Accounting question and answers for July 10, 2023
- Q 33 For each situation (1-5). Identify the most applicable AICPA rule of conduct and whether there is a violation or no violation of the rule (A-...
- Q Martin Company Durchases a machine at the beginning of the years a cost of $105.000 The machine is deprecated in the double dinge method. The machine's...
- Q The accountant for Consolidated Enterprises Inc. has just finished preparing a consolidated balance sheet, income statement, and statement of changes in retained earnings for 20X3. The accountant has...
- Q Use the following to answer questions 14-15 The following are data available for "Fun In The Sun, Inc." for the month of June: Sales...
- Q Which of the accounts is closed at the end of an accounting perioid? A. Common stock B. Retained earnings C.Land D. Revenue
- Q Meg works for Freedom Airlines in the accounts payable department. Meg and all other employees receive free flight benefits (for the employee, family, and 10 free buddy passes for friends...
- Q Can you find the answers to the direct materials budget? Thank you!! The word options are: Direct Materials per Unit Direct Labor Cost per Hour Expected Unit Sales Units...
- Q REQUIRED Use the information provided below to calculate the following: 3.1 Payback Period (expressed in years, months and days) (3 marks) 3.2 Accounting Rate of Return on average...
- Q Bank Reconciliation Use the following information to prepare a bank reconciliation for Young Company at June 30 : Note: Do not round answers -...
- Q Quark Company earned $90,000 in income and paid cash dividends of $10,000 to preferred shareholders during the current year. Quark had 12,500 weighted-average shares of common stock outstanding for the...
- Q Audiophonics Limited manufactures and sells high-quality and durable ear buds for use with personal electronics that are custom noulded to each customer's ear. Cost data for the product...
- Q Liabilities- Introduction to Provisions For each of the give events below, determine the journal entry to recognize the provision, if any, on December 31,2023: ...
- Q Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides data concerning the companys costs: ...
- Q Please also show how you got each number, thanks! Problem 17-48 Flexible Budget (LO 17-5) Oak Hill Township operates a motor pool with 20 vehicles. The motor pool furnishes...
- Q equired information Comprehensive Problem 10-76 (LO 10-1, LO 10-2, LO 10-3, LO 10-4, LO 10-5) (Algo) Skip to question [The following information applies to the questions displayed below.]...
- Q 14 Una empresa proyecta un aumento en la utilidad neta de $184 500 cada ao durante los prximos cinco aos si invierte $900 000 en equipo nuevo. El equipo...
- Q P15-2C Levy Co. sold $800,000, 9%, 10-year bonds on January 1, 2017. The bonds at 105, were dated January 1, 2017, and interest is...
- Q Coronado Industries's direct materials budget shows total cost of direct materials purchases for April $490000, May $550000 and June $650000. Cash payments are 60% in the month of purchase and...
- Q Wildhorse Co. earns 9% on an investment that will return $530,000 9 years from now. Question 4 of 8 View Policies Current Attempt in Progress Wildhorse...
- Q 80 percent collected in the month of sale. 10 percent collected in the first month after sale. 5 percent collected in the second month after sale....
- Q Oriole Company's standard labor cost of producing one unit of Product DD is 3.90 hours at the rate of $10.00 per hour. During August, 41,200 hours of labor...
- Q A certain asset has an initial value of $200,000 and depreciation rate of 40%. Determine its value in year 5 using percentage depreciation.
- Q Annin Laboratories uses the FIFO method to account for its work-in-process inventories. The accounting records show the following information for February: Quantity information is obtained from...
- Q 2 High Desert Pottery Works makes a variety of pottery products that it sells to retailers. The company uses a...
- Q Delaware Coatings Company uses the indirect method to prepare its statement of cash flows. Refer to the following information for the year 2019: Net cash provided by operating activities: $...
- Q Mesa Corporation purchased Kwick Company's net assets andassigned goodwill of $82,100 to Reporting Division K. The followingassets and liabilities are assigned to Reporting Division K:Carrying AmountFair Value Cash$16,100$16,100 Inventory58,10073,100 Equipment191,000211,000 Goodwill82,100 Accounts Payable32,10032,100Required:Determine the amount...
- Q The following summary data for the payroll period endedDecember 27, 2015, are available for Cayman Coating Co.: Gross pay $ 98,000FICA tax withholdings ?Income tax withholdings 14,520Group hospitalization insurance 1,200Employee contributions...
- Q Universal Foods issued 14% bonds, dated January 1, with a faceamount of $145 million on January 1, 2018 to Wang Communications.The bonds mature on December 31, 2032 (15 years). The...
- Q An internal auditor is investigating the performance of adivision with an unusually large increase in sales, gross margin,and profit.Assume that the analysis shows unusually high sales and grossmargin during the...
