Accounting question and answers for July 02, 2023
- Q Dividing Partnership IncomeMorrison and Greene have decided to form a partnership. Theyhave agreed that Morrison is to invest $240,000 and that Greene isto invest $80,000. Morrison is to devote one-half...
- Q Annual Report Assignment:Select an annual report, review the financial statementsand related notes and answer the following questions.1.Name of Company2.Describe the company you haveselected and identify the company type, i.e. Service...
- Q Q5The Assembly Department uses a weighted-average process costaccounting system. The department adds materials at the beginningof the process and incurs conversion costs uniformly throughout theprocess. During July, $190,000 of materials...
- Q C3. Assume that our company owns a subsidiary operating in Switzerland.The subsidiary has adopted the Swiss Franc (CHF) as its functionalcurrency. Our company operates this subsidiary like a division orbranch office,...
- Q (i need the answes typed )Transaction Analysis and Trial BalanceWilliam Groff opened a tax practice (William Groff, TaxAccounting, Inc.), on June 1. The following accounts will be neededto record business's...
- Q Whyis FIFO considered a balance sheet approach and LIFO is consideredan income statement approach? Please make your explanation as clearas possible thanks.
- Q Do company owes employees anything in terms of continuedemployment, for example, as one of the considerations in theoutsourcing decision? Should employees expect that sort ofconsideration do you think?Can an organization...
- Q Explain withholding taxes, and tax credits applicable based on"Train" Law
- Q The time and cost required to manufacture its product R&Dcosts were $120,000. The process was patented. On July 1, 2016.Legal costs and fees to require the patent totaled $12,500. Browenestimated...
- Q Decision Making Activities:Nardeb company is a software producer and sales company.currently, it pays all sales staff on a fixed base salary. recentlymanagement has been considering switching sales staff across to...
- Q The Regal Cycle Company manufactures three types of bicycles—adirt bike, a mountain bike, and a racing bike. Data on sales andexpenses for the past quarter follow:TotalDirtBikesMountain BikesRacingBikesSales$925,000$264,000$405,000$256,000Variable manufacturing and selling...
- Q Solve the follwing problem.CHART OF ACCOUNTSBeartooth Co.General LedgerASSETS110Cash120Accounts Receivable125Notes Receivable130Inventory131Estimated Returns Inventory140Office Supplies141Store Supplies142Prepaid Insurance180Land192Store Equipment193Accumulated Depreciation-Store Equipment194Office Equipment195Accumulated Depreciation-Office EquipmentLIABILITIES211Accounts Payable-Summit Company216Salaries Payable218Sales Tax Payable219Customer Refunds Payable221Notes PayableEQUITY310Common Stock311Retained...
- Q Analyzing manufacturing cost accounts:Fire rock company manufactures designer paddle boards in a widevariety of sizes and styles. The following incomplete ledgeraccounts refer to transactions that are summarized for June:MaterialsJune1. Balance....
- Q Data pertaining to the current position of Lucroy IndustriesInc. follow:Cash$420,000Marketable securities177,500Accounts and notes receivable (net)335,000Inventories700,000Prepaid expenses40,000Accounts payable190,000Notes payable (short-term)240,000Accrued expenses295,000Required:1. Compute (a) the working capital, (b) thecurrent ratio, and (c)...
- Q Exercise 2-6 Job-Order Costing for a Service Company [LO2-1,LO2-2, LO2-3]Tech Solutions is a consulting firm that uses a job-ordercosting system. Its direct materials consist of hardware andsoftware that it purchases...
- Q 1. What is a stock option? Why are stock options costly forcompanies? 2. Why did CEO pay increased dramatically in the 1990s?3. What do you think about the Standard Setting...
- Q PLEASE SHOW THE WORKBudgeted Income Statement and Supporting BudgetsThe budget director of Gold Medal Athletic Co., with theassistance of the controller, treasurer, production manager, andsales manager, has gathered the following...
- Q Disclosures are required to elaborate on certain items that arepresented in summarized form in the financial statements. There arespecific disclosure notes that are required to be present in allfinancial statements,...
