Accounting question and answers for July 07, 2023
- Q You have been hired as a consultant for ABC Corporation whichproduces models X, Y, and Z. The CEO tells you that their costsystem indicated that they were losing money on...
- Q Submit a thread of at least 400 words on the effects of theSarbanes-Oxley Act of 2002 on the auditor and the auditingprofession. Your thread should be properly cited, using APAformatting,...
- Q Samson Equipment Ltd. is a company that manufactures anabdominal exerciser called The Ab Rippler. The followinginformation is for three of the company's activities in 2018: Rate per Output unit/Batch Static ActualActivity Activity Level CostDriver Budget CostManufacturing ...
- Q Michael Fieldstartsa catering business near a college campus.The company is named HomemadeCuisine. During the first month ofoperations, June 2018,the business completes severaltransactionsas follows. Please record thesetransactions using journal entries:a. Receives...
- Q Sweeny Corporation owns 60 percent of Bitner Company's shares.Partial 20X2 financial data for the companies and consolidatedentity were as follows:Sweeny CorporationBitner Company Sales$550,000$450,000 Cost of Goods Sold310,000300,000 Inventory, Dec. 31180,000210,000On January 1, 20X2,...
- Q Marc and Michelle are married and earned salaries this year of$68,000 and $13,500, respectively. In addition to their salaries,they received interest of $350 from municipal bonds and $1,000 fromcorporate bonds....
- Q P Company is considering the acquisition of S Inc. To assess theamount it might be willing to pay, P makes the followingcomputations and assumptions: A. S Inc. has identifiable assetswith...
- Q On January 1, 2021, the company obtained a $3 million loan witha 11% interest rate. The building was completed on September 30,2022. Expenditures on the project were as follows:January 1,...
- Q Statement of Cash Flows (Indirect Method)Use the following information regarding the Newcastle Corporationto prepare a statement of cash flows using the indirect method:Accounts payable decrease$7,500Accounts receivable increase10,500Wages payable decrease4,500Amortization expense24,000Cash...
- Q Oriole Warehouse distributes hardback books to retail stores andextends credit terms of 2/10, n/30 to all of its customers. Duringthe month of June, the following merchandising transactionsoccurred.June 1Purchased books on...
- Q B1 - Snow Company started operations on February 1, 2020by depositing $3,000,000 cash in the bank as capital. The followingtransactions took place during the first month ofoperations:February 3: Purchased supplies...
- Q “Blast it!” said David Wilson, president of Teledex Company.“We’ve just lost the bid on the Koopers job by $2,000. It seemswe’re either too high to get the job or too...
- Q In 2019, ABC purchased a silver mine for $10,200,000 withremovable silver estimated at 1,000,000 tons. ABC is required tomitigate environmental damage after mining the silver and expectsto spend $5,105,126.25 five...
- Q Andretti Company has a single product called a Dak. The companynormally produces and sells 80,000 Daks each year at a sellingprice of $58 per unit. The company’s unit costs at...
- Q What are the three forms (degree) of informationalefficiency?
- Q Clausen Company internal records of its factory with 2 operatingdepartments. The cost driver for indirect labor is direct laborhouse, and the cost driver for the remaining items is number ofhours...
- Q DiscusssionDo some research on Sarbanes-Oxley, a regulationdesigned to prevent accounting fraud. In this discussion describeif you think Sarbanes-Oxley is adequate to prevent fraud. Useexamples and cite fact and resources to...
- Q Information concerning Concord Corporation’s intangible assetsis as follows. 1. On January 1, 2020, Concord signed an agreementto operate as a franchisee of Hsian Copy Service, Inc. for aninitial franchise fee...
- Q Conduct research on an ERP package, such as Microsoft Dynamics GPor Microsoft Dynamics NAV, for small to medium-sized (SME)organizations (between $30 million and $1 billion in revenues).Compare that package to...
- Q Security devices Inc. needs additional office space to accommodateexpansion. SDI wants to avoid income statement effects that woulddisrupt its attempt to “smooth” income over time. Which leaseclassification would management prefer?...
- Q acofino Restaurantsis a local company with a commissary onHastings St, several food bars around Vancouver, and several foodtrucks that serve West Coast and Mexican inspired fare. Suppose thecompany has just...
- Q P3-1 (L02,4,5) (Transactions, Financial Statements—ServiceCompany) Listed below are the transactions of Yasunari Kawa-bata,D.D.S., for the month of September.Sept. 1 Kawabata begins practice as a dentist and invests$20,000 cash.2. Purchases dental...
- Q The company I chose is Amazon. Then, select 1 of thecontemporary management techniques listed in Chapter 1 of theBlocher et al. text. Why and how do you feel that the...
- Q Accounting for Restricted Stock AwardsGeelong Technology (GT) is a software company based in Boston.Since January 1, 2015, the company has granted restricted stock toits CEO at the beginning of each...