- Q PromptYour case study should answer the following prompt: What ethicalframework should be utilized when setting appropriate standards ofconduct forprofessional accountants in order to promote ethical values anddecision making? Specifically, the...
- Q The long-term success of a company is of particular interest toboth internal and external users of financial statements. Thelong-term success can be highlighted through the types of assetsthey have along...
- Q 1.Listed below are year-end account balances ($ in millions) takenfrom the records of Symphony Stores.DebitCreditAccountsreceivable-trade687Building and equipment926Cash-checking42Interest receivable35Inventory19Land159Notes receivable(long-term)488Petty cash fund8Prepaid rent36Supplies11Trademark49Accounts payable-trade594Accumulated depreciation64Additional paid-in capital478Allowance for uncollectibleaccounts17Cash dividends payable27Common...
- Q computing andreporting of payroll are very complex processes. Some companieschoose to handle these computations and the associated reportinginternally while other companies prefer to outsource these payrollfunctions to a third party.Answer...
- Q The most precise tax definition of "income " is
- Q Question 3You have been given the following financial data of a researchproject from the chief researcher of Balloon Ltd:$Cost to date (pure research 25%, applied research 75%)600,000Cost to develop the...
- Q Lubricants, Inc.,produces a special kind of grease that is widely used by race cardrivers. The grease is produced in two processing departments:Refining and Blending. Raw materials are introduced at variouspoints...
- Q [The following information applies to the questionsdisplayed below.]The following data is provided for Garcon Company and PepperCompany.Garcon CompanyPepper CompanyBeginning finished goods inventory$12,300$17,800Beginning work in process inventory17,70019,800Beginning raw materials inventory7,80012,900Rentalcost on...
- Q Fuzzy Monkey Technologies, Inc., purchased as a long-terminvestment $80 million of 8% bonds, dated January 1, on January 1,2018. Management has the positive intent and ability to hold thebonds until...
- Q The subject is projectmanagementConsider Cement Project with the following information,?The initial investment outlay on the project is birr 100million which is consists of 80 million plant and machinery and theremaining...
- Q What is the conceptual difference between the (1) percentage ofcreditsales and (2) aging methods of estimating bad debts? Whatkind of account isallowance for doubtful accounts? What does itrepresent?
- Q Case 32.2 - United States v. O’Hagan" Please respond to thefollowing:Assess whether a securities firm will be more likely to modifyits behavior in business based upon the holding of this...
- Q Provide your personal summary on the article Neuroscience ofEngagement by David Rock & Dr. Yiyuan Tang. What were yourprimary takeaways from this article based upon your perception? Wasthere anything that...
- Q Walker Boat Company produces bass boats. The followingcomments were found in the “Management’s Discussion and Analysis”section of the annual reports.“Bass boat production includes a significant amount ofrobotic manufacturing costs, which...
- Q Selected Stock TransactionsThe following selected accounts appear in the ledger of ParksConstruction Inc. at the beginning of the current year:Preferred 2% Stock, $75 par (40,000 shares authorized, 20,000shares issued)$1,500,000Paid-In Capital...
- Q In this chapter we discussed segment and interim reporting.Based upon what you have read, what recommendations or changeswould you suggest in order to provide greater clarity to investors?Please feel free...
- Q Tonya, who lives in California, inherited a $100,000 State ofCalifornia bond in 2018. Her marginal Federal tax rate is 35%, andher marginal state tax rate is 5%. The California bond...
- Q Three-year bond with an 8% coupon rate sold to yield 10% onJanuary 1, 2017. Interest payable annually on December31. Callable at 105. Face value: $100,000. Bond issuecosts: $5,000.Required:1. Calculation of premium or...
- Q An LLC has multiple owners, an individual and a grantor trust.All of the expenses and income flow through the individual.1) Can this be treated as a disregarded entity? Why?2) If...
- Q 12-3Dividing Partnership IncomeTyler Hawes and Piper Albright formed a partnership, investing$315,000 and $105,000, respectively.Determine their participation in the year's net income of$378,000 under each of the following independent assumptions:(A) No...
- Q Dividing Partnership Net IncomeRequired:Steve Jack and Chelsy Poodle formed a partnership, dividingincome as follows:Annual salary allowance to Jack of $176,400.Interest of 5% on each partner's capital balance on January1.Any remaining...
- Q Exercise 15-16 Factory overhead computed, applied, and adjustedLO P3, P4 In December 2016, Infodeo established its predeterminedoverhead rate for movies produced during 2017 by using thefollowing cost predictions: overhead costs,...
- Q 1. Explain how direct labor costs flow through a job-order costsystem.2. Explain how manufacturing overhead costs flow through ajob-order cost system.
