Accounting question and answers for July 19, 2023
- Q Genuine Spice Inc. began operations on January 1 of the currentyear. The company produces eight- ounce bottles of hand and bodylotion called Eternal Beauty. The lotion is sold wholesale in12-bottle...
- Q Assignment Question(s):​​​​​​(Marks 5)1- What is Audit risk?2- What is the role of an Audit committee?3- Write about Engagement letter and its importance? What isEngagement risk?4- When an Auditor finds misstatements...
- 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 The recent collapse in the banking sector caused many banks toclose and many others to merge with other banks, in some cases fromvery different parts of the country. How would...
- Q Physical Units MethodAlomar Company manufactures four products from a jointproduction process: barlon, selene, plicene, and corsol. The jointcosts for one batch are as follows:Direct materials$64,755Direct labor35,387Overhead27,256At the split-off point, a...
- Q 1. Discuss an auditor’s professional responsibilities2. Provide explanation of:test of controlssubstantive testaudit risk modelsubsequent eventsindependenceprofessional skepticism
- Q Sail Away takes special orders to manufacture sail boats forhigh end customers. Complete the job cost sheets for Sail Away forSeptember based on the following information. Prepare journalentries to record...
- Q As stated in the Executive Summary of the Journal of Accountancyarticle, three of the most common complaints made against small tomidsize CPA firms involve failure to return client records on...
- Q What do you really think about the accounting profession?What might you find most challenging or interesting abouttaking an accounting course?Need some inspiration from what others have said or foundchallenging about...
- Q Viejol Corporation has collected the following information afterits first year of sales. Sales were $1,600,000 on 100,000 units,selling expenses $200,000 (40% variable and 60% fixed), directmaterials $508,000, direct labor $290,400,...
- Q On January 1, 2016, you deposited $5,300 in a savings account.The account will earn 9 percent annual compound interest, whichwill be added to the fund balance at the end of...
- Q Rachel was recently hired by Moncton Express Inc (MEI) toassist its payable clerk in bringing the accounts up to date.Rachel was asked to record the following transactions:August 15: MEI purchased...
- Q Wagner Company developed the following standard costs for itsproduct for 2011:Direct Materials - 4 pounds at $4.50 per poundDirect Labor - 2 hours at $10.50 per hourBased on their flexible...
- Q Patrick Corporation acquired 100 percent of O’Brien Company’soutstanding common stock on January 1, for $796,500 in cash.O’Brien reported net assets with a carrying amount of $448,000 atthat time. Some of...
- Q The following selected transactions were completed during Augustbetween Summit Company and Beartooth Co.:Aug.1Summit Company sold merchandise on account to Beartooth Co.,$48,000, terms FOB destination, 2/15, n/eom. The cost of the...
- Q What are the advantages and disadvantages of each of theperiodic and perpetual inventory systems? Why?
- Q SCG makes wall units. For the year, the following details havebeen budgeted. Output, 10,000 units; factory overheads $1,250,000,of which 60% is variable. Each wall unit should take 2.5 hours ofdirect...
- Q Part A:A high quality of earnings is indicated by:Declaration of both cash and stock dividendsA history of increasing earnings and conservative accountingmethodsEarnings derived largely from newly introduced productsUse of FIFO...
- Q Aaron Heath is seeking part-time employment while he attendsschool. He is considering purchasing technical equipment that willenable him to start a small training services company that willoffer tutorial services over...
- Q Business Applications  Operating leverage:Description of business for Caterpillar, Inc.With 2014 sales and revenues of $55.184 billion,Caterpillar is the world’s leading manufacturer ofconstruction and mining equipment, diesel and natural gas engines,industrial gas...
- Q Suppose, a company considers two alternative expansion projects.The first project requires initial outlay of -$100,000; and thesecond one costs less: - $7,000. Subsequent incremental cash flowsfrom the more expensive project...
- Q What are the characteristics of limited liability company? Whatprotection does it offer the partners of the company which ageneral partnership doesn’t?
- Q Oxford Company has two divisions. Thames Division, which has aninvestment base of $81,000,000, produces and sells 940,000 units ofa product at a market price of $148 per unit. Its variable...
- Q Skane Shipping Ltd. (SSL) operates a fleet of container ships ininternational trade between Sweden and Singapore. All of theshipping income (that is, that related to SSL’s ships) is deemed tobe...
- Q Question 1:Black Falcon Pty Ltd makes premium range dog biscuits used toprovide high level nutrition for dogs, which it introduced to themarket in 2016 in the highly competitive premium dog...
- Q P15-7 (LO3) (Cash Dividend Entries) The books of ConchitaCorporation carried the following account balances as of December31, 2017. Cash $ 195,000 Preferred Stock (6% cumulative,nonparticipating, $50 par) 300,000 Common Stock...
- Q What is Benford's Law and how can it be applied to detectfinancial statement fraud?
