Accounting question and answers for July 11, 2023
- Q Good Slings Inc. manufactures several wood and stringinstruments at its factory in Thunder Bay. In particular, it iswell-known for its production of classic guitars. Assume that GoodSlings uses a periodic...
- Q Cost—Volume—Profit Equation, Basic Concepts, Solving forUnknowns (LO 1,2,3 and 5)Goldilocks Company produces high-end combination shampoos andconditioners in individual-use bottles for hotels. Each bottlesells for $0.90.The variable costs for each bottle...
- Q Prepare journal entries to record the following merchandisingtransactions of Cabela’s, which uses the perpetual inventory systemand the gross method. (Hint: It will help to identify eachreceivable and payable; for example,...
- Q Cougar Plastics Company has been operating for three years. AtDecember 31, 2014, the accounting records reflected thefollowing: Cash$22,000Accounts payable$20,000 Investments (short-term)2,600Accrued liabilities payable2,800 Accounts receivable3,700Notes payable (short-term)6,800 Inventory28,000Notes payable (long-term)42,000 Notes receivable (long-term)2,700Common stock10,500 Equipment47,000Additional paid-in...
- Q Polaski Company manufactures and sells a single product called aRet. Operating at capacity, the company can produce and sell 44,000Rets per year. Costs associated with this level of production andsales...
- Q Required information[The following information applies to the questionsdisplayed below.]Warnerwoods Company uses a perpetual inventory system. It enteredinto the following purchases and sales transactions forMarch.DateActivitiesUnits Acquired at CostUnits Sold at RetailMar.1Beginning...
- Q You are on a plane traveling to visit family (pre-Covid19) and you scroll through some news headlines on your tablet. Youend up reading an editorial that discusses the changing nature...
- Q The Gourmand Cooking School runs short cooking courses at itssmall campus. Management has identified two cost drivers it uses inits budgeting and performance reports—the number of courses and thetotal number...
- Q Tami Tyler opened Tami’s Creations, Inc., a small manufacturingcompany, at the beginning of the year. Getting the company throughits first quarter of operations placed a considerable strain on Ms.Tyler’s personal...
- Q (c) Concise Limited makes a component for one of the enginesthat it builds. It uses, on average, 2,000 of these components,steadily throughout the year. The component costs $16 per unit...
- Q Identify the financial statements that need to be reformattedand the new classifications arising from the reformatting. Explainwhy financial statements need to be reformatted.
- Q On December 31, 2017, Ainsworth, Inc., had 820 million shares ofcommon stock outstanding. Thirty three million shares of 6%, $100par value cumulative, nonconvertible preferred stock were sold onJanuary 2, 2018....
- Q A client that has been allocating Overhead just based on SquareFootage in the Plant and office. For example, if the purchasingdepartment uses 100 square feet to a total of 1000...
- Q Given the followinginformation: Budget Actual Unitsproduced 20,000 22,000 Materials(kg) 80,000 96,000 Direct Labour(Hours) 290,000 343,000 MaterialCosts $800,000 ? Direct LabourCosts $3,850,000 $4,557,800 Variable OverheadCosts $3,500,000 $4,400,000Fixed OverheadCosts $1,600,000 $1,610,000Other InformationOverhead is Allocated on Direct Labour HoursDuring the year 99,000 kg of materials were purchased for$800,000Beginning Inventory: noneEnding Inventory: 3,000 kgRequired:Prepare a flexible budgetCalculate the...
- Q Amy, a single individual and sole shareholder of BrownCorporation, sold all of the Brown stock for $30,000. Amy's stockbasis was $150,000. She had owned the stock for 3 years. BrownCorporation...
- Q (c) Concise Limited makes a component for one of the enginesthat it builds. It uses, on average, 2,000 of these components,steadily throughout the year. The component costs $16 per unit...
- Q Imperial Jewelers manufactures and sells a gold bracelet for$406.00. The company’s accounting system says that the unit productcost for this bracelet is $265.00 as shown below:Direct materials $ 144Direct labor...
- Q Welsh Meds Plc Mini CaseWelsh Meds Plc is a small but rapidly growing biotechnologycompany in Cardiff with annual revenues of £115 million. Lastyear’s net income was £6.38 million. Founded in...
- Q Sheridan Corporation manufactures car stereos. It is a divisionof Bonita Motors, which manufactures vehicles. Sheridan sells carstereos to Bonita, as well as to other vehicle manufacturers andretail stores. The following...
- Q You have just been hired by FAB Corporation, the manufacturer ofa revolutionary new garage door opening device. The president hasasked that you review the company’s costing system and “do what...
- Q On January 1, 2017, Buffalo Company purchased $290,000, 6% bondsof Aguirre Co. for $266,477. The bonds were purchased to yield 8%interest. Interest is payable semiannually on July 1 and January...
- Q Northern Lights Company manufacture recreated painting productsin a highly automated assembly plant in Yukon, North WestTerritories. Their automated system is in its first year ofoperation, and management is still unsure...
- Q You are required to research on globalisation and convergence ofthe IASB Conceptual framework and FASB GAAP. Provide at least 7literature review of articles that has explored in the same area.Word...
