Accounting question and answers for July 11, 2023
- Q what is the liability from " The owner puts a further $4,000 cash into the business.
- 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 please answer 10 and 11 10. Your company has been hired to act as a construction manager for the construction of...
- Q The Friendly Sausage Factory (FSF) can produce hot dogs at a rate of 5,000 per day. FSF supplies hot dogs to local restaurants at a steady rate of 240 per...
- Q Although it usually doesnt involve physically stealing money, financial statement fraud is commonly considered the most expensive type of fraud. Why is this true?
- Q Save your completed Applying Excel form to your computer and then upload it here by clicking Browse. Next, click Save. You will use this worksheet to answer the questions in...
- Q XYZ Corp., a closely held C corporation, is contemplating purchasing shares from one of its shareholders, Alice. XYZ is trying to figure out if the transaction will be treated as...
- Q Is it true or false that debit entires on the balance of payment are the entires that would indicate a surplus exists?
- Q For each of the following transactions or adjustments, indicate the effect of the transaction or adjustment on assets, liabilities, and net income by entering for each...
- Q QUESTION A manufacturer sold one of its products, CER last year for $8.50 each. Variable costs of manufacturing were $3.25 per unit. The company needed to sell 20,000 units to...
- Q a standard is a unit amount while a budget is a total amount. true or false
- Q Marigold Corp. had average operating assets of $2400000 and sales of $1200000 in 2016. If the controllable margin was $360000, the ROI was
- Q Using a perpetual inventory system, the sale of inventory on account is recorded with a: Multiple Choice (choose one) Debit to cost of goods sold. ...
- Q What is the purpose of keeping a change fund in a business? Answer a. to pay balance to customers ...
- Q What is the purpose of keeping a change fund in a business? Answer a. to pay balance to customers ...
- Q Profitability Analysis "I'm not looking forward to breaking the news," groaned Charlie Wettle, the controller of Meyer Paint Company. He and Don Smith, state...
- Q What are the different financial assets and how are they different from other assets?
- Q For June, Waterway Industries estimated sales revenue at $800000. It pays sales commissions that are 4% of sales. The sales managers salary is $305000, estimated shipping expenses total 1% of...
- Q ABC Corporations beginning balance of accumulated earnings and profits is a deficit of $100,000. It had current earnings and profits of $20,000. On March 1, the Corporation distributed $45,000...
- Q The Fulmar Division of Vaughn Manufacturing had an ROI of 25% when sales were $2800000 and controllable margin was $560000. What were the average operating assets?
- Q Years ago, investor had purchased a debt security of Investee and had classified it as Held-to-Maturity. Investor earned $1,000 in interest revenue from this investment in 2019. At the end...
- Q Debra acquired the following new assets during 2013: April 11 - Furniture - $40,000 July 28 - Trucks - $40,000 November 3 - Computers - $70,000 Determine the cost recovery...
- Q With the help of diagrams and illustrations write an overview of the government budgeting and accounting Cycle.
- Q Use the percentage method of income tax calculation to complete the payroll roster (in \$)
- Q Orange County Engine Parts Inc. (OCEP) produces three productspistons, valves, and camsfor the heavy equipment industry. OCEP has a very simple production process and product line and uses a single...
- Q Which of the following statements is true? -When operating income is positive, revenue is greater than expenses. -When net income is negative, retained earnings decrease, all other things being equal....
- Q Master Budget Case: ToyWorks Ltd. ToyWorks Ltd. is a company that manufactures and sells a single product, which they call a toodle. For planning and control purposes they utilize a...
- Q Why does the current outstanding debt value have to be subtracted from the enterprise value to get to price per share? ...
- Q In the current year, John gives $140,000 of land to John, Jr. In the current year, John's wife gives $170,000 of land to Andy and $52,000 cash to John, Jr....
- Q Which of the following is NOT a way that teams help organisations to succeed? Select one: a. Increase groupthink among members b. Increase diversity of views c. Increase performance levels...
- Q Management responsibilities Explain how management explicitly asserts their confidence and responsibility over the financial statements of the company. Analytical procedures What is the purpose of using analytical review procedures in...
- Q Which of the following is true of a tax lien? It is a matter of public record. It affects your client's ability to obtain a loan. Both 1 and 2....
- Q The term ________ includes an appreciation for cultural differences that affect communication and the ability to adjust one's style when communicating across cultures. Select one: a. cultural dexterity b. cultural...
- Q Discuss the difference between Financial Accounting and Managerial Accounting, especially in relationship to costs. Provide a definition of Opportunity Costs and Accounting Costs and discuss how we can further analyze...
- Q Jasmine Company produces hand tools. A sales budget for the next four months is as follows: March 10,000 units, April 13,000, May 16,000 and June 21,000. Jasmine Company's ending finished...
- Q Prepare a memo of the conclusions you'd like to share with the CEO of TaTaR Corporation.
- Q True or false? The detection of fraud and embezzlement is the primary purpose of audits. Explain your answer.
- Q Present Value of an Annuity On January 1, you win $5,300,000 in the state lottery. The $5,300,000 prize will be paid in equal installments of $530,000 over 10 years. The...
- Q Venus Crates manufactures custom crates for a variety of uses. The following data have been recorded for Job 551, which was recently completed. Difrect materials used cost 7,200. There were...
- Q Bonita Company expects to have a cash balance of $ 46,000 on January 1, 2022. Relevant monthly budget data for the first two months of 2022 are as follows: ...
