountof...
- Q Katrupi, Inc., has five departments that handle allsales, billing, and collection processes. The fivedepartments are sales, billing, accounts receivable,warehouse, and general ledger. These processesoccur as follows:a. A customer mails a...
- Q Mixed Costs and Cost FormulaCallie's Gym is a complete fitness center. Owner Callie Ducainemploys various fitness trainers who are expected to staff thefront desk and to teach fitness classes. While...
- Q Lean PrinciplesSoft Glow, Inc.manufactures light bulbs. Its purchasing policy requires that thepurchasing agents place each quarter's purchasing requirements outfor bid. This is because the Purchasing Department is evaluatedsolely by its...
- Q Is it possible to audit sales or purchases without usingsubstantive testing? Is it possible to audit sales or purchaseswith using tests of controls? Who or why not?
- Q Post the followingtransactions to the T-Accounts, then prepare 12/31/2006Balance Sheet, Income Statement, Statement ofRetained Earnings, andStatement of Cash Flow.1/7/06Collected $80,000 on Accounts Receivable1/15/06Sold an additional 100,000 shares at $5 pershare2/1/06Made...
- Q From a strategic perspective, why are organizations askingsupply chain partners about their environment and socialperformance?What are structural changes and why should companies undertakebroader structural changes than most currently do?What role...
- Q Denton Corporation employs 70 workers in its plant. Eachemployee is paid $10 per hour and works seven hours per day, Mondaythrough Friday. Employees are paid every Friday. The last paydaywas...
- Q Treat the following as three parts as separate cases:Part 1 of 3 Lynbrook, Inc. applies the allowance method to recordtransactions relating to their accounts receivables. On December31, 2018, the company...
- Q Valley View Trailmasters makes two types of tents formountain camping, the Explorer and the Climber. Data concerning thetwo product lines is presented in the table below:EXPLORERCLIMBERSales price per unit$390$615Direct materials...
- Q Valley View Trailmasters makes two types of tents formountain camping, the Explorer and the Climber. Data concerning thetwo product lines is presented in the table below:EXPLORERCLIMBERSales price per unit$390$615Direct materials...
- Q Draft the following clauses of a non-compete agreementcontaining the following elements:Parties involved;Duration of Agreement;Geographic Range of Agreement;Specific Activities and Subjects Included in Non-Competition;andCompensation.The non-compete agreement should be two to three...
- Q What is a flexible budget?
- Q The stockholders’ equity accounts of Bramble Corp. on January 1,2017, were as follows.Preferred Stock (7%, $100 par noncumulative, 14,000 sharesauthorized)$840,000Common Stock ($4 stated value, 840,000 shares authorized)2,800,000Paid-in Capital in Excess...
- Q What is an activity? Give some examples of activities within amanufacturing firm.What is a direct cost? An indirect cost?
- Q Case Inc. is a construction company specializing in custompatios. The patios are constructed of concrete, brick, fiberglass,and lumber, depending upon customer preference. On June 1, 2017,the general ledger for Case...
- Q How and why might the importance of budget affect GAAP forexternal (general purpose) reports?
- Q Paul Inc, a calendar year C-Corp and accrual method taxpayer,provides the following information and wants a Schedule M-1prepared (state which line each amount should be on on ScheduleM-1). Journal entries...
- Q Last year, two friends Gear and Nogear invested in residentialapartments. Each invested $1m of their own money(their net wealth).Apartments cost $1m last year and they earnednet rents of $25k pa...
- Q Entries for Flow of Factory Costs for Process Cost SystemSweeties, Inc., manufactures a sugar product by a continuousprocess, involving three production departments—Refining, Sifting,and Packing. Assume that records indicate that direct...
- Q Cost of Units Completed and in ProcessThe charges to Work in Process—Assembly Department for a period,together with information concerning production, are as follows.All direct materials are placed in process at...
- Q Factory Overhead Rate, Entry for Applying Factory Overhead, andFactory Overhead Account BalanceThe cost accountant for Kenner Beverage Co. estimated that totalfactory overhead cost for the Blending Department for the comingfiscal...
- Q Why are strategic and operational planning important?
- Q Entries for Process Cost SystemPreston & Grover Soap Company manufactures powdereddetergent. Phosphate is placed in process in the Making Department,where it is turned into granulars. The output of Making istransferred...
- Q Liang Company began operations on January 1, 2017. During itsfirst two years, the company completed a number of transactionsinvolving sales on credit, accounts receivable collections, and baddebts. These transactions are...
- Q he following isa partial trial balance for General Lighting Corporation as ofDecember 31, 2016: Account TitleDebitsCredits Sales revenue2,350,000 Interest revenue80,000 Losson sale of investments22,500 Costof goods sold1,200,300 Lossfrom write-down of inventory due to obsolescence200,000 Selling expenses300,000 General and...
- Q Produce Company needs to know the pounds of bananas to have onhand each day. Each pound of bananas costs $.25 and can be sold for$.40 Unsold bananas are worthless at...
- Q On December 31, 2017, Sheridan Company acquired a computer fromPlato Corporation by issuing a $595,000 zero-interest-bearing note,payable in full on December 31, 2021. Sheridan Company’s creditrating permits it to borrow...
- Q 1/1/2009 Plymouth acquired 60% interest in Sander in exchangefor various considerations totaling $570,000. At the acquisitiondate,NCI's FV: $380,000Sander's BV: $850,000Sander had developed internally a customer list that was notrecorded on...
- Q Thefollowing events occur for Morris Engineering during 2018 and 2019,its first two years of operations. February 2, 2018 Provide services to customers on account for$33,800.July23, 2018 Receive $23,500 from customers on...
- Q In accounting its important to understand that there may beevents that occur that are not business transactions. Please giveus an example of a business transaction that affects the accountingequation. Remember...
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