Accounting question and answers for July 03, 2023
- Q Presented below is financial data for Thomas & Co. as ofyear-end 2013Cash: $22000Retained earnings, January 1, 2013: $32000Building: $50000Common stock: $106000Accrued expenses payable: $14000Dividends paid: $30000Inventory: $20000Net income: $66000Stockholders’ equity,...
- Q ' Information Systems Analysis & DesignQ. It requires to explain the three approaches to costestimation and give examples of each.
- Q I'll rate do not skip any parts please if you can't dodon't do at all pass it to someone else don't waste my questionthanks ( I need all answers Cost...
- Q CVP Analysis and Special DecisionsSweet Grove Citrus Company buys a variety of citrus fruit fromgrowers and then processes the fruit into a product line of freshfruit, juices, and fruit flavorings....
- Q At the start of the current financial year Paul decidedto purchase a newly constructed apartment in the city for $400,000which he hopes will increase his long-term wealth and create sometax...
- Q SecuriCorp operates a fleet of armored cars that make scheduledpickups and deliveries in the Los Angeles area. The company isimplementing an activity-based costing system that has fouractivity cost pools: Travel,...
- Q Wolfpack Company is a merchandising company that is preparing abudget for the month of July. It has provided the followinginformation:Wolfpack CompanyBalance SheetJune 30AssetsCash$92,200Accounts receivable52,400Inventory40,800Buildings and equipment, net of depreciation219,000Total assets$404,400Liabilities...
- Q Exercise 4-16Sheridan Co. reports the following information for 2017: salesrevenue $762,800, cost of goods sold $524,200, operating expenses$82,000, and an unrealized holding loss on available-for-salesecurities for 2017 of $56,700. It...
- Q Activity-based costing systems are quite complex with eachactivity cost and department usually getting a lot of attention.What are the most important factors in developing cost factors foreach activity?Despite all the...
- Q Three approaches to the application of the foreseen users'concept are (1) the Credit Alliance approach, (2) therestatement of torts approach, and (3) the foreseeable userapproach. Summarize each of these three...
- Q Schedule of Cash ReceiptsDel Spencer is the owner and founder of Del Spencer's Men'sClothing Store. Del Spencer's has its own house charge accounts andhas found from past experience that 10...
- Q A began operations on January 1, 2016. Below are selected datafrom XYZ Corp.'s balance sheets as of December 31, 2016 andDecember 31, 2017.Account December 31, 2016 December 31, 2017Cash 20,000...
- Q Elfalan Corporationproduces a single product. The cost of producing and selling asingle unit of this product at the company's normal activity levelof 45,000 units per month is as follows:Per UnitDirectmaterials$45.10Directlabor$8.60Variablemanufacturing...
- Q TENALPINA TOOLS:THE ENTREPRENEUR’S DILEMMA“You would not believe what just happened!” Giulia shouted whenher father answered the phone. “It may just be the opportunity of alifetime; I just need to work...
- Q 1. Compare and contrast the Balance Sheet of Colgate-Palmolivewith the Balance Sheet of the City of Dallas Governmental-TypeFunds for 2016.2. Compare and contrast the Income statement ofColgate-Palmolive with the City...
- Q Activity-based costing problemFactory A produces golf carts. One of its plants in Texasproduces two versions of carts: a basic model and a deluxe model.The deluxe model has a sturdier frame,...
- Q On January 1, 2020, Cullumber Corporation had $1,125,000 ofcommon stock outstanding that was issued at par. It also hadretained earnings of $746,500. The company issued 40,000 shares ofcommon stock at...
- Q Is fund accounting less appropriate for businesses thanfor not-for-profits?A newly formed not?for?profit advocacy organization, the Centerfor Participatory Democracy, requests your advice on setting up itsfinancial accounting and reporting system. Meeting...
- Q Your boss formed a new company for making pre-stressed concretestructures for bridge segments. She expects to have an 85% learningcurve, and the first 100 structures took 220 labor hours. Constructa...
