Accounting question and answers for November 10, 2023
- Q Which of the following should be added to net income in calculating net cash flow from operating activities using the indirect method? a.a decrease in accounts receivable b.an increase in...
- Q a) For a given time the higher the interest rate, the higher the present value. True or False? Give example to justify your answer.
- Q 2013 Pounds of laundry 160,000 Units of soap 1,600 Soap units per pound of laundry______ Price per unit soap $45.00 Productive hours worked 19,600 Productive hours per pound of laundry...
- Q Fresh Delicious Foods Inc. started in the kitchen of a family home in the suburbs of Minneapolis. Initially the ingredients were purchased, by Miriam the owner, for these all-natural food...
- Q Cannon Mountain mining paid $462,300 for the right to extract mineral assets from a 400,000 ton deposit in addition to the purchase price canon also paid a $900 filing fee...
- Q Economic events are often considered to happen when there is an exchange of money. However, an economic event refers to any event that can potentially change an organization's financial position....
- Q what is the difference in consolidated results between a business combination whereby the acquired company is dissolved, and a business combination whereby separate incorporation is maintained?
- Q Cork Oak Corporation purchased a heavy-duty truck (not considered a passenger automobile for purposes of the listed property and luxury automobile limitations) on May 1, 2021 for use in its...
- Q An unsecured bond is called a a. debenture bond b. mortgage bond c. registered bond d. serial bond
- Q newham corporation produces and sells two products
- Q Under GAAP, cash receipts from interest and dividends are classified as a.financing activities b.investing activities c.operating activities d.either financing or investing activities
- Q (please type the answers) (accounting 640) Consider variance analysis in a service industry. Is it a good thing to use or a bad thing to use? Why? What good behaviors...
- Q 15. (LO4) Assume a single, part-year California resident has taxable income of $60,000 (computed as if a full-year resident), taxable income of $40,000 (California sources only), and tax on the...
- Q Amounts owed for salaries and wages can be accrued in accounts payable. True False
- Q Take some time to reflect on the knowledge you have gained from the course materials and assignments. Write a one and 1/2 (1.5) page reflection paper on your key...
- Q Number of alternative methods to calculate asset valuation Include, 1.CPPA (Current purchasing power method) 2.CCA (Current cost accounting) 3. CoCoA (continuously contemporary accounting) 4.Fair value method How therse alternative methods...
- Q Q1: A right cannot be assigned if the assignment will significantly alter the risks to, or the duties of, the obligor. Group of answer choices a. True b. False ...
- Q 1. A taxpayer performs consulting services for which the fee is $20,000. She requests that the client pay $5,000 to her nephew and $15,000 to her. How much income must...
- Q Phil took $60,000 coronavirus -related distribution from his qualified retirement plan in 2020 choose and chose to recognize the income over the maximum period of time. What is the amount...
- Q Agee Technology, Inc., issued 9% bonds, dated January 1, with a face amount of $1,400 million on July 1, 2018, at a price of $1,370 million. For bonds of similar...
- Q MyVeryOwnBiz Inc. has been your business for the past several years. You have put together your cash flow statements for the past 3 years to get a better...
- Q Medeco sold goods for $75 to a charge customer. The customer returned for credit $25 worth of goods. Terms of the sale were 1/10, n/30. If the customer pays the...
- Q The use of fixed costs to extract higher percentage changes in profits as sales activity changes involves a. margin of safety. b. unit contribution margin. c. degree of operating leverage....
- Q Which of the three sections of the Statement of cash Flows really ought to be positive? In most years to help assure investors of long-term viability?
- Q Plano Co. 12/31/2018 Partial Trial Balance Data Debits Credits Sales revenue 602,000 ...
- Q In April 2002, Tom Thumb purchased an apartment building for $2,050,000. He depreciated the building using MACRS and claimed a total of $1,022,307 in depreciation before selling the building on...
