Accounting question and answers for July 21, 2023
- Q Total Fixed Costs are scaleable Variable Costs per unit are scaleable Revenue per unit is scaleable This is why the break-even formula is SPx-VCx-TFC = 0. nonscaleable would cover...
- Q Calculate the adjusted cash balance per books of ABC Co. given the following information.: Item Amount Balance per bank statement $10,005 Balance per...
- Q Painters Hardware purchased 8,400 gallons of paint in March. The store had 3,200 gallons on hand at the beginning of March, and expects to have 2,700 gallons on hand at...
- Q consider the following two separate events for a company during the year: 1. loss on sale of investments = $20. 2. unrealized gain on investment from increase in fair value...
- Q Liang Company began operations in Year 1. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad...
- Q Which of the following expenditures is not subject to some form of limitation on its deductibility based on AGI? Select one: a. Interest on a home equity loan b. Surgery...
- Q 2. Explain the following: (a) Budgeting process 12 marks] (b) Cash budget 6 marks]
- Q Requirement 2. If the market interest rate is 8% when ECU issues its bonds, will the bonds be priced at face value, at a premium, or at a discount?...
- Q please help. kind of a big question BO DDBOD engine They she way wird Step 1: Select your companies....
- Q Complete this question by entering your answers in the tabs below. Due to a strike in...
- Q On January 1, 2019, Rabo Corporation issued $1,400,000, 7%, 10-year bonds, and received $1,217,889 in cash proceeds. The market rate at the date of issuance was 9%. The bonds pay...
- Q Which of the following would likely not be considered part of the value chain in a service firm? ( Customer service. Advertising. Inspection of product. Employee training. Materials handling
- Q In Grouper Company, direct labor is $20 per hour. The company expects to operate at 9,200 direct labor hours each month. In January 2027, direct labor...
- Q Shenandoah Sportswear, Inc. has the following information about units and costs: Using the high-low method, determine the fixed cost for the period is: Multiple Choice $9,667 $15,564 $18,726...
- Q Which of the following expenses would not generally be found in the General and Administrative Expenses section of a multi-step income statement?
- Q What is a disaster recovery plan and how can a company implement such a plan and ensure it will be effective?
- Q San Jose Co. has three service and two producing departments, as follows: The costs of S1 are allocated based on square feet and other costs are allocated based on...
- Q the inventory observation substantive procedure is a vital procedure. identify at least 5 procedures the auditor must do at the inventory observation
- Q Prepare the journal entry for the following transaction. Apr. 15 Last year, Titan Corporation's board of directors appropriated $150,000 for the purchase of a new storage...
- Q estaurant's contribution margin is $5? sandwich, and its total operating profit for the yea slate its degree of operating leverage if 5,000 sandwiches were sold. ct one:...
- Q The most likely outcomes for a particular project are estimated as follows: However, you recognize that some of these estimates are subject to error. Suppose that each variable...
- Q No hand writing and pictures please. Illustrate the concept of ROI with suitable numerical example. How ROI is different from Residual Income? Explain in your own words.
- Q Blanchard Company manufactures a single product that sells for $145 per unit and whose total variable costs are $87 per unit. The company targets an annual after-tax income of $942,500....
- Q If the difference between an ending amount of money and the beginning amount is zero or negative, it means that _____. Multiple choice question. no interest is accrued a higher...
- Q A large corporation had a net long-term capital loss in 2016 and net operating loss in 2016. What are the earliest year(s) to which these losses can be carried? Select...
- Q On January 1, 2019, a company's balance sheet reports itsinvestments in debt securities as follows: Assets Investment in HTMsecurities..... $207,544 Supporting information: The HTM securitiesare $200,000 face value securities purchased...
- Q This is the complete set of data for this questionProblem 1:The information is available for the first year of operationsfor Medeiros, Inc.The following differences enter into the reconciliation offinancial income...
- Q Robert Montoya, Inc., is a leading producer of wine in theUnited States. The firm was founded in 1950 by Robert Montoya, anAir Force veteran who had spent several years in...
- Q Average Rate of ReturnThe following data are accumulated by Eco Labs, Inc. inevaluating two competing capital investment proposals:Testing EquipmentVehicleAmount of investment$40,000$48,000Useful life4 years5 yearsEstimated residual value00Estimated total income over the...
- Q Imperial Jewelers manufactures and sells a gold bracelet for$409.00. The company’s accounting system says that the unit productcost for this bracelet is $258.00 as shown below:Direct materials$141Direct labor84Manufacturing overhead33Unit product...
- Q Describe a situation when you had to manage competing deadlinesand how you managed to prioritize your work.Explain the nature of your experience in maintainingconfidential information. Was this information hard copy...
- Q Think back over your personal experiences with money and moneymanagement as an individual, a married person, a committee chair,or a business owner, for example.Recall advice you have received about handling...
