Accounting question and answers for July 21, 2023
- Q James Henderson deposited $19,000 in a money market certificatethat provides interest of 8% compounded quarterly if the amount ismaintained for 3 years. How much will Cindy Henry have at the...
- Q Lysiak Corporation uses an activity based costing system toassign overhead costs to products. In the first stage, two overheadcosts--equipment depreciation and supervisory expense-are allocatedto three activity cost pools--Machining, Order Filling,...
- Q 1- Financial Accounting is done for the benefitof……………………………………CreditorsGovernmentAll of the aboveInvestors2-Wages paid to factory workers is an example of …………………………………Group of answer choicesIndirect CostPeriod CostDirect CostNone of the above3-Manufacturing Overheads...
- Q 1. Neelon Corporation has two divisions: Southern Division andNorthern Division. The following data are for the most recentoperating period:salestotal company 341700souther division 212300northern division 129400variable expense1187667218246584traceble fixed expenses1684007030098100common fixed expense683404246025880The...
- Q Answer this fully pleasePepsiCo, Inc. (PEP), the parent company ofFrito-Lay snack foods and Pepsi beverages, had the followingcurrent assets and current liabilities at the end of two recentyears:Current Year(in millions)Previous...
- Q Old School Publishing Inc. began printing operations on January1. Jobs 301 and 302 were completed during the month, and all costsapplicable to them were recorded on the related cost sheets....
- Q 31. Houseal Corporation has provided the following data from itsactivity-based costing system:Activity CostPoolTotal CostTotal ActivityAssembly$613,25055,000machine-hoursProcessing orders$46,1701,500ordersInspection$146,1101,900inspection-hoursData concerning one of the company's products, Product W58B,appear below:Selling price per unit$113.70Direct materials cost...
- Q At the end of June,the job cost sheets for Monson Manufacturing show the followingtotal costs accumulated on three custom jobs.Job 203Job 204Job 205Direct materials$32,000$47,000$43,000Direct labor18,00022,00025,000Overhead26,10031,90036,250Job 203 was started inproduction in...
- Q Discuss thesteps used to prepare a production report under the FIFO andWeighted Average Cost methods.
- Q 1- a restaurant made cash sales of $4,000 subject to a 5% salestax. record the sales and the related tax. also record the paymentof the tax to the state.on october...
- Q Short answerThe Company uses the balance sheet approach to estimate baddebt expense. Credit sales for the period were $10 million. Thebeginning balance in the allowance for doubtful accounts was acredit...
- Q The following account balances were taken from ABC Company’s unadjusted trialbalance at December 31, 2020:Accounts Payable ............ $56,000Accounts Receivable ......... $42,000Cash ........................ $11,000Common Stock ................ $63,000Cost of Goods Sold .............
- Q On December 31, 2017, Vaughn Company acquired a computer fromPlato Corporation by issuing a $595,000 zero-interest-bearing note,payable in full on December 31, 2021. Vaughn Company’s creditrating permits it to borrow...
- Q Here arethe consolidated financial statements of Post Ranch Resort and its70 percent owned subsidiary, Sandpearl, for the year ended December31, 2020, plus supplementary information. Comparative balancesheets are provided for 2019...
- Q National Foods Pvt. Ltd. is a company producing canned foods.Below are the company’s financial statements:National Foods Pvt. Ltd. Statement of Comprehensive Income for the yearended 31 August 2018RMSales revenue2,700,000Cost of...
- Q Part C Question 1Mr. Kenny is an accountant at AF Textile, and he plays squashwith Mr. Zuni, the CEO of AF Textile. The CEO wanted to decreasenet income with the...
- Q Identify and discuss the steps in the recording process.Be sure to discuss what each step does and how it relates to thesteps before and after it. Then, answer the followingquestions:Should...
- Q Based on the interim results below for Cabben Fashion Limited,it has shown a favourable receivables turnover ratio. Discuss 4possible strategies that Cabben Fashion Limited may haveimplemented to achieve an improved...
- Q Locate information on the procedure by which an individual taxpayer can request a photocopy of a prior year federal income taxreturn. What is the number to request a photocopy? Does...
- Q Robatelli's Pizzeria Case Study IntroductionOn the morning of October 31st, Elaine Black, Chief I...Robatelli's Pizzeria Case StudyIntroduction On the morning ofOctober 31st, Elaine Black, Chief Information Officer atRobatelli's Pizzeria, was...
- Q In finance and accounting system, if you have established an(Separation of Duty) SoD rule, is there ever a time when the ruleshould be broken to allow an SoD violation in...
- Q Selected comparative financial statements of Haroun Companyfollow.HAROUN COMPANYComparative Income StatementsFor Years Ended December 31, 2017–2011($ thousands)2017201620152014201320122011Sales$2,780$2,435$2,215$2,030$1,895$1,762$1,444Cost of goods sold2,0001,6261,3991,2251,1381,064848Gross profit780809816805757698596Operating expenses595465427315273269224Net income$185$344$389$490$484$429$372HAROUN COMPANYComparative Balance SheetsDecember 31, 2017–2011($ thousands)2017201620152014201320122011AssetsCash$137$181$189$192$200$197$204Accounts receivable, net9861,036938719633600423Merchandise...
- Q 1. Discuss factors that a company might look at when determiningprices for its products.2. What are the advantages and disadvantages of target pricingversus cost-based pricing?3. Why might a company price...
