Accounting question and answers for July 17, 2023
- Q 1.4. Explain carefully the difference between selling a call option and buying a put option. 1.5. An investor enters into a short forward contract to sell Indian 100,000 for...
- Q Exercise 15-31(Algo) International Transfer Prices: Ethical Issues (LO 15-4) Whitehill Chemicals has two operating divisions. Its Formulation Division in the United States mixes, processes, and tests...
- Q Sheridan Company has these comparative balance sheet data: Additional information for 2022: 1. Net income was $34,200. 2. Sales on account were $384,100. Sales returns and allowances amounted...
- Q You sold $12,000 of computers on account. What is this type of revenue? Accrued, deferred, or cash basis revenue recognition? Journalize the transaction.
- Q Check my werk 2 Stuff Company is a subsidiary of Pland Corporation and is located in Madrid, Spain, where the currency is the...
- Q Maicy Productions has three modeks, D, E, and F. The following information is avalable Maizy Productions is thinking of discontinuing model F because it is reporting...
- Q The general ledger of Zips Tutoring Services at December 1, 2021, includes the following account balances: Accounts Debits Credits Cach $ 70.875 Accounts Receivable $ 19.250...
- Q The income statement, balance sheets, and additional information for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the Year Ended December 31,...
- Q Oriole Company is about to issue $ 308,400 of 10-year bonds paying an 10% interest rate, with interest payable semiannually. The discount rate for such securities is 10%....
- Q For liabilities, the search for unrecorded liabilities is a major substantive procedure. Identify at least 5 procedures the auditor can do to perform a search for unrecorded liabilities....
- Q Question 3 (20 marks) (A) On January 2018, Shiny Limited purchased a van at a cost of $220,000 by signing a note payable of $140,000. The...
- Q Pixel Studio, Incorporated, is a small company that creates computer-generated animations for films and television. Much of the company's work consists of short commercials for television, but the...
- Q On December 18, Intel receives $258,000 from a customer toward a cash sale of $2.58 million for computer chips to be completed on January...
- Q The following information is available for Zephyr Company before closing the accounts. After all of the closing entries are made, what will be the balance in the Zephyr, Capital account?...
- Q THE ANSWERS HIGHLIGHTED IN YELLOW ARE INCORRECT THAT IS ALL I NEED FIXED. WILL UPVOTE FOR CORRECT ANSWER Connors Corporation acquired manufacturing equipment for use in its...
- Q On December 31, 2017, Berclair Inc. had 400 million shares of common stock and 6 million shares of 9%, $100 par value cumulative preferred stock issued and outstanding....
- Q Sheffield Corporation accumulates the following data relative to jobs started and finished during the month of june 2027. Cost and production data actual standard...
- Q Please complete steps 1-13 On January 1, 2021, the general ledger of 3D Family...
- Q If a person had been convicted of a crime in the past, before becoming interested in a career in accounting, do you think they should be allowed to become a...
- Q Indicate with a check mark the efflects of each circumstance by using the following code letters I Introductory MR Management's responsibility AR Auditor's responsibility...
- Q Required information [The following information applies to the questions displayed below. The September 30 bank statement for Cadieux Company and the September ledger account for cash are summarized...
- Q Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales...
- Q 3 The income statement of ABC Corporation for 2021 included the following items: Interest revenue $64,800 Interest expense 5,800 Salaries expense 91,600 Insurance...
- Q Marcel Co. uses the weighted-average cost method to account for inventory. Sales were $30,000 for the year. The number of units available for sale during the year was 180. The...
- Q Mike Seedan and Ana Lei operate the partnership SeeLei Services. The partners share profit or loss at 50% each. Mike had an opening capital account balance of $60,000...
- Q A Boca Raton Company, Purchased $35,000 shares of common stockof Polo for (Long-Term) Investment $ 700,000 during the year forPolo Corp. Corp reported net income of $300,000 and paid $100,000of...
- Q Required information[The following information applies to the questionsdisplayed below.]A six-column table for JKL Company follows. The first two columnscontain the unadjusted trial balance for the company as of July 31,2017....
- Q Match the terms with the appropriate phrase thay states itsapplication.1. Revenue and expense recognition principles2. Revenue recognition phrase3. Materiality4. Economic entity assumption5. Industry practices or fair value principles6. Periodicity assumption7....
- Q Mr. Briggs purchased an apartment complex on January 10, 2016for $2 million with 10% of the price allocated to land. He sellsthe complex on October 22, 2018 for $2.5 million....
