Accounting question and answers for July 10, 2023
- Q 3. Discuss the most common claims and benefits administrationproblems, their repercussions, and how to identify and rectifythem. 4. Discuss how the Patient Protection and Affordable Care Act(ACA) has affected the...
- Q On April 18, 2019, Petros buys all the assets of Brigid’sMuffler Shop. Included in the purchase price of $279,000 is apayment of $21,700 to Brigid not to open a competing...
- Q Listed below are several information characteristics andaccounting principles and assumptions. Match the letter of eachwith the appropriate phrase that states its application. (Itemsa through k may be used more than...
- Q 1. XYZ Company is a startup company, and it has purchasedinventory as follows:DateQuantityPrice2/1/1610001.053/1/165001.105/1/168001.006/1/161500.907/1/1625001.028/1/167501.15Assume you have sold 2,250 units in 2016.Given that fact, how much would inventory be valued on thebalance...
- Q The Walton Toy Company manufactures a line of dolls and a sewingkit. Demand for the company’s products is increasing, andmanagement requests assistance from you in determining aneconomical sales and production...
- Q 1. Explain the similarities and differences in how the McCarthyand Sutton papers present the nature of accounting and theaccounting function within an organization.2. Explain how the balanced scorecard could be...
- Q Note: This problem is for the 2018 taxyear.Lance H. and Wanda B. Dean are married and live at 431 YuccaDrive, Santa Fe, NM 87501. Lance works for the convention bureau...
- Q Lars Linken opened Riverbed Cleaners on March 1, 2017. DuringMarch, the following transactions were completed.Mar. 1Issued 10,200 shares of common stock for $15,300 cash.1Borrowed $6,000 cash by signing a 6-month,...
- Q Sachs Brands' defined benefit pension plan specifies annualretirement benefits equal to: 1.3% × service years × final year'ssalary, payable at the end of each year. Angela Davenport was hiredby Sachs...
- Q Expense Matching Identify the proper point to recognize expensefor each of the following transactions.a. Katharina Inc. purchases on credit six custom sofas for $800each in June. Two of the sofas...
- Q Case 17.3 – The Bidding WarsScenario: Kendahl Plastics Corporation contracts with NASA tomanufacture component parts used in communications satellites. NASAreimburses Kendahl on the basis of the actual manufacturing costsit incurs,...
- Q Ask ten people who believe themselves knowledgeable aboutcritical thinking for a definition, and you will most likelyreceive ten differing responses.Browne and Keeley (1986) refer to critical thinking asfiltering, separating the...
- Q On April 17 of year 1 Javier purchased a building, including theland it was on, to assemble his new equipment. The total cost ofthe purchase was $1,533,000; $393,000 was allocated...
- Q please i need unique answer , don't copy and paste ,, don't usehandwriting..can you complete my answer , i need you answer bonlyQuestion:3- Al Yamamah Steel Industries Co. uses the...
- Q Problem 2: The following information is available for the firstfour years of operations for Jones Company Year Earnings Before Tax 2018 $800,000 2019 730,0002. On January...
- Q Henry told us in his guide to the Institutional Framework ofTaxation in Australia that the Australian Taxation System is one ofthe most complex in the world and is made up...
- Q Whyis COGS more expensive for LIFO? What do they mean when they saythey assign the latest Cost of goods purchased to cost of goodssold? Why is it expensed differently
- Q Joshua company had the following information in 2016.Accts Rec 12/31/16.....$15000Allowance for uncollected account 12/31/16 (beforeadjustment).....$950credit service revenue during 2016.....$45000Cash service revenue during 2016.....$15000Collections from customers on account during2016.......$45000If uncollectible accounts...
- Q High Country, Inc., produces and sells many recreationalproducts. The company has just opened a new plant to produce afolding camp cot that will be marketed throughout the UnitedStates. The following...
- Q Illustrate the data processing cycle and explain each phase inrelation to an accounting information system with appropriateexample at each stage. DATA -(INPUT)- Processing(storage)-Output- Information
- Q On November 1, 2018, Gabriel received $8,400 for services to berendered over the next 6 months and recorded it as DeferredRevenue. Record the adjusting entry at Dec. 31, 2018.
- Q Accounting - the principle of auditingI need to know how you get the answer,please.1) explain when revenue was earned in each of the followingindependent situations:a. on a February 28, a...
- Q this is accounting subject ( principle of auditing)please show me the steps of the solutions.1) conservation concept emphasizes that profit shouldnever be overstated or anticipated.True or false and why?2) evaluation...
- Q Background: ElonMusk, the man who is responsible for revolutionizing the automotivespace is confused. Why you ask?He met with Ms. Static whoexplained to him that under the current allocation system,engineering costs...
- Q Background: ElonMusk, the man who is responsible for revolutionizing the automotivespace is confused. Why you ask?He met with Ms. Static whoexplained to him that under the current allocation system,engineering costs...
- Q Problem 4-2 (Essay)On November 1, 2016, Campbell Corporation management decided todiscontinue operation of its Rocketeer Division and approved aformal plan to dispose of the division. Campbell is a successfulcorporation with...
- Q 1500 wordsQuestion 1 – 10 MarksMichelle and Tim are passionate about motorbikes. In fact, theyown a company called Motorbikes Pty Ltd. Michelle is a Director andTim is the company secretary....
