Accounting question and answers for July 02, 2023
- Q The Sheldon Corporation began a consulting business specializingin on-site computer training on January 1, 2018. The followingtransactions took place during its first three months ofoperations.Summary of TransactionsJan. 1 Sold 5,000...
- Q Question is in bold at the end of my worksheetFor the month of:NovemberBudgetDataFixedVariableActualPortionPortion*DataDepreciation$4,000 --$4,000Maintenance$1,800$0.704,730Inspections$2,8000.253,702Utilities$4,0000.204,900Indirect material0.251,125Overtime2.25**260*per directlabor hour**permonthly direct labor hours in excess of4,000Planneddirect labor hours for the month4,500Actualdirect labor hours...
- Q 5. The purpose of the notes to the financial statements isto:a. Explain any resources and obligations not recognised in theStatement of Financial Position.b. Provide information meeting the disclosure requirements undernational...
- Q Question: 1. Compute Northtown's current? ratio, debt? ratio,and earnings per share. Round all ratios to ...1.ComputeNorthtown's current? ratio, debt? ratio, and earnings per share.Round all ratios to two decimal places.2.Computethe...
- Q The capital investment committee of Ellis Transport and StorageInc. is considering two investment projects. The estimated incomefrom operations and net cash flows from each investment are asfollows:WarehouseTracking TechnologyYearIncome fromOperationsNet CashFlowIncome...
- Q Dec. 31 Ending inventory q:145 selling price:19Jan. 2 Purchase q:90 selling price:21Jan. 6 Sale q:166 seling price:43Jan. 9 Purchase q:75 selling price:23Jan. 10 Sale q:52 Selling price:48Jan. 23 Purchase q:94...
- Q Question 2: Assurance and Audit ReportingPeter Birch has approached you for advice on how to interpret thenew style audit report that companies in which he has investmentsseem to be using....
- Q Lance H. and Wanda B.Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501.Lance works for the convention bureau of the local Chamber ofCommerce, while Wanda is...
- Q Solomon Company is considering adding a new product. The costaccountant has provided the following data:Expected variable cost ofmanufacturing$43per unitExpected annual fixedmanufacturing costs$60,000The administrative vice president has provided the followingestimates:Expected sales...
- Q Rundle Company is considering the addition of a new product toits cosmetics line. The company has three distinctly differentoptions: a skin cream, a bath oil, or a hair coloring gel....
- Q Suppose that you are the auditor of a major retail client whohas reported the following income before taxes (IBT) for the firsttwo quarters of the year:1st quarter = $1,200,0002nd quarter...
- Q To raise capital, corporate officers have two basic sources offunding from which to choose: (1) debt (i.e., issuing bonds, takingout a loan) or (2) equity (i.e., issuing more stock). What...
- Q Using the Computer to DiscoverIntentional Financial Misstatements in Transactions and AccountBalances. AMI International is a large office products company.Headquarters management imposed pressure on operating divisionmanagers to meet profit forecasts. The...
- Q You are a staff accountant at a confectionary company, PhillyChocolates International (“the Company” or PCI). The lease on thecurrent multifunction copiers the Company has in its headquartersis almost up. PCI...
- Q Jane industries manufactures plastic toys. the company uses theFIFO processing costing system. During October, Janes Fabricationdepartment started work on 10,000 models. During the month, thecompany completed 11,000 models, and transferred...
- Q Vernon Corporation is a manufacturing company that makes smallelectric motors it sells for $52 per unit. The variable costs ofproduction are $28 per motor, and annual fixed costs of productionare...
- Q Oriole Willis is the advertising manager for Bargain Shoe Store.She is currently working on a major promotional campaign. Her ideasinclude the installation of a new lighting system and increaseddisplay space...
- Q Casey Nelson is a divisional manager for Pigeon Company. Hisannual pay raises are largely determined by his division’s returnon investment (ROI), which has been above 21% each of the lastthree...
- Q Limo Ltd is a small family owned company that has beensuffering from the credit crunch and has very limited borrowingpower. The company gets it finance mainly from bank overdraft whichhas...
- Q Alvis Construction Supply Company has a department thatmanufactures wood trusses (wood frames used in the constructionindustry). The following information is for the production of thesetrusses for the month of February:Work-in-process...
- Q Solomon company is considering adding a new product. the costaccountant has provided the followng data:Expected variable cost ofmanufacturing$43per unitExpected annual fixedmanufacturing costs$60,000The administrative vice president has provided the followingestimates:Expected sales...
- Q Pharoah Incorporated decided to change from the FIFO method tovalue Inventory to the weighted average method In July 2017. Thecumulative effect on prior years of retrospective application ofthe new Inventory...
- Q Enumerate allowable deductions and explain the kinds of personalexemptions allowed bases on "Train" Law
- Q Activity-Based Product CostingSweet Sugar Company manufactures three products (white sugar,brown sugar, and powdered sugar) in a continuous productionprocess. Senior management has asked the controller to conduct anactivity-based costing study. The...