- Q Decort Company's working capital accounts at December 31, 2012,are given below:Current Assets: Cash$100,000 Marketable Securities50,000 Accounts Receivable$250,000 Less Allowance for Doubtful Accounts(20,000)230,000 Inventory, LIFO300,000 Prepaid 8,000 Total Current Assets$688,000Current Liabilities: Accounts Payable$200,000 Notes Payable50,000 Taxes Payable10,000 Accrued Liabilities 30,000Total Current Liabilities$290,000During 2013, DeCort...
- Q White Company has two departments, Cutting and Finishing. Thecompany uses a job-order costing system and computes apredetermined overhead rate in each department. The CuttingDepartment bases its rate on machine-hours, and...
- Q Problem 1A subsidiary of J & J Products is in the process of preparinginterim financial statements. Since they take physical inventory onan annual basis they use the Conventional Retail Inventory...
- Q Hi Max. SOX is definitely a fun an interesting topic! I rememberwhen this “new” regulation turned the accounting world upside down.It’s hard to believe that was 16 years ago! Class,...
- Q Strickland Crop's manufacturing overhead budget for the firstquarter of 2013 contained the following data:Variable Costs Indirect materials $40,000Indirect labor $24,000Utilities $20,000Maintenance $12,000Fixed CostSupervisor's salary $80,000Depreciation $16,000Property taxes $8000Actual variable cost...
- Q Troubled Asset Relief Programs (TARP):a. Why is the legislation required?b. Summarize the main requirements of the legislation.c. Why or how is the company impacted by the legislation?d. What punishment did...
- Q Roquan is an attorney and practices as a sole proprietor. Thisyear, Roquan, who is single, had net business income of $90,000from his law practice. Assume that Roquan pays $40,000 wages...
- Q Brief the followingCases:Eisner v. Macomber 252U.S. 189 (1920)Cheek v. U.S. 498 U.S.192 (1991)
- Q Answer the following questions: 1. What is an audit trailand why is it important in accounting? 2. There are several types ofcorporations. If you were to start your own business andincorporate; discuss...
- Q The following changes in Vel Corp.'s account balances occurredduring the current year:Increase Assets $ 89,000Liabilities27,000Capital stock 60,000Additional paid-in capital 6,000Except for a $13,000 dividend payment and the year's earnings,there were...
- Q Solomon Manufacturing Company was started on January 1, 2018,when it acquired $81,000 cash by issuing common stock. Solomonimmediately purchased office furniture and manufacturing equipmentcosting $7,700 and $25,800, respectively. The office...
- Q The following transactions were completed by Winklevoss Inc.,whose fiscal year is the calendar year:Year 1July1Issued $71,100,000 of 20-year, 12% callable bonds dated July 1,Year 1, at a market (effective) rate...
- Q We learned the differences between accounting for inventoryunder the FIFO, LIFO, and average costing methods. Additionally, weexplored how the income statement impact may differ under each ofthe three methods.Pick a...
- Q Alex Alex established Alex Consulting Company on September 1,2018, as a backup plan.The company had the following transactions duringSeptember.Sept. 1 – The company sold shares of common stock for $30,000cash.Sept....
- Q Please do it by type not pics.1.Understand how the accounting cycles (revenue, expenditure,production, HR/payroll, general ledger) interact in a businessorganization. Within this context draw a simple inflow and outflowdiagram illustrating...
- Q Summarise the importance of the operating and financial review(OFR) especially in light of the current COVID-19 pandemic.
- Q Analyzing and Reporting Receivable Transactions andUncollectible Accounts Using Percentage- of-Sales Method toEstimate Bad Debt ExpenseAt the beginning of the year, Penman Company had the followingaccount balances.Accounts receivable...................... $356,000Allowance for uncollectible...
- Q VerizonWirelessBalance Sheet Data (Partial) andAnalysis(In millions)Current YearAnalysisPrior YearAnalysisCurrent assets$ 2,290$ 669Current liabilities 2,257 2,172Current ratio1.010.31Total liabilities$ 9,801$ 9,854Total assets 5,131 6,200Debt to assets ratio1.911.59If Verizon paid off $1 billionof current liabilities with cash:Current assetsCurrent liabilitiesCurrent...
