Accounting question and answers for July 05, 2023
- Q PLEASE PROVIDE DETAILED RESPONSE AS WELL AS THE VISUALS OF THESCHEDULE 1 AND SCHEDULE 6 BUDGETSYour consulting firm has been hired to help Triple F Health Clubevaluate its new membership...
- Q Great Adventures Problem 3-1[The following information applies to the questionsdisplayed below.] On July 1, 2018, Tony and Suzie organize their new company as acorporation, Great Adventures Inc. The following transactions occurfrom...
- Q Explain the establishment of a corporation coming from apartnership formation.
- Q Which two ratios do you think should be of greatest interest ineach of the following cases?a. A pension fund considering the purchase of 20-year bonds.b. A bank contemplating a short-term...
- Q Identify and discuss 6 potential users who are compulsory toparticipate in the development of an Accounting InformationSystems. In your discussion, you must include their relevance,importance and contribution to the project.
- Q write an essay on how to avoid automobile accidents
- Q Case(A)Case(B)Case(C)BeginningBalance (BB)?$23,000$7,900Ending Balance(EB)$67,00019,2008,300Transferred In(TI)149,60097,700?Transferred Out(TO)164,600?21,100For Case (A) above, what is the Beginning Balance (BB)?$52,000.$82,000.$67,000.$97,600.
- Q Nonuniform Inputs, Transferred-In Cost Drysdale Dairy produces avariety of dairy products. In Department 12, cream (transferred infrom Department 6) and other materials (sugar and flavorings) aremixed at the beginning of...
- Q Record each of these transactions in Journal entries and preparethe Ledger for Cash & Cash Equivalents, Accounts Receivable andAccounts Payable:Jan. 1st Frank's Pizza started thebusiness by depositing $50,000 received from...
- Q Research the tax treatment for each of the following incomeitems:1. Rental income4. Amounts received from settlement of lawsuits orfrom court judgments. Specifythe different treatment for:(a) compensation for pain andsuffering,(b) punitive damage awards,(c)...
- Q Research the tax treatment for each of the following incomeitems:7. Divorce payments: Alimony vs. Child Support vs.Property Division10. Consulting income11. Non-cash transactions (barter systems)
- Q What is the main difference between fixed and flexible budget?Why fixed budgets are preferred ingovernment departments? Discuss the benefits of both types ofbudgets.
- Q Which of the following statements is most correct?a.Fundamental analysis attempts to value a company by examiningthe past prices patterns of a company's stock.b.Individuals who apply active investment strategies primarily usetechnical...
- Q Accounting for iPhone at Apple Inc On October 21, 2008, AppleInc. announced financial results for Q4 of FY 2008 ended September27, 2008 (see Exhibit 1). Under the U.S. generally acceptedaccounting...
- Q CASE STUDY ----->>> "Sweet Tooth Cupcake andPastry HouseSweet Tooth has managed the company until now basicallyrunning on a single Excel spreadsheet to determine costs, payrollhasn’t been much of an issue...
- Q Accounting for iPhone at Apple IncOn October 21, 2008, Apple Inc. announced financial results forQ4 of FY 2008 ended September 27, 2008 (see Exhibit 1). Under theU.S. generally accepted accounting...
- Q Mendoza Corporation was organized on January 1, 2017. It isauthorized to issue 20,000 shares of 6%, $40 par value preferredstock, and 500,000 shares of no-par common stock with a statedvalue...
- Q On December 31, 2018, the accounts in the ledger of MonroeEntertainment Co. are listed below. All accounts have normalbalances. At the beginning of the year, retained earning beginningbalance is $3,000....
- Q What would the unadjusted trial balance look like for thefollowing transactions?1-JanCash4,000 Common Stock4,0002-JanCash5000 Notes Payable50003-JanRent Expense900 Cash9004-JanSupplies450 Accounts Payable4505-JanEquipment7200 Cash72006-JanEquipment2850 Cash1350 Accounts Payable15007-JanPrepaid Advertisement375Advertisement Expense125Cash5008-JanInsurance Expense225 Cash2259-JanCash2625 Service Revenue262510-JanCash5125 Unearned...
