Accounting question and answers for November 10, 2023
- Q Beech Corporation is a merchandising company that is preparing a master budget for the third quarter. The companys balance sheet as of June 30th is shown below:...
- Q On October 1, Year 1, Jason Company paid $7,200 to lease office space for one year beginning immediately. What is the amount of rent expense that will be reported on...
- Q 4. The CMI for HCSA Health Systems is 0.91. What is the projected net revenue for 71 cases if the Federal Register base payment amount for the year is 8,767...
- Q Individuals who post on social media may be held legally responsible for defamation, libel, invasion of privacy and fraud
- Q Spring company on Sep 30, 2019 shown selected accounts from the trial balance. Cash $19600 Furniture 20000 Prepaid rent 5000 Account payable 6500 Account receivable 12000 Alex, capital 50000 Rent,...
- Q DEVELOP STRATEGIES TO ENHANCE THE ORGANISATIONAL VALUE i.e 1. WRITE VALUE STATEMENT FOR A CHOSEN FIRM AND HOW IT WILL MAKE CALCULATION 2. HOW TO ENHANCE THE STRATEGY - COMPETITIVE,...
- Q Motorsport is buying an asset that costs $730,000 and can be depreciated at 20% per year, (class 8), over its 8-year life. The asset is to be used in a...
- Q A firm operated at 80% of capacity for the past year, during which fixed costs were $204,000, variable costs were 70% of sales, and sales were $947,000. Operating profit was...
- Q Athena is the sole shareholder of Parthenon, Inc., an S Corporation. Parthenon has beginning AAA as of 1/1/98 of $25,000, beginning AE&P of $50,000, and OAA of $5,000....
- Q An enterprise must disclose all the following about each reportable segment if the amounts are used by the chief operating decision maker except: 1- Depreciation expense 2- Allocated...
- Q A manufacturing firm is considering two mutually exclusive alternatives given below. The net cash flows in dollars for years 0 through 2 for Project A is: -5,100 3,000 2,500 The...
- Q Take the role of a consultant who is advising the CEO of a Fortune 500 company on the decision to start complying with the ISSB standards. Outline the pros and...
- Q Explain more in detail 300-500 word Nonfinancial Perormance Measurements. Obviously financial information is important to both external and internal users/decision makers. However, there has been increased attention placed on non-financial...
- Q b. Describe what it means for a business to "recognize" revenues. What specific accounts and financial statements are affected by the process of revenue recognition? Describe the revenue...
- Q An employer's deductible payroll taxes include which Schedule 1 (Form 1040), line 16, Self-employed SEP, SIMPLE, and qualified plans. Schedule C (Form 1040), line 14, Employee benefit programs. Schedule C...
- Q Prepare the accounting entries (daily) in the sale of Bonds and to record the payment of the interest in one year. The LEMON Company issued $800,000, 10%, 20-year bonds on...
- Q Which of these needs to be pressent in order to implement the income-shifting strategy? Taxpayers with varying tax rates Decreasing tax rates Increasing tax...
- Q 5. The CMI for HCSA Health Systems is 1.34. What is the projected net revenue for the average case if the Federal Register base payment amount for the year is...
- Q i need its transactions this is so complicated
- Q The following information pertains to Ricochet Inc. for 2020. January 1 Number of common shares issued and outstanding, 200,000 February 1 Number of new common shares issued, 8,000 July 31...
- Q At the beginning of the year a company that as a perpetual inventory system had 25000$ of merchandise inventory. During the year, inventory costing 100000$ was purchased. Of this, 12000$...
- Q During Heaton Companys first two years of operations, the company reported absorption costing net operating income as follows: ...
- Q Jonathan and Emily Berry grew up watching their grandmother make the best chocolates at Christmas using an old family recipe. They had a vision that they could mass-market these chocolates,...
- Q Chuck, a single taxpayer, earns $75,900 in taxable income and $11,100 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) Required:...
- Q Jessica is a one-third owner in Bikes-R-Us, an S corporation that experienced a $47,100 loss this year (year 1). Assume her stock basis is $10,840 at the beginning of the...
