Accounting question and answers for July 11, 2023
- Q ! Required information [The followng information applies to the questions displayed below] Manuel Company predicts it will operate at 80% of its productive capacity. Its overhead...
- Q On July 17, 2021, a company sells goods to a customer, accepting a 4-year, $1,500 note bearing 3% annual interest in exchange for the goods. How much interest...
- Q Why are most cultures considered to be complete? Select one: a. They are observable and don't need to be written b. They provide rules for society c. They provide answers...
- Q You work for Thunderduck Custom Tables Inc. This is the first month of operations. The company designs and manufactures specialty tables. Each table is specially customized for the customer. This...
- Q The current price of a non-dividend paying stock is 50. There is a 3-month forward contract on this stock available. A risk free 3-month zero coupon bond with current price...
- Q If Total Assets equal $100,000 and equity equals $65,000, Liabilities must equal?
- Q 1) What fraud red flags were ignored at Wirecard ? and 2) How did EY miss the Wirecard fraud ?
- Q Notes payable are reported as liabilities on the balance sheet. The portion of the note payable that is due within (3 months, one year, or 6 months) is reported as...
- Q Earnings per share is calculated: a) only for common shares. b) only for preferred shares. c) for common and preferred shares. d) only for bonds.
- Q Reflect on your work experience or research recent news articles about organizational communication. Identify a situation where you think an organization or brand may have miscommunicated a message to its...
- Q Financing: 6% interest note payable was made on January 31, 2017, and is due February 1, 2019. 5 year Loan was made on June 1, 2016. Terms are 7.5% annual...
- Q Blanket Corporation sold equipment for cash of $39,000. Accumulated depreciation on the sale date amounted to $32,500 and a loss of $1,770 was recognized on the sale. What was the...
- Q Discuss what is meant by the concept of Responsibility Accounting and the three basic types of responsibility centers, Discuss the characteristics of each of these three responsibility centers and how...
- Q Two different business units of Sunland Corporation were engaged in a friendly competition to see which location would make the best use of a $45,500 investment. The business...
- Q Which of the following is viewed as an advantage to a more diverse workforce by business leaders? Select one: a. Increased levels of ethnocentrism b. Lower wages c. Increased competitive...
- Q Use the Flynn Cycles data in S65, except assume that Flynn uses the movingweighted-average-cost method, and journalize the following transactions: a. The June 16 purchase of inventory on account b....
- Q Summarize how well Apple Inc is collecting on its receivables based upon the type(s) of products the company sells and the industry in which it competes. Justify your speculation by...
- Q Exchange Corp. is a company that acts as a facilitator in tax-favored real estate swaps. Such swaps, know as 1031 exchanges, permit participants to avoid some or all...
- Q CHALLENGE Baldwin Products Company anticipates reaching a sales level of $6 million in one year. The company expects earnings after taxes during the next year to equal $400,000. During the...
- Q A company has decided to use the cash basis of accounting. On February 1.2024 the compamy pald $6,000 for ix mantirs of rent. 3 pts Answer...
- Q During Heaton Companys first two years of operations, it reported absorption costing net operating income as follows: Year 1 ...
- Q The income statement shown below was sent by Samuel Cox, owner of Cox Video Center, to several of his creditors who had asked for financial statements. The business is a...
- Q Help I need help with the following: What is meant by the net realizable value for accounts receivable? What is aging of accounts receivable, and how is it used...
- Q 1) What fraud red flags were ignored at Wirecard ? and 2) How did EY miss the Wirecard fraud ?
- Q Lopez Company is considering replacing one of its old manufacturing machines. The old machine has a book value of $45,000 and a...
- Q An investment center generated a contribution margin of $550000, fixed costs of $200000 and sales of $2200000. The centers average operating assets were $700000. How much is the return on...
- Q Describe the process an outside auditor uses to analyze an organizations transactions to ensure accuracy.
- Q ...
- Q What is Weighted Average Cost of Capital?
- Q Basic accounting questions focus on topics concerning the financial statements and how transactions are recorded.Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes...
- Q Lumi Industries has RM6 million in excess cash and 1.2 million shares outstanding. Lumi is considering investing the cash in one-year Treasury bills that are currently paying 6% interest and...
- Q When 100 shares of $10 par value Common Stock are issued at $23 per share, Additional paid-in Capital will
- Q Accounting is the process of keeping track of all financial transactions within a business, such as any money coming in and money going out. It’s not only important for businesses...
- Q Consider the following statements: 1. A vertically integrated firm is more dependent on its suppliers than a firm that is NOT vertically integrated . II. Many firms feel they can...
- Q Please distinguish between tangible operational assets, intangible assets, and natural resources. Provide three examples of each.
- Q Review the diagram below: What business activity does C represent? Receiving Purchasing Inventory Control Accounts Payable
- Q The following details are taken from a manufacturing company: Opening balance(01.01.2020): Work in process account - OMR 60,000 Finished goods account - OMR 120,000 Transaction during the month( January 2020):...
- Q Write the calculation result in 4 significant figure 3.78467 + 4.085 + 2.26533
- Q Red Co. recorded a right-of-use asset of $180,000 in a 10-year finance lease. Payments of $29,294 are made annually at the end of each year. The interest rate charged by...
- Q The difference in the lump-sum and periodic payment plan calculation is: The total assets. The monthly disposable income. The future income multiplier. Your client's income.
