Accounting question and answers for July 24, 2023
- Q (Notice: Date) Telecon, Inc., experienced the following transactions during May 2021. May 1 The company issues ordinary shares in exchange for 25,000 cash. 2 Purchased 400 of supplies...
- Q 21 ? 4 Territory and Product Profitability Analysis Coast to Coost Surfhoards inc. manufactures and selis two styles of surfboards, Atiantic Wave arid Pacific Pounder....
- Q Activity-based costing and product cost distortion labor is budgeted to be $324,000. Time records from Indirect labor employees revealed that they spent 605 of their time...
- Q The following purchases and sales for Sipple Company are for November 2020. There was no inventory on November 1. Nov. 2 Purchased 6,000 units at $32...
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- Q 9. What is the estimated raw materials inventory balance at the end of July? 10. What is the total estimated direct labor cost for...
- Q Question 3 POSITIVE ACCOUNTING THEORY (20 Marks) Part A: Credit crunch in small business lending Glenn Otto, associate professor of the School...
- Q Check 3 Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this...
- Q saved 6 World Company expects to operate at 70% of its productive capacity of 23.000 units per month. At this planned level, the company expects to...
- Q Bramble Corporation is a small wholesaler of gourmet food products. Data regarding the store's operations follow: - Sales are budgeted at $450,000 for...
- Q please help 1,2,3,4 Exercise 12-3 Make or Buy Decision (LO12-3) Year Troy Engines, Ltd., manufactures a variety of engines for use in...
- Q Present Value of an Annuity Determine the present value of $180,000 to be received at the end of each of four years, using an interest rate of 10%,...
- Q In its first month of operations. Coronado Company made three purchases of merchandise in the following sequence (1) 320 units at $8,42)...
- Q Christyanum Ltd owns 45% of Devoniatum Ltd and Devoniatum Ltd owns 35% of Chryseum Ltd. Christyanum Ltd also owns 23% of Chryseum Ltd. Chryseum Ltd owns 25% of Primulinum Ltd....
- Q Question 2 Nicole started her own business on 1 June 2021. The following is a list of her transactions in that month: 2021 June 1 Started in business...
- Q On May 1, 2021, Hecala Mining entered into an agreement with the state of New Mexico to obtain the...
- Q A comparative income statement is given below for McKenzie Sales, Limited, of Toronto: \table[[McKenzie Sales, Limited],[Sales,This Year,Last Year],[Cost of goods sold,7,350,000,$5,586,000
- Q The following balance sheet is for a local partnership in which the partners have become very unhappy with each other. ...
- Q Which one of the following statements describes the rules about posting transactions into T-accounts in the ledger? For assets, debits are entered on the left; for...
- Q Post the right answer I will like the post. Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2022. During...
- Q On the basis of the budget reports, management analyzes differences between actual and planned results. management may take corrective action. management may modify the future plans. All of...
- Q Consider the following account starting balances and transactions involving these accounts. Use T-accounts to record the starting balances and the offsetting entries for the transactions. The starting balance of...
- Q The following data are accumulated by Lone Peak Inc. in evaluating two competing capital investment proposals: 3D Printer Truck Amount of investment $44,000...
- Q Note: This problem is for the 2020 tax year. Devon Bishop, age 45, is single. He lives at 1507 Rose Lane, Albuquerque, NM 87131. His Social Security number is 111-11-1117....
- Q During the current year, Harry and Ron form Potter Corporation and transfer the following property, each of which has been held long-term: Transferor Asset...
- Q Adler ?& Company is an architectural firm specializing inhome remodelling for private clients and new office buildings forcorporate clients. Adler ?& Company charges customers at abilling rate equal to 127?%...
- Q During July, the following costs were incurred:Materials (30,000 units) $24,900Labour and overheads $20,075At the beginning of July, there were 15,000 units of work inprogress valued as follows:Materials (100% complete) $9,000Labour...
- Q Jack and June are retired and receive $10,000 of social securitybenefits and taxable pensions totaling $25,000. They have beenoffered $20,000 for an automobile that they restored after theyretired. They did...
- Q Everbuilt Company had no jobs in progress at the beginning ofJune and no beginning inventories. It started only two jobs duringJune—Job L and Job W. Job L was completed and...
- Q Chenango Industries uses 15 units of part JR63 each month in theproduction of radar equipment. The cost of manufacturing one unitof JR63 is the following:Direct material$4,500Material handling (20% of direct-material...
- Q Jungle Corporation's stockholder's equity section at December31, 2014 appears below:Stockholders equityPaid in CapitalCommon stock, $10 par, 60,000 outstanding $600,000Paid in Capital in excess of par 150,000Total paid in capital $750,000Retained...
