Accounting question and answers for July 28, 2023
- Q The Accounts Receivable balance for River Corporation is$400,000 as of January 31, 2020. Before calculating and recordingJanuary 2020 Bad Debt Expense, the Allowance for Doubtful Accountshas a credit balance of...
- Q In what ways did Koss management fail in its responsibilitiesrelating to internal control over financial reporting? Note: Pleasebe brief but be specific—consider organizing your response inaccordance with the components (and...
- Q Budgeted Income Statement and Supporting BudgetsThe budget director of Gold Medal Athletic Co., with theassistance of the controller, treasurer, production manager, andsales manager, has gathered the following data for use...
- Q The following are the selling price, variable costs, andcontribution margin for one unit of each of Banner Company’s threeproducts: A, B, and C:ProductABC Selling price$130.00$140.00$140.00 Variable costs: Direct materials64.5044.0084.80 Direct labour15.0030.0012.00 Variable manufacturing overhead5.0010.004.00 Total variable...
- Q High-Low Method, Cost FormulasDuring the past year, the high and low use of three differentresources for Fly High Airlines occurred in July and April. Theresources are airplane depreciation, fuel, and...
- Q Assume the role of an expert witness who has been asked by acourt of law to assess whether and to what extent Koss managementand Grant Thornton were responsible for failing...
- Q Company sells its product for $170 per unit. Its actual andbudgeted sales follow. Units Dollars April (actual) 3,000 $ 510,000May (actual) 2,800 476,000 June (budgeted) 5,500 935,000 July(budgeted) 4,500 934,000...
- Q During the first month of its current fiscal year, Green Co.incurred repair costs of $19,000 on a machine that had 4 years ofremaining depreciable life. The repair cost was inappropriatelycapitalized....
- Q Okay, I have a case study I need to complete by the end of thisweek but I am stuck. Plus, I need to make sure that I am doing thiscorrectly....
- Q Is it possible for acompany’s credit approval procedures to be too strict? 200 wordsplease
- Q Kit Kitchen sells three types of soups: tomato basil, cheddardill and loaded potato. The following table shows the sales priceand variable cost for each type. The restaurant incurs $200,000 ayear...
- Q The ledger of Jaime Corporation at December 31, 2017, containsthe following summary data.Net sales$1,810,000Cost of goods sold$1,050,000Selling expenses117,000Administrative expenses153,000Other revenues and gains21,000Other expenses and losses26,000Your analysis reveals the following additional...
- Q The following data were taken from the records of FlexsteelManufacturing Company for the year ended May 31, 2016.Raw MaterialsFactory Insurance$7,000Inventory 6/1/15$47,000Factory Mach-Depreciation4,000Raw MaterialsPlant Manager’s Salary30,000Inventory 5/31/1644,000Factory Utilities12,900Finished GoodsOperating Expenses100,000Inventory 6/1/1585,000Sales...
- Q Provide a brief summary of how the federal income tax return isstructured. Be sureto address the relationship of AGI, personal exemptions,standard or itemized deductions, paymentsmade, balance owed, TI, and Tax....
- Q Below are cash transactions for Goldman Incorporated, whichprovides consulting services related to mining of preciousmetals.a. Cash used for purchase of office supplies, $1,550.b. Cash provided from consulting to customers, $42,100.c....
- Q Describe the two methods of accounting for bad debts under theallowance method (not the direct write off method used on taxreturns). Include how we estimate the allowance needed under one...
- Q Jan sold her house on December 31 and took a $20,000 mortgage aspart of the payment. The 10-year mortgage has a 12% nominalinterest rate, but it calls for semiannual payments...
- Q Cash BudgetWilson's Retail Company is planning a cash budget for the nextthree months. Estimated sales revenue is as follows:MonthSales RevenueMonthSales RevenueJanuary$300,000March$200,000February245,000April155,000All sales are on credit; 60 percent is collected during...
- Q The cash records and bank statement for the month of May forDiaz Entertainment are shown below. DIAZ ENTERTAINMENTCash Account RecordsMay 1, 2018, to May 31, 2018CashBalanceMay 1, 2018+Deposits–Checks=CashBalanceMay 31, 2018$5,330 $11,790 $11,920 $5,200 DepositsChecksDateDesc.AmountDateNo.Desc.Amount 5/3Sales$ 1,410 5/7471 Legalfees$ 1,250 5/10Sales1,840 5/12472 Propertytax1,620 5/17Sales2,470 5/15473 Salaries3,550 5/24Sales2,940 5/22474 Advertising1,450 5/31Sales3,130 5/30475 Supplies500 5/31476 Salaries3,550 $11,790 $11,920 P.O....
- Q Purchases Budget in Units and DollarsBudgeted sales of The Music Shop for the first six months of 2010are as follows:MonthUnit SalesMonthUnit SalesJanuary130,000April190,000February150,000May160,000March210,000June220,000Beginning inventory for 2010 is 50,000 units. The budgetedinventory...
- Q Vogel Inc. manufactures memory chips for electronic toys withina relevant range of 88,400 to 142,800 memory chips per year. Withinthis range, the following partially completed manufacturing costschedule has been prepared:Complete...
- Q Intuit Inc. develops and sells software products for thepersonal finance market, including popular titles such asQuickbooks® and TurboTax®. Classify each of the following costs andexpenses for this company as either...
