Accounting question and answers for July 22, 2023
- Q The par value of stock indicates what the stock is worth. True False ...
- Q Matt needs to compute the present value of $5,000 to be received four years from now. He should multiply $5,000 by the appropriate present value interest factor obtained from the...
- Q On March 2, 2014, Glenn Industries purchased a fleet of automobiles at a cost of $550,000. The cars are to be depreciated by the straight-line method over five years with...
- Q Safari Equipment Company has several divisions that are investment centers. Data for the Boat Division and the Trailer Division are shown here: \table[[,Boat Division,Trailer Division],[Operating income,$75,000,$50,000 ...
- Q Requirement 1. Use these data to write Burn Foods' accounting equation. Now enter the amounts under the appropriate headings. (Round all answers to one decimal. Leave any unused...
- Q High-Low Cost Estimation and Profit Planning Comparative 2007 and 2008 income statements for Dakota Products Inc. follow: (a) Determine the break-even point in units. units (b) Determine the...
- Q Bartleby Corporation is undergoing liquidation under Chapter 7 of the bankruptcy code. Bartleby reports total liabilities of $820,000. Its assets have a liquidation value of $650,000. Of those assets, $300,000...
- Q When a company prepares a bond indenture, certain provisions of the bonds are included. Which of the following are not provisions specified in the indenture? A) Dates of interest payments....
- Q The amount of cash that remains after deducting the funds a company must commit to continue operating at its planned level is called: A. Free cash flow B. Cash flow...
- Q For the FY 2018, Frederick Company had net sales of $900,000 and net income of $95,000, paid income taxes of $27,500, and had before tax interest expense of $20,000. Use...
- Q The common stock of Jordan's Jalopies Inc. will pay an annual dividend of $3.40 a share in one year. The company has promised to maintain a constant dividend. How much...
- Q a company issued 10-year, 7% bonds with a face value of $100,000. The company received $97,947 for the bonds. Using the straight-line method of amortization, the amount of interest expense...
- Q You are required to: (a) Calculate for Apim Plc...
- Q Compute the cash surrender value of a buyer of a residential house and lot under the following terms: Selling price is 5,000,000, down payment is 500,000, balance payable in equal...
- Q (1) Receive 50,000 in exchange for common stock. (2) Borrow 10,000 from bank. (3) Purchase 2,000 of supplies inventory on credit. ...
- Q Please show work Production and Purchases Budgets in Units At the end of business on June 30, 2017, the PE Rug Company had 150,000 square yards of rugs...
- Q ensure that the proper mix of input chemicals is achieved and that evaporation is controlled. Loss of output and efficiency may result if the controls are not effective....
- Q The followings are the merchandise transactions happened under perpetual inventory system: 1) Nov1 Business sold $7560 inventory to Tim's Inc., the cost is $3200. Terms 2/5, n/15 FOB ...
- Q The substance of earnings and their sustainability into future periods is referred as the: A. management of earnings. B. value of earnings. C. quality of earnings D. restructuring of earnings.
- Q The statement of cash flows shows the effect on cash and cash equivalents of the operating, investing, and financing activities of a company for an accounting period. ...
- Q Required information Use the following information for Exercises 13-14 below. (Algo) [The following information applies to the questions displayed below.] The transactions of Spade Company appear below. a....
- Q Define what is Auditing and describe the three types of Audits and three types of Auditors
- Q P10-3 Cayman Diving, Inc., needs to acquire a newdive boat. The seller will accept a noninterest-bearing note for $400,000 due in four years or $250,000 in cash. The companysincremental cost...
- Q Cutter Enterprises purchased equipment for $66,000 on January 1, 2021. The equipment is expected to have a five-year life...
- Q Tip Top Corp. produces a product that requires nine standard gallons per unit. The standard price is $9 per gallon. If 3,700 units required 32,300 gallons, which were purchased at...
- Q Required information Skip to question [The following information applies to the questions displayed below.] Trio Company reports the following information for its first year of...
- Q Rick, the owner of the local pawn shop, loans money at an annual rate of 23 percent with weekly compounding. What is the effective annual interest rate that Rick is...
- Q Typically, a profitable company that pays relatively high dividends: A. will reinvest more profit which can lead to smaller growth potential. B. is a bad investment. C. is an attractive...
- Q Cash flows from financing activities are determined by: A. Analyzing long-term asset and short term investment accounts on the balance sheet. B. Analyzing each item on the income statement. C....
- Q Q 4 Provide clear, concise answers for the following. (4 points) 1. What is the accrual basis of accounting? 2. What is an accrued expense? 3. What...
- Q Todd is able to pay $250 a month for 6 years for a car. If the interest rate is 5.6 percent annually with monthly compounding, how much can Todd afford...
- Q Spreadsheet for the Statement of Cash Flows (\$ in 000s) Statement of Cash Flo' Operating Activiites Cash Inflows Cash Outflows Net Cash Flows Insectinn Artivitiec Ivet Lasi riuws...
- Q The Morenz Company purchases equipment at the beginning of the fiscal year for $320,000; the equipment is expected to have a useful life of 5 years, or 15,000 operating hours,...
- Q Determine any capital gain, or capital loss generated by each event described below. Use them to determine the amount of income tax effect, if the effective tax rate is 35%...
- Q Life.com issued $17 million of commercial paper on April 1 on a nine-month note. Interest was discounted at issuance at a 12% discount rate. Complete the below table to calculate...
- Q Lucky 7 Cycle Shop S.No. Account Debit $ Credit $ 1 ...
- Q If you could, please explain how to use the PV function in this question in Excel! It is a little confusing to me and it needed to answer the...
