Accounting question and answers for July 08, 2023
- Q Bank Reconciliation and Entries The cash account for AmericanMedical Co. at April 30 indicated a balance of $10,220. The bankstatement indicated a balance of $11,360 on April 30. Comparing thebank...
- Q 1.aThe comparative balance sheet of Yellow Dog Enterprises Inc. atDecember 31, 20Y8 and 20Y7, is as follows:Dec. 31, 20Y8Dec. 31, 20Y7AssetsCash$53,520$65,930Accounts receivable (net)82,24088,890Inventories117,500110,170Prepaid expenses4,7903,340Equipment239,330197,390Accumulated depreciation-equipment(62,230)(48,410)Total assets$435,150$417,310Liabilities and Stockholders'EquityAccounts payable (merchandise...
- Q Verizox Company uses a job order cost system with manufacturingoverhead applied to products based on direct labor hours. At thebeginning of the most recent year, the company estimated itsmanufacturing overhead...
- Q 1. What revenue control and management policies does yourcountry have in place?2. If you are an advisor to the Accountant General, what wouldyou advise her to do to enhance your...
- Q Discuss the real-time audit process for companies and how theIRS can monetize this program.Since 2011, the IRS has put into place the Compliance AssuranceProcess, which provides companies the opportunity to...
- Q What AICPA Codes of Professional Conduct were violated in theWaste Management scandal of 1998?
- Q Mijka Company wasstarted on January 1, 2018. During 2018, the company experiencedthe following three accounting events: (1) earned cash revenues of$31,600, (2) paid cash expenses of $14,200, and (3) paid...
- Q What would you pay for a $225,000 debenture bond that matures in15 years and pays $11,250 a year in interest if you wanted to earna yield ofa. 3%B. 4%C. 5%
- Q QUESTION ONE [25]The following financial information relates to Cams Limited.Statement of Financial Position as at 31 December 2017and 20182018 2017Ordinary share capitalRetained earningsProperty, plant and equipmentInvestmentsDebentures 12.5% InventoryTrade debtorsPrepaid expensesTrade creditorsBank overdraftSARS...
- Q Roller Corporation purchased 100 percent ownership of SteamCompany on January 1, 20X5, for $288,000. On that date, the bookvalue of Steam’s reported net assets was $211,000. The excess overbook value...
- Q During review of the adjusting entries to be recorded onDecember 31, 20X8, Grand Corporation discovered that it hadinappropriately been using the cost method in accounting for itsinvestment in Case Products...
- Q Comprehensive Problem (Tax Return Problem). David and DorisKelley were divorced on February 3, 2018. They lived apart during2018. The divorce decree required David to make the followingpayments:a. Transfer full title...
- Q Starbucks is a coffee company—a big coffee company. During a10-year period, the number of Starbucks locations in China grewfrom 24 to over 1,000. The following is adapted from Starbucks’sannual report...
- Q On December 31, 20X6, Greenly Corporation and Lindy Companyentered into a business combination in which Greenly acquired allof Lindy’s common stock for $957,000. At the date of combination,Lindy had common...
- Q P CompanyS CorporationRevenues$(700,000)$(400,000)Expenses400,000300,000Investment IncomeNot given-0-Dividends declared80,00060,000Retained Earnings, 1/1/18(600,000)(200,000)Current Assets400,000500,000Equipment700,000300,000Copyrights900,000405,000Royalty Agreements600,0001,000,000Investment in SNot given-0-Liabilities(500,000)(1,380,000)Common Stock(600,000) ($20 par)(200,000) ($10 par)Additional Paid-in-Capital(150,000)(80,000)On January 1, 2018, P acquired all of S's outstanding stock for$680,000...
- Q This week, we are studying general capital assets and long-termobligations. Using key provisions of GASB No. 34, or an article onFinancial Reporting by a state or local government that is...
- Q Data:Units:Beginning work in process5,000unitsTransferred-in from the Moulding Department during theperiod26,000unitsCompleted during the period14,000unitsEnding work in process (20% complete as toconversion work)17,000unitsCosts:Beginning work in process (transferred-in cost,$160;conversion cost, $230)$390Transferred-in from the...
- Q Internal control procedures are important in every business. Atwhat stage in the development of a business do they becomeespecially critical. Discuss why this particular stage is socritical.
- Q Coffee Bean Inc. (CBI) processes and distributes a variety ofcoffee. CBI buys coffee beans from around the world and roasts,blends, and packages them for resale. Currently, the firm offers 15coffees...
- Q Estimated Income Statements, using Absorption and VariableCosting Prior to the first month of operations ending October 31,Marshall Inc. estimated the following operating results: Sales(27,200 x $96) $2,611,200 Manufacturing costs (27,200...
- Q The IRS may not waive an invalid S corporation election if thefailure is caused by: A. a failure to obtain required consents. B.a reasonable cause for a late election. C....
- Q On October 1, 2017, Vaughn, Inc., leased a machine from FellLeasing Company for five years. The lease requires five annualpayments of $10,000 beginning September 30, 2018. Vaughn’sincremental borrowing rate is...
- Q detailed swot analysis for marriottinternational(strengthsweaknessesopportunitiesthreats)
- Q Nova Company’s total overhead cost at various levels of activityare presented below:MonthMachine-HoursTotalOverheadCostApril50,000$190,900May40,000$164,400June60,000$217,400July70,000$243,900Assume that the total overhead cost above consists of utilities,supervisory salaries, and maintenance. The breakdown of these costsat the...
