Accounting question and answers for July 02, 2023
- Q TransactionsOn September 1 of the current year, Joy Tucker established abusiness to manage rental property. She completed the followingtransactions during September:Opened a business bank account with a deposit of $38,000...
- Q Sunland Company produces high-quality microscopes for educationand health care uses. The company uses a job order costing system.Because the microscopes’ optics require significant manual labor toensure adherence to strict manufacturing...
- Q Miller Company’s contribution format income statement for themost recent month is shown below:TotalPer UnitSales (41,000units)$246,000$6.00Variable expenses123,0003.00Contribution margin123,000$3.00Fixed expenses48,000Net operating income$75,000Required:(Consider each case independently):1. What is the revised net operating income...
- Q onApril 6, Almerinda Company purchased on account 60,500 units of rawmaterials at $13.00 per unit. OnApr 21, raw materials wererequisitioned for production as follows: 26,000 units for job 50 at$9.00...
- Q Balance Sheet Problem 1992 1993 1994 Annual Sales Growth (overprior yr) + 1% 0% +1% Current Ratio 3.5X 2X 1.2X Average CollectionPeriod 25 days 30 days 55 daysWhat is happening...
- Q E-18-27 Service Cost Flows Vente Marketing, Ltd. producestelevision advertisements for businesses that are marketingproducts in the western provinces of Canada. To achieve costcontrol, Vente Marketing uses a job cost system...
- Q Determine the amount of sales (units) that would be necessaryunderBreak-Even Sales UnderPresent and Proposed ConditionsDarby Company,operating at full capacity, sold 118,800 units at a price of $117per unit during the...
- Q . Discuss the auditor’s responsibility for detecting fraud,including fraudulent financial reporting and misappropriation ofassets. Is there any sign that should alert the auditor topotential fraud?
- Q You have just been hired as a new management trainee by EarringsUnlimited, a distributor of earrings to various retail outletslocated in shopping malls across the country. In the past, thecompany...
- Q BlackCo. Blue Co. 2017 2016 2017 2016NetIncome $65,000 $60,000 $25,000 $28,000Income taxexpense 18,200 17,000 5,000 5,500Netsales 2,500,000 2,300,000 650,000 680,000Totalassets 500,000 490,000 200,000 210,000Currentassets 99,000 130,000 120,000 110,000Operatingassets 470,000 450,000 190,000 190,000Operating liabilities 175,000 150,000 50,000 56,000Weighted average shares Outstanding 85,000 85,000 75,000 75,000Currentliabilities 75,000 100,000 75,000 74,000Totalliabilities 350,000 350,000 100,000 100,000Stockholder’s equity 150,000 140,000 100,000 110,000Interestexpense 5,000 6,000 1,500 1,000Income beforetax 83,200 77,000 30,000 33,500Cash flow fromoperations 75,000 110,000 110,000 120,000Cash paid forinvestments 74,000 100,000 70,000 60,000A. Calculate finanacial leverage andspread. Are both companies using leverage effectively? Explain youranswer. Assume tax rate...
- Q Bond contract rate = 7% semi-annualBondpar =$10,000Bond market rate = 6% semi-annualBondlife =10 yearsCalculate the discount/premium amortization per period (use thestraight-line method)
- Q 1) Describe the financial reporting environment inAustralia.2) Discuss what accounting is and the accounting process.3) Discuss the Conceptual Framework and the objective of financialreporting.4) Discuss the main elements of each...
- Q Account TitleDebitCreditCash$6,800Accounts receivable26,000Office supplies7,205Trucks151,000Accumulated depreciation—Trucks$31,106Land47,000Accounts payable10,800Interest payable12,000Long-term notes payable38,000Common stock17,000Retained earnings149,867Dividends45,000Trucking fees earned128,000Depreciation expense—Trucks20,063Salaries expense61,439Office supplies expense11,000Repairs expense—Trucks11,266Totals$386,773$386,773 Use the above adjusted trial balance to prepare Wilson TruckingCompany’s classified balance sheet...
- Q Below is the record of inventory purchases and sales of themonth of August 2019 for Company A. Company A uses the perpetualinventory system.DateUnitsUnit Cost/Selling Price per UnitAug 01Beginning Inventory14043Aug 05Purchase11545Aug...
