Accounting question and answers for July 04, 2023
- Q Jimmie’s Fishing Hole has the following transactions related toits top-selling Shimano fishing reel for the month ofJune. Jimmie’s Fishing Hole uses a periodic inventorysystem. DateTransactionsUnitsCost perUnitTotalCost June 1Beginning inventory16 $190 $ 3,040 June 7Sale11 June 12Purchase10 180 1,800 June...
- Q Presented below is the trial balance of Splish Corporation atDecember 31, 2017.DebitCreditCash$ 200,230Sales$ 8,104,580Debt Investments (trading) (cost, $145,000)157,580Cost of Goods Sold4,800,000Debt Investments (long-term)302,230Equity Investments (long-term)280,230Notes Payable (short-term)94,580Accounts Payable459,580Selling Expenses2,004,580Investment Revenue67,550Land264,580Buildings1,043,230Dividends Payable139,230Accrued...
- Q Amber Mining and Milling, Inc., contracted with TruaxCorporation to have constructed a custom-made lathe. The machinewas completed and ready for use on January 1, 2018. Amber paid forthe lathe by...
- Q Blue Spruce Company’s trial balance at December 31, 2019, ispresented below. All 2019 transactions have been recorded exceptfor the items described following the trial balance.DebitCreditCash$26,000Accounts Receivable36,500Notes Receivable8,900Interest Receivable–0–Inventory36,200Prepaid Insurance3,780Land21,800Buildings132,000Equipment55,000Patents10,300Allowance for...
- Q Analyze the following three situations: Aaron offers to sell hishouse in Chicago to Brian for $500,000. Unknown to Aaron, Aaron’suncle has died and left him a house in Chicago worth...
- Q 1) A company invests in a new project that requires an initialcapital outlay of $852790. The project will generate annual netcash flows of $145612 over a period of 8 years....
- Q Beech Corporation is a merchandising company that is preparing amaster budget for the third quarter of the calendar year. Thecompany’s balance sheet as of June 30th is shown below: BeechCorporation...
- Q Gallatin Carpet Cleaning is a small, family-owned businessoperating out of Bozeman, Montana. For its services, the companyhas always charged a flat fee per hundred square feet of carpetcleaned. The current...
- Q Mr. Hoosier has gathered all these data about his finances.Salary $159,000Taxableinterest $5600Municipal Bondinterest $20,000Total Itemizeddeductions $9500The personal exemption is $4700. The standardized deduction fora single filer is 5000.If Taxable Incomeis Then tax is:0-8000 10% of the...
- Q Grouper Appliance Center is an experienced home appliancedealer. Grouper Appliance Center also offers a number of servicesfor the home appliances that it sells. Assume that GrouperAppliance Center sells ovens on...
- Q How do you prepare the operating budget and describe therelationships among its components?
- Q ollowing are selected transactions of Danica Company for 2016and 2017. 2016 Dec. 13 Accepted a $26,000, 45-day, 6% note datedDecember 13 in granting Miranda Lee a time extension on herpast-due...
- Q Background informationFrom: Billy Wallace(procurement department)Sent: Wednesday 16 September 20X8To: Paul Yan (finance department)Subject: FW: Ottoman CyclesPaul,I’ve just receivedthe email (below) from John Doe. BillyFrom: John Doe(safety manager)Sent: Tuesday 9September 20X8To:...
- Q Variable manufacturing costs are $108 per unit, and fixedmanufacturing costs are $53,200. Sales are estimated to be 5,300units. If an amount is zero, enter "0". Do not round interimcalculations. Round...
- Q Required information[The following information applies to the questionsdisplayed below.]Wally’s Widget Company (WWC) incorporated near the end of 2011.Operations began in January of 2012. WWC prepares adjusting entriesand financial statements at...
- Q Tama Inc. uses a perpetual inventory system and had thefollowing activity for a single inventory item: Units Unit Cost Total Cost May 1,inventory 140 $2.50 $350 Purchases: May5 200 3.50 700 May10 140 4.50 630 May15 160 5.50 880 Sales: May11 250 May19 150Using the perpetual system, determine...
