Accounting question and answers for July 02, 2023
- Q Accounts ReceivableSchultz Co. sells its goods and services to customers on acredit basis. Schultz adjusts its accounts just once a year, at theDecember 31 year-end. The company’s balance sheet at...
- Q Wisconsin Electronics has received an order for? 1,000 speciallydesigned? TV/VCR combinations. The following standards werecompiled for this? order: Direct? materials: Part? #123 ?$25 per?TV/VCR Part? #456 ?$50 per? TV/VCR Direct?...
- Q Dorthy who is 55 years old, works as a financial analyst inCapital One bank. Her monthlysalary is $13,000. Dorthy is married to John who is 66 years of ageand works...
- Q this is a question in auditing.you are required to select and research any real-world caseinvolving auditors and: 1000 words? provide an overview of the facts of the case (in your...
- Q Investment in Trading and AFS SecuritiesIn 2019, a company purchases debt securities at a par value of$500,000. Their year-end value is $520,000. In 2020, thesesecurities are sold for $525,000 and...
- Q Jeffrey Wang, a CPA and an auditor, makes the following comment,“The audit process is all about gathering evidence. A key part ofthe process is to gather evidence efficiently and effectively.”What...
- Q Gibson Construction Company expects to build three new homesduring a specific accounting period. The estimated direct materialsand labor costs are as follows: Expected Costs Home 1 Home 2 Home 3Direct...
- Q a. What are the seven major types of fringe benefits covered bySec. 132?b. What tax advantage is offered relative to such benefits?c. Are such benefits available to employees only or...
- Q Bonita Industries reported the following information for2017.Bonita IndustriesComparative Balance SheetsDecember 31Assets20172016ChangeIncrease/DecreaseCash$65,990$36,180$29,810IncreaseAccounts receivable62,11022,22039,890IncreaseInventory43,610–0–43,610IncreasePrepaid expenses5,9603,9801,980IncreaseLand54,55070,57016,020DecreaseBuildings198,140198,140–0–Accumulated depreciation—buildings(21,120)(14,080)7,040IncreaseEquipment182,42068,470113,950IncreaseAccumulated depreciation—equipment(28,360)(9,970)18,390Increase Totals$563,300$375,510Liabilities and Stockholders’ EquityAccounts payable$43,320$40,140$3,180IncreaseAccrued expenses payable010,03010,030DecreaseBonds payable99,680149,23049,550DecreaseCommon stock ($1 par)229,49060,120169,370IncreaseRetained earnings190,810115,99074,820Increase Totals$563,300$375,510Bonita IndustriesIncome StatementFor the Year...
- Q Problem 13-4ACalculating financial statement ratios LO P3 Selected currentyear-end financial statements of Cabot Corporation follow. (Allsales were on credit; selected balance sheet amounts at December 31of the prior year were...
- Q A. The controller, Devin Hester, let Kristin know that theending balance in the allowance for doubtful accounts needs to be$129,000. The beginning balance in the Allowance for doubtfulaccounts on January...
- Q The following account balances are for the Agee Company as ofJanuary 1, 2017, and December 31, 2017. All amounts are denominatedin kroner (Kr).January 1, 2017December 31, 2017Accounts payable(11,000)(14,500)Accounts receivable43,00093,000Accumulated depreciation—buildings(34,000)(39,000)Accumulated...
- Q Khloe’s Boys produces and sells three models of action figuresrepresenting the athletes and celebrities Khloe Kardashian has beeninvolved with (let’s assume there are just three). In March 2018,Lamar Odom's sales...
- Q When a firm provides for credit losses under the allowancemethod, why is the allowance for doubtful accounts credited ratherthan accounts receivable?
- Q Soto Industries Inc. is an athletic footware company that beganoperations on January 1, Year 1. The following transactions relateto debt investments acquired by Soto Industries Inc., which has afiscal year...
- Q Ginocera Inc. is a designer, manufacturer, and distributor oflow-cost, high-quality stainless steel kitchen knives. A newkitchen knife series called the Kitchen Ninja was released forproduction in early 2016. In January,...
