Accounting question and answers for July 20, 2023
- Q Campbell Manufacturing Company was started on January 1, Year 1, when it acquired $84,000 cash by issuing common stock. Campbell immediately purchased office furniture and manufacturing equipment costing $8,400...
- Q On January 1,20x3, Teradene Corporation purchased equipment for $59,000. The equipment is expected to have a four-year life, with a residual value of $5,000 at the end of...
- Q Question 2 With the implementation of the Companies Act 2016, the no-par value regime comes into effect. Explain three main impacts of no-par value regime to the companies. ...
- Q un desembolso importante realizado en equipo que extiende su vida til ms all de la estimacin original se registra como A. abonando gastos de depreciacin B. adeudando equipo C. adeudando...
- Q how much can be contributed to a HSA health savings account, if he is 55 years old and married with 2 kids? He has self coverage HDHP health plan at...
- Q n 2012 city employees earned $3.6 million in vacation pay that they did not use during the year. The city estimates that of this amount, $2.8 will be paid in...
- Q ifa trust has income required to be distributed of $13,000 other amounts paid or required to be distributed of $22,000, and tax- exempt interest of $3,014, then what id th...
- Q Able Company receives a stock dividend of 50 shares from Cole Company. Able previously owned 750 shares of Cole stock that had a cost basis of $4,800. The cost basis...
- Q When do ethical conflicts arise in the performance of professional accounting services? How should a CPA go about resolving ethical conflicts
- Q The Goldfarb Company manufactures and sells toasters. Each toaster sells for $22.95 and the variable cost per unit is $15.85. Goldfarb's total fixed costs are $24,200, and budgeted sales are...
- Q Seasoned secondary offerings occur in the secondary market. True False
- Q 2. The following papers are in the Preliminary section. They should look familiar to you. (See step...
- Q Accesorios para aerolneas obtiene un prstamo de $100,000 a tres aos, al 6% de inters, con pagos mensuales de $3,042. Qu cantidad se registrara como gasto por intereses durante el...
- Q Your company may buy a used pick-up for $15,000. During the truck's five year useful life, it is estimated the firm will save $4,000 per year after all of the...
- Q 18) Direct Labor is generally considered to be a fixed cost O period cost variable cost mixed cost
- Q Prior to the last weekly payroll period of the calendar year, the cumulative earnings of employees A and B are $106,150 and $91,000, respectively. Their earnings for the last completed...
- Q if sales are 313000 variable cost are 75% of sales , and operating income is 49500 ehat is the operating leverage
- Q Mr. Smith is the CFO of Suffolk Fasteners, Inc. and he ispreparing for a meeting with SCC Bank to arrange the financing forthe first quarter of 2020. Based on his...
- Q Some of the items on the balance sheet are based on estimatedinformation. Consider management’s responsibility when it comes tothe use of estimates (e.g., net realizable value of receivables,valuation of inventories,...
- Q Commercial Law QuestionBen was an alumnus of HKU. He joined Wonder Sports SuppliesLimited as a marketing assistant after graduated a year ago. LastSaturday, he took a recently marketed skateboard from...
- Q Brothers Harry and Herman Hausyerday began operations of theirmachine shop (H & H Tool, Inc.) on January 1, 2016. The annualreporting period ends December 31. The trial balance on January...
- Q why are the industrialized nations of the world moving towardstandardization of accounting standards? Is the standardization agood idea? Why or why not?
- Q define the two major approaches to accounting system:cash versus accrual.
- Q Using the Payback Method, IRR, and NPV Problems Purpose ofAssignment The purpose of this assignment is to allow the studentto calculate the project cash flow using net present value (NPV),internal...
- Q Alpine Luggage has a capacity to produce 360,000 suitcases peryear. The company is currently producing and selling 280,000 unitsper year at a selling price of $395 per case. The cost...
- Q Shaghai Tea Products has an exclusive contract with BritishDistributors. Calamine and Shanghai are two brands of teas that areimported and sold to retail outlets. The following information isprovided for the...
- Q What are the sources of pressure that change and influence thedevelopment of GAAP?I know this is a broad question. I believe it would beorganizations like the SEC, FASB, or AICPA...
- Q the chair of the FASB at one time noted that "the flow ofstandards can only be slowed if (1) producers focus less onquarterly earning per share and tax benefitd and...
- Q Problem 23-4Crane Company had the following information available at the endof 2017.CRANECOMPANYCOMPARATIVE BALANCE SHEETSAS OF DECEMBER 31, 2017 AND 201620172016Cash$9,930$4,010Accounts receivable20,45012,910Short-term investments22,07030,030Inventory42,30035,310Prepaid rent3,02012,090Prepaid insurance2,09090Supplies1,01075Land124,270175,470Buildings353,500353,500Accumulated depreciation—buildings(105,150)(87,890)Equipment526,140396,090Accumulated depreciation—equipment(129,450)(111,310)Patents45,39049,550 Total assets$915,570$869,925Accounts payable$21,800$32,080Income taxes payable5,0203,970Salaries...
