Accounting question and answers for July 18, 2023
- Q Company planned to produce 12 000$ units. This level of activity required 20 setups at a cost of 22 000$ plus 500$ per setup. Actual proudction was 10 000 requiring...
- Q Required information E5-5 (Algo) Preparing a Bank Reconciliation and Journal Entries and Reporting Cash [LO 5-4] [The following information applies to the questions cisplayed below] Hills...
- Q Early in 2012, Dobbs Corporation engaged Kiner, Inc. to design and construct a complete modernization of Dobbs's manufacturing facility. Construction was begun on June 1, 2012 and was completed on...
- Q Please solve this asap and give a detailed explanation Corey purchased two assets during the current year. On May 12th Corey placed in service computer equipment (five-year property) with a...
- Q 11. Please define enterprise resource planning (ERP), as well as define cash equivalents
- Q HomeLife Life Insurance Company has two service departments (actuarial and premium rating) and two production departments (advertising and sales). The distribution of each service department's...
- Q At the end of it first year of operation, Riverbed Corporation has $1,075,000 of common stock and net income of $215,000. (a) Prepare the...
- Q Tasman Products has a Maintenance Department that services equipment in the company's Forming Department and Assembly Department. The cost of this servicing is charged to the...
- Q 39. Aisha, a single 40-year-old doctor, is covered by a qualified retirement plan at work. Her salary is $115,000, and her total AGI is...
- Q Cedar Corporation reported a $25,000,000 net operating loss in 2022 . It also has a $100,000NOL carryover from 2017. In 2023, Cedar reported taxable income before any NOL...
- Q Please note that Part A and Part B are not related. Part A (5.5 marks) Alicia and May formed a partnership by merging their existing business on 1 July 2019....
- Q Johnson Filtration, Inc. provides maintenance service for water filtration systems throughout Southern Florida. Customers contact Johnson with requests for maintenance service on their water filtration systems. To estimate the service...
- Q Crumbley Inc. produces and sells two products. Data concerning those products for the most recent month appear below S 16,000 $ 5,920 $ 48,000...
- Q 4. In Jan 1,2024 XYZ issued a 5-Year $1M bond at 6% coupon rate with interest payable semi-annually for $1,089,826. The current market rate was 4%. SHOW all...
- Q The Regal Cycle Company manufactures three types of bicycles-a dirt bike, a mountain bike, and a racing bike. Data on sales and expenses for the past quarter follow:...
- Q A debit to Raw Materials Inventory and a credit to Work in Process Inventory would explain placing direct material into production. True False
- Q Commercial impracticability arises only when the parties--at the time the contract was made--had reason to foresee a certain event True False
- Q Ibsen Company makes two products from a common input. Joint processing costs up to the split-off point total $49,700 a year. The company allocates these costs to the joint products...
- Q ((Please help with red errors, thank you!)) Kingbird Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is...
- Q The Silva Refrigeration Co. purchases and installs defrost clocks in its products. The clocks cost $180 per case, and each case contains 12 clocks. The supplier recently gave advance notice...
- Q 10:03 al Done PPIT_Exercises_261021 (... Q A A 2 of 2 3. Nakatomiloyota buys its cars from Toyota Motors-USA, and sels them to US. customers One of its...
- Q Our company has received a boat order. An advance of 30000 TL for the boat, which will be completed in two years, has been deposited by the company...
- Q Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides estimates concerning the company's...
- Q Nike owns equipment that cost $94,700 with accumulated depreciation of $64,800. Nike asks $35,300 for the equipment but sells the equipment for $33,200. Compute the amount of gain or loss...
- Q The City of Wolfe issues its financial statements for Year 4(assume that the city uses a calendar year). The citys general fund is composed of two functions:...
- Q The Gourmand Cooking School runs short cooking courses at itssmall campus. Management has identified two cost drivers it uses inits budgeting and performance reports—the number of courses and thetotal number...
- Q Riveria Co. makes and sells a single product. The currentselling price is $39 per unit. Variable expenses are $17 per unit,and fixed expenses total $39,500 per month. Sales volume for...
- Q On December 31, 2017, Berclair Inc. had 260 million shares ofcommon stock and 6 million shares of 9%, $100 par value cumulativepreferred stock issued and outstanding. On March 1, 2018,...
- Q Simple Plan Enterprises uses a periodic inventory system. Itsrecords showed the following:Inventory, December 31, using FIFO → 44 Units @ $17 = $748Inventory, December 31, using LIFO → 44 Units...
- Q Alert Security Services Co. offers security services to businessclients. The trial balance for Alert Security Services Co. has beenprepared on the following end-of-period spreadsheet for the yearended October 31, 2016:Alert...