- Q ROI, Residual IncomeRaddington Industries produces tool and die machinery formanufacturers. The company expanded vertically in 20x1 by acquiringone of its suppliers of alloy steel plates, Keimer Steel Company.To manage the...
- Q [The following informationapplies to questions 3-6 displayed below.]Kruse Corporation holds 60 percent of the voting common sharesof Gary’s Ice Cream Parlors. On January 1, 20X6, Gary’s purchased$50,000 par value, 10...
- Q Company Inventory InfoITEM1/1/202012/31/2020RAW MATERIALS$34K$38KWIP$126K$145KFINISHED GOODS$76K$68KCOSTS INCURRED DURING THE YEAR 2020:RAW MATERIAL PURCHASED$232KWAGES TO FACTORY WORKERS55KSALARY TO FACTORY SUPERVISORS25KSALARY TO SELLING AND ADMIN STAFF80KDEPRECIATION ON FACTORY BLDG AND EQUIP20KDEPRECIATION ON OFFICE...
- Q Multiple Choice Question:Jennifer Jones, a 38-year-old employee at a metal fabricatingplant, was injured in a work-related accident. She has not returnedto work and her doctor states that she has permanent...
- Q Define "concerted action" under the NLRA. Do you think it couldapply to non-union employees and non-unionized workforces?
- Q What are the efforts included in Implementing an ERPSystem
- Q Exercise 1-7 Direct and Indirect Costs [LO1-1]Kubin Company’srelevant range of production is 22,000 to 27,000 units. When itproduces and sells 24,500 units, its average costs per unit are asfollows: Average Cost...
- Q Exercise 1-7 Direct and Indirect Costs [LO1-1]Kubin Company’srelevant range of production is 22,000 to 27,000 units. When itproduces and sells 24,500 units, its average costs per unit are asfollows: Average Cost...
- Q Exercise 1-8 Product Costs and Period Costs; Variable and FixedCosts [LO1-3, LO1-4]Kubin Company’srelevant range of production is 30,000 to 35,000 units. When itproduces and sells 32,500 units, its average costs...
- Q What are the differences between FIFO, LIFO, average cost, andspecific identification? How do you know which to choose? Can youmix and match or change whenever you want?
- Q You are the Chief Financial Officer of Hilton Ltd, a largemanufacturing company operating within the Asian-pacific region.The CEO, Mr Ray Ellis, has just returned from a shareholdersengagement event to promote...
- Q What do you think about companies with several differentproducts having a more difficult time using CVP analysis
- Q Accounting - principle of auditing• Q1:TestExplain the difference between competency and independence in nomore than 4 lines• Q2:Explain the relationship between professional skepticism andevidence in no more than 6 lines
- Q Kirtland Corporation uses a periodic inventory system. At theend of the annual accounting period, December 31, the accountingrecords for the most popular item in inventory showed thefollowing:Transactions Units UnitCost Beginning...
- Q What are the two reasons why financial leverage improves therate of returns to stockholders or owners, kindly explain. Thankyou.
- Q Use the following data of Makrel ?Sales, Inc.:UnitTotalUnitsUnitsCostCostSoldBeginning inventory18$6$108Purchase on Apr 25357245Purchase on Nov 161310130Sales45??MakrelMakrel?Sales' LIFO cost of ending inventory would beA.$186.B.$129.C.$154.D.$450.
- Q Which which is Valon professionals is not considered engaged in thePacific service trade or business
- Q How does corporate culture and tone at the top affect fraud andabuse within an organization?
- Q Jon Wayne is in the dessert making business. He produces twospecial “dessert boxes”: (1) Cherry Pop and (2) Chocolate Lover.His operating expenses total $2,000 per week. Jon is supported bythree...
- Q C.A.S. has two production departments, Assembly and Customizing.The company used the following estimates to calculate predeterminedoverhead rates: Assembly CustomizingTotal machinehours 19,000 15,000Direct laborhours 4,000 6,000Fixed manufacturingoverhead $100,700 $63,000Variable manufacturing overhead per machinehour $2.00 -Variable manufacturing overhead per laborhour - $3.90Overhead rate basedon: Machinehour Labor...
- Q “I know headquarters wants us to add on that new product line,”said Dell Havasi, manager of Billings Company’s office productsdivision. “But I want to see the numbers before I make...
- Q Bubs Corporation is planning to issue bonds with a face value of$506,500 and a coupon rate of 6 percent. The bonds mature in 15years and pay interest semiannually every June...
- Q Concord Corporation had 129,600 shares of stock outstanding onJanuary 1, 2020. On May 1, 2020, Concord issued 64,800 shares. OnJuly 1, Concord purchased 10,560 treasury shares, which werereissued on October...
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