Accounting question and answers for July 13, 2023
- Q Amy conveys (transfers) a plot of land to "Robert Lopez and his heirs as long as the land is used for charitable purposes." For forty years, Robert uses the land...
- Q "I'm not sure we should lay out $295,000 for that automated welding machine," said Jim Alder, president of the Superior Equipment Company. That's a lot of money,...
- Q Question 27 1 pts A Distributive negotiation process is one in which a more collaborative approach is used. O True O False
- Q Hound owns 600 shares of stock in View Corporation, which represents 60% of Views only class of stock outstanding. All shareholders are unrelated to each other. Hounds basis in the...
- Q 1. Compare el inters ganado en $15,000 durante 25 aos al 7% de inters simple con la cantidad de inters ganado si el inters se capitalizara anualmente. 2. El banco...
- Q How can an upward-sloping labor supply curve for an individual employer become horizontal? What are the effects of such a change on wage and employment levels of that...
- Q Ron contributes $5,000 toward the support of his widowed mother, Sara, aged 75, a U.S. citizen and resident. Sara earns gross income of $2,000 and spends it all for her...
- Q Compute the missing amount for each of the following notes: Principal Annual Interest Rate Time Total Interest (a). $40,000 10% 2.5 years ?? (b). $120,000 ?? 9 months $7,200 (c)...
- Q At December 31, 2021, Windsor Company had a credit balance of $18,700 in Allowance for Doubtful Accounts. During 2022, Windsor wrote off accounts...
- Q The accounting rate of return for a proposed investment of $800,000 in a fixed asset with a useful life of 4 years, a residual value of $40,000, and an expected...
- Q Stevenson Inc. budgeted production of 36,000 personal journals in 20Y6. Each journal requires assembly. Assume that four minutes are required to assemble each journal. If assembly labor costs $12.00 per...
- Q GAAP requires that Research and Development (R\&D) costs be treated as period expenses, prohibiting their capitalization. Because of this, when a company has an internally developed intangible asset,...
- Q 15) Este evento NO tiene el efecto de aumentar el punto de extraccin: a. disminucin en el costo variable por unidad b. aumento en los costos fijos totales c. disminucin...
- Q El ao actual, ABC Corporation es una corporacin C de nueva creacin, ha registrado lo siguiente ingresos y gastos: Ingresos por venta $75,200 Costo de bienes vendidos $27,300 Cuota de...
- Q Problem 3-11(Algo) T-Account Analysis of Cost Flows [LO3-2, LO3-3, LO3-4] Selected T-accounts of Moore Company are given below for the just completed year: Required: What...
- Q TION 32 Bite Size Cupcakes applies factory overhead based on direct material costs. The company incurred the following costs during the year: direct materials costs of $625,000, direct...
- Q 12. Use the production possibility curve (PPC) to answer the question. Zambia is currently on PPC1, then point.will be an efficient use of resources, while point...will be unattainable....
- Q 3.Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $675,000; Allowance for Doubtful Accounts has a debit balance of $6,000; and sales...
- Q The total revenue of a fimm decreased after an increase of the price of the goods it sells. Explain why this can happen. Include a graph in your...
- Q When a partner retires from a partnership and the retiring partner is paid more than the capital balance in her account, which of the following explains the difference? I. The...
- Q Greg's Auction House's payroll for Apni includes the following data: What is the employee's portion of the taxes? (Round any intermediate calculations to...
- Q Dog Gone Good Engines has a bond issue outstanding with 17 years to maturity. These bonds have a $1,000 face value, a 9 percent coupon, and pay interest semi-annually. The...
- Q Chicago Co. is interested in purchasing a machine that would improve its operational efficiency. The cost is $200,000 with an estimated residual value of $20,000 and a useful...
- Q 15 Ocak 2018'de Crane Company, ak hesabnn kapatlmas iin William Pentel'den iki aylk, %9, 8000 dolarlk bir senet ald. Pentel'in notu geersiz saymas ve tahsilatn beklenmesi durumunda Crane Company'nin 15...
- Q If Masterston, Inc. just paid $2.55 to its shareholders as the annual dividend. Simultaneously, the company announced that future dividends will be increasing by 5.5 percent per year, indefinitely and...
- Q Pls do not handwrite the answer, this is for easy readingSpeedy Scoot manufacturers various lies of e-scooters due to itsrising popularity. Speedy scoot offers 3 models of e-scooters:Windy, Fast and...
- Q Mandarin Company bought land for $100,000 that it held for apossible future plant site. Mandarin Company bought the propertyfor $20,000 cash payment and by signing a note secured by amortgage...
- Q You are an associate at ABC LLP, a forensic accounting firm.Your company is retained by the Law Firm that is representing aclient. The client, the former CFO of the Public...
- Q You are an associate at ABC LLP, a forensic accounting firm.Your company is retained by the Law Firm that is representing aclient. The client, the former CFO of the Public...