- Q Presented below is information related to Starr Company.1.Net Income [including a discontinued operationsgain (net of tax) of $84,000]$258,5002.Capital Structurea.Cumulative 5% preferred stock, $100 par, 6,100 shares issuedand outstanding$610,000b.$10 par common...
- Q You have just been hired as a new management trainee by EarringsUnlimited, a distributor of earrings to various retail outletslocated in shopping malls across the country. In the past, thecompany...
- Q [The following information applies to the questionsdisplayed below.]The following partially completed process cost summary describesthe July production activities of Ashad Company. Its productionoutput is sent to its warehouse for shipping....
- Q 1. ABC expends $500,000 for work performed under a contract witha total contract price of $3 million and estimated costs of $2.5million. It sends a bill to the customer for...
- Q Glaziers Professional Corp. manufactures customized frames forpictures and certificates. Sales for August are expected to be10,000 units of various sizes. The average frame requires:Wood: 4 metresGlass: One square metreBacking: Two...
- Q Problem 17The Hodges, a 300-room hotel, has provided you with thefollowing data for the months of June and July: June July Single roomssold 2,400 2,418 Double roomssold 4,200 4,278 Roomrevenue $396,000 $339,000 Number of paidguests9,900 9,910Required:Compute the following for June...
- Q Subject : Accounting Information SystemQuestion : The revenue cycle affects the bottom line of thebusiness critically. Hence, there are many threats that couldderail a successful cycle. Describe 5 threats that...
- Q Wesley Power Tools manufactures a wide variety of tools andaccessories. One of its more popular items is a cordless powerhandisaw. Each handisaw sells for $60. Wesley expects the followingunit sales:January2,300February2,600March2,800April2,900May2,300Wesley’s...
- Q A company has a beginning inventory of $ 20,000 and purchasesduring the year of $ 160,000. The beginning inventory consisted of2,000units and 8,000 units were purchased during the year. 3,880units...
- Q QUESTION #45: Required information[The following information applies to the questionsdisplayed below.]Shown below is information relating to the stockholders' equityof Reeve Corporation as of December 31, 2018:3.5% cumulative preferred stock,$100 par$1,200,000Common...
- Q A partial list of the costs for Wisconsin and MinnesotaRailroad, a short hauler of freight, follows. Classify each cost aseither indirect or direct. For purposes of classifying each cost,use the...
- Q Which of the following pension benefit plans is exempt fromfiling a return/report?
- Q 1. Dilly Farm Supply is located in a small town in the ruralwest. Data regarding the store's operations follow:Sales are budgeted at $308,000 for November, $328,000 forDecember, and $228,000 for...
- Q Use financial statement relationships to determine missingamounts.(LO 3)E1-12B?The summaries of data from the balancesheet, income statement, and retained earnings statement for twocorporations, Yeagen Corporation and Williams’ Enterprises, arepresented below for...
- Q Journal Entries and Trial BalanceElite Realty acts as an agent in buying, selling, renting, andmanaging real estate. The unadjusted trial balance on March 31,2019, follows:Elite RealtyUnadjusted Trial BalanceMarch 31, 2019AccountNo.DebitBalancesCreditBalances11Cash9,88012Accounts...
- Q The unadjusted trial balance for PT&M, Inc. is below. OnDecember 31, 20xx the balance of inventory is $30,000 not countingany estimated returned inventory. The company uses GAAP forfinancial reporting. Additional...
- Q 16. Jackson County Senior Services is a nonprofit organizationdevoted to providing essential services to seniors who live intheir own homes within the Jackson County area. Three services areprovided for seniors—home...
- Q 1) Provide examples from the real world for successful andunsuccessful mergers and acquisitions cases in recent years andstate the specific reasons behind their success or failure. (Do notprovide general reasons...
- Q The cost of acquiring an asset includes the costs necessary tobring it to the condition and location necessary for its intendeduse. there are four stages during which costs can be...
