Accounting question and answers for July 03, 2023
- Q After carefully reviewing the company’s current financialsituation, management team has decided to review the Proposedbudget for year 2 and you are requested to prepare revised budgetin accordance with organisational budgetary...
- Q Williams-Santana, Inc., is a manufacturer of high-techindustrial parts that was started in 2004 by two talented engineerswith little business training. In 2016, the company was acquired byone of its major...
- Q Question 1) Large Mart has recentlypurchased and installed a filter system through which all exhaustfumes from its Personal Computer (PC) factory are passed beforebeing released into the atmosphere. The...
- Q Described below are six independent and unrelated situationsinvolving accounting changes. Each change occurs during 2016 beforeany adjusting entries or closing entries were prepared. Assume thetax rate for each company is...
- Q In determining whether a person is an employee or an independentcontractor the Internal RevenueService will chiefly considera.the degree of control the employer exercises over the work tobe done.b.how the person...
- Q The following information is available for Ivanhoe Company. 1.Purchased a copyright on January 1, 2020 for $62,400. It isestimated to have a 10-year life. 2. On July 1, 2020, legal...
- Q what are two bad tax changes and why?
- Q 1) Determine the interest on the following notes:(a) $5,000 at 6%for 90 days.(b) $800 at 9%for 5 months.(c) $6,000 at 8%for 60 days(d) $1,600 at 7%for 6 months2) The following data exists for Mather...
- Q An FI has purchased a $202 million cap of 9 percent at a premiumof 0.75 percent of face value. A $202 million floor of 4.2 percentis also available at a...
- Q Jensen Company purchased a new machine on October 1, 2017, at acost of $104,000. The company estimated that the machine has asalvage value of $8,000. The machine is expected to...
- Q Tell what ways you can have a bad and good credit score.
- Q At the beginning of the current period, Emler Corp. had balancesin Accounts Receivable of $200,000 and in Allowance for DoubtfulAccounts of $9,000 (credit). During the period, it had net creditsales...
- Q 1) Donaldson Company has the following accounts in its generalledger at July 31: Accounts Receivable $40,000 and Allowance forDoubtful Accounts $2,500. During August, the following transactionsoccurred.Oct. 15 Sold$30,000 of accounts receivable to...
- Q Sunland Enterprises, Inc. operates several stores throughout thewestern United States. As part of an operational and financialreporting review in a response to a downturn in its markets, thecompany’s management has...
- Q Many large international organisations have a central treasurydepartment, which might be a separate profit Cen trewithin the group. The responsibilities of this department willinclude the management of business risk and...
- Q Halifax Manufacturing allows its customers to return merchandisefor any reason up to 90 days after delivery and receive a credit totheir accounts. All of Halifax’s sales are for credit (no...
- Q “In my opinion, weought to stop making our own drums and accept that outsidesupplier’s offer,” said Wim Niewindt, managing director of AntillesRefining, N.V., of Aruba. “At a price of $20...
- Q Under what circumstances would you expect a corporation toperform a:Split-offSpin-offSplit-upDiscuss several advantages and disadvantages for each type of Dreorganization and potential issues for each transaction thatCompany Management may discuss in...
- Q MHC 6305 Financial Management 1st is information: Healthcareorganizations (HCOs) need to acquire long-term and short-termassets to fulfill thier mission to stakeholders.In addition to receiving grants from federal and state sources,HCO...
- Q (a) State any five issues dealt with in the regulatoryframework of accounting.(b) Outline any four benefits multinational companies may derivefrom global harmonization of accounting standards.(c) In preparing financial statements, accountants...
- Q Single Plantwide Rate and Activity-Based CostingWhirlpool Corporation conducted an activity-based costing studyof its Evansville, Indiana, plant in order to identify its mostprofitable products. Assume that we select three representativerefrigerators (out...
- Q Please fill out a general journal for the transactions.Customers are charged $87 per hour for servicesCustomers are charged $75 for each unit of retail productpurchasedInventory is purchased by the company...
- Q 103. Cox, North, and Lee form a partnership. Cox contributes$204,000, North contributes $170,000, and Lee contributes $306,000.Their partnership agreement calls for a 6% interest allowance onthe partner's capital balances with...
- Q Birch Company normally produces and sells 42,000 units of RG-6each month. The selling price is $26 per unit, variable costs are$17 per unit, fixed manufacturing overhead costs total $175,000 permonth,...