- Q DOES CVP ANALYSIS APPLY TO SERVICE INDUSTRIES?
- Q As a marketing manager who is working in a multinationalcompany make a report for a new product to be produce in thecompany1. Introduction - background of the company (company history)and...
- Q Skysong Company sells 10% bonds having a maturity value of$2,550,000 for $2,366,166. The bonds are dated January 1, 2017, andmature January 1, 2022. Interest is payable annually on January1.Determine the...
- Q Hamilton Manufacturing CompanyDirect materials        175,000Materials handling          35,000Grinding        300,000Polishing        100,000Product Modification        500,000Providing Power        225,000System Calibration        400,000Machine Hours          37,500unitsDirect Labor Hours          15,000Engineering hours            1,200Batches                200Materials handling based on direct material costGrinding based on machine hoursPolishing based on...
- Q Compare the two scenarios for acquiring a machine for a projectfor 22 years expected operations, at a company with an internalrate of return of i = 16%. Using PW, find...
- Q Hamilton Manufacturing Company Direct materials 175,000Materials handling 35,000 Grinding 300,000 Polishing 100,000Product Modification 500,000 Providing Power 225,000 SystemCalibration 400,000 Machine Hours 37,500 units Direct Labor Hours15,000 Engineering hours 1,200 Batches...
- Q Given the followingpre-closing trial balance, prepare the BalanceSheetCITY OF LASALLEGeneral FundTrial BalanceDecember 31, 2017DebitCreditEstimated Revenues and Grants    2,300,000Estimated Other Financing Sources       400,000Appopriations    2,150,000Estimated Other Financing Uses       500,000Budgetary Fund Balance         50,000Cash       500,000Taxes Receivable       ...
- Q The law of one price states that:The nominal exchange rates should always be the same as the realexchange rates, both in the short run and in the long runIn ideally...
- Q Using the appropriate present value table and assuming a 12%annual interest rate, determine the present value on December 31,2018, of a five-period annual annuity of $5,600 under each of thefollowing...
- Q what is meant by the term “Management by exception� Ifemployees are chronically unable to meet a standard, what effectwould you expect this to have on their productivity?
- Q For each of the following situations involving single amounts,solve for the unknown. Assume that interest is compounded annually.(i = interest rate, and n = number of years) (FV of $1,...
- Q Please describe the circumstances of the following case studyand recommend a course of action.Explain your approach to the problem, perform relevantcalculations and analysis, and formulate a recommendation.Ensure your work and...
- Q Vinson Co. manufactures and sells one product.  Assumethe selling price for each item is $200/per unit.  Thefollowing information pertains to the company’s first two years ofoperation:Variable Costs Per Unit:Manufacturing:                  DirectMaterials                                                                        $32/unit                  DirectLabor                                                              $20/unit                  VariableManufacturingOverhead               $4/unitVariable Selling andAdministrative                              $3/unitFixed Costs:Fixed...
- Q home / study / business / accounting / accounting questions andanswers / the cfo of the tapco plastics industries corporation hasrequested your help in preparing several ... Question: The CFO...
- Q Problem 4-2A Preparing a work sheet, adjusting and closingentries, and financial statements LO C3, P1, P2The following unadjusted trial balance is for ACE CONSTRUCTIONCO. as of the end of its...
- Q BOR CPAs, Inc. is a closely held corporation owned by threestockholders who used the initials of their last names to form thecorporation’s name: Cyrus Bailey, John Ogden, and Samuel Rogers.The...
- Q Silven Industries, which manufactures and sells a highlysuccessful line of summer lotions and insect repellents, hasdecided to diversify in order to stabilize sales throughout theyear. A natural area for the...
- Q SkyChefs, Inc., prepares in-flight meals for a number of majorairlines. One of the company’s products is grilled salmon in dillsauce with baby new potatoes and spring vegetables. During the mostrecent...
- Q Froya Fabrikker A/S of Bergen, Norway, is a small company thatmanufactures specialty heavy equipment for use in North Sea oilfields. The company uses a job-order costing system that appliesmanufacturing overhead...
- Q On January 1, 2017, Brussels Enterprises issues bonds at pardated January 1, 2017, that have a $2,600,000 par value, mature in4 years, and pay 9% interest semiannually on June 30...
- Q Ridgecrest Electric manufactures electric motors. It competesand plans to grow by selling high-quality motors at a low price andby delivering them to customers quickly after receiving customers’orders. There are many...
- Q How do you adjust your own interpersonal communicationstyles to meet the organisation’s cultural diversity and ethicalenvironment and guide and support the work team in their personaladjustment process?
- Q Ratio Analysis - Use the 2019 numbersThis assignment includes calculating the 10 ratios for twodifferent companies (Lockheed and Boeing) in the industry which canbe found attached to this assignment. Then,...
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!