Accounting question and answers for July 24, 2023
- Q Problem 5: CAPM and Cost of Capital Columbia Gas Company (CGC) is a publicly listed company with acurrent share price of$25 per share. CGC has 33 million shares outstanding and...
- Q The board of directors of Let’s Eat, Inc., a large food andbeverage manufacturer, asks a CFE Certified Fraud Examiner (CFE) toinvestigate a potential bribery scheme involving one of its seniormanagersVice-Presidents,...
- Q two more pages of elaboration to how Trumpcare and Obamacarerelates to health care finance. 30 resourcesObamacare, also known as the Affordable Care Act (ACA), waspassed in 2010 as a health...
- Q The following events occurred in the newly formed company,Armidale Ltd, which was registered on 31 January 2019.2019 Feb 1 Armidale Ltd issued a prospectus calling forapplications for 600000 ordinary shares...
- Q Martin Corp. applies overhead based on machine hours. Budgetedfactory overhead is $275,000 and budgeted machine hours were19,000. Actual factory overhead was $270,000 and actual machinehours were 19,100. Before disposition of...
- Q 58. Refer to the previous question. By what amount did totalequity and total assets change, if at all? (If the accountbalanceor amount did not change, state your answer as "$0.")Use...
- Q On May I. Sam Company sold $5,000 of inventory to Bob Company.The sale was made on account and Sam granted Bob credit terms of2/10. n/30. The inventory cost Sam Company...
- Q On March I, 2009, the Miranda Company purchased 2,000 shares ofits common stock for $25 per share forthe treasury. On July I, 2009, 1,000 of the treasury shares weresold for...
- Q FIFO and LIFO. Analyze the following scenario:The Hospital for Ordinary Surgery uses pharmaceuticals for itspatients. It started the year on January 1, with an inventory of1,000 doses of an antibiotic...
- Q The stock in Black Corporation is owned by Sam and Susan, whoare unrelated. Sam owns 70% and Susan owns 30% of the stock inBlack Corporation. The following assets are to...
- Q Garden Sales, Inc., sells garden supplies. Management isplanning its cash needs for the second quarter. The company usuallyhas to borrow money during this quarter to support peak sales oflawn care...
- Q The LMN Partnership has the following assets and liabilitiesbefore any reduction for year-end principal payments on theliabilities. Assume the book basis and tax basis are the sameamount. Assets Basis=$300,000 Value=...
- Q On January 1, 2017, Blossom Company's accounting recordscontained these liability accounts.Accounts Payable$44,800Sales Taxes Payable7,750Unearned Service Revenue21,300During January, the following selected transactions occurred.Jan. 1Borrowed $18,000 in cash from Apex Bank on...
- Q West Corporation reported the following consolidated data for20X2:Sales$834,000Consolidated income before taxes129,000Total assets1,210,000Data reported for West’s four operating divisions are asfollows:Division ADivision BDivision CDivision DSales to outsiders$290,000$132,000$350,000$62,000Intersegment sales60,00014,00012,000Traceable costs246,00091,000291,00083,000Assets401,000106,000501,00076,000Intersegment sales are...
- Q Gibson Corp. owned a 90% interest in Sparis Co. Sparisfrequently made sales of inventory to Gibson. The sales, whichinclude a markup over cost of 25%, were $420,000 in 2017 and$500,000...
- Q On 1 July 2018, ABC Ltd purchased and recorded equipment at itscost of acquisition of $320 000. The equipment is expected to havea useful life for seven years and an...
- Q Please build the answer in your own words based on flowing textfrom studding book (provide the example):text from book:Group Term Life Insurance Plans.Many employers offer group term life insurance as...
- Q Solomon Company is a retail company that specializes in sellingoutdoor camping equipment. The company is considering opening a newstore on October 1, 2019. The company president formed a planningcommittee to...
- Q Describe 2-3 reasons for a favorable direct manufacturing laborvariance
- Q Derrick Iverson is a divisional manager for Holston Company. Hisannual pay raises are largely determined by his division’s returnon investment (ROI), which has been above 20% each of the lastthree...
- Q The payments department at Slick Sales has issued a cheque foran invoice it has received from Office Supplies Ltd. The payablesclerk has three documents, (1) a receipted purchase order, (2)...
- Q The following financial statements and additional informationare reported.IKIBAN INC.Comparative Balance SheetsJune 30, 2019 and 201820192018AssetsCash$85,100$48,000Accounts receivable, net71,00055,000Inventory67,80092,500Prepaid expenses4,8006,200Total current assets228,700201,700Equipment128,000119,000Accum. depreciation—Equipment(29,000)(11,000)Total assets$327,700$309,700Liabilities and EquityAccounts payable$29,000$36,000Wages payable6,40015,800Income taxes payable3,8004,600Total current liabilities39,20056,400Notes...
- Q The managerial accountant at Fast and Mean Manufacturingreported that the organization contains an automated productionline to manufacture and produce its products for consumers to enjoyin the marketplace. The managerial accountant...
- Q A CPA, is requested to prepare a written report on theapplication of the requirements of an applicable financialreporting framework to a specific transaction by an entity that isaudited by another...