- Q Visit your favorite restaurant. Observe its business operations.1. Describe all the business activities from the time a customerarrives to the time that customer departs. 2. List all the costsyou can...
- Q Analyzing Accounts Using Adjusted Data Selected T-accountbalances for Fields Company are shown below as of January 31, 2014;adjusting entries have already been posted. The firm uses acalendar-year accounting period but...
- Q 2012 Corporate Tax Rate Schedule (partial)Taxable Income Greater ThanBut Less Than Or Equal ToTax IsOf the amount exceeding$0$50,00015%$0$50,000$75,000$7,500 + 25%$50,000$75,000$100,000$13,750 + 34%$75,000$100,000$335,000$22,250 + 39%$100,000JKEB Corporation has the following revenues and...
- Q [The following information applies to the questionsdisplayed below.]Tony and Suzie have purchased land for a new camp. Now they needmoney to build the cabins, dining facility, a ropes course, and...
- Q You just won the $55 millionUltimate Lotto jackpot. Your winnings will be paid as $2,200,000per year for the next 25 years. If the appropriate interest rate is5.5 percent, what is...
- Q *Answer all of the questions, they are all necessary.Prepare Adjusting EntriesPanda Corporation paid cash of $144,000 on June 1, 2020 for oneyear’s rent in advance and recorded the transaction with...
- Q Your Professional Experience assignment is to develop apromotional message. This can be an email, letter, info graphic,image, or any other relevant material that answers why shouldstudents take a Professional Communications...
- Q RECORD IN JOURNAL ENTRY FORM1. Record the journal entry for paying off a supplier invoice of$10,000 for raw materials on September 28th:2. Record the journal entry for receive cash from...
- Q In 2020, Pina Ltd., which follows IFRS, reported accountingincome of $1,178,000 and the 2020 tax rate was 20%. Pina had twotiming differences for tax purposes:CCA on the company’s tax return...
- Q Spencer Duck (SSSN 000-22-111) is single and his eight year oldson, Mitch, lives with him nine months of the year in a rentedcondominium at 321 Hickory Drive in Ames, Iowa....
- Q Fred Corporation owns 75 percent of Winner Company's votingshares, acquired on March 21, 20X5, at book value. At that date,the fair value of the noncontrolling interest was equal to 25percent...
- Q Part C Part C.1 Background information Gifts Ltd(Gifts) operates 30 specialty gift stores. The company’s year-endis 30 June 2018. The audit manager and partner recently attended aplanning meeting with the...
- Q The Cheyenne Hotel in Big Sky, Montana, has accumulated recordsof the total electrical costs of the hotel and the number ofoccupancy-days over the last year. An occupancy-day represents aroom rented...
- Q The stockholders’ equity accounts of Flint Company have thefollowing balances on December 31, 2020. Common stock, $10 par,292,000 shares issued and outstanding $2,920,000 Paid-in capital inexcess of par—common stock 1,320,000...
- Q Ashley had $10,000 in credit card debt. She negotiated asettlement with the credit card company, and the credit cardcompany agreed to cancel $6,000 of the debt.If Ashley has total assets...
- Q =On January 1, 2016, Worthylake Company sold used machinery toBrown Company, accepting a $25,000, non-interest-bearing notematuring on January 1, 2018. Worthylake carried the machinery onits books at a cost of...
- Q Onjanuary 1, 2014, ABC Co. sold a mining equipment to surigao miningfor 1,500,000 which ABC accepted a 10% , 3-year noe payable inthree equal annual payments every December 31 starting...
- Q optus is cost leadership or product differentiaton ?why?
- Q On December 31, 2020, Oakbrook Inc. rendered services to BeghunCorporation at an agreed price of $102,049, accepting $40,000 downand agreeing to accept the balance in four equal installments of$20,000 receivable...
- Q Problem 13-28 Net Present Value Analysis [LO13-2]Bilboa Freightlines, S.A., of Panama, has a small truck that ituses for intracity deliveries. The truck is worn out and must beeither overhauled or...
- Q Question 1 - 1,500 wordsThe CEO has forwarded to you an interesting article andrequires you to provide her with a deeper theoretical understandingof the issues discussed so that she can...
- Q Menlo Company distributes a single product. The company’s salesand expenses for last month follow:TotalPer UnitSales$624,000$40Variable expenses436,80028Contribution margin187,200$12Fixed expenses148,800Net operating income$38,400Required:1. What is the monthly break-even point in unit sales and...
- Q 1. The accounting equation is defined as: a. Common Stock +Retained Earnings = Stockholders’ Equity. b. Revenues - Expenses =Net Income. c. Revenues - Expenses - Dividends = Retained Earnings.d....
- Q Assume that on January 1, year 1, ABC Inc. issued 5,000 stockoptions with an estimated value of $10 per option. Each optionentitles the owner to purchase one share of ABC...
- Q Budgeting allows for a company to set parameters for operationsduring a specific time period. There are many uses for a budgetwithin a company or department. Provide examples of how a...
- Q The auto repair shop of Quality Motor Company uses standards tocontrol the labor time and labor cost in the shop. The standardlabor cost for a motor tune-up is given below:Standard...
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!