Accounting question and answers for November 10, 2023
- Q Which of the following taxpayers might benefit from filing Form 8379, Injured Spouse Allocation?
- Q The following financial statement information is known about the two unrelated companies. Answer the following questions using your knowledge of the financial statement and particularly the Balance...
- Q Trovato Corporation is considering a project that would require an investment of $51,000. No other cash outflows would be involved. The present value of the cash inflows would be $58,140....
- Q Analyze a selected company, its operations, and its associated industry and evaluate these areas for development of a business plan for growth to increase revenues by 10% over the next...
- Q What are the two basic methods used by airlines to calculate earned revenue? Briefly describe each. Cite a section of the FASB ASC to support your answer
- Q Building is 350,000, Equipment is 262,500, Truck, 87,500 and cash is 700,000 The equipment has a salvage value of $10,000, life expectancy...
- Q On January 1, a company begins the year with 4,000 units of inventory with a unit cost of $25. The company makes purchases at the end of each month based...
- Q which of the following is true about the discounted payback rule
- Q Which of the following is an example of fraudulent financial reporting? An employee steals inventory and rhe "shrinkage" is recorded in cost of goods sold. The treasurer diverts customer payments...
- Q QUESTION 5 5. The risks and costs of strategic alliance include the following except for: a. Need for coordination and inflexibility b. Rising incompatibility between partners c. Drainage of proprietary...
- Q Which payroll tax is imposed on both the employee and the employer? a. federal income tax b. desempleo estatal (state unemployment taxes) c. FICA taxes d. desempleo federal (federal unemployment...
- Q Use information below for the question. Credit Sales for the year: $1,000,000 Accounts Receivable Balance: 100,000 Allowance for Doubtful Accounts: 4,000 credit balance If your company estimates that...
- Q QUESTION 7 7. Agency problem occurs under the following conditions except for: a. When managers spend corporate funds on perquisites b. When managers refuse to take on attractive merger offers...
- Q Which of the following items would likely be classified as a product cost in a plan that manufactures computer chips? a. The silicon dioxide used to fabricate integrated circuits b....
- Q Annabelle, age 67, had an income of $9,964 in 2022 and she paid $245 per month in rent. She also paid all her own utilities. Annabelle should apply for the...
- Q You have recently been promoted to the position of senior manager at Pundit Global Chartered Accountants, a medium sized audit firm in South Africa. You have been assigned to adequately...
- Q An engineer in 1950 was earning $6,800 a year. In 2017 she earned $88,000 a year. However, on average, prices in 2017 were higher than in 1950. What was her...
- Q Your girlfriend just won the Florida lottery. She has the choice of $10,800,000 today or a 20-year annuity of $1,050,000, with the first payment coming one year from today. What...
- Q Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Performance reports are prepared monthly for each department. The planning budget and flexible budget for the...
- Q Steve Conyers and Chelsy Dane formed a partnership, dividing income as follows: 1. Annual salary allowance to Conyers of $74,000. 2. Interest of 11% on each partner's capital balance on...
- Q 1.The following information is available for Barone Corporation: January 1, 2018 Shares outstanding 1,500,000 April 1, 2018 Shares issued 240,000 July 1, 2018 Treasury shares purchased 90,000 October 1, 2018...
- Q On July 8, Jones Inc. issued an $76,400, 7%, 120-day note payable to Miller Company. Assume that the fiscal year of Jones ends on July 31. Using the 360-day year,...
- Q Monmouth Company's January 1, 2018 finished goods inventory was $70,000. The January 1, 2019 finished goods inventory is $66,000. Cost of goods manufactured for the FY 2018 was $231,000. Use...
- Q Hanson Co. had 200,000 shares of common stock, 20,000 shares of convertible preferred stock, and $1,000,000 of 7.5% convertible bonds outstanding during 2018. The preferred stock is convertible into 40,000...
- Q 10-year Treasury-bonds yield 3.3% and 10-year corporate bonds yield 7.15%. The maturity risk premium on both 10-year Treasury and corporate bonds is 1.3%. Corporate bonds have a 0.65% liquidity premium,...
- Q Discount on Note Payable should be classified as a a. activos corrientes (current asset) b. una contra cuenta de Notas Por Pagar (contra account to Notes Payable) c. parte de...
- Q Berman Company reported the following financial information: 12/31/12 12/31/11 Accounts receivable $ 320,000 $ 360,000 Net credit sales 2,550,000 2,420,000 ...
- Q When a company records its debt at fair value, cannot pay its debt, and revalues that debt downward, the liability is decreased and the resulting gain is
- Q Required information Skip to question Using a required rate of return of 12%. Perpetual Power Machine Co. Purchase of a New High Machining Tool Year Cash Flow Year 1...
- Q Ozzie and Sharon have taxable income and are filing a joint federal return. Ozzie earned $1,200 and Sharon earned $35,000 in 2022. What is the amount they may be able...
- Q QUESTION 4 4. The benefits of Strategic Alliances are as below except for: a. Improve the performance of their current operations b. Create a favorable environment such as setting up...
- Q Evergreen Company sells lawn and garden products to wholesalers. The company's fiscal year-end is December 31. During 2024, the following transactions related to receivables occurred: ...
- Q Global Corporation had 41,000 shares of $20 par value common stock outstanding on July 1. Later that day the board of directors declared a 25% stock dividend when the market...
- Q Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides estimates concerning the companys costs:...
- Q June 1 186 units $1,16 June 10 248 units $1,736 June 15 248 units $1,984 June 28 186 units $1,674 Total - 6,510 Using the FIFO method what...
