Accounting question and answers for July 14, 2023
- Q Measures of liquidity, solvency, and profitabilityThe comparative financial statements of Marshall Inc. are asfollows. The market price of Marshall common stock was $82.60 onDecember 31, 20Y2.Marshall Inc.Comparative Retained EarningsStatementFor the...
- Q What are the pros/cons of cyber classes verus traditionalclasses?
- Q SS Moving Company reported $400,000 in credit sales in December2020. The company has historically seen losses (bad debt) ofapproximately 1% of all credit sales. On December 31, 2020, theAccounts Receivable...
- Q Diego Company manufactures one product that is sold for $75 perunit in two geographic regions—the East and West regions. Thefollowing information pertains to the company’s first year ofoperations in which...
- Q Fraud and abuse is a major concern in the healthcare industrywhat would you do if you learn the first hand that your boss wasinvolved in an ethical reimbursement practices
- Q potential opportunities for fraud are more likely to be found atorganisations that neglect their internal governance structures,have insufficient IT protection and substandard internal controls.Explain what is meant by internal control....
- Q The bank reconciliation prepared by Gemma Tours on March 31,2017, appeared as follows:Gemma ToursBank ReconciliationMarch 31, 2017 Bank statementbalance$15,500 Book balance$34,257 Add: Deposit of March 31 in transit22,044$37,544 Deduct: Outstanding cheques:#79$1,306#841,9813,287 Adjusted bankbalance$34,257 Adjusted bookbalance$34,257The Cash account in...
- Q Effect of credit card sales on financial statements
- Q Outdoor Equipment (OE) sells camping equipment. On December 1,the accounts receivable account had a balance of $51,000, the baddebt expense account had a balance of $0, and the allowance fordoubtful...
- Q . What type of auditopinion (unmodified, unmodified with emphasis of matter paragraph,disclaimer, qualified or adverse) would be appropriate for each ofthe following independent scenarios?(a) Thereis an uncertainty related to a pending...
- Q Polaski Company manufactures and sells a single product called aRet. Operating at capacity, the company can produce and sell 40,000Rets per year. Costs associated with this level of production andsales...
- Q Minden Company introduced a new product last year for which itis trying to find an optimal selling price. Marketing studiessuggest that the company can increase sales by 5,000 units for...
- Q Portsmouth Company makes upholstered furniture. Its onlyvariable cost is direct materials. The demand for the company'sproducts far exceeds its manufacturing capacity. The bottleneck (orconstraint) in the production process is upholstery...
- Q You have just beenhired by FAB Corporation, the manufacturer of a revolutionary newgarage door opening device. The president has asked that you reviewthe company’s costing system and “do what you...
- Q What is Intelligence,Empathy, Communication, &Self-awareness?
- Q Decaprio Inc. produces and sells a single product. The companyhas provided its contribution format income statement for June.Sales(5,500 units)$192,500Variable expenses82,500Contribution margin110,000Fixed expenses86,500Netoperating income$23,500If the company sells 5,700 units, its net...
- Q The unadjusted trial balance of the Manufacturing Equitable atDecember 31, 2018, the end of its fiscal year, included thefollowing account balances. Manufacturing’s 2018 financialstatements were issued on April 1, 2019....
- Q The following selected circumstances relate to pending lawsuitsfor Erismus, Inc. Erismus’s fiscal year ends on December 31.Financial statements are issued in March 2019. Erismus prepares itsfinancial statements according to U.S....
- Q Camden Biotechnology began operations in September 2018. Thefollowing selected transactions relate to liabilities of thecompany for September 2018 through March 2019. Camden’s fiscal yearends on December 31. Its financial statements...
- Q Oslo Company prepared the following contribution format incomestatement based on a sales volume of 1,000 units (the relevantrange of production is 500 units to 1,500 units):Sales$100,000Variableexpenses65,000Contribution margin35,000Fixedexpenses30,100Netoperating income$4,9006a. If the...
- Q Marriott currently buys its icemachines from a manufacturer in China. A representative from acompany in Vietnam is offering to sell them for 20% less than costfrom the manufacturer in China....
- Q 1. A manufacturing firm sells a product for less than itslong-term priceDescribe how this scenario can come about. [8 marks]
- Q The majority of company valuations today are based on multiplesof revenues or EBITDA.Using the following data please state thecompany valuation for each of the scenarios below.[SaaS Revenue 4xmultiple: Tech Enabled...
- Q Think about a situation in which a presenter had a significantimpact on you. Describe the situation and analyze why the presenterwas able to make such a strong connection with the...
- 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 The adjusted trial balance of Foster Products Company includedthe following balances for 12- 31-15, which was the first year ofoperationsAccounts Payable $ 18000Accumulated Depreciation 35000Advertising Expense 17800Cash 7400Common Stock 3000Cost...
