Accounting question and answers for July 31, 2023
- Q Entries for Selected Corporate TransactionsNav-Go Enterprises Inc. produces aeronautical navigationequipment. Nav-Go Enterprises' stockholders’ equity accounts, withbalances on January 1, 20Y1, are as follows:Common Stock, $10 stated value (650,000 shares authorized,440,000...
- Q DC is preparing to distribute cash dividends to itsshareholders. Must it w/h tax under sec 1441 from thedividends?(a) Shareholder A is a US citizen who resides in France. Onlyher French...
- Q On January 1, 2018, Stoops Entertainment purchases a buildingfor $480,000, paying $110,000 down and borrowing the remaining$370,000, signing a 9%, 10-year mortgage. Installment payments of$4,687.00 are due at the end...
- Q Present entries to record the following summarized operationsrelated to production for a company using a job order costsystem:A. Materials purchased on account - $219000B. Prepaid expenses paid by cash -...
- Q Exercise 8-3 Direct Materials Budget [LO8-4]Four grams of musk oil are required for each bottle of MinkCaress, a very popular perfume made by a small company in westernSiberia. The cost...
- Q Klumper Corporation is a diversified manufacturer of industrialgoods. The company’s activity basedcosting system contains the following six activity cost pools andactivity rates: Activity CostPool ActivityRates Supporting directlabor$10.00per direct labor-hour Machineprocessing$5.00per machine-hour Machine setups$35.00per setup Productionorders$170.00per order Shipments$110.00per...
- Q On June 30, 2018, Georgia-Atlantic, Inc., leased a warehousefacility from IC Leasing Corporation. The lease agreement calls forGeorgia-Atlantic to make semiannual lease payments of $545,554 overa four-year lease term, payable...
- Q Gold Nest Company of Guandong, China, is a family-ownedenterprise that makes birdcages for the South China market. Thecompany sells its birdcages through an extensive network of streetvendors who receive commissions...
- Q Acme Corporation uses the calendar year as their fiscal year forreporting purposes. Acme Corporation is owned 100% by Jesse Smith.Jesse Smith is quite wealthy - he has over $3 million...
- Q Sales price perunit:(current monthly sales volume is120,000 units). . . .$25.00Variable costs perunit:Directmaterials. . . . . . . . . . . . . . .. . . ....
- Q Reg. 1.267(a)-3(b) provides: "Except as provided in paragraph(c) of this section, section 267(a)(3) requires a taxpayer to usethe cash method of accounting with respect to the deduction ofamounts owed to...
- Q Alert Medical, LLC, consists of two doctors, Abrams andLipscomb, who share in all income and losses according to a 2:3income-sharing ratio. Dr. Lin has been asked to join the LLC....
- Q The Ste. Marie Division of Pacific Media Corporation juststarted operations. It purchased depreciable assets costing $39million and having a four-year expected life, after which theassets can be salvaged for $7.8...
- Q Your manufacturing facility produces three styles of coffeetables for its customers. All three of the tables use the sameBaltic birch plywood oval and then are treated differently tocreate the final...
- Q The following data relate to the operations of Shilow Company, awholesale distributor of consumer goods:Current assets as ofMarch 31:Cash$8,700Accounts receivable$24,800Inventory$46,800Building and equipment, net$116,400Accounts payable$28,050Common stock$150,000Retained earnings$18,650The gross margin is 25%...
- Q This must be original and not copied!!! Must passturnmitin!!!The accountant uses significant judgment in the valuation ofassets. How does the accountant use estimates and judgment in thevaluation of property, plant,...
- Q You are a newly hired associate auditor for Praxo & Hanks,CPAs, a professional services firm that provides financial audits,integrated audits, and tax work for a variety of private and publiccompany...
- Q Deming & Sons manufactures four grades of lubricant, W-10,W-20, W-30, and W-40, from a joint process. Additional informationfollows:IfProcessed FurtherProductUnitsProducedSales Value at Split-OffAdditional CostsSales ValuesW-1061,600$368,000$39,600$402,000W-2044,000316,00031,600368,000W-3035,200212,00021,200264,000W-4035,200160,00013,200176,000176,000$1,056,000$105,600$1,210,000Required:Assuming that total joint costs of $443,520...
- Q CBA’s production line of the Widget gadget has a fixed cost of$200,000 and the variable cost is $5 per unit.a) If the company sells the first 10,000 units at a...
- Q Problem 1) Static budget variance and Flexible budgetvarianceSonnet Inc. has the following information for March 2018.Master Budget for March 2018 Salesvolume………………………...……………….2,100 diskettesAverage selling price per diskette……………………$5.00/disketteDM costs per diskette………………………………..$0.85/disketteDM cost...
- Q Euclid Corporation processes a patented chemical, P-1, andproduces two outputs, P-11 and P-12. In August, the costs toprocess P-1 are $165,000 for materials and $280,000 for conversioncosts. P-11 has a...
- Q Distinguish between managerial and financial accounting as toprimary users of reports? What types and frequency of reports, andthe content and purpose of reports? how does it effect acomapny
- Q [The following information applies to the questionsdisplayed below.]Diego Company manufactures one product that is sold for $75 perunit in two geographic regions—the East and West regions. Thefollowing information pertains to...
- Q This year Drake and his son purchased real estate for aninvestment. The price of the property was $1,200,000, and the titlenamed Drake and his son as joint tenants with the...
