Accounting question and answers for July 28, 2023
- Q On July1, ABC Company borrows $100,000 cash from the First Bank. The terms of the loan are, principal plus interest is due in 3 months. The interest rate is 6%...
- Q Niles Co. tiene los siguientes datos relacionados con un artculo del inventario: Inventario, 1 de marzo 100 unidades a $2,10 Compra, 7 de marzo 350 unidades a $2,20 Compra, 16...
- Q This short discussion topic is mandatory and graded, though it is the only discussion topic in our course requiring just one brief posted comment in order to earn the full...
- Q E7.6 (Algo) Calculating Ending Inventory and Cost of Goods Sold Under FIFO, LIFO, and Average LO7.2 Hamitton Company uses a periodic inventory system. At the end...
- Q Overhead information for Cran-Mar Company for October follows: Total factory overhead cost incurred Budgeted fixed factory overhead cost Total standard overhead rate per machine hour (MH) Standard variable...
- Q Exercise 18-1 Financial information for Kurzen Inc. is presented below. December 31, 2017 December 31, 2016 Current assets Plant assets (net) Current liabilities Long-term liabilities Common stock, $1...
- Q Cardinal Company is considering a five-year project that would require a $2,805,000 investment in equipment with a useful life of five years and no salvage value. The company's...
- Q Matience Crace stroo. 51463 sin6,2 5.36,600 $313,500 $604.350 Muliple choice $249800 $3476000 $391,000
- Q ! Required information [The following information applies to the questions displayed below.] Jimmer has contributed $25,000 to his Roth IRA, and the balance in the account...
- Q Goal Ltd. is authorized to issue $1,500,000 of 296, 10-year bonds payable. On December 31 2016, when the market interest rate is 6%, the company issues $1,200,000 of...
- Q Ashley Williams opened Ashleys Maids Cleaning Service on July 1, 2020. During July, the company completed the following transactions: July 1 Invested $14,000 cash in the business. 1 Purchased a...
- Q Comparative Income Statement This Year Last Year $7,330,000 $5,570,800 4,750,000 3,513,000 Sales Cost of goods sold Gross margin Selling and administrative expenses: 2,580,000 2,057,800 Selling expenses 1,400,000 1,073,500...
- Q Adams Company incurs annual fixed costs of $47,670. Variable costs for Adamss product are $24.15 per unit, and the sales price is $35.00 per unit. Adams desires to...
- Q er 5 Exercises Sed Help Save & Exh Submit Check my work Required information Use the following information for the Exercises 11-13...
- Q Rundle Corporation produced 212,000 watches that it sold for $20 each during year 2. The company determined that fixed manufacturing cost per unit was $8 per watch. The...
- Q A company wants to sell the following package: A car that comes with an automatic warranty of three years (standalone price $50,000 ). A year of...
- Q Island Novelties, Inc., of Palau makes two productsHawaiian Fantasy and Tahitian Joy. Each product's selling price, variable expense per unit and annual sales volume are as follows: Hawaiian Fantasy Tahitian...
- Q Exercise 3-7(Algo) Adjusting and paying accrued wages LO P3 Pablo Management has four employees, each of whom earns $85 per day. They are paid on Fridays...
- Q SARA 53 IS UNMARRIED, AND HER TWO DAUGHTERS BETH (22) AND CAROL (19) LIVED WITH HER THE ENTIRE YEAR, BETH ALSO HAS A DAUGHTER, VICKI (2) WHO LIVES WITH HER...
- Q Internal control is not defined as the procedures and processes used by a company to a. safeguard its assets. b. process information accurately. c....
- Q Huron Company produces a cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: \table[[,Standard Quantity,,Standard],[or Hours,Standard Price...
- Q / financial accounting solutions manuals / understanding financial statements / 11th edition / chapter 5 / problem 3c pp Complete a and b (below) for Case 5.3 - Facebook, Inc....
- Q Analyze the effects of the transactions on the accounting equation of Zepher Media Services. Use the following accounts: Cash, Accounts Receivable, Supplies, Ac Service Revenue, Rent Expense, Utilities Expense, Wages...
- Q 5. Last year, Olds Inc. raised $100,000 from an issue of common shares. The company paid off a long-term loan of $50,000 and issued a...
- Q On March 1, Mena Company borrows $150,000 from High Country Bank by signing a 6-month, 8%, interest-bearing note. Instructions Prepare the necessary entries below associated with the note...
- Q After reading the Hough, Green & Plumlee (2015) paper (fromthis week’s required readings),Discuss how the company you work for (or if you are notcurrently employed, use a past employer) addresses...
- Q E11.24 (LO5)(Revaluation Accounting) Croatia Company purchasedland in2019 for $300,000. The land's fair value at the end of 2019 is $320,000; atthe end of 2020, $280,000; and at the end of...
- Q Management AccountingQuestion 1 - Identify two products you purchased in the lastyear—one for under $5 and one for over $100—and indicate whetheryou think they were accounted for using job order...