- Q MSK Construction Company contracted to construct a factorybuilding for $525,000. Construction started during 2019 and wascompleted in 2020. Information relating to the contractfollows:20192020Costs incurred during theyear$290,000$150,000Estimated additional cost tocomplete145,000—Billings during...
- Q What would the jounal entries look like for the followingevents?The followingevents apply to Jackson Tutoring Services Inc. for the month ofJanuary 2018, the company's first period of operations:1Issued common stock...
- Q You have just been hired as a new management trainee by EarringsUnlimited, a distributor of earrings to various retail outletslocated in shopping malls across the country. In the past, thecompany...
- Q Basic Concepts and Conventions according to GAAP include theEntity Concept, the Reliability Concept, the Going ConcernConvention, the Materiality Convention, the Cost Benefit Criterion,and the Stable monetary unit Concept. Briefly describe...
- Q Scott Walker Company reported the following data for the past?year: Net sales $ 470,000 Purchases $ 220,000 Beginning Inventory $110,000 Ending Inventory $ 170,000 Cost of Goods Sold $ 290,000Industry...
- Q You have just been hired as a new management trainee by EarringsUnlimited, a distributor of earrings to various retail outletslocated in shopping malls across the country. In the past, thecompany...
- Q Why are income statement accounts considered temporary accounts?200 words
- Q 1.The different aspects of variable costs, fixed costs, andmixed costs. (Consider how they behave in regards to both totalcosts and unit costs.)2.Discuss their behavior in regards to the relevant range.Please...
- Q When would we call the Income Statement the Statement ofOperations and when would we call the Balance Sheet the Statementof Financial Position?
- Q Exercise 12-81Profitability RatiosFinancial statements for Steele Inc. follow.SteeleInc.ConsolidatedIncome Statements(inthousands except per share amounts)201920182017Net sales$7,245,088$6,944,296$6,149,218Cost of goods sold(5,286,253)(4,953,556)(4,355,675)Gross margin$1,958,835$1,990,740$1,793,543General andadministrative expenses(1,259,896)(1,202,042)(1,080,843)Special andnonrecurring items2,61700Operating income$701,556$788,698$712,700Interest expense(63,685)(62,398)(63,927)Other income7,30810,08011,529Gain on sale ofinvestments09,1170Income before incometaxes$645,179$745,497$660,302Provision...
- Q HU245 Unit 2 AssignmentEthical Theories Comparison ChartUtilitarianismEthical EgoismEthics of CareKantianismPrima Facie DutiesDivine Command TheoryVirtue TheoryHow is “good” DeterminedMost Noted Philosopher(s)Major StrengthsMajor Weaknesses
- Q 55.Danni is a single 30 percent owner of Kolt (a business entity).In the current year, Kolt reported a $1,000,000 business loss.Answer the following questions associated with each of thefollowing alternative...
- Q Identify and list various categories of data that are used instatistical analysis. Give few suitable examples.
- Q You are a new tax staff accountant at a local CPA firm. Duringyour first week on the job a client, Ms. Macchiato, came into thefirm seeking tax advice. In particular,...
- Q Pompeii's Pizza has a delivery car that it uses for pizzadeliveries. The transmission needs to be replaced and there areseveral other repairs that need to be done. The car is...
- Q Statement of Cash Flows—Indirect MethodThe comparative balance sheet of Olson-Jones Industries Inc. forDecember 31, 20Y2 and 20Y1, is as follows:Dec. 31, 20Y2Dec. 31, 20Y1AssetsCash$144$46Accounts receivable (net)8258Inventories5132Land117131Equipment6651Accumulated depreciation-equipment(18)(9)Total Assets$442$309Liabilities and Stockholders'EquityAccounts...
- Q Cash Flows from Operating Activities—Indirect MethodThe net income reported on the income statement for the currentyear was $144,400. Depreciation recorded on store equipment for theyear amounted to $23,800. Balances of...
- Q What are the differences between Merger, Consolidation, andAcquisitions? Support your answer with one recent example from thereal world for each type. (Always give detailed information thatwould support you answer. Any...
