Accounting question and answers for July 04, 2023
- Q The Walton Toy Company manufactures a line of dolls and a sewingkit. Demand for the company’s products is increasing, andmanagement requests assistance from you in determining aneconomical sales and production...
- Q Weller Industries is a decentralized organization with sixdivisions. The company’s Electrical Division produces a variety ofelectrical items, including an X52 electrical fitting. TheElectrical Division (which is operating at capacity) sells...
- Q there are various methods of auditing around the computer,through the computer, and with the computer. Which of these methodswould you recommend for the audit of accounts receivableand why? Be sure...
- Q You have been hired to evaluate an accounting information systemfor fixed asset inventory tracking to determine if proper controlsand security are present for financial reporting. You notice thecompany has a...
- Q discuss the increase importance that is being placed on dataanalysis in the accounting field. Do you agree or disagree with thepanel in the podcast that technology will impact the auditingprofession. ...
- Q The amount of data companies can obtain and store aboutcustomers has grown substantially over time. what do you see as theethical issues related to customer data storage anduse? Do you...
- Q Two people have come to yourrestaurant with different offers.Sam"I'll sell you abrand new soft-serve ice cream machine. It'll cost $4,000 andshould provide you with an extra $1,000 of revenue every...
- Q Cast Iron Grills, Inc., manufactures premium gas barbecuegrills. The company reports inventory and cost of goods sold basedon calculations from a LIFO periodic inventory system. Cast Iron’sDecember 31, 2021, fiscal...
- Q 250 WORDSExplain the relationship between assurance services andattestation services. Give examples of each. Do not forget to noteyour source and in-text citation in APA format.
- Q Standards for Nonmanufacturing ExpensesCodeHead Software Inc. does software development. One importantactivity in software development is writing software code. Themanager of the WordPro Development Team determined that the averagesoftware programmer could...
- Q Act17.2If Fair Work Australia is involved in a follow-up action, whatare the stages in an investigation? Discuss in 120–150 words.
- Q differences and similarities between activity-based budget and project-based budget
- Q Recording Standards in AccountsThe Assembly Department produced 2,000 units of product duringMarch. Each unit required 1.5 standard direct labor hours. Therewere 3,200 actual hours used in the Assembly Department duringMarch...
- Q Forecast Sales Volume and Sales BudgetFor 20Y6, Raphael Frame Company prepared the sales budget thatfollows.At the end of December 20Y6, the following unit sales data werereported for the year:Unit Sales8"...
- Q Work in Process Account Data for Two Months; Cost of ProductionReportsHearty Soup Co. uses a process cost system to record the costsof processing soup, which requires the cooking and fillingprocesses....
- Q Directions: Calculate Depreciation Expense for each of 3 yearsusing 3 different methods using the following information. Reportyour final answers, use formulas and/or show all work for eachcalculation. Round to the...
- Q If you were going to purchase a house with your significantother but you do have children, would you elect joint tenants ortenants in common, and why would you pick that...
- Q Absorption and Variable Costing Income StatementsDuring the first month of operations ended July 31, YoSan Inc.manufactured 11,900 flat panel televisions, of which 10,900 weresold. Operating data for the month are...
- Q Marshall has a one-third capital and profits interest in theBlue Stone General Partnership. On January 1, year 1, Blue Stonehas $120,000 of general debt obligations and Marshall has a $50,000tax...
- Q James North and Leanne South have operated a small gardening centre and landscaping business for the past 10 years. Their business is incorporated as a private corporation. Since there is...
- Q Read the case on which your Portfolio Project is based anddetermine all items that will be excluded from gross income. In aMS Excel spreadsheet, list all excluded items in column...
- Q Entity A purchased a property (Land and Building) for $5,000,000on 1 July 2017. Entity A paid 60% by a cheque on 1 July 2017 andthe balance was settled on 1...
- Q Assume that the following statements of financial position arestated and a book value. Construct a post-merger statement offinancial position assuming that Amherst Co. purchases Essex Inc.and the pooling of interests...
- Q Interim statements consist of year-to-date income statements,statements of owner's equity, and balance sheets as of variousdates during the fiscal period. Assume that Maria’s Beauty Spa’sfiscal period does not end on...
- Q Case Study 1:Zhivago Brands Ltd makes a special-purpose horse and dog rugsewing machine, Multiweaver (MW), used in the textile industry. Inearly 2015, Zhivago Brands Ltd designed the MW machine with...
- 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 1. You decide to buy a new car. You negotiate with the dealerand get the car for $40,000. What will be your monthly payment ifyou finance the purchase through your...
- Q Morrow Enterprises Inc. manufactures bathroom fixtures. MorrowEnterprises’ stockholders’ equity accounts, with balances onJanuary 1, 20Y6, are as follows:Common stock, $20 stated value (500,000 shares authorized,367,000 shares issued)$7,340,000Paid-In Capital in Excess...
- Q The Directors of Brisbane Ltd (a listed company) have come toyour accounting firm to seek advice on how to account for theinvestments they have in the five (5) entities-- Canberra...
