Accounting question and answers for November 10, 2023
- Q A business operated at 100% of capacity during its first month and incurred the following costs: Production costs (20,400 units): ...
- Q 6). Accounts Receivable. In 20X8 one of Swingline's customers, Sonic Corporation's entire receivable balance was written off as uncollectible. In 20X9 Swingline unexpectedly received some of the amounts due from...
- Q Apollonia Dental Services is part of an HMO that operates in a large metropolitan area. Currently, Apollonia has its own dental laboratory to produce two varieties of porcelain...
- Q 3. Gusto Cars, Inc. has been having a terrible year this year. In the current year, they are scheduled to make only $2.5 million net income, but the heads of...
- Q The following data are available pertaining to Household Appliance Company's retiree health care plan for 2021: Number of employees covered...
- Q Acme Storage is evaluating an investment to produce a new product with an extended marketable life of 4 years. In order to produce this product, the company will have to...
- Q Karla Tanner opened a web consulting business called Linkworks and recorded the following transactions in its first month of operations. Apr. 1 ...
- Q Garden Sales, Inc., sells garden supplies. Management is planning its cash needs for the second quarter. The company usually has to borrow money during this quarter to support peak sales...
- Q 30. A typical structured narrative table contains descriptions for: a. Entities, inputs, processes, and outputs b. Entities, inputs, outputs, and feedbacks c. Internal entities, external entities, systems, feedbacks...
- Q Contribution margin can be defined as: a. sales less profit. b. sales less fixed costs. c. sales less total costs. d. profit plus variable costs. ...
- Q Prepare the accounting entries (daily) in the sale of Bonds and to record the payment of the interest in one year. On January 1, 2022, SONY Corporation issued $300,000, 8%,...
- Q Prior to liquidating their partnership, MacPherson and Ericson had capital accounts of $30,000 and $44,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was realized...
- Q Last years contribution format income statement for Huerra Company is given below: Total Unit Sales $ 1,004,000 $ 50.20 Variable...
- Q Ayayai Restaurant's gross payroll for April is $46,800. The company deducted $ 2,551 for CPP$ 739 for Eland $9,026 for income taxes from the employees' cheques. Employees are paid...
- Q Define measurement as per the conceptual framework. List and briefly explain the measurement methods reviewed in class this week. Does the Conceptual framework prescribe which...
- Q TB MC Qu. 21-78 (Algo) Georgia Incorporated has collected... Georgia, Incorporated has collected the following data on one of its products. The direct materials quantity variance is: ...
- Q The product cost of an item includes all the following EXCEPT which one? Direct Labor Manufacturing Overhead Period Costs Direct Materials
- Q You purchased a building, equipment and a truck for $700,000 cash. The building has an appraisal value of $400,000, the equipment $300,000 and a...
- Q 1. Last year, Ted invested $100,000 for a 50% interest in a partnership in which he materially participates. The partnership incurred a $300,000 loss. Which one of the following statements...
- Q The adjusted basis for a taxable bond purchased at a premium is reduced if the amortization election is made. The amount of the amortized premium is treated as an interest...
- Q ABC company sells 400 utems on account on a price of bd 8 per item to xyz . the cost of an item is bd 3.75 per item . what...
- Q What is the accounts payable at the end of December?
- Q Use the data below to answer questions 9 and 10. Phone plus Ltd has the following information in relation to the production of mobile phones. Year...
- Q O'Neill & Carter, Inc. Statement of Cash Flows-direct Year Ended 12/31/2021 Cash collections from customers Cash payments Total cash payments Net cash provided by operating activities Investing activities Cash flows...
- Q A. The only from AGI deductions are the standard deduction and itemized deductions (True or False) B. For married taxpayers filing separate, excess business losses are defined as aggregate business...
- Q Note: This problem is for the 2022 tax year. Logan B. Taylor is a widower whose spouse, Sara, died on June 6, 2020. He lives at 4680 Dogwood Lane, Springfield,...
