Accounting question and answers for November 10, 2023
- Q Making Waves, Inc. manufactures two lines of bodyboards: Basic and Deluxe. Under the current costing system, manufacturing overhead is allocated to each product line based on direct labor hours. Each...
- Q Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary of its budgeted cash flows: 1st Quarter 2nd Quarter...
- Q Home Corporation will open a new store on January 1. Based on experience from its other retail outlets, Home Corporation is making the following sales projections: Cash Sales Credit Sales...
- Q n October 2019, Brund Ltd, a manufacturer of wood home heaters, was taken to court by one of its competitors, Costa Air P/L on the ground that Brund had sought...
- Q BridgeportCompany has several investments in the securities of other companies. The following information regarding these investments is available at December 31, 2017. 1. Bridgeport holds bonds issued by Dorsel Corp....
- Q Which of the following plan provisions or benefits will preclude a qualified plan from qualifying for the tax benefits available to qualified plans? A.The plan permits a benefit...
- Q Question 3 (25 MARKS) You have been requested by the directors of Botho Limited to help them prepare the financial statements for the year ended 30 September 2016. The directors...
- Q Nelly is a Canadian citizen who has been employed in Vancouver for the last five years. She has accepted a new position in the United States and, as of March...
- Q Custer Products manufactures garden tools. It uses a job costing system that allocates factory overhead on the basis of direct labor-costs. Budgeted factory overhead for the year 2019 was $558,000,...
- Q Please also explain the answer clearly, because it is important to me and i don't understand, thank you very much!!! <3 On 1 January 20X2 C Ltd had a credit...
- Q At the start of the current year, Blue Corporation (a calendar year taxpayer) has accumulated E & P of $100,000. Blues current E & P is $60,000, and at the...
- Q Question 2: From the following account balances to 30 June 2020 prepare a statement of financial position in the narrative classified format. Note: you will need to determine the balance...
- Q Exercise 9-6 (Algorithmic) (LO. 6) In 2019, Simon, age 12, has interest income of $6,780 and no earned income. He has no investment expenses. Click here to access the 2019...
- Q The comparative balance sheet of Canace Products Inc. for December 31, 20Y6 and 20Y5, is shown as follows: 1 Dec....
- Q Companies (notably Kodak) paid amounts greatly in excess of book value for another company, and under previous reporting standards attributed much of this excess price paid to the acquired company's...
- Q he financial records for the Harrison Manufacturing Company have been destroyed in a fire. The following information has been obtained from a separate set of books maintained by the cost...
- Q Determine if the following are included or excluded from gross income (assume the tax year is 2021). - A. B. ...
- Q La Barte Company manufactures commuter bicycles from recycled materials. The following data for July of the current year are available: Quantity of direct labor used 410 hrs....
- Q Based on the information below, find cash available at the end of January For your answer. Do not use the dollar sign, do not use decimals, periods or commas. Round...
- Q The following summary transactions occurred during the year for a company. Cash received from: Collections from customers $384,000 Interest on notes receivable...
- Q "I think we goofed when we hired that new assistant controller," said Ruth Scarpino, president of Provost Industries. "Just look at this report that he prepared for...
- Q Cost of goods sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 2018: ...
- Q Hixson Company manufactures and sells one product for $34 per unit. The company maintains no beginning or ending inventories and its relevant range of production is 20,000 units to 30,000...
- Q The two most common types of formal, longer, business documents are reports and proposals. There are some similarities between the two but some important differences as well. Formal reports are...
- Q A debt service fund paid $2,000,000 for securities for use as income investments during the year. During the year, $30,000 of investment income is received in cash. At year-end, the...
- Q Adger Corporation is a service company that measures its output based on the number of customers served. The company provided the following fixed and variable cost estimates that it uses...
- Q Weiss Company was incorporated at the beginning of this year and had a number of transactions. The following journal entries impacted its stockholders equity during its first year of operations....