- Q Problem 3-1 (Algorithmic) Schedule C (LO 3.1) Scott Butterfieldis self-employed as a CPA. He uses the cash method of accounting,and his Social Security number is 644-47-7833. His principalbusiness code is...
- Q On December 31, Pacifica, Inc., acquired 100 percent of thevoting stock of Seguros Company. Pacifica will maintain Seguros asa wholly owned subsidiary with its own legal and accountingidentity. The consideration...
- Q For years, Tamarindo Company produced only one product:backpacks. Recently, Tamarindo added a line of duffel bags. Withthis addition, the company began assigning overhead costs by usingdepartmental rates. (Prior to this,...
- Q When are companies likely to use a job costing system or processcosting system? Describe the specific characteristics of eachsystem and provide at least 2 examples from companies in yourcommunity for...
- Q 100 words for each Question please1. What accounting standard in 2004 caused stock options todecline as the primary source of non-cash compensation? Why?2. Does compensation expense from stock options meet...
- Q A student graduates with a total loan balance of? $30,000 in asingle loan with monthly payments for a term of 10 years at ?7% APRinterest rate. What is the monthly...
- Q Proteger Company manufactures insect repellant lotion. TheMixing Department, the first process department, mixes thechemicals required for the repellant. The following data are forthe current year:Work in process, January 1—Gallons started900,000Gallons...
- Q You have just been hired as a financial analyst for LydexCompany, a manufacturer of safety helmets. Your boss has asked youto perform a comprehensive analysis of the company’s financialstatements, including...
- Q Superior Company provided the following data for the year endedDecember 31 (all raw materials are used in production as directmaterials):Selling expenses$219,000Purchases of raw materials$263,000Direct labor?Administrative expenses$151,000Manufacturing overhead appliedto work in...
- Q What are the major sources of funds for capital project and debtservice funds, and how are the sources classified in the Statementof Revenues, Expenditures, and Changes in Fund Balance?
- Q Compute and Interpret Liquidity and Solvency RatiosSelected balance sheet and income statement information fromVerizon Communications Inc. follows.$ millions 2015 2014Current assets . . . . . . . . ....
- Q Cash BudgetKhloe Company imports gift items from overseas and sells them togift shops and department stores throughout the United States.Khloe Company provided the following information:The October 31 balance in the...
- Q St. James, Inc., currently uses traditional costing procedures,applying $800,000 of overhead to products Beta and Zeta on thebasis of direct labor hours. The company is considering a shift toactivity-based costing...
- Q Cost of Units Completed and in ProcessThe charges to Work in Process—Assembly Department for a period,together with information concerning production, are as follows.All direct materials are placed in process at...
- Q Pronghorn Inc. owns and operates a number of hardware stores inthe New England region. Recently, the company has decided to locateanother store in a rapidly growing area of Maryland. The...
- Q Tom Brady is the relatively new controller of the Body and BathDivision of New Scotland Drugs (NSD). He completed his CPAdesignation three years earlier (at a major auditing firm inMoncton)...
- Q Examples of using forward contracts to hedge foreign exchangerisks.
- Q The Pritzker Music Pavilion in downtown Chicago is atechnologically sophisticated and uniquely designed performing artsvenue that hosts live concerts attended by over half a millionpatrons a year. A group of...
- Q The adjusted trial balance of Pacific Scientific Corporation onDecember 31, 2017, the end of the company's fiscal year, containedthe following income statement items ($ in millions): salesrevenue, $2284; cost of...
- Q Period VariablesCurrentProjectedCurrentProjectedCurrentProjectedSales$100,000$120,000AssetsLiab.&Own -ers’ Equ.Cost$ 75,000Short Term$60,000Debt$40,000Net IncomeLong Term$20,000Equity$40,000As we said in class all models are built on assumptions:1 Dividend payout ratio is 50%therefore, the retention rate is the remainder2 All assets...
- Q For the year ended December 31, 2017, Transformers Inc. reportedthe following:Net Income$305068Preferred dividends paid54210Common dividends paid9619Unrealized holding loss, net oftax3543Retained Earnings, beginningbalance389503Common Stock177628Accumulated Other Comprehensive Income,beginning balance22896What would Transformers report...