- Q Explain the Sale of Personal Residence Gain Exclusion. What arethe involuntary conversion rules?
- Q There are three categories of financial ratios: liquidity,solvency, and profitability. Using the SEC data for Macys, foundhere:https://www.sec.gov/cgi-bin/viewer?action=view&cik=794367&accession_number=0000794367-18-000036&xbrl_type=v#Describe what each category tells the user about the financialhealth of a company.Choose three...
- Q Tutorial: Partnerships1, Alpha Ltd is incorporated in Singapore and its shares arelisted on the Singapore Stock Exchange. Alpha Ltd’s board, by whichthe company is managed, is comprised of Australian citizensresident...
- Q Describe a situation in which you made a decision based onaccounting information, and identify whether that information wasfinancial accounting information or managerial accountinginformation.
- Q Let’s imagine a good friend of yours started a restaurant andwants you to invest a significant amount of money in his/herbusiness.1. Which financial statement(s) that were introduced in Chapter1 Accounting...
- Q PC Refinery uses a FIFO process costing system. For a particularperiod, its opening inventory consisted of 100 items (60 per centcomplete as to conversion costs) whose costs were $1,600 made...
- Q 2. You are to pay €350,000 on March 16. Today’s spot rate is$1.15/€. The forward rate is $1.18/€. On March 16 the spot rate is$1.14/€. Futures contracts are for €125,000...
- Q You are tasked with comparing the tax savings from two differentdepreciation methods. You’ve purchased an asset for $100,000. Ithas a depreciable life of 5 years. The marginal tax rate is...
- Q PartAIn late 2017, the Nicklaus Corporation was formed. The corporatecharter authorizes the issuance of 4,000,000 shares of common stockcarrying a $1 par value, and 1,000,000 shares of $5 par value,noncumulative,...
- Q Sales and Notes Receivable TransactionsThe following were selected from among the transactionscompleted during the current year by Danix Co., an appliancewholesale company:Jan. 21.Sold merchandise on account to Black Tie Co.,...
- Q Problem 1On January 2, 20x8, the Todd Company acquired a truck with alist price of $400,000. The Todd Company's incremental borrowingrate is 8% (imputed rate). Assume that thetruck manufacturer is...
- Q Develop a budget for the fictitious Brown family and Create achart of the family budgetMr. Brown is a city worker earning $16.54 per hour for a 40 hourweek, 52 weeks...
- Q CB Markets imports and sells small bear-shaped piñatas. Inplanning for the coming year, the company's owner is evaluatingseveral scenarios. For each scenario under consideration, prepare acontribution margin income statement showing...
- Q Question 6Comparative statements of financial position for Campbell Inc.appear below:CAMPBELL INC.Comparative Statements of Financial Position–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––Assets Dec. 31, 2016 Dec. 31, 2015Cash $ 29,000 $15,000Accountsreceivable 28,000 19,000Prepaidexpenses 9,000 12,000Merchandiseinventory 37,000 27,000Long-terminvestments 35,000 53,000Equipment 75,000 48,000Accumulateddepreciation—equipment (26,000) (22,000)Totalassets $187,000 $152,000Liabilities and Shareholders' EquityAccountspayable $ 21,000 ...
- Q Following are two income statements for Alexis Co. for the yearended December 31. The left number column is prepared before anyadjusting entries are recorded, and the right column includes theeffects...
- Q “I’m not sure we should lay out $315,000 for that automatedwelding machine,” said Jim Alder, president of the SuperiorEquipment Company. “That’s a lot of money, and it would cost us$87,000...
- Q FACTS: Bretand Samantha Woodley have been our clients for many years. We haverecently concluded an IRS audit of their 2017 income tax returnsand the result was an increase in taxable...
- Q Use the below table to answer the following questions.Selling Price = $33.00Sales VolumeFixed CostVariable Cost1,7002,7003,7004,7005,700Profitability$30,8007$13,400$39,400$65,400$91,400$117,40030,800811,70036,70061,70086,700111,70030,800910,00034,00058,00082,000106,00040,80073,40029,40055,40081,400107,40040,80081,70026,70051,70076,700101,70040,8009–24,00048,00072,00096,00050,8007(6,600)19,40045,40071,40097,40050,8008(8,300)16,70041,70066,70091,70050,8009(10,000)14,00038,00062,00086,000RequiredDetermine the sales volume, fixed cost, and variable cost perunit at the break-even point.Determine the expected...
- Q On January 1, 2018, CT Ltd issued $20 million convertible bonds.The bonds have a life of three years and are issued at 21 millionwith a face value of $100 per...
- Q Discuss the factors you would consider when deciding whether aninvestor has significant influence rather thancontrol of an entity.
- Q Eliot Rey, the owner of a publicly held technology company,asked Mary Messup, CPA, to conduct an audit of the company’srecords. The financial statements to be audited covered a two-yearperiod. The...
- Q What is earnings per share (EPS)? What does itmeasure? Is it better to have a higher or lower EPS? Why?Is it better to have a higher or lower price-earnings ratio (P-Eratio)?...
- Q Tutorial 71. X, Y and Z run aTownsville based import/export business in partnership and havedone so for some years. When the business was established theycontributed differentially to the capital of...
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