- Q Zip-up Company provides the following data developed for its master budget: Sales price $11.00 per unit Costs:...
- Q Flowerworks Corporation purchases a vehicle for $35,200 to deliver flowers to the surrounding community. Flowerworks estimates that at the end of its four-year useful life, the delivery vehicle will be...
- Q 5. The difference between the split cost and the standard cost for direct materials is called the: A. Materials Price Variance B. Materials Efficiency Variance C. Materials...
- Q The quantity theory of money is built around the equation of exchange that says =, where M is the money stock, V is the velocity of money in circulation, P...
- Q L&B Inc. offers gym services for its clients. The annual membership fee per customer is $1,200 which includes access to all the facility activities. In addition, L&B also charges a...
- Q For each of the unrelated situations described below, prepare the entry(ies) required to record all the 2020 transactions. Where relevant, provide any optional entries that are acceptable under GAAP ...
- Q Question 1 For several years Tom had managed Nick's Place, a restaurant/tavern owned by Nick. As a result of Toms efforts, profits increased from $20,000.00/year to $200,000.00/year during the term...
- Q Entries for Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6: Cash balance according to the company's records...
- Q Nova Companys total overhead cost at various levels of activity are presented below: Month Machine- Hours Total Overhead Cost April 48,000...
- Q 8. Note: Form 1040, Line 10b instructions state: If you don't itemize deductions on Schedule A (Form 1040), you (or you and your spouse if filing jointly) may be able...
- Q Near the end of 2020, X Company had produced and sold 64,200 units of its only product. Costs for these units were: Total Per-Unit Direct materials $115,560 $1.80 Direct...
- Q We have purchased 20 items of inventory at $2,500 each on 26 July 2019 from Suppliers on account. Ignore GST Suppliers is your only creditor. Assume a perpetual inventory system,...
- Q at the beginning of 2011, stacy's floor covering had the follwoing account balances, accounts rec. 360,000 and allowance for uncollectible accounts (7,700). During the year net credit sales were 800,000,...
- Q there is a newly established SERVICE COMPANY as of Jan 01, 2015. You will assume that some capital from shareholders, and some loan from the creditors to be registered...
- Q DigiCom repairs laptops. Using the format provided below, show the effects of the activities listed in (a) through (i). (Enter all amounts as positive values.) Stacey Comeau, owner...
- Q The New York City Subway has 40,000 passengers every day. However, they are fairly price sensitive. Is the current price of $2 were to increase to $2.50, it is likely...
- Q Avengers Ltd (Lessor) and Thanos Ltd (Lessee) enter into a lease agreement for a truck on 30 June 2019. On that date, the truck had a fair value of $40,988....
- Q Anne Marie is the owner of Annes Beauty Salon, Inc. Her accountant has prepared financial statements for the year 20XX for her business. She doesn't like to ask him...
- Q An investment project in which the value of the land is 10,000 dinars, the buildings are 20,000 dinars, and the machinery is 15000 dinars. The construction period is one year,...
- Q Opus Corp has decided to issue equity in order to raise capital to expand operations. The company has received approval from the board of directors to issue 100,000 shares of...
- Q Chapter 4: Banking Additionally, please refer to Chapter 8 in your Cengage Accounting eText, accessible from the eText link in the Course Navigation Panel to the left of your screen....
- Q 1. Advocates of variable costing argue that: a. fixed production costs should be added to inventory because such costs have future service potential and therefore are inventoriable as an asset....
- Q Sorenson Co. is considering the following alternative plans for financing the company: Plan 1 Plan 2 Issue 10% bonds (at face) - $200,000...
- Q [The following information applies to the questions displayed below.] Forten Company's current year income statement, comparative balance sheets, and additional information follow. For the year, (1) all sales are credit...
- Q The Walton Toy Company manufactures a line of dolls and a sewing kit. Demand for the companys products is increasing, and management requests assistance from you in determining an economical...