- Q You are an associate at ABC LLP, a forensic accounting firm.Your company is retained by the Law Firm that is representing aclient. The client, the former CFO of the Public...
- Q what are the major challenges facing the accountingprofession?
- Q Kat's Cat Klinic had the following balance sheet as ofDecember 31, 2015:Assets: Liabilities and Stockholders’ EquityCash $ 195,000 AccountsPayable $ 23,000Accounts Receivable$70,000 SalariesPayable 11,400Less Allowance (4,500) 65,500 UtilitiesPayable 2,100PrepaidInsurance 31,000 InterestPayable 3,800Supplies 29,000 UnearnedRevenue 13,500 Building $510,000 NotesPayable 57,000Accum Depr –...
- Q Determine two (2) topics that stood out for you, and discusswith the class the main reasons why. Based on the topics covered inthis course, summarize the major benefits of forming...
- Q Sound Electronics is a retail electronics store carrying hometheater equipment. The store is at the end of its fifth year ofoperations and is struggling. A major problem is that its...
- Q Here is the heart of the debate between GAAP and IFRS:Describe the difference between rules-based and principles-basedfinancial statements. Which do you think is better?
- Q Meadows Manufacturing has $10,000 in payroll for its factoryworkers that must be added the cost of its product. How wouldMeadows record the direct labor cost?A : a debit to Wages...
- Q Carmelita Inc. has the following information available: Costsfrom Beginning Inventory Costs from Current Period Direct materials$4,400 $22,700 Conversion costs 5,400 149,900 At the beginning ofthe period, there were 500 units...
- Q You are the Cookie division controller for Auntie M’s BakedGoods Company. Auntie M recently introduced a new chocolate chipcookie brand called Full of Chips, which has more than twice asmany...
- Q Write three arguments in favor of the SEC setting AccountingStandards in the US, and present three arguments in favor of theFASB setting Accounting Standards in the US.
- Q what information is necessary to prepare for the processing ofpayroll?
- Q Net Present Value—Unequal LivesBunker Hill Mining Company has two competing proposals: aprocessing mill and an electric shovel. Both pieces of equipmenthave an initial investment of $942,997. The net cash flowsestimated...
- Q (1) Summarize the alternative involving the possibility ofliquidating the business, using rationale based on tax research,codes, and regulations.(2) Summarize the alternative of transferring the businessactivity, providing justification based on tax...
- Q On December 1, 2017, Annalise Company had the account balancesshown below.Debit Credit Cash $6,800 Accumulated Depreciation—Equipment$1,400Accounts Receivable 3,900 Accounts Payable 2,900Inventory 1,500 * Owner’s Capital 29,700*(3,000 x $0.50)Equipment 21,800$34,000 $34,000The...
- Q 11. The following accounts are listed in order ofliquidity...A. Current AssetsB. Current LiabilitiesC. Both A and BD. Long-term assetsE. none of the above13. Retained earnings are found on the...A. Balance...
- Q What are advantages of comparative statements?
- Q NetPresent Value ApproachB7:H23Time Period012345Cash FlowPurchase Price$ (70,000)Labor Savings20,00020,00020,00020,00020,000Paint Savings2,0002,0002,0002,0002,000Maintenance-1000(1,000)(1,000)(1,000)(1,000)(1,000)Residual Value5,0005,000Total Cash Flow$ (70,000)21,00021,00021,00021,00026,000PV Factor10.8930.7970.7120.6360.567Total Cash Flow$ (70,000)$ 18,753$ 16,737$ 14,952$ 13,356$ 14,742Required Rate of Return12%=0.12NPV$ 8,540NPV Using Excel (show formula):$ 8,540IRRIRR Using...
- Q Warren Buffett stated that he paid an effective tax rate thatwas lower than his secretary. This assertion is probably true. Why?Will that assertion remain true after the full implementation ofthe...
- Q Analyzing Financial Statements of United States BasedCorporationsScenarioEach student is to select a United States based public (shares arelisted on a major stock exchange) company for this project. Youwill need to...
- Q WHICH OF THE FOLLOWING IS TRUE REGARDING HEALTH AND ACCIDENTINSURANCE PREMIUMSHEALTH PREMIUM FOR THE 2% SHAREHOLDERS CANNOT BE TREATED ASWAGES.INCLUDED ON THE 2% SHAREHOLDERS FORM W2 AND NOT SUBJECT TO...
- Q Esperado Furnishings are retailers who purchase and sellhousehold furnishings, including table lamps. The business uses aperpetual inventory system and adjusts cost of goods sold for anyshortage or excess inventory. The...
- Q Based on the data from the general fund presented below, assess(as best you can) the financial/fiscal condition of Karla city. Asmuch as possible, justify your answer with quantitative data.Population (increasing...