- Q I have a question about Case.Megan works for a Williams and Co, a smaller CPA firm that has atotal of 11 professional staff members, including twopartners.A financial statement attest client...
- Q trategic Initiatives and CSRGet Hitched Inc. is a production company that is in the processof testing a strategic initiative aimed at increasing gross profit.The company’s current sales revenue is $2,100,000....
- Q Acme Financial issues letters of credit to importers foroverseas purchases. The company charges a nonrefundable applicationfee of $4,000 and, on approval, an additional service fee of 2.0%of the amount of...
- Q Assume the year runs from January 1 to December 31 for the Year2018. On May 1, Company DEF (“The Company”) purchased inventoriescosting $49,000; the Company paid $29,000 in cash and...
- Q Kuzma, Folkert and Tucker are partners with capital accountbalances of $30,000. $75,000, and $45,000, respectively. Income andlosses are divided in a 4:4:2 ratio. When Tucker decided towithdraw, Tucker was then...
- Q List and briefly describe five sections found in an evaluationreport.
- Q What do the IAS’s state in regard to report prepared forGPFRU’s?
- Q Lubricants, Inc., produces a special kind of grease that iswidely used by race car drivers. The grease is produced in twoprocessing departments—Refining and Blending. Raw materials areintroduced at various points...
- Q What would cause a financial manager to contact a governmentdepartment?
- Q 6/30/y1, $5,000,000 face value bonds, with an 8% coupon rate,are issued to yield 5%. These are 20- year bonds, and they payinterest on June 30 and December 31. These bonds...
- Q Sweeten Company had no jobs in progress at the beginning ofMarch and no beginning inventories. The company has twomanufacturing departments--Molding and Fabrication. It started,completed, and sold only two jobs during...
- Q Data Performance, a computer software consulting company, hasthree major functional areas: computer programming, informationsystems consulting, and software training. Carol Bingham, a pricinganalyst, has been asked to develop total costs for...
- Q Company XYZ a baby ware makes company servers three regions nearIowa and maintains consignment inventory (owned by ZZY) at eachlocation. Currently. ZZy uses refrigerated TL transportation todeliver separately to each...
- Q Sweeten Company had no jobs in progress at the beginning ofMarch and no beginning inventories. The company has twomanufacturing departments--Molding and Fabrication. It started,completed, and sold only two jobs during...
- Q Catering Co. CIncome StatementFor the year ended 31 Mar 20X5($ in million) Netsales $7,356 Less:Cost of foodsold 2,402 Less:otherexpenses 4,174 Earningsbefore interest andtaxes 780 Less:Taxes 193 Netprofit $587Catering Co. C20X4 and 20X5Statement of Financial Position($ in million) 20X4 20X5 20X4 20X5 Cash $1,149 $ 1,236 Accountspayable $774 $820 Accountsrec. 80 143 Long-termdebt 61 67 Inventory 212 228 Sharecapital 1,348 1,112 Total $1,441 $1,607 Retainedearnings 2,384 2,564 Net fixedassets 3,126 2,955 Totalassets $4,567 $4,562 Totalliabilities &equity $4,567 $4,562Calculate the net profit...
- Q Kingsport Containers Company makes a single product that issubject to wide seasonal variations in demand. The company uses ajob-order costing system and computes plantwide predeterminedoverhead rates on a quarterly basis...
- Q Presented below is selected information for OrioleCompany.Answer the questions asked about each of the factual situations.(Do not leave any answer field blank. Enter 0 foramounts.)1. Oriole purchased a patent from...
- Q Karen Cool decided to turn her love of sport into a means ofmaking money. She was never very good at school but loved to getout and run around the oval...
- Q Fernicus Company gathered the following information on powercosts and factory machine usage for the last five months.MonthPower CostFactory Machine HoursJanuaryP48,00019,000February35,00015,500March50,00018,500April41,00017,000May40,00015,000Instructions: Use the high-low method of analyzing costs to answerthe following...
- Q Beacons Company maintains and repairs warning lights, such asthose found on radio towers and lighthouses. Beacons Companyprepared the following end-of-period spreadsheet at December 31,20Y5, the end of the fiscal year:Beacons...
