Accounting question and answers for July 23, 2023
- Q A company's Inventory balance at the end of the year was $198,800 and $212,000 at the beginning of the year. Its Accounts Payable balance at the end of the year...
- Q Joyner Companys income statement for Year 2 follows: Sales $ 702,000 Cost of goods sold 119,000 Gross...
- Q Claudia owned an interest as a limited partner in LBJ partnership. She did not materially participate in the activity. On the date she gifted the LBJ partnership interest to her...
- Q Choose A mixed cost consists of Either fixed or variable a Both fixed and variable .b Direct and indirect.co Product and period
- Q Mary Walker, president of Rusco Company, considers $47,000 to be the minimum cash balance for operating purposes. As can be seen from the following statements, only $42,000 in cash was...
- Q in capital budgeting, positive net present value results in a) negative economic value added b) positive economic value added c) zero economic value added d) percent economic value added
- Q Prepare the journal entry to record Zende Companys issuance of 75,000 shares of $5 par value common stock assuming the shares sell for: $5 cash per share. $6...
- Q Indirect method. Additional information: 1.) Operating expenses are composed of: Depreciation $21,000; Salaries $134,000; Gain on Sale of Equipment $6,000; other operating expenses $39,000. 2.) Prepaid...
- Q Dont tell me weve lost another bid! exclaimed Janice Hudson, president of Prime Products Inc. Im afraid so, replied Doug Martin, the operations vice-president. One of...
- Q Problem 1. (45 Points) Hoffman Company is a manufacturer of car seats. Each car seat passes through the assembly department and testing department. This problem focuses on the...
- Q Jerry and Elaine own a home that has a fair market value of $250000 on which they have a mortgage of$190,000.They took out an $80,000 home equity loan and...
- Q Units-of-activity is an appropriate depreciation method to use when 1) it is impossible to determine the productivity of the asset. 2) the asset's use will be constant over its...
- Q Kelly Consulting Unadjusted Trial Balance May 31,20Y8 Account Title Debit Balances Credit Balances Cash fill in the blank 2 44,195 fill in the...
- Q Lawrence,an employee of Triple Time,Inc.,has gross salary for March of $4,000.The entire amount is under the OASDI limit of $118,500 and thus subject to FICA.He is also subject to federal...
- Q Exercise 4-9 (Algo) Variable and Absorption Costing Unit Product Costs and Income Statements [LO4-1, LO4-2, LO4-3] Walsh Company manufactures and sells one product. The following information pertains to...
- Q Identify activities to be performed by auditors in completing the audit. What additional activities must the auditor complete prior to issuance of the audit report?
- Q Sales-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers: Mar. 2....
- Q Discuss the use of the fair value option originally described in SFAS No. 159 now contained at FASB ASC 825 - 10.
- Q Alfred Spindle earned gross wages of $1,520 for the week ended June 21, 20X1. His gross wages year to date, prior to his June 21 paycheck, were $37,550....
- Q Prepare the journal entry to record Autumn Companys issuance of 63,000 shares of no-par value common stock assuming the shares: Sell for $29 cash per share. Are exchanged...
- Q Closed out the overhead accounts and put the difference in COGS.
- Q Why must we be able to distinguish between LIFO and FIFO? What importance does this hold in the accounting field?
- Q CHAPTER 19 (4.) McDonnell-Myer Corporation reported net income of $2,958 million. The company had 571 million common shares outstanding at January 1 and sold 18 million shares on Feb. 28....
- Q Eates Corp. issued 1,000 shares of no-par common stock for $7 per share. Read the requirements. Requirement 1a. Record issuance of the stock if the stock...
- Q Discontinue a Segment Product X has revenue of $193,900, variable cost of goods sold of $115,600, variable selling expenses of $31,000, and fixed costs of $59,500, creating a loss from...
- Q help please Provide two situations where employer-provided parking would be considered non-taxable to the employee: ANSWER: SAMSUNG
- Q 1) Hatfield Corporation, which has only one product, has provided the following data concerning its most recent month of operations: ...
- Q Which of the following is not a difference between job order costing system and process costing system? The documents used to record costs The number of work in process accounts...
- Q Wafa Company did not segregate tax amount with sales. For the month of November It shows a total amount of the bill 59,000. Sales are subject to 18% sales tax....
- Q How are conflicts between the Code and a treaty resolved? A Every attempt is made to reconcile the two. If a Code provision is to override an existing treaty, Congress...
- Q Answer these questions: 1. If you are loaning money, which of the following would you prefer? a. Interest compounded quarterly. b. Interest compounded semiannually. c. Simple interest....
- Q Kingbird Company manufactures desks. Most of the company's desks are standard models and are sold on the basis of catalog prices. At December 31, 2020, the...
- Q LeBlanc Transportation left parenthesis LT right parenthesis began 2020 with accounts receivable, inventory, and prepaid expenses totalling $ 67 comma 000. At the end of the year,...
- Q What is the payment amount in month 27 of a constant amortization mortgage loan for $260,000 with a 30-year term and an annual interest rate of 8%? Enter your answer...
- Q additional 660 units of inventory that cost $10 each. If Anton sells 800 units of inventory, what is the amount of cost of goods sold? Multiple Choice $7,400...
- Q The following information relates to Mangi Food cash generated unit. Goodwill attributable to the cash generated unit amounts to R57 000 and the CGU consists of the following assets. Acquisition...
- Q CHAPTER 16 (2.) A company reports pretax accounting income of $16 million, but because of a single temporary difference, taxable income is $17 million. No temporary differences existed at the...
