Accounting question and answers for November 10, 2023
- Q Roger invested in the DWJ Pacific Growth Mutual Fund at the end of 2008. At the end of 2009, the value of his holdings was $1,700, and he calculated that...
- Q The present value of an annuity R pesos payable annually for 10 years , with the first payment at the end of 10 years is P100, 701.30 . If money...
- Q Swifty Inc. transferred $704,000 of its accounts receivable to Independent Trust on November 1, 2020, receiving 95% of the receivables balance as proceeds, with the other 5% representing a finance...
- Q The following are the balances for Gold Peak Manufacturing as of December 31, 2023. Compute the total assets and total liabilities.DescriptionDebit (?)Credit (?)Cash10,000Accounts Receivable20,000Inventory50,000Equipment100,000Accounts Payable30,000Bank Loan70,000Equity80,000Retained Earnings0
- Q Berry Farms is reevaluating the pricing of its fresh-squeezed blueberry juice in half-gallon containers. Variable costs per half-gallon container are $1.65. Management has determined that the price per half-gallon should be...
- Q Beetroot Company produces and sells 25,000 bottles of beetroot juice each year. The following information reflects a breakdown of its costs:Cost ItemCosts per BottleTotal CostsVariable production costs$12$300,000Fixed production costs$7$175,000Variable selling...
- Q Bell Pepper Company produces and sells 50,000 bags of bell pepper slices each year. The following information reflects a breakdown of its costs:Cost ItemCosts per BagTotal CostsVariable production costs$13$650,000Fixed production...
- Q Garlic Company produces and sells 30,000 jars of minced garlic each year. The following information reflects a breakdown of its costs:Cost ItemCosts per JarTotal CostsVariable production costs$14$420,000Fixed production costs$8$240,000Variable selling...
- Q Pineapple Juice Delights sells 90,000 cases annually with the following costs:Variable production: $22/caseFixed production: $10/caseVariable selling: $7/caseFixed selling/admin: $5/caseTotal costs per case: $44. Pineapple Juice marks up prices by 30%. With...
- Q Using the final balances from Evergreen Solutions as of December 31, 2023, prepare the necessary journal entries to close the books, and compile the income statement, balance sheet, and statement...
- Q The following are the financial details for Silver Lake Corporation as of June 30, 2024. Prepare the trial balance.DescriptionDebit (?)Credit (?)Capital Account250,000Drawings15,000Sales400,000Purchases300,000Salaries50,000Rent20,000Miscellaneous Exp.10,000Utilities5,000Profit and Loss10,000
- Q Given the year-end balances from Ocean Wave Enterprises as of December 31, 2023, prepare the necessary journal entries to close the books and draft the income statement and a statement...
- Q Blue Mountain Dairy is reevaluating the pricing of its organic milk in half-gallon containers. Variable costs per half-gallon container of organic milk are $2.00. Based on Blue Mountain's market study, management...
- Q Cherry Orchard is evaluating the pricing of its fresh-squeezed cherry juice in half-gallon containers. Variable costs per half-gallon container are $1.70. Determine the optimal price to maximize contribution margin and...
- Q Zucchini Company produces and sells 35,000 packs of zucchini noodles each year. The following information reflects a breakdown of its costs:Cost ItemCosts per PackTotal CostsVariable production costs$12$420,000Fixed production costs$8$280,000Variable selling...
- Q The following information pertains to Moonlight Inc. for the fiscal year ending March 31, 2024:ItemAmount (?)Sales500,000Cost of Goods Sold300,000Administrative Expenses40,000Selling Expenses30,000Interest Expense15,000Income Tax20,000Requirements:Calculate the gross profit.Determine the operating profit.Compute the...
- Q Apple Juice Delights produces 50,000 cases per year. Costs are as follows: variable production costs $18 per case, fixed production costs $8 per case, variable selling costs $6 per case, and...
- Q The following details pertain to North Star Ltd. as of September 30, 2024. Prepare the statement of financial position.Cash: ?30,000Accounts Receivable: ?50,000Inventory: ?20,000Land: ?100,000Accounts Payable: ?40,000Long-term Debt: ?70,000Common Stock: ?50,000Retained...
- Q Lemon Company produces and sells 25,000 bottles of lemonade each year. The following information reflects a breakdown of its costs:Cost ItemCosts per BottleTotal CostsVariable production costs$12$300,000Fixed production costs$8$200,000Variable selling costs$6$150,000Fixed...