- Q Hi Lisa. You did a great job on your response! I’m glad that youfocused on the use of forecasting for both an internal and externalperspective. In the 10K annual report...
- Q Research a governmental unit or not-for-profit unit of your choiceand locate its recent annual budget. What are the three largestprojected revenues and the three largest expenditures? Which lineitems show the...
- Q QUESTION 2DISPOSAL OF FIXED ASSETS(20)REQUIREDAnswer the following questions from the information given below.All workings must be shown.2.1Calculate the depreciation for the current financial year on thevehicle that was sold.(2)2.2Prepare the...
- Q Comparing and contrasting the historical cost]principle and current (fair) market value, is knowledge of anasset's current market value ever useful and, if so, when?
- Q Calculating FIFO Inventory ValuesThe Mann Corporation began operations in 2015. Informationrelating to the company’s purchases of inventory and sales ofproducts for 2015 and 2016 is presented below.2015January 1Purchase200units@$10per unitApril 1Sold120units@$25per...
- Q 1. NoFly Corporation sells three different models of a mosquito“zapper.” Model A12 sells for $53 and has variable costs of $44.Model B22 sells for $106 and has variable costs of...
- Q Introducing Students to the FASB Codification System 163 TheAccounting Educators’ Journal, 2011 Case 3 Sublease You are anaudit partner in Slick & Co. CPAs. Mann Co. has been an auditclient...
- Q why is an investment more attractive to management ifit has a shorter payback period? Should this be the onlyconsideration? All things being equal, which of the methods coveredin the chapter...
- 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 Please solve Problem 3-11 from your textbook(Introduction to Managerial Accounting; Fifth Canadian Edition, byBrewer, Garrison, Noreen, Kalagnanam, and Vaidyanathan) consideringthe following new information and requirements:The company received a request for...
- Q About 200 words if you are making a presentation to a group,write about the different things you can do to pull it offflawlessly. Think about what you can do in...
- Q Warrier Gear manufactures clothing. A flannel shirt requires thefollowing:Standard Direct Materials 2 square yards at $15 per yardStandard Manufacturing Labor 1.5 hours at $25 per hourDuring the third quarter, the...
- Q Tax implications of business entities: corporations, Scorporations,partnership, and LLCs.List and explain the pros and cons, from a taxation sense, ofoperating each type of business.Explain the importance of the passive activity...
- Q Complete the multi product contribution margin income statementwith the given information:Net income earnedduring most recent period:$ 65,000Contribution marginratio:15%Fixed costs incurred duringmost recent period:$ 175,000Statutory tax rate:37%Operating income generated atbreakeven:$ - Applicable to the FootballDivisionSelling...
- Q Use the information below for ABC Co. to answer thefollowing questions (#15 – 26).BalanceSheet December31 2005 2004 AssetsCash $ 20,000 $ 10,000Accountsreceivable 160,000 110,000Inventories 80,000 50,000PrepaidRent 15,000 10,000Investments 100,000 75,000Plantassets 210,000 250,000Accumulateddepreciation (65,000) (60,000) Total $520,000 $445,000Liabilities and Stockholders' EquityAccountspayable $ 50,000 $ 40,000Interestpayable 20,000 5,000Income taxpayable 5,000 10,000Notepayable 130,000 140,000Commonstock 155,000 100,000Retainedearnings 160,000 150,000 Total $520,000 $445,000Income StatementFor the Year Ended December 31, 2005Sales $800,000Cost of goodssold 480,000GrossProfit 320,000 Operating expenses (including DepreciationExpense) 120,000Interestexpense 20,000Income...
- Q Journalize the following adjustments.(1)Services performed for customers through February 27, 2017, butunbilled and uncollected were $4,330.(2)Received notice that a customer who was billed $230 forservices performed February 10 has filed...
- Q Your client, Mary Barnhart, wants to open her ownbusiness. She is having difficulty understanding the purposes offinancial statements and how they fit together across time.REQUIRED: Write a one-page letter to...
- Q The Office Supplies account started the year with a $3,875balance. During 2015, the company purchased supplies for $16,004,which was added to the Office Supplies account. The inventory ofsupplies available at...
- Q Pine Valley Catering uses a job order cost system. The followingdata summarize the operations related to the month of October, thefirst month of operations:Materials purchased for $10,000 in cash.Material requisitioned...
- Q Assume you barrow $100,000 for a year and the stated interestrate is 5 percent. The loan will be st up as an installment loanwith monthly payment. 1) What is the...
- Q Cant find the Normal Volume and NewBusiness for DirectMaterials, Direct Labor and Variable overhead, Contribution MarginalsoJones Products manufactures and sells to wholesalersapproximately 200,000 packages per year of underwater markers at$3.88...
- Q PIK Manufacturing rewards its plant managers for their abilityto meet budgeted quality cost reductions. The bonus is increased ifthe productivity goal is met or exceeded. The productivity goal iscomputed by...