- Q The Campus Theater adjusts its accounts every month. Below is the companys unadjusted trial balance dated August 31, 2002. Additional information is provided for use in preparing the companys adjusting...
- Q 1. Bramble Stamp Company records stamp service revenue and provides for the cost of redemptions in the year stamps are sold to licensees. Brambles past experience indicates that only 80%...
- Q Checks were written in the total amount of $3,076,943. These checks were in payment of the following items: Vouchers Payable $1,197,963 Due to Other...
- Q [The following information applies to the questions displayed below.] Craft Pro Machining produces machine tools for the construction industry. The following details about overhead costs...
- Q Absorption costing does not distinguish between variable and fixed costs. All manufacturing costs are included in the cost of goods sold. Saxon, Inc. ...
- Q Natalie had a very busy December. At the end of the month, after journalizing and posting the December transactions and adjusting entries, Natalie prepared the following adjusted trial balance. ...
- Q Sales, Production, Direct Materials Purchases, and Direct Labor Cost Budgets The budget director of Gourmet Grill Company requests estimates of sales, production, and other operating data from the various administrative...
- Q A forecast using a percentage of sales model expects sales to increase by 5% over each of the next four years. If costs are proportional to sales at 80%, and...
- Q Suppose a construction project anticipates end of the month draws ofR4, 000,000, R3, 000,000 and R6, 000,000 consecutively. What will be the balance owed at the end of the third...
- Q The following balances as at 28 February 2017 have been extracted from the accounting records of Tomas Neale Ltd:Raw material in stock at 010316 $ 20,000Raw material...
- Q Abada and Acosta form a partnership. Abada contributed cash of P3,000,000 and an equipment costing P6,000,000. Acosta contributed land costing P6,000,000. The current market value of the assets are as...
- Q Calculation of the FIFO equivalent units of production for the direct materials and the conversion costs.Calculation of the FIFO costs per equivalent units of production for the direct materials and...
- Q Cash Flows from Operating Activities—Indirect MethodStaley Inc. reported the following data:Net income$343,700Depreciation expense64,100Loss on disposal of equipment22,100Increase in accounts receivable18,700Increase in accounts payable11,900Prepare the Cash Flows from Operating Activities section...
- Q On February 23, the account of Dan Hall in the amount of $300 was considered uncollectible and written off. On August 12, Hall remitted $200 and indicated that he intends...
- Q Annie is collecting pledges for a walk -a-thon. Her mother donation of $40, and her grandmother has pledged $2 per walks a certain distance, the two donors will end up...
- Q 1. Anthony, a single taxpayer, earns $180,000 in taxable income, how much federal tax will he owe?Here is the rate:If taxable income is over $175,050 but not over $215,950 the...
- Q On December 10, 2010 Copeta Inc. received a cheque in the amount of $50,000 from a customer for services that Copeta had yet to perform. By December 31, 2010 it...
- Q During 2021, its first year of operations company A recorded sales of $18,000,000 and experienced returns of $720,000. Returns are accounted for as they occur with additional estimated returns accrued...
- Q A manufacturer currently produces 1,100 gallons of hand sanitizer per day. The manufacturer's maximum capacity is 1,250 per day and their effective capacity is 1,000 per day. What is the...
- Q Pacer Company purchased 300 of the 1, 000 outstanding shares of Queen Company's common stock for $80,000 on January 2, 2016. During 2017, Queen Company declared dividends of $8,000 and...
- Q Alphonse Company uses the periodic inventory system. Employees have just taken a physical count of its inventory. This ending inventory has been valued at $136,000. The company’s accounting records show...
- Q Jassa Brothers Ltd, Purchases a machine at a cost of $200 000 and accumulated depreciation of$25 000. The machine is revalued to $225 000 at the beginning of the year,...
- Q Online Foodies operates an online food delivery business. They sell processed and fresh foods to Australian and Overseas customers. Online Foodies report for GST quarterly on a non-cash basis. GST...
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