Accounting question and answers for July 03, 2023
- Q Question 25Blossom Company received the following selected information fromits pension plan trustee concerning the operation of the company’sdefined benefit pension plan for the year ended December 31,2017.January 1, 2017December 31,...
- Q Wood Corporation owns 70 percent of Carter Company’s votingshares. On January 1, 20X3, Carter sold bonds with a par value of$615,000 at 98. Wood purchased $410,000 par value of the...
- Q The Assembly Department of Zip Surge Protectors began Septemberwith no work in process inventory. During the? month, productionthat cost $50,786 ?(direct materials, $12,386?, and conversion?costs, $38,400?) was started on 27,000...
- Q Select a company and go to Yahoo! Finance and look it up. Thefinancial statements are easily available there. Identify whattypes of property, plant and equipment the company has and whatthey...
- Q On January 1, 2015, when its $30 par value common stock wasselling for $60 per share, a corporation issued $20 million of 12%convertible debentures due in 10 years. The conversion...
- Q Beeler Furniture Company deposits all cash receipts eachWednesday and Friday in a night depository, after banking hours.The data required to reconcile the bank statement as of June 30,20Y2, have been...
- Q Explain the purpose of adjusting entries at the end of aperiod.
- Q Standard Industry Classifications, How are you doingcompared to others?Please do not define SIC CODES OR ACCOUNTS RECEIVABLE as Ialready know what that is. Question 1 is the question. AND PLEASELIST...
- Q LO4 Under the cash basis of accounting, revenue is recorded whenit is received in cash, and expenses are recorded when they arepaid in cash. Under the accrual basis of accounting,...
- Q Read the following scenario and then thoughtfully discuss thequestions. In a recent news report, the following statement wasmade: "A report put out by brokerage house CLSA about Jet Airwayssaid that...
- Q traver (32) is not married. He shares a home all ting him.Travor provides more then year with his girlfriend Stepphanie (26), Stephanie son Ryan (3). Rayan is not related to...
- Q When a member of the AICPA prepares a taxpayer's federal incometax return, the member has the responsibility toA. be an advocate for the entity's positionB. Verify the data to be...
- Q 1. EXPLICIT AND IMPLICIT COSTS An annual income statement fromQuest Realty, Inc. is shown below: Revenues Revenue from sales ofgoods and services.............................. $80,000,000Operating costs and expenses: Cost of products and...
- Q 6.2 EFA. Calculation of Net Interest Income for each bank :-For US BankAsset = 120*1.5= $180 millionInterest on asset= 180*6.5%= $11.7 millionInterest on Liability = 180*4.75%= $8.55 million=> Net Interest...
- Q A company issues $4,000,000 of 6%, 15-year bonds dated January1, 201, that pay interest semiannually on June 30 and December 31.The bonds are issued at a price of $3,456,448.1. Prepare...
- Q Simon Blank Construction Company has two divisions. Thepresident (Chris Simon) manages the roofing division. Simondelegated authority and responsibility for management of themodular manufacturing division to John Gault. The company has...
- Q From a regulatory theory perspective explain the differences indisclosure requirements for US companies and Australiancompanies.
- Q Discuss why the historical-cost accounting model may not providedecision-relevant information in an inflationary environment.MUST BE ORIGINAL WRITING!!
- Q Three major differences between corporate and governmentdisclosure requirements
- Q Downsizing can take a toll on society, especially whena large percentage of a firm’s employees are terminated. Shouldgovernment restrictions be placed on downsizing? Why or whynot?
- Q Beale Management has a noncontributory, defined benefit pensionplan. On December 31, 2021 (the end of Beale's fiscal year), thefollowing pension-related data were available:Projected Benefit Obligation($ in millions)Balance, January 1, 2021$460Service...
- Q Use the average daily balance method to compute the financecharge on the credit card account for the month of August? (31days). The starting balance from the previous month is ?$290....
- Q QUESTION 1The following situations involve potential violation of the generalethical principles as outlined in APES 110 .You are asked to advisewhether they involve a violation or not of the ethicalprinciples and...
- Q QUESTION 2 ( 12 marks)The following situations refers to threats to theAuditor’s independence.You are asked to state what the different threats to the Auditor’s independence are and explainhow these threats...
- Q if a worker is from Ebngland but he work at Australia ,he has ahouse in England to be rent ,but the wage he receive in Australiahe is transfer to England...
- Q Required---------------------1. Post to the ledger.2. Prepare the trial balance of Harper Service as at 31March 2018--------During March, the business engaged in the followingtransactions, All figures are GST (GST is15%)inclusive where...
- Q Required informationExercise 12-11 Indirect: Preparing statement of cash flows LOP1, P2, P3, A1The following financial statements and additional informationare reported.IKIBAN INC.Comparative Balance SheetsJune 30, 2017 and 201620172016AssetsCash$105,100$48,000Accounts receivable, net71,00055,000Inventory67,80092,500Prepaid expenses4,8006,200Total...