- Q *Choice of accounting principles may have significanteconomic consequences*In preparing its budget proposals, a city’s budget committeeinitially estimated that total revenues would be $120 million andtotal expenditures would be $123 million....
- Q **Government activities may be less “profitable” thanthey appear**A city prepares its budget in traditional format, classifyingexpenditures by fund and object. In 2010, amid considerablecontroversy, the city authorized the sale of...
- Q Hi-Tek Manufacturing, Inc., makes two types of industrialcomponent parts—the B300 and the T500. An absorption costing incomestatement for the most recent period is shown:Hi-Tek Manufacturing Inc.Income StatementSales$1,693,500Cost of goods sold1,215,016Gross...
- Q 20172016Current Ratio (Working Capital ) 5.78 5.18Quick Ratio 4.90 4.60A/R Turnover5.915.53Inventory Turnover104.9692.72Gross margin68%66%Return on Sales53%52%Return on Equity9%6%Return on Assets1%1%Compare ratio analysis to trends in financial ratios over timefor illustrating their impact, providing examples to...
- Q Primus, Inc., owns all outstanding stock of Sonston, Inc. Forthe current year, Primus reports net income (exclusive of anyinvestment income) of $608,000. Primus has 50,000 shares of commonstock outstanding. Sonston...
- Q The adjusted trial balance of Foster Products Company includedthe following balances for 12- 31-15, which was the first year ofoperationsAccounts Payable $ 18000 -CreditAccumulated Depreciation 35000 -CreditAdvertising Expense 17800 -DebitCash...
- Q This question relates to material covered in Topic 1particularly the Australian taxation system and the dividendimputation credits. This question addresses the 1st, 2nd, 3rd and4th subject learning outcomes. Students are...
- Q SmartAuto Manufacturing is engaged in the production ofreplacement parts for automobiles. One plant specializes in theproduction of two parts: Part #127 and Part #234. Part #127produced the highest volume of...
- Q owner made a cash investment into the company $3,000bought supplies on account $100paid salaries $700paid for supplies purchased on October 8received company telephone bill, to be paid later , $...
- Q Tami Tyler opened Tami’s Creations, Inc., a small manufacturingcompany, at the beginning of the year. Getting the company throughits first quarter of operations placed a considerable strain on Ms.Tyler’s personal...
- Q The WalkRite Shoe Company operates a chain of shoe stores thatsell ten different styles of inexpensive shoes with identical unitcosts and selling prices. A unit is defined as a pair...
- Q What are the basic differences between the revenue realizationprinciple and revenue from the contract with customers (ASC 606)?Do you think ASC 606 is better than the realization principle? Why?Give your...
- Q Brief Exercise 6-5 Calculate ending inventory and cost of goodssold using FIFO (LO6-3)During the year, Wright Company sells 440 remote-controlairplanes for $110 each. The company has the following inventorypurchase transactions...
- Q 2. In industries that process joint products, the costs of theraw materials inputs and the sales values of intermediate and finalproducts are often volatile. Change the data area of your...
- Q Thornton Industries began construction of a warehouse on July 1,2018. The project was completed on March 31, 2019. No new loanswere required to fund construction. Thornton does have thefollowing two...
- Q What is a key prerequisite for using electronic bank accountmanagement (eBAM) to reduce paperwork?Bank-provided treasury management systemUpgrade from BAI2 to BTRSTWIST standardsInitial relationship development
- Q The beginning inventory at Midnight Supplies and data onpurchases and sales for a three-month period ending March 31, areas follows:DateTransactionNumber of UnitsPer UnitTotalJan.1Inventory2,500$52.00$130,00010Purchase7,80060.00468,00028Sale3,750104.00390,00030Sale1,200104.00124,800Feb.5Sale500104.0052,00010Purchase17,50062.001,085,00016Sale8,600109.00937,40028Sale8,900109.00970,100Mar.5Purchase14,20063.60903,12014Sale10,200109.001,111,80025Purchase3,40064.00217,60030Sale7,900109.00861,100Instructions1.Record the inventory, purchases, and cost of merchandise...