- Q 14. What are competitive and first-mover advantages?
- 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 148,00085%60%Work in process, October 3128,00067%49%The department started...
- Q Superior Micro Products uses the weighted-average method in itsprocess costing system. Data for the Assembly Department for Mayappear below:MaterialsLaborOverheadWork in process, May1$12,800$19,350$90,855Cost added during May$77,565$12,900$60,570Equivalent units ofproduction1,1001,000900Required:Compute the cost per...
- Q Problem 17-7AOwen Company manufactures bicycles and tricycles. For bothproducts, materials are added at the beginning of the productionprocess, and conversion costs are incurred uniformly. Owen Companyuses the FIFO method to...
- Q On November 1, 2017, Bernard Company (a U.S.-based company) soldmerchandise to a foreign customer for 230,000 FCUs with payment tobe received on April 30, 2018. At the date of sale,...
- Q Which of the following would result in a future taxable amountat the time of an originating temporary difference?Question 2 options:A)Prepaid rental income will be included in pretax financialincome when earned...
- Q Martin Towing Company is at the end of its accounting yearending December 31. The following data that must be considered weredeveloped from the company’s records and related documents:On January 1...
- Q Grouper Corporation had net sales of $2,427,000 and interestrevenue of $31,500 during 2017. Expenses for 2017 were cost ofgoods sold $1,461,400, administrative expenses $212,500, sellingexpenses $296,600, and interest expense $50,800....
- Q Explain why credit ratings are important to the users offinancial statements, specifically credit underwriters and howthese impact ability to obtain debt upon request.
- Q Current assets $745,000 $820,000Property, plant, and equipment 1,510,000 1,400,000Current liabilities (non-interest-bearing) 160,000 140,000Long-term liabilities, 12% 400,000 400,000Preferred 10% stock 250,000 250,000Common stock, $25 par 1,200,000 1,200,000Retained earnings, beginning of year...
- Q In a marginal/differential analysis, I have two decision optionsavailable for the upcoming year:1. Keep open my existing arcade business only and not expand, or2. expand business by opening a second...
- Q Determine the financial statement effects of Accounts PayableTransactions, when ABC Company has the following items:a. Purchases $2,500 of inventory on credit.b. Sells inventory for $3,300 on credit.c. Records $2,520 cost...
- Q Under U.S. GAAP, long-lived assets, such as real estate arereported on the balance sheet at the original purchase price of theasset. In the event that the value of a real...
- Q On February 28, 2018, Wildhorse Inc.’s general ledger showedCash $ 14,900; Land $ 84,600; Buildings $ 76,300; Equipment$20,000; Accounts Payable $ 12,100; Mortgage Payable $ 117,400;Common Shares $ 40,400; and...
- Q Question 3Tamarama Ltd acquires $100% of Bronte Ltd on 1 July 2013.Tamarama Ltd pays the shareholders of Bronte Ltd the followingconsideration:Cash: $70000Plant and equipment: fair value $250000; carrying amount in...
- Q CABOT CORPORATIONBalance SheetDecember 31AssetsLiabilities and EquityCash$12,000Accounts payable$16,500Short-term investments9,600Accrued wages payable3,800Accounts receivable, net32,800Income taxes payable3,900Merchandise inventory38,150Long-term note payable, secured by mortgage on plantassets70,400Prepaid expenses2,550Common stock89,000Plant assets, net150,300Retained earnings61,800Total assets$245,400Total liabilities and...
- Q Steve Reese is a well-known interior designer in Fort Worth,Texas. He wants to start his own business and convinces RobO’Donnell, a local merchant, to contribute the capital to form apartnership....
- Q What is the formula to calculate how much a savings accountwould be worth if the initial balance is $1,000 with monthlydeposits of $75 for 10 years at 4.3% annual interest...
- Q Lamp Light Company maintains and repairs warning lights, such asthose found on radio towers and lighthouses. Lamp Light Companyprepared the following end-of-period spreadsheet at December 31,2018, the end of the...