- Q Item1 10 points eBook Print References Check my work Check My Work button is now enabledItem 1 Item 1 10 points On January 1, 2018, the Taylor Company adopted the...
- Q Levelor Company's flexible budget shows $10,800 of overhead at 75% of capacity, which was the operating level achieved during May. However, the company applied overhead to production during May at...
- Q Taylor Company began manufacturing operations on January 2, 20X1. During 20X1 Taylor reported pre-tax book income of $150,000 and had taxable income of $200,000. Taylor had a temporary difference relating...
- Q Sellall Department Stores reported the following amounts as of its December 31 year-end: Administrative Expenses, $2,400; Cost of Goods Sold, $22,728; Income Tax Expense, $3,000; Interest Expense, $1,600; Interest Revenue,...
- Q QUESTION 6 6. Strategic control concerns for monitoring the behaviors of different players of the firm so that they align with the strategy and performance of the firm. True False
- Q 1. On January 1, 2017, a subsidiary sold equipment to its parent for $520,000. The subsidiarys original cost was $200,000 and as of January 1, 2017, $20,000 in depreciation had...
- Q Problem 15-4A Accounting for long-term investments in securities; with and without significant influence LO P3, P4 [The following information applies to the questions displayed below.] Selk Steel Co., which began...
- Q Aaker Corporation, which has only one product, has provided the following data concerning its most recent month of operations: Selling Price ..................................................$99 Beginning Inventory . 0 Units Produced6,300 Units Sold6,000...
- Q Hsu Company reported the following on its income statement: Income before income taxes $387,806 Income tax expense 116,342 ...
- Q Dionne is a 50%general partner, Sammy is limited who also own 50%.the partnership has $50,000 in recourse liabilities and $20,000 and non-recourse liabilities what is Dion's total share of liabilities
- Q Crowy Spectacles Inc desires a 14% return on investment (ROI) on all operations. The following information was available for the company for the current year: Sales $ 14,000...
- Q Wage and tax statement data on employer FICA tax Ehrlich Co. began business on January 2. Salaries were paid to employees on the last day of...
- Q You need to provide your users the ability to use a dashboard button to export specific worksheets in a workbook. Which download option should you choise?
- Q i need to know how to calculate using a calculator
- Q Kern Corporation produces a single product. Selected information concerning the operations of the company follow: Units in beginning inventory 0 Units produced 10,000 Units sold 9,000 Direct materials $ 40,000...
- Q Measures of liquidity, Solvency, and Profitability The comparative financial statements of Marshall Inc. are as follows. The market price of Marshall common stock was $ 60 on December 31, 20Y2....
- Q If sales are $300,000, variable costs are 75% of sales, and income from operations is $41,900, what is the operating leverage? a. 0.0 b. 1.3 c. 5.4 d. 1.8
- Q Assume MIX Incorporated has sales volume of $1,036,000 for two products with May sales and contribution margin ratios as follows: Product A: Sales $412,000; Contribution Margin Ratio 30% Product B:...
- Q Audit "Throw Down What do you mean the federal government can't get a clean audit opinion from the GAO? Can an audit be truly independent if the client...
- Q San Bernardino Corporation manufactured 6,000 chairs during July. The following variable overhead data relates to July: Budgeted variable overhead cost per unit $10.00 Actual variable manufacturing overhead cost $52,800 Flexible-budget...
- Q Phil took $60,000 coronavirus -related distribution from his qualified retirement plan in 2020 choose and chose to recognize the income over the maximum period of time. What is the amount...
- Q Ms. NM, a single taxpayer, projects that she will incur about $8,000 of expenses qualifying as itemized deductions in both 2017 and 2018. Assuming that her standard deduction is $6,350...
- Q Sammy Stark is a film producer working for D-Agency Films, an international film production company. Sammy needs to do her income tax return for the 2022 income year...
- Q Total Manufacturing Costs + Work in Process (January 1) - Work in Process (December 31) = Cost of Goods Manufactured $299,000 + Work in Process (January 1) - $98,800 =...
