Accounting question and answers for July 11, 2023
- Q Cullumber Company issued $640,000,10-year, 4% bonds at 103 . (a) Prepare the journal entry to record the sale of these bonds on January 1,2025. (List all...
- Q functions of the money market and common money market instruments?
- Q Required information [The following information applies to the questions displayed below.] FreshPak Corporation manufactures two types of cardboard boxes used in shipping canned food, fruit, and vegetables. The...
- Q What is the NPV of a project that costs $31,000 today and is expected to generate annual cash inflows of $11,000 for the next 7 years, followed by a final...
- Q Industry matrix compare tow com
- Q On January 1, 2014, Ballard Company spent $12,000 on an asset to improve its quality. The asset had been purchased on January 1, 2009 for $38,000. The asset had a...
- Q Lightsquare Inc. manufactures entry and dining room lighting fixtures. Five activities are used in manufacturing the fixtures. These activities and their associated budgeted activity costs and activity bases are as...
- Q What is the conceptual different of discontinued operation from extra ordinary item?
- Q In participative management Select one: a. teams are discouraged in favour of individual achievement. b. employees are involved in the company's decision making. c. all top-level managers participate in profit...
- Q Raymond borrowed $3,900 from Abbotsford Regional Savings. The credit agreement provided for repayment of the loan in four equal monthly payments due 1 month from today, 2 months from today,...
- Q If preferred shares are cumulative, the: a) preferred dividends not declared in a given year are called dividends in arrears. b) preferred shareholders and the common shareholders receive equal dividends....
- Q Assume your organization has the following inventory changes during the fiscal year: Beginning Inventory 1,000 units valued at $10 each April purchases 600 units at $15 each August purchases 2,100...
- Q Q1 Rihanna Company is considering purchasing new equipment for $450,000. It is expected that the equipment will produce net annual cash flows of $60,000 over its 10-year useful life....
- Q Concord Corporation is contemplating the replacement of an old machine with a new one. The following information has been gathered: Old Machine New Machine Price $286000 $586000 Accumulated Depreciation 85800...
- Q The Loch Corporation reports the following information for its Eastern Division: Revenue $2,000,000 Operating costs $1,600,000 Operating assets $1,000,000 Required rate of return 11.5% What is the...
- Q 14.7 California Health Center, a for-profit hospital, is evaluating the pur- chase of new diagnostic equipment. The equipment, which costs $600,000, has an...
- Q A company's cost of goods sold was $15,300 and its average inventory was $4,500. Its inventory turnover equals 3.4
- Q True or false? Because auditors assess the internal controls of the organization, audited financial statements signify that fraud within the organization is not a concern. Explain your answer
- Q The probability the economy will do well next year is 78 percent, in which case TradeNet will have a total value of $79,000. If the economy tanks, the firm's value...
- Q Abrams paid off approximately $54,000 owed to the Internal Revenue Service prior to the new announcement. True False
- Q The Accounts Receivable balance for Wedge Company at December 31, 2023 , was $ 30,000 . During 2024 , Wedge earned revenue of $ 460,000 on account and collected $...
- Q Spotify isn't attempting to raise money with this IPO. Instead, Spotifys direct listing on NYSE will give existing shareholders a way to quickly and easily cash out their stakes in...
- Q Rules in accounting
- Q Which of the following statements is false? A. Once a taxpayer chooses a method of accounting for a particular...
- Q If Rebecca was one of a group of shareholders who contributed qualifying property to a newly formed C corporation, NewCo, and the group received back 100% of the vote and...
- Q Your audit client, Footlocker, wants to revalue its inventory of Kobe Bryant jerseys to reflect their new, higher sales price. Is this permissible under U.S. GAAP? Quote the relevant language...
- Q [The following information applies to the questions displayed below.] FreshPak Corporation manufactures two types of cardboard boxes used in shipping canned food, fruit, and vegetables. The canned food...
- Q A code of ethics is of little or no value? Agree or disagree? Explain
- Q Lamonda Corp. uses a job order cost system. On April 1, the accounts had bolances as shown in the T-accounts below: The following transoctions occurred during April:...
- Q Explain the importance of a clients income statement in preparing Form 1120. Consider the following in your response: 1. Formatting of the income section 2. Importance of the gross profit...
- Q Michelle's Beauty Salon prepays their rent of 2000 for 12 months rent to their leaser. Both companies' accounting period ends on the 30th of March. so we assume that in...
- Q Bramble Corp. uses flexible budgets. At normal capacity of 19000 units, budgeted manufacturing overhead is: $95000 variable and $198000 fixed. If Bramble had actual overhead costs of $297600 for 21000...
- Q An applicatuon of good internal control over cash disbursement is
- Q Which account does NOT have the normal balance? A. Treasury stock balance 10000 credit B. Paid in Capital balance 20000 credit C. Common Stock balance 50000 credit D. Dividend...
- Q Hartzog Corporation's most recent balance sheet and income statement appear below: Statement of Financial Position December 31, Year...
- Q Kip's Kabobs has Fixed Costs of $80,000 and a contribution margin of $10/unit. In the current period, Kip sells 11,500 units for $100/unit. What is Kip Kabobs'...
- Q Gail Trevino expects to receive a $610,000 cash benefit when she retires six years from today. Ms. Trevinos employer has offered an early retirement incentive by agreeing to pay her...
- Q Describe the effect of stock repurchases on income statement, balance sheet, reported EPS, ROA, and ROE Describe the difference between available-for-sale investments and trading investments regarding the recognition of...