- Q Discuss the role of FVA in promoting relevance and reliabilityin accounting measurements and using a case from a local contextdepict whether FVA is accepted and widely used in the Pacific.
- Q On Sundays people in Los Angeles consider taking a boat toCatalina Island to spend the day on the beach there. The utilitythat a person gets from visiting Catalina is 1...
- Q a. The changes in account balances of the Samson Corporationduring the year are presented below:Assets $356,000Liabilities 108,000Capitalstock 240,000Additional paid-incapital 24,000Assuming there are no charges to retained earnings other than for adividend payment of $52,000,...
- Q [The following information applies to the questions displayedbelow.]Pastina Company sells various types of pasta to grocery chains asprivate label brands. The company's fiscal year-end is December 31.The unadjusted trial balance...
- Q Halogen Laminated Products Company began business on January 1,2018. During January, the following transactionsoccurred:Jan.1Issued common stock in exchangefor $108,000 cash.2Purchased inventory on accountfor $43,000 (the perpetual inventory system is used).4Paid...
- Q The unadjusted trial balance as of December 31, 2018, for theBagley Consulting Company appears below. December 31 is thecompany’s fiscal year-end.AccountTitleDebitsCreditsCash5,850Accounts receivable7,000Prepaid insurance2,800Land195,000Buildings52,500Accumulateddepreciation—buildings21,000Office equipment84,000Accumulated depreciation—officeequipment33,600Accounts payable27,800Salaries and wages payable0Deferred rent...
- Q The data listed below are taken from a balance sheet of TridentCorporation at December 31, 2018.Required:1. Determine the missing amounts.2. Prepare Trident's classified balancesheet. Determine the missing amounts. (Enter the answers...
- Q Lift Dentistry Services operates in a large metropolitan area. Lifthas its own dental laboratory used to produce porcelain and goldcrowns. The per unit variable costs to produce these crowns are:...
- Q Give and simply explain examples of corporate income andallowable deductions..based on latest "Train" Law
- Q 12/31/17 Balance SheetCash $17,000 AccountsReceivable $12,000 PrepaidInsurance $5,000 Inventory $15,000Total $49,000 Equipment $100,000 AccumulatedDepreciation $(20,000)Total $80,000 TotalAssets $129,000 AccountsPayable $9,000 Income Taxes Payable $3,000 TotalLiabilities $12,000 CommonStock $100,000 RetainedEarnings $17,000 TotalEquity $117,000 Total Liabilities &Equity $129,000Additional Information:Sales for 2018 are expected to be $200,000.Accounts Receivable turnover is expected to be 12 times - 30days of...
- Q Promotion Industries manufacturers license plates forautomobiles. The license plates sell for $10.50 each. During 2008,Miller sold 750,000 plates incurring total variable costs of$1,462,500 and fixed costs of $3,268,720. (a)Determine the...
- Q The Pritzker Music Pavilion in downtown Chicago is atechnologically sophisticated and uniquely designed performing artsvenue that hosts live concerts attended by over half a millionpatrons a year. A group of...
- Q Balt Company maintains a standard cost system; as such, allinventories, including materials, are carried on the books atstandard cost. Last period, Balt used 6,000 pounds of Material H toproduce 850...
- Q A mail-order house uses 18,000 boxes a year. Carrying costs are60 cents per box a year, and ordering cost are $96. the follingprice schedule applies.Number of boxesPrice per box1,000 to...
- Q During Heaton Company’s first two years of operations, itreported absorption costing net operating income as follows:Year 1Year 2Sales (@ $63 per unit)$1,008,000$1,638,000Cost of goods sold (@ $30 per unit)480,000780,000Gross margin528,000858,000Selling...
- Q 1.) What is the total property tax bill for your house in Ohiowith a market value of $125,000? Note the following and show yourcalculations in the space below:? You are...
- Q A1 Systems Inc. is a U.S.-based company that prepares itsconsolidated financial statements in accordance with U.S. GAAP. Thecompany reported income of $8,000,000 in 2014 and stockholders’equity of $30,000,000 as of...
- Q Thirty years ago, five mechanics formed a partnership andestablished an automobile repair shop. Two of the partners, Deckerand Groth, are now retiring. The other three partners, Farmer,Wang, and Lux, are...
- Q Several years ago, Ann Dennis, Jill Edwards, Lee Lacy, and SarahIngram formed a partnership to operate the Deli Sisters Cafe.Rerouting of bus lines caused declines in patronage to the extentthat...
- Q National Rodeo Association, a not-for-profit organization, isconsidering purchasing a new enterprise software system for$75,000. This investment is projected to have an seven-year usefullife, and a salvage value of $10,000; the...
- Q Following is the condensed balance sheet of Martinez, O'Neilland Clemens, partners who share profits or losses in the ratio of 2: 3 : 5.Cash$50,000Liabilities$200,000Other assets1,050,000Capital - Martinez100,000Capital - O'Neill300,000Capital -...
- Q Cortez Company sells chairs that are used at computer stations.Its beginning inventory of chairs was 170 units at $42 per unit.During the year, Cortez made two batch purchases of this...