- Q Estimated manufacturing overhead $ 500,000Actual manufacturing overhead $ 550,000Estimated direct labor hours 10,000 hoursActual direct labor hours 10,50013.Calculate the predetermined overhead allocation rate usingdirect labor hours as the allocation base.14.Determine...
- Q Discussion Form:1. Explain why LIFO is not used in process costing?2. Explain the concept of equivalent units of production?3. What is the difference between FIFO method and Average Costmethod?4. Explain...
- Q James, a New Jersey resident, is sued by Jonah, an Iowaresident, for a tort. Why would a plaintiff in Iowa with a caseagainst a New Jersey defendant prefer to have...
- Q Detmer Liebold uses a job-order costing system with a singlepredetermined overhead rate based on direct labor hours. Thepredetermined overhead rate is based on the following data: Totaldirect labor hours 70,000Total...
- Q 1. Using Apple’s actual 9/30/17 balance sheet to answer thisquestion, which of the following best represents Apple’s AccountingEquation?a. $375,319,000,000 = $241,272,000,000 + $134,047,000,000b. $128,645,000,000 = $100,814,000,000 + $27,831,000,000c. $194,714,000,000 =...
- Q Select an organization of your choice and examine thestructure. Then, briefly describe the type of structure theorganization has and explain how it is effective in accomplishingthe organization's goals. Discuss the...
- Q the key measurements used by organizations to track financialperformance in a health care organization or department?
- Q Holl Corporation has provided the following data forNovember.Denominator level of activity4900machine-hoursBudgeted fixed manufacturing overhead costs$58,310Standard machine-hours allowed for the actual output5200machine-hoursActual fixed manufacturing overhead costs$57,330Required:Calculate the following. Input all amounts...
- Q Time-Driven activity-based costing, activity-basedmanagementMidwest Office Products 7 John Malone, general manager ofMidwest Office Products (MOP), was concerned about the financialresults for calendar year 2003. Despite a sales increase from theprior...
- Q Pecot Industries has provided the following data from itsactivity-based costing system:Activity Cost PoolsEst. Overhead CostExpected ActivityAssembly$498,52044,000Machine hoursProcessing orders$54,2631,100OrdersInspection$77,5891,110Inspection hoursData concerning Pecot’s product LB28 appears below: Number of units produced 430 Machinehours 990 Number oforders 70 Inspectionhours 20 Direct...
- Q Tell what you know about the difference between volume-based(traditional) costing and activity-based (ABC) costing
- Q Classifying CostsThe following is a list of costs incurred by several businesses.Classify each of the following costs as product costs or periodcosts. Indicate whether each product cost is a direct...
- Q On August 27, 2015, Celgene Corporation acquired all of theoutstanding stock of Receptos, Inc., in exchange for $7.6 billionin cash. Referring to Celgene’s 2015 financial statements and itsJuly 14, 2015,...
- Q Zelda Corp. makes pottery for people to store items in, Most ofthe indirect costs used to make these pots are associated with themanufacturing process. This means that Samantha Inc. allocatesvariable...
- Q In 1948, Janet bought a home for $52,000. She lived there untilshe died in 2018. When she died her home had a fair market value of$4.8 million. She also had...
- Q Employees who are compensatedwith restricted stock or stock options face financial risks notassociated with cash compensation. Describe and compare thefinancial risks of these two types of equity-basedcompensation.
- Q Which of the following statements is not true for tax yearsbeginning after 2017?a. Affiliated corporations that file consolidated returns cantake 100% dividendsreceived deduction.b. The dividends received deduction for a small...
- Q Yurman Inc. usesa job-order costing system. During the month of May, the followingtransactions occurred:May1Purchased materials onaccount for $29,670.3Requisitioned materialstotaling $24,500 for use in production. Of the total, $9,200 wasfor Job...
- Q On January 1, 2018, Tennessee Harvester Corporation issueddebenture bonds that pay interest semiannually on June 30 andDecember 31. Portions of the bond amortization schedule appearbelow:PaymentCashPaymentEffectiveInterestIncreaseinBalanceOutstandingBalance5,774,9201216,000230,99714,9975,789,9172216,000231,59715,5975,805,5143216,000232,22116,2215,821,7354216,000232,86916,8695,838,6045216,000233,54417,5445,856,1486216,000234,24618,2465,874,394~~~~~~~~~~~~~~~38216,000280,00864,0087,064,20239216,000282,56866,5687,130,77040216,000285,23069,2307,200,000Required:1. What is the face amount...
- Q In making the adjusting entry for uncollectible accounts, acompany may use the percent of sales method or the percent ofreceivables method. Briefly describe each method and explain whichmethod you would...