- Q 1. Company B, manufactures a unique device that is used byinternet users to boost internet signals. The following datarelates to the first month of operation:Beginning inventory: 0 unitsUnits produced: 40,000...
- Q Part BYou are a senior internal auditor at BHEL Ltd., a machine toolmanufacturer. A draft set of financial statements for the year havebeen prepared by management, and it has fallen...
- Q David Little is a senor working at MYH and is part ofa 3-person team working on a client’s material loan applicationthat needs to be finished and delivered to the partner...
- Q On November 16, Jackson Lawless, Inc. made a cash loanto a customer andreceived a $ 240,000 a 60 day10% note. What is the maturity date and the maturity value of the...
- Q Andretti Company has a single product called a Dak. The companynormally produces and sells 81,000 Daks each year at a sellingprice of $60 per unit. The company’s unit costs at...
- Q Estimating Market and Book Values and Cost of CapitalMeasuresThe December 31, 2007, partial balance sheet and the 2007 retainedearnings statement from Colgate-Palmolive Company (CL) follow ($millions, except per share amounts)....
- Q Presented below are the captions of Faulk Company’s balancesheet. Indicate where each of the following items would beclassified.Balance Sheet AccountsBalance Sheet Classification1.Preferred stock.select a classification ...
- Q Identify the test of controls for each asssertion(existence,completeness, accuracy or valuation, rights and obligations, andpresentation and disclosure) and internal control. Write 500 wordsthat set specific tests of internal controls for...
- Q Please finish all the way through and show all workHawkins Engineering’s management wants to prepare budgets forone of its products, GalaxyRS, for July 2019. The firm sells theproduct for $800...
- Q Koontz Company manufactures two models of industrialcomponents—a Basic model and an Advanced Model. The companyconsiders all of its manufacturing overhead costs to be fixed andit uses plantwide manufacturing overhead cost...
- Q The HogwartsHospital has an old MRI machine and an outdated computer system,and they are considering purchasing their options:Information to help in theirdecision is as follows:MRI machine:cost:$875,000Number of MRI's performed each...
- Q In 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 Assume you were just assigned as lead auditor for a newe-commerce client. This is your client’s first year in business.Identify general business strategies that might explain yourclient’s decision to enter...
- Q Malibu Corporation has monthly fixed costs of $56,000. It sells twoproducts for which it has provided the following information.Sales PriceContributionMarginProduct 1$15$9Product 2204a. What total monthly sales revenue is required to...
- Q A piece of laborsaving 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 answer any question1.What is ( Triple jewel) of buddhism ?2.how buddhism compares and contrast with Hinduism and jainism?3.what is some ket buddhist texts?4.what is the concepts of Anicca and Anatta?5.how...
- Q Write a short report of a company that is not in real life (animaginary company)Description: The company is special in e-commerce it focuses onselling computer parts 1- Major demographic, economic,...
- Q Polaski Company manufactures and sells a single product called aRet. Operating at capacity, the company can produce and sell 46,000Rets per year. Costs associated with this level of production andsales...
- Q Charles Berkle is the manager of Nogain Manufacturing and isinterested in doing a cost of quality analysis. The following costand revenue data are available for the most recent year endedDecember...
- Q For 2017, Permtemp reported the following book income statementand balance sheet, excluding the federal income tax expenses,deferred tax assets, and deferred tax liabilities:Sales $33,000,000Cost of Goods Sold (22,000,000)____________GrossProfit $11,000,000Dividend Income 55,000Tax-exempt...
- Q I NEED 2 PARAGRAPHS What is activity-based costing?What is its goal?What company circumstances especially encourage the use ofactivity-based costing?
- Q Bilboa Freightlines, S.A., of Panama, has a small truck that ituses for intracity deliveries. The truck is worn out and must beeither overhauled or replaced with a new truck. The...
- Q Endless Mountain Company manufactures a single product that ispopular with outdoor recreation enthusiasts. The company sells itsproduct to retailers throughout the northeastern quadrant of theUnited States. It is in the...
- Q How does a company's operating leverage effect itsprofitability? 200 words
- Q Saxon Products, Inc., is investigating the purchase of a robotfor use on the company’s assembly line. Selected data relating tothe robot are provided below:Cost of the robot$1,950,000Installation and software$485,000Annual savings...
- Q Evaluate the advantages and disadvantages of depreciation as anaccouting concept- on balance do you think the measurement ofdepreciation aids accounting practice?
