Accounting question and answers for July 27, 2023
- Q Prior to 1983, hospitals received reimbursement fromgovernmental programs such as Medicare and Medicaid on a cost-plusbasis. That is, if the hospital reported total costs of $100 toprovide care for Medicare/Medicaid...
- Q Problem 15-2A Recording, adjusting, and reporting short-termavailable-for-sale securities LO P3[The following information applies to the questionsdisplayed below.]Rose Company had no short-term investments prior to year 2017. Ithad the following transactions...
- Q Prance, Inc., earns pretax book net income of $800,000 in 2018.Prance acquires a depreciable asset in 2019, and first-year taxdepreciation exceeds book depreciation by $80,000.In 2019, Prance reports $600,000 of...
- Q Paynesville Corporation manufactures and sells a preservativeused in food and drug manufacturing. The company carries noinventories. The master budget calls for the company to manufactureand sell 104,000 liters at a...
- Q Terrace Labs produces a drug used for the treatment ofarthritis. The drug is produced in batches.In March?, Terrace?,which had no opening? inventory, processedone batch of chemicals. It sold 2,100 gallons...
- Q Which of the following does not provide an accurate descriptionof refundable? taxes?A. The basic concept of refundable taxes is that a portion ofthe corporate tax paid on investment income is...
- Q Deliberate SpeedCorporation (DSC) was incorporated as a private company. Thecompany’s accounts included the following at June 30: Accounts Payable$28,400 Buildings114,000 Cash38,000 Common Stock215,000 Equipment162,500 Land286,000 Notes Payable (long-term)2,400 Retained Earnings370,900Supplies16,200During the month of July, the company had the...
- Q On April 22, 2016, Blossom Enterprises purchased equipment for$130,000. The company expects to use the equipment for 10,500working hours during its 4-year life and that it will have aresidual value...
- Q This case continues following the new project of the WePROMOTECompany, that you and your partner own. WePROMOTE is in thepromotional materials business. The project being considered is tomanufacture a very...
- Q List and discuss the characteristics of the InternationalAccounting Standards Board (IASB) that reinforced the importance ofan open, transparent and independent process.
- Q I only would like to verify the adjusting entries, the totalbalance is supposed to be $122,002. Current balance $121,274.00 butIm off by $728.Account Balances as of December 31stDebit BalanceCredit Balance100000Bank...
- Q Clark Bell started a personal financial planning business whenhe accepted $55,000 cash as advance payment for managing thefinancial assets of a large estate. Bell agreed to manage theestate for a...
- Q Chapter 4 Lecture Assignment (part 1)Hide or show questionseBookCalculatorAppendix: Completing an End-of-Period SpreadsheetAlert Security Services Co. offers security services to businessclients. Complete the following end-of-period spreadsheet for AlertSecurity Services Co....
- Q Wisconsin Milk and Ice Cream Manufacturing operates a singleplant in Sun Prairie, Wisconsin. It manufactures milk and ice creamfor retail and private label marketers in the Midwest.Requirements:Compute the Net Realizable...
- Q Camp Rainbow offers overnight summer camp programs for childrenages 10–14 every summer during June and July. Each camp session isone week and can accommodate up to 200 children. The camp...
- Q You just got a job with Bling, Inc. The company distributesbracelets to various retail outlets across the country. In thepast, the company hasn’t done budgeting and they run short on...
- Q Activity-Based Product CostingSweet Sugar Company manufactures three products (white sugar,brown sugar, and powdered sugar) in a continuous productionprocess. Senior management has asked the controller to conduct anactivity-based costing study. The...
