Accounting question and answers for November 10, 2023
- Q Journalize the following transactions for Malone Custom Furniture Manufacturing: (8 pts) a. Purchased 50,000 feet of lumber (materials) at a cost of $1.34 per board foot on account. ...
- Q Marine Ltd has assets in the form of a factory with the following values: Purchase price IDR 1,200,000 Accumulated depreciation (400,000) Book value Rp.800,000 In the current year, there were...
- Q Indirect labor is recorded by debiting the ___________ account. Multiple Choice Salaries and Wages Payable Raw Materials Inventory Manufacturing Overhead ...
- Q Financial Statements of a Manufacturing Firm The following events took place for Digital Vibe Manufacturing Company during March, the first month of its operations as a producer of digital video...
- Q A comparative income statement is given below for McKenzie Sales, Limited, of Toronto: McKenzie Sales, Limited Comparative Income Statement This Year Last Year Sales $ 7,380,000 $ 5,608,800...
- Q Haste Enterprises issues 16-year, $1,000,000 bonds that pay semiannual interest of $40,000. If the effective annual rate of interest is 10%, what is the issue price of the...
- Q Beginning inventory $290,000, ending inventory 350,000, purchases $500,000. What is the average inventory, what is the inventory turnover ratio?
- Q 14. Walmart operates using a perpetual inventory system. They purchase $15,000 worth of inventory. Which of the following is the correct way to account for this purchase? ...
- Q This is really an odd situation, said Jim Carter, general manager of Highland Publishing Company. We get most of the jobs we bid on that require a lot of press...
- Q Alcan Inc., which is a Canadian company and one of the global leaders in aluminum mining and production, is re-examining its capital structure and whether it has any excess debt...
- Q 1. Lang Lang Ltd., a CCPC eligible for the small business deduction, has a March 31 year end. Due to the death of the owner/manager, the tax return for the...
- Q Carlos is the controller for Rooney Corporation (a C-corp). Carlos owns a 20% interest in Rooney. He receives a salary of $60,000 and medical insurance from a qualified plan costing...
- Q At Deutschland Electronics, there is a centralized office used for receiving or transmitting a large volume of enquiries by telephone. Currently, the two product lines are charged for call center...
- Q The following is the income statement of a branch for the six-month period ending June 30, 2020: Sales P620,000 Cost of sales: ...
- Q Please Use your keyboard (Don't use handwriting) Thank you.. I need new and unique answers, please. (Use your own words, don't copy and paste) ACC 101 Assignment Question(s): (5...
- Q An organisation manufactures a single product. The total variable cost of making 4,000 units is OMR 20,000. What is the variable cost per unit of the product? ...
- Q Dreams Manufacturing, Inc. provided the following information for the year ended December 31, 2020: Materials Purchases $55,000 ...
- Q 1 Record your initial investment 1/2/2018 Cash $100,000 Common stock $100,000 2 Record the energy bills ...
- Q 1. Customer value ___________________. a. is always higher for low-cost products b. is a subjective judgment by each customer c. is the same as price paid d. depends on the...
- Q Sky Corporation makes a product which is sold to house builders in an expanding but very competitive market. The product is a device for providing ventilation at the eaves of...
- Q Loki Limited has the following equity accounts on January 1, 2021: Share CapitalOrdinary (5 par, 150,000 shares issued) 750,000 Share PremiumOrdinary 250,000 Retained Earnings 120,000. In 2021, the company had...
- Q Bally forward firm has a growth rate of 30% per year. It is an all equity financed and has totally addicts of $1 million. Its return on equity is 20%....
- Q XX manufacturing is a small textile manufacturing using machine hours as the single indirect-cost rate to allocate manufacturing overhead costs to the various job overhead during the year. The...
- Q Problem 7-5A Pharoah Company of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May...
- Q In 2020 Our Company had Net Income of $550,000. On 1/1/20, there were 100,000 shares of common stock outstanding. On 4/1/20, we issued 36,000 shares of common stock. On 6/1/20,...
