Accounting question and answers for July 29, 2023
- Q Paloma Company has four employees. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross...
- Q You have just inherited $30,000 and would like to invest the money in a conservative investment as you prepare for retirement ten years from now. Describe the factors you would...
- Q 1. Working capital $ 2. Current ratio 3. Quick ratio ...
- Q Oslo Company prepared the following contribution format income statement based on a sales volume of 1,000 units (the relevant range of production is 500 units to 1,500 units): Sales $...
- Q Lopez Corporation sold equipment that it had purchased for $300,000 ($100,000 cash and a note for $200,000) four years ago. As of the date of sale, Lopez had claimed $187,500...
- Q Brett Teddy Enterprises had the following accounts and normal balances listed on its December 31st adjusted trial balance: Service Revenue, $21,900; Salaries Expense, $6,000; Rent Expense, $4,400; Advertising Expense, $3,100;...
- Q An S corporation elects a September 30 taxable year. the S corporation, as a pass-through entity does not need to make tax payments to IRS True or false
- Q Discuss ethics as it relates to business and, in particular, accounting. How ooes ethics and accounting play a major role in business matters? Hint: You can Google ethics and accounting...
- Q Equipment with a cost of $85,000 has an estimated salvage value of $7,000 and an estimated life of 6 years. Compute the annual depreciation and then show what this asset...
- Q Brown Company's bank statement for September 30 showed a cash balance of $1,350. The company's Cash account in its general ledger showed a $995 debit balance. The following information was...
- Q Moira and Johnny graduate from college in May 2020 and begin developing their new business. They begin by offering clinics for basic acting skills such as improv or dramatic reading....
- Q Which IFRS standard requires that the cost and thus the value) of the products in inventory must include both manufacturing direct costs and a share of...
- Q Current Attempt in Progress Gray Company uses the periodic inventory system to account for inventories. Information related to Gray Company's inventory at October 31 is given below:...
- Q Using the percentage-of-receivables method for recording bad debt expense, estimated uncollectible accounts are $51000. If the balance of the Allowance for Doubtful Accounts is an $10200 debit before adjustment, what...
- Q Lakeside Winery is considering expanding its winemaking operations. The expansion will require new equipment costing $679,000 that would be depreciated on a straight-line basis to zero over the...
- Q please hurry, will upvote
- Q Hugh has the choice between investing in a City of Heflin bond at 5.5 percent or a Surething bond at 8.85 percent. Assuming that both bonds have the same nontax...
- Q Which of the following is a possible indication that fraud may be present? a. An employee's spouse is diagnosed with Alzheimer's disease. b. An employee's lifestyle changes suddenly. c. An...
- Q Enter the summarized activities in the two T-accounts below. Complete this question by entering your answers in the tabs below. Enter the summarized activities in the T-account below
- Q Brooklyn Inc. buys and sells swim spas that are used in homes across Ontario. The company follow ASPE. Unit selling prices range from $40,000 to $80,000. ...
- Q A fixed asset with a cost of $52000 and accumulated depreciation of $47,500 is traded for a similar asset priced at $60,000 in a transaction with commercial substance. assuming a...
- Q how can i do this? Calculation of yeur weekly_gress.pay: Weekly Gross pay = Hourly rate times 40 Weekly Gross pay = 50 40=$2,000 Estimated...
- Q 21-24 Complete Statement of Cash...
- Q Rochdale & Co. sold six computer tables in January. All six customers wrote them checks for their purchases. The company recorded the six sales as February transactions, even though they...
- Q Using the post-closing trial balance, calculate the total assets, liabilities, and equity, and enter those amounts in the basic accounting equation.
- Q Concord company inventory records show the following data. Inventory January 1 Units 10500-unit cost $9.00, Purchases June 18 8800 units @ 8.00 and November 8 5500 units @ unit cost...
- Q Farrongton, Inc uses activity based costing... (Cide the con so vew the budgeted conts and acovity benes.) Read the remenrments Begin by seiscing the formula to...
- Q A company has the following: Income Statement Information: Sales Revenue: $120,000 CoGs: $70,000 Gross Proft: $50.000 Depreciation Expense: $9.000 Selling Expenses: $28,000 Net income: $13.000 Balance...
- Q During the month, Blue, Inc. purchased 1,050 shares for $5.00 per share and classified them as trading investments. At the end of the month, the price of the securities was...
- Q A company's flexible budget for 93,000 units of production showed sales of $300,000; variable costs of $150,000; and fixed costs of $90,000. What net operating income would you expect the...
- Q When the auditors have decided to use statistical rather than non-statistical sampling, a disadvantage is that __________. designing efficient samples is more difficult the costs of...
- Q A construction company received check in the amount of $200,000 for last months progress billing from owner. The proper entry for this transaction is: A) Debit Progress Billings $200,000; credit...
- Q 11 The High-Low Method considers the periods with the highest and lowest total cost. True False
- Q A food company is planning to purchase 5,000,000 pounds of beef in six months. The company is concerned about changes in the price of beef. Your assignment is to construct...
- Q Biltmore Corporation uses the weighted-average process costing method. During the month of April the direct material equivalent unit cost was $14 and the conversion cost equivalent unit was $6. Biltmore...
- Q Question 20 Kelly's Wood Shop produces wood chips and sawdust in a joint manufacturing process - not sure why.... One jointly produced batch yields 3,000 cubic yards of woodchips and...
- Q In your report, Andrew requires you to discuss whether the NZ framework is an accounting standard or not and also explain how the NZ framework is useful to the preparers...