- Q James Corp. applies overhead on the basis of direct labor hours.For the month of May, the company planned production of 10,000units (80% of its production capacity of 12,500 units) and...
- Q The following information pertains to the head office and thebranch of KATSE.Branch inventory on hand at selling price:1 January2017..................................................................................R3350031 December2017............................................................................R38900Transactions of the branch for the year ended 31December 2017:Inventory transferred...
- Q On August 3, Cinco Construction purchased special-purposeequipment at a cost of $1,938,400. The useful life of the equipmentwas estimated to be eight years, with an estimated residual valueof $83,040.a. Compute...
- Q What is the journal entry to record transfer of asset from onecompany to another company? Is the journal entry for transfer of anasset different from disposal of an asset?
- Q Problem 17-38 Analyze Performance for a Restaurant (LO 17-5)Doug’s Diner is planning to expand operations and is concernedthat its reporting system might need improvement. The master budgetincome statement for the...
- Q “That old equipment for producing carburetors is worn out,” saidBill Seebach, president of Hondrich Company. “We need to make adecision quickly.” The company is trying to decide whether itshould rent...
- Q Problem 17-45 Labor Mix and Yield Variances (LO 17-4)Matthews & Bros. is a local landscape construction company.In analyzing financial performance, the cost accountant comparesactual results with a flexible budget. The...
- Q Excluding Venture Capital, what are the sources of equityfunding from external sources. Please list each one and explaineach method and how each method might be applied differentlydepending on the nature,...
- Q Problem 17-48 Flexible Budget (LO 17-5)Oak Hill Township operates a motor pool with 20 vehicles. Themotor pool furnishes gasoline, oil, and other supplies for the carsand hires one mechanic who...
- Q HappyFruit Cell Phones makes consumer grade cellar devices. TheCompany is currently making their own chargers. The production costinformation per charger is presented below. Direct Materials $4.9Direct Labor $5.97 Variable Overhead...
- Q 1.What is the present value of $15 if I receive it in 4 yearsand the discount rate is 3%? Round your answer to two decimalplaces.2. How much cash flow will...
- Q Is there a completed gift in the following example? Explain.(a) Dan Donor paid $32,000 for a new car and gave the car(transferred title and keys) to his 17 year old...
- Q 1. New equipment being considered by the Johnny Pickles BrewingCompany is projected to increase current sales from $12850 to$14291. Direct labor resulting from increased production will gofrom $3732 to $4659....
- Q Sato Jewellers has had a request for a special order for 10 goldbangles for the members of a wedding party. The normal sellingprice of a gold bangle is $394.50 and...
- Q 1. Explain how each of the Porter’s Five Forces apply to thefast food industry (Rivalry amongst existing firms, Threat of newentrants, Threat of substitutes, Buyer Power, and Supplier Power).Fast food...
- Q What is meant by alternative procedures in the confirmation ofaccounts receivable? As an auditor, which alternative procedureswould you use? Explain and provide an example from both service andmanufacturing companies.
- Q Explain how make vs buy concepts could be applied to sourcinginternally vs outsource recommendations for human resourcemanagement training
- Q What is meant by alternative procedures in the confirmation ofaccounts receivable? As an auditor, which alternative procedureswould you use? Explain and provide an example from both service andmanufacturing companies.
- Q The following financial statement information is for an investorcompany and an investee company on January 1, 2013. On January 1,2013, the investor company's common stock had a traded market valueof...
- Q On January 1, 2013, an investor purchases 18,000 common sharesof an investee at $12 (cash) per share. The shares represent 20%ownership in the investee. The investee shares are not considered"marketable"...
- Q The bank reconciliation prepared by Gatz Company on May 31,2017, appeared as follows:GATZ COMPANYBank ReconciliationMay 31, 2017 Bank statementbalance$9,264.35 Book balance$19,429.00 Add: Deposit of May 31 in transit949.00$10,213.35 Deduct: Deduct: Outstanding cheques: NSF cheque plusservice #876$636.00 charge$11,530.65 #8821,744.002,380.00 Bank servicecharge65.0011,595.65 Adjusted bankbalance$7,833.35 Adjusted bookbalance$7,833.35The...
- Q PA2-7 (Algo) Selecting an Allocation Base and AnalyzingManufacturing Overhead [LO 2-3, 2-5]Amberjack Company is trying to decide on an allocation base touse to assign manufacturing overhead to jobs. The company...
- Q Mary Jarvis is a single individual who is working on filing hertax return for the previous year. She has assembled the followingrelevant information: She received $105,000 in salary. She received$16,500...
- Q A new accounting intern at Gibson Corporation lost the only copyof this period's master budget. The CFO wants to evaluateperformance for this period but needs the master budget to do...
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