- Q Identify the differences between service and merchandisingcompanies.
- Q Pratt Company acquired all of Spider, Inc.’s outstanding shareson December 31, 2018, for $499,450 cash. Pratt will operate Spideras a wholly owned subsidiary with a separate legal and accountingidentity. Although...
- Q Chuck, a single taxpayer, earns $80,750 in taxable income and$30,750 in interest from an investment in City of Heflin bonds.(Use the U.S. tax rate schedule.)Required: If Chuck earns an additional...
- Q Spartak Moscow Sdn Bhd owns a bond that pays RM400 in annualinterest with a RM2000 parvalue. It matures in 20 years. The company requires rate of returnis 14 percent.(a) Calculate...
- Q Eastern Aviation operated both an airline and severalrestaurants located near airports. During the year just ended, allrestaurant operations were discontinued and the following operatingresults were reported.Continuing operations(airline):Net sales$27,560,000Costs and expenses21,660,000Otherdata:Operating...
- Q You are the chief accountant for Jared Jo Your assistant hasprepared an income statement for the current year and has developedthe following additional information by analyzing changes in thecompany’s balance...
- Q Brief Exercise 14-1Pina Corporation issues $460,000 of 9% bonds, due in 11 years,with interest payable semiannually. At the time of issue, themarket rate for such bonds is 10%.Compute the issue...
- Q James Buchanan Orthotics and Prosthetics is planning to requesta line of credit from its bank. The company has produced salesestimates, and these appear in the worksheet below. Collectionestimates are as...
- Q [1] Describe management’s responsibilities in implementingeffective internal control over financial reporting in a publiccompany.What responsibilities did Koss Corporation’s managementhave to prevent or detect the embezzlement and accountingfraud?[2] In what ways...
- Q Step 5: Manufacturing Overhead BudgetBuff Company expects variable overhead costs to fluctuate withproduction volume according to the following rates:Indirect materials: $0.90 per direct laborIndirect labor: $1.70 per direct laborUtilities: $0.30...
- Q Hospital Equipment Company (HEC) acquired several fMRI machinesfor its inventory at a cost of $3,600 per machine. HEC usuallysells these machines to hospitals at a price of $6,960. HEC alsoseparately...
- Q roduce Company needs to know the pounds of bananas to have onhand each day. Each pound of bananas costs $.25 and can be sold for$.40 Unsold bananas are worthless at...
- Q 4. Suppose wehave two risky assets, Stock I and Stock J, and a risk-free asset.Stock I has an expected return of 25% and a beta of 1.5. Stock Jhas...
- Q Accounting for Dilutive securities and Earning per share.On November 1, 2017, Larkspur Company adopted a stock-optionplan that granted options to key executives to purchase 30,000shares of the company’s $10 par...
- Q The SEC issued an order that allows voluntary filing usingInline XBRL throughMarch 2020. Read the introduction page and the AICPA’s commentletter, and touraround the mock filing. Answer the following questions:a....
- Q Read “an introduction to XBRL” and answer the followquestions:a. What are the most important features of XBRL? Describe two ofthem.b. Who are the user of XBRL? Describe two of them.c....
- Q (v) Magic plc has a retail business which is treated as aseparate cash generating unit and which has suffered badly duringthe recession. The carrying amounts of the assets comprising theretail...
- Q As part of the Final Project, you will need to createand include an original chart. Input the data into an Exceldocument and create a chart you will be using in...
- Q Explain in your words, that the intention is to make a budgetand how it can be the help service for the administration of healthentities
- Q [The following information applies to the questions displayedbelow.] Ricky’s Piano Rebuilding Company has been operating for oneyear. On January 1, at the start of its second year, its incomestatement accounts...
- Q E19.22 (LO1,4) (TwoDifferences, One Rate, First Year) The differences betweenthe book basis and tax basis of the assets and liabilities ofMorgan Corporation at the end of 2019 are presented below.Book...
- Q Johansen Corporation uses a predetermined overhead rate based ondirect labor-hours to apply manufacturing overhead to jobs. TheCorporation has provided the following estimated costs for the nextyear: Direct materials $ 6,000...
- Q Tomey Corporation has two production departments, Forming andFinishing. The company uses a job-order costing system and computesa predetermined overhead rate in each production department. TheForming Department’s predetermined overhead rate is...
- Q During a Skype session with Jordan and Taylor, you mention thatyour current cost model in accounting is break-even analysis. Theyare not following your explanation, but they say they will swing...
- Q The accounting records of Wall’s China Shop reflected thefollowing balances as of January 1, Year 3:Cash$19,800Beginning inventory19,360(220 @ $88)Common stock14,300Retained earnings24,860The following five transactions occurred in Year 3:First purchase (cash):...
- Q Larry's Farm Equipment Store has been in business for severalyears. The firm's owners have described the store as a "high-price,high-service" operation that provides lots of assistance to itscustomers. Margin has...
- Q PR 8-1b Evaluating internal control ofcash ObJ. 2, 3 The following procedures were recently installed by TheChina Shop: a. All sales are rung up on the cash register, and areceipt is...
- Q On January 1, 2018 Casey Corporation exchanged $3,282,000 cashfor 100 percent of the outstanding voting stock of KennedyCorporation. Casey plans to maintain Kennedy as a wholly ownedsubsidiary with separate legal...
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