Accounting question and answers for July 03, 2023
- Q Estimating Share Value Using the DCF ModelFollowing are the income statement and balance sheet for TexasRoadhouse for the year ended December 29, 2015.a. Assume the following forecasts for TXRH’s sales,...
- Q Jeremy Grey loans Gary Grobowski $400,000. Grey accepts a 5%note, which requires quarterly interest payments for 10 years. Theday after receiving the 6th interest payment, Greydecides to sell the note...
- Q howmanagerial accounting is affected by the implementation of balancedscorecard
- Q Kriveloff Company is in the processof closing its books at the end of 2017. The company's preliminaryincome statement for 2017 and its reported income statement for2016 are given below. 2017 2016 SalesRevenues $900,000 $880,000 Costof GoodsSold (450,000) (425,000) GrossProfit 450,000 455,000 Depreciation (115,000) (115,000) OtherExpenses (108,000) (102,000) NetIncome $227,000 $238,000 Kriveloff's...
- Q Peter La Fleur is the sole proprietor of La Fleur Enterprises.He is exploring the option of going public because his company isgrowing exponentially. The consulting firm that is reviewing hisfinancials...
- Q WEEK 4 DISCUSSION #3ANSWER THE FOLLOWING QUESTIONS BELOW:1: Do you need to identify and manage every risk to anorganization or are there risks that don’t matter? Explain why orwhy not...
- Q The Jasper Corporation provides you with the followinginformation for the year ended 12/31/17: IncomeStatement Information: Salesrevenue $ 300,000 Costof goods sold 80,000 Grossmargin 220,000 Depreciationexpense 47,000 Uncollectibleaccounts expense 1,500 Pensionexpense 19,000 Otherexpense 25,500 Interestexpense 3,000 Gainon the sale of equipment...
- Q 1) On January 4, Year 1, Barber Company purchased 7,500 sharesof Convell Company for $84,500 plus a broker's fee of $1,500.Convell Company has a total of 37,500 shares of common...
- Q Exercise 20-23Pronghorn Co. provides the following information about itspostretirement benefit plan for the year 2017.Service cost$89,900Prior service cost amortization3,100Contribution to the plan51,500Actual and expected return on plan assets57,900Benefits paid43,400Plan assets...
- Q YourTel Networks (YTN) is a leader in the communicationsequipment industry for both commercial and residential needs. Itsshares trade on the Canadian TSX and the U.S. NYSE stock exchanges.The company had...
- Q Compare and contrast the proposed standard IAASB 701 withSAS 115. Discuss what this new standard would mean from theauditor’s perspective. Research and prepare an audit planaddressing all required components that...
- Q On April 1 Jiro Nozomi created a new travel agency, AdventureTravel. The following transactions occurred during the company'sfirst month.April1Nozomi invested $30,000 cash and computer equipment worth$20,000 in the company. Received...
- Q Shown here is an income statement in the traditional format fora firm with a sales volume of 7,900 units. Cost formulas also areshown: Revenues $ 34,200 Cost of goods sold...
- Q Explain the risks and benefits associated with holdinginventory
- Q An acquiring corporation transfers property and stock to thetarget corporation in a reorganization and receives the target’sassets in exchange. What type of reorganization is recommendedincluding the relevant tax issues? Please...
- Q Journalize the following entries :1. It was determined that a shipment on Dec 30 from Brodie toDawson Corp was not recorded. Dawson purchased from Brodie 100,000lbs of biscuits for sales...
- Q ATTENTION: I PAY EVERY MONTH TO BE ABLE TO POSTQUESTIONS HERE. tHEREFORE I EXPECT COMPLETE AND QUALITY ANSWERS.PLEASE READ CAREFULLY THE QUESTIONS AND ANSWER THEM THOROUGHLY. DONOT COPY AND PASTE...
- Q International Financial Reporting Standards (IFRS) do not permitcompanies to use the LIFO method for inventory accounting. In itsform 20-F, CNH discloses that it uses the first-in-first-out (FIFO)method to accounting for...
- Q Direct Materials, Direct Labor, and Factory Overhead CostVariance AnalysisMackinaw Inc. processes a base chemical into plastic. Standardcosts and actual costs for direct materials, direct labor, andfactory overhead incurred for the...
- Q Many equipment replacement or outsourcing decisions haverelevant qualitative considerations, which may impact theacceptance of a quantitative evaluation, regardless of thecalculated outcome. For instance, Steve Smith has completed ananalysis of budgeted...
- Q The capital investment committee of Ellis Transport and StorageInc. is considering two investment projects. The estimated incomefrom operations and net cash flows from each investment are asfollows: Warehouse Tracking Technology...
- Q Hi Max.Thanks so much for starting our discussion this week! Youmade an excellent point about the principle of conservatism! Whensome people hear that accountants are conservative, they maymisconstrue it to...
- Q Lead Time in a Doctor's OfficeMarcus Simmons caught the flu and needed to see the doctor.Simmons called to set up an appointment and was told to come in at1:00 P.M....
