Accounting question and answers for July 05, 2023
- Q Selected transactions follow for Accustart Sports Ltd. during the company's first month of business. The company expects a return rate of 8% and uses a perpetual inventory system....
- Q Magnolia, Inc., manufactures bedding sets. The budgeted production is for 25,800 comforters this year. Each comforter requires 7 yards of material. The estimated January 1 beginning inventory is 4,520 yards...
- Q using intermediate accounting, compute the present value of 7960 to be received at the end of each of the 20 periods, discounted at 5% compound interest.
- Q How can i do the adjusting closing entry for this in sage 50 Date: September 30,2021 From: Jeremy Fischer Re: Adjustments required for year-end (cost of...
- Q Choose information from the list below and prepare balance sheet of the company BETA
- Q Jimmy and Dee Dee, both age 35, are married and filed a joint Federal income tax return for 2023. Jimmy earned a salary of $140,000 and was covered by his...
- Q records of the equipment purchased by sinta company
- Q - Like most families, the Millers have both credit and debt. Amy's credit score is 720 while Scott's is only 680 . They want to boost both scores....
- Q Factory Overhead Cost Variances Port Norris Textiles Corporation began September with a budget for 35,000 hours of production in the Weaving Department. The department has a full capacity of 47,000...
- Q Take-a-Break Travel Company offers spring break travel packages to college students. Two of its packages, a 7-day, 6-night trip to Cancun and a 5-day, 4-night trip to...
- Q The Sports Equipment Division of Harrington Company is operated as a profit center. Sales for the division were budgeted for 2020 at $905,000. The only variable costs budgeted for the...
- Q Prepare journal entries to record the following production activities. Incurred $43,000 of direct labor in the Roasting department and $41,000 of direct labor in the Blending department of direct...
- Q Classify each cost as a product cost or a period cost for a manufacturer of tennis balls. For each product cost, also indicate whether it is a direct...
- Q [The following information applies to the questions displayed below.] Serotta Corporation is planning to issue bonds with a face value of $410,000 and a coupon rate...
- Q Book value of stockholders equity usually differs from company market value. Explain some reasons why a companys book value of stockholders equity can differ from a companys market value.
- Q The following information is available for Tamarisk Hill Corporation: Based on the preceding information, calculate return on common stockholders' equity. Return on common stockholders'...
- Q The accounting cycle requires preparation of three trial balances. In what order should they be prepared? a. post-closing, unadjusted, adjusted b. post-closing, adjusted, unadjusted c. unadjusted, post-closing, adjusted d. unadjusted,...
- Q b. Prepare an unclassifie c. How might the statement flow ratios. an unclassified balance sheet as it would appear at December 31, 2020. ght the statement...
- Q Given the following information for Janaro Products, compute the company's ROI: Sales $800,000; Controllable Margin $120,000; Average Operating Assets $400,000. ...
- Q Program goal: Prevent child abuse among students in the high school in Lane County, Oregon. Budget Narrative Personnel: $75,000 This budget includes costs for...
- Q Explain the differences between GAAP and IFRS classifications of of stockholders' equity, capital, and reserves.
- Q Yowell Company began operations on January 1, 2016. During 2016, the company engaged in the following cash transactions: 1) issued stock for $60,000 2) borrowed $35,000 from its bank 3)...
- Q The subsidiary ledgers for work in process are as follows: Overhead is applied on the basis of direct labor hours (dlh). Estimated annual overhead is $25,000, whereas...
- Q A company has provided the following details for a month: Estimated Sales Units 16,500 Variable Selling and Administrative Expense per Unit $4.00 ...
- Q 16 marks] Q6. Digital marketing is used as a differentiator strategy to create value through a process of co- creation. Comment with examples? [6...
- Q Once you have a Pivot Table complete: A) You are not allowed to add new fields B) You can add new fields by dragging and dropping into one of the...
- Q ! Required information [The following information applies to the questions displayed below.] Agrico Inc. accepted a 10-month, 12.8% (annual rate), $9,000 note from one of...
- Q Margin of Safety The Ira Company has sales of $730,000, and the break-even point in sales dollars is $481,800. Determine the company's margin of safety as a percent of current...
- Q Which of the following is/are always true about wills? I. A will transfers all of the decedents assets. II. A will only takes effect when the decedent dies. III. A...
- Q Devereaux Cycles makes three models of scooter: Commuter, Sport, and X-treme. The scooters are produced in four departments: Assembly, Detailing, Customization, and Packaging. All three models are started...
- Q Concord, Inc. has had some turnover in its parts inventory area. As a result, some inventory counting errors have been made in taking the physical ending inventory in...
- Q Blossom Limited had 42,000 common shares outstanding on January 1, 2020. On March 1, 2020, Blossom issued 21,000 shares in exchange for equipment. On July 1, Blossom repurchased and cancelled...
- Q How does gross profit ratio, Operating Margin Ratio, Net Profit Margin determine a company's profitability?
- Q Case 1. What are the five categories of control activities? (2 marks)
- Q I put the new images of the whole question with all the parts. ...
- Q Below follows an extract of the summary you made of all transactions after working through all the source documents provided to you by Mr Bonka's son, Ben. The...
- Q A large focus of this weeks readings and assignments have centered around fraud. Why do you think the cash account is so susceptible to fraud? What are some of...
- Q 7. If companies have identical inventoriable costs but use different inventory flow assumptions when the price goods have not been constant, then the A) ending inventory...
- Q If you deposit $28,025 annually at the end of every year in a bank account paying 8% annually, how much would you have saved at the end of...
