Accounting question and answers for July 31, 2023
- Q Please answer a,b and c and show working and explanation. Thank you!! Part I The management of JBL Co. must choose among three alternative courses of action: Sell, License...
- Q Which of the following would represent the order in which most master budgets are prepared? Multiple Choice Sales, Income Statement, Cash, Purchases Sales, Purchases, Cash, Income Statement Purchases, Sales, Cash,...
- Q Schedule of Cash Payments for a Service Company EastGate Physical Therapy Inc. is planning its cash payments for operations for the first quarter (JanuaryMarch). The Accrued Expenses Payable balance on...
- Q 25%. Required: 1. Compute the amount of Raymond Moss's bonus. Bonus $ 2. Compute the income tax expense. Income tax expense $
- Q Part BAugust Budgets During July of the current year, the management of Genuine Spice Inc. asked the controller to prepare August manufacturing and income statement budgets. Demand was expected to...
- Q Do the following for the first quarter (January, February & March) of 2015 by using EXCEL spreadsheet: (a) Prepare a Sales Budget (b) Prepare a Production Budget...
- Q Riener Hospital has an x-ray machine with a book value of $60,000 and a remaining useful life of three years. At the end of the three years the...
- Q The age of an account receivable is the length of time that it has been outstanding. At the end of October, a firm has $14,700 in receivables that are 30...
- Q Complete this question by entering your answers in the tabs below. Which of the following statement(s) is/are true
- Q Under what conditions are the results from using the direct method of allocation the same as those from using the other two methods? Why?
- Q Which one of these statements related to discounted payback is correct? Select one: a.Discounted payback is biased towards short-term projects. The discounted payback period increases as the discount...
- Q Margin of Safety The Rachel Company has sales of $740,000, and the break-even point in sales dollars is $488,400. Determine the company's margin of safety as a percent...
- Q The audit of intangible assets typically involves Vouching the Cost of Assets Testing Allocation Methods ...
- Q Which of the following accounts can be classified as a real account? A. Rent expenses account B. Rent income account C. Insurance expenses account...
- Q I need help with the answers marked in red, thank you! so for required 1 I need help with 2024 and...
- Q Which of the following statements is false? Multiple Choice Budgets enable each department to function independently from other departments. Budgets force managers to think about and...
- Q |,| The contribution margin income statement of Krazy Cream Donuts for August 2024 follows: (Click the icon to view the contribution margin income statement.) vdots Krazy...
- Q Mazie Supply Company uses the percent of accounts receivable method. On December 31, it has outstanding accounts receivable of $126,000, and it estimates that 6% will be uncollectible. Prepare the...
- Q Foster Corporation applies manufacturing overhead using a predetermined overhead rate based on direct labor hours. Foster closes any differences between actual and applied overhead to Cost of Goods Sold. During...
- Q Anwar owns a rental home and is involved in maintaining it and approving renters. During the year he has a net loss of $14,400 from renting the home. His other...
- Q I need worksheets and t accounts for each quarter but quarter 4 just needs journal entries. QUARTER 1 OPENING ENTRIES: Sold 100 shares of common stock for $12 each....
- Q tine the tine the
- Q Ida Company produces a handcrafted musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold for $852. Selected data for the company's operations...
- Q Maria Sanchez started the Merry Mowers lawncare business. She began operations on May 1st and completed six transactions, which included her initial investment of $8,000 cash. After these transactions, the...
- Q An agent acts for a(n)q, principal when she appears to be acting on her own behalf and the third person with whom she is dealing has no knowledge...
- Q Harvey Alexander, a professional football player, has justdeclared himself a free agent. Two teams, the Pittsburgh Steelersand the Miami Dolphins, have made Harvey the following offers toobtain his services:Pittsburgh Steelers:$1...
- Q Going back to the Savary case (TC Summary 2010-150) where Savary, a US citizen, was a flight attendant that lived and worked inParis. The Tax Court reviewing Art 24 (Relief...
- Q a comparative balance sheet for ALPHAinc at December 31,2017 isshown below.2017 2016 Changecash 30,000 35,000 -5,000 accounts receivable 55,000 45,000 10,000inventory 65,000 45,000 20,000preppaid expense 15,000 25,000 -10,000land 70,000 40,000...
- Q Factor Company is planning to add a new product to its line. Tomanufacture this product, the company needs to buy a new machine ata $487,000 cost with an expected four-year...
- Q Northbrook Corporation is preparing a statement of cash flows.The following transaction occurred during the year: “Issued $70,000worth of stock to acquire an airplane” Where would this transactionappear on the statement...
