Accounting question and answers for July 09, 2023
- Q Why is it important for auditors to use analyticalcomparisons such as the ratios in the Sunbeam case to evaluatepossible red flags that may indicate additional auditing isrequired? How does making...
- Q List the reasons for preparing pro forma financialstatements from GAAP financial statements. What aretypical adjustments made to GAAP statements whenpreparing pro forma statements used in forecasting?
- Q Hank Moody, an executive for ahealthcare company in Dallas, TX, has approached our firm, TheComet Group, due to recent interaction with the IRS. Over the pastfew years, Hank acquired and...
- Q Marin Company produces two software products (Cloud-X andCloud-Y) in two separate departments (A and B). These products arehighly regarded network maintenance programs. Cloud-X is used forsmall networks and Cloud-Y is...
- Q Thinking of the Middle East, identify where you encounterproducts, services, or food items that should be relatively uniformand are based on standard inputs or costs. Identify the items,their standard components,...
- Q You are the audit manager of ChefNZ Ltd, a large company, whichruns a number of select gourmet restaurants throughout New Zealand.During the planning phase for the current year audit, you...
- Q C1. On October 15, our company has executed a purchase order for newequipment to be purchased from a supplier in Denmark for a purchaseprice of DKK 1.2 million. The equipment is...
- Q Create a Free Cash Flow and Discounted Cash Flow Statement. Thetax rate and discount rate are not given, so the percentage belowis an assumption. If there are better assumptions, then...
- Q Identify the basic concepts of an accounting information systemand describe the nature and purpose of a subsidiary ledger.
- Q How would you explain the accounting valuations for the post-control step acquisitions to the Berkshire Hathawayexecutives?Do you agree or disagree with the GAAP treatment of reportingadditional investments in subsidiaries when...
- Q The market price of an $980000, ten-year, 8% (pays interestsemiannually) bond issue sold to yield an effective rate of 6%is$1874325.$1134459.$1124068.$1125803.
- Q Wendy Chen established Windy City Coaching (WCC) to provide teencounseling and executive coaching services to its clients. WCCcharges a $300 fee per hour for each service. The revenues andcosts for...
- Q Describe how tarrifs were used to fund the United States Governmentprior to the imposition of the permanent income tax in the early1900’s2-3 pagesFives references
- Q How I make Analyze Flower’s Farm using the Five Forces model ofMichael Porter?
- Q BIS 647 Design Thinking Case StudyDesign ThinkingDesign Thinking is a methodology used by designers to solvecomplex problems and find desirable solutions for clients. A designmindset is not problem-focused, it’s solution...
- Q The following information is from the 2017 annual report ofWeber Corporation, a company that supplies manufactured parts tothe household appliance industry. Average total assets $ 24,500,000Average interest-bearing debt 10,000,000 Average...
- Q Describe the expectations and objectives of a client that canfulfil clients’ goals.
- Q Describe how the cost principle applies to plant assets andexplain the concept of depreciation.
- Q • Problem 4-21: Repro Corporation is a leading manufacturer andseller of office equipment that is considering diversification intothe service industry. o Discuss the conflict that will result ifthe service division...
- Q Very few of us like to pay taxes, but the concept of taxationprecedes all of us. There are a number of verses and parables abouttax collection, such as Luke 3:11-16:...
- Q It is important to review business performance against setcriteria. Lists the agreed criteria need to be followed andcommunicated to clients.
- Q CASE: Queensland Food CorpIn early January 2003, the senior-management committee ofQueensland Food Corp was to meet to draw up the firm’s capitalbudget for the new year. Up for consideration were...
- Q Presented below are a number of balance sheet items for Teal,Inc., for the current year, 2017.Goodwill$ 127,870Accumulated Depreciation-Equipment$ 292,320Payroll Taxes Payable180,461Inventory242,670Bonds payable302,870Rent payable (short-term)47,870Discount on bonds payable15,320Income taxes payable101,232Cash362,870Rent payable...
- Q Describe the nature of a business, the role of accounting, andethics in business, & Describe and illustrate theuse of horizontal analysis in evaluating a company’s performanceand financial condition.
- Q Mickley Corporation produces two products, Alpha6s and Zeta7s,which pass through two operations, Sintering and Finishing. Each ofthe products uses two raw materials—X442 and Y661. The company usesa standard cost system,...
- Q Hunter Company is developing its annual financial statements atDecember 31. The statements are complete except for the statementof cash flows. The completed comparative balance sheets and incomestatement are summarized:Current YearPrior...