- Q Selected comparative financial statements of Haroun Companyfollow.HAROUN COMPANYComparative Income StatementsFor Years Ended December 31, 2017–2011($thousands)2017201620152014201320122011Sales$1,475$1,291$1,175$1,077$1,005$935$766Cost of goodssold1,061863743650604565450Grossprofit414428432427401370316Operatingexpenses316247227167145143119Net income$98$181$205$260$256$227$197HAROUN COMPANYComparative Balance SheetsDecember 31, 2017–2011($thousands)2017201620152014201320122011AssetsCash$122$162$168$172$178$176$182Accountsreceivable, net880924836641565535378Merchandiseinventory3,1832,3172,0241,7061,5321,301944Other currentassets82744581697036Long-terminvestments000251251251251Plant assets,net3,8943,8793,3951,9141,9791,7591,509Totalassets$8,161$7,356$6,468$4,765$4,574$4,092$3,300Liabilities and EquityCurrentliabilities$2,051$1,725$1,131$941$817$772$498Long-termliabilities2,1921,9101,858863881954716Commonstock1,4851,4851,4851,3201,3201,1551,155Other paid-incapital371371371330330289289Retainedearnings2,0621,8651,6231,3111,226922642Totalliabilities and...
- Q Andretti Company has a single product called a Dak. The companynormally produces and sells 85,000 Daks each year at a sellingprice of $58 per unit. The company’s unit costs at...
- Q Goff Corporation acquired stock of Spiegel, Inc., on March 1,2016, at a cost of $500,000. The stock had a fair value of $550,000at December 31, 2016, $610,000 at December 31,...
- Q 3-11 CVP analysis (LO 3)Carr Orthotics Company distributes a specialized ankle supportthat sells for $30. The company’s variable costs are $18 per unit;fixed costs total $360,000 per year.Requireda. If sales...
- Q Wang Corporation's capital structure consists of 50,000 ordinaryshares. At December 31, 2011 an analysis of the accounts anddiscussions with company officials revealed the followinginformation: Sales ¥1,100,000 Purchasediscounts 18,000 Purchases 642,000 Loss on discontinued operations (net oftax) 42,000 Sellingexpenses 128,000 Cash 60,000 Accountsreceivable 90,000 Sharecapital 200,000 Accumulateddepreciation 180,000 Dividendrevenue 8,000 Inventory, January...
- Q Income StatementFor Year Ended December 31, 2018Sales revenue $97,200Expenses Cost of goods sold 42,000Depreciation expense 12,000Salaries expense 18,000Rent expense 9,000Insurance expense 3,800Interest expense 3,600Utilities expense 2,800Net income $6,000LANSING COMPANYSelected Balance Sheet...
- Q Exercise 16-24 Incorrect answer. Your answer is incorrect. Tryagain. The Martinez Corporation issued 10-year, $4,000,000 par, 7%callable convertible subordinated debentures on January 2, 2017.The bonds have a par value of...
- Q explainmerger or acquisition consolidation, which is its characteristics,and an example.stock for stock acquisition,which are its characteristics and anexampleAssets for stock acquisition, which are its characteristics andan example.
- Q Tony and Suzie graduate from college in May 2018 and begindeveloping their new business. They begin by offering clinics forbasic outdoor activities such as mountain biking or kayaking. Upondeveloping a...
- Q imon Company’s year-end balance sheets follow.At December31201720162015AssetsCash$31,800$35,625$37,800Accountsreceivable, net89,50062,50050,200Merchandiseinventory112,50082,50054,000Prepaidexpenses10,7009,3755,000Plant assets,net278,500255,000230,500Totalassets$523,000$445,000$377,500Liabilities and EquityAccountspayable$129,900$75,250$51,250Long-term notespayable secured bymortgages on plant assets98,500101,50083,500Common stock,$10 par value163,500163,500163,500Retainedearnings131,100104,75079,250Totalliabilities and equity$523,000$445,000$377,5001. Compute the current ratio for the year ended2017,...
- Q 1. “What is the joint cost? Explain why joint costs have to beallocated to various products. List the four basic methods ofallocating joint costs to joint products and discuss in...
- Q 1a. What are the three auditing standards thatconstitute GAAS? -Discuss2b. How does a person become a licensed CPA inNew York state?-Discuss
- Q Following is information on two alternative investments beingconsidered by Jolee Company. The company requires a 6% return fromits investments. (PV of $1, FV of $1, PVA of $1 and FVA...
- Q The funded status of Hilton Paneling Inc.'s defined benefitpension plan and the balances in prior service cost and the netgain–pensions, are given below.($ in 000s)20212021BeginningBalancesEndingBalancesProjected benefit obligation$3,900$4,401Plan assets4,3004,681Funded status400280Prior service...