- Q Lansing Company’s 2017 income statement and selected balancesheet data (for current assets and current liabilities) at December31, 2016 and 2017, follow.LANSING COMPANYIncome StatementFor Year Ended December 31, 2017Sales revenue$97,200ExpensesCost of...
- Q The segmented income statement for XYZ Company for the yearended December 31, 2016, follows: XYZ COMPANY Segmented IncomeStatement For the Year Ended December 31, 2016Total Company Product A Product B...
- Q On April 1, 2018, Windel Corporation issued bonds withdetachable warrants.Information related to these bonds is shown below:Face value of bonds $325,000Stated rate of interest 8%Bonds issued at 106%Each $1,000 bond...
- Q One year ago Lerner and Luckmann Co. issued 15-year,noncallable, 5.2% annual coupon bonds at their par value of $1,000.Today, the market interest rate on these bonds is 5.5%. What is...
- Q Wiset Company completes these transactions during April of thecurrent year (the terms of all its credit sales are 2/10,n/30).  Apr.2Purchased $14,300 of merchandise oncredit from Noth Company, invoice dated April 2,...
- Q John and Jessica are married and have one dependent child, Liz.Liz is currently in college at State University. John works as adesign engineer for a manufacturing firm while Jessie runs...
- Q [The following information applies to the questionsdisplayed below.]On January 1, 2018, the general ledger of 3D Family Fireworksincludes the following account balances:  AccountsDebitCredit  Cash$26,700  Accounts Receivable15,000  Allowance for Uncollectible Accounts$3,600  Supplies3,900  Notes Receivable (6%, due in...
- Q Do you think there are situations when insurances companiesshould not spread the risk of loss?
- Q should your ethical policies be aligned with yoursocial responsibilities as an organization explain
- Q what is the Background of emigration fromRheinhessen,  and Chain migration process
- Q Explain the difference between debt and equityWhat factors affect the return on common stockholder’sequity?Discuss the entity theory rationale for making no distinctionbetween debt and equityExplain the term “treasury stock†and...
- Q Discuss the reasons for the accounting profession to adopt acode of professional conduct.Explain the difference between an adverse and a qualified auditreportIs it ethical for an auditor to work extended...
- Q Chelsea Inc. reports tax revenues (income) using the installmentmethod (cash basis), but reports book revenues on an accrual basis.As a result, it has a book-tax difference in that it is...
- Q Discuss the international benefits of harmonization of the IFRSand the United States generally accepted accountingprinciples.Why is the analyst report important to an investor?What has been the impact of the key...
- Q 1. Explain how academic research has influenced the developmentof accounting theories and the need for accounting information.Give examples.2. Discuss the goals objectives of the conceptual framework ofaccounting.3. What are the...
- Q Governmental AccountingGovernment investment policies including those demonstrated byOrange Country, CA that led to their bankruptcy have been sharplycriticized because of significant losses incurred by certaingovernments. What is the nature of...
- Q What is the importance of working capital in the financialstatements and for financial statement analysis?Discuss the matching concept and its importance to incomereporting.How is the balance sheet useful to investors?Explain...
- Q Greg Maddox Company constructed a building at a cost of$2,200,000 and occupied it beginning in January 2001. It wasestimated at that time that its life would be 40 years, with...
- Q List the names of 4 Emotional IntelligenceDomains with your scores - select and list one of theoptions on Pg 23 for Growing your Emotional Intelligence
- Q Tony and Suzie graduate from college in May 2021 and begindeveloping their new business. They begin by offering clinics forbasic outdoor activities such as mountain biking or kayaking. Upondeveloping a...
- Q Describe the factors that determine whether expenditurerelating to property, plant and equipment already in use should becapitalized.Describe how to account for the gain or loss on the sale ofproperty, plant...
- Q Bass hunt is a local outdoor store that competes with otheroutdoor stores.They are proposing two marketing plans follow (considerthem independent of each other)Plan 1: They sell a deer tree stand....
- Q Problem 11-16 Multiple Products, Materials, and Processes[LO11-1, LO11-2] Monte Rosa Corporation produces two products,Alpha8s and Zeta9s, which pass through two operations, Sinteringand Finishing. Each of the products uses two raw...
- Q Can you use Excel for time value of money computations such asNPV or IRR? If so, what are the functions?Please no handwritten answers
- Q I work for a company that uses accrual-based accounting, notthat I'm directly dealing with the accrual accounts. I have anunderstanding of my role, accounts receivable, and how it playsinto accruals....
- Q ACTG 4650Assignment 7Due April 16Answer the questions associated with each of the followingscenarios.  The companies in each scenario are publiclytraded, have a calendar year and entered into the agreements in2018.1.         CompanyA entered...