- Q Faced with headquarters’ desire to add a new product line,Stefan Grenier, manager of Bilti Products’ East Division, felt thathe had to see the numbers before he made a move. His...
- Q Silverline Electricals Limited wasfounded ten years ago by Jim and Wendy Birt. The companymanufacturesand installs both traditional andcontemporary models of lights for residential and commercialpurposes.Silverline Electricals Ltd hasexperienced rapid growth...
- Q Please record the following journal entries1. On December 2, a customer signs a contract to buy anequipment and service plan bundle with cash. The equipment normallysells for $280 and is...
- Q The Carla Corporation issued 10-year, $5,060,000 par, 7%callable convertible subordinated debentures on January 2, 2020.The bonds have a par value of $1,000, with interest payableannually. The current conversion ratio is...
- Q Which of the following persons is subject to tax return preparerpenalties for the return(s) mentioned?a. Meredith is thedirector of Federal taxes for a C corporation, and prepares hermother’s return for...
- Q Exercise 2-13 Traditional and Contribution Format IncomeStatements [LO2-6]The Alpine House, Inc., is a large retailer of snow skis. Thecompany assembled the information shown below for the quarter endedMarch 31:Amount Total...
- Q The Production Department of Hruska Corporation has submittedthe following forecast of units to be produced by quarter for theupcoming fiscal year:1stQuarter2ndQuarter3rdQuarter4thQuarterUnits to be produced10,0009,00011,00012,000Each unit requires 0.20 direct labor-hours and...
- Q "Ethics inManagement Accounting versus Financial Accounting" Pleaserespond to the following:Go to the American Institute of Certified Public Accountants(AICPA) Website to read the current AICPA code of professionalconduct, located athttp://www.aicpa.org/Research/Standards/CodeofConduct/Pages/default.aspx.Next, assess...
- Q 131Duty of directors to act in good faith and in best interestsof company(1) Subject to this section, a director of a company, whenexercising powers or performing duties, must act in...
- Q In your own words discuss how corporate governance and businessethics overlap and interact with each other in terms of the day today requirements of a small company with three directors.
- Q 1. Who can contribute to a traditional IRA, and how much?Nick, age 53, is single and has AGI of $67,000. He contributes$5,000 to his IRA in 2018.How much can Nick...
- Q Prepare a reconciliation of Net Change in Governmental FundBalances (the General Fund, Capital Projects Funds, Debt ServiceFund, Special Revenues Funds and Permanent Funds) to change inGovernmental Net Assets (the 5...
- Q Indicate whether each of the following statements about theauditor's role in financial accounting is true or false.The proper conduct of an audit guarantees the accuracy of allfigures on the financial...
- Q the chief engineer for Portland Purifiers, a maker of industrialwater filters with major (and patentable) improvement over currentmarket offerings. she estimates that the development of the productlaunch cost half a...
- Q .Direct materials used in the Packaging Department . . . . . . .. . . . . . . . . . . .$38,0002.Costs assigned to units completed and...
- Q In proper General Journal format,record the transactions for the month; include descriptions of eachtransaction with your journal entry. Use only the accounts shown inthe chart of accounts.8/1 YOUfiled a charter...
- Q How do the all events and economic performance requirement applyto thefollowing transactions by an accrual basis taxpayer?a. The company guarantees its products for six months. At theend of 2018, customershad...
- Q Amber Mining and Milling, Inc., contracted with TruaxCorporation to have constructed a custom-made lathe. The machinewas completed and ready for use on January 1, 2021. Amber paid forthe lathe by...
- Q Thinking of the Middle East, identify at least one item that ismost likely produced using job order costing ( i have choosenrefined petroleum with pre defined attributes), and one item...
- Q Question 1An unmarried dependent taxpayer of another taxpayer isrequired to file a 2017 federal income tax return if they are notblind and age __________ with gross income of_________.a)2; $1,075 (all...
- Q Exercise 17-7On December 21, 2017, Riverbed Company provided you with thefollowing information regarding its equity investments.December 31, 2017Investments (Trading)CostFair ValueUnrealized Gain (Loss)Clemson Corp. stock$18,900$17,900$(1,000)Colorado Co. stock9,0008,000(1,000)Buffaloes Co. stock18,90019,540640Total of portfolio$46,800$45,440(1,360)Previous...
- Q How do i calculate Paid in capital common and retained earningswhen stock is sold below value.I know when i journal itsa debit to cash a debit to paid in capital...
- Q The debits to Work in Process—Assembly Department for April,together with data concerning production, are as follows: April 1,work in process: Materials cost, 3,000 units $7,200 Conversioncosts, 3,000 units, 80% completed...
- Q Accounting for Restricted Stock AwardsGeelong Technology (GT) is a software company based in Boston.Since January 1, 2015, the company has granted restricted stock toits CEO at the beginning of each...
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