- Q Larner Corporation is adiversified manufacturer of industrial goods. The company'sactivity-based costing system contains the following six activitycost pools and activity rates: Activity CostPool Activity Rates Labor-related$5.00per direct labor-hour Machine-related$6.00per machine-hour Machine setups$40.00per setup Productionorders$100.00per order Shipments$120.00per shipment General...
- Q Lindon Company is the exclusive distributor for an automotiveproduct that sells for $35.00 per unit and has a CM ratio of 31%.The company’s fixed expenses are $249,550 per year. The...
- Q Delta Company produces a single product. The cost of producingand selling a single unit of this product at the company’s normalactivity level of 96,000 units per year is:Direct materials$1.70Direct labor$4.00Variable...
- Q Elsinore Electronics is a decentralized organization thatevaluates divisional management based on measures of divisionalcontribution margin. Home Audio (Home) Division and MobileElectronics (Mobile) Division both sell electronic equipment,primarily for video and...
- Q PartA? Jan 1st, 2020: Tony Inc. buysa machine from Avengers Inc. and will make 3 equal payments of200,000 over the next 18 months (payments on June 30, 2020; Dec 31,2020;...
- Q company produces camping equipment: tents, sleeping bags, andtarps. They are implementing a new accounting software and want totake the opportunity to implement activity based costing for theirproducts. For the upcoming...
- Q The Walton Toy Company manufactures a line of dolls and a sewingkit. Demand for the company’s products is increasing, andmanagement requests assistance from you in determining aneconomical sales and production...
- Q Which of the following is being fulfilled when managementcompares the budget to actual? results?A.PlanningB.DirectingC.ControllingD.Adjusting
- Q The car company manufactures and sells Waxworks car polish. Thisexpensive polish is priced at $20 per can (applicator spongeincluded). Car Company’s costs are:Fixed costs (per month) Variable Costs per can Manufacturing $500000 Manufacturing $11 Sellingcosts 292000 Selling 3.Find...
- Q How would you enforce least privilege and SoD controls in yoursystem? Please provide an example.
- Q discuss the increase importance that is being placed on dataanalysis in the accounting field. Do you agree or disagree with thepanel in the podcast that technology will impact the auditingprofession. ...
- Q Jack and Kendra are married and file a joint return.The couple has a modified AGI of $59,000. Jack contributed $2,000to his traditional IRA for the tax year. Neither Jack nor...
- Q Premium AuditingIdentify aspects of exposure bases used to develop premiums.A. How can exposure bases be sensitive to inflation?B. What makes an exposure base easy to determine?C. Why are some exposure...
- Q Our department has not processed legal or garnishment orders fora number of years. With the recent receipt of numerous orders,management has decided it would be beneficial to remind all payrollpractitioners...
- Q Which of the following statements regarding closing journalentries is correct?A) Revenue accounts are debited and the income summary accountis credited.B) Expense accounts are debited and the income summary accountis credited.C)Expense...
- Q How materiality will affect the audit report decisions?Can you explain it for me as much detail as possible?Thanks for your help
- Q The AICPA has assembled a Sustainability Task Force that is inthe process of developing a Sustainability Assurance Guide due tothe increased expectations regarding the reporting of corporatesocial and environmental performance....
- Q 7. Zana, Rally and Engine Purr are three companies that need youadvice them on issues pertaining to accounting.(a) Zana needs 1,000 motors in its manufacture of motorcar. Itcan buy the...
- Q General Instructions for Discussion Responses toClassmatesCreate a new thread for each posting.Use correct, complete sentences, in paragraph format, unlessotherwise instructed.Use assigned course materials to complete discussionresponses.Use in-text citations and a...
- Q Santa Toy Shop produces toys. During November, the followinginformation was gathered:Dart BoardLego SetsDollsBreyer HorsesGolf SetsStuffed ToysBudgeted units sold175500400125600300Actual units sold200400250140500350Budgeted selling price$5$30$11$40$80$18Actual selling price$8$25$12$45$75$28Budgeted variable cost$2$18$5$20$35$10Actual variable cost$3$15$4$25$30$11Actual market size...
- Q 1. You work as a costing manager at a metal stampingfactory.Describe the process a manager must go about when choosing which ofthree kinds of stamping job to attempt when you...
- Q Calculating Activity-Based Costing Overhead RatesAssume that manufacturing overhead for Goldratt Company consistedof the following activities and costs:Setup (1,000 setup hours)$150,000Production scheduling (400 batches)80,000Production engineering (60 change orders)60,000Supervision (2,000 direct labor...
- Q QUESTION 4PARTNERSHIPS(20)The information given below was extracted from the accountingrecords of Salmon Traders, a partnership business with Sally andMonty as partners. The financial year ends on the last day ofFebruary...
- Q TAX 502 - LessonAssignment #6: Penalty Taxes onUndistributed Corporate Income, Dividendsand Other NonliquidatingDistributionsReadingText: StudyChapters 7 and 8 of the Bittker & Eustice text.AssignmentsThe following Assignmentsshould be completed and submitted to...
- Q Required: a. Use Excel to create an unadjusted trial balance forPost Plumbing, Inc. at January 31, 2019. b. Prepare the adjustingjournal entries for the month of January. Create additionalaccounts as...
- Q What are the initial steps in the accounting cycle and whathappens in each step ? Explain in detail.
- Q Swann Company sold a delivery truck on April 1, 2016. Swann hadacquired the truck on January 1, 2012, for $44,000. At acquisition,Swann had estimated that the truck would have an...
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