- Q On January 1, 2018, Brown Co. borrowed cash from First Bank byissuing a $100,000 face value, four-year term note that had an 8percent annual interest rate. The note is to...
- Q Companies such as BMW, Audi, Mercedes, and Tiffany are thrivingthese days because they are expanding their luxury brands into moreaffordable product lines, thus allowing them to offer their premiumbranded products...
- Q The individual financial statements for Peter Company and SmithCo. for the year ended December 31, 2017, are attached in the Excelspreadsheet. Peter acquired a 91 percent interest in Smith onJanuary...
- Q In Seattle Plant, Inc.’s most recent balance sheet, accountsreceivable was reported at $560,495. Using the PCAOB identificationsystem, state the five separate assertions management is makingabout accounts receivable. Be clear and...
- Q This is all the instruction you need for thisassignment. For LP04.2 paper, you will be demonstratingcompetence in your MBA in accounting field ofstudy.You must complete the assignment for your emphasis...
- Q Department G had 2,280 units 25% completed at the beginning ofthe period, 12,500 units were completed during the period, 1,900units were 20% completed at the end of the period, and...
- Q x is a publicly held corporation with a subsidiary, S, of whichX always has owned 100 percent of the outstanding stock. what isthe total tax liability for X and S...
- Q You are considering the acquisition of a small office building.The purchase price is $775,000. Seventy-five percent of thepurchase price can be borrowed with a 30-year, 7.50% mortgage.Up-front financing costs will...
- Q How does Activity Based Costing differ from the traditionaloverhead allocation system ?
- Q Activity-Based Costing: Factory Overhead CostsThe total factory overhead for Bardot Marine Company is budgetedfor the year at $1,314,700, divided into four activities:fabrication, $492,000; assembly, $220,000; setup, $325,950; andinspection, $276,750. Bardot...
- Q Serial Problem Business Solutions LO P1, P2, P3, P4, P5After the success of the company’s first two months, Santana Reycontinues to operate Business Solutions. The November 30, 2015,unadjusted trial balance...
- Q Discuss the relationships among the initial assessed controlrisk, test of controls, and substantive tests of transactions forcash disbursements, and the tests of details of cash balances.Provide one example in which...
- Q Harper, Inc. acquires 40 percent of the outstandingvoting stock of Kinman Company on January 1, 2017, for $242,500 incash. The book value of Kinman's net assets on that date was$425,000, although...
- Q Discuss the relationships among the initial assessed controlrisk, test of controls, and substantive tests of transactions forcash disbursements, and the tests of details of cash balances.Provide one example in which...
- Q Solve the following problem.Charts of Accounts:CHART OF ACCOUNTSRowland CompanyGeneral LedgerASSETS11Cash12Accounts Receivable13Prepaid Insurance14Supplies15Land16Building17Accumulated Depreciation-Building18Equipment19Accumulated Depreciation-EquipmentLIABILITIES21Accounts Payable22Unearned Rent23Salaries and Wages PayableEQUITY31Common Stock32Retained Earnings33DividendsREVENUE41Fees Earned42Rent RevenueEXPENSES51Salaries and Wages Expense52Utilities Expense53Advertising Expense54Repairs Expense55Depreciation Expense-Building56Depreciation...
- Q Question 5Certossi Service Ltd. uses straight-line depreciation. Thecompany's fiscal year end is December 31. The followingtransactions and events occurred during their first three years ofoperations:2014 Jul 1 Purchasedequipment for $32,000 cash,...
- Q How can the provisions of the trust instrument be used as aplanning tool?
- Q Problem 14-23 Preparing a master budget for retail company withno beginning account balances LO 14-2, 14-3, 14-4, 14-5, 14-6 [Thefollowing information applies to the questions displayed below.]Rooney Company is a...
- Q 1.Support Department Allocations And Cost DriversVarney Corporation, a manufacturer of electronics andcommunications systems, allocates Computing and CommunicationsServices Department (CCS) costs to profit centers. The followingtable lists the types of services...
- Q Income tax rates schedule “ (1) for the Personal Income Tax Netincome which does not exceed 300,000 baht 5 percent Net incomewhich only the amount in excess of 300,000 bahtbut...
- Q 1. Nash's Trading Post, LLC reported a net loss of $11100 forthe year ended December 31, 2022. During the year, accountsreceivable decreased $5550, inventory increased $8880, accountspayable increased by $11100,...
- Q Hardnosed Equipment purchased a patent on October 1, 2006, for$150,000 plus $10,000 in legal fees. At the time, HardnosedEquipment planned to use the patent for 10 years and then sell...
- Q Codelfa contracted with the State Rail Authority to excavatetunnels to do the concrete work on the construction of Sydney’sEastern Suburbs Railway. Various stages of the work were to becompleted by...
- Q Waterloo, Ltd.manufactures a component used in aircraft navigation systems.Demand has been strong and the executive staff at Waterloo isplanning for next year. Yesterday, you were called into a budgetingmeeting where...
- Q Debate the unethical behaviors found in the accountingprofession and your suggestions for prevention of these damagingbehaviors.With various high-profile examples of unethical behavior in thefinancial and accounting profession that negatively affectedemployees,...
- Q On November 1, 2016, Patty Cosgrove established an interiordecorating business, Classic Designs. During the month, Pattycompleted the following transactions related to the business:Nov.1Patty transferred cash from apersonal bank account to...
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