- Q Assume that you adopt a custom software package. Using presentvalue tables, evaluate the cost vs. benefit of a system under thefollowing scenario: The probable cost of the best package isestimated...
- Q (Accountinf Information system)List the three DBMS "languages" and describe who uses each andfor what purpose.
- Q List and discuss the characteristics of theInternational Accounting Standards Board (IASB) that reinforced theimportance of an open, transparent and independentprocess?
- Q A small but growing manufacturer of business class networkrouters. They produce two main types of routers, Model A and themore expensive variant, Model B. The company has a capacity ofproducing...
- Q Instruction: Answer all questions and show all workings.Two companies have asked you to record journal entries in twodifferent areas associated with receivables, at the end of2017.Company IMandalay Company requests that...
- Q (Accounting Infornation sysytem)Explain the concept of Data Flow Diagram and also state thedifferent types of flow charts?
- Q Richard is a successful executive at a large company withheadquarters in Houston, Texas. He celebrated his 58th birthday inthe current year. Richard has worked with the company for more than20...
- Q Instruction: Answer all questions.Show all workings.Two companies have asked you to record journal entries in twodifferent areas associated with receivables, at the end of2017.Company IMandalay Company requests that you record...
- Q What are GASB requirements for bonded debt?Town Oaks’ residents want to start a fund to improve their localcommunity. Town Oaks, a gated community, has voted to create aneighborhood park with...
- Q It has been said that advances in information technology havemade in both easier and more challenging to conduct. Please explainwhat is meant by this statement and provide examples of eachpoint.
- Q What are GAAP requirements for preparing financialstatements?Use the following adjusted trial balance for Decatur HealthClinic to Create a statement of financial position, statement offunctional expenses, statement of activities, and statement...
- Q During April, the production department of a processmanufacturing system completed a number of units of a product andtransferred them to finished goods. Of these transferred units,66,000 were in process in...
- Q Whispering Company offers an MP3 download (seven-single medley)as a premium for every 5 candy bar wrappers presented by customerstogether with $3.10. The candy bars are sold by the company todistributors...
- Q Q4. Exercise 14-02 Sunland Corporation was organized on January1, 2019. During its first year, the corporation issued 1,950 sharesof $50 par value preferred stock and 110,000 shares of $10 parvalue...
- Q Fab Furniture has two manufacturing departments--Cutting andFinishing. It considers all of its manufacturing overhead costs tobe fixed costs. The overhead estimates for the year and for one job(Order #75675) completed...
- Q Use the following information to calculate the NPV for anoverseas expansion:YearCash Flow0-$25,000110,000220,000330,000What is the NPV at a required return of 7%? Shouldthe firm accept the project? What if the required returnis 14%?
- Q Problem 6-21 Segment Reporting and Decision-Making [LO6-4]Vulcan Company’s contribution format income statement for Juneis as follows:Vulcan CompanyIncome StatementFor the Month Ended June 30Sales$900,000Variable expenses400,000Contribution margin500,000Fixed expenses450,000Net operating income$50,000Management is disappointed...
- Q You are a new manager to a company in the automotive industry.You are asked to review the monthly management reports that arepresented to the owner each month. The previous manager,...
- Q Prepare journal entries to record each of the followingtransactions. Determine the effect of each transaction on netincome and cash flows.Issued common stock for $250,000.Purchased land for $100,000 in cash.Purchased $11,000...
- Q The standard cost sheet for a product is shown.Manufacturing CostsStandard priceStandard QuantityStandard Costper unitDirect materials$4.70 per pound6.10 pounds$28.67Direct labor$12.16 per hour2.00 hours$24.32Overhead$2.20 per hour2.00 hours$4.40$57.39The company produced 3,000 units that...
- Q Your parents are giving you $150 a month for 5 years while youare in college. At a 6 percent discount rate, what are thesepayments worth to you when you first...
- Q Pertaining to 2017 tax laws. Bob and Donna havebeen married for 35 years and have filed joint returns since theirmarriage. The couple has three children: Jack (age 11), Bonnie (age16),...
- Q Transaction Analysis and Trial BalanceBC Back-Country Airlines, Inc., operates leased amphibiousaircraft and docking facilities, equipping the firm to transportcampers and hunters from British Columbia, Canada, to outpost campsowned by various...
- Q During its first year of operations, Sheffield Corporation hadthe following transactions pertaining to its common stock. Jan. 10Issued 69,500 shares for cash at $5 per share. July 1 Issued 40,500shares...
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