- Q 1 A newly hired engineer for a computer firm in the Boston metropolitan area has four years experience and good all-around qualifications. When asked to estimate the starting salary for...
- Q Leland pays premiums of $37,250 for an insurance policy in the face amount of $186,250 upon the life of Caleb and subsequently transfers the policy to Tyler for $55,875. Over...
- Q Bridgeport Company sells goods that cost $258,000 to record company for $352,600 on January 2, 2025. The sales price includes an installation fee, which has a standalone selling price of...
- Q The following information is available for the preparation of the government-wide financial statements for the City of Southern Springs as of April 30, 2020:...
- Q The Company tha t is 25.000 Cum On the eas received another from an outside vodorowy er of...
- Q Oslo Company prepared the following contribution format income statement based on a sales volume of 1,000 units (the relevant range of production is 500 units to 1,500 units): Sales $...
- Q please do these 4 questions. Thank you QUESTION 4 The operating budget of the Honeysmart Company is given below. $425,000 Sales Fixed Costs...
- Q View Policies Show Attempt History Current Attempt in Progress Suppose this information is available for PepsiCo, Inc. for 2023,2024, and 2025. (a) Your answer...
- Q Analyze the two primary qualities of useful accounting information and give your opinion on whether you agree with the two primary qualities. Suggest to FASB one additional primary quality that...
- Q Martin Shipping Lines issued bonds 10 years ago at $1,000 per bond. The bonds had a 30-year life when issued, with semiannual payments at...
- Q Which type of account would you assign a gift of $1.5 million dollars with restriction indicating that only the future income generated from this balance can be used by the...
- Q Blossominc decided to purchase equipment from Central Ontario Industries on January 2, 2020, to expand its production capacity...
- Q Corporate executives are often offered incentive compensation in various forms. Stock options are probably the most notable, but other forms include; restricted stock shares, restricted stock units and stock appreciation...
- Q A machine costing $212,400 with a four-year life and an estimated $18,000 salvage value is installed in Luther Company's factory on January 1. The factory...
- Q On January 1, assume that ABX Company issues $1,000,000 of 6-year, 5% bonds, the yield to maturity is 4%, and the interest is payable annually on December 31. Find the...
- Q Estimated income statements, using absorption and variable costing Prior to the first month of operations ending October 31 Marshall Inc. estimated the following operating result: Sales (30,400 x $106). $3,222,400...
- Q The tax forms available for conducting a business entity include the:? Sole proprietorship. Partnership. Corporation. S corporation. All of the above.
- Q In some instances, an infeasible solution may be the optimum found by the corner point method. True or False
- Q What is meant by a "stakeholder". and how is that different from a stockholder. What are the different types of stakeholders, Play the role of one type of stakeholders and...
- Q Terry sells a piece of property with a basis of $70,000 to the TS partnership (which she has a 40% interest in) for $50,000. What are the tax consequences of...
- Q Which of the following statements is False? A) A favourable variance can be automatically interpreted as "good news". B) The most important task in variance analysis is to...
- Q Use the commission schedule from Company A shown in the table to find the annual rate of interest earned on the investment. (Note: commissions are rounded to the nearest cent.)...
- Q In 2018, Amanda and Jaxon Stuart have a daughter who is one year old. The Stuarts are full-time students and are both 23 years old. Their only sources of income...
- Q Paul Sabin organized Sabin Electronics 10 years ago to produce and sell several electronic devices on which he had secured patents. Although the company has been fairly profitable, it is...
- Q Brown Company's bank statement for September 30 showed a cash balance of $1,350. The company's Cash account in its general ledger showed a $995 debit balance. The following information was...
- Q What is Financial analysis and ratio analysis of Nintendo company?
- Q Provide a well detailed answer. Discuss which of the three accounting methods (i.e. IFRIC 3 Approach, Government Grant Approach, and Net Liability Approach) provides more relevant and faithfully represented financial...
- Q Homework ACC-690 Module Three Quiz Problem Two The Fratilo Co. had three operating segments with the following information: Pens Pencils Erasers Sales to outsiders $ 11,200 $5,600 $8,400 Intersegment...
- Q Ivanhoe indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round present value factor ...
- Q Which of the following functions is not linear? 5X + 3Z 3X + 4Y...
- Q Jurvin Enterprises recorded the following transactions for the just completed month. The company had no beginning inventories. $75,100 in raw materials were purchased for cash. $71,100 in raw...
- Q 4. A thirty-year $1,000 bond with annual coupons is redeemable at par and has a coupon rate of 8% for the first 12 years and then 10% for the remaining...
- Q Using the following information, determine the fixed and operating costs for a scraper. Actual cost (delivered)
- Q On Friday of each week, Prawn Company pays its factory personnel weekly wages amounting to $55,000 for a five-day work week. Instructions: 1. Prepare the necessary adjusting entry at year...
- Q On August 5, 2014, Famous Furniture shipped 20 dining sets on consignment to Furniture Outlet, Inc. The cost of each dining set was $350 each. The cost of shipping the...
- Q Lark Art Company sells unfinished wooden decorations at a price of $15.00. The current profit margin is $5.00 per decoration. The company is considering taking individual orders and customizing them...
- Q please complete! thank you! For journal entries 1 through 12 , indicate the explanation that most closely describes it. You can use explanations more...
- Q Compare the cost of capital concept with the idea of the required return on a stock investment made by an individual. Relate both ideas to the risk of...
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