Accounting question and answers for November 10, 2023
- Q Lehlabile CC The following information pertains to Lehlabile CC and covers questions 14 26: Katlego and Tshepo are the only members of Lehlabile CC. The CCs financial year-end is...
- Q Darwin Company manufactures only one product that it sells for $200 per unit. The company uses plantwide overhead cost allocation based on the number of units produced. It provided the...
- Q Each of the following represents tasks that auditors frequently perform: 1- Compilation of quarterly financial statements for a small business that does not have any accounting personnel capable of...
- Q Indicate which costing system (job order or process) would be used for each of the following products: Chemicals Pencils Shopping Center Motion Pictures Firetruck
- Q The following are some of the expenses reflected in the profit and loss statement of Faye Corporation for the year ended December 31, 20A1: Salaries and wages 5,000,000 Special...
- Q PetLove Limited manufactures two products dog shampoo and horse shampoo. PetLove has always adopted a cost-based pricing model in which it applies a 50% mark-up. After experiencing a recent...
- Q Nathan Cohen , age 45, is a single taxpayer who lives at 2245 Mardel St., San Jose, CA 95130. His social security number is 351-42-1961. Nathans earnings and withholdings as...
- Q Explain the purpose and use of a "materials requisition slip" as used in a job order cost system.
- Q A bond portfolio manager has a $25 million market value bond portfolio with a six-year duration. The manager believes interest rates may increase 50 basis points. Which of the following...
- Q Which of the following is not an external user of accounting information? Shareholders, customers, purchasing managers, government regulators, or creditors
- Q The following information was reported by Bard Company relating to its first year of operations. Note that Bard has only identified direct labor and direct materials as direct costs....
- Q 1) A county acquires equipment for $16,000,000 at the beginning of 2015. The equipment has an 8-year life, no residual value. At the beginning of 2021 (6 years later), the...
- Q The statement of cash flows is a supplement to the balance sheet in a company's annual report. Question content area bottom Part 1 True
- Q Tharp Company operates a small factory in which it manufactures two products: C and D. Production and sales results for last year were as follows. ...
- Q Lollipop Inc. started the year with 800,000 shares issued, and 250,000 shares held as treasury stock (purchased in a prior period by Lollipop for $15 per share)Record the journal entries...
- Q An investment will pay you $3750 in 3 years if you pay $2415 today. What is the implied rate of return?
- Q Client would like to know how much interest they could write off on their 2024 tax return and what their down payment would need to be if they purchased a...
- Q Carroll Corporation has two products, Q and P. During June, the company's net operating income was $25,000, and the common fixed expenses were $37,000. The contribution margin ratio for Product...
- Q Donut Corp had 1,500,000 shares of common stock outstanding and the beginning of 2021. At the end of the year, Donut reported net income of $5,000,000. Consider the other available...
- Q A collector of rare books has a first-edition book worth $262, which he anticipates will grow in value at a rate of 15% per year. How much will this book...
- Q Jannie, a self-employed taxpayer, purchased machinery for $60,000 in 2014. In 2022, Jannie sold the machinery for $67,000. At the time of the sale, Jannie's depreciation deduction totaled $50,700. What...
- Q Peyton Manufacturing, Inc. purchased a 30% interest in Hyland Manufacturing, Inc. for $200,000 on July 1, 2021, halfway through the reporting year. Peyton reports the investment using the equity method....
- Q PLO is a pharmaceutical company that was founded three years ago. PLO's stock is listed on a Canadian stock exchange. Last year, Year 1, PLO announced the results of exciting...
- Q Red Hen PTY. LTD. purchased $9,200 worth of steam cleaning services from Chooka's Steam Cleaning Services. The owner of Chooka's Steam Cleaning Services purchased 20 kilograms of Chicken salt from...
- Q Due to increased demand for hire car in Australia, Coastal Hire Cars Ltd leased limousine from a car dealer Rolls Royce ltd. Rolls Royce acquired the Limousine at the cost...
- Q On January 1, 2015, Zade Manufacturing Corporation purchased a machine for $40,000,000. The Corporation expects to use the machine for 24,000 hours over the next 6 years. The estimated sale...