- Q What are four common types of reports used in the financialservices industry? Describe each of them.
- Q 7. Indicate whether the following are like-kind propertyfor purposes of deferring tax under Section 1031?(“yes” = like-kind property, “no” = not like-kind property)___. Multi-family building in New Mexico for multi-familybuilding...
- Q 5-8, 5-15, on pages 227 to 231EXERCISE 5–8 Compute the Margin of Safety LO5–7Molander Corporation is a distributor of a sun umbrella used atresort hotels. Data concerning the next month’s...
- Q ATTENTION: I PAY EVERY MONTH TO BE ABLE TO POSTQUESTIONS HERE. tHEREFORE I EXPECT COMPLETE AND QUALITY ANSWERS.PLEASE READ CAREFULLY THE QUESTIONS AND ANSWER THEM THOROUGHLY. DONOT COPY AND PASTE...
- Q On January 1, 2019 Lightfoot Corporation issues 10%, 5-yearbonds with a face value of $275,000 when the effective interestrate is 9%. Interest is to be paid semiannually on June 30...
- Q The assets of Lee’s business increased by $40,000 and theliabilities increased by $5,000 during the current year. If theprofit for this period was $25,000, what additional contribution orwithdrawal was made...
- Q 1). Describe the four (4) basic management functions.2). Using one (1) example, explain how these functions arerelated to one another.
- Q Novak Inc. uses the retail inventory method to estimate endinginventory for its monthly financial statements. The following datapertain to a single department for the month of October2021.Inventory, October 1, 2021 At...
- Q Question 3Not yet answeredMarked out of 1.00Flag questionQuestion textWhich of the following is the correct order of the steps in theaccounting cycle?Select one:A. Report, analyze, close, record, and adjustB. Adjust,...
- Q InventoryExplanation: Catco purchases parts, such as tires, engines,seats, and axles for construction equipment (such as a bulldozer).Catco is concerned with how much inventory is in the supply chainfor several important...
- Q Pay period / 2018 allowance amountWeekly / $77.90Biweekly / $155.80Semimonthly / $168.80Monthly / $337.50Quarterly / $1,012.50Semiannually / $2,025.00annually / $4,050.00Easter bunny is married, and his pay is $2,000 per week....
- Q 1). List the components of the general environment.2). As an owner of a travel agency, discuss any two (2) generalenvironmental factors that can affect your business. How doescompany deal with...
- Q *please type out the answer.The Hampton Company produces and sells a single product. Thefollowing data refer to the year just completed.Selling price$450Units in beginning inventory0Units produced25,000Units sold22,000Variable costs per unit:Direct...
- Q 1Dec. 1Borrow $128,250 from the local bank and signed a five-yearinstallment note with payments of $2,600 at the end of each monthbeginning December 31. The annual interest rate is 8%....
- Q Question 3The information given below was extracted for the records ofZebro Traders for May 2017Required.3.1 Prepare the correct Creditors Control Account for my2017.Balance the account. (11)3.2 Prepare the corrected Creditors...
- Q Serving the communityKnown to be more than just a coffee brand, Starbucks Malaysia’sphilanthropic project, Connecting Communities in Malaysia, hashelped drive the economy in small villages by supporting localproduce and craft....
- Q Medusa Products uses a job-order costing system. Overhead costsare applied to jobs on the basis of machine-hours. At the beginningof the year, management estimated that the company would work88,800 machine-hours...
- Q Cash Payback Period, Net Present Value Method, and AnalysisElite Apparel Inc. is considering two investment projects. Theestimated net cash flows from each project are as follows:YearPlant ExpansionRetail Store Expansion1$109,000$91,000289,000107,000377,00073,000470,00051,000521,00044,000Total$366,000$366,000Each project...
- Q The following revenue and expense figures relate to the firstyear of the rodeo.ReceiptsContributions from sponsors $22,000Receipts from ticket sales $28,971Share of concession profits $1,513Sale of programs $600Total receipts $53,084ExpensesLivestock contractor...
- Q Question 1: Total 8 Marks 2017 December witnessed the governmentof Bandara inviting bids from eligible parties. The contract wasabout cell phone network construction. Youphone management gotinterested in the bid. Bandara...
- Q The risk that material misstatement will not be prevented ordetected on a timely basis by internal controls can be reduced tozero by having effective controls in place. True or false?Explain.
- Q Problem 1The restoration approach is usually most appropriate forimpairments caused by physical damage.The Middleville School district has discovered mold in one of itsschools. The school was constructed10 years ago at...
- Q QUESTION 1 (IFAC CODE OF CONDUCT) (30)Registered auditors are frequently tasked with situations withethical implications in the course of offering their services. TheCode of Professional Conduct provides a conceptual framework...
- Q The adjusted trial balance ofAltaAltaCorporation at December 31 shows that sales revenue for the yearwas$ 550 comma 000$550,000and other revenue was$ 49 comma 000$49,000.Cost of goods sold for that same...
- Q PART C:A market is a forum in which people come together to exchangeownership of goods; a place where goods or services are bought andsold.REQUIRED:2.5 Describe the three (3) models of...