- Q Mango Juice Delights:Produces 85,000 cases annuallyVariable production costs: $21/caseFixed production costs: $9/caseVariable selling costs: $7/caseFixed selling/admin costs: $5/caseTotal costs: $42/caseMarks up prices 30%. Capacity: 20,000 more cases. UK market offers...
- Q Based on the balances from the books of Golden Harvest Co. as of December 31, 2023, prepare the necessary journal entries to close the books, and compile an income statement,...
- Q River Valley Orchards is reevaluating its pricing strategy for fresh-squeezed lemon juice in half-gallon containers. Variable costs per half-gallon container are $1.90. Management has determined that the price per half-gallon should...
- Q Pineapple Juice Delights sells 90,000 cases annually with the following costs:Variable production: $22/caseFixed production: $10/caseVariable selling: $7/caseFixed selling/admin: $5/caseTotal costs per case: $44. Pineapple Juice marks up prices by 30%. With...
- Q Broccoli Company produces and sells 40,000 packs of broccoli florets each year. The following information reflects a breakdown of its costs:Cost ItemCosts per PackTotal CostsVariable production costs$15$600,000Fixed production costs$8$320,000Variable selling...
- Q Willow Creek Orchards is reassessing the pricing of its fresh-squeezed grapefruit juice in half-gallon containers. Variable costs per container are $1.65. Based on market research, management has set a price...
- Q Using the trial balance of Mountain Peak Ltd. as of December 31, 2023, prepare the necessary journal entries to close the books and draft the financial statements.DescriptionDebit (?)Credit (?)Capital Account...
- Q Hilltop Farms is reconsidering the pricing of its fresh-squeezed grape juice in half-gallon containers. Variable costs per half-gallon container are $1.60. Management has set a price range between $2.60 and $3.10....
- Q Autumn Harvest is reconsidering the pricing of its fresh-squeezed pear juice in half-gallon containers. Variable costs per container are $1.80. Management has set a price range between $2.80 and $3.30. Considering...
- Q Given the balances from the books of Red Maple Traders as of December 31, 2023, prepare the necessary journal entries to close the books and draft an income statement and...
- Q Rita and Paul share profits and losses in the ratio 3:2. At the beginning of the year, their capital balances were ?120,000 and ?80,000 respectively. The net profit for the...
- Q Watermelon Company produces and sells 20,000 containers of watermelon cubes each year. The following information reflects a breakdown of its costs:Cost ItemCosts per ContainerTotal CostsVariable production costs$18$360,000Fixed production costs$10$200,000Variable selling...
- Q Coconut Juice Delights produces and sells 75,000 cases annually. The cost breakdown:COST ITEMCOSTS PER CASETOTAL COSTSVariable production costs$22$1,650,000Fixed production costs10750,000Variable selling costs7525,000Fixed selling and admin costs5375,000Total costs$44$3,300,000Coconut Juice marks up prices...
- Q Using the year-end balances from Maple Leaf Inc. as of December 31, 2023, prepare the necessary journal entries to close the books and compile an income statement and balance sheet.DescriptionDebit...
- Q As of December 31, 2023. Prepare the necessary journal entries to close the books.DescriptionDebit (?)Credit (?)Capital Account - Raj50,000Capital Account - Simran40,000Drawings - Raj5,000Drawings - Simran3,000Sales120,000Purchases60,000Salaries30,000Rent10,000Office Expenses5,000Profit and Loss Account27,000
- Q Data for Starburst Co. for the fiscal year ending November 30, 2024:Sales: ?600,000Cost of Goods Sold: ?400,000Administrative Expenses: ?45,000Selling Expenses: ?35,000Interest Expense: ?20,000Income Tax: ?18,000Requirements:Calculate the gross profit.Determine the operating profit.Compute the net profit before tax.Calculate...
- Q Hilltop Vineyards is reviewing the pricing of its half-gallon grape juice. Variable costs per half-gallon container of grape juice are $1.80. Management has decided that the price per half-gallon should...
- Q Sunny Meadows is reevaluating its pricing strategy for fresh-squeezed orange juice in half-gallon containers. Variable costs per container are $1.50. Management has estimated the demand for various prices between $2.50 and...
- Q Eco-Friendly produces regular and biodegradable trash bags. The regular trash bag is sold at $5 per roll, and the biodegradable trash bag is sold at $8 per roll. The variable...