- Q A contracting firm anticipates that it will incur costs in excess of the contract price on a particular contract. The firm has completed two years of work but the contract...
- Q Brian owns a duplex used as rental property. The duplex has a basis of $84,000 and $380,000 FMV. He transfers the duplex to Carrie, his sister, in exchange for a...
- Q Mercer Asbestos Removal Company removes potentially toxic asbestos insulation and related products from buildings. There has been a long-simmering dispute between the companys estimator and the work supervisors. The on-site...
- Q The following information was taken from the books and records of Blossom, Inc.: Net Income: $324,000 Capital structure: a. Convertible 6% bonds. Each of the...
- Q Production company Puupaat Oy has come up with a notion for a new television serial. Developing the notion into a concept would cost e 1.5m. New concepts have an equal...
- Q If you earned a salary of $84,000, what would be your total FICA taxes? (Use a combined tax rate of 15.3%, which is the rate used in the textbook.) ...
- Q Old MathJax webview Please explain with examples: What are the primary reporting alternatives for the company to repurchase its own shares, and how each option would affect total...
- Q Thad, a single taxpayer, has taxable income before the QBI deduction of $196,500. Thad, a CPA, operates an accounting practice as a single member LLC (which he reports...
- Q If a company borrows to purchase a building: a. No economic event has occurred so no further action is required. b. Assets and liabilities...
- Q what are the positive and negative impact of the clean up exercise on the financial market in Ghana
- Q eal Corporation purchased for $295,000 a 25% interest in Murphy, Inc. This investment enables Teal to exert significant influence over Murphy. During the year, Murphy earned net income of $168,000...
- Q The president of the retailer Prime Products has just approached the companys bank with a request for a $71,000, 90-day loan. The purpose of the loan is to assist the...
- Q The Beatles Co. began construction of a recording studio on January 1, 2020 and completed the studio on October 31, 2021. The details on the expenditures relating to...
- Q A group of college graduates decided to start a tutoring school business called MscBM Incorporation on Sep 1, 2021. The following activities occurred in the month of September. Sep...
- Q The general ledger of Carla Vista Corporation as of December 31, 2021, includes the following accounts: Copyrights $ 57000 Deposits with advertising agency (will...
- Q The bookkeeper of Latsch Company, which has an accounting year ending December 31, made the following errors: ?Collected ?1,000 to a customer was received on December 29, 20x0, but not...
- Q On May 1, Terrell plans to make a single (lump-sum) deposit into an investment account that earns 5% compounded annually. He wants this investment to be worth $20,000 eight (8)...
- Q On January 2, 2020, Pops, Inc. acquired 48,000 shares of Son Corp. at the fair value of $10 per share. On January 2, 2020, Son has 240,000 shares of common...
- Q Brennan has been in business for many years, and her accounting year end is the 31 December each year. On the 1st July 20X5 she purchased a machine for €2,400....
- Q The price of a one-year European call option on a dividend-paying stock with a strike price of 70 kr is 7 kr. The stock price is 71 kr, a dividend...
- Q Identify the adjusting entries that will require reversing entries and prepare the reversing entries, if any. Presented below are a number of adjusting entries: 2020 a. Dec. 31 Printing Supplies 25,000 Printing...
- Q The robotic space probe was sent to explore the Martian climate and take photos of the planet on December 11, 1998. The way to Mars took around 9 months. On...
- Q Global retailer Walmart was charged with breaking local labour laws in late 2006. Walmart had been found guilty of exploiting employees in Pennsylvania, USA by forcing them to work during...
- Q Record adjusting journal entries for each of the following for year ended December 31.Assume no other adjusting entries are made during the year. Unearned Services Revenue. The company charges $155...
- Q Due to increase demand for scenic flights in Sydney because of international travel restrictions, on 1 July 2021 lconic Flights Lto decides to lease a Helicopter from Access Finance Ltd....