- Q Ginocera Inc. is a designer, manufacturer, anddistributor of custom gourment kitchen knives. A new kitchen knifeseries called the Kitchen Ninja was released for production inearly 20Y8. In January, the company...
- Q You are the financial accountant for Superstore Ltd,and are in the process of preparing its financial statements forthe year ended 30 June 2018. Whilst preparing the financialstatements, you become aware...
- Q Why do you believe that it is important for auditors to act inan ethical manner? Examine the ethical code for accountantspromulgated by your state licensing board. What does it say?...
- Q Mast Corporation seeks your assistance in developing cash andother budget information for May, June, and July. At April 30, thecompany had cash of $11,000, accounts receivable of $872,000,inventories of $130,800,...
- Q Chapman Company obtains 100 percent of Abernethy Company’s stockon January 1, 2017. As of that date, Abernethy has the followingtrial balance:DebitCreditAccounts payable$57,700Accounts receivable$45,000Additional paid-in capital50,000Buildings (net) (4-yearremaining life)124,000Cash and short-terminvestments68,250Common...
- Q At the beginning of the? year, office supplies of $1,200 were onhand. During the? year, Tempo Air Conditioning Service paid $2,000for more office supplies. At the end of the? year,...
- Q Kansas Enterprises purchased equipment for $60,000 on January 1,2015. The equipment is expected to have a five-year life, with aresidual value of $5,000 at the end of five years.(1) Using...
- Q 2. Carl Corporation designs and produces a line of golfequipment and golf apparel. Carl has 150,000 shares of common stockoutstanding as of the beginning of the year. Carl has the...
- Q Just like the balance sheet distinguishes current assets fromnon-current ones, it also reports current and non-currentliabilities?What is the difference between these two categories?Why do we distinguish current items from non-current...
- Q 1;What is the beginning and the end of the payroll process?2; Does the automated payroll system eliminate humaninvolvement in the process?
- Q Case B - Report Value: 20% Due Date: 16-Sep-2018 Return Date:05-Oct-2018 Length: 3000 words Submission method options:Alternative submission method Task back to top Background You are amanager in the audit...
- Q Accounting Module assessment contains three parts (Parts 1, 2,and 3). Please follow the instructionscarefully.RequirementsPart 1:Prepare the journal entries for each set of transaction databelow.Post the transactions in the ledger.Extract the...
- Q Case A - ReportValue: 15%Due Date: 19-Aug-2018Return Date: 07-Sep-2018Length: 2000 wordsSubmission method options: Alternativesubmission methodTaskback to topBackground:You a member of the audit team at Miller Yates Howarth (MYH), anaccounting firm...
- Q Breed Products has performed extensive studies on its costs andproduction and estimates the following annual costs based on165,000 units (produced and sold):Total Annual Costs(165,000 units)Direct material$282,000Direct labor255,000Manufacturing overhead216,000Selling, general, andadministrative139,000Total$892,000Required:a....
- Q 2. On-the-Go, Inc., produces two models of traveling cases forlaptop computers: the Programmer and the Executive. The bags havethe following characteristics:ProgrammerExecutiveSelling price per bag$60$100Variable cost per bag$20$50Expected sales (bags) per...
- Q (A)Supply Ltd entered into a non-cancellable five-year leasearrangement with Customer Ltd on 1 July 2019. The lease is for anitem of machinery. There are to be five annual payments of...
- Q On June 21, 2018, Duckwall Co. purchased and placed in service$3,185,000 of 5-year recovery property (not an SUV). It is used100% for business and Is the only property placed in...
- Q Task Background You are a manager in the audit division atMiller Yates Howarth (MYH), an accounting firm with officesthroughout the major regional centres of NSW and Queensland.Although a medium sized...
- Q Assume that thefollowing facts pertain to a non-cancelable lease agreement betweenCoco Inc. and Bubs, Corp, a Lessee.Inception dateJanuary 1, 2017Residual value ofequipment at end of lease term, unguaranteed$50,000Lease term6 yearsEconomic...
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