- Q Required---------------------1. Prepare the trial balance of Harper Service as at 31March 2018--------During March, the business engaged in the followingtransactions, All figures are GST (GST is15%)inclusive where applicable:Journalise each transaction. Key...
- Q QUESTION 2 During the “understanding the entity and its environment” stage ofplanning for the audit of Novex (Pty) Ltd you obtain the followinginformation, inter alia, about the company. 1. The company...
- Q 1. a) From the following, determine which would be contracts fornecessaries and which would not? Explain your answer. i) Car todrive to lecture theatre if staying in USP hostel? ii)...
- Q QUESTION 5 You are in charge of the audit of “cash and bank” at Beachbreak(Pty) Ltd for the financial year – end February 2018. During theinterim audit conducted during late...
- Q QUESTION 3 The evaluating and concluding stage of the audit process is veryimportant. At this stage all the evidence that has been gathered onthe audit must be brought together so that...
- Q RunAway is a local company that? custom-prints tech runningshirts for organized racing events. The company has been inbusiness for 2 years. Normal demand for the tech running shirts isapproximately 650...
- Q Halogen Laminated Products Company began business on January 1,2018. During January, the following transactionsoccurred:Jan.1Issued common stock in exchange for $113,000 cash.2Purchased inventory on account for $32,000 (the perpetualinventory system is...
- Q Baxter company failed to accrue $30,000 of salary expense at theend of 2017. The salaries expense was recorded as paid in 2018.Ignoring taxes, what journal entry will Baxter make in...
- Q Boxer Corporation has consistently used thepercentage-of-completion method of recognizing income. In 2018,Boxer started work on a $45,000,000 construction contract that wascompleted in 2019. The following information was taken from Boxer'saccounting...
- Q Payback Period and NPV of Alternative Automobile Purchase WendyLi decided to purchase a new Honda Civic. Being concerned aboutenvironmental issues she is leaning toward a Honda Civic Hybridrather than the...
- Q ATTENTION: I PAY EVERY MONTH TO BE ABLE TO POSTQUESTIONS HERE. THEREFORE I EXPECT COMPLETE AND QUALITY ANSWERS.PLEASE READ CAREFULLY WHAT IS REQUIRED AND GIVE A THOROUGH ANSWER .DO NOT...
- Q Distinguish between fixed and current assets and describecurrent ratio.
- Q Derrick Iverson is a divisional manager for Holston Company. Hisannual pay raises are largely determined by his division’s returnon investment (ROI), which has been above 20% each of the lastthree...
- Q What is Balance Sheet? Identify and explain any two purposes ofa 'Balance Sheet'.
- Q Need 10-13Hawkins Engineering’s management wants to prepare budgets forone of its products, GalaxyRS, for July 2019. The firm sells theproduct for $800 per unit and has the following expected sales...
- 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 Financial statements provide information about the financialposition, performance and changes in the financial position of theorganization. As a healthcare manager, would accounts receivableaffect the bottom line and how would you...
- Q On January 2, 2017 Nash Company leases a machine with a fairvalue of $34,000 from Snead, Inc., on the following terms:1.Noncancelable term of 4 years.2.Rental of $8,400 per year (at...
- Q 1. On January 1, 2015, Reno Inc. purchased a machine for$150,000. The machine has an estimated five year life, and noresidual value. Double declining balance depreciation has been usedfor financial...
- Q Levine Company uses the perpetual inventory system and allowscustomers to use two credit cards in charging purchases. With theSuntrust Bank Card, a 4% service charge for credit card sales isassessed....
- Q Assume that 25-year-old Denise wastes $10 per week buyinglottery tickets, averaging $520 per year. Now let's assume thatDenise "sees the light" and decides to take that $520 she wouldhave spent...
- Q Problem 16-64 Comprehensive Variance Problem (LO 16 - 5, 6)The standard cost sheet for Chambers Company, which manufacturesone product, follows: Direct materials, 40yards at $3.00 per yard$120Direct labor, 5 hours at...
- Q In December 2016, Custom Mfg. established its predeterminedoverhead rate for jobs produced during 2017 by using the followingcost predictions: overhead costs, $1,550,000, and direct materialscosts, $500,000. At year-end 2017, the...
- Q At year-end (December 31), Chan Company estimates its bad debtsas 0.5% of its annual credit sales of $975,000. Chan records itsBad Debts Expense for that estimate. On the following February...