- Q On January 1,2020, Abbey acquires 90 percent of Benjamin's outstanding shares. Financial information for these two companies for the years 2020 and 2021 follows (credit balances indicated by...
- Q Weston acquires a new office machine (seven-year class asset) on August 2, 2017, for $75,000. This is the only asset Weston acquired during the year. He does not elect immediate...
- Q The cost to retail ratio for Macys Inc. is 60%. The inventory at cost on Dec 15, 2019 was $40,000. On December 16, $5,000 of sales were returned in perfect...
- Q Which of the following is an eligible expense for Adoption credit on the 2021tax return. A. Payments for a surrogate parenting arrangement. B. Costs incurred to adopt a spouse 's...
- Q the basis of property received in a nontaxable exchange A) the FMV of the property given up. B) the adjusted basis of the property given up. C) the FMV of...
- Q Home Plate Corporation manufactures baseball uniforms and uses budgeted machine-hours to allocate variable manufacturing overhead. The following information pertains to the company's manufacturing overhead data: Budgeted output units 7,000 units...
- Q QUESTION 1 Critically differentiate between the three cost-accounting systems job-order costing, activity-based costing, and process costing. In particular, describe the basic approach, the fields of application, and the main cost...
- Q The November 31, 2016, balance sheet of Ivey Company includes the following information: Inventory $750,000 Prepaid Expenses 60,000 Total Current Assets 1,800,000 Total Current Liabilities 875,000 Accounts...
- Q Question 1 The operating cycle of a merchandising company is A. always one year in length. B. ordinarily longer than that of a service company. ...
- Q Which audit assertion is seldom assessed as high risk in the audit of the cash balance? Accuracy, Valuation, and Allocation. Existence. Rights and Obligations. Completeness.
- Q Cala Manufacturing purchases land for $309,000 as part of its plans to build a new plant. The company pays $26,800 to tear down an old building on the lot and...
- Q At a production and sales level of 3,000 units @$25, Munro Company incurred $60,000 of fixed cost and $15 variables cost each. The contribution margin is: A. $30,000 B....
- Q How many parts does Schedule A have? Discribe each one of them.
- Q MC Qu.162 If Salaries and Wages Expense ... If Salaries and Wages Expense is $450,000 during the year and the beginning and ending balances of Salaries and Wages Payable are...
- Q A company reported cost of goods sold of $689,000 for the year. During the year, inventory increased from a $150,000 beginning balance to a $180,000 ending balance, and accounts payable...
- Q Farrah Investor purchased an apartment building (including land) for $2,000,000 and placed it in service on December 27, 2017. The land is valued at $1,000,000, and the building is valued...
- Q What are three categories of employee fraud? Which is most common? Which is associated with the largest losses
- Q An asset was acquired on August 1, 2021, for $42,000 with an estimated five-year life and $2,100 residual value. The company uses straight-line depreciation. Calculate the gain or...
- Q abc partnership's calendar year record shows: 20x1 net income NA recourse debt 30000 non recourse debt 60000 ...in 20x2 net income: 5000 : recourse debt 36000 : non recourse debt...
- Q After the revenue and expense accounts are closed, Income Summary has a credit balance of $80,000. What does this figure represent? a. Net profit of $80000 b. Owner's withdrawal of...
- Q Why has Section 954 Executive Compensation not yet been approved?
- Q Just do the 1A. How to find the percentage of estimated market value? show answers and explanations. Thank you
- Q Discuss why full disclosure is essential to the proper functioning of capital markets, and why private companies following ASPE may be subject to fewer disclosure requirements.
- Q With these information, how do i calculate Schedule E for tax return purpose? 1. Paige Turner is single and has two children from her previous marriage. Ali lives with Paige,...
- Q minimum of 300 words Describe the purpose of, and methods used to create, short-term forecasts in the lodging industry.
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