- Q The Koski Company has established standards asfollows:Directmaterial                                                  3 pounds @ P4/pound = P12 per unitDirectlabor                                                        2 hours @ P8/hour = P16 per unitVariableoverhead                                            2 hours @ P5/hour = $10 per unitActual production figures...
- Q Imagine that a coworker wants to circumvent an internal controlto steal money from your company. Speculate on two (2) internalcontrols that your coworker might attempt to circumvent in order tosteal...
- Q Amy and Brian were investigating the acquisition of a taxaccounting business, Bottom Line Inc. (BLI). As part of theirdiscussions with the sole shareholder of the corporation, ErnestoYoung, they examined the...
- Q Pearl Products Limited of Shenzhen, China, manufactures anddistributes toys throughout South East Asia. Three cubiccentimeters (cc) of solvent H300 are required to manufacture eachunit of Supermix, one of the company’s...
- Q Church Company completes these transactions and events duringMarch of the current year (terms for all its credit sales are 2/10,n/30).Mar.1Purchased $38,000of merchandise from Van Industries, invoice dated March 1, terms2/15,...
- Q QUESTIONS1. For each of the following accounts, signify which part of theaccounting equation    would include the account balance.1.1 Merchandise inventorya) Liabilities        b) Owner's equity        c) Assets   ...
- Q Marcelino Co.'s March 31 inventory of raw materials is $86,000.Raw materials purchases in April are $500,000, and factory payrollcost in April is $384,000. Overhead costs incurred in April are:indirect materials,...
- Q Exercise 24-3 Hillsong Inc. manufactures snowsuits. Hillsong isconsidering purchasing a new sewing machine at a cost of $2.45million. Its existing machine was purchased five years ago at aprice of $1.8...
- Q Milo Company manufactures beach umbrellas. The company ispreparing detailed budgets for the third quarter and has assembledthe following information to assist in the budget preparation:The Marketing Department has estimated sales...
- Q Activity: Funding 401(k)s and Roth IRAsObjective: The purpose of this activity is to learn tocalculate 15% of an income to save for retirement and to understandhow to fund retirement investments.Directions:...
- Q Instructions:**Must use formulas and linkto cells throughout Excel file. Please name your project; i.e. YourLast Name_302 Project & Your Last Name_302 Memo.See Project Scoring Rubric for additional detail related tograding.                       A....
- Q Andrea purchased raw materials for her factory and received aninvoice for $16,000 dated May 17, 2018, with terms 3/10, 2.3/15,n/30. She made a partial payment of $10,000 on June 1,...
- Q The nut house sells almonds, cashews, and pistachios. They sold10,000 cans last year. Pistachios outsold cashews by a margin of 2to 1 in cans. sales of almonds were half the...
- Q Midlands Inc. had a bad year in 2019. For the first time in itshistory, it operated at a loss. The company’s income statementshowed the following results from selling 75,000 units...
- Q You have just been advised that your organization is opening anoffice in Québec. Describe the employer contributions that arespecific to the province of Québec, their rates and thresholdswhere available. (Do...
- Q Firm B, a calendar year, cash basis taxpayer, leases lawn andgarden equipment. During December, it received the following cashpayments. To what extent does each payment represent currenttaxable income to Firm...
- Q (LO 3) A company uses activity-based costing to determine thecosts of its three products: A, B, and C. The budgeted cost andactivity for each of the company's three activity cost...
- Q Nash Inc. began operations in January 2015 and reported thefollowing results for each of its 3 years of operations.2015 $ 260,000 net loss2016 $ 37,000 net loss2017 $ 819,000 net...
- Q The following data were drawn from the records of BensonCorporation.Planned volume for year (static budget)3,800unitsStandard direct materials cost per unit2.70pounds@$1.50per poundStandard direct labor cost per unit2.50hours@$3.80per hourTotal expected fixed overhead...
- Q Umbrella Corporation maintains computer equipment and providesconsulting services in 10 states and 15 countries. The corporationhas a fleet of 4 Corporate jets and 3 Helicoptors and employs 6full time pilots...
- Q enCo has the following securities in its investment portfolio onDecember 31, 2014. All these securities were purchased in 2014.800 shares of Benson Inc. common shares, which cost $50,400 andhad a...