- Q Explain how fair value affects the relevances and reliability offinancial statement using a example from the pacific.
- Q The following financial statements apply to Trenton Company: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...
- Q Albuquerque, Inc., acquired 24,000 shares of Marmon Companyseveral years ago for $720,000. At the acquisition date, Marmonreported a book value of $500,000, and Albuquerque assessed thefair value of the noncontrolling...
- Q Ringmeup had a net income of 165200 for the year endedDec31,2016At the beginning of the year 37000 sharesof commonstockwere outstanding. On May1 an additional 15000 shares wereissued. On Dec2. the...
- Q Case #2At the beginning of 2014, the Fancy Food Company purchasedequipment for $42 million to be used in the manufacture of a newline of gourmet frozen foods. The equipment was...
- 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 Act 5.1What is the basic, underlying principle of GST as it relates tosupply? Conduct your own research. (100–120 words)
- Q Assignment Question: 1. Examine each of the following situationsand decide with reasons whether any tort has been committed.A. You threaten to punch a security guard who has just ticketedyour car.B....
- Q IA 2 is a two-part assignment. The first part requires you toidentify, by statute number, and summarize the statute thatprohibits telephone solicitors from blocking or interfering with aresidential telephone subscriber's...
- Q On January 1, 2020, Larkspur Company purchased 12% bonds, havinga maturity value of $275,000 for $295,849.07. The bonds provide thebondholders with a 10% yield. They are dated January 1, 2020,...
- Q When Patey Pontoons issued 4% bonds on January 1, 2018, with aface amount of $500,000, the market yield for bonds of similar riskand maturity was 5%. The bonds mature December...
- Q On February 28, 20X1, your company purchases a machine for$150,000 with an estimated useful life of last 10 years and asalvage value of $10,000. Your company uses SYD depreciation anddepreciates...
- Q The following balances were taken from the books of ShamrockCorp. on December 31, 2017.Interest revenue$87,050Accumulated depreciation—equipment$41,050Cash52,050Accumulated depreciation—buildings29,050Sales revenue1,381,050Notes receivable156,050Accounts receivable151,050Selling expenses195,050Prepaid insurance21,050Accounts payable171,050Sales returns and allowances151,050Bonds payable101,050Allowance for doubtful accounts8,050Administrative...
- Q On February 1, 2021, Cromley Motor Products issued 7% bonds,dated February 1, with a face amount of $60 million. The bondsmature on January 31, 2025 (4 years). The market yield...
- Q The comparative balance sheets of NCAA Corporation are thefollowing:December 3120202019Cash$750,750$487,500Accounts receivable526,500390,000Inventory221,000260,000Investments0130,000Building0975,000Equipment2,730,000780,000Patent182,000227,500Totals$4,410,250$3,250,000Allowance for doubtful accounts$121,875$162,500Accumulated depreciation on equipment104,000260,000Accumulated depreciation on building0227,500Accounts payable195,000130,000Dividends payable0227,500Notes payable, short-term (nontrade)243,750325,000Long-term notes payable1,716,000780,000Common stock1,225,250845,000Retained earnings804,375292,500Totals$4,410,250$3,250,000Additional data...
- Q XYZ Corporation is facing pressure from increasing costs for itsproducts as well as demands from employees for more competitivewages. Management wants you to develop a cash budget model that itcan...
- Q Activity cost pool Machine setup Materials handling Machinedepreciation Activity cost driver Number of setups Number of partsMachine hours (mh) Cost assigned to pool 260000 580000 600000Standard product 60 setups 14000...
- Q Paul Swanson has an opportunity to acquire a franchise from TheYogurt Place, Inc., to dispense frozen yogurt products under TheYogurt Place name. Mr. Swanson has assembled the followinginformation relating to...