- Q During 2019, Peter rented his vacation home for 90 days andspent 30 days. Gross rental income from the property was $15,000.Peter incurred the following expense:Mortgage and Real Estate taxes 9000Utilities...
- Q Using a credible newspaper or business magazine, discuss an articlewhich illustrates dysfunctional leadership and management in anorganization. Use all of the course resources to diagnose thesituation through the adaptive leadership...
- Q 1. A company had net income of $48,000, netsales of $380,000, and average total assets of $280,000. Its profitmargin and total asset turnover were respectively: Multiple Choice1.36%; 0.17. 1.97%; 1.36....
- Q Topic -ACCOUNTING AND ACCOUNTABILITY of THE FALL OF ENRONRequirement:1. How did the fall ofthe Enron case affect the accounting and accountability ofcorporations in the US?2. Enron switches fromtraditional methods to...
- Q [The following information applies to the questionsdisplayed below.]Diego Company manufactures one product that is sold for $75 perunit in two geographic regions—the East and West regions. Thefollowing information pertains to...
- Q Mariposa Manufacturing builds custom wooden cabinets. MariposaManufacturing has reported the following costs for the previousyear. Assume no production inventories.Advertising$35,400Cost of hardware (slides, handles, etc)$34,300Cost of wood$116,800Depreciation on production equipment$32,000Factory property...
- Q Following are several figures reported for Allister and Baroneas of December 31, 2018: Allister Barone Inventory $ 520,000 $320,000 Sales 1,040,000 840,000 Investment income not given Cost ofgoods sold 520,000...
- Q How can I put the information below in these 7 accounts?Trial balance adjustment adjustment trial balance income statement balance sheet closing post-closing balance sheet Debitcreditdebitcreditdebitcreditdebitcreditdebitcreditdebitcreditdebitcredit 1 January 1, 2015 Rosen and the other owners invest $50,000 in exchange...
- Q A.) explain use of learning curve in budgetary and budgetcontrol,and explain the difficulties that the management Accountantmay encounter in such use.B.)Explain how allocating Support department costs willencourage service department to...
- Q C4-2 From Recording Transactions (Including Adjusting JournalEntries) to Preparing Financial Statements and Closing JournalEntries (Chapters 2, 3, and 4) [LO 2-3, LO 3-3, LO 4-1, LO 4-2, LO4-3, LO 4-4,...
- Q Use a firm of your choice, either real or of your own creationaand write as from the perspective who has just been hired toconduct and audit of the firm. explain...
- Q AccountingOf the risks Starbucks Corporation discloses, you must identifyat least one risk at Starbucks store level and connect it to afinancial statement, explaining its adverse financial statementoutcomes if it were...
- Q Cerner Corporation announced a first-come, first-serve stockrepurchase offer to its shareholders – the company agreed torepurchase 2,653,780 shares of its common stock in exchange fortotal consideration of $173,434,000. Cerner had...
- Q Problem 13-12 Sunland Music Emporium carries a wide variety ofmusical instruments, sound reproduction equipment, recorded music,and sheet music. Sunland uses two sales promotiontechniques—warranties and premiums—to attract customers. Musicalinstruments and sound...
- Q Prepare an activity-based and time-driven activity-basedanalysis for each of the three levels of care for natural births inAsante's maternity ward. Exhibit 1: Maternity Ward Competitor InformationAsante Teaching HospitalJohannesburg Women's HospitalJohannesburg HospitalMetro...
- Q The following financial statements apply to ThorntonCompany:Year 4Year 3RevenuesNet sales$210,100$175,600Other revenues8,6006,600Total revenues218,700182,200ExpensesCost of goods sold125,900102,500Selling expenses19,90017,900General and administrative expenses10,1009,100Interest expense1,5001,500Income tax expense19,30017,300Total expenses176,700148,300Net income$42,000$33,900AssetsCurrent assetsCash$5,400$6,400Marketable securities1,2001,200Accounts receivable36,30031,500Inventories101,80095,000Prepaid expenses3,7002,700Total current assets148,400136,800Plant...
- Q Determine the tax liability for tax year 2017 in each of thefollowing instances. In each case, assume the taxpayer can takeonly the standard deduction.Use the appropriate Tax Tables and Tax...
