Accounting question and answers for November 10, 2023
- Q Chapter 11: Consolidations Theories, Push-Down Accounting and Corporate Joint Ventures: A. Describe in details the Comparison of Consolidation Theories
- Q A small business has a $10,000 loan outstanding on which it pays a 6% interest rate. It also has a $5000 loan outstanding on which it pays an 8% interest...
- Q Home Lawn and Garden Company, Inc. had these transactions during the current period. March 22 Issued 25,000 shares of $4 stated value common stock for cash of $160,000. ...
- Q ABC Ltd acquired a machine on 1 Jan 2013 at a cost of 300,000. The useful life was set at 4 years, nil RV. Tax authorities allow wear & tear...
- Q Is it harder to follow the ethical requirements for an auditor or a tax preparer? Why do you believe this
- Q Presented here is the income statement for Big Sky Incorporated for the month of February: Sales $ 61,500 Cost of goods sold 50,500 Gross profit $ 11,000 Operating expenses 14,900...
- Q Explain in depth the role and significance of the income statement in financial accounting. Compare and contrast the income statement with the balance sheet, highlighting the distinct types of financial...
- Q How does the static budget affect cost and efficiency variances?
- Q The historical evolution from accounting theory
- Q year. Assuming a 4% annual interest rate is appropriate, the implied annual interest is $1,500 0.04 = $60, and the present value of the rent is $1,500 0.96154...
- Q Take me to the text The balance sheet and income statement for Veesperna Company are presented below. Veesperna Company Balance Sheet As at December 31...
- Q On July 1, 2016, Flay Foods issued $100 million of its 8%, bonds for $92 million. The bonds were priced to yield 10%. The bonds are dated July 1, 2016....
- Q Income statement information for Einsworth Corporation follows: Sales $424,000 Cost of goods sold 118,720 Gross profit 305,280 Prepare a vertical analysis of the income statement for Einsworth Corporation. If required,...
- Q In my opinion, we ought to stop making our own drums and accept that outside suppliers offer, said Wim Niewindt, managing director of Antilles Refining, N.V., of Aruba....
- Q Divisional performance analysis and evaluation The vice president of operations of Free Ride Bike Company is evaluating the performance of two divisions organized as investment centers. Invested assets and...
- Q Brad, Carlos and Dora are general partners in Eastside Physicians, a medical clinic. The partners decide to dissolve Eastside Physicians. Dora collects and distributes the firm's assets. This results in:...
- Q Financial statement analysis involves ratio analysis and the identification of trends in ratio analysis or comparative analysis. Please explain at least two limitations on the use of ratio analysis in...
- Q Wales Co is a resident company which in 2021 derived $7.5m of Australian source income and $2.5m of foreign source income. The foreign source income was subject to foreign...
- Q Jane and Ed Jones are married with a four-year old child who lives with them and whom they support financially. In 2021, Ed and Jane realized the following items of...
- Q The Regal Cycle Company manufactures three types of bicyclesa dirt bike, a mountain bike, and a racing bike. Data on sales and expenses for the past quarter follow:...
- Q At retirement, you have amassed a nest egg of $650,000 that you plan to treat as a perpetuity. If the APR is 5% compounded monthly, what is your monthly income?
- Q Comprehensive Problem Part 1 Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2018, are...
- Q During March 2019, Roberts Corporation recorded $254,000 of costs related to factory overhead. Alaska's overhead application rate is based on direct labor hours. The preset formula for overhead application estimated...
- Q whats the accounting pronuncatiment that crested the statement of cash flow
- Q Flexible Budget In an attempt to improve budgeting, the controller for Engersol, Inc., has developed a flexible budget for overhead costs. Engersol, Inc., makes two types...
- Q Which of the following forms would a lottery winner receive for her winnings? A. Form 1099-DIV B....
- Q elton systen m question
- Q A net operating loss occurring in 2018 can only be carried forward and can offset no more than 80% of taxable income in a subsequent year. true or false?
- Q 1.The standard rate of pay is $20 per direct labor hour. If the actual direct labor payroll was $117,600 for 5,670 direct labor hours worked, the direct labor price (rate)...
- Q As a result of a 5% stock dividend which of the following will not occur
- Q A depreciation schedule for semi-trucks of Blue Manufacturing Company was requested by your auditor soon after December 31, 2026, showing the additions, retirements, depreciation, and other data affecting the income...
- Q On January 1, Year1 Finale Trucking Company leased a semitractor and trailer for five years. Annual payments of $26588 are to be made every December 31, beginning December 31, Year1....
- Q Locate the Website for the MTC. Define the three levels of membership in the MTC. Provide a brief summary of one of the latest articles in the...
- Q Mark is single. During 2021, he received $80,000 in salary from his employer. That was his only source of income. He reported $4,000 of for AGI deductions and $17,000 of...
- Q [The following information applies to the questions displayed below.] On December 1, Year 1, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals. The new corporation...
- Q Bolero Company holds 75 percent of the common stock of Rivera, Inc., and 40 percent of this subsidiarys convertible bonds. The following consolidated financial statements are for 2017 and 2018:...
- Q Star Company uses a purchases journal to record all purchases on account, including merchandise purchases. The company purchases merchandise and office supplies on a frequent basis. On November 12, Star...
- Q Ana borrowed $1925 from Sandy on March 18, 2019 and agreed to pay it back with simple interest at the rate of 11.5% on September 3, 2019. How much...