- Q CGWO sells equipment with a historical cost of $175,000 and accumulated depreciation of $139,500. Cash proceeds equal $62,000. Any gain or loss on the transaction should be recognized as Gain...
- Q You are looking at an investment that will pay you $25919 in year 2, $42812 in year 4 and $45841 in year 6. If your required return is 8.34%, what...
- Q ABC is a domestic corporation with $8,775,000 of GAAP financial accounting income and includes $750,000 of tax-exempt municipal bond interest. ABC computes bad debt expense for book purposes using the...
- Q Prepare the adjusting entries at September 30. Assuming won the NSF check was from a customer on account, and to not answer has been occurred on the note. The information...
- Q On Jan. 1, 2015, Carter Sales issued $15,000 in bonds for $14,700. They were 6-year bonds with a stated rate of 9%, and pay semiannual interest. Carter Sales uses the...
- Q Amy, Beth, and Charlene form ABC, LLC on January 1, 2013. Amy contributes depreciable property with a FMV of $400,000 subject to a nonrecourse loan of $200,000; the property has...
- Q How do you cooperate in a real estate that contain land building? And equipment the property caused hurting 1 million 900000 dollars Harding paid $525000 issued a note payable for...
- Q According to their 2022 annual report, QAN have (approximately) $5.34b in long term debt and (approximately) $7.96b in equity, giving total capital of $13.30b. Say that the QAN before tax...
- Q The company Electronicos Potentes S.A. bought a reflective kit for a cost of $40,000. Its useful life of 5 years and an estimated residual (salvage) value of $2,500. What is...
- Q Lorri’s income statement is as follows: Sales $60,000 Less variable costs (19,200) Contribution margin $40,800 Less fixed costs (9,600) Net income $31,200 5,000 units sold What is the unit contribution margin?
- Q On January 1, 2021, Monty Corp. had 459,000 shares of common stock outstanding. During 2021, it had the following transactions that effected the Common Stock account.February 1 Issued 123,000 sharesMarch...
- Q Microsoft Inc. reported taxable income for the years 2021 and 2022 as follows.YearAmount2021(130,000)2022208,000The enacted tax rate is 25%. There are no differences between taxable income/loss and GAAP income/loss. Management believes...
- Q Hillside balance sheet $ in millions information in cells A3 through D19 and table 2 Hillside Income statement $ IN millions information in cells A21 through B38 to complete table...
- Q Roth Contractors Corporation was incorporated on December 1, 2019 and had the following transactions during December: Part A a. Issued common stock for $5,000 cash b. Paid $1,200 cash for...
- Q The Riteway Ad Agency provides cars for its sales staff. In the past, the company has always purchased its cars from a dealer and then sold the cars after three...
- Q Take-a-Break Travel Company offers spring break travel packages to college students. Two of its packages, a 5-day, 4-night trip to Cancun and a 7-day, 6-night trip to Jamaica, have the...
- Q Which is an available relief from joint liability under an innocent spouse claim? Refund allocation. Reimbursement. Retroactive refund. Separation of liability.
- Q Goods are transferred from the cleaning department to the mixing department. The costs transferred in April totaled $85,000. The journal entry to record the transfer is to: Question 44 options:...
- Q Analyzing and Computing Issue Price, Treasury Stock Cost, and Shares Outstanding The following is the stockholders' equity section from Chipotle Mexican Grill, Inc.'s balance sheet (in thousands, except per share...
- Q What did you learn about the grocery business that you did not already know about ?
- Q The cost data for Evencoat Paint for the year 2019 is as follows: Month Gallons of Paint Produced Equipment Maintenance Expenses January ...
- Q BAK Corp. is considering purchasing one of two new diagnostic machines. Either machine would make it possible for the company to bid on jobs that it currently isnt equipped to...
- Q Find information on why or why not India adopted IFRS and what issues were noted during the decision process. Did they adopt all of the IFRS standards? How are they...
- Q 25 Kostelikik Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate...
