Accounting question and answers for July 02, 2023
- Q Larkspur Golf Inc. was formed on July 1, 2016, when Matt Magilkepurchased the Old Master Golf Company. Old Master provides videogolf instruction at kiosks in shopping malls. Magilke plans tointegrate...
- Q Ajax Inc. is a public company ad a new client of HawtornePartners, a medium-sized audit firm. Jeffrey Rush is the engagementpartner on the audit and has asked the members of...
- Q Required information[The following information applies to the questionsdisplayed below.]Raphael Corporation’s common stock is currently selling on a stockexchange at $159 per share, and its current balance sheet shows thefollowing stockholders’...
- Q In your own words please answer the following, or some ofthem:5. How was the income tax formula for individuals changed for2018 by the Tax Cuts and Jobs Act?6. Why are...
- Q J&C, Inc., had the following Net Income (Loss) from 2010 –2013. Determine their Ending Retained Earnings amount for eachyear.K&L, Inc.(In Millions)YearNetIncome (Loss)DividendsEndingRetainedEarnings2010$10.50$5.50$33.6527.2011$6.75$4.9528.2012($0.20)$3.2529.2013$8.25$6.15
- Q Corporate Bonds represent an attractive asset class to thefixed-income investor. Discuss your experiences with interestgenerating fixed-income investment assets. Do not be bashful orintimidated; either an interest bearing saving account, or...
- Q The unadjusted trial balance and related adjusting journalentries for McAfee Consulting Services is presented below (note:AJEs have been entered). Update account balances to complete theAdjusted Trial Balance. Then prepare the...
- Q Answer in just 200 words please.Case StudyAs a professional accountant, you work for Optimistic Ltd.Optimistic Ltd was incorporated with the objective of developingdesigner drugs to meet the needs of an...
- Q what is the major disadvantage of Activity Based Costing
- Q Part 2a –Tax Return Information Jake Smith is an Australian resident andalso one of your clients. Jake has the following events during theyear.1. During the entire 2018 income year, Jake...
- Q Yellow Enterprises reported the following ($ in thousands) as ofDecember 31, 2021. All accounts have normal balances.Deficit (debit balance in retained earnings)$3,000Common stock2,000Paid-in capital—share repurchase1,000Treasury stock (at cost)400Paid-in capital—excess of...
- Q Use the following data to prepare the Indirect Cash FlowStatement for December 31, 2014:Cash at End of the Year 2013 - $50,000; 2014 - $40,000Net Income for 2014 - $130,000Purchase...
- Q Cannon Construction (Cannon or the “Company”), an SECregistrant, is a construction company that manufactures commercialand residential buildings. On March 1, 2017, the Company enteredinto an agreement with a customer, Thornock...
- Q Part 2b – Negative GearingJake while talking to a friend (Max) at a party is informedabout a topic called “negative gearing”. Tax advantages werediscussed so Jake is seeking your advice....
- Q Haas Company manufactures and sells one product. The followinginformation pertains to each of the company’s first three years ofoperations:Variable costs per unit:Manufacturing: Direct materials $ 23Direct labor $ 15Variable manufacturing...
- Q Where can I download EAS egyptian accounting standards ?
- Q At the beginning of the current period, Rose Corp. had balancesin Accounts Receivable of $200,000 and in Allowance for DoubtfulAccounts of $9,000. During the period, it had credit sales of$800,000...
- Q (Determination of property tax rate)The City of Westonis preparing its budget for calendar year 2013. After estimatingrevenues from all other sources, the City calculates that it mustraise $7,000,000 from property...
- Q Widmer Watercraft’s predetermined overhead rate for the year2017 is 200% of direct labor. Information on the company’sproduction activities during May 2017 follows. Purchased rawmaterials on credit, $220,000. Materials requisitions record...
- Q Purple Company has $200,000 in net income for2018 before deducting any compensation or otherpayment to its sole owner, Kirsten. Kirsten is single and sheclaims the $12,000 standard deduction for 2018....
- Q It's About? Time, Inc. manufacturers 2 lines of? clocks: Digitaland Analog. Under the current costing? system, manufacturingoverhead is applied to each line based on machine hours. MachineSetup costs account for...
- Q Partnership form of organization has advantages anddisadvantages. Note that different types of partnerships have beendeveloped to minimize some of these disadvantages. Alternatively,an individual or company can choose the proprietorship or...
- Q Superior Company provided the following data for the year endedDecember 31 (all raw materials are used in production as directmaterials):Selling expenses$140,000Purchases of raw materials$290,000Direct labor?Administrative expenses$100,000Manufacturing overhead appliedto work in...
- Q DuringApril, the production department of a process manufacturing systemcompleted a number of units of a product and transferred them tofinished goods. Of these transferred units, 82,000 were in processin the...
- Q Before the Amplifier is a manufacturer of guitars. The companysells acoustic and electric guitars. The electric guitar line isnot as profitable as expected despite high production levels.Management is concerned that...
- Q Todd Olson is the owner and operator of Alpha, a motivationalconsulting business. At the end of its accounting period, December31, 2013, Alpha has assets of $777,270 and liabilities of $245,620.Using...