- Q Net Present Value MethodThe following data are accumulated by Paxton Company inevaluating the purchase of $129,200 of equipment, having afour-year useful life:Net IncomeNet Cash FlowYear 1$38,000$64,000Year 223,00049,000Year 311,00037,000Year 4(1,000)25,000Present Value...
- Q Describe the key concepts of allocation and apportionment in thetaxation of the net income of a multistate business.
- Q Please describe the constraints on modeling the way costs behave(in managerial cost framework).
- Q John and Sandy Ferguson got married eight years ago and have aseven-year-old daughter, Samantha. In 2019, John worked as acomputer technician at a local university earning a salary of$152,000, and...
- Q Please describe some general desirable characteristics ofaccounting measurements.
- Q A piece of labor-saving equipment has just come onto the marketthat Mitsui Electronics, Ltd., could use to reduce costs in one ofits plants in Japan. Relevant data relating to the...
- Q How do you standardize the balance sheet? In other words, how doyou compute a common-size account in the Balance Sheet. Give anexample.
- Q What are the benefits of providing performance measures? Howwill board members be able to determine if the centers' performanceis "good" or "poor"?
- Q Please describe enhancing qualitative characteristics offinancial accounting reporting
- Q this is financial Accounting. please provide the working detailsi can get it. thank you.Vulture DemolitionLtd has five employees and needs to calculate its Long ServiceLeave (LSL)expense for the year ended...
- Q On September 1, 2017, Whispering Company sold at 104 (plus accruedinterest) 5,880 of its 8%, 10-year, $1,000 face value,nonconvertible bonds with detachable stock warrants. Each bondcarried two detachable warrants. Each...
- Q Which of the following statement/s about an Integrated ReportingFramework is/are true?i . It is concerned only with six capitals: financial,manufactured, intellectual, human, social and relationship andnatural.ii It is only concerned...
- Q On January 1, 2018, Sledge had common stock of $160,000 andretained earnings of $300,000. During that year, Sledge reportedsales of $170,000, cost of goods sold of $90,000, and operatingexpenses of...
- Q Stairway to Heaven, Inc. makes fire safety equipment for thehomeowner. The firm has been in business for four years. They havereceived the endorsements of insurance companies and firedepartments in the...
- Q 2.It is 2017 and Alison has the following investments. She owns20% of Global & Associates. Global pays Alison $70,000distribution (dividend) and has sales income of $500,000 andoperating expenses of $100,000....
- Q Vadar owned Tatooine Farm. He sold the farm to Luke. Luke neverrecorded the deed. Vadar stayed on the property as a tenant for twoyears. Near the end of the two...
- Q Problem 1-24 Different Cost Classifications for DifferentPurposes [LO1-1, LO1-2, LO1-3, LO1-4, LO1-5]Dozier Company produced and sold 1,000 units during its firstmonth of operations. It reported the following costs and expensesfor...
- Q The common-size balance sheets from five companies follow:Alcoa, a major producer ofaluminum products; Delta Air Lines, a major airline; Duke Energy, aleading energy companyfocused on electric power and gas distribution;...
- Q Please describe the primary characteristics of FinancialAccounting Measures (information)
- Q Placid Lake Corporation acquired 90 percent of the outstandingvoting stock of Scenic, Inc., on January 1, 2017, when Scenic had anet book value of $490,000. Any excess fair value was...
- Q Selected financial data of Target and Wal-Mart for 2017 arebelow (in millions).TargetWal-MartIncome Statement Data for YearNet sales$65,357$408,214Cost of goods sold45,583304,657Selling and administrative expenses15,10179,607Interest expense7072,065Other income (expense)(94)(411)Income tax expense1,3847,139Net income$ 2,488$...
- Q In 2015, a jury ruled that Deloitte & Touche LLP wasn’tliable in Florida’s biggest-ever insurance-company collapse. TheFlorida Department of Financial Services did not prove its claimsthat Deloitte was negligent in...
- Q whyis the statement of retained earnings the connecting link betweenin the incime statement and the balance sheet ?
- Q Identify all the costs that would be considered part of factoryoverhead and put an OH in the code column next to them. Identifyall the costs that would be consider Selling,...
- Q Activity based costing "blasted" on the cost accounting scene inthe late 1980s and early 1990s. It's authors, Dr. Robert Kaplan andDr. Robin Cooper, from Harvard University, presented it as a...
- Q Calculate the total 2017 tax liability for a surviving spousewith one dependent child with a gross income of ?$54,790?, nosalary reductions for? employer-provided benefits, and no itemizeddeductions.Assuming the single parent?...
- Q Selected financial statement information and additional data forRonis Co. is presented below. Use this information to answer thenext (3) questions concerning in preparing a statement of cashflows for the year...