- Q Classify the following quality costs as prevention costs,appraisal costs, internal failure costs, or external failurecosts:1. Internal audit to ensure that quality guidelines andprocesses are being followed2. Repairing products in the...
- Q Waterway Inc., a greeting card company, had the followingstatements prepared as of December 31, 2017.WATERWAY INC.COMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2017 AND 201612/31/1712/31/16Cash$5,900$6,900Accounts receivable61,40051,200Short-term debt investments (available-for-sale)34,70018,000Inventory40,20059,700Prepaid rent5,0004,100Equipment152,700130,200Accumulated depreciation—equipment(35,400)(25,000)Copyrights45,70049,900Total...
- Q Sarasota Inc., a greeting card company, had the followingstatements prepared as of December 31, 2017.SARASOTA INC.COMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2017 AND 201612/31/1712/31/16Cash$6,100$7,100Accounts receivable62,40051,000Short-term debt investments (available-for-sale)34,70018,100Inventory40,40060,300Prepaid rent4,9004,000Equipment154,100130,600Accumulated depreciation—equipment(34,900)(24,800)Copyrights46,40049,800Total...
- Q Production and Direct Labor Cost BudgetsTwo-Leg Company manufactures slacks and jeans under a variety ofbrand names, such as Dockers® and 501 Jeans®.Slacks and jeans are assembled by a variety of...
- Q Cost of Goods Manufactured for a Manufacturing Company Two itemsare omitted from each of the following three lists of cost of goodsmanufactured statement data. Determine the amounts of the missingitems,...
- Q web> X Company is a merchandiser and prepares monthlyfinancial statements. The following is its balance sheet at thebeginning of July: Balance Sheet July 1 Assets Equities Cash$50,676 Accounts Payable $65,758...
- Q Finch Boot Co. sells men’s, women’s, and children’s boots. Foreach type of boot sold, it operates a separate department that hasits own manager. The manager of the men’s department has...
- Q DepletionA coal mine was acquired at a cost of $1,500,000 and estimatedto contain 6,000,000 tons of ore. During the year, 100,000 tonswere mined and sold. Prepare the journal entry for...
- Q On January 1, 2018, Sans Serif Publishers leased printingequipment from First Lease Corp. First LeaseCorp purchased theequipment from Compudec Corporation at a cost of $479,079.The lease agreement specifies six annual...
- Q . Complete the following table with the information provided Employee, with their allowable deductionsGross incomeContribution to Social Security (6.20%)Medical care contribution(1.45%)Contribution on incomeOther deductionsNet incomeArroyo (0)$835(13%)$25Bravo (1)$780(12%)$12Colón (2)$1,025(9%)-0-DÃaz (3)$880(11%)$5Figueroa (4)$510(9%)-0-Determine:•...
- Q Gina Ripley, president of Dearing Company, is considering thepurchase of a computer-aided manufacturing system. The annual netcash benefits and savings associated with the system are describedas follows:Decreased waste$300,000Increased quality400,000Decrease in...
- Q The following problem is an example of typical transactions thata not-for-profit college or university might have.  Usethe information in the FASB Accounting Standards Codification tohelp you answer the requirements of the...
- Q wite a paper on the cost of quality in a medicaldevice company.
- Q Develop and use accounting information for daily recording ofbusiness financial transactions in a manufacturing environment, andconstruct and use operational budgets for a manufacturingcompany
- Q Average Rate of Return Method, Net Present Value Method, andAnalysisThe capital investment committee of Cross Continent TruckingInc. is considering two capital investments. The estimated incomefrom operations and net cash flows...
- Q Net Present Value Method, Present Value Index, and AnalysisUnited Bankshores, Inc. wishes to evaluate three capitalinvestment proposals by using the net present value method.Relevant data related to the proposals are...
- Q Below are several transactions for Meyers Corporation for2021.Issue common stock for cash, $49,000.Purchase building and land with cash, $34,000.Provide services to customers on account, $6,900.Pay utilities on building, $950.Collect $4,900...
- Q Feather Friends, Inc., distributes a high-quality woodenbirdhouse that sells for $120 per unit. Variable expenses are$60.00 per unit, and fixed expenses total $200,000 per year. Itsoperating results for last year...
- Q Prepare journal entries for a local government to record thefollowing transactions, first for fund financial statements andthen for government-wide financial statements.The government sells $992,000 in bonds at face value to...
- Q Comprehensive Master(Operating) BudgetBee Gee Distributors, a wholesale company, is consideringwhether to open a new distribution center near Bowling Green, Ohio.The center would open January 1, 2020. The economic outlook isreasonable,...
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