Accounting question and answers for July 04, 2023
- Q Complete thefollowing table (use $1000 Par value, 10 years, & semi-annualcoupon payments):BondCoupon RateYield to MaturityCoupon PaymentBond ValueDiscount or PremiumA5.0%4.5%B6.0%9.0%C4.0%8.0%D9.0%8.0%E12.0%15.0%
- Q On January 4, Year 1, Barber Company purchased 7,500 shares ofConvell Company for $84,500 plus a broker's fee of $1,500. ConvellCompany has a total of 37,500 shares of common stock...
- Q QUESTION 3 (18 Marks: 24 Minutes)The following is T Allen’s statement of financial position at 31December 2006 and statement of changes in equity for the year ended31 December 2006 together...
- Q Problem 13-4A Calculating financial statement ratios LO P3Selected current year-end financial statements of CabotCorporation follow. (All sales were on credit; selected balancesheet amounts at December 31 of the prior year...
- Q Aston International Products Ltd manufactures four products A,B, C and D. The budget for the upcoming financial year is asfollows:DetailsABCDTotal$’000$’000$’000$’000$’000Direct materials20,00010,00012,00024,00066,000Direct labour6.0004,0007,0008,00025,000Variable overheads2,0001,0003,0006,00012,00028,00015,00022,00038,000103,000Sales50,00019,00018,00052,000139,000Contribution22,0004,000(4,000)14,00036,000Fixed costs(8,000)(6,000)(2,000)(7,000)(23,000)Profit/(loss)14,000(2,000)(6,000)7,00013,000Required:Give the company three (3) reasons why...
- Q Question 1: An overview of management accounting (20 marks intotal)1a. Describe and explain the differences between managementaccounting and financial accounting.1b. Describe and explain the major functions of managementaccounting and give...
- Q Equivalent Units of Production and Related CostsThe charges to Work in Process—Baking Department for a period aswell as information concerning production are as follows. TheBaking Department uses the average cost...
- Q Question 2: Manufacturing Statement and Income Statement(20 marks in total)Lake Ltd.’s accounting department provided following financialinformation:Depreciation Expense - Factory Equipment$ 90,000Direct Labour$ 1,284,000Raw Material Inventory (1st July, 2016)$ 183,000Raw Material Inventory...
- Q Explain how internal controls affect the liquidity of acompany.
- Q Royal Lawncare Company produces and sells two packagedproducts—Weedban and Greengrow. Revenue and cost informationrelating to the products follow:ProductWeedbanGreengrowSelling price per unit$10.00$32.00Variable expenses per unit$2.30$13.00Traceable fixed expenses per year$130,000$48,000Common fixed expenses...
- Q Question 4: Separate legal identity1. Harry was managing director of Grantham Plumbers Limited(Grantham). A restraint of trade clause in his contract ofemployment prevented him from soliciting Grantham’s customers afterhe left...
- Q Question 2: PartnershipsIn 2008, Dan Baxter and Philip Jones set up a partnership totrade as organic greengrocers under the name Baxter and Co. Theyfrequently purchase organic produce from Yvonne Botica,...
- Q How do you amortize goodwill? provide an example.
- Q What is the difference between the accounting for capitalexpenditures and revenue expenditures? What would be the result ifthe two categories were not separated?
- Q The ledger of Tyler Lambert and Jayla Yost, attorneys-at-law,contains the following accounts and balances after adjustments havebeen recorded on December 31, 20Y3:Lambert and YostADJUSTED TRIAL BALANCEDecember 31, 20Y3ACCOUNT TITLEDEBITCREDIT1Cash33,600.002Accounts Receivable47,500.003Supplies2,200.004Land119,500.005Building157,200.006Accumulated...
- Q ANALYSIS AND RESEARCH CASE: ACCOUNTING INFORMATION AND SALARYNEGOTIATIONSHamilton Hawks Players’ Association and Mr. Sideline, the CEOand majority owner of Hamilton Hawks Soccer, Inc, ask your help inresolving a salary dispute....
- Q Identify the calculation for vertical and horizontal analysisand explain how we use the information and what the calculationsmean.
- Q ?1- In an article entitled “The DeadGrandmother/Exam Syndrome and the Potential Downfall of AmericanSociety,” Biology professor Mike Adams provides evidence that “Astudent’s grandmother is far more likely to die suddenly...
- Q Writing Wellman Company acquired 30% of the outstanding commonstock of Grinwold Inc. on January 1, 2022, by paying $1,800,000 for60,000 shares. Grinwold declared and paid a $0.50 per share cashdividend...
- Q Mark Company's audit team is evaluating the controls that Markhas implemented over the automated processing of payrolltransactions. During the understanding and assessment stages of theaudit, the following processing and output...
- Q Rainmaker Environmental Consultants is just finishing its secondyear of operations. The company’s unadjusted trial balance atOctober 31, 2011 follows:Rainmaker Environmental ConsultantsUnadjusted Trial BalanceOctober 31, 2011AccountDebitCreditCash28,000Accounts receivable56,000Interest receivable0Notes receivable30,000Supplies4,600Prepaid insurance9,350Prepaid rent21,000Office...
- Q wesltley widgets, Inc produces and sells a unique type ofwidget. The company has just opened a new plant to manufacture thewidgets and the following cost and revenue data have been...