- Q Record the following transactions in the General Ledger accounts of the General Fund. 2. The commissioners reviewed the budget during the year and revised the estimate of...
- Q Dojo Corporation issued $500,000 with a 7 percent stated rate of interest on January 1. The effective rate of interest on that date was 5 percent and interest is paid...
- Q Internal Rate of Return Method The internal rate of return method is used by Testerman Construction Co. in analyzing a capital expenditure proposal that involves an investment of...
- Q Given the following financial information about a company for its Fiscal Year 2018, calculate the non-diluted EPS (Earnings Per Share) for the company. Net Earnings $1,233,456 Preferred Dividends Paid $...
- Q Citrin Corporation reported the following information related to 2017 and 2018: ...
- Q Troy Engines, Ltd., manufactures a variety of engines for use in heavy equipment. The company has always produced all of the necessary parts for its engines, including all of the...
- Q The Casings Plant of Wyoming Machines makes plastics shells for the companys calculators. (Each calculator requires one shell.) For each of the next two years, Wyoming expects to sell 630,000...
- Q Vicky Disposed of the following assets in the tax year 2020-21 1. An antique table which cost 25,000 in April 2002 was sold at Auction for 35,000 before a commission...
- Q Pierres Hair Salon is considering opening a new location in French Lick, California. The cost of building a new salon is $300,000. A new salon will normally generate annual revenues...
- Q A Canadian-controlled and private mail-order computer company, sells computer supplies and peripherals. The company leased showroom space and a warehouse for $30,000 a year and installed $120,000 worth of inventory...
- Q Analyzing and Interpreting Stockholders Equity and EPS Following is the stockholders equity section of the balance sheet for The Procter & Gamble Company along with selected earnings and dividend data....
- Q The Manning Company has financial statements as shown next, which are representative of the companys historical average. The firm is expecting a 30 percent increase in sales...
- Q Decision Case 11-2 Sell-Soft is the defendant in numerous lawsuits claiming unfair trade practices. Sell-Soft has strong incentives not to disclose these contingent liabilities. However, GAAP requires that companies report...
- Q Last year, Manganese Company's net sales were $420,000. The beginning accounts receivable balance was $25,000, and the ending accounts receivable balance was $35,000. The company's accounts receivable turnover ratio was...
- Q the actual selling expenses incurred in march 2020 by fallon company as follows sales commission. $12,576. sales salaries 35,400 advertising. $11,876. depreciation. 7,500 travel. $8,390. insurance. 2,000 delivery. 3,446...
- Q Financial statements for Rundle Company follow. RUNDLE COMPANY Balance Sheets As of December 31 Year 4...
- Q Terry, a single employee with two dependents under the age of 17, is paid $13.00 per hour and receives a commission on net sales. No commission is received until net...
- Q Paulsons Piano Service, Inc. is trying to establish the standard labor cost of tuning a typical piano. The following data have been collected from time and motion studies conducted over...
- Q WRT, a calendar year S corporation, has 100 shares of outstanding stock. At the beginning of the year, Mr. Wallace owned all 100 shares. On September 30, he gave 20...
- Q Year to Year Comparisons Solution Only in Percent (% to one decimal) Common Size Income Statement (Partial) ...
- Q Moss Co. issued $840,000 of five-year, 13% bonds with interest payable semiannually, at a market (effective) interest rate of 11%. Determine the present value of the bonds payable, using the...
- Q Gibson Manufacturing Company was started on January 1, Year 1, when it acquired $87,000 cash by issuing common stock. Gibson immediately purchased office furniture and manufacturing equipment costing $8,400 and...
- Q 1. Jack and Diane are two comparably qualified data-entry operators working for Data Mining, Inc. Both get paid the same amount, but Diane works harder and longer than Jack and...
- Q The company uses FIFO method in its process costing system. The production information is provided below Work in process, beginning - 150 units Materials level of completion - 60% Conversion...
- Q Sleep Tight, Inc. manufactures bedding sets. The budgeted production is for 48,200 comforters this year. Each comforter requires 1.5 hours to cut and sew the material. The cost of cutting...
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