- Q The following changes took place last year in Pavolik Company’sbalance sheet accounts:Asset and Contra-Asset AccountsLiabilities and Stockholders' Equity AccountsCash$6DAccounts payable$36IAccounts receivable$115IAccrued liabilities$4DInventory$70DIncome taxes payable$9IPrepaid expenses$10IBonds payable$148ILong-term investments$7DCommon stock$77DProperty, plant, and...
- Q Jasper Fruits Corporation wholesales peaches and oranges.Barbara Jasper is working with the company’s accountant to preparenext year’s budget. Ms. Jasper estimates that sales will increase 7percent for peaches and 12...
- Q You have been engaged to testify in a case of employee fraud.You did not conduct the investigation, but you have a copy of areport from a competent investigator. What do...
- Q “I know headquarters wants us to add that new product line,”said Dell Havasi, manager of Billings Company’s Office ProductsDivision. “But I want to see the numbers before I make any...
- Q Lily Tucker (single) owns and operates a bike shop as a soleproprietorship. This year, she sells the following long-term assetsused in her business. Asset sales price, cost, accumulateddepreciation is 311500,...
- Q 3. The HC method, which uses unadjusted historical costs, doesnot consider depreciation expenses, purchasing power, andunrealized gains in replacement value. Despite these weaknesses asa financial reporting method, the HC method...
- Q Explain the term accrual accounting and how it is used ingovernmental, not for profit and business enterprises.
- Q On February 1, 2017, a new software development firm engaged inan initial public offering in which it raised $495,000 in capitaland issued 30,000 shares of $1 par value common stock.On...
- Q Hello my name is Pete. I posted my previous question in error byforgetting to mention that I am located in New York State and amrequired to go by those rules...
- Q Ben and Molly are married and will file jointly. Ben earns$300,000 from his single member LLC (a law firm). He reports hisbusiness as a sole proprietorship. Wages paid by the...
- Q During this learning plan, you completed an research on yourcompetitors in general through Hoovers database in the NAU OnlineLibrary. Based on the results of your competitor search, give arecap of...
- Q EyeGuard Equipment Inc. (EEI) manufactures protective eyewearfor use in commercial and home applications. The product is alsoused by hunters, home woodworking hobbyists, and in otherapplications. The firm has two main...
- Q Financial Statements and Closing EntriesThe Gorman Group is a financial planning services firm owned andoperated by Nicole Gorman. As of October 31, 2018, the end of thefiscal year, the accountant...
- Q A machine can be purchased for $283,000 and used for five years,yielding the following net incomes. In projecting net incomes,double-declining depreciation is applied, using a five-year lifeand a zero salvage...
- Q (b Stevenson Company purchased equipment for $250,000 on January1, 2010. The estimated salvage value is $50,000, and the estimateduseful life is 5 years. The straight-line method is used fordepreciation. On...
- Q Explain process operations and the way they differ from joborder operations in 250 words or more.
- Q Martin S. Albert (Social Security number 111-11-1111) is 39years old and is married to Michele R. Albert (Social Securitynumber 123-45-6789). The Alberts live at 512 Ferry Road, NewportNews, VA 23601....
- Q ADA Pharmaceutical Company produces three drugs—Diomycin,Homycin, and Addolin—belonging to the analgesic (pain-killer)family of medication. Since its inception four years ago, ADA hasused a direct labor hour–based system to assign manufacturingoverhead...
- Q During a weekly meeting the CEO of company made an statementthat he heard from a friend that “There is general agreement that,before it can be regarded as useful in satisfying...
- Q Ellie Mosk, CEO of X-Space Industries, decided to expand thecompany’s product offering beyond the core model rocket business.After investigation, she decided to set up a separate division todesign and manufacture...
- Q Menlo Company distributes a single product. The company’s salesand expenses for last month follow:TotalPer UnitSales$628,000$40Variable expenses439,60028Contribution margin188,400$12Fixed expenses145,200Net operating income$43,200Required:1. What is the monthly break-even point in unit sales and...
- Q Dividing Partnership Income Candace Hassell and Abby Lawsonformed a partnership, investing $295,200 and $196,800,respectively. Determine their participation in the year's netincome of $258,000, under each of the following independentassumptions. No...
- Q On what basis can attorneys raise objections in depositions?
- Q What is the requirement to disclose the expert’s compensation tothe opposing side?
- Q On July 1, 2017, Torvill Construction Company Inc. contracted tobuild an office building for Gumbel Corp. for a total contractprice of $1,900,000. On July 1, Torvill estimated that it wouldtake...
- Q 1. Identify the risks and2. Internal control procedure(s) to mitigate the riskCharacteristics of the Organization- A small non-profit organization that provides housing foryouths with revenues of approximately $700,000. The organizationalso...
- Q Ethical Issues question Chain Co. is major consulting firmlocated in three cities in the USA. In its NYC office, DanSutherland is a senior manager, reporting to a partner who is...