- Q Alex, who is married and the father of four, is age 45 andexpect to work to age 65. He earns $70,000 per year and expectsannual salary increases of 5%. Alex...
- Q Assignment 2: Prologue: Sustainability and CorporateSocial Responsibility (CSR); Reading pgs. 13-14 of Prologue (Worth9 pts. total)In recent years, there has been an increasing awareness andgrowing interest in sustainability and social...
- Q Spritz Company owns 15% of the stock of Turner Corporation. Theinvestment was purchased for $200,000. At the beginning of 2020, ithad a fair value of $230,000. At the end of...
- Q Mora Company has the following production data for March: nobeginning work in process, 28,600 units started and completed, and4,700 units in ending work in process that are 100% complete formaterials...
- Q Mautz (1973) made the following comment: “Accounting is what itis today not so much because of the desire of accountants butbecause of the influence of businessmen. If those who makemanagement...
- Q Differentiatemanagerial accounting from financial accounting using the followingcriteria: a) Primary users of reportsType and frequency of reportsPurpose of reportsContents of reportsVerification ProcessGive concreteexamples for each difference.
- Q Discuss the motivation for excluding "nonproductive" assets frominvested capital when computing return. What circumstances justifyexcluding intangible assets from invested capital? In addition, whymust income used in computing return on invested...
- Q Suppose you own stock at AC Milan Berhad. The current price pershare is RM30. Another company has just announced that it wants tobuy your company and will pay RM40 per...
- Q Nicole organized a new corporation. The corporation beganbusiness on April 1 of year 1. She made the following expendituresassociated with getting the corporation started: (Leave no answerblank. Enter zero if...
- Q EZ-Tax is a tax accounting practice with partners and staffmembers. Each billable hour of partner time has a $560 budgetedprice and $280 budgeted variable cost. Each billable hour of stafftime...
- Q Bidwell Leasing purchased a single-engine plane for $540,000 andleased it to Red Baron Flying Club for its fair value of $742,586on January 1, 2018. (FV of $1, PV of $1,...
- Q Amalgamated General Corporation is a consulting firm that alsooffers financial services through its credit division. From time totime the company buys and sells securities. The following selectedtransactions relate to Amalgamated’s...
- Q Edison Leasing leased high-tech electronic equipment toManufacturers Southern on January 1, 2018. Edison purchased theequipment from International Machines at a cost of $127,024. (FV of$1, PV of $1, FVA of...
- Q Manufacturers Southern leased high-tech electronic equipmentfrom International Machines on January 1, 2018. InternationalMachines manufactured the equipment at a cost of $86,000.Manufacturers Southern's fiscal year ends December 31. (FV of $1,PV...
- Q Lindon Company is the exclusive distributor for an automotiveproduct that sells for $30.00 per unit and has a CM ratio of 30%.The company’s fixed expenses are $162,000 per year. The...
- Q Northwest Paperboard Company, a paper and allied productsmanufacturer, was seeking to gain a foothold in Canada. Toward thatend, the company bought 40% of the outstanding common shares ofVancouver Timber and...
- Q Tree Gals, Inc. is a small nursery business that specializes inplanting trees and shrubs for homeowners. They are a brand-newbusiness, but have several years of experience in the industry.Tree Gals...
- Q Topic 2: Which method do you think allows for the greatestmanipulation of net income: variable or absorption costing and why?Discuss any ethical concerns associated with your answer. Do notforget APA...
- Q Purkerson, Smith, and Traynor have operated a bookstore for anumber of years as a partnership. At the beginning of 2018, capitalbalances were as follows:Purkerson$82,000Smith62,000Traynor30,000Due to a cash shortage, Purkerson invests...
- Q Superior Company provided the following data for the year endedDecember 31 (all raw materials are used in production as directmaterials):Selling expenses$213,000Purchases of raw materials$266,000Direct labor?Administrative expenses$158,000Manufacturing overhead appliedto work in...
- Q Cooper and Dane exchanged properties with each other. Cooperexchanged a commercial building and land with a basis of $200,000and a fair market value of $320,000. The property exchanged byCooper was...
- Q A lease agreement that qualifies as a finance lease calls forannual lease payments of $24,000 over a four-year lease term (alsothe asset’s useful life), with the first payment at January...
- Q Universal Leasing leases electronic equipment to a variety ofbusinesses. The company’s primary service is providing alternatefinancing by acquiring equipment and leasing it to customers underlongterm leases. Universal earns interest under...
- Q Online Enterprises owns 95 percent of Downlink Corporation. OnJanuary 1, 20X1, Downlink issued $210,000 of five-year bonds at115. Annual interest of 12 percent is paid semiannually on January1 and July...
- Q Read the following and answer the related questions that followit.Auric plc is a mining company, whose main business consists ofopen castmining. It has Articles of Association that are in the...
- Q How does the cost of money affect the value of an asset?
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