- Q Colorado Co. had 150,000 shares of stock outstanding on January 1, 2021. On February 1, 2021, Colorado issued 84,000 shares. On July 1, Colorado purchased 8,000 treasury shares, which were...
- Q accounting, the formula for calculating net income is Revenue minus _______.
- Q The following information is available for The Eagles Company for the year ended December 31, 2020: Accounts payable 15,000 Salaries and wages payable 15,000 Stock investments (long-term) 11,000 Accumulated depreciation,...
- Q an equipment purchased on 15 march 2014 with total cost of 8000 BD and useful lide of 5 years . what is the depreciation expense , accumulated depreciation and net...
- Q Expenditures included in the initial balance sheet carrying amount of a long-lived asset are: Multiple Choice capitalized costs. expensed costs. intangible costs. charge-off costs.
- Q #2 PART A: (10 pts) Using the Balance Sheet Equation below, account for the folloiwng transactions: NOTE: you can also use Journal Entries. (debits & credits) instead of the Balance...
- Q Ed was a 25% shareholder in Horsey Corporation, as S Corporation. On April 12, Horsey brought in a fifth, equal shareholder. At that time, Horsey had year-to-date earnings of...
- Q Peng Company is considering an investment expected to generate an average net income after taxes of $2,600 for three years. The investment costs $56,400 and has an estimated...
- Q Bridgeport Leasing Company agrees to lease equipment to Indigo Corporation on January 1, 2020. The following information relates to the lease agreement. 1. The term of the lease is 7...
- Q What does margin measure? Describe this in your own words. Writing a formula is not a sufficient answer. Discuss one specific way a business could increase its margin. ...
- Q On May 1, 2024, Varga Tech Services signed a $120,000 consulting contract with Shaffer Holdings. The contract requires Varga to provide computer technology support services whenever requested over the period...
- Q Which of these is a substantive test of details of balances used for cash balances? A) verifying the bank reconciliation. B) obtaining and using the subsequent periods bank statement ....
- Q Milo Company manufactures beach umbrellas. The company is preparing detailed budgets for the third quarter and has assembled the following information to assist in the budget preparation: The...
- Q Baltimore Cellular sells smart phones for $180. The unit variable cost per phone is $72 plus a selling commission of 10%. Fixed manufacturing costs total $7,600 per month, while fixed...
- Q Analyze the role of the judiciary on administrative agency authority and rulemaking by focusing on how oversight by the courts is a check and balance on administrative agencies....
- Q Kelly Consulting Balance Sheet May 31, 20Y8 Line Item Description Amount Amount Assets Current assets: ...
- Q Explain the relation between net income and comprehensive income and why we need to pay attention to comprehensive income
- Q A partial trial balance of ABC Corporation is as follows on December 31, 2021. Dr. Cr. Supplies $2,700 Salaries and wages payable $1,500...
- Q 3. On January 1 Criquet Co. acquired an interest in the Tamlee Co. for $500,000. At December 31, Tamlee Co. declared and paid a cash dividend of $50,000 and reported...
- Q Q#1 Auto Tires, Inc. sells tires to service stations for an average of $45 each. The variable costs of each tire is $30 and monthly fixed manufacturing costs total...
- Q 2. Kiki Inc., which closes its books on December 31, is authorized to issue $600,000 of 8%, 10-year bonds dated January 1, 2016, with interest payments on January 1. ...
- Q Investments in debt securities include all of the following, except for a. U.S. treasury securities b. bonos corporativos (corporate bonds) c. acciones preferidas que son redimibles en la opcin del...
- Q Chillco Corporation produces containers of frozen food. During April, Chillco produced 730 cases of food and incurred the following actual costs. ...
- Q 3. For each of the following statements or phrases, indicate by letter the professional standard to which it relates A. SAS 99: "Consideration of Fraud in a Financial Statement Audit"...