- Q Oak Valley Farms is reviewing the pricing of its fresh-squeezed pomegranate juice in half-gallon containers. Variable costs per container are $1.85. Based on market study, management has set a price...
- Q Data for Zenith Corporation for the fiscal year ending September 30, 2024:Sales: ?250,000Cost of Goods Sold:?150,000Administrative Expenses: ?22,000Selling Expenses: ?18,000Interest Expense: ?8,000Income Tax: ?10,000Requirements (in bullet points):Calculate the gross profit.Determine the operating profit.Compute the net...
- Q Spinach Company produces and sells 60,000 cans of spinach each year. The following information reflects a breakdown of its costs:Cost ItemCosts per CanTotal CostsVariable production costs$10$600,000Fixed production costs$7$420,000Variable selling costs$4$240,000Fixed...
- Q Tomato Company produces and sells 30,000 cans of tomato sauce each year. The following information reflects a breakdown of its costs:Cost ItemCosts per CanTotal CostsVariable production costs$14$420,000Fixed production costs$9$270,000Variable selling...
- Q Mango Juice Delights:Produces 85,000 cases annuallyVariable production costs: $21/caseFixed production costs: $9/caseVariable selling costs: $7/caseFixed selling/admin costs: $5/caseTotal costs: $42/caseMarks up prices 30%. Capacity: 20,000 more cases. UK market offers...
- Q Bright Horizons produces standard and energy-efficient light bulbs. The standard light bulb is sold at $1.50 each, and the energy-efficient light bulb is sold at $3.00 each. The variable cost...
- Q Below are the balances from the books of Blue Ridge Enterprises as of December 31, 2023. Prepare the necessary journal entries to close the books and draft an income statement...
- Q Pear Juice Delights makes 70,000 cases yearly:Cost ItemCost per Case ($)Total Costs ($)Variable production costs211,470,000Fixed production costs10700,000Variable selling costs7490,000Fixed selling/admin costs5350,000Total costs433,010,000Pear Juice marks up 30% over costs. With a capacity...
- Q Berry Juice Delights produces 90,000 cases annually with costs:Variable production: $21/caseFixed production: $9/caseVariable selling: $7/caseFixed selling/admin: $5/caseTotal costs: $42 per case. Berry Juice marks up 30%. With a surplus of 25,000...
- Q Evergreen Orchards is reexamining the pricing of its fresh-squeezed pineapple juice in half-gallon containers. Variable costs per container are $1.50. The management has determined the price range to be between $2.50...
- Q Happy Paws produces standard and premium dog food. The standard dog food is sold at $25 per bag, and the premium dog food is sold at $40 per bag. The...
- Q John and Jane are partners in a business. Their capital balances on January 1, 2024, were ?100,000 and ?80,000 respectively. During the year, John withdrew ?10,000 and Jane withdrew ?8,000....
- Q Coconut Juice Delights produces and sells 75,000 cases annually. The cost breakdown:COST ITEMCOSTS PER CASETOTAL COSTSVariable production costs$22$1,650,000Fixed production costs10750,000Variable selling costs7525,000Fixed selling and admin costs5375,000Total costs$44$3,300,000Coconut Juice marks up prices...
- Q Cucumber Company produces and sells 45,000 jars of pickles each year. The following information reflects a breakdown of its costs:Cost ItemCosts per JarTotal CostsVariable production costs$11$495,000Fixed production costs$8$360,000Variable selling costs$5$225,000Fixed...
- Q Harvest Bakery produces regular and whole wheat bread. The regular bread is sold at $3 per loaf, and the whole wheat bread is sold at $5 per loaf. The variable...
- Q Pineapple Company produces and sells 60,000 cans of pineapple slices each year. The following information reflects a breakdown of its costs:Cost ItemCosts per CanTotal CostsVariable production costs$16$960,000Fixed production costs$7$420,000Variable selling...
- Q Apple Grove Farms is reevaluating the pricing of its fresh-squeezed cider in half-gallon containers. Variable costs per half-gallon container are $1.55. Based on market study, management has determined that the price...
- Q Berry Juice Delights produces 90,000 cases annually with costs:Variable production: $21/caseFixed production: $9/caseVariable selling: $7/caseFixed selling/admin: $5/caseTotal costs: $42 per case. Berry Juice marks up 30%. With a surplus of 25,000...