- Q The following book and fair values were available for WestmontCompany as of March 1.Book ValueFair Value Inventory$300,000$248,250 Land816,0001,085,250 Buildings2,050,0002,375,500 Customer relationships0822,750 Accounts payable(100,000)(100,000) Common stock(2,000,000) Additional paid-in capital(500,000) Retained earnings 1/1(395,000) Revenues(454,500) Expenses283,500Arturo Company pays $3,470,000 cash and issues 24,300...
- Q Provide complete answers to the following two problems:Describe the differences in cash flow statements required byGASB standards when compared with cash flow statements required byFASB standards.The Village of Watkins Glenn...
- Q PA11-1 Calculating Accounting Rate of Return, Payback Period,Net Present Value, Estimating Internal Rate of Return [LO 11-1,11-2, 11-3, 11-4]Balloons By Sunset (BBS) is considering the purchase of two newhot air...
- Q Mary has to prepare a budget for the upcoming year. To know howmuch to set aside for medical expenses, she decides to take a lookat how much she spent last...
- Q Greg, Yenny, Rachel, and Harry form an equal partnership betweenpartners. It has the following assets: $30,000 in cash, inventoryworth $40,000 in which the partnership has a basis of $20,000, anda...
- Q PA11-3 Comparing, Prioritizing Multiple Projects [LO 11-1, 11-2,11-3, 11-6]Hearne Company has a number of potential capital investments.Because these projects vary in nature, initial investment, and timehorizon, management is finding it...
- Q Colt Company owns amachine that can produce two specialized products. Production timefor Product TLX is three units per hour and for Product MTV is fourunits per hour. The machine’s capacity...
- Q After completing Steps? 1-4 of the process costing? procedure,Drumm ?Corp., arrived at the following equivalent units and costsper equivalent unit for its final production department for themonth of October?:Requirement 1a....
- Q 9. Zebra Medicine is an online pharmaceutical firm. Zebra has asmall systems staff that designs and writes Zebras customizedsoftware. The data center is installed in the basement of itstwo-story headquarters...
- Q . Write an IOM to the CEO concerning your analysis of thefollowing case stating strengths and weaknesses giving testingtools and recommendation for controls.A Spring Water Spa Company is a 15-store...
- Q Calla Company produces skateboards that sell for $51 per unit.The company currently has the capacity to produce 90,000skateboards per year, but is selling 81,800 skateboards per year.Annual costs for 81,800...
- Q Problem 16-55 Profit Variance Analysis (LO 16-4)The results for July for Brahms & Sonsfollow: Actual (based on actual sales of 98,000 units)Master Budget (based on budgeted sales 96,000 units)Sales revenue$650,000$816,000LessVariable costsDirect...
- Q a) On January 1, 2020, Blue Inc. sold computer equipment toLarkspur Co. The sales price of the equipment was $511,000 and itscarrying amount is $396,000. Record any journal entries necessaryfor...
- Q MED MULTINATIONAL TAXATION #4Calculate the U.S. source income where a foreign taxpayer has 4million in effectively connected income, 5 million in fixed anddeterminable, annual or periodic income and 8 million...
- Q onsider the roles of internal and external stakeholders andconsider one of the following projects: A municipal airport isconsidering letting larger planes land at its facilities. This willbring added tourism but...
- Q Albuquerque, Inc., acquired 27,000 shares of Marmon Companyseveral years ago for $900,000. At the acquisition date, Marmonreported a book value of $980,000, and Albuquerque assessed thefair value of the noncontrolling...
- Q THIS IS A VERY IMPORTANT QUESTION. PLEASE MAKE SURE YOU DO ITCOMPLETELY AND UNDERSTAND THE CONCEPTS. VNA Enterprises, Inc.manufactures and sells a single product. A schedule of units soldfor 3...
- Q On June 30, 2018, Plaster, Inc., paid $812,000 for 80 percent ofStucco Company's outstanding stock. Plaster assessed theacquisition-date fair value of the 20 percent noncontrollinginterest at $203,000. At acquisition date,...
- Q home / study / business / accounting / accounting questions andanswers / Carol Is A Single Mother Who Owns A Wholesale Auto PartsDistributorship. The Business Is Organized ... Question: Carol...
- Q Who should complete financial reports? Department heads versuscentralized positions? Give examples of strengths and weaknesses ofthe differing roles completing the reports?
- Q Bonita Leasing Company signs a lease agreement on January 1,2017, to lease electronic equipment to Windsor Company. The term ofthe noncancelable lease is 2 years, and payments are required atthe...
- Q Question 3 (3%)Required:Explain the role that incorporation of auditors and a statutorycap on auditors’ liability have on the limitation of auditors’liability.
- Q Question 4The information given below as extracted from the accountingrecords of Salmon Traders, a partnership business with Sally andMonty as partners. The financial year ends on the last day ofFebruary...
- Q Compute the payback period for each of these two separateinvestments:A new operating system for an existing machine is expected tocost $240,000 and have a useful life of six years. The...
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!