- Q Prince Corporation holds 75 percent of the common stock of SwordDistributors Inc., purchased on December 31, 20X1, for $2,220,000.At the date of acquisition, Sword reported common stock with a parvalue...
- Q Steve is a contract carrier for the United States PostalService. He has been hauling mail for nearly thirty years. Hiscurrent contract is to haul mail between 20 cities in the...
- Q Trico Company set the following standard unit costs for itssingle product.Direct materials (30 Ibs. @$4.40 per Ib.)$132.00Direct labor (6 hrs. @ $14 perhr.)84.00Factory overhead—variable (6hrs. @ $8 per hr.)48.00Factory overhead—fixed...
- Q Following are several figures reported for Allister and Barone asof December 31, 2018:AllisterBaroneInventory$650,000$450,000Sales1,300,0001,100,000Investment incomenot givenCost of goods sold650,000550,000Operating expenses305,000375,000Allister acquired 90 percent of Barone in January 2017. Inallocating the newly...
- Q Discussion: you will assume the role of an entrepreneur. Youwill create a fictional organization and consider some costingconcepts as you create it.First, compose a full paragraph that describes the organization.Be...
- Q You are the owner of a very small business that sells gourmetcoffee.You sell only one product, a 12-ounce bag of whole-bean Frenchroast coffee. You sell each bag of coffee for...
- Q How does England treat special assessment debt compared to theU.S?
- Q Q . A company is maufacturing 5000 units for the period. Actualand standard direct materials information are: -Standard Costs: 1.5 pounds per unit; purchase price is 0.78 perpound. Actual Costs:...
- Q what form will an employer receive if their remittance for thefinancing of the commission des normes du travail is lower thanwhat revenu quebec has calculated?
- Q Lindon Company is the exclusive distributor for an automotiveproduct that sells for $42.00 per unit and has a CM ratio of 30%.The company’s fixed expenses are $264,600 per year. The...
- Q You are engaged as an audit senior in the public accounting firmof Millie and Partners. As part of the planning process for theaudit of Maxie Ltd for the financial year...
- Q 1. Why, oh Why . . .Why are the itemized deductions what they are? Why allow homemortgage interest, but not credit card interest? Why allow medicalexpense deductions, not school expense deductions?...
- Q Federal Semiconductors issued 11% bonds, dated January 1, with aface amount of $830 million on January 1, 2018. The bonds sold for$767,557,868 and mature on December 31, 2037 (20 years)....
- Q The ABC Corporation is a large multinational company that hasfacilities (both manufacturing and distribution) located in manyU.S. states and in overseas countries. The corporation’slong-serving chief financial officer (CFO) just retired,...
- Q Aaron Company has a process costing system. All materials areintroduced when conversion costs reach 50 percent. The followinginformation is available for physical units during March.Work in process, March 1 (60%...
- Q Problem:On November 1, 2019, Norwood borrows $200,000 cash from a bankby signing a five-year installment note bearing 8% interest. Thenote requires equal payments of $50,091 each year on October31.Question:Record the...
- Q In October, Nicole eliminated all existing inventory of cosmeticitems. The trouble of ordering and tracking each product line hadexceeded the profits earned. In December, a supplier asked her tosell a...
- Q The Verbrugge Publishing Company's 2018 balance sheet and incomestatement are as follows (in millions of dollars).Balance SheetCurrent assets$168Current liabilities$42Net fixed assets153Advance payments78Goodwill15Reserves6$6 preferred stock, $112.50 par value (1,200,000 shares)135$10.50 preferred...
- Q The Holtz Corporation acquired 80 percent of the 100,000outstanding voting shares of Devine, Inc., for $7.50 per share onJanuary 1, 2017. The remaining 20 percent of Devine’s shares alsotraded actively...
- Q Use the following information to complete this exercise: sales,850 units for $21,600; beginning inventory, 600 units; purchases,700 units; ending inventory, 450 units; and operating expenses,$7,600. Required: 1. Complete the table...
- Q Read the following and then thoughtfully discuss thequestions.Often airline frequent flier programs upgrade high volumepassengers one, three, or five days in advance.What are the differential costs of this practice?What are...
- Q Big Country Ski Shop is a retail store that sells ski equipmentand clothing. Big Country Ski Shop commenced business on September1, 2019. The firm purchases merchandise on open account. The...
- Q Explain how costs change as volume changes.Please no hand-written answers.
- Q Select at least two of the following types of organizations anddescribe at least two types of standard costs they might use:Cleaning serviceInsurance agent/agencyPhysician’s officeLube and tire shopAdditionally, explain the types...
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