- Q Question 2Comparative Balance SheetShiner CorporationAssetsDec 31, 1996Dec 31, 1995Cash$37,000$49,000Accounts Receivable$26,000$36,000Prepaid Expenses$6,000$0Land$70,000$0Building$200,000$0Accumulated Depreciation$11,000$189,000$0Equipment$68,000$0Accumulated Depreciation$10,000$58,000$0Total Assets$386,000$85,000Liabilities and Stockholder EquityAccounts Payable$40,000$5,000Bonds Payable$150,000$0Common Stock$60,000$0Retained Earnings$136,000$20,000Total Liabilities and Stockholder Equity$386,000$85,000Income StatementShiner CorporationRevenue$492,000Operating Expenses$269,000Depreciation$21,000$290,000Income before Income...
- Q What is a package policy? Explain the advantages of a commercialpackage policy to a business firm as compared to the purchase ofseparate policies.The business income (and extra expense) coverage form...
- Q Colonial Pharmaceuticals is a small firm specializing in newproducts. It is organized into two divisions, which are based onthe products they produce. AC Division is smaller and the life ofthe...
- Q On January 1, 2018, Rick’s Pawn Shop leased a truck from ChumleyMotors for a six-year period with an option to extend the lease forthree years. Rick’s had no significant economic...
- Q 5. For the Fourth of July, Ray (manager of Tucker’s Grocery)decided to try to sell some red, white and blue T-shirts with theBerryville logo and fireworks on them. Ray bought...
- Q Andretti Company has a single product called a Dak. The companynormally produces and sells 89,000 Daks each year at a sellingprice of $62 per unit. The company’s unit costs at...
- Q Elizabeth College, a small private college, had the followingtransactions in fiscal year 2017.1.Gross tuition and fees revenue totaled $5,600,000. Tuitionwaivers and scholarships of $346,000 were granted. Of the tuitionwaivers granted...
- Q Mrs Solly signed as a surety for her nephew that wanted to starta panel beating company. Mrs Solly’s nephew has being lying abouthis business doing poorly and continuously borrows money...
- Q The following are BAC Bhd.’s year end statement of financialposition and statement of profit and loss for 2016 and 2017:2017 ($) 2016 ($)Non Current Assets:   Gross Non Current assets 317,503...
- Q You are an eager and ambitious young graduate of the Reginal F.Lewis College of Business at Virginia State University with a newAccounting degree and a great life ahead of you....
- Q Accounting Rate of ReturnEach of the following scenarios is independent. Assume that allcash flows are after-tax cash flows.Cobre Company is considering the purchase of new equipment thatwill speed up the...
- Q John has a vacation condo in the Florida Keys that he rented outfor two weeks in December for $250 a day. John has used thisvacation home himself for a total...
- Q Kellogg Company manufactures and markets ready to eat cereal andconvince foods including raisin bran, pop tarts, rice Krisp treatsand Pringles. In addition to the raw material used when producingits products....
- Q Refers to the concept of accounting infrastructure, whichencompasses the various environmental factors affecting the issuesconcerning auditing in a particular country.Required: Explain the environmental factorsthat affect the issues concerning auditing in...
- Q John Doe has just been offered a home loan towards purchase ofhouse that is being sold for​$230,000.He will be required to make a15​%down​ payment, as well as mortgage processing fees...
- Q Net Present ValueUse Exhibit 12B.1 and Exhibit 12B.2 to locate the present valueof an annuity of $1, which is the amount to be multiplied times thefuture annual cash flow amount.Each...
- Q Q: As an accounting professional, what can you do better thanmachines or artificial intelligence? If accounting and auditingstandards are 100% rules-based without any judgment, would there bemore or less accounting...
- Q The Fortunate Co. is preparing a cash budget for the 2ndquarter. The following information is available:Projected cash sales:Â Â $10,000 each monthProjected credit sales: $ 8,000 each monthOne half of the...
- Q Q: Would an auditing-standard convergence prevent fraud at thetop-executive level? If No, how to deter top executives fromengaging in illegal conduct?
- Q Non-statisticalsampling should not be used in auditing as it is not as reliable asstatistical sampling. Do you (dis)agree with the statement andwhy?
- Q Required information[The following information applies to the questionsdisplayed below.]Antuan Company set the following standard costs for one unit of itsproduct.Direct materials (4.0 Ibs. @ $4.00 per Ib.)$16.00Direct labor (1.9 hrs....
- Q Using the below information open an excel file and create aSales Budget, a Cash Receipt Schedule and a Production Budget forFiwrt for the months of Oct, Nov, and Dec. Make...
- Q Analysis and explanations can be included in the Excel cells orin a textbox. The submission should be one Excel file only. Noadditional files should be submitted. Use contribution marginincome statement...
- Q Walsh Company manufactures and sells one product. The followinginformation pertains to each of the company’s first two years ofoperations: Variable costs per unit: Manufacturing: Directmaterials $ 26 Direct labor $...
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