- Q Oregon requires 30 hours of CE and how many hours of law and rule courses
- Q Cap & Trade, Inc., paid a $20 cash dividend to its owners. Show the effect of this transaction on total Assets, Liabilities, Stock and/or Retained Earnings and the account titles....
- Q 1. Describe the investment practicies of the 1920s that contributed to the erosion of the stock market. 2. Explain the basic objectives of each of the followin: (a) Securities...
- Q bramble corp. collected $8,000 in May of 2017 for 4 months of service which would take place from October of 2017 through January of 2018 the revenue reported from this...
- Q A company will need $35,000 in 8 years for a new addition. To meet this goal, the company deposits money in an account today that pays 9% annual interest compounded...
- Q High-Low Biblio Files Company is the chief competitor of Cover-to-Cover Company in the bookshelf business. Biblio Files is analyzing its manufacturing costs, and has compiled the following data for the...
- Q When the market rate of interest is greater than the contract rate of interest, the bonds should sell at a. a premium b. par value c. a discount d. face...
- Q 1) A change in a reporting entity is accounted for by a prospective adjustment so that all financial statements are presented for the same entity. a. True b. False...
- Q Unadjusted trail balance Account Debit ($) Credit ($) Cash 37,000 Investment (Capital)...
- Q On 1 Jan 20X5, a business purchased a non-current asset costing 50000 with an estimated life of 5 years and no residual value. After 3 years, the business decided that...
- Q E Co. purchased and placed in service the following assets in 2020:1. Computer (5-year property) purchased for $3,000,000 and placed in service on June 30, 2020;2. Tractor unit for use...
- Q On July 1, 2016, Alpha Company purchased for $70,000, equipment having a service life of eight years and an estimated residual value of $10,000. Alpha has recorded depreciation of the...
- Q 2. ABC Corp. has 500,000 shares of its $5 par value stock authorized. Currently there are 50,000 shares issued and outstanding. Record the journal entries required for the following treasury...
- Q Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the...
- Q The National Commission on Fraudulent Financial Reporting (the Treadway Commission) made recommendations to overcome fraudulent financial reporting. Which of the following was not one of the commissions recommendations? ...
- Q QUESTION 8 8. Johnson & Johnsons organizational design took on a functional form allowing much central control over product quality and performances. True False
- Q _____ are responsible for the corporation's overall policies
- Q Journal Entries and Financial Statements The Southside Counseling Center was established on January 10, 2023 to provide a variety of counseling services to community residents, including marital and family...
- Q Show your understanding of a merchandiser by completing the following statement. Merchandisers earn net income by (buying/manufacturing) manufactoring and (selling/purchasing) selling merchandise
- Q Thomas Martin receives an hourly wage rate of $24, with time-and-a-half pay for all hours worked in excess of 40 hours during a week. Payroll data for the current week...
- Q Are depreciation expenses included in cash flow budgets?
- Q A mixed cost has a fixed element. options: True False
- Q Over the last 10 years there have been some significant rule changes in GAAP. Research one example of a significant change in GAAP and provide an explanation of the rule...
- Q What causes a company's Net Asset Turnover to decline and what are the consequences and implications thereof? (2 paragraphs)
- Q Debate the role that central banks such as the Federal Reserve have played and in your view should play in financial crises, considering issues such as morale hazard, impact on...
- Q The payback method has several advantages, among them: Multiple Choice payback indicates the optimum or most economical solution to a capital budgeting problem. payback ignores cash inflows after the payback...
- Q The following information is departmental cost allocation with two service departments and two production departments. Department Cost Percentage Service Provided to S1 S2 P1 P2 Service 1 (S1) $ 49,000...
- Q Payroll taxes include all of the following except: A) federal income tax. B) state income tax. C) FICA-OASDI. D) All of the above are payroll taxes.
- Q A company uses a periodic inventory system. On August 1, the company had 6 items of beginning inventory with a cost of $7 per unit. On August 3, the company...
- Q On December 1, 2018, your company borrowed $48,000, a portion of which is to be repaid each year on November 30. Specifically, your company will make the following principal payments:...
- Q With a power of attorney, the representative is authorized to complete all of the following actions except: A- Endorse or otherwise negotiate a taxpayer's refund check B- Represent , advocate,...
- Q A certain perpetuity pays the holder $600 per month. If the money is invested at a rate of 6% annually (compounded continuously), what is the present value of the perpetuity?
- Q On January 1, Year 1, Eureka Company issued $100,000 of five-year, 7% bonds at face value. The annual cash payment for interest is due on January 1 of each year...
- Q Dollar tree Vs competitors: why the competitive edge? pick the ratios or parts of the financial analysis that you think are most important.
- Q U.S. Industries has a subsidiary in Switzerland. The subsidiarys financial statements are maintained in Swiss francs (CHF). Exchange rates ($/CHF) for selected dates are as follows: ...
- Q G/C received 12000 rental income in december 2016 related to january 2017 rental of their building , no other transaction was recorded in both 2016 and 2017 , tax rate...
- Q Analyze a selected company, its operations, and its associated industry and evaluate these areas for development of a business plan for growth to increase revenues by 10% over the next...
- Q Describe how each of the following would be accounted for in the financial statements: 1. Change in accounting principle . 2. Change in estimate . 3. Correction of error.
- Q Comparative statements of shareholders equity for Anaconda International Corporation were reported as follows for the fiscal years ending December 31,2021,2022, and 2023. ANACONDA...
- Q A Company Closing Entries Month ending 06/30/20XX Date Accounts Debit Credit 30-Jun Service Revenue 9,050.00 9,050.00 Close revenues 30-Jun Rent Expense 1,195.00 Business License expense 250.00 Advertising Expense 250.00 Wages...
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