- Q Arlington Corporation's financial statements (dollars and sharesare in millions) are provided here.Balance Sheetsas of December 3120162015AssetsCash and equivalents$ 14,000$ 12,000Accounts receivable35,00030,000Inventories32,13529,000 Total currentassets$ 81,135$ 71,000Net plant and equipment53,00049,000Total assets$134,135$120,000Liabilities andEquityAccounts payable$ 10,200$ 9,500Accruals8,0006,000Notes payable6,9005,300 Total...
- Q John is interested in tax planning and saving for his children’seducation. He needs some further information on the topicsbelow:He has several long- and short-term investments that he wouldlike to sell...
- Q Springfield Manufacturing Co. is considering the investment of$60,000 in a new machine. The machine will generate cash flow of$7,500 per year for each year of its 15 year life and...
- Q The Elberta Fruit Farm of Ontario always has hired transientworkers to pick its annual cherry crop. Janessa Wright, the farmmanager, just received information on a cherry picking machine thatis being...
- Q Evaluate the valuation and method used to determine the InitialPublic Offering value of Facebook stock, indicating anymiscalculations in the valuation that may have mislead potentialinvestors and how these errors may...
- Q E13.17 Contributions Received on Behalf of OthersThe United Way receives contributions and distributes them toother NFP organizations. Some of its transactions for the currentyear are as follows:1. Donors contribute $5...
- Q After completing its capital spending for the year, CarlsonManufacturing has $2,400 extra cash. Carlson’s managers must choosebetween investing the cash in Treasury bonds that yield 4 percentor paying the cash...
- Q Moon Corporation and Star Corporation are in the same line ofbusiness and both were recently organized, so it may be assumedthat the recorded costs for assets are close to current...
- Q Wyman Corporation uses a process costing system. The companymanufactured certain goods at a cost of $890 and sold them oncredit to Percy Corporation for $1,255. The complete journal entryto be...
- Q Specific Identification, FIFO, LIFO, and Weighted-AverageSwing Company's beginning inventory and purchases during thefiscal year ended September 30, 20-2, were as shown.UnitsUnit PriceTotal CostOctober 1, 20-1Beginning inventory410$20.00 $8,200October 181st purchase54020.50 11,070November 252nd purchase19021.50 4,085January...
- Q Orange Corp. has two divisions: Fruit and Flower. The followinginformation for the past year is available for eachdivision:Fruit DivisionFlower DivisionSales revenue$660,000$990,000Cost of goods sold and operating expenses495,000742,500Net operating income$165,000$247,500Average invested...
- Q Assume Amazon is involved in a major lawsuit and the probabledamages are estimated to be $2,000,000. A. Describe the effectsdamage estimates would have on the financial statements of acorporation and...
- Q Cerrone Inc. has provided the following data for the month ofJuly. The balance in the Finished Goods inventory account at thebeginning of the month was $51,500 and at the end...
- Q Below is budgeted production and sales information for OctoficCans, Inc. for the month of March: Aluminum TinEstimated beginning inventory12,000 units6,000 unitsDesired ending inventory15,000 units4,000 unitsRegion I, anticipated sales380,000 units85,000 unitsRegion II, anticipated...
- Q Required informationAn analysis of Abbey Company's operating segments provides thefollowing information:OperatingSegmentRevenuesSegmentProfit (Loss)SegmentAssetsExternalIntersegmentA$30$27$6$40B45032120C360(7)82D2001164190E440(72)38Refer to the above information. Which of the operating segmentsabove are reportable segments?Multiple ChoiceB, C, and DA, B, D,...
- Q The following information pertains to a city government. a) Thecity (1) purchased a 3-year, 7 percent U.S. Treasury note (2) usedthe note to enter into a 90-day short-term loan transaction...
- Q On 1/1/18, ABCCorp. granted employees 200,000 stock options. Additionalinformation is presented below:Option Price$ 30per shareShare Price on 1/1/18$ 30per sharePar Value of Stock$ 1per shareOption Value on 1/1/18$900,000Vesting/Service Period3yearsExpiration Date12/31/2022On 1/1/20, employees holding20,000...
- Q Fischer, Inc. reportstotal tax expense on its income statement for year ended December31, 2010 of $80,884 and cash paid for taxes of $77,546.The tax footnote in the company's 10-K filing,...
- Q Compare and contrast this issue to the issue of financialstatement fraud in the context of accounting performance basedcompensation.
- Q On January 1,2018, Swan Company issued bonds with the followingcharacteristics:Face Value (per bond)$ 1,000Number of bonds issued2,000Coupon (stated) rate7%Maturity date5Interest paymentsAnnuallyPrevailing rate of interest in the market on January 1, 2018...