- Q The cash records and bank statement for the month of July forJim Incorporated are shown below.JIM INCORPORATEDCash Account RecordsJuly 1, 2021 to July 31, 2021Cash BalanceCash BalanceJuly 1, 2021Cash ReceiptsCash...
- Q Indicate whether the following statements are true or false - Increasing the number of units in a batch increases batch-levelcosts - Eliminating a business segment often allows a...
- Q Grass Inc. identified the following overhead activities, theirrespective costs, and their cost drivers to produce the three typesof lawn mowerssType of Mowers Activity (Cost)Cost DriverDeluxeModerateEconomy Machine maintenance ($545,600) Number of machine hours2207801,200 Setups ($416,000) Number...
- Q The FAX of Life Company is considering the purchase of 100 FAXmachines which will be leased to a convenience store chain.Individual convenience stores will then charge a small fee for...
- Q Comport Pty Ltd is a wholesaler of home furniture. The recentbushfire destroyed one of its warehouse located in Sydney. Theinventory loss amounts to $180,000.Required: Discuss and justify how Comfort Pty...
- Q Exercise 21-13 The Welding Department of Healthy Company has thefollowing production and manufacturing cost data for February 2017.All materials are added at the beginning of the process.Manufacturing Costs Production Data...
- Q CASE TWO, J.J. HEVA COMPANY J.J. Heva Company is an Americancompany that prepares its financial statements under US GAAP. In2014, the company reported income of $5,000,000 wit stockholders’equity of $40,000,000...
- Q Marketing Managment BMinimum 8 PagesRefrence maximum 10 refrencesThe question isDiscuss the models concepts that are used byconsultants/companies to scan macro-micro and marketenviroments?
- Q Start your research by referring to Apple’s fiscal 2016(September 24, 2016) in Appendix A of Wild Financial Accounting 9edition textbook. Find the financial statement that lists thenumber of shares of...
- Q Please answer the following in your own words.1. What’s is posting is and how does it help in the recordingprocess2. What ‘s a trial balance and its purpose3. What are...
- Q ChocAttack makes candy bars for vending machines and sells themto vendors in cases of 30 bars. Although Choc Attack makes avariety of candy, the cost differences are insignificant, and thecases...
- Q Case 8-33 Master Budget with Supporting Schedules [LO8-2, LO8-4,LO8-8, LO8-9, LO8-10]You have just been hired as a new management trainee by EarringsUnlimited, a distributor of earrings to various retail outletslocated...
- Q You work for ThunderduckCustom Tables Inc. This is the first month of operations. Thecompany designs and manufactures specialty tables. Each table isspecially customized for the customer. This month, you have...
- Q how do you post a T account given this information: 1-Dec Beganbusiness by depositing $7500 in a bank account in the name of thecompany in exchange for 750 shares of...
- Q NO Chart was provided.Spectre Chemicals produces Canovic in a two-department process.Information on the two departments for March and April 2016 are asfollows:MARCH 2016:Department 1: The Company had beginninginventory of 6,000...
- Q Financial Statements and the Closing ProcessDiscussionAs the first quarter at your restaurant draws to a close, youmust prepare your accounting records for a new period and a freshstart. Share with...
- Q A customer can purchase WI’s wine in the store at the wineryand, starting in 2017, through the new website. A customer canbecome a member of WI’s new wine club. To...
- Q Tractor Corporation produces toy tractors. The company uses thefollowing direct cost categories:CategoryStandard Inputsfor 1 outputStd. Costper inputDirect Materials4.00$12.50Direct Labour1.409.50Direct Marketing0.545.50Actual performance and budgeted performance for the company isshown below:Actual output:...
- Q Last year, CMC recorded a deferred tax asset related to productwarranties and a deferred tax asset related to accelerateddepreciation. A 75% valuation allowance was also established.However, with an upcoming international...
- Q Statement of Cash Flows—Indirect MethodThe comparative balance sheet of Merrick Equipment Co. forDecember 31, 20Y9 and 20Y8, is as follows:Dec. 31, 20Y9Dec. 31, 20Y8AssetsCash$293,310$275,050Accounts receivable (net)106,26098,790Inventories299,950292,480Investments0113,310Land153,8500Equipment330,950258,590Accumulated depreciation—equipment(77,480)(69,730)Total assets$1,106,840$968,490Liabilities and Stockholders'EquityAccounts...
- Q During the first monthof its current fiscal year, Green Co. incurred repair costs of$16,000 on a machine that had 4 years of remaining depreciablelife. The repair cost was inappropriately capitalized....
- Q Rico company issued $400,000, 9%, 20 year bonds on january 1,2017, at 103. Interest is payable annually on January 1. Rico usesstraight-line amortization for bond premium or discount.InstructionsShow WORKPrepare the...