- Q Xavier Company is going through a Chapter 7 bankruptcy. All assets have been liquidated, and the company retains only $26,200 in free cash. The following debts, totaling $43,050, remain: Government...
- Q The following represents the financial Information for Domingo Corporation for two months. March $490,00 April $350,eee Sales revenue Costs Process inspection Scrap Quality training Warranty repairs Product...
- Q If salaries earned but are not yet paid at the end of an accounting period are not Both Salaries Expense and Salaries Payable will...
- Q The P1,000 face value Ayala Company bond has a coupon of 10\% (paid semi-annually), matures in 4 years, and has current price of P1,140....
- Q DEF Company uses the asset adjustment (elimination) revaluation model to account for its machinery. Machinery that cost $80000 had a net book value of $65000 on January 1, 2019. On...
- Q One-time items that increase or decrease earnings that will not have sustained impacts into the future include all of the following except: A. Gains and losses. B. Write-downs and restructurings....
- Q Mrs. Turner died this year at age 83. On the date of death, the FMV of Mrs. Turners property was $46.3 million, and she owed $2.491 million to various creditors....
- Q During one pay period, your company distributes $130,500 to employees as net pay. The income tax withholdings were $19,000 and the FICA withholdings were $5,000. Total payroll costs to the...
- Q a negative times interest earned ratio suggests that the company, A. is using resources very efficiently B. has a serious financial problem C. has a very high interest expense D....
- Q The Salsa Shack sells three tacos for every two burritos. A taco sells for $2.00 and has a variable cost of $1.00. A burrito sells for $5 and has a...
- Q All of the following are considered operating activities on the statement of cash flows except: A. cash from customers for the sale of goods and services B. interest and dividends...
- Q Write a 700- to 1,050-word paper that includes the following: Explain the primary sources of tax law. Define secondary sources of tax law. Define substantial authority. Describe the role of...
- Q 13. Bond Issue Price Requirement: Calculate the issue price of bonds Show work for partial credit opportunity Principal Term Interest Payable Market at issue date $300,000 Payable in...
- Q For any business it is important to ensure that: Sufficient profits are made to finance the business activities and sufficient cash funds are available as and when needed. What...
- Q Thales Company tiene la siguiente informacin para enero: Cost of materials placed in production $20,000 Direct labor 15,000 Factory overhead 24,000 Work in process inventory, January 1 2,900 Work in...
- Q A corporate charter specifies that the company may sell up to 20 million shares of stock. The company sells 12 million shares to investors and later buys back 3 million...
- Q Provide the missing data in the following table for a distributor of martial arts products: (Enter "ROI" answers to one decimal place.) Division Alpha Bravo Charlie Sales $...
- Q Vandalay Industries sells a machine on December 31, 2021 for $160,000 that was originally bought January 1, 2018 for $300,000. Vandaly uses straight line depreciation for all fixed assets, expects...
- Q Bobby Darling is the only employee of Atlantic Records, Inc. During the first week of January, Darling earned $800 and had federal and state income tax withholdings of $40 and...
- Q Imagine that you run your own business and want to expand your client base. First, choose a small-business concept that interests you and identify a service or product that such...
- Q Which number is potentially the largest? A. The number of shares issued. B. The number of shares outstanding. C. The number of shares certified. D. The number of shares authorized
- Q Financial risk ratios include all of the following except: A. Debt to equity ratio B. Return on equity ratio C. Interest coverage ratio D. Profit margin ratio
- Q Private mortgage insurance can be tax deductible as interest expense on itemized deductions, Select one: True False
- Q Happy Valley University (HVU) needs to establish a budget for the upcoming calendar year. The current Budget Director has retired so you and your Team have been brought in establish...
- Q Multiple Choice Question 53 It costs Bramble Corp. $12 of variable and $5 of fixed costs to produce one Panini press which normally sells for $35. A foreign wholesaler offers...
- Q Pastina Company sells various types of pasta to grocery chains as private label brands. The company's fiscal year-end is December 31. The unadjusted trial balance as of December...
- Q Please help Provide examples of companies that use job costing, process costing and activity-based costing. Explain why they use the specific costing system. Also can you help identify...
- Q Stuart Trophies makes and sells trophies it distributes to little league ballplayers. The company normally produces and sells between 11,000 and 17,000 trophies per year. The following cost data apply...
- Q Chesterton, Inc. wants to sell you a 6.0 percent annual coupon bond that makes semiannual payments. Your required return on the bond is 6.48 percent annually with semi-annual compounding, and...
- Q Jessica exercised a nonstatutory stock option on August 6, 2018. She purchased 500 share of her company's stock for 5,000. The fair market value of the of the stock at...
- Q What are the items that are excluded from gross income
- Q Required: Using the data provided, compute the margin of safety and margin of safety ratio
- Q All of the following are used to evaluate a companys cash-generating efficiency (ability to generate cash from operations) except: A. Cash flow yield B. Cash flow to cost benefit C....
- Q Stock Investments. During 2016, Stockman Company began investing in the common stock of other companies. Journalize the following activities using the appropriate account titles. For any accounts that would affect...
- Q Baltimore Company uses a job order cost system and applies overhead based on estimated rates. The overhead application rate is based on total estimated overhead costs of $290,000 and direct...
- Q Income tax Act For Sec 51 1. condition 2. Tax consequences 3. Example 4. Explain example
- Q Bistrol Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 800 units. The costs...
- Q Which of the following is the best source to look for early signs of change in a companys earnings trend? A. Credit and investment advisory services B. Annual report C....
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