- Q Identify the special challenge that small organizations facewhen implementing effective internal control systems.
- Q 1) Cooper and Morton?, LLP, a law? firm, isconsidering the replacement of its old accounting system with newsoftware that should save $19,000 per year in net cash operatingcosts. The old...
- Q Carlsville Company, which began operations in 2017, invests itsidle cash in trading securities. The following transactions arefrom its short-term investments in trading securities. 2017 Jan. 20Purchased 1,000 shares of Ford...
- Q Exercise 11-6 Martinez Company purchased equipment for $270,000on October 1, 2017. It is estimated that the equipment will have auseful life of 8 years and a salvage value of $15,000....
- Q Case Inc. is a construction company specializing in custompatios. The patios are constructed of concrete, brick, fiberglass,and lumber, depending upon customer preference. On June 1, 2020,the general ledger for Case...
- Q Tobin’s Frozen Pizza Inc. has determined from its productionbudget the following estimated production volumes for 12'' and 16''frozen pizzas for November:Units12" Pizza16" PizzaBudgeted production volume76,00056,000There are three direct materials used...
- Q Lott Company uses a job order cost system and applies overheadto production on the basis of direct labor costs. On January 1,2017, Job No. 50 was the only job in...
- Q Superior Markets, Inc., operates three stores in a largemetropolitan area. A segmented absorption costing income statementfor the company for the last quarter is given below:Superior Markets, Inc.Income StatementFor the Quarter...
- Q The Skysong, Inc. opened for business on May 1, 2020. Its trialbalance before adjustment on May 31 is as follows.Skysong, Inc.Trial BalanceMay 31, 2020Account NumberDebitCredit101Cash$ 3,400126Supplies2,050130Prepaid Insurance3,000140Land14,000141Buildings59,400149Equipment14,900201Accounts Payable$ 11,900208Unearned Rent...
- Q Collin Zucs, CFO of Travel United, Inc., invested some of thefirm's excess cash in the common shares of what he thought werethree undervalued securities. At year-end, he reviewed how theportfolio...
- Q Bank Reconciliation and EntriesThe cash account for Brentwood Bike Co. at May 1 indicated abalance of $14,890. During May, the total cash deposited was$75,440 and checks written totaled $70,050. The...
- Q compare the IMA code of conduct to the AICPA code ofprofessional conduct and assess the effectiveness of the twocodes
- Q Barings Bank collapsed about two decades ago as a result ofderivative trading. Identify any other high profile corporatebankruptcy attributable to derivative trading and. Describe theevents that created the problem outlining...
- Q On April 1, 2020, Blossom Ltd. paid $150 for a call to buy 530shares of NorthernTel at a strike price of $25 per share any timeduring the next six months....
- Q The two discussion questions for this week are as follows:In thinking about overcoming the negative publicity andsecurities fraud fines related to revenue fraud, some companiessucceed and move on, while others...
- Q ACCT 301ASSIGNMENT 4You are required to prepare a Direct Material Budgetfor the second quarter (April to June) by considering amanufacturing company operating in Saudi Arabia as a sample study. (4marks)You are...
- Q Explain the concept of benchmarking with respect to the analysisand interpretation of profit. Discuss the advantages anddisadvantages of the different ways of monitoring profit.
- Q Exercise 12-5 The following information is available for SplishBrothers Inc. for the year ended December 31, 2017. Beginning cashbalance $ 47,835 Accounts payable decrease 3,933 Depreciationexpense 172,206 Accounts receivable increase...
- Q On August 31, 2016, the Silva Company sold merchandise to theBendix Corporation for $650,000. Terms of the sale called for adown payment of $130,000 and four annual installments of $130,000due...
- Q DefineDefine(a)Negotiated transfer pricing method(b)Marketing based transfer pricing methodEffect of each method on the divisional performance
- Q what is criticisms of ROI and why the residual income may be abetter indicator than the ROI?
- Q DIRECTIONS: Summarize these notesThe Current Ratio measures a firm’s ability to pay off itsshort-term obligations. It is calculated as follows: Current Ratio= Current Assets/Current liabilities Ideally, current ratio of 2...
- Q Dividends on Preferred and Common StockYukon Bike Corp. manufactures mountain bikes and distributesthem through retail outlets in Canada, Montana, Idaho, Oregon, andWashington. Yukon Bike Corp. declared the following annualdividends over...
- Q Journal Entries, T-Accounts, Cost of Goods Manufactured andSoldDuring May, the following transactions were completed andreported by Jerico Company:Materials purchased on account, $60,200.Materials issued to production to fill job-order requisitions:direct materials,...
- Q Journal Entries, T-Accounts, Cost of Goods Manufactured andSoldDuring May, the following transactions were completed andreported by Jerico Company:Materials purchased on account, $60,200.Materials issued to production to fill job-order requisitions:direct materials,...
- Q Birch Company normally produces and sells 46,000 units of RG-6each month. The selling price is $25 per unit, variable costs are$17 per unit, fixed manufacturing overhead costs total $200,000 permonth,...
- Q Milano Pizza is a small neighborhood pizzeria that has a smallarea for in-store dining as well as offering take-out and free homedelivery services. The pizzeria’s owner has determined that theshop...
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