- Q Montana Company manufactures three products in its plant: X, Y, andZ. Unit costsand machine hour usage for the three products are:XYZDirect materials$38$32$44Direct labor$17$11$15Machine hours324Budgetedproduction (units)25,00033,00014,000a)Assume thatMontana uses a traditional method of...
- Q Businesses have several costs and one among them is developmentcost. They are material cost for companies which are eitherexpensed or capitalised as an asset. Required: Discuss theconceptual issues involved and...
- Q Part I Maple Company had the following export and importtransactions during 20X5:1. On March 1, Maple sold goods to a Canadian company forC$48,000, receivable on May 30. The spot rates...
- Q internal controlRead the IMA Case, Lack ofInternal Controls: Beaumont Independent School District, andchoose one of the followingschemes:Lack-of-Internal-Controls-Beaumont-Independent-School-DistrictCase.pdfBooster Club FundMedical Magnet Program tuition funds and studenttranscript fees,Cash funds and scholarship donations,Catering ad food service,...
- Q Using the information from_Nilson Inc. had accounting income of $156,000 in 2017. Includedin the calculation of that amount is the CEO's life insuranceexpense of $5,000, which is not deductible for...
- Q DB Post:Explain with numerical examples how to disaggregate RNOA intonet operating profitability and net operating asset turnover.
- Q Beztec Limited produces two models of Printers: the Lexon, whichBeztec has produced since 2014 and sells for $990; and the Protox,a newer model introduced in 2016 that sells for $1254....
- Q Peter unmarried daughter, Celia lived with him in his home forthe entire year. Peter is divorced. He owns his own home and paysall of the costs of upkeep for the...
- Q Suds & Cuts is a local pet grooming shop owned by CollinBark. Collin has prepared the following standard cost card for eachdog bath given:Standard QuantityStandard RateStandard Unit CostShampoo2.8oz.$0.40per oz.$1.12Water26gal.$0.04per gal.1.04Direct...
- Q What is the difference between the accounting treatment for aperiod cost and a product cost? What is the difference between"Cost of Goods Manufactured" and "Cost of Goods Sold"? What is...
- Q Times-Interest-EarnedRationCalculated thetimes-interest-earned ratio for Smith & Sons Inc for 2015 and2016 and comment on the company’s ability to pay its currentinterest payments. Did the company’s ability to pay its currentinterest...
- Q CloverSweet Inc. manufactures a product that goes through twodepartments prior to completion. The information shown in the tablebelow is available about work in the first department, the MixingDepartment, during June:Percent...
- Q Quick RatioCalculate the quick ration for Smith& Sons Inc for 2015 and 2016 and comment on the company’sworking capital position. Did the company’s ability to pay itscurrent liabilities improve over...
- Q The following selected account balances are provided for DelrayMfg.Sales$1,317,000Raw materials inventory, Dec. 31, 201642,000Work in process inventory, Dec. 31, 201657,600Finished goods inventory, Dec. 31, 201661,800Raw materials purchases187,900Direct labor229,000Factory computer supplies...
- Q The following calendar year-end information is taken from theDecember 31, 2017, adjusted trial balance and other records ofLeone Company. Advertising expense$33,700Direct labor$680,700Depreciation expense—Office equipment11,300Income taxes expense262,500Depreciation expense—Selling equipment10,700Indirect labor57,100Depreciation expense—Factory equipment37,500Miscellaneous...
- Q Additiona data: The direct materials? (rubber pads) are added atthe end of the plating process. Conversion costs are incurredevenly throughout the process. Work in process of the PlatingDepartment on March...
- Q Using the following unit data for a company that producesProduct A and B, what is the breakeven point (round to nearestunit) when fixed costs total $175,000?Product A Product BUnits sold...
- Q The accounting records for Portland Products report thefollowing manufacturing costs for the past year: Direct materials $360,000 Direct labor 268,000 Variable overhead 233,000 Productionwas 180,000 units. Fixed manufacturing overhead was...
- Q anysuggestions for going forward about phoenix pay system?
- Q Luzadis Company makes furniture using the latest automatedtechnology. The company uses a job-order costing system and appliesmanufacturing overhead cost to products on the basis ofmachine-hours. The predetermined overhead rate was...
- Q Delph Company uses a job-order costing system and has twomanufacturing departments—Molding and Fabrication. The companyprovided the following estimates at the beginning of the yearMoldingFabricationTotalMachine-hours20,00030,00050,000Fixed manufacturing overhead costs$700,000$210,000$ 910,000Variable manufacturing overhead...
- Q Atlantic Aquatic EquipmentInc.Atlantic AquaticEquipmentComparative Balance SheetsVertical Analysis - Balance SheetsCurrent YearPrior YearChangeCurrent YearPrior YearCash 78,000.00 86,400.00 (8,400.00)14%17%Account Receivable 603,000.00 526,800.00 76,200.00U24%24%Inventory 1,254,000.00 1,072,800.00 181,200.00U51%49%Total Current Assets 1,935,000.00 1,686,000.0078%77%Fixed Assets 790,500.00 736,500.00 54,000.00U32%33%Less: Accumulated Depreciation 249,300.00 219,300.00 30,000.0010%10%Net Fixed Assets 541,200.00 517,200.0022%23%TOTAL ASSETS 2,476,200.00 2,203,200.00Accounts Payable 262,800.00 218,400.00 44,400.00S11%10%Notes...