- Q Email from Suresh BatikI received the following email from a former student.I hope you are doing well.I took your Managerial Accounting class ten years ago and have aquestion on how...
- 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 Why does it make sense to use the Weighted Average Cost ofCapital as the minimum required rate of return to analyze acompany’s investment opportunities?
- 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 Which of these is the most clear and unbiased basis for costallocation?Ability-to-bearBenefit ReceivedCause-and-effectNone of theseWhich of these is(are) ethical issues for cost allocationIncentive to shiftEquity or fair-shareincreasing costs of products...
- Q ATTENTION: I PAY EVERY MONTH TO BE ABLE TO POSTQUESTIONS HERE. THEREFORE I EXPECT COMPLETE AND QUALITY ANSWERS.PLEASE READ CAREFULLY WHAT IS REQUIRED AND GIVE A THOROUGH ANSWER .DO NOT...
- Q Provide an example of how to REVISE straight line depreciationon an existing asset when there is a CHANGE in estimated usefullife or salvage value by addressing the following points:1. How many...
- Q ATTENTION: I PAY EVERY MONTH TO BE ABLE TO POSTQUESTIONS HERE. THEREFORE I EXPECT COMPLETE AND QUALITY ANSWERS.PLEASE READ CAREFULLY WHAT IS REQUIRED AND GIVE A THOROUGH ANSWER .DO NOT...
- Q La Sfera Co. was formed on July 1, 2014. The company reportedthe following summarized statement of financial position at July 1,2017:RMAssetsCash472,000Other assets1,680,000Total assets2,152,000Liabilities and EquityLiabilitiesOther liabilities546,000Ordinary dividend payable35,000Shareholders’ equity7% preference...
- Q 250 WORDSProvide an example of a situation in which the "design ofcontrols" may be effective but those controls do not operate"effectively". In other words, what issues could cause thesecontrols to...
- Q Document and Entity Information - USD ($)12 Months EndedFeb. 03, 2018Mar. 08, 2018Jul. 29, 2017Document and EntityInformationEntity Registrant NameTARGET CORPEntity Central Index Key0000027419Document Type10-KDocument Period End DateFeb. 03, 2018Amendment FlagfalseCurrent...
- Q 15. (a) Define the terms assets, liabilities, and stockholders’equity. (b) What items affect stockholders’ equity?16. Which of these items are liabilities of White Glove CleaningService? (a) Cash. (f) Equipment. (b)...
- Q Prepare General Journal entries to record the followingperpetual system merchandising transactions ofBunbury Company.Use a separate account for each receivable and payable; forexample, record the purchase on January 1 in AccountsPayable-Waterton...
- Q Internal controls1. Any changes to employee master file information sincethe last payroll period are evaluated to ensure that they have beenproperly authorized by the appropriate personnel.2. The output is reviewed...
- Q Following are selected accounts for Mergaronite Company andHill, Inc., as of December 31, 2018. Several of Mergaronite’saccounts have been omitted. Credit balances are indicated byparentheses. Dividends were declared and paid...
- Q Rawl Corporation sold a building to a bank at the beginning of2017 at a gain of $87,000 and immediately leased the building backfor a period of four years. The lease...
- Q Management assertions for the financial statements referenced inPCAOB Auditing Standards are:Existence, occurrenceCompletenessRights, obligationsValuation, allocationPresentation and disclosureThe purpose of tests of controls is to permit the auditor toassess whether properly designed...
- Q John is a new supervisor concerned with having effectivecommunications with his employees and wants to try to minimize thebarriers that gein the way of understanding. When communicatingwith them, John should...
- Q ) Large Mart is currently using its own engineers and equipmentto build the machinery for a new factory in Armidale in whichtablet computers will be produced. Last week, the director...
- Q The demand for solvent, one of numerous products manufactured byLogan Industries Inc., has dropped sharply because of recentcompetition from a similar product. The company’s chemists arecurrently completing tests of various...
- Q Woodbury Hospital has three service departments and threeoperating departments. Estimated cost and operating data for alldepartments in the hospital for the forthcoming quarter arepresented in the table below:Service DepartmentsOperating DepartmentsHousekeeping...
- Q You a member of the audit team at Miller Yates Howarth (MYH), anaccounting firm with offices throughout the major regional centresof NSW and Queensland. Although a medium sized firm by...
- Q Required information[The following information applies to the questionsdisplayed below.]Adger Corporation is a service company that measures its outputbased on the number of customers served. The company provided thefollowing fixed and...
- Q A machine that cost $46,000 on January 1, 2015 was depreciatedby Ava Company using the double declining method. The machine had a$2,200 residual value and a useful life of 10...
- Q 6(A) A machine that cost $96,000 on January 1, 2015 wasdepreciated by Ava Company using the double declining method. Themachine had a $8,600 residual value and a useful life of...
- Q Examples of Salaries and Wages
- Q On January 1, 2020 (the first day of its fiscal year) WildhorseLtd. acquired a patent which gave the company the right to use aproduction process. The process met the six...
- Q Some of the key ratios for Palmerston plc and its maincompetitor Glebe plc are as follows.Palmerston GlebeGearing 70% 10%ROCE 25% 15%Gross profit 40% 50%Receivables’ collection 5 days 35 daysPayables’ payment...
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