- Q A property s value has been estimated at $10,000,000 using a capitalization rate of 4.5%. What is the indicated Net Operating Income: ...
- Q You have just been hired as a management trainee by Cravat sales company, a nationwide distributor of a designers silk ties. The company has an exclusive franchise on the...
- Q Concord Corporation has the excess manufacturing capacity to fill a special order from Nash, Inc. Using Concords normal costing process, variable costs of the special order would be...
- Q help me to do the budgeted income statement (in jan.feb,march) not broken down into 3, schedule of collection in sales( month 1-3),schedule of payment of manufactory cost (month...
- Q Jack Jones has adjusted gross income of $38,000. During 2019, Jack contributed $4,000 in cash to his church and stock with a fair market value of $26,000 to...
- Q A person opens a savings account at a bank that earns 5% interest, compounded annually. Four years after depositing a principal sum into the account, the account contains exactly $5,000....
- Q Comprehensive Problem 1 Part 9: The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each...
- Q Which of the following correctly describe(s) the limitations when using the unadjusted rate of return. A.Timing of cash flows is not considered. b.The length of time over which...
- Q A corporate bond has 17 years to maturity, a face value of $1,000, a coupon rate of 4.6% and pays interest semiannually. The annual market interest rate for similar bonds...
- Q Daniels Consulting invests its temporary excess cash in a brokerage account. On November 3, 2017, Daniels purchased 300 shares of Mauve Co. common stock for $15 per share. On December...
- Q Case Study Bethesda Mining Company Bethesda Mining is a midsized coal mining company with 20 mines located in Ohio, Pennsylvania, West Virginia, and Kentucky. The company operates deep mines...
- Q A corporation was organized in January with authorized capital of $10 par value ommon stock. On February 1, shares were issued at par for cash. On March 1, the corporation's...
- Q A company has a December year end and creates checks to pay their vendors towards the end of the month. The company creates all the proper journal entries at the...
- Q A company temporarily has excess production capacity. The idle plant facilities can be used to manufacture a low-margin item. The low-margin item should be produced if it can be sold...
- Q Who ends up paying employment taxes for self-employed individuals?
- Q The percent of the investee's outstanding stock purchased by the investor determines all of the following except a.the degree of control that the investor has over the investee. b.the number...
- Q Davis Kitchen Supply produces stoves for commercial kitchens. The costs to manufacture and market the stoves at the company's normal volume of 6,000 units per month are shown in the...
- Q The following information relates to Campbell Components Inc. Net Income $100,000 Preferred stock dividends $5,000 Average Common Stockholder's Equity $2,100,000 Dividend Per Common Share $1.50 Earnings Per Share $3.00 Market...
- Q Max borrows $18,500 for her last 2 years of college, acquiring a federal student loan at 7.3% interest. For a 10 year loan, find the following if she acquires the...
- Q The president of State University wants to forecast student enrollment for this academic year based on the following historical data: Year Enrollments 5 years ago 15,000 4 years ago 16,000...
- Q An employee earns $20 per hour and 1.75 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 55 hours during the...
- Q What were some interesting things you learned about analyzing financial data?
- Q Corporation sold 210000 watches and produced 217000 watches that it sold for $19 each. The company determined that fixed manufacturing cost per unit was $8 per watch. The company reported...
- Q ControlControlSimon Companys year-end balance sheets follow. At December 31 Current Year 1 Year Ago 2 Years Ago Assets Cash $ 25,410 $...
- Q Is sustainable business and economic development the answer to the globalization controversy?
- Q Purchases of supplies for cash during December were $4,400. Supplies on hand at the end of December equal $3,450. Record the entry made during the month of December
- Q Citrus Corporation is a calendar year S corporation with the following current year information: Operating loss $(660,000) Liabilities: Notes payable, Big Apple Bank 110,000 Notes payable,...
- Q What is an impairment and what are the accounting rules for determining if a fixed asset has been impaired?
- Q 6-13 (Static) Long-term contract; revenue recognition over time vs. upon project completion [LO6-9]
- Q Net income $2,350,000, Preferred stock: 52,000 shares outstanding, $100 par, 9% cumulative, not convertible 5,200,000 Common stock: Shares outstanding 1/1 686,400 Issued for cash, 5/1 270,000 Acquired...
- Q The Company is authorized to issue 1,000,000 shares of $10 par value common stock. By March 15, 2019, the company had issued 200,000 shares at $34 per share. On March...
- Q Jordan Corporation Balance Sheets December 31, 2016 and 2015 Assets Current Assets: ...
- Q In its first month of operations, Novak Corp. made three purchases of merchandise in the following sequence: (1) 320 units at $6, (2) 420 units at $8, and (3) 520...
- Q Carper Company is considering a capital investment of $400,000 in additional productive facilities. The new machinery is expected to have useful life of 6 years with no salvage value Depreciation...
- Q an Inc. reported a return on investment of 10% a capital turnover of 10 and sales revenues of $80,000. The companys invested capital was:?
- Q Problem 3-14A Compute and Use Activity Rates to Determine the Costs of Serving Customers [LO3-2, LO3-3, LO3-4] Ginos Restaurant is a popular restaurant in Boston, Massachusetts....
- Q Jordan Company has 1,000 shares of $50 par value, 5% cumulative preferred stock and 50,000 shares of $10 par value common stock outstanding. The company paid total cash dividends of...
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