- Q Energy Works is forming a joint venture (JV) with Big Oil, Inc.for the extraction of proved oil reserves in the artic. Bothventures wish to share in the risks and rewards...
- Q Lundholm, Inc., which reports financial statements each December31, is authorized to issue $500,000 of 9%, 15-year bonds dated May1, 2015, with interest payments on october 31 and April 30. Assumethe...
- Q On January 1,2016, McKeown, Inc., issued $250,000 of 8%, 9yearbonds for $220,776, yielding a market (yield) rate of 10%.Semiannual interest is payable on June 30 and December 31 of eachyear.a)...
- Q In your own words, explain what you see as some of thecommon problems of preparing a marketing research report. Whyshould research reports contain executive summaries? What should becontained in an...
- Q I probably need an expert or someone very good at teaching toanswer this.For cost flows and cost terminology from managerial accounting ineed help understanding definitions and concepts and what accountsare...
- Q A company uses the accrual basis of accounting. The company has$7,800 of accrued salaries for this period, that won’t be paiduntil the next period. It was decided not to record...
- Q (a) What is block chain technology. (b)What benefits it canbring to the accounting profession. (c) The challenges theprofession faces. (d) Do you think this technology would reallyhave an impact on...
- Q The comparative balance sheet of Yellow Dog Enterprises Inc. atDecember 31, 20Y8 and 20Y7, is as follows:1Dec. 31, 20Y8Dec. 31, 20Y72Assets3Cash$147,270.00$180,220.004Accounts receivable (net)224,490.00241,070.005Merchandise inventory321,930.00299,210.006Prepaid expenses13,120.009,890.007Equipment655,170.00536,180.008Accumulated depreciation(171,750.00)(131,210.00)9Total assets$1,190,230.00$1,135,360.0010Liabilities and Stockholders’ Equity11Accounts...
- Q Concord Publishing House, Inc. vs. Director of Revenue(1) In Concord Publishing, the court construed the statute asexempting from sales and use tax "machinery and equipment" (a) useddirectly (b) in manufacturing...
- Q C2. Blanton Corporation is comprised of five operating segments.Information about each of these segments is as follows (inthousands):LinensKitchenGroceryFurnitureStationerySales to outsiders$47$253$22$61$14Intersegment transfers21371512Interest revenue - outsiders1-24-Interest revenue - intersegment-3--11Operating expenses - outsiders58207205113Operating...
- Q Question 2As at 1 July 2015, Top Ltd has an asset that has a cost of$100000 and accumulated depreciation of $20000. Top Ltd decided on1 July 2015 that the asset...
- Q What types of individuals and entities need accounting data?Why?
- Q Investor who earns $80,000 per year has a stock and bondportfolio worth about $100,000. Some of her investments havesubstantially appreciated in value and some have declined in value.Investor generally makes...
- Q Granite Manufacturing Company is going to hire a contractor tobuild a new manufacturing plant in Connecticut. TheCompany comes to you for advice regarding what sales and use taxexemptions would be...
- Q Provide an example and explain how cognitive dissonance impactedthose involved.
- Q Explain the concept of moral hazard as it relates toorganizational decision making and how it can play a role inadversely influencing that decision making
- Q Burman Co. uses a job-order costing system in its manufacturingoperations. The company recorded the following transactions duringthe past week: a,Purchased 75 kilograms of raw materials at $30 perkilogram. b.The payroll...
- Q Cash Flows from Operating Activities—Direct MethodThe cash flows from operating activities are reported by thedirect method on the statement of cash flows. Determine thefollowing:a. If sales for the current year...
- Q Statement of Cash Flows—Indirect MethodThe comparative balance sheet of Yellow Dog Enterprises Inc. atDecember 31, 20Y8 and 20Y7, is as follows:Dec. 31, 20Y8Dec. 31, 20Y7AssetsCash$52,120$64,070Accounts receivable (net)80,09086,380Merchandise inventory114,400107,060Prepaid expenses4,6603,240Equipment233,060191,810Accumulated depreciation-equipment(60,590)(47,040)Total...