- Q The following information was compiled by Wildhorse Company:Expected volume of production110,000unitsActual level of production105,000unitsBudgeted fixed overhead$220,000Actual fixed overhead$228,150Variable overhead rate per direct-labour hour$8Actual variable overhead$406,000Standard direct-labour hours allowed per unit...
- Q Please build the answer based on following text:Expense accounts include expenses incurred by an organization inthe process of earning revenue during a given time period. Thesalary expense account details the...
- Q If the auditor's test counts do not match with the test countsperformed by the employees, what are some reasons as to why thismay have occurred? What are some additional steps...
- Q Jones Co. is in a technology-intensive industry. Recently, oneof its competitors introduced a new product with technology thatmight render obsolete some of Jones's inventory. The accountingstaff wants to follow the...
- Q Oxford Company has two divisions. Thames Division, which has aninvestment base of $80,600,000, produces and sells 950,000 units ofa product at a market price of $149 per unit. Its variable...
- Q Case #2In 2017, Olivia started Sandwich Booth as a producer of freshsandwiches sold in grocery stores throughout the Avalon Peninsula.While she produces a variety of sandwiches, her roast chicken withgrilled...
- Q Please find two ethical situations or issues that have notdiscussed and please post a summary of the issues. All sources -magazines, newspapers, etc. can be used. please Post the summary...
- Q The condensed financial statements of Marks Company for theyears 2014-2015 are presented below:Marks Company Comparative Balance Sheets As of December 31, 2014and 20152015 2014 Cash $367,000 $134,000Accounts receivable (net)...
- Q The following items are taken from the financial statements ofOriole Company at December 31, 2022.Land$196,000Accounts receivable22,000Supplies11,000Cash11,800Equipment82,200Buildings261,000Land improvements46,400Notes receivable (due in 2023)5,700Accumulated depreciation—land improvements12,700Common stock71,500Retained earnings (December 31, 2022)505,000Accumulated depreciation—buildings34,400Accounts payable9,000Mortgage...
- Q Case study:'Got away lightly': Barclays CEO fined $1.1m aftertrying to expose whistleblowerBarclays' chief executive officer Jes Staley was fined 642,430pounds ($1.1 million) by British regulators for his attempts touncover a...
- Q Z-Sisters Corporation has one class of voting common stock, ofwhich 1,000 shares are issued and outstanding. The shares are ownedas follows:SharesLourdes Vick400Anita Vick(Lourdes’s daughter)200Liz Vick (Lourdes’sdaughter)200Cat Labrillazo(unrelated)200Total1000Z-Sisters Corporation has current...
- Q Textbook 978-0-76386-501-6 What are the advantages of usingcomputerized accounting software instead of non-computerizedaccounting methods. What are some specific advantages of usingQuickbooks?
- Q Entries for Selected Corporate TransactionsNav-Go Enterprises Inc. produces aeronautical navigationequipment. Nav-Go Enterprises' stockholders’ equity accounts, withbalances on January 1, 20Y1, are as follows:Common Stock, $10 stated value (350,000 shares authorized,240,000...
- Q Work in Process—FormingBeginninginventory, October 126,482Directmaterials169,798Conversioncosts162,400Endinginventory?The Forming Departmenthad 10,350 partially complete units in beginning work in processinventory. The department started work on 76,250 units during themonth and ended the month with...
- Q Percentage MethodThe percentage method is used when an employee's wages exceedthe Publication 15 tables provided. The process for this method isto take the earnings, subtract the allowances the employee declaredon...
- Q What are the new reporting and disclosure requirements forrevenue recognition? Why is revenue recognition a Big Deal?
- Q Selected current year-end financial statements of CabotCorporation follow. (All sales were on credit; selected balancesheet amounts at December 31 of the prior year wereinventory, $49,900; total assets, $199,400; common stock,...
- Q Bramble Electronics operates as a decentralized company.Bramble’s Battery division manufactures batter chargers that aresold both externally to outside customers and internally to theCamera division. Battery division’s annual capacity is 83,700units....
- Q The CFO of Advo Corporation is considering two investmentopportunties. The expected future cash inflows for each opportunityfollow:, Year 1 Year 2 Year 3 Year 4Project 1 $144,000 $147,000 $160,000 $178,000Project...
- Q discuss analyzing cost allocation methods?Explain the importance of computing ratios and theirsignificance to investors ?
- Q Consolidation at the end of the first year subsequent to date ofacquisition—Equity method (purchase price equals book value) Assumethat a parent company acquires its subsidiary on January 1, 2016,by exchanging...
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