- Q Sweetwater Company manufactures two products, Mountain Mist andValley Stream. The company prepares its master budget on the basisof standard costs. The following data are for March:Standards Mountain Mist Valley StreamDirect...
- Q Heidi Birmingham and James T. Roberts have decided to create abusiness. They have financing available and have a well-developedbusiness plan. However, they have not yet decided which type oflegal business...
- Q On July 1, 2016, Fisher Company issued 9% bonds in the faceamount of $5,000,000, which mature on July 1, 2022. The bonds wereissued for $4,782,217 to yield 10%. Fisher uses...
- Q Instructions:Answer the last three questions using the information below.Alphabet Inc, (GOOG)RatiosIndustry Average RatioThree Year Company Ratio Results201520162017Year(s)YearYearYearDebt/Equity0.030.2254614360.2047023790.293720738Current5.124.6667011916.2907615185.140305173Quick Ratio4.923.7838425695.1523633334.212504652Return on Assets0.11550.1181862870.1236863330.069420382Return on Equity0.14280.1458399310.150196440.069420382Net Profit Margin0.14190.2180053070.2157701170.11422128Instructions:Discuss the followingquestions throughly (2-3 sentences).What does...
- Q Tybee Industries Inc. uses a job order cost system. Thefollowing data summarize the operations related to production forJanuary 2016, the first month of operations:a. Materials purchased on account,$28,610.b. Materials requisitioned...
- Q What are the main objectives of comparative analysis and why arethey important to external users of the financial statements, suchas investors?
- Q Determining missing items in return and residual incomecomputationsData for Uberto Company are presented in the following table ofrates of return on investment and residual incomes:Invested AssetsIncome from OperationsReturn on InvestmentMinimumReturnMinimumAcceptable...
- Q What are the main differences in the role of financialaccounting and managerial accounting?
- Q What are the types of ratios and which ratio do you think ismost important in analyzing the financial condition and performanceof a company?
- Q You’ve just started your first accounting job, as the accountspayable and payroll clerk for Copperfield and Company, a providerof delicate wine glasses to restaurants. Your predecessor left hisjob suddenly, and...
- Q Instead of a role on the audit committee, assume therole of a partner in a public accounting firm that is consideringwhether or not to propose on a company that recently...
- Q When costs to purchase inventory are rising, using LIFO leads toreporting a ______ than FIFO.lower value for inventory on the balance sheethigher value for inventory on the balance sheetlower value...
- Q entries for Bad Debt Expense under the Direct Write-Off andAllowance Methods The following selected transactions were takenfrom the records of Shipway Company for the first year of itsoperations ending December...
- Q Holders of common stock must be aware of possible restrictionson common dividends when preferred stock isConvertible2)Callable3)Noncumulative4)Cumulative
- Q PROBLEM 22.8A Transfer Pricing DecisionsLO22-1, LO22-6Sparta and Associates produces trophies and has twodivisions—the green division and the white division. The greendivision produces the trophy base, which it can sell to...
- Q Explain why the shareholder’s basis in the new stock received ina corporate reorganization is the value of the stock received lessthe postponed gain.
- Q The property, plant, and equipment section of the JasperCompany’s December 31, 2017, balance sheet contained thefollowing:Property, plant, andequipment:Land$130,000Building$800,000Less: Accumulateddepreciation(250,000)550,000Equipment186,900Less: Accumulateddepreciation??Total property, plant, andequipment?The land and building were purchased at the...
- Q Wesco Incorporated’s only product is a combinationfertilizer/weedkiller called GrowNWeed. GrowNWeed is soldnationwide to retail nurseries and garden stores.Zwinger Nursery plans to sell a similar fertilizer/weedkillercompound through its regional nursery chain...
- Q Nash Appliance Center is an experienced home appliance dealer.Nash Appliance Center also offers a number of services for the homeappliances that it sells. Assume that Nash Appliance Center sellsovens on...
- Q FASB has develop new accounting standards for accounting forleases. These new standards are not covered in your text book.Research the new FASB Lease Accounting Standards and answer thefollowing questions:1. Why...
- Q Tractor Corporation produces toy tractors. The company uses thefollowing direct cost categories:CategoryStandard Inputsfor 1 outputStd. Costper inputDirect Materials4.00$12.50Direct Labour1.409.50Direct Marketing0.545.50Actual performance and budgeted performance for the company isshown below:Actual output:...
- Q In one (1) page or less, choose 5 financial accounting topicsthat we’ve covered this semester and relate them to yourpersonal life or the real world(outside of accounting, or course). I...
- Q Louis, a French citizen, wants to loan money to a related USentity that will be purchasing real estate in Boca. If he sets up aFrench company, then the interest income...
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