- Q Question 3: Credit contractsa) What information must be disclosed to satisfy therequirements of initial disclosure under the Credit Contracts andConsumer Finance Act 2003? Refer to a section in the Act...
- Q Pachur Company, which has only one product, has provided thefollowing data concerning its most recent month of operations:Selling Price $121Units in beginning inventory 300Units produced 6900Units sold 7100Units in...
- Q Use the financial information below to construct a 2010 incomestatement and balance sheets for both 2009 and 2010. The firm’saverage tax rate is 40% and its plowback ratio is 60%....
- Q Charm Enterprises’ production budget shows the following units tobe produced for the coming three months:Units to be produced:April: 3,210 May: 3,530 June: 3,410A finished unit requires three ounces of a...
- Q 43.) Lens Care Inc. (LCI) manufactures specialized equipment forpolishing optical lenses. There are two models - one mainly usedfor fine eyewear (F-32) and another for lenses used in binoculars,cameras, and...
- Q Indiciate whether each of the following management activities in adepartment store is part of planning, performing, evaluating, orcommunicating
- Q you will cover the options you have to communicate tax updatesto clients.With the ever-changing tax rules that come into effect everyyear, what options would you use to notify your client...
- Q Download the Applying Excel form and enter formulas inall cells that contain question marks.For example, in cell C26 enter the formula "= B5".Verify that your worksheet matches the example in...
- Q Bonn Corporation produces and sells aunique type of TV recording device. The company has just opened anew plant to manufacture the device. The following cost and revenuedata have been provided...
- Q Eaton Corporation, based in Cleveland,is a global manufacturer of highly engineered products that serveindustrial vehicle, construction, commercial, aerospace, andsemiconductor markets. It frequently subcontracts work to othermanufacturers, depending on whether Eaton’s...
- Q Imagine that you are the Chief Financial Officer (CFO) of astartup airline company. The executive management team has taskedyou with making a recommendation about whether the company shouldbuy or lease...
- Q Average Rate of Return Method, Net Present Value Method, andAnalysisThe capital investment committee of Ellis Transport and StorageInc. is considering two investment projects. The estimated incomefrom operations and net cash...
- Q Compare and contrast the three (3) methods for depreciatingplant assets. Recommend the method that maximizes profits for botha shorter period of time and a longer period of time. Pleasecite
- Q You are auditing the December 31, 2018, financialstatements of Atlantic, Inc., a manufacturer of water toys. Duringyour inspection of the company garage, you discovered that a usedtruck not listed in...
- Q Troy Engines, Ltd., manufactures a variety of engines for use inheavy equipment. The company has always produced all of thenecessary parts for its engines, including all of the carburetors.An outside...
- Q There are many different types of tax credits. Discuss one taxcredit. Is it refundable or non-refundable. Please make sure youeach discuss a different type of tax credit.**The answer is 1...
- Q As an American taxpayer you are allowed the greater of thestandard deduction or your itemized deductions. Select on itemizeddeduction and discuss it. You should each pick one itemizeddeduction to discuss.**The...
- Q Tell me all about the IRS administrative system. What types ofpronouncements does the IRS issue? How binding are they areAmerican citizens? Each of you should choose a different type ofpronouncement.**The...
- Q The following events occurred last year at DorderCorporation: Purchase of plant and equipment$20,000 Sale of long-term investment$8,000 Dividends received on long-term investments$5,000 Paid off bonds payable$11,000 Depreciation expense$6,500Based on the above information, the cash provided...
- Q Equivalent Units and Related Costs; Cost of Production Report;EntriesDover Chemical Company manufactures specialty chemicals by aseries of three processes, all materials being introduced in theDistilling Department. From the Distilling Department,...
- Q Bramble Corporation is a small wholesaler of gourmet foodproducts. Data regarding the store's operations follow:Sales are budgeted at $230,000 for November, $210,000 forDecember, and $200,000 for January.Collections are expected to...
- Q Tony and Suzie have purchased land for a new camp. Now they needmoney to build the cabins, dining facility, a ropes course, and anoutdoor swimming pool. Tony and Suzie first...
- Q Beyond human error, what do you think may cause a company to reporterrors in its financial statements to the extent that requiresrestatement?
- Q Comparing ThreeDepreciation MethodsDexter Industriespurchased packaging equipment on January 8 for $274,600. Theequipment was expected to have a useful life of three years, or7,200 operating hours, and a residual value of...
- Q Scholes Systems supplies a particular type of office chair tolarge retailers such as Target, Costco, and Office Max. Scholes isconcerned about the possible effects of inflation on itsoperations. Presently, the...
- Q Alexa owns a condominium near Cocoa Beach in Florida. This year,she incurs the following expenses in connection with her condo:Insurance $ 2,000 Mortgage interest 6,500 Property taxes 2,000Repairs & maintenance...
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