- Q Perdon Corporation manufactures safes—large mobile safes, andlarge walk-in stationary bank safes. As part of its annualbudgeting process, Perdon is analyzing the profitability of its twoproducts. Part of this analysis involves...
- Q Gallatin Carpet Cleaning is a small, family-owned businessoperating out of Bozeman, Montana. For its services, the companyhas always charged a flat fee per hundred square feet of carpetcleaned. The current...
- Q The unadjusted trial balance of PS Music as of July 31, 2018,along with the adjustment data for the two months ended July 31,2018, are shown in Chapter 3. Based upon...
- Q BlayCo's standard and actual costs per unit for the most recentperiod, during which 600 units were actually produced, are givenbelow:Standard Quantity/Hours: Materials- 4 feet per unit,Labor -unit 2 hours, VariableMOH- 2...
- Q Harrison Company makes two products and uses a traditionalcosting system in which a single plantwide predetermined overheadrate is computed based on direct labor-hours. Data for the twoproducts for the upcoming...
- Q Smoky Mountain Corporation makes two types of hiking boots—theXtreme and the Pathfinder. Data concerning these two product linesappear below: Xtreme Pathfinder Selling price per unit $ 121.00 $88.00 Direct materials...
- Q Jennifer decides that she will go into the tourist industry onLake Geneva, and buy a concession to hire out canoes on the lake.She borrows CHF40,000 (CHF is swiss currency) from...
- Q BMX Company has one employee. FICA Social Security taxes are6.2% of the first $128,400 paid to its employee, and FICA Medicaretaxes are 1.45% of gross pay. For BMX, its FUTA...
- Q What technology is necessary to utilize EFT?
- Q What is open-invoicing and which types of businesses would useit? Compare it with the balance-forward method. Why wouldn't one orthe other suffice for all companies?
- Q What special controls on procurment cards are necessary to makethe procedure work?
- Q Minden Company introduced a new product last year for which itis trying to find an optimal selling price. Marketing studiessuggest that the company can increase sales by 5,000 units for...
- Q *Suppose 3 friends decided to invest in a company calledreliable runner that would sell cars.Jane put in 20,000, Alan put in 15,000, and Colin put in 15,000.The money was paid...
- Q Average Rate of Return Method, Net Present Value Method, andanalysis for a Service CompanyThe capital investment committee of Ellis Transport and StorageInc. is considering two investment projects. The estimatedoperating income...
- Q Capital Rationing Decision for a Service Company Involving FourProposalsClearcast Communications Inc. is considering allocating alimited amount of capital investment funds among four proposals.The amount of proposed investment, estimated Operating income,...
- Q When performing tax research, you may come across a vague answerthat does not fit your client’s facts. If the code sections do notprovide an answer, where would you turn for...
- Q Old Country Links, Inc., produces sausages in three productiondepartments—Mixing, Casing and Curing, and Packaging. In the MixingDepartment, meats are prepared and ground and then mixed withspices. The spiced meat mixture...
- Q 7. Hadley Company hasthe following securities in its portfolio on December 31, 2020: Cost Fair Value15,000 shares of Brady Corp.Common $450,000 $460,000100 shares of Sanders, Inc.Common 115,000 90,0002,000 shares of Peters, Inc. Preferred 210,000 ...
- Q Ralph Co manufactures products on a job-order basis. Job 4 is anorder for 100 units. It requires $3,000 direct materials, $1,000direct labor, and $1,500 overhead applied based on 150% the...
- Q Please show work and answer both questions30. Printer Company pays a $25,000 annual membership fee to atrade association for paper wholesalers. The trade associationestimates that 60% of its dues areallocated...
- Q *Suppose 3 friends decided to invest in a company calledreliable runner that would sell cars.Jane put in 20,000, Alan put in 15,000, and Colin put in 15,000.The money was paid...
- Q Pureform, Inc., uses the weighted-average method in its processcosting system. It manufactures a product that passes through twodepartments. Data for a recent month for the first departmentfollow:UnitsMaterialsLaborOverheadWork in processinventory, beginning63,000$54,400$22,100$26,900Units...
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