- Q Income Statement The revenue from the current businesses will increase at an annual rate of 5.0% since 2020 The acquisition will add $75.0 million of incremental...
- Q The Lantern Corporation has 1,000 obsolete lanterns that are carried in inventory at a manufacturing cost of $20,000 . If the lanterns are re- machined for $ 5,000 they could...
- Q Q10 (10%) (Do It 24-4) Wayne Company is considering a long-term investment project called ZIP. ZIP will require an investment of $120,000. It will have a useful life of 4...
- Q Current Attempt in Progress A company just starting business made the following four inventory purchases in June: June 1 150 units $390...
- Q The following data are taken from the balance sheet at the end of the current year. Determine the (a) working capital, (b) current ratio, and (c) quick ratio. Please show...
- Q A study has been conducted to determine if Product A should be dropped . Total sales of the product are $ 200,000 per year; total variable expenses are $140,000 per...
- Q How does a disclaimer differ from a qualified report in the PCAOB new reporting model?
- Q Healthy Practices Hospital purchases $300,000 of testing equipment that has a useful life of 5 years. The hospital also pays $20,000 to install the equipment and make it usable. The...
- Q A company has discontinued its current business and instead acquired a business in a completely new industry. When considering a new information system for this new business, which approach of...
- Q What is the difference between FIFO (First In First Out) and LIFO (Last In First Out)? How would companies decide? Minimum explanation 250 words
- Q Explain why we depreciate assets over their useful lives instead of just expensing them in the year they are acquired?
- Q Answer the following question in IRAC form: Hank worked for HGC Corporation as the Treasurer. Before leaving the Corporation Hank embezzled $500,000 from HGC. Thus far Clarence, the Chairman of...
- Q Which of these influences your attitude toward what is important in life and helps to establish your rules of behaviour? Select one: a. Diversity b. Intercultural communication c. Stereotyping d....
- Q Swifty Corporation prepared a fixed budget of 40000 direct labor hours, with estimated overhead costs of $200000 for variable overhead and $90000 for fixed overhead. Swifty then prepared a flexible...
- Q The master budget of Vaughn Manufacturing shows that the planned activity level for next year is expected to be 50000 machine hours. At this level of activity, the following manufacturing...
- Q Pencil Pushers, Inc. manufactures a "Silly Pencil" which sells for $7.50 each. Pencil Pushers expects to sell 82,000 silly pencils next year. At this level of sales, variable expenses will...
- Q The history of securities regulation can be traced to: a) medieval times. b) 18th century English Parliament's passage of the Bubble Acts. c) 18th...
- Q Carlson's general business credit for the current year is $84,000. His net income tax is $190,000, tentative minimum tax is $175,000, and net regular tax liability is $185,000. He has...
- Q Construct an income statement out of the following transactions: Cash 1 $ 73,000 Equipment 3,000 ...
- Q El Sr. Parker solicit recientemente un seguro de vida. Llam a su mdico de atencin primaria porque el formulario de solicitud tena una seccin para ser completada por su mdico....
- Q Analyze the financial statements for ABC company found in Case study 4 of chapter 6 to detect possible areas of financial statement fraud by preparing a horizontal and vertical analysis...
- Q Following are preacquisition financial balances for Padre Company and Sol Company as of December 31. Also included are fair values for Sol Company accounts. ...
- Q Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 44 units @ $22 7 Sale 33 units 15 Purchase 38 units...
- Q Assuming a 10% rate of return, how does the present value of an amount to be received two years from today compare to the present value of the same amount...
- Q Auerbach Inc. issued 6% bonds on October 1, 2021. The bonds have a maturity date of September 30, 2031 and a face value of $400 million. The bonds pay interest...
- Q If a firm has retained earnings of $2.6 million, a common shares account of $4.6 million, and additional paid-in capital of $9.2 million, how would these accounts change in response...
- Q A weight loss app had 17,000 subscribers on January 1, 2020. The number of subscribers increased steadily throughout the year and by December 31, 2020, there were 19,400 subscribers. The...
- Q On December 31, 2018, Perry Corporation leased equipment to Admiral Company for a five-year period. The annual lease payment, excluding non-lease components, is $47,000. The interest rate for this lease...
- Q Lane Company manufactures a single product and applies overhead cost to that product using standard direct labor-hours. The budgeted variable manufacturing overhead is $5.80 per direct labor-hour and...
- Q Discuss the similarities and differences between static and flexible Budgeting and Capital budgeting. Why is budgeting important to an organization?
- Q TEXTBOOK ACCOUNTING 26TH EDITION WARREN/REEVE/DUCHAC WHAT ARE THE ANSWERS TO PAGE 309 EXERCISE PR06-2A .AND PAGE 311 PR 06-5A
- Q Portland Manufacturing had the following data for the period just ended: Work in process, January 1 $ 28,500 Work in process, December 31 42,000 Finished goods, January 1 88,000 Finished...
- Q A guaranteed payment is: A) A payment made to a partner from the profits of the partnership. B) A loan payment from the partnership to pay back a loan from...
- Q Current Attempt in Progress As of January 1 of this year, Helen owned all 1,000 shares of a calendar-year S corporation, Vaughn Inc. On October 31, the 304th day of...
- Q Monroe Corporation is considering the purchase of new equipment. The equipment will cost $47,000 today. However, due to its greater operating capacity, Monroe expects the new equipment to earn additional...
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