Accounting question and answers for July 28, 2023
- Q 5.1 Calculate the Payback Period of the first alternative (expressed in years, months and days). (3 marks) 5.2 Calculate the Accounting Rate of Return on initial investment of the first...
- Q Question 5 [ 50 points] Weber inc, began operations on April 1, 2022. Its adjusted account balances at March 31, 2023 are shown below. Use this...
- Q Smith Corporation issues $2,200,000, 10-year, 8% bonds payable at a price of 96. The journal entry to record the issuance will include a
- Q Terrific Temps fills temporary employment positions for local businesses. Some businesses pay in advance for services; others are billed after services have been performed. Advance payments are credited...
- Q - fair value accounting The causes of the global financial crisis (GFC) that swept the world in 2008 and 2009 are complex and open to debate. However, some regard the...
- Q Pixel Studio, Incorporated, creates computer-generated animations for films and television. Much of the companys work consists of short commercials for television, but the company also does realistic computer animations for...
- Q Units: 609 Sales $6560 Variable Costs $617 Fixed Costs $152 If the company reduces its selling price by $4 per unit to generate more sales AND increase advertising...
- Q Cavite Company acquired land and building by issuing 60,000, P100 par value, ordinary shares. On the date of acquisition, the shares had a fair...
- Q Anderson Equipment Repair were as follows. Cash Accounts Receivable Supplies Equipment Debit $2,340 Accumulate 4,190 Accounts Pa' 1,740 Unearned Re 11,940 Salaries Pays J. Anderson, $20.210 During November, the...
- Q A company that owns more than 50% of the ordinary shares of another company is known as the
- Q Product Cost Method of Product Costing MyPhone, Inc. uses the product cost method of applying the cost-plus approach to product pricing. The costs of producing and selling 5,450...
- Q Retained Earnings Policy Public enterprises are required to present earnings per share data on the income statement. Consider the effect of dilutive and antidilutive convertible securities. Discuss this information from...
- Q 22. In describing FICA taxes for self-employed taxpayers, which (if any) of the following statements is correct? a. Self-employed taxpayers are allowed an income tax deduction for all of the...
- Q James, Keller, and Rivers have the following capital balances; $68,000, $75,000 and $95,000 respectively. Because of a cash shortage James invests an additional $15,000 ...
- Q PLEASE PLEASE PLEASE HIGHLIGHT THE ANSWER Smiley Co. showed the flowing information for March 2021 W.I.P inventory balances 3/1 $5,000 and 3/31 $1,000 Raw materials inventory...
- Q ToyWorks Ltd. is a company that manufactures and sells a single product, which they call a toodle. For planning and control purposes they utilize a quarterly master budget, which is...
- Q Financial Statements and Closing Entries Last Chance Company offers legal consulting advice to prison inmates. Last Chance Company prepared the end-of-period spreadsheet that follows at June 30, 2019, the end...
- Q How does accrual accounting affect timing differences between the balance sheet and income statements when compared to cash accounting? Who must use accrual accounting? Find a company that uses accrual...
- Q The following accounts and balances are taken from Moore Company's adjusted trial balance: Accounts Payable $ 11,000 Accounts Receivable 3,200 Accumulated Depreciation 1,600 Depreciation Expense 1,700 Dividends 2,100 Insurance Expense...
- Q Merlot, Inc. has fixed costs of $253,000, sales price of $52, and variable cost of $35 per unit. How many units must be sold to earn profit of $53,000? 8,000...
- Q Question 13: they replied return on a stock is 8.75% and the stock has a constant growth rate of 2.39%. What is the dividend yield
- Q The topic is The Sharing Economy: How it Changing Industries? your opinion based on the topic. (Can get the info from secondary data i.e, newspapers, articles, website, etc.) Approximate 7...
- Q journalize thse transactions EM221 Insert Draw Page Layout Formulas Data Review View Home Paste June 1: Byte of Accounting, Ine. issued 2,590...
- Q Natalie decides that she cannot afford to hire John to do her accounting. One way that she can ensure that her cash account does not have...
- Q Zytel Corporation produces cleaning compounds and solutions for industrial and household use. While most of its products are processed independently, a few are related. Grit 337, a...
- Q Assuming increasing prices, the LIFO cost flow assumption used by the company to value inventory a. results in higher total assets on the balance sheet than the other inventory cost...
- Q The business processes supported by an ERP system is based on the idea of Best Practice. Discuss the advantages and disadvantages of this approach.
- Q From the following transactions for Edna Co., when appropriate, journalize, record, post, and prepare a schedule of accounts receivable. The accounts receivable subsidiary ledger and partial general ledger have been...
- Q Whispering Co. sells $528,000 of 10% bonds on March 1, 2017. The bonds pay interest on September 1 and March 1. The due date of the bonds is September 1,...
- Q Do you think there are any circumstances when you should go outside the company to report financial wrongdoing? If so, to what person/organization would you go? Why? If...
- Q Current Attempt in Progress Cullumber Corporation sells three different models of a mosquito "zapper." Model A12 sells for $42 and has unit variable costs of $29.40. Model B22...
- Q Evaluation for financial statement recognition and disclosure is required for whichtax positions? Group of answer choices Tax positions that result in reduced taxable income only. All tax positions Tax positions...
- Q Please answer clearly and in the same format. Thank you!!!! Required information [The following information applies to the questions displayed below.] Santana Rey created Business Solutions on October...
- Q Describe what how cafeteria plans work. What is the advantage of them for the employee & the employer?
- Q Indicate to which business activity, operating activity, investing activity, or financing activity, each item relates. a. Cash received from customers. b. Cash paid to...
- Q The following information pertains to JAE Corporation at January 1, Year 1. Common stock, $10 par, 20,000 shares authorized, 2,000 shares issued and...