- Q In what type of business decisions can incremental analysis beused? 200 words
- Q What skills do a CPA of the future should possess to besuccessful?explain
- Q Final DiscussionPart 1: Bank ReconciliationsEach week, you are very careful to record each businesstransaction carefully and accurately. You are quite sure you haverecorded everything correctly, so why would you need...
- Q What is incremental analysis? In what types of situations isincremental analysis most useful? Discu
- Q A. At the high point of the relevant range, labour hours atBradco Restoration were 10,000 and wages were $22,500. At the lowpoint of the relevant range, labour hours were 7,500...
- Q Evian Corporation is a private corporation formed for thepurpose of providingthe products and the services needed to irrigate farms, parks,commercial projects,and private homes. It has a centrally located factory in...
- Q Colombo Soft-Serve Frozen Yogurt CaseQuestionsAfter reading the Colombo Soft-Serve Frozen Yogurt Case Study(SEE BELOW) answer the first six questions below.Please type your answer to the questions below in a Word...
- Q Respond to the following in a minimum of 175 words:What is activity-based costing? What are some of the keyelements of activity-based costing? How does this method differfrom a more traditional...
- Q Assuming current tax rates ( Corp.tax 35%, Individual 39.6,Dividends and Capital gain 20%), identify the following as eithertrue or false.Explain each answer.a. The annualized after-tax rate of return to investing...
- Q The Board of Directors has ask you to advise them as to whetherit would be better to compensate employees with an additional bonusor restricted stock units (RSUs). They have noted...
- Q ABC Dress Shop produces high quality formal dresses. In July2018 they produced 16,000 dresses. For the month of July thefollowing standard and actual cost data are available. The normalmonthly capacity...
- Q Ursus, Inc., is considering a project that would have a ten-yearlife and would require a $1,806,000 investment in equipment. At theend of ten years, the project would terminate and the...
- Q Stan is an auditor for Cartman & Kenny, CPA. He has recentlybeen assigned to a new private client called Southpark Services, aprovider of Web management services. Southpark has clientsthroughout the...
- Q You are considering an audit engagement with a new, privatelyheld entrepreneurial company (Moxy, Inc.) headed by Ryan Morris, acharming CEO. The company specializes in chemical lawn treatments.Ryan indicates that his...
- Q what will be the journal entries for the following transactions- i. Sydney Cycle Ltd’s management are becoming increasingly awarethat their segment of cycling market is dependent on the technicalinnovation of...
- Q Part-AScenario:Midal cables limited, is currently considering the launch of anew product. A market survey was recently commissioned to assessthe likely demand for the product and this showed that the producthas...
- Q MHC 6305 Financial ManagementService line costing and pricing,\ Opening statement// One ofthe key resaon to implement the use of managerial accountingpratices in healthcare is to establish rational means to budget...
- Q What are the three categorization for intangible assets andamortized or impaired (provide examples)?
- Q QUESTION THREETreble Plc is planning to commence production of a new product –the Dom. It is expected that demand for the Dom will last for 6years and that they will...
- Q The Elberta Fruit Farm of Ontario always has hired transientworkers to pick its annual cherry crop. Janessa Wright, the farmmanager, just received information on a cherry picking machine thatis being...
- Q According to ISAB, Debt investments are accounted either by theamortize cost or by fair value method. To identify the method usedthere is certain model. Please explain the model and itscriteria.
- Q The following is a list of account titles and amounts (inmillions) reported at December 27, 2015, by Hashey, Inc. a leadingmanufacturer of games, toys, and interactive entertainment softwarefor children and...
- Q Problem 3-1Lisa’s Dress Shop (LDS) experienced the following events in2017. Indicate how each of the events affects thecompany’s financial statements, using the financial statement modelprovided. LDS’ beginning balances for 2017 are Cash$100,000, Common...
- Q Problem 7-13 (Part Level Submission)The cash account of Bonita Co. showed a ledger balance of$10,985.98 on June 30, 2017. The bank statement as of that dateshowed a balance of $11,620.00....
- Q Parent owns 100% of subsidiary.The two corporations have the following balance sheet. AssetsParentSubsidiaryGeneral assets1,500,000750,000Investment in Subsidiary200,000Note receivable from Subsidiary1,000,000 Total2,700,000750,000 Liabilities and EquityGeneral liabilities1,500,000150,000Note payable to parent1,000,000Common Stock300,000200,000Retained Earnings (deficit)900,000-600,000 ...
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