- Q Wally’s Widget Company (WWC) incorporated near the end of 2011.Operations began in January of 2012. WWC prepares adjusting entriesand financial statements at the end of each month. Balances in theaccounts...
- Q Miller Toy Company manufactures a plastic swimming pool at itsWestwood Plant. The plant has been experiencing problems as shownby its June contribution format income statement below:Flexible BudgetActualSales (6,000 pools)$273,000$273,000Variable expenses:Variable...
- Q Sales-Value-at-Split-off MethodAlomar Company manufactures four products from a jointproduction process: barlon, selene, plicene, and corsol. The jointcosts for one batch are as follows:Direct materials$73,500Direct labor39,000Overhead26,000At the split-off point, a batch...
- Q What is the theory of the Audit RiskModel? Please provide.What are the related practicesof the Audit RiskModel? Please provide and give anexample.
- Q Cost of Production and Journal EntriesAccuBlade Castings Inc. casts blades for turbine engines. Withinthe Casting Department, alloy is first melted in a crucible, thenpoured into molds to produce the castings....
- Q Due to erratic sales of its sole product—a high-capacity batteryfor laptop computers—PEM, Inc., has been experiencing financialdifficulty for some time. The company’s contribution format incomestatement for the most recent month...
- Q Physical Units Method, Relative Sales-Value-at-Split-off Method,Net Realizable Value Method, Decision MakingSonimad Sawmill, Inc. (SSI), purchases logs from independenttimber contractors and processes them into the following threetypes of lumber products:Studs for...
- Q Direct Method, Reciprocal Method, Overhead RatesMacalister Corporation is developing departmental overhead ratesbased on direct labor hours for its two productiondepartments—Molding and Assembly. The Molding Department employs 16people, and the Assembly...
- Q Which method must be used if ASC 810-10-65 prohibits fullconsolidation of a 70% owned subsidiary?Select one:a. Equity methodb. The Liquidation valuec. Market valued. The cost methodSubsequent to an acquisition, the...
- Q Chapter 10 Accounting Theory (9th edition)The IASB and FASB are pursuing a single, converged conceptualframework. The United States has a good start with SFAC No. 8. Whatadditional changes should FASB...
- Q 5. You are assigned to carry out the audit of the financialstatement of Gremm Chemical Products Ltd forthe year ended 30 June 2017. You discover that two of the auditworking...
- Q Pinot Noir Company obtains 100% of Sangria Company's stock onJanuary 1, 2016. As of that date, Sangria has the following trialbalance: Debit CreditAccountspayable $50,000Accountsreceivable $40,000Additionalpaid-in-capital $50,000Buildings(4-year remaininglife) $120,000Cash and short-terminvestment $60,000Commonstock $250,000Equipment (5 year remaininglife) $200,000Inventory $90,000Land $80,000Long term liabilities (mature12/31/19) $150,000Retained...
- Q Sierra Company manufactures woven blankets and accounts forproduct costs using process costing. Data below are for one of itsprocessing departments. The following information is availableregarding its May inventoriesBeginningInventoryEndingInventoryRaw materialsinventory$51,000$90,000Workin process...
- Q Milo Company manufactures beach umbrellas. The company ispreparing detailed budgets for the third quarter and has assembledthe following information to assist in the budget preparation: TheMarketing Department has estimated sales...
- Q Marblex manufactures marble statues. In March, the two productiondepartments had budgeted allocation bases of 4,000 machine-hours inDepartment X and 8,000 direct manufacturing labor-hours inDepartment Y. The budgeted manufacturing overheads for...
- Q Given the following information:Interest Rate (yearly): 3.5%Mortgage: $250,000Term (in months): 360Start Date: October 1, 2019Yearly Bonus: $10,000Formulas to incorporate:PMTEDATESUMOther Notes:Do amortization monthly.Note that the interest rate is yearly and that...
- Q In 2017, NB Inc.'s federal taxable income was $242,000. Computethe required installment payments of 2018 tax in each of thefollowing cases: NB’s 2018 taxable income is $593,000. NB’s 2018taxable income...
- Q Direct Materials and Direct Labor Variance Analysis AbbevilleFixture Company manufactures faucets in a small manufacturingfacility. The faucets are made from brass. Manufacturing has 90employees. Each employee presently provides 36 hours...