- Q 14-07 14-3Entries for Issuing Bonds and Amortizing Premium byStraight-Line MethodDaan Corporation wholesales repair products to equipmentmanufacturers. On April 1, 2016, Daan Corporation issued $1,400,000of 8-year, 7% bonds at a market...
- Q Lowlife Company defaulted on a $190,000 loan that was due onDecember 31, 2018. The bank has agreed to allow Lowlife to repaythe $190,000 by making a series of equal annual...
- Q Marvel Parts, Inc., manufactures auto accessories. One of thecompany’s products is a set of seat covers that can be adjusted tofit nearly any small car. The company uses a standard...
- Q John Roberts is 55 years old and has been asked to accept earlyretirement from his company. The company has offered John threealternative compensation packages to induce John to retire: (FV...
- Q Financial data for Joel de Paris, Inc., for last yearfollow:Joel de Paris, Inc.Balance SheetBeginningBalanceEndingBalanceAssetsCash$126,000$137,000Accounts receivable344,000478,000Inventory571,000477,000Plant and equipment, net809,000798,000Investment in Buisson, S.A.390,000428,000Land (undeveloped)247,000250,000Total assets$2,487,000$2,568,000Liabilities and Stockholders'EquityAccounts payable$385,000$332,000Long-term debt1,035,0001,035,000Stockholders' equity1,067,0001,201,000Total liabilities and...
- Q Company Y had book income of $600,000. The following items wereidentified:1. Income from PA Municiple Bonds: 10,0002. Excess Depreciation Expense: 60,0003. Officers Life Insurance Expense: 5,0004. Bad Debt Provision (Expense):...
- Q Padre, Inc., buys 80 percent of the outstanding common stock ofSierra Corporation on January 1, 2018, for $754,080 cash. At theacquisition date, Sierra’s total fair value, including thenoncontrolling interest, was...
- Q BARDEEN ELECTRIC: FASB ASC AND IFRS RESEARCH CASEOn October 18, 2017, Armstrong Auto Corporation ("Armstrong")announced its plan to acquire 80 percent of the outstanding 500,000shares of Bardeen Electric Corporation’s ("Bardeen")...
- Q reen Garden Company purchased a tractor at a cost of $240,000 onJanuary 1, 2015. The tractorhas an estimated residual value of $40,000 and an estimated lifeof 8 years. At the...
- Q Partial information from the comparative balance sheet ofJackson Company as of December 31, 2020 and 2019 reflected thefollowing selected account balances. From the information containedon the balance sheet and the...
- Q Falcon is self-employed and runs her own business. Falcon’strading profits for the year 2014/15 were £5,100. Profits perFalcon’s financial statements were £5,700. Falcon also had earningsof £9,500 from part-time employment....
- Q Distinguish between economic regulation and social regulation.What were the original objectives of regulation, and whichhistorical factors have shaped the development of regulation? Whatare the principal arguments on both sides of...
- Q 4. Sylvia's Designs Co. had the following inventoryactivity during April:UnitsUnitCostBeginning inventory100$10Purchase (April 3)5012Sale (April 10)80Purchase (April 18)4014Purchase (April 23)6015Sale (April 28)120Assuming Sylvia's uses a perpetual LIFO cost flowassumption, ending inventory...
- Q Bonds Payable: On January 1, 2014 – ABC issued $800,000.00 of20-year, 11% bonds for $739,814.81, yielding a market (yield) rateof 12%. Interest is payable semiannually on June 30th and December31.a....
- Q Lindsey Company uses activity-based costing. The company has twoproducts: A and B. The annual production and sales of Product A is9,000 units and of Product B is 8,000 units. There...
- Q Fever Corporation uses the weighted average method of processcosting. The company has the following information for theperiod:Beginning Work in Process: 2000 units 100% complete formaterials, 75% complete for conversion costsUnits...
- Q Part B Refer to the 2017 annual report of JB Hi-Fi Limited on itswebsite, www.jbhifi.com.au and answer the followingquestions:1. What are the different types of revenues generated by theconsolidated group?2....
- Q understanding costs, what are advantages and disadvantages ofbreak-even analysis in themanagerial decision making?
- Q The comparative balance sheet of Merrick Equipment Co. forDecember 31, 20Y9 and 20Y8, is as follows:Dec. 31, 20Y9Dec. 31, 20Y8AssetsCash$267,060$250,430Accounts receivable (net)96,75089,940Inventories273,100266,320Investments0103,170Land140,0800Equipment301,330235,440Accumulated depreciation—equipment(70,540)(63,490)Total assets$1,007,780$881,810Liabilities and Stockholders'EquityAccounts payable$182,410$173,720Accrued expenses payable18,14022,930Dividends payable10,0807,940Common...
- Q Think about data collected and used by Netflix. (You mayselect more than one answer. Single click the box with the questionmark to produce a check mark for a correct answer...
- Q LFJ Manufacturing requested the company cost accountant toprepare a cash budget for the four months ending 30 April 2018.The following sales figures are for the months of November 2017to June...
- Q Compare and contrast accounting for a service-based businessversus a merchandising business. What are some of the accounts thatare unique to the latter type of business? What is the differencebetween gross...
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