- Q Just write introduction for Nobes (1983) and Doupnik & Salter (1993) Please just introduction for both |
- Q Which of the following is not part of the accounting process? Which of the following is not part of the accounting process
- Q Case 1. Identify the eight major steps in planning audits.(1 mark)
- Q Correctly identify whether each variable is numeric or categorical. voter_reg_num zip gender_lbl precinct_lbl Political Party Race Age Group 2 Voted both elections eoy_age Years...
- Q in the audit procedure to recompute gain or loss on disposal the amount should be agreed a. to the fixed assets schedule b. to the board of directors minutes c....
- Q The Ace Battery Company has forecast its sales in units as follows: January 1,700 May 2,250 ...
- Q Pina Enterprises provides the following information relative to its defined benefit pension plan. Balances or...
- Q Gilmore Corporation is a small manufacturer that makes animal toys for dogs, cats and small rodents (i.e. gerbils, hamsters, rats and guinea pigs). The company has only one production...
- Q The least aggregate deferral test uses the profit percentage of each partner to determine the minimum amount of tax deferral for the partner group as a whole in determining the...
- Q The Uniform Occupational Fraud Classification System identifies three primary classes and subclasses for each one. Identify the applicable primary class and subclasses from this system. A. Corruption: sales schemes, bid...
- Q Bank reconciliation The following bank reconciliation was prepared as of June 30,20Y7: Poway Co. Bank Reconciliation For the Month Ended June 30,20Y7...
- Q Selected accounts with some amounts omitted are as follows: If the balance of Work in Process on October 31 is $213,600, what was the amount of factory overhead...
- Q the bottom line is, absorption costing can create an illusion of efficiency by spreading the fixed manufacturing overhead cost over a large volume of output. The question then is:...
- Q can i please get help thanks A taxpayer whose only capital gain income consists of dividend distributions from a mutual fund investment should compute their tax liability using:?
- Q What is a standard cost? a) the total number of units times the budgeted amount expected b) any amount that appears on the budget c) the total number that appears...
- Q 10. Penn Company has a division that manufactures a component that sells for $80 and has variable costs of $35 and fixed costs of $15. Another division wants to purchase...
- Q Which of the following is not a form of vendor fraud?
- Q You have recently been appointed to the board of directors of SAC (Pty) Ltd and has been invited to your first board meeting. On arrival you received the audited financial...
- Q GAAS requires that auditors gain an understanding of a client’sinternal control system. How does the auditor incorporate thisknowledge into the audit plan? Is an auditor required to testinternal controls on...
- Q Cassius Clay operates a bituminous coal home heating anddelivery service in Dauphin and Center counties. He must have asupply of bituminous coal on hand so customers may get the coalthey...
- Q discuss the ethics of salespeople asking theircustomers for information about such things as the pricing andpromotion strategies of the salespersons competitors
- Q Research the Virtual Library or an accounting journal and findan article that discusses purchase orders or inventory controls.Explain any experience you may have had with purchase orders orinventory controls.
- Q Kiddy Toy Corporation needs to acquire the use of a machine tobe used in its manufacturing process. The machine needed ismanufactured by Lollie Corp. The machine can be used for...
- Q Last year Minden Company introduced a new product and sold25,100 units of it at a price of $93 per unit. The product'svariable expenses are $63 per unit and its fixed...
- Q When your products and/or services require the use of differentresources in different departments, you have to use multiplePOHRs...one for each department involved. Otherwise, a single,factory-wide POHR may not capture the...
- Q Excalibur Corporation sells video games for personal computers.The unadjusted trial balance as of December 31, 2016, appearsbelow. December 31 is the company’s fiscal year-end. The companyuses the perpetual inventory system.DebitsCash...
- Q What does trade secret law protect?
- Q 6.Pastina Company sells various types of pasta to grocery chainsas private label brands. The company's fiscal year-end is December31. The unadjusted trial balance as of December 31, 2018, appearsbelow.Account TitleDebitsCreditsCash20,000Accounts...
- Q Bearkat Corporation is a manufacturing company that uses anactual costing system and produces one type of product. On January1 st, they had the following account balances in their threeinventory accounts:Finished...
- Q Assume you are the chief accountant making a presentation duringthe stockholders annual meeting for your corporation. Provide abrief explanation to stockholders on each of the followingquestions:SharesIn what ways can shares...
- Q Drake Appliance Company, an accrual basis taxpayer, sells homeappliances and service contracts. Determine the effect of each ofthe following transactions on the company's 2019 gross incomeassuming that the company uses...
- Q Gitano Products operates a job-order costing system and appliesoverhead cost to jobs on the basis of direct materials used inproduction (not on the basis of raw materials purchased). Itspredetermined overhead...
- Q A company issued the following semi-annual bonds: Face amount: $80,000 Couponrate: 8% Yield: 6% Life: 20 yearsa. Compute the selling price of the bonds.Prepare the journal entry for the issuance of the bonds usingthe selling...
- Q Situation 1Honest Andrea’s Auto Dealer purchases used cars at auto auctionsand sells them retail. The autos, on average, sell forapproximately $20,000 each and cost Andrea $13,000. The costs thatthe company...
- Q What are the adjusting entries for the following?1Accrue interest expense on thenote assuming that the date of the loan was January 2 (use 30/360and round to the nearest dollar).2Supplies on...
- Q 10a. Alpha's net accounts receivable were $500,000 atDecember 31, 2015, and $600,000 at December 31,2016. Net cash sales for 2016 were$250,000. The accounts receivable turnover for 2016 was5.3. Use this information to determine...
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