- Q Shares of Lorne and Greene Manufacturing now sell for $64. If the company had earnings per share of $3.70 last year, calculate the price-earnings ratio of the stock. (Round to...
- Q Chuck, a single taxpayer, earns $79,000 in taxable income and $14,400 in interest from an investment in City of Heflin bonds. (Use the U.S tax rate schedule.) Required: How...
- Q Sarah, the sole shareholder of Mad Dog Food Truck, runs a food truck in the suburb of a large city. Her balance sheet as at November 30,2020 is...
- Q For the past 5 years, Mr. Brooks has been self employed as a consultant who contracts out to large Canadian public firms located in Winnipeg. In 2022, his business income...
- Q Bluegill Company sells 9,900 units at $300 per unit. Fixed costs are $148,500, Operating income is $742,500. Determine the following:a. Variable cost per unit b. Unit contribution margin $ per unitc. Contribution margin ratio...
- Q Press Company acquires 15% of Secretary Company's common stock for P600,000 cash and carries theinvestment using the cost model. A few months later, Press purchases another 60% of SecretaryCompany's stock...
- Q Whispering Restaurant has determined the following amounts related to costs of menu items. ...
- Q You are evaluating the following four projects: ProjectBetaProjected (or Expected) ReturnA1.8018.0%B1.2016.8%C1.0011.5%D0.509.5%Your company's current practice is to apply its WACC of 12% as a single hurdle rate to all projects. Under your...
- Q Mick and Sally are 50 years of age and are married filing jointly. Their 2020 adjusted gross income is $110,000, which includes Mick's salary of $126,500. Sally had no income....
- Q A piece of equipment was acquired on January 1, Year1, at a cost of $22,000, with an estimated residual value of $2,000 and an estimated useful life of ten years....
- Q A semi-annual payment bond has a(n) 6.1% coupon. It last paid a coupon 92 days ago. If you were to purchase this bond today, then what is the amount of...
- Q Bethany owns stock in Andrew Corporation (basis of $120,000) as an investment. Andrew Corporation distributes property (FMV of $395,000; basis of $205,500) to him during the year. Andrew Corporation has...
- Q ABC Bank offers to lend you $50,000 for one year at a quoted annual rate of 8.33% with each payment at the end of each month. DEF Bank also offers...
- Q Suppose you want to buy a house that costs P1,000,000. You give a downpayment of P200,000, and then you loan the remaining P800,000 from a bank. Your agreement with the...
- Q A fishing company needs to determine the minimum price (p) that it must assign to each box of tuna fillets it produces. If it is known that the number of...
- Q Dog River Company has an operating profit of $281,500. Interest expense for the year was $23,100; preferred dividends paid were $24,150; and common dividends paid were $112,800. The tax was...
- Q The following are the transactions for the month of October 2022 of Wilde, a small retailer:Oct 1 Started business with £5,000 cashOct 2 Put £4,200 into a bank accountOct 3...
- Q Wilson Company applies overhead using machine hours as the allocation base, at a rate of $15 per machine hour. Job 44 requires $320 worth of material, 11 hours of labor...
- Q Muji earned $10 million for the fiscal year. The firm also paid out 25 percent of its earning as dividend. This policy remains in foreseeable future. The remaining 75 percent...
- Q An entity sells cargo vessels through leasing. The entity constructed a cargo vessel for a customer at P8.5 million.The terms provide for annual advance payment of P2.5 million to be...
- Q Determine the Depreciation expense for 2019 and 2020. (IFRS)The Airplane was acquired on October 1, 2019. for the depreciation expense of the component: interior of the year 2019. The depreciation expense...
- Q John sold 100 rooms on Wednesday at an ADR (average daily rate) of $150 and 150 rooms on Thursday at an ADR of $250. What was the hotels ADR for...
- Q On January 2, 2018, Moser, Inc., purchased equipment for $100,000. The equipment was expected to have a $10,000 salvage value at the end of its estimated six-year useful life. Straight-line...
- Q During the period 20X1–20X3, Art Levinsen Corporation's closest competitor had stock price activity that resulted in an average stock return of 25.7% with a standard deviation of 19.275%. This competitor’s...