- Q Bradley-Link’s December 31, 2018, balance sheet included thefollowing items:Long-Term Liabilities($in millions)10.0%convertible bonds, callable at 105 beginning in 2019,due 2022 (net of unamortized discount of $4) [note 8]$29611.0% registeredbonds callable at...
- Q Inorder to complete your case analysis successfully, you shouldconsideridentifying the role you areplaying,assessing the financialreporting landscape considering the user needs, constraints, andbusiness environment,identifying the issues,analyzing the issues(qualitatively and quantitatively), andproviding...
- Q Exercise 21A-6 a-bTeal Mountain Leasing Company signs a lease agreement on January1, 2017, to lease electronic equipment to Sandhill Company. Theterm of the non-cancelable lease is 2 years, and payments...
- Q Shaded cells have feedback.Mr. Bailey asks that you prepare Divisional Income Statementsshowing what 20Y1 results would have been had the Audit Divisionpurchased all the excess capacity of the Tax Division,...
- Q On June 30, 2018, Georgia-Atlantic, Inc., leased warehouseequipment from IC Leasing Corporation. The lease agreement callsfor Georgia-Atlantic to make semiannual lease payments of $779,224over a three-year lease term, payable each...
- Q On June 30, 2018, Georgia-Atlantic, Inc., leased a warehousefacility from IC Leasing Corporation. The lease agreement calls forGeorgia-Atlantic to make semiannual lease payments of $604,355 overa five-year lease term, payable...
- Q "Behavioral accounting research has generally been favored byaccounting standards setters, as it enables them to investigate howdifferent classes of financial statement users will react topropose accounting standards."Contrast behavioral research with...
- Q Assume you are 22 years old when you graduate from theUniversity of Arizona and have a credit card of $2,000 creditbalance with an 18% annual rate. If you only make...
- Q Builder Products, Inc., uses the weighted-average method in itsprocess costing system. It manufactures a caulking compound thatgoes through three processing stages prior to completion.Information on work in the first department,...
- Q Required information[The following information applies to the questionsdisplayed below.]Grass Security, which began operations in 2017, invests inlong-term available-for-sale securities. Following is a series oftransactions and events determining its long-term investmentactivity.2017Jan.20Purchased...
- Q Jensen and Meckling (1976) refers to the costs that arise due tothe use of an agent by a principal in an agency relationship asagency cost. These costs include (1) the...
- Q Spoilage is the unacceptable units of production that arediscarded or sold for disposal value. Accountants should be able todistinguish between normal and abnormal spoilage.Differentiate the two types of spoilage as...
- Q What financial statements are required of not-for-profitorganizations? How are they different or comparable to thoseprovided by organizations that operate for profit? How does theretained earnings section of for-profit organizations differ...
- Q Question OneEnter the following transactions for August 2018 in thesubsidiary books of J. Mubanga, post them to the ledger accountsand extract a trial balance as at 31 July 2018.2016July1Opening balancesKCash...
- Q The Tinsley Company exchanged land that it had been holding forfuture plant expansion for a more suitable parcel located fartherfrom residential areas. Tinsley carried the land at its originalcost of...
- Q What is the current status of the IASB Conceptual Framework?Please provide background, recent developments, current status, andanticipated activities both near and long-term.
- Q Forecast the Balance SheetFollowing is the balance sheet for Medtronic PLC for the yearended April 29, 2016.Medtronic plcConsolidated Balance Sheets($ millions)Apr. 29, 2016Apr. 24, 2015Current assetsCash and cash equivalents$3,221$4,843Investments9,75814,637Accounts receivable5,5625,112Inventories3,4733,463Tax...
- Q can i get an article related to finance ( auditing,inventory management, revenue or asset management) and 1 pagesummary related to the article. Eg. Article like Investing in startups.the article should...
- Q n 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 Cairns owns 70 percent of the voting stock of Hamilton, Inc. Theparent’s interest was acquired several years ago on the date thatthe subsidiary was formed. Consequently, no goodwill or otherallocation...
- Q Materiality (AU-C 320, AS 2105) – Materiality in Planning andPerforming an Audit Using the 12/31/14 Apollo trial balancescalculate preliminary materiality for the financial statements as awhole using the following approaches:...
- Q Revised Problem 4-29Moravia Company processes and packages creamcheese.The following data have been compiled for the monthof June. Conversion activityoccurs uniformly throughout the productionprocess.Work in process, June 1 - 60,000 units:Direct...
- Q Full IFRSs are generally designed for use by entities that arequoted on world’s major capital markets. However, the world’smajority entities are Small and Medium sized Enterprises (SMEs) andunlisted. The IASB...
- Q What is the meaning of the term cash flow? Why is this termsubject to confusion and misrepresentation? In addition, discussthe importance to analysis of the statement of cash flows. Identifyfactors...
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