- Q Which of the following is the basic accounting equation? Group of answer choices Assets = Liabilities + Stockholders' Equity Ending Retained Earnings = Beginning Retained Earnings + Net Income...
- Q On August 31, 2018, Jeffrey Corp. issued 100,000 shares of its $20 par value common stock for the net assets of Matty Inc. in a business combination accounted for as...
- Q Bonds with a 6% coupon and a face value of $5,000,000 are sold at 103. The bonds were sold at a
- Q 5. On October 1, 2006, Ming Co. purchased 100 of the $1,000 face value, 8% bonds of Loy, Inc., for $117,000, including accrued interest of $2,000. The bonds, which mature...
- Q If client adds an additional company in financial statement, does that require an explanatory paragraph in the audit report?
- Q Which item is ADDED to the original basis to arrive at the adjusted basis? 1 Discounts, rebates, or reimbursements of the purchase price. 2 The cost of capital improvements. 3...
- Q Grouper Co. sells $ 537,000 of 8% bonds on March 1, 2017. The bonds pay interest on September 1 and March 1. The due date of the bonds is September...
- Q Nuthatch Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of businessSeptember, October, and Novemberare $260,000, $375,000, and $400,000, respectively. The...
- Q The SEC stipulates condition that must be present for a sales revenue to be recognized in the accounting books. List and discuss these conditions?
- Q Parties must have this legal ability to form a contract (8 words)
- Q Prior to liquidating their partnership, Pepper and Reynell had capital accounts of $28,000 and $113,000, respectively. The partnership assets were sold for $55,000. The partnership had no liabilities. Pepper and...
- Q Brooke, a single taxpayer, works for Company A for all of 2023, earning a salary of $50,000. Note: Round your intermediate and final answers to the nearest whole dollar amount....
- Q Alvarado Company began the current month with inventory costing $11,000, then purchased inventory at a cost of $36,500. The perpetual inventory system indicates that inventory costing $32,750 was sold during...
- Q Use the following information from the balance sheet of Raineer Plumbing to determine the missing amounts. Cash and cash equivalents $ 46,000 Accounts payable $ 38,000 Retained earnings ?question mark...
- Q Carefully examine Schedule C, Part IV, and Form 4562, Part V. On the first line below, write the line number of form 4562 that asks for the same information as...
- Q Retro Productions Ltd. is a Vancouver-based furniture manufacturer. The company reported the following information on its trial balance for 11 months of the year ended November 30,2021. ...
- Q Having analyzed Ford Motor Company and GM Motor Company revenues and operating income, consider the driving forces along with industry and economic news, market competition, and indicate what you believe...
- Q At the end of the year, inventory has a cost of $200,000, net realizable value of $195,000, replacement cost of $160,000, and normal profit margin of $25,000. Assuming normal business...
- Q You purchased a building, equipment and a truck for $700,000 cash. The building has an appraisal value of $400,000, the equipment $300,000 and a...
- Q A company reported the following information on December 31, Year1: Accounts Payable $4,620 Accounts Receivable $9,470 Cash $24,690 Common Stock $91,200 Equipment $50,700 Inventory $32,400 Notes Payable due December 31,...
- Q When employment is considered severed. Which jurisdictions have statutory severance payment and what the eligibility requirements are.
- Q Jonathan has a capital balance of $77,000 after adjusting assets to fair market value. George contributes $43,000 to receive a 30% interest in a new partnership with Jonathan. Determine the...
- Q 3. The HC method, which uses unadjusted historical costs, does not consider depreciation expenses, purchasing power, and unrealized gains in replacement value. Despite these weaknesses as a financial reporting method,...
- Q Explain the differences between the Direct Write- off Method and Allowance Method. Answer these questions: which method is more accurate? which method is better at matching?
- Q Indicate by choosing the correct option whether the following statement is true or false: Expenditure accounts will be credited at the end of the financial year with the narration, Profit...
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