- Q Rose makes an investment worth P15,000 in a savings bank paying 14% compounded monthly. If she withdrawn all her investments and the interest which amount to P19,000 for how long...
- Q The yield on a discount basis of a 90-day, 1,000, 000 Treasury bill selling for 950, 000 is?2.A 90 days Certificate of Deposit for P500 000 at 6 per cent...
- Q ABC company's ordinary shares are expected to pay $ 3 per share in dividends in 4 years and after which the dividends are expected to grow at 2% annually forever....
- Q If the initial margin is 50%, and you are buying 200 shares at P30/share, a. how much money do you have to have to provide? b. If you sell at...
- Q Payment of $1,600 are made at the end of each year for 10 years. Interest has a nominal rate of 9% convertible quarterly. (a) What is the present value of...
- Q You are supporting a taxpayer in the middle of a very busy day. The taxpayer wants to know what actions she can take to appeal a lien that has been...
- Q From August Sales Journal: Day of Sales Shipping ...
- Q Bula Investments acquired $256,800 of Effenstein Corp., 9% bonds at their face amount on October 1, 20Y1. The bonds pay interest on October 1 and April 1. On April 1,...
- Q For Target Corporation A. Describe how you would conduct the audit process, incorporating the analytical procedures you would use to investigate selected business transactions. 1. What steps will you take...
- Q Pacific Corporation’s stock is owed as follows:Adam, an individual40Betty, Adam’s sister40Louis, Adam’s son20Total shares100Pacific Corporation redeems 40 of Adam’s shares. Adam wants to continue to work for Pacific Corporation part-time...
- Q You are planning to purchase the stock of Ted's Sheds Inc. and you expect it to pay a dividend of $3 in 1 year, $4.25 in 2 years, and $6.00...
- Q Record adjusting journal entries for each of the following for year ended December 31.Assume no other adjusting entries are made during the year. On September 1, a client paid the...
- Q General partners have unlimited liability with respect to partnership debt if the partnership goes out of business and is unable to pay its debt. Conversely, a limited partner is only...
- Q Calculate ending inventory for FIFO and weighted average cost flow assumptions under both periodic and perpetual systems. Unitscost/priceopening inventory10500$4.25Sale #1(7500)$7.50Purchase #1 2500$4.45Sale #2(4500)$7.75Purchase #23500$4.15
- Q Bruno Earth deposited Php 5,000 in a bank paying 9% simple interest for 3 years. How much would he have in his account at the end of three years, assuming...
- Q On April 5, 2022, Orange Corporation purchased and placed in service 7-year class assets costing $1,150,000 and 5-year class assets costing $140,000. Orange elects to expense the maximum amount under...
- Q An employee of the central government is using a car which is eight years old. It can be sold now at Rs. 2.26 lakhs or can be kept for another...
- Q DE LA CRUZ company received a 10%, 180 day note from its customer on April 1 2021. the note has a face value of P500,000. the company endorsed the note,...
- Q During the year to 30 June 20X7, Eugene Ltd sold a non-current asset for $36,000. It had been acquired three years ago at a cost of $180,000. At the date...
- Q A bank granted a 10-year loan to a borrower in the amount of P1,500,000 with stated interest rate of 6%. Payments are due monthly and are computed to be P16,650....
- Q Assume that a bank is providing a company with a loan of P500,00 for one year at a real rate of interest of 6 per cent. At the end of...
- Q Kilt Company had the following information for the year: Direct materials used $ 116,300 Direct labor incurred (5,500 hours) 153,700 Actual manufacturing overhead incurred 174,400 Kilt Company used a predetermined overhead rate of $35...
- Q Carmelita dresser started operation on july 1 ,2014 with php 200,000.00 from personal savings and Php 30,000.00 from a bank loan. During the first year of operation net income was...
- Q Read through the following items and determine what the taxable income is. For any amount that is not taxable or tax deductible explain why it...
- Q Company overview: You have been appointed as one of the auditors for this company. The business has one main branch in the city and despite all its competitors...
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