- Q Imagine you’re the CFO of a company with 10 product lines and aninfrastructure that includes several functional departments whichsupport some or all of these product lines. The CEO is curious...
- Q Assume the local Pearle Vision has the following information onthe number of sales orders received and order-processing costs.Month Sales Orders Order-Processing Costs1 ........................................ 3,000 $?82,7002 ........................................ 1,500 50,3753 ........................................ 4,400...
- Q Your business exchanged accounting services, worth $30,000, toLuna Inc. for equipment worth $15,000 at the date of the exchange.How much revenue should your business report as a result of thetransaction?$45,000$0...
- Q Mayor of Munchkin City adopted a General Fund budget for theyear ending May 31, 201 9 . The budget showed revenues of $ 4 ,2 10,000, bond proceeds of $...
- Q ProblemOne: On 1 Oct2017, WeezLtd entered into amortgage loan. The amount borrowed was $458,800 at 12% per annum,with $40,000--part interest, part principal--repayable every sixmonths for ten years, beginning with the payment...
- Q Chapter 16 - Question 6 : Thank you2018 Tax Rate Schedules :Single—Schedule X Head of household—Schedule Z If taxable incomeis: Over— But not over— The tax is: of the amount...
- Q Sequential MethodJasmine Company manufactures both pesticide and liquidfertilizer, with each product manufactured in separate departments.Three support departments support the production departments:Power, General Factory, and Purchasing. Budgeted data on the fivedepartments...
- Q The following information relates to the intangible assets ofUniversity Testing Services (UTS): a. On January 1, 2018, UTScompleted the purchase of Heinrich Corporation for $3,510,000 incash. The fair value of...
- Q Polaski Company manufactures and sells a single product calleda Ret. Operating at capacity, the company can produce and sell36,000 Rets per year. Costs associated with this level ofproduction and sales...
- Q How do you distinguish a partnership from a corporation? How doyou distinguish a public partnership from a public corporation? Ifyou were starting a business with a friend and only had...
- Q For fiscal year 2018, Hiroole Department Store had net income of$6,060,000. Interest expense was $2,272,500, and the company’s taxrate on income was 40 percent. Total assets were $80,827,000, andnoninterest-bearing current...
- Q Reflect on what you have learned and how you have benefited fromtaking Internal Control course. Reflect and describe which keyconcepts and topics in this course have made you a strongercandidate...
- Q Gallatin CarpetCleaning is a small, family-owned business operating out ofBozeman, Montana. For its services, the company has always chargeda flat fee per hundred square feet of carpet cleaned. The currentfee...
- Q The following transactions affected various funds and activitiesof the Town of Big Springs.RequiredPrepare the journal entries for the funds and activitiesTransactionFund / Governmental ActivtiesGeneral JournalDebitCredit1. TheFire Department, a governmental activity...
- Q The cash account for American Medical Co. at April 30 indicateda balance of $97,456. The bank statement indicated a balance of$127,960 on April 30. Comparing the bank statement and theaccompanying...
- Q Swanson & Hiller, Inc., purchased a new machine on September1 of the current year at a cost of $149,000. The machine’sestimated useful life at the time of the purchase was...
- Q Work in Process Account Data for Two Months; Cost of ProductionReports Pittsburgh Aluminum Company uses a process cost system torecord the costs of manufacturing rolled aluminum, which consistsof the smelting...
- Q What is the Closing the Audit & AuditReports? Please explain and give an example.
- Q The following is the summarized financial information of NumberHolding Limited for the year ended 31 December, 2017 (withcomparative figures):Statement of profit or loss for the year ended 31December20172016$$Sales revenue29,02629,887Cost of...
- Q Exercise 23-12Condensed financial data of Headland Company for 2017 and 2016are presented below.HEADLAND COMPANYCOMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2017 AND 201620172016Cash$1,810$1,120Receivables1,7901,330Inventory1,5701,940Plant assets1,8701,740Accumulated depreciation(1,230)(1,150)Long-term investments (held-to-maturity)1,3001,440$7,110$6,420Accounts payable$1,220$910Accrued liabilities200260Bonds payable1,3701,550Common stock1,8601,740Retained...