- Q Elaine divorced in 2018 and received taxable alimony of $35,000 in 2020. In addition, she received $2,500 in earnings from a part-time job. What is the maximum IRA contribution that...
- Q Doll Corporation sets the selling price for XPC V1 laptop as $975 per unit for 2024. Their costing per unit laptop is $475. Additionally, they will pay another $25 per...
- Q On January 1, 2024, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2024 and 2025 are as...
- Q Ben is single and 28 years of age. He earned a salary of $80,000 in 2020 as a computer tech by ICE Company. Ben was covered for the entire year...
- Q Changes in Current Operating Assets and Liabilities—Indirect MethodCovington Corporation's comparative balance sheet for current assets and liabilities was as follows: Dec. 31, 20Y2Dec. 31, 20Y1Accounts receivable$29,300 $28,100 Inventory66,100 66,800 Accounts payable12,200 10,500 Dividends payable22,000 20,000 Adjust net income of...
- Q Kimberely needs to put together the cash budget for quarter two, but she can't find the bank statement listing the required minimum balance. she knows she has to consider that...
- Q Reynolds Corp. acquired the assets of Putvan Corp. in a nontaxable merger transaction on December 1, 2022. On the date of acquisition, Putvan had a net operating loss carryover of...
- Q Gary lives in Alberta and earns $500.00 per week. He also receives a non-cash taxable benefit of $8.00 per pay period and uses a federal claim code 2 and a...
- Q Three products result from a joint production process. Product A - 100 units, Product B - 100 units Product C - 50 units. Using the physical units method, what percent of the joint costs...
- Q A 1-year option is offered on a non-dividend-paying stock. The stock price is $85. The exercise price of the option is $90 and the volatility is 18% per annum. The...
- Q A Jakarta-based furniture maker produces the antique tables and chairs for special market target in Dubai. He has 6 units of wood and 28 hours of free time, in which...
- Q Cool Hats Ltd has paid the following PAYG tax instalments for the year ended 30 June:September Quarter 11,000December Quarter 11,000March Quarter 11,000June Quarter 11,000Total 44,000 Taxable income for the year ended...
- Q Zachary Manufacturing Company began operations on January 1. During the year, it started and completed 1,630 units of product. The financial statements are prepared in accordance with GAAP. The company...
- Q a company sells a machine that cost 7000 for 500.00 for cash. the machine had 6500. accumulated deprecation. record the entry.
- Q Sold merchandise on account, $14,25 with terms 2/10, n/30. The cost of the goods sold was $8,550
- Q Chase Corp. is currently operating at 80% capacity, producing 5,000 units. Per unit cost information is shown in the table below. Question 31 options: Any amount over $34 per unit....
- Q Merchandise inventory is viewed as a current asset which is purchased for the purpose of selling to customers. In our chapter learning, we have discussed issues related to purchasing, accounts...
- Q What are the benefits and advantages of Intercorporate Investments.
- Q Management has considerable discretion over the particular accounting procedures used in the financial statements and over the details contained in related note disclosures. __True __False
- Q Abel and Loni adopted a boy (a U.S. citizen), during the current tax year and incurred a total of $14,675 in qualified adoption expenses. Abel and Loni have modified AGI...
- Q The Hogan Company purchased a machine for $250,000. The company expects the service life to be five years. During that time, its expected that the machine will produce 140,000 units....
- Q where would the amount of money budgeted for direct labor during the year be reflected? 1. raw materials purchase budget 2. budgeted balance sheet 3. cash collections budget ...
- Q Compensation is the cardinal concept of the law of damages. One implication of the principle is that the plaintiff should generally recover no more than the loss suffered. Exceptionally, in...
- Q Listed here are the costs associated with the production of 1,000 drum sets manufactured by TrueBeat. Costs 1. Plastic for casing$16,000 2. Wages of assembly workers$84,000 3. Property taxes on...
- Q Marie Supply Co. uses the percent of accounts receivable method. On December 31, it has outstanding accounts receivable of $106,500, and it estimates that 2% will be uncollectible. Prepare the...
- Q Baracus, Inc. pays $95,000 in cash and stock to acquire 80% of the voting stock of Clover Company. The fair value of the noncontrolling interest is $21,250. The book value...
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