- Q Review the three limitations of accounting data in the chapter and provide a specific action a company could take to address each limitation. Please be specific. 1. All...
- Q Describe fair value accounting and fair value measurement. Give examples of fair value accounting and measurement
- Q Assume your company sells chocolate chip cookies in bags of a dozen each. The cookies are made in your kitchen for now, as the company is just starting up. Estimate...
- Q 2016 Balance Sheet, use 2015 retained earnings as 2016 begining balance 2015 Trial Balance Account Title Account Title Cash and cash equivalents Debit Credt $325 $ 155...
- Q Diana Mark is the president of ServicePro., a company that provides temporary employees for not-for-profit companies. ServicePro has been operating for for five years; its revenues are increasing with...
- Q Provide a sample balance sheet for a small Spanish Interpreter business. The business offers virtual and in-person services.
- Q In the original formation of a C corporation, governed by IRC section 351, Samantha Shareholder, one of the contributing shareholders, contributed qualifying tangible property with a basis of $4K (and...
- Q In reading a corporate income statement, cost of goods sold is subtracted from __________ . Question 14 options: revenue ...
- Q The Sarbanes-Oxley Act of 2002 was designed in response to: a) corporate financial accounting and reporting scandals. b) demands by the auditing profession. c)...
- Q Al contabilizar asientos de un diario de compras en el libro mayor, ________. a. las referencias de contabilizacin no se muestran en el libro auxiliar b. las entradas...
- Q The Central Division for Chemical Company has a return on investment of 26% and an investment turnover of 2.20 . The profit margin is a. 11.82% b. 17.73%...
- Q Write a report (35 pages) describing how you can develop and implement policies and procedures relevant to bookkeeping activities. The report should identify the strategies you can use in your...
- Q Why does the financial services industry rely on policies, procedures, and codes of practice regarding accounting and bookkeeping
- Q You are a new loan officer with Alpha Mortgage, and the manager of the loan department has just presented a problem to you. He is unable to complete the APR...
- Q On January 1, 2022, Discipline Company, a calendar-year company, issued $800,000 of notes payable, of which $200,000 is due on January 1 for each of the next four years. The...
- Q PARTNERSHIP INCOME DISTRIBUTION: For partnership C, if the remainder of the partnerships net income is 120,000 and there are three partners among whom the remainder is divided equally, how much...
- Q Please answer in 3 decimal places. Firm B wants to hire Mrs. X to manage...
- Q A company had a fixed interest expense of $6,400, its income before interest expense and any income taxes was $22,400 and its net income was $8,800....
- Q The cost of merchandise sold during the year was $54,000. Merchandise inventories were $10,500 and $12,500 at the beginning and end of the year, respectively. Accounts payable were $6,000 and...
- Q (T / F) The formula for calculating straight-line depreciation is: Depreciation per period = (Asset cost estimated salvage value) / Number of accounting periods (estimated useful life).
- Q The risk is higher for stock a compared to stock B, return is the same. The coefficient of variation is a. Lower for A compared to B b. Higher for...
- Q S67 Examine S63 (FIFO costing) and S65 (moving-weighted-average costing). Focus on the sale of goods on June 30. Why is cost of goods sold different between FIFO costing and moving-weighted-average...
- Q En un plan de beneficios definidos, si el valor presente actuarial de los beneficios de retiro prometidos excede el activo neto disponible para beneficios, hay ...
- Q The Securities and Exchange Commissions is responsible for: Full and Fair Regulating Assessing the Quality Disclosure of Securities of Registered Financial Information Markets Securities....
- Q Present Value of Amounts Due Assume that you are going to receive $750,000 in 10 years. The current market rate of interest is 7%. a. Using the present value of...
- Q (T / F) Double-declining-balance method is an accelerated deprecation method. Salvage value is ignored in making annual calculations (save for the final depreciation period).
- Q Instructions: PLEASE ONLY SELECT THE CORRECT LETTER CHOICE AT THE END. Use the following balance sheet information from Aggie Health and Fitness Centers month-end financial statements dated August...
- Q Gracie, Inc. made a prepaid rent payment of $2,800 on January 1. The companys monthly rent is $700. The amount of prepaid rent that would appear on the January 31...
- Q Sco, a calendar-year S corporation, was formed January 1, 20X6. Tuti owns 60% of Sco's stock which had a basis to her of $100,000 on January 1, 20X6. She materially...
- Q During Year 1, its first year of operations, Galileo Company purchased two available-for-sale investments as follows: Security Shares Purchased Cost Hawking Inc. 680 $27,404 Pavlov Co. 1,840 38,640 Assume that...
- Q The inventory manager's compensation includes a bonus plan based on gross profit. You discover that the inventory manager has knowingly overstated ending inventory by $2 million. What effect does this...
- Q United Parcel Service, Inc has a market value of equity of $7 billion, and has a total debt of $ 3 billion. United Parcel Service, Inc assumed statutory tax rate...
- Q How many of the following transactions would be capitalized? a. Purchase building by signing a long-term note b. Purchase three-year insurance policy in advance c. Pay dividends to stockholders d....
- Q If the amount of factory overhead cost incurred exceeds the amount applied, the factory overhead account will have a credit balance and be overapplied debit balance and be underapplied debit...
- Q The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2 - The following five transactions occurred in Year 2: 1....
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