- Q JE to Record R&D and Patent6. During 2010, Bills Corporation spent $170,000 in research anddevelopment costs. As a result, a new product called the New AgePiano was patented. The patent...
- Q Cinders MarketingCinders Marketing Corporation reported thefollowing? stockholders' equity at December 31? (adapted and in?millions):During the next? year, Cinders MarketingCindersMarketingpurchased treasury stock at a cost of $28 million andresold treasury stock...
- Q On January 1, Year 1, Melvin Corporation promises toUnconditionally transfer a building that cost $100,000(appraisedrecently at$ 300,000)to the Vivian Comp on Jan 1, Year 2 for a boatshe bought for...
- Q Benjamin M. Rogers is the president of the Lakeside Company, aretailer and distributor of consumer electronics (mainly audio andvideo equipment) based in Richmond, Virginia. Although King andCompany CPAs, a Richmond...
- Q Assessment 9:Making the Right Decision WorksheetProblems 1–4Input valuesComplete problems 1–4 based onthe following scenario.Megacorp needs to decide whichof two new projects to invest in.Company nameMegacorp· Project A is an investment in...
- Q A comparative balance sheet and an income statement for BurgessCompany are given below:Burgess CompanyComparative Balance Sheet(dollars in millions)Ending BalanceBeginning BalanceAssetsCurrentassets:Cash and cashequivalents$68$139Accountsreceivable930849Inventory795726Total currentassets1,7931,714Property, plant,and equipment1,7951,745Less accumulateddepreciation944738Netproperty,plant, and equipment8511,007Totalassets$2,644$2,721Liabilities and Stockholders'...
- Q Whywould the Global Financing segment hold 40% ($38,882/$97,310) ofthe segment assets, but generate only 3.6% ($4,073/$111,826) oftotal segment revenue?
- Q Calculate the NPV for a 3-year project with the following cashflows and a required return of 15%:CF0 = -$800,000 ATCF1 = $160,000 ATCF2 = $160,000 ATCF3 = $160,000ATER = $600,000Calculate...
- Q Miller Manufacturing builds and markets laptop computers forhome and small business use. During the past five years, sales havebeen as low as 10,000 units in a year and as high...
- Q I NEED 2 PARAGRAPHS FOR THIS TYPING SO I CAN COPY ITHow are budgets used for performance evaluation? Give details tosupport your answer.
- 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 Global Markets, Inc. was experiencing a shortage of cash.Consequently, the President was considering two options to providean immediate inflow of cash.The first option was to sell $2 million of the...
- Q I NEED 2 PARAGRAPHS FOR THIS> TYPING SO I CAN COPY ITWhy is an investment more attractive to management if it has ashorter payback period?Identify two disadvantages of using the...
- Q Elite Apparel Inc. is considering two investment projects. Theestimated net cash flows from each project are as follows:YearPlant ExpansionRetail Store Expansion1$102,000$85,000283,000100,000372,00068,000465,00048,000520,00041,000Total$342,000$342,000Each project requires an investment of $185,000. A rate of...
- Q I just need the last section on this one!Analyzing Accounts ReceivableThe following information is taken from the annual report of TheCoca-Cola Company:(amounts in millions)20142015Net sales$45,998$44,294Accounts receivable (net)4,4663,941Calculate the receivable turnover...
- Q you are opening a food truck. Your overhead inculdetruck $250 per monthEquipment for making and storing food $350 per monthLicense $200 good for two yearsAdvertising $500 per monthlabor $20 per...
- Q Morton Company has two divisions. Sales, direct materials cost,direct labor cost, and manufacturing overhead data for Morton’s twodivisions are available below. Note: All of Morton Company’sproducts are sold in competitive...
- Q Understanding the management assertions related to a specificcontrol is an important factor in preparing the tests of controls.Using the assertions provided below, select the managementassertion(s) that relates to the purpose...
- Q The Jayson Company has had a defined benefit pension plan forseveral years. At the end of 2016, Jayson had the followingbalances related to the plan: Projected benefitobligation $980,000 Unrecognized prior service cost (remainder...
- Q Describe each of the following control testing procedures anddiscuss the strength of each in terms of producing relevant andreliable information.InquiryObservationInspection of physical evidenceReperformanceSoftware-based Audit Techniques
- Q home / study / business / accounting / accounting questions andanswers / amanda monaco has just inherited her father’s company.prior to his death, mr. monaco was ...Question: Amanda Monaco has...
- Q Exercise 193 Booker Corporation had the following comparativecurrent assets and current liabilities: Dec. 31, 2017 Dec. 31, 2016Current assets Cash $60,000 $30,000 Short-term investments 40,00010,000 Accounts receivable 55,000 95,000 Inventory...
- Q Describe how and why states regulate NFPs, and describe:Not-for-profit incorporation laws & Registration, licenses, andtax-exemption.
- Q 1.) Compute the cost of not taking the following cashdiscounts:a.) 2/10 net 40b.) 2/15 net 30c.) 2/10 net 45d.) 3/10 net 90
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