- Q The following are the transactions for Maplewood Ltd. for the month of April 2024. Prepare the ledger accounts.Sales: ?60,000Purchases: ?40,000Salaries: ?10,000Rent: ?5,000Utilities: ?3,000Owner's Drawings: ?2,000
- Q Banana Juice Delights:Produces 75,000 cases/yearVariable production costs: $20/caseFixed production costs: $9/caseVariable selling costs: $7/caseFixed selling/admin costs: $5/caseTotal cost: $41/caseMarks up prices 30%. Surplus capacity: 15,000 cases. Offer: 12,000 cases at...
- Q Golden Orchard Farms is considering pricing adjustments for its fresh-squeezed pear juice in half-gallon containers. Variable costs are $1.60 per container. The management is evaluating prices between $2.60 and $3.10 to...
- Q Future Tech produces basic and advanced model tablets. The basic tablet is sold at $200 each, and the advanced tablet is sold at $400 each. The variable cost of making...
- Q Using the following balances from the books of Silver Springs Co. as of December 31, 2023, prepare the necessary journal entries to close the books, and create a statement of...
- Q Healthy Snacks produces regular and organic granola bars. The regular granola bar is sold at $2 each, and the organic granola bar is sold at $3.50 each. The variable cost...
- Q Broccoli Company produces and sells 40,000 packs of broccoli florets each year. The following information reflects a breakdown of its costs:Cost ItemCosts per PackTotal CostsVariable production costs$15$600,000Fixed production costs$8$320,000Variable selling...
- Q Pear Juice Delights:Produces 85,000 cases annuallyVariable production costs: $21/caseFixed production costs: $9/caseVariable selling costs: $7/caseFixed selling/admin costs: $5/caseTotal costs: $42/caseMarks up prices 30%. Capacity: 20,000 more cases. UK market offers...
- Q Lemon Juice Delights produces and sells 80,000 cases annually. Cost breakdown:Variable production costs: $22 per caseFixed production costs: $10 per caseVariable selling costs: $7 per caseFixed selling and administrative costs:...
- Q Grapefruit Juice Delights:Produces 75,000 cases/yearVariable production costs: $20/caseFixed production costs: $9/caseVariable selling costs: $7/caseFixed selling/admin costs: $5/caseTotal cost: $41/caseMarks up prices 30%. Surplus capacity: 20,000 cases. Offer: 15,000 cases at...
- Q Classic Cars produces regular and luxury model toy cars. The regular model is sold at $10 each, and the luxury model is sold at $20 each. The variable cost of...
- Q Peak Performance Gear manufactures basic and advanced model tents. The basic tent is sold at $100 each, and the advanced tent is sold at $180 each. The variable cost of...
- Q Grape Company produces and sells 45,000 bottles of grape juice each year. The following information reflects a breakdown of its costs:Cost ItemCosts per BottleTotal CostsVariable production costs$14$630,000Fixed production costs$10$450,000Variable selling...
- Q Papaya Juice Delights makes 70,000 cases yearly:Cost ItemCost per Case ($)Total Costs ($)Variable production costs211,470,000Fixed production costs10700,000Variable selling costs7490,000Fixed selling/admin costs5350,000Total costs433,010,000Papaya Juice marks up 30% over costs. With a capacity...
- Q Sunny Hills Farms is evaluating the pricing of its fresh-squeezed cranberry juice in half-gallon containers. Variable costs per container are $1.55. The management has estimated demand for various price points between...
- Q Information for Aurora Ltd. for the fiscal year ending December 31, 2024:Sales: ?300,000Cost of Goods Sold: ?180,000Administrative Expenses: ?25,000Selling Expenses: ?20,000Interest Expense: ?10,000Income Tax: ?12,000Requirements:Calculate the gross profit.Determine the operating profit.Compute the net profit before tax.Calculate...
- Q Grapefruit Juice Delights manufactures 50,000 cases per year with costs:Variable production: $20/caseFixed production: $9/caseVariable selling: $7/caseFixed selling/admin: $5/caseTotal costs: $41 per case. Grapefruit Juice marks up prices 30%. It can produce...
- Q Greenfield Farms is reevaluating the pricing of its fresh-squeezed apple juice in half-gallon containers. Variable costs per half-gallon container of fresh-squeezed apple juice are $1.75. Based on Greenfield's market study, management...
- Q Berry Juice Delights produces 90,000 cases annually with costs:Variable production: $21/caseFixed production: $9/caseVariable selling: $7/caseFixed selling/admin: $5/caseTotal costs: $42 per case. Berry Juice marks up 30%. With a surplus of 25,000...
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!