- Q Prepare a quarterly schedule of cash receipts budget for PEPSICompany for the year ended December 31, 2021, including thefollowing schedules:Sales Budget (ALREADY DONE) & Schedule ofCash Receipts (NEED HELP WITH...
- Q Bacon Corporation began business by issuing 180,000 shares of $5par value common stock for $25 per share. During its first year,the corporation sustained a net loss of $30,000. The year-endbalance...
- Q Wood Corporation owns 70 percent of Carter Company’s votingshares. On January 1, 20X3, Carter sold bonds with a par value of$645,000 at 98. Wood purchased $430,000 par value of the...
- Q How relevant is managerial accounting for a firm’s decisionmaking process? Is managerial accounting more than just estimatinga cost for the financial accounting systems of a firm?Does managerial accounting systems have...
- Q Warren Buffett stated that he paid an effective taxrate that was lower than his secretary. This assertion is probablytrue. Why? Will that assertion remain true after the fullimplementation of the...
- Q what are the differences of a financial audit verses a SSAE-16audit? Why are these audits important and which do you think is themore thorough audit from a security perspective?
- Q Problem 13-5A Comparative ratio analysis LO P3[The following information applies to the questionsdisplayed below.]Summary information from the financial statements of two companiescompeting in the same industry follows.BarcoCompanyKyanCompanyBarcoCompanyKyanCompanyData from the current...
- Q (a) Using a diagram explain the systems approach to management..(b) Assuming the organisation that you are working for uses thesystems approach to management, describe how this approach ispracticed in your...
- Q Financial statement disclosures You are the financial accountantfor Superstore Ltd, and are in the process of preparing itsfinancial statements for the year ended 30 June 2018. Whilstpreparing the financial statements,...
- Q On May 14, Bentley Company received a $75,000, 8%, 90day note froma customer for the sale ofmerchandise. What is the maturity date of this note? What is the maturity value of this note? Record...
- Q You have the following information about Burgundy Basins, a sinkmanufacturer.Equity shares outstanding20millionStock price per share$30Yield to maturity on debt7.5%Book value of interest-bearing debt$320millionCoupon interest rate on debt3.5%Market value of debt$200millionBook...
- Q Great Lakes Packing has two bond issues outstanding. The firstissue has a coupon rate of 3.72 percent, a par value of $2,000 perbond, matures in 7 years, has a total...
- Q Aloka Innovative Business Solutions Pvt. Ltd, an HR outsourcingcompany based in Hyderabad provides temporary staff to ABCManagement College, Hyderabad. The company entered into followingtransactions with ABC Management College and the...
- Q On September 1, 2017, Wildhorse Ltd. purchased equipment for$31,900 by signing a two-year note payable with a face value of$31,900 due on September 1, 2019. The going rate of interest...
- Q Problem 4 - DividendCalculations & Journal Entries for EquityPart A Directions: ShorelineCompany has 10,000 shares outstanding of $50 par value, 5%cumulative preferred stock and 50,000 shares of $2 par value...
- Q Orca Ltd applies the principles of tax-effect accountingas per AASB 112/IAS 12 in accounting for company income tax. OrcaLtd calculates depreciation expense on its plant using thestraight-line method, but applies...
- Q Team dynamics are made up of many different aspects, and can bequite complex. This assignment allows you to bring together theconcepts that you have learned this week to summarize and...
- Q At the end of last month, Ajax Inc. had the following balancesin its accounts:Cash $ 5,000Inventory $10,000Equipment $ 3,000Land $10,000Owe Jones $10,000Common Stock $10,000Retained Earnings $ 8,000Set up the initial...
- Q Superior Markets, Inc., operates three stores in a largemetropolitan area. A segmented absorption costing income statementfor the company for the last quarter is given below:Superior Markets, Inc.Income StatementFor the Quarter...
- Q A machine was acquired on January 1, 2015, at a cost of $80,000.The machine was originally estimated to have a residual value of$5,000 and an estimated life of 5 years....
- Q Following is the April 30 Accounts Receivable Subsidiary Ledgerof Gabbard, Inc., a retailer of tents and camping equipment. (Theledger is also available for download at the end of theprompt.)Accounts Receivable...
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