- Q 18) Assume the following information appears in the standardcost card for a company that makes only one product:Standard Quantityor hoursStandard Priceor RateStandard CostDirect materials5pounds$11.70per pound$58.50Direct labor2hours$17.00per hour$34.00Variable manufacturing overhead2hours$3.00per hour$6.00During...
- Q A community hospital in Southeast Ohio consumes 1,000 boxes ofbandages per week. The price of bandages is $35 per box, and thehospital operates 52 weeks per year. The ordering cost...
- Q Question 1 Businesses have several costs and one among them isdevelopment cost. They are material cost for companies which areeither expensed or capitalised as an asset. Required: Discuss theconceptual issues...
- Q 1.ABC Company started business on January 1, 20xx. The companyestimated that sales for the first six months would be asfollows:MonthUnitsDollarsJanuary10,000$ 50,000February8,00040,000March15,00075,000April17,00085,000May22,000110,000June30,000150,000The company sells all items on account and expects collectionsof...
- Q Statement of Cash Flows—Indirect MethodThe comparative balance sheet of Merrick Equipment Co. forDecember 31, 20Y9 and 20Y8, is as follows:Dec. 31, 20Y9Dec. 31, 20Y8AssetsCash$244,570$229,080Accounts receivable (net)88,60082,280Inventories250,110243,600Investments094,370Land128,2800Equipment275,950215,370Accumulated depreciation—equipment(64,600)(58,080)Total assets$922,910$806,620Liabilities and Stockholders'EquityAccounts...
- Q How are manufacturing costs reported in the financialstatements?How are period costs reported in the financialstatements?
- Q which remittances made to revenue quebec should be reconciled on aregular basis?
- Q Why is depreciation-A method of cost allocation rather than amatter of valuation?
- Q Accountant and the Business Owner 2A young accountant straight out of school applies for a jobadvertised in the Sydney Morning Herald. He is interviewed by theowner of a small business...
- Q Activity-based costing (ABC)Marconi is a Portuguese telecommunications company thatencountered problems with its ABC system. The company’s productionmanagers felt that 23% of the costs included in the system werecommon costs that...
- Q According to the Common Policy Conditions, under whatcircumstances can the insured transfer rights or duties under apolicy?Describe how a policy may be canceled by an insurer or aninsured according to...
- Q on january 1st, year 1, a company issues $390,000 of 7% bonds,due in 10 years, with interest payable semiannually on june 30 andDecember 31 each year. Assuming the market interest...
- Q 1Dec. 1Borrow $128,250 from the local bank and signed a five-yearinstallment note with payments of $2,600 at the end of each monthbeginning December 31. The annual interest rate is 8%....
- Q Information pertaining to Yekstop Corp.'s sales revenue ispresented below:NovemberDecemberJanuaryCash sales$98,000$127,000$80,000Credit sales290,000452,000236,000Total sales$388,000$579,000$316,000Management estimates that 5% of credit sales are eventuallyuncollectible. Of the collectible credit sales, 65% are likely tobe collected...
- Q Exercise 2-8 (Essay)Presented below are a number of facts related to Weller, Inc.Assume that no mention of these facts was made in the financialstatements and the related notes.Assume that you...
- Q Problem 3The following information is available for Hearst Company.Sales Price$60Variable manufacturing costs-34Sales commission10% of salesprice-6Fixed costs$180,000Answer the following questions1What is the contribution margin?2What is the CM ratio?3What is the income...
- Q if the trial balance only lets one know if that isequals credits why would it be beneficial to review this reportespecially if you are using an automated system that requiresdebits...
- Q Listed below are several transactions that took place during thesecond and third years of operations for RPG Company.Year 2 Year 3Amounts billed to customers for services rendered $400,000$500,000Cash collected from...
- Q Gary Stevens and Mary James are production managers in theConsumer Electronics Division of General Electronics Company, whichhas several dozen plants scattered in locations throughout theworld. Mary manages the plant located...
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!