- Q Lubricants, Inc., produces a special kind of grease that iswidely used by race car drivers. The grease is produced in twoprocessing departments: The following incompleteWork in Process account is available for...
- Q create an initial post with a minimum of 150 words discussingthe elements of balance sheets. Make sure to include the itemsbelow:Research and locate 2 balance sheets for a hospital or...
- Q what entities are not required to provide a statement of cashflows? Explain why.
- Q Berry Plastics is a manufacturer. Berry has inventory consistingof raw materials, work in process and finished goods totaling $24million. Is Berry required to report the amounts for each class ofinventory...
- Q Assume you are the CFO of a company. Your analystreports the following information (Use the following informationfor the remainder of the question):• Current exchange rate is $1.16/€.• Forward rate is...
- Q Shawn, Inc. makes Lego figures. The budget reports Shawn planson selling 15 figures in November, 20 in December, and 5 in January– all on credit. Each figure sells for $20...
- Q Exercise 4-4 a1-a2, b-c (Video)Altex Inc. manufactures two products: car wheels and truck wheels.To determine the amount of overhead to assign to each product line,the controller, Robert Hermann, has developed...
- Q What is the purpose of the alternative minimum tax and who paysit? How was the individual alternative minimum tax impacted by theDecember 2017 tax reform law?Review available tax credits discussed...
- Q Imaging Inc., adeveloper of radiology equipment, has stock outstanding as follows:12,000 shares of cumulative preferred 3% stock, $140 par, and40,000 shares of $10 par common. During its first four years...
- Q DAY CARE COMES TO NORTHVILLE (show formulas in excelspreadsheet)DESCRIPTIONNorthville, a medium-sized city in the midwestern part of theUnited States, has experienced a significant change in thecomposition of its municipal work...
- Q The company had the following transactions duringSeptember.Sept. 1 – The company sold shares of common stock for $30,000cash.Sept. 1 – The company purchased a one-year insurance policy for$300 in cash.Sept....
- Q On January 1, 2014, Ellison Co. issued eight-year bonds with aface value of $3,000,000 and a stated interest rate of 6%, payablesemiannually on June 30 and December 31. The bonds...
- Q Chose the correct answer :The auditor made an independent computation of the depreciationexpense reported in the client's financial statements the procedureperformed by the auditor is:A. VouchingB. re-calculationC. TracingD. Inspection of...
- Q Meiji Isetan Corp. of Japan has two regional divisions withheadquarters in Osaka and Yokohama. Selected data on the twodivisions follow: Division Osaka Yokohama Sales $ 9,800,000 $28,000,000 Net operating income...
- Q Selected sales and operating data for three divisions ofdifferent structural engineering firms are given as follows:Division A Division B Division C Sales $ 12,280,000 $ 35,350,000 $20,280,000 Average operating assets...
- Q HomeLife Life Insurance Company has two service departments(actuarial and premium rating) and two production departments(advertising and sales). The distribution of each servicedepartment’s efforts (in percentages) to the other departments isshown...
- Q Journalize and post the August transactions. Use pageJ1 for the journal.Prepare atrial balance at August 31.Journalizeand post the adjusting entries. Use page J2 for thejournal.Prepare anadjusted trial balance at August 31.Prepare theIncome...
- Q questionJohn, Paul and Ringo and George are musicians who operate out ofa garage in Melbourne. They initially form a partnership, but thendecide to incorporate, and register a company called New...
- Q Discuss how you would best explain white collar crime. How arecriminals fundamentally different from non-criminals? Name a typeof explanation and provide details.
- Q The purchase price of Property and Building was of 50 million(100 single rooms and restaurants with a total of 200 seats)purchased 10 years ago. Each year, 250,000 have been recorded...
- Q (please type the answers) (accounting 640)Explain what you have learned about business, making decisions,processes, financial tools, etc. and how each will help you to makebetter decisions in the future. Be...
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