- Q What is the income tax value for the above information. Other information: 1. Goods taken for personal use During the year 2019, Ms McPhee's took some goods with a...
- Q b)Estas adquisiciones fueron hechas mediante compra de acciones o mediante compra de activos netos? Explica la diferencia entre ambas opciones. Restructuring of operations in South...
- Q Prevosti Farms and Sugarhouse pays its employees according to their job classification. The...
- Q What is the journal entry to record the sale of a t-shirt for $10 that cost $5?
- Q A company paid a cash dividend of $0.44 per share during the current year, and reported 18,000 shares of common stock issued, and 2,000 common shares in treasury stock during...
- Q Dimitrov Corporation, a company that produces and sells a single product, has provided its contribution format income statement for July. If the company sells 6,900 units, its net operating...
- Q Required information [The following information applies to the questions displayed below] Allied Merchandisers was organized on May 1. Macy Company is a major customer (buyer) of Allied (seller) products....
- Q Information that is capable of making a .8 difference in the decisions of users in their capacity as capital...
- Q Problem A small business owner visits his bank to ask for a loan. the owner can repay the loan at $2800 a month for 3 years, then $1800 a month...
- Q If you start a company or become an executive in an established firm, you can expect to spend the majority of your time Select one: a. communicating. b. budgeting. c....
- Q You have just been hired as a loan officer at Fairfield State Bank. Your supervisor has given you a file containing a request from Hedrick Company,...
- Q Groupthink refers to Select one: a. software programs that help groups make decisions. b. the four-step decision-making process in groups. c. the willingness of individual group members to withhold contrary...
- Q Which of the following is the least useful in reducing the risk of unauthorised distribution of financial data in General Ledger and Financial Reporting cycle? a. Electronic reports should have...
- Q McCallum Tool Company has two departments, assembly and finishing. The assembly department takes purchased parts and assembles the final product. The finishing department performs testing, adds...
- Q Springsteen Company manufactures guitars. The company uses a standard, job-order cost-accounting system...
- Q Alomar Co., a consolidated enterprise, conducted an impairment review for each of its reporting units. In its qualitative assessment, one particular reporting unit, Sellers, emerged as...
- Q The following information applies to the questions displayed below.] FreshPak Corporation manufactures two types of cardboard boxes used in shipping canned food, fruit, and vegetables. The canned food...
- Q Among the intermediate-term goals for capital accumulation is having a fund for emergencies. a. True b. False
- Q Rosco Taxi Service uses the units-of-activity method in computing depreciation on its taxicabs. Each cab is expected to be driven 150,000 miles. Taxi no. 10 cost $39,500 and is expected...
- Q A company had common stock with a total par value of $18,000,000 and fair value of $62,000,000; and 7% preferred stock with a total par value of $6,000,000 and a...
- Q What is the purpose of a "tombstone ad"? a) To inform investors an upcoming offering has been canceled. b) To inform investors of an upcoming...
- Q Assignment 1: DiscussionAbsorption versus Variable Costing ( Managerial Accounting) There are several ways a company can allocate overhead costs to products produced or services provided. Two of these methods are...
- Q Discuss what is meant by the concept of Time Value of Money (TMV) and how this has an impact on investment decision making. Provide an example of how this concept...
- Q The Grover Corporation manufactures a product that it sells for $69.86. The variable costs are $38.82 and the annual fixed costs are $1388759. Grovers capacity is 108759 units per year...
- Q Elaborate the statement that high concentration of ownership in corporation gives rise to the agency problem.
- Q The following are the abridged financial statements of Boston Ltd ("Boston") and its subsidiary Denim Ltd ("Denim"), that both sells consumer goods, at 31 December 2022: EXTRACT FROM...
- Q At zero direct labor hours in a flexible budget graph, the total budgeted cost line intersects the vertical axis at $30000. At 15000 direct labor hours, a horizontal line drawn...
- Q Kim deposited $5,000 in savings account. Calculate the interest paid and principal each year for three years if the interest rate is 4 percent.
- Q Lorman Manufacturing purchases equipment with an expected life of 10 years for $50,000. The equipment has an estimated salvage value of $2,000. Lorman expects the new equipment to generate cost...
- Q Pleasant Pools Inc. has the following shipping costs for the last 6 months. Month Km. cost April. 20,000. $11,000 May. 38,000. $15,000 June 42,000. $20,000 July 40,000 $17,000 August...
- Q Gunther Co. established a subsidiary in Mexico on January 1, 2011. The subsidiary engaged in the following transactions during 2011: What amount of foreign exchange gain or loss would have...
- Q Froya Fabrikker A/S of Bergen, Norway, manufactures specialty heavy equipment for use in North Sea oil fields. The company uses a job-order costing system that applies...
- Q Sheridan Company prepared a 2016 budget for 60000 units of product. Actual production in 2016 was 70000 units. To be most useful, what amounts should a performance report for this...
- Q An example of fraud would be: Multiple Choice Issuing a purchase order without first securing bids. Buying raw materials from an affiliated company. Knowingly classifying a material long-term receivable as...
- Q (Q2) Hsung Company accumulates the following data concerning a proposed capital investment: cash cost $215,000, net annual cash flows $40,000, present value factor of cash inflows for 10 years 5.65...
- Q Riverbed Company enters into a contract with a customer to build a warehouse for $402700, with a performance bonus of $101900 that will be paid based...
- Q Dividend dates market price effects OGarro Inc. has paid a regular quarterly cash dividend of $0.60 per share for several years. The common stock is publicly traded. On February...
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