- Q Margot’s Ice Cream operates several stores in a majormetropolitan city and its suburbs. Its budget and operating datafor the current year follow:FlavorBudgeted DataActual Operating ResultsGallonsSelling Price per GallonVariable Costs per...
- Q What are five factors managers often consider when determiningthe significance of a variance?What are various ways in which standard-costing systems shouldbe adapted in modern manufacturing environment?What are criticisms of standard...
- Q The comparative balance sheet of Whitman Co. at December 31,20Y2 and 20Y1, is as follows:1Dec. 31, 20Y2Dec. 31, 20Y12Assets3Cash$918,000.00$964,800.004Accounts receivable (net)??828,900.00761,940.005Inventories1,268,460.001,162,980.006Prepaid expenses29,340.0035,100.007Land315,900.00479,700.008Buildings1,462,500.00900,900.009Accumulated depreciation-buildings(408,600.00)(382,320.00)10Equipment512,280.00454,680.0011Accumulated depreciation-equipment(141,300.00)(158,760.00)12Total assets$4,785,480.00$4,219,020.0013Liabilities and Stockholders’ Equity14Accounts payable (merchandise...
- Q Why is it necessary to journalize and post adjustingentries?
- Q Amazing Productions performs London shows. The average showsells 1,000 tickets at $60 per ticket. There are 120 shows peryear. No additional shows can be held as the theater is also...
- Q What are prepaid expenses? Give four examples.?
- Q Which Party Engages the Audit Firm?
- Q Identify and discuss the principal arguments on both sides ofthe question of whether there is such a thing as corporate ororganizational criminality. Which factors seem most important inexplaining the crimes...
- Q Rios Financial Co. is a regional insurance company that beganoperations on January 1, Year 1. The following transactions relateto trading securities acquired by Rios Financial Co., which has afiscal year...
- Q Jacob is a member of WCC (an LLC taxed as a partnership). Jacobwas allocated $100,000 of business income from WCC for the year.Jacob's marginal income tax rate is 37%. The...
- Q Alfred E. Old and Beulah A. Crane, each age 42, married onSeptember 7, 2016. Alfred and Beulah will file a joint return for2018. Alfred’s Social Security number is 111-11- 1112....
- Q how to calculate the overhead cost applied to a job inaccounting
- Q Company X makes a product that goes through a single processingdepartment. Direct Materials are added at the start of the process,while Conversion Costs are added evenly during the process. CompanyX...
- Q 1.Johnson Corporation (a television company) uses a predeterminedoverhead rate based on direct labor-hours to apply manufacturingoverhead to jobs. The Corporation has provided the followingestimated costs for the next year:Direct materials$20,000Direct...
- Q 2. TheHarris Corporation acquired a building and land by issuing 25,000shares of $1 par common stock. At that time, the stock was sellingfor $12 per share on the New York...
- Q Discuss the classification of individual income taxpayers andthe categories of income and tax rates based on latest "Train"Law
- Q Vertical Analysis of Income StatementFor 20Y2, Tri-Comic Company initiated a sales promotion campaignthat included the expenditure of an additional $21,000 foradvertising. At the end of the year, Lumi Neer, the...
- Q Eva received $57,000 in compensation payments from JAZZ Corp.during 2020. Eva incurred $8,000 in business expenses relating toher work for JAZZ Corp. JAZZ did not reimburse Eva for any of...
- Q Cicchetti Corporation uses customers served as its measure ofactivity. The following report compares the planning budget to theactual operating results for the month of December:CicchettiCorporationComparison of Actual Results to Planning...
- Q This exercise parallels the machine-purchase decision for theMendoza Company that is discussed in the body of the chapter.Assume that Mendoza is exploring whether to enter a complementaryline of business. The...
- Q dney Company employs a standard cost system for product costing.The per-unit standard cost of its product is:Raw materials$14.00Direct labor (2 direct labor hours × $8.00 per hour)16.00Manufacturing overhead (2 direct...
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