- Q Your company uses the DDB method. Assets purchased between the1st and 15th of the month are depreciated for the entire month;assets purchased after the 15th of the month are treated...
- Q 1. Suppose that RG defaults on both its loans. Please discusswhich lender will have priority over RG's equipment, accountspayable, and inventory when it comes time to repossess and sell thecollateral?2....
- Q Troy Engines, Ltd., manufactures a variety of engines for use inheavy equipment. The company has always produced all of thenecessary parts for its engines, including all of the carburetors.An outside...
- Q In the USA, Read the following advertisement that appeared inthe community newspaper where you live. Do you think theadvertisement violates any of the ethics rules? Explain the reasonsfor your answer.IRS...
- Q organizational core competencies are theorganization's strengths relative to competitors to create valuefor stakeholders, an organization must have strengths relative tocompetitors. Discuss examples of core competencies in theorganization.
- Q Discuss why managers estimate a cost function?suppose actual cost are higher than estimated cost. Analyze why youmay have this difference between actual and estimated costs?
- Q Required information Problem 8-2B Record notes payable and notesreceivable (LO8-2) Skip to question [The following informationapplies to the questions displayed below.] Eskimo Joe’s, designerof the world’s second best-selling T-shirt (just...
- Q In the USA, Read the following advertisement that appeared inthe community newspaper where you live. Do you think theadvertisement violates any of the ethics rules? Explain the reasonsfor your answer.IRS...
- Q Problem 7-16 Comparing Traditional and Activity-Based ProductMargins [LO7-1, LO7-3, LO7-4, LO7-5]Hi-Tek Manufacturing, Inc., makes two types of industrialcomponent parts—the B300 and the T500. An absorption costing incomestatement for the most...
- Q act12.2A PAYG instalment payer can vary the PAYG instalments if theybelieve that their circumstances have changed and that they mightbe paying too little or too much. Consider the following scenario,the...
- Q 1.) i) In 1987, trader Ivan Boesky was accused of insidertrading based on his massive purchases of stock of firms beforeannouncements of acquisitions of those firms. Which of thefollowing is...
- Q How do we determine the taxpayer's basis in the propertyreceived by gift? Are there other circumstances when the rules aredifferent from the general rule in determining a taxpayer'sbasis?
- Q Gather information regarding the Internet banking objectives ofthe bank, the strategy used to achieve the objectives and the waythat the bank is using Internet technology in the relationshipswith its customers?
- Q Powell Company uses a job costing system. During the month ofMay, Powell spent most of its time on job A50, which was startedlate in April. Following is cost information for...
- Q Jonesy, Inc. sold 150 High Quality DVD players in the amount of$225 each during 2014 (for cash). The DVD's have a cost basis of$175 to the company. Jonesy offers a...
- Q Builder Products, Inc., uses the weighted-average method in itsprocess costing system. It manufactures a caulking compound thatgoes through three processing stages prior to completion.Information on work in the first department,...
- Q Assignment 2USE GAAPINCLUDE US GAAP CODIFICATION (CITATIONS)In 2010, the No-slice Golf Company decided to augment their verysuccessful line of golf clubs with a new line of professionalcaliber golf balls. The...
- Q You have formed a new sole proprietorship and your primarybusiness is buying and selling fine art. Your business is notpublicly traded so you can choose to use the cash basis...
- Q Hawkins Corporation began construction on a motel on March 31,2018. The project was completed on April 30, 2019. No new loanswere required to fund construction. Hawkins does have the followingtwo...
- Q Warner Clothing isconsidering the introduction of a new baseball cap for sales bylocal vendors. The company has collected the following price andcost characteristics:Sales price$15per unitVariablecosts3per unitFixed costs42,000per monthAssume that the...
- Q I know the what the answers are but I don't know how toget them. Can you please explain the process? Thankyou.Part VII. Discontinued Operations and Earnings per Share(11 points)Todd Corporation...
- Q Builder Products, Inc., uses the weighted-average method in itsprocess costing system. It manufactures a caulking compound thatgoes through three processing stages prior to completion.Information on work in the first department,...
- Q Nielsen Associates provides marketing services for a number ofsmall manufacturing firms. Nielsen receives a commission of 10percent of sales. Operating costs are as follows: Unit-level costs$0.02 per sales dollar Sales-level...
- Q The outstanding capital stock of Teal Corporation consists of2000 shares of $100 par value, 9% preferred, and 5400 shares of $50par value common.Assuming that the company has retained earnings of...
- Q Compare and contrast different local and internationalsustainable reporting frameworks in terms of Australia.
- Q Pepper, Inc. agrees to lease equipment from the Blue Corporationfor 10 years at $25,000 at the end of each year. The equipment hasa fair value of $175,000 and an estimated...
- Q TPW, a calendar year taxpayer, sold land with a $542,000 taxbasis for $785,000 in February. The purchaser paid $82,000 cash atclosing and gave TPW an interest-bearing note for the $703,000remaining...
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