- Q Fletcher Company collected the following data regarding production of one of its products. Compute the direct labor rate variance. Direct labor standard (2 hours @ $12.75/hour) $ 25.50 per finished...
- Q You are in the State of California. Person A leases Land to Person B. Person B built a restaurant on the land and leased the restaurant to Person C. Person...
- Q Magic Mountain retires its 9% bonds having a face amount of $125,000 for $127,000 before their scheduled maturity. At the time, the bonds have a carrying value of $118,000
- Q On January 1, Year 1, Friedman Company purchased a truck that cost $43,000. The truck had an expected useful life of 200,000 miles over 8 years and an...
- Q need help Clark, Inc, issued $100,000 of 15 -year, 6 percent bonds payabio on January 1 . Clark, Inci, pays interest each January 1...
- Q Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Stark company has the following adjusted...
- Q M4-16 Reporting a Balance Sheet [LO 4-4] The Sky Blue Corporation has the following adjusted trial balance at December 31. ...
- Q Rationalization for fraud can fall under two categories: no harm and no responsibility. Assume an employee is directed by management to reduce recorded expenses at year-end by insignificant amounts individually,...
- Q If the Malabar Yacht Club expense includes a rent of $2,000 plus a charge of $40 per member and the club has 80 members, Multiple Choice ...
- Q Which of the following is true about forecasts? Forecasts present what management believes would occur based on hypothetical assumptions in a "what if" scenario. Forecasts present managements expected future results...
- Q List down problems and difficulties faced by an accounting student and graduates. Thank you.
- Q The following income statement along with additional year-end information about changes in noncash current assets and current liabilities are reported. SONAD COMPANY Income Statement For Year Ended December...
- Q If present value of total cash outflow is 15 000, and the present value of total cash inflows is 14 000, what is the net present value of the project?...
- Q Please answer the following questions: Explain how other people influence the ways that we approach tasks. Within or immediately after your answer, briefly explain what is meant by relative...
- Q Margin of Safety a. If Del Rosario Company, with a break-even point at $1,160,000 of sales, has actual sales of $1,450,000, what is the margin of...
- Q Alnahdi Pharmaceutical Company has a joint production process that converts Kappa into two chemicals Gamma and Delta. The company purchases Kappa for $24 per pound and...
- Q Sun Company purchased as a short-term investment $300,000 of 10% bonds, dated July 1, on July 1, 2021. Management intends to include the investment in a short-term, active trading portfolio....
- Q Wayne Company is considering a long-term investment project called ZIP.ZIP will require an investment of $121,840. It will have a useful life of 4 years and no salvage...
- Q Rodgers Corporation produces and sells football equipment. On July 1, Year 1, Rodgers Corporation issued $74,900,000 of 10-year, 12% bonds at a market (effective) interest rate of 10%,...
- Q Required information [The following information applies to the questions displayed below.] Trico Company set the following standard unit costs...
- Q what accounts are used for this: Rented a backhoe to Jagne Landscaping at a price of $250 per day, to be paid when the backhoe is returned. Jagne landscapping expects...
- Q Rank the accounts by seniority: Preferred Equity Long-term bond debt Common equity
- Q Consider the following data on a proposed investment: -Investment required: R 160,000 -Annual cash inflows: R 40,000 -Life of the investment: 6 years -Salvage value: 0 Cost of capital:...
- Q Accounting Fraud Write a summary about the Wells Fargo account fraud scandal. Why did they preform this fraud? What pressures did employees face? Explain. How did they preform this fraud?...
- Q Consider a linear machine with discriminant functions gi(x) = wtix + w0i; i = 1,..., c and the decision rule: decide Wi if gi(x) > gj(x) for all j not=...
- Q Ramsey Corporation acquired a machine (7-year property) on December 31, 2017, at a cost of $2230000. Ramsey Corproation has a taxable income from its business in 2017 of $1000000 and...
- Q Halifax Corporation, a CCPC, had taxable income of $450,000 in its fiscal year ending December 31, 2019. In calculating its taxes owing, the company received a small business deduction of...
- Q Taylor Insurance collected premiums of $18 million from its customers during the current year. The adjusted balance in the Unearned Insurance Revenue account increased from $6 million...
- Q Bernadette DeSantis is a 36 year old single woman who earns a salary of $35,000 working in the airline industry. She is not covered by any form of retirement plan...
- Q week 7 Write a 500 - 750 word paper on the following topic: Compare and contrast the views of management and accountants regarding the changes required by the Sarbanes-Oxley Act...
- Q Golden Corp.'s current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect...
- Q Q. A company wants to improve its current ratio at the end of its reporting period. It should aggressively collect cash from its credit customers. It should payoff a...
- Q Prepare all the necessary general journal adjustments to account for the prior period error in the 31 December 2023 financial statements of Compuware (Pty) Ltd. Journal dates and narrations are...
- Q What is the predetermined overhead rate? $10.00/MH $17.50/MH $20.00 / MH $32.86/MH
- Q asap please fived manulacturing overheads
- Q What information is typically included in a management letter issued by auditors
- Q Which one of the following is not an Operational Listings or Report from the Revenue cycle? Open orders report Journal voucher listing backorders and missed deliveries Sales invoice...
- Q E9-9(Algo) Computing Depreclation under Alternative Methods [LO 9-3 Sonic Corporation purchased and installed electronic payment equipment at its drive-in restaurants in San Marcos, TX, at...
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