- Q Lou Barlow, a divisional manager for Sage Company, has anopportunity to manufacture and sell one of two new products for afive-year period. His annual pay raises are determined by hisdivision’s...
- Q Pete, a CPA, is participating in an audit engagement of ABCCompany. He has performed the audit and has determined that anunqualified/unmodified is to be issued but he would like to...
- Q 2020 UCC balance $15000 in class 10.1 then purchased new car of50000. in 2020 a car was sold for 20000 and purchased for 80000.what will be the tax implications for...
- Q What are the three basic reports, or products, of the budgetprocess that all other schedules are prepared to support?Explain for easy understanding
- Q ACD Company was formed on December 1, 2018. The followinginformation is available from ACD's inventory record for ProductX. Units Unit Cost January 1, 2019 (beginninginventory) 1,600 £18.00 Purchases: January 5,2019 2,600 £20.00 January 25,2019 2,400 £21.00 February 16,2019 1,000 £22.00 March 15,2019 1,800 £23.00A physical inventory on...
- Q On August 31, 2019, the balance in the checkbook and theCash account of the Dry Creek Bed and Breakfastwas $12,253. The balance shown on the bank statement on the samedate...
- Q TheBooksteinCompany began business on 1/1/2016 when they sold 5000shares of stock for $46,000During 2016 Bookstein:a) on 1/13/2016 Bookstein purchased 100 books for$14 eachb) on 7/1/2016 Bookstein purchased 400 books for$15...
- Q Fanelli Corporation, a merchandising company, reported thefollowing results for July:Number of units sold6,200Selling price per unit$600Unit cost of goods sold$414Variable selling expense per unit$52Total fixed selling expense$125,700Variable administrative expense per...
- 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 Give short answers to the following questions: (16)i. Who is an accountant?ii. Describe various roles and activities that accountantsperform.iii. What type of duties does a controller perform?iv. What is a...
- Q Outback Outfitters is a manufacturer of recreational equipment.It has been experiencing an average growth rate of 20% in salesover the past 5 years. It is August 31 and the financial...
- Q The Tarzan Companybegan business on 1/1/2016 when they issued the following;1000 shares of 200 par 8% preferred stock for$200,000100,000 shares of $3 par common stock for$500,000In 2016 Tarzan reported incomeof...
- Q Thornton Medical Clinic has budgeted the following cashflows:JanuaryFebruaryMarchCash receipts$116,000$122,000$142,000Cash paymentsFor inventory purchases98,00080,00093,000For S&A expenses39,00040,00035,000Thornton Medical had a cash balance of $16,000 on January 1. Thecompany desires to maintain a cash...
- Q What is your opinion of being an expert witness? What would makethis role exciting, rewarding, or challenging?
- Q The partnership of Keenan and Kludlow paid the following wagesduring this year:M. Keenan (partner)$112,000S. Kludlow (partner)99,500N. Perry (supervisor)52,500T. Lee (factory worker)37,300R. Rolf (factory worker)28,300D. Broch (factory worker)6,200S. Ruiz (bookkeeper)26,600C. Rudolph...
- Q Value added activities are necessary to remain in business.Nonvalue added activities are defined in your text as “Allactivities other than those that are absolutely essential to remainin business.” Describe for...
- Q The following lots of a particular commodity were available forsale during the yearBeginning inventory11 units at $49.00First purchase18 units at $53.00Second purchase50 units at $57.00Third purchase14 units at $60.00The firm...
- Q Discuss the advantages of implementing ABC costing. Please citespecific examples in your post, sharing what you learned with therest of the class. How can you utilize the principles of ABCcosting...
- Q 1. The bank statement for Green Iguana Co. indicatesa balance of $8,000.00 on June 30, 2019. After the journals forJune had been posted, the cash account for the Green Iguana...
- Q Let’s consider costing for a service organization. Assume youare a consultant for a law firm. The firm currently has notraditional cost accounting system in place. A partner has taken acourse...
- Q How do you define your personal brand, imagine what people mightsay about you when you leave the room. If you put yourself in thatscenario, what are three (3) traits and...
- Q Use the following information toanswer the next 11 questions. SELECT ALL ANSWERS THATAPPLY.On May I. Sam Company sold $5,000of inventory to Bob Company. The sale was made on account and...
- Q To find financial statements, I go to Yahoo! Finance and type inthe name of a company of your choice. Discuss the financialstatements of a company of your choice, what they...
- Q Accrual accounting matches revenue with expenses, howeveraccruals can be used to manipulate income and expenses. Inthe Forbes Magazine article, “Cash Doesn’t Lie,” written by DanielFisher, the author discusses the use...
- Q Analytical procedures have always been a key element of theaudit process as the auditors assess key ratio trends as well asthe relationship between various accounts on the financialstatements. However, in...
- Q 1. Explain the concept of "creative" accounting2. Describe the specifics of Ponzi Schemes3. Describe potential conflicts of interest that could occur infinancial reporting4. Explain what the responsibilities of management, auditors,...
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