- Q Bonita Company uses a job order cost system and applies overhead to production on the basis of direct...
- Q First question for discussion. Why use special journals? What are some reasons we may use special journals instead of the one general journal that we learned before ch 7? ...
- Q Exercise 8-11 (Algo) Cash Budget Analysis (L08-8] A cash budget, by quarters, is given below for a retail company (000 omitted). The company requires a minimum cash balance...
- Q Analyze the major benefits and major weaknesses of traditional Activity-Based Costing (ABC) in determining accurate overhead costs over an ABC system. Provide a rationale for your response. Suggest the...
- Q James A. Varney and Denise M. Varney 1. James and Denise Varney are married and file a joint return. James is 48 years of age and Denise is 49. James...
- Q Assume the following beginning inventory, purchases, and sales during the month of April: April 1 Beginning Merchandise Inventory, 10 units @ $20 each April 3- 8 units sold ...
- Q 81. XYZ firm has imported a machine from abroad. Which of the following is NOT the element of the machine's cost? A. Purchase price of machine B. Import...
- Q For tax purposes, "gross income" is all the money a person receives in a given year from any source. But income taxes are levied on "taxable income" rather...
- Q Route the following flood hydrograph through river reach for which k= 12.0h and x=0.20. At the start of the inflow flood, the outflow discharge...
- Q QUESTION 4 (Please give a brief explanation why the answer is correct) The method of neglect handles spoilage that is a. discrete and abnormal c. continuous and abnormal...
- Q Discussions 1. When should a company prepare budgets? What are the advantages of preparing budgets? 2. Why are human factors crucial in budgeting
- Q One of the issues we identified with traditional costing systems is that all costs are allocated using volume-related drivers, such as direct labor-hours. How is time-driven ABC, which relies on...
- Q Required information Exercise 17-10 Efficiency and profitability analysis LO P3 (The following information applies to the questions displayed below.) Simon Company's year-end balance sheets follow....
- Q 1. Take a Business; it can be real or imaginary. Give a brief description about your Partnership business. (1 marks) 2. List and explain various contents involved in...
- Q Compute the amount of goods available for sale, ending inventory, and cost of goods sold at January 31 under each of the following inventory costing methods: ...
- Q Federal Income Tax I Gross income amount may affect other deductions and/or tax credits. Explain. How have itemized deductions changed since TCJA? Donating to what types of organizations may...
- Q Outline any five errors that cannot be detected by the trial balance
- Q When should an airline recognise the revenue associated with selling travel insurance which covers cancellation. Is it as soon as the purchase is made, or when the flight occurs -...
- Q X Company must decide whether to continue using its current equipment or replace it with new, more efficient equipment. The following information is available for the...
- Q 1) Comfy Wheels Bus Company produce autobuses. Para producir los asientos de los autobuses, se debe instalar un equipo especial. El costo de instalacin por marco es de $35. El...
- Q The acquisition of a used machine with a purchase price of $37,185, requiring an overhaul costing $9,189, installation costs of $6,155, and special acquisition fees of $32,015, would...
- Q Uri and Autry are married and will file a joint return. They purchased their first home in 2016. The home served as their primary residence until June 2022, when they...
- Q Included in Larkspur Companys December 31 trial balance is a note receivable of $10,800. The note is a 4-month, 10% note dated October 1. Prepare Larkspurs December 31 adjusting entry...
- Q What is listed property? Give 2 Examples( in the business taxation)
- Q Consider the following two statements. Statement 1: Dividends paid must be reported in the Income Statement and Other Comprehensive Income. Statement 2: losses from disposal of assets must...
- Q James Company uses the allowance method for uncollectible accounts. James Company accepted a $8,500, 6%, 90-day note dated May 16, from Davis Company in exchange for its past-due account receivable....
- Q Identify and explain one example of a major company experiencing the legal versus ethical dilemma. In your opinion, was it handled correctly?
- Q Rayya Co. purchases a machine for $176,400 on January 1, 2019. Straight-line depreciation is taken each year for four years assuming a eight-year life and no salvage value. The machine...
- Q Suponga lo siguiente: Ganancia en la venta de propiedad personal comprada en Filipinas y vendida en Hong Kong. = 400.000 Compensacin recibida por servicios personales en Filipinas....
- Q Which of the following trial balances are used as a source for preparing the income statement? A. Post-closing trial balance. B. Adjusted trial balance. C. Pre-adjusted trial balance. D. Unadjusted...
- Q Required information The following information applies to the questions displayed below. Summary Information from the financial statements...
- Q Exercise 8.50(Algo) Prepare a Production Cost Report: Weighted-Average Method (LO 8-2,3,4,6) Terminal Industries (Th) produces a product using three departments: Mixing. Processing, and Filtering. New...
- Q Mauro Products distributes a single product, a woven basket whose selling price is $24 per unit and whose variable expense is $19 per unit. The companys monthly fixed expense is...
- Q Calculate the equivalent units of production for direct materials using the weighted-average method
- Q Brody Corp. uses a process costing system. Beginning inventory for January consisted of 1,000 units that were 45% completed. 10,700 units were started during January. On January 31, the inventory...
- Q Please answer ! FIFO Perpetual Inventory The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as...
- Q Taxable profit can be measured based on accounting profit adjusted for the different treatment of accounting revenues and expenses for taxation purpose. Select one: a. True b. False
- Q Wilmington Company has two manufacturing departmentsAssembly and Fabrication. It considers all of its manufacturing overhead costs to be fixed costs. The first set of data that is shown...
- Q I buy $3,000,000 of gold and enter into a contract to sell the gold for $3,150,000 1 year and 1 month in the future. I borrow $3,000,000 to buy the...
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!