- Q CompDesk, Inc., makes a single model of an ergonomic desk (withchair) for computer usage. The desk is manufactured in building 1,and the chair is manufactured in building 2. Monthly capacities...
- Q Veekay Company was organized on November 1 of the previous year.After seven months of start-up losses, management had expected toearn a profit during June, the most recent month. Management wasdisappointed,...
- Q (2 pts) Accrual basis vs. basis – revenue and expenserecognition: Suppose Capaldi Corp. provides travelservices to customers and noted the following transactions for May2018:Transaction:Accrual basis revenue / (expense):Cash basisrevenue /...
- Q Vulcan Company’s contribution format income statement for Juneis as follows:Vulcan CompanyIncome StatementFor the Month Ended June 30Sales$900,000Variable expenses408,000Contribution margin492,000Fixed expenses465,000Net operating income$27,000Management is disappointed with the company’s performance and iswondering...
- Q Saira Morrow operates Dressage Riding Academy, Inc. Theacademy's primary sources of revenue are riding fees and lessonfees, which are provided on a cash basis. Saira also boards horsesfor owners, who...
- Q Cost of Production ReportHana Coffee Company roasts and packs coffee beans. The processbegins by placing coffee beans into the Roasting Department. Fromthe Roasting Department, coffee beans are then transferred to...
- Q 1. The following items are taken from the financial statementsof the Postal Service for the year ending December 31, 2013:Accounts payable$ 19,000Accounts receivable11,000Accumulated depreciation – equipment28,000Advertising expense21,000Cash11,000Common stock40,000Dividends14,000Depreciation expense12,000Equipment190,000Insurance expense3,000Note...
- Q 1.Eneri Company's inventory records show the following data:UnitsUnit CostInventory, January 15,000$9.20Purchases:June 184,5008.00November 83,0007.00A physical inventory on December 31 shows 2,000 units on hand.Eneri sells the units for $13 each. The...
- Q 1.Effie Company uses a periodic inventory system. Details for theinventory account for the month of January, 2013 are asfollows:UnitsPer unit priceTotalBalance, 1/1/13200$5.00$1,000Purchase, 1/15/131005.30530Purchase, 1/28/131005.50550An end of the month (1/31/13) inventory...
- Q Explain the constitutionality of taxation and summarize thePhilippine Tax Law and Taxes..bases on latest "Trail" Law
- Q Please answer the following questionsa) What is Encryption in accounting information systemand what are the steps in the encryption and decryptionprocess?b) What are the factors that influnces encryptionstrength?c) What types...
- Q In preparation for a proposed bond sale, the city manager of theCity of Appleton requested that you prepare a statement of legaldebt margin and a schedule of direct and overlapping...
- Q Brandlin Company of Anaheim, California, sells parts to aforeign customer on December 1, 2017, with payment of 33,000korunas to be received on March 1, 2018. Brandlin enters into aforward contract...
- Q Ziegler Inc. has decided to use the high-low method to estimatethe total cost and the fixed and variable cost components of thetotal cost. The data for various levels of production...
- Q Section 5 of the Income Tax Act 1967 describes the ascertainmentof chargeable income. Describe the steps that are used to ascertainthe chargeable income of a taxpayer. (Pleaseshow the format of...
- Q Gonzalez Company acquired $158,400 of Walker Co., 6% bonds onMay 1 at their face amount. Interest is paid semiannually on May 1and November 1. On November 1, Gonzalez Company sold...
- Q Define a partnership. b) List four important matters, relevantto the accountant that may be included in the partnership deed.
- Q Based on past experience, Leickner Company expects to purchaseraw materials from a foreign supplier at a cost of 1,900,000 markson March 15, 2018. To hedge this forecasted transaction, thecompany acquires...
- Q Explain how to account for liabilities, including contingentliabilities. Provide and example of each.
- Q 3-44)Scholes Systems supplies a particular type of office chair tolarge retailers such as Target, Costco, and Office Max. Scholes isconcerned about the possible effects of inflation on itsoperations. Presently, the...
- Q The December 31, 2018, inventory of Tog Company, based on aphysical count, was determined to be $461,000. Included in thatcount was a shipment of goods received from a supplier at...
- Q Blue Corp. had 1,800 units of part T on hand April 1, 2017,costing $8.00 each. During April, Blue made the following purchasesof part T.UnitsUnitCostApril42,800$8.25104,8008.40191,2009.00292,5009.90A physical count at April 30, 2017...
- Q Toxaway Company is a merchandiser that segments its businessinto two divisions—Commercial and Residential. The company’saccounting intern was asked to prepare segmented income statementsthat the company’s divisional managers could use to...
- Q Froya Fabrikker A/S of Bergen, Norway, is a small company thatmanufactures specialty heavy equipment for use in North Sea oilfields. The company uses a job-order costing system that appliesmanufacturing overhead...
- Q Describe management’s responsibilities in implementing effectiveinternal control over financial reporting in a public company.Whatresponsibilities did Koss Corporation’s management have to preventor detect the embezzlement and accounting fraud?
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