- Q QUESTION 2 (12 marks: 14 minutes) The selected data below were taken from the comparative trialbalances of Airbus Ltd for the year ended 30 JuneX5: X5 X4 R R Trade receivable 720...
- Q In 2018, Elaine paid $2,360 of tuition and $780 for books forher dependent son to attend State University this past fall as afreshman. Elaine files a joint return with her...
- Q This question has 2 parts.Assignment DetailsFinal Project OverviewThroughout this course, you have learned various components ofaccounting. These components work hand-in-hand to create theaccounting cycle – the process of recording, summarizing...
- Q Blue Manufacturing purchased a machine on January 1, 2020 foruse in its factory. Blue paid $458,000 for the machine andestimated that it had a useful life of 10 years, at...
- Q Luzadis Company makes furniture using the latest automatedtechnology. The company uses a job-order costing system and appliesmanufacturing overhead cost to products on the basis ofmachine-hours. The predetermined overhead rate was...
- Q QUESTION 3The XYZ partnership has been operating for several years. All ofits assets were purchased by the partnership, and at the end of thecurrent year it’s balance sheet, which has...
- Q In five years, Kent Duncan will retire. He is exploring thepossibility of opening a self-service car wash. The car wash couldbe managed in the free time he has available from...
- Q When Patey Pontoons issued 4% bonds on January 1, 2021, with aface amount of $580,000, the market yield for bonds of similar riskand maturity was 5%. The bonds mature December...
- Q GrandSlam, Inc., incurred the following costs during March:Selling expenses $ 159,900 Direct labor 305,000 Interest expense40,400 Manufacturing overhead, actual 111,000 Raw materials used477,000 Administrative expenses 115,900 During the month, 18,800units...
- Q DM: 59,400 DLH: 1224 Direct Labor wage hourly rate: 15 # ofunited completed 3,600 basis is direct-labor hours. Predeterminedoverhead rate is $35 per direct labor hour Q: Compute the unitproduct...
- Q Costs per Equivalent UnitThe following information concerns production in the BakingDepartment for March. All direct materials are placed in process atthe beginning of production.ACCOUNT Work in Process—BakingDepartmentACCOUNT NO.DateItemDebitCreditBalanceDebitCreditMar.1Bal., 9,300 units,...
- Q John’s Custom Computer Shop (JCCS) assembles computers for bothindividual and corporate customers. The company is organized intotwo divisions: Personal and Business. Once a computer is built, itis shipped to the...
- Q Cost of Production ReportThe debits to Work in Process—Roasting Department for MorningBrew Coffee Company for August, together with informationconcerning production, are as follows:Work in process, August 1, 1,200 pounds, 50%completed$5,460**Direct...
- Q Sun Corporation received a charter that authorized the issuanceof 96,000 shares of $3 par common stock and 22,000 shares of $75par, 4 percent cumulative preferred stock. Sun Corporationcompleted the following...
- Q QUESTION 3: LIABILITIES, PROVISIONS AND CONTINGENCIES(a) Briefly explain the differences between provisions,contingencies and other types of liabilities (e.g. accountspayable).(b) Raglan Chemicals Inc. is found by the local authority thatadministers the...
- Q Class, here’s an interesting question. What is the 10-K filingdeadline for accelerated filers? What are the challenges thatcompanies typically face in meeting the deadlines?
- Q Materials costs of $1,200,000 and conversion costs of $1,530,000were charged to a processing department in the month of September.Materials are added at the beginning of the process, whileconversion costs are...
- Q Ozark Distributing Company is primarily engaged in the wholesaledistribution of consumer products in the Ozark Mountain regions.The following disclosure note appeared in the company’s 2021 annualreport:Note 5. Convertible Preferred Stock...
- Q Garden Depot is a retailer that is preparing its budget for theupcoming fiscal year. Management has prepared the following summaryof its budgeted cash flows:1st Quarter2nd Quarter3rd Quarter4th QuarterTotal cash receipts$340,000$460,000$390,000$410,000Total...
- Q Beech Corporation is a merchandising company that is preparing amaster budget for the third quarter of the calendar year. Thecompany’s balance sheet as of June 30th is shown below:Beech CorporationBalance...
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