Accounting question and answers for November 11, 2023
- Q Josiah's great aunt gave him the family home on 10/19/2015. His aunt purchased the house on 2/25/70 for $62,595. The fair market value of the house at the time of...
- Q Sam accepts an offer of employment made by QP Pty Ltd to be their new associate director. On 1 August 2016 QP Pty Ltd made an interest free loan of...
- Q Beta Inc. Date: 30 June 2023Details:Raw material inventory (rubber):Cost: £25,000Replacement cost: £27,000Finished goods inventory:ProductOmicronPiDirect costs£60,000£50,000Proportion of fixed overhead£14,000£12,000Proportion of selling costs£3,500£3,000Net realizable value£90,000£75,000Vehicles: Acquired on 1 July 2018 for £300,000, depreciated over...
- Q Direct Method and Overhead Rates Jasmine Company manufactures both pesticide and liquid fertilizer, with each product manufactured in separate departments. Three support departments support the production departments: Power, General Factory,...
- Q Pound Industries customer service department follows up on customer complaints by telephone inquiry. During a recent period, the department initiated 8,600 calls and incurred costs of $189,200. If 3,460 of...
- Q As of December 31, 2021, Warner Corporation reported the following: Cash dividends payable $...
- Q Read the case linked in the assignments below carefully and identify the problem. Using FASB codification answer the problem correctly. (As followed) - Problem identification: Keywords: Conclusion: Case Solution: ...
- Q Epsilon Ltd Date: 31 December 2023Details:Raw material inventory (fiber):Cost: £32,000Replacement cost: £30,000Finished goods inventory:ProductLambdaMuDirect costs£65,000£55,000Proportion of fixed overhead£18,000£16,000Proportion of selling costs£5,500£5,000Net realizable value£100,000£80,000Furniture: Acquired on 1 January 2018 for £320,000, depreciated over...
- Q Lambda Inc. Date: 31 October 2023Details:Raw material inventory (glass):Cost: £35,000Replacement cost: £33,000Finished goods inventory:ProductGammaDeltaDirect costs£70,000£55,000Proportion of fixed overhead£20,000£18,000Proportion of selling costs£5,500£5,000Net realizable value£110,000£85,000Furniture: Acquired on 1 November 2017 for £300,000, depreciated over...
- Q Alpha Ltd Date: 31 May 2024Details:Raw materials inventory (cotton):Cost: £40,000Replacement cost: £38,000Finished goods inventory:ProductPhiChiDirect costs£80,000£65,000Proportion of fixed overhead£20,000£15,000Proportion of selling costs£5,000£4,000Net realizable value£120,000£90,000Machinery: Acquired on 1 June 2020 for £300,000, depreciated over...
- Q Delta Inc. Date: 30 September 2023Details:Raw materials inventory (metal):Cost: £35,000Replacement cost: £33,000Finished goods inventory:ProductGammaDeltaDirect costs£70,000£60,000Proportion of fixed overhead£18,000£16,000Proportion of selling costs£5,000£4,500Net realizable value£110,000£90,000Office machinery: Acquired on 1 October 2017 for £330,000, depreciated...
- Q Omega Co. Date: 30 September 2023Details:Raw material inventory (glass):Cost: £38,000Replacement cost: £36,000Finished goods inventory:ProductNuXiDirect costs£70,000£55,000Proportion of fixed overhead£16,000£13,000Proportion of selling costs£4,000£3,500Net realizable value£105,000£80,000Equipment: Acquired on 1 October 2017 for £400,000, depreciated over...
- Q Psi Ltd Date: 31 December 2023Details:Raw materials inventory (leather):Cost: £28,000Replacement cost: £30,000Finished goods inventory:ProductSigmaTauDirect costs£55,000£45,000Proportion of fixed overhead£10,000£8,000Proportion of selling costs£2,500£2,000Net realizable value£80,000£60,000Office machinery: Acquired on 1 January 2016 for £250,000, depreciated...
- Q Gamma Ltd Date: 31 August 2023Details:Raw material inventory (plastic):Cost: £29,000Replacement cost: £27,000Finished goods inventory:ProductAlphaBetaDirect costs£60,000£50,000Proportion of fixed overhead£16,000£14,000Proportion of selling costs£4,500£4,000Net realizable value£95,000£75,000Vehicles: Acquired on 1 September 2016 for £310,000, depreciated over...
- Q 8. Assume instead of one product (the Ripped Pig sandwich), Cat & Joes Pig Rig served three items: 1. the Ripped Pig sandwich, which sells for $12 and had variable...
- Q Buzzard borrowed $37500 on March 1, 2021. The principal is due to be collected in five years. Interest is receivable each March 1 at an annual rate of 10%?
- Q Partners Telecom (PT) is a company based in Windhoek that sells mobile broadband (also called data in layman language) to individual customers. The company is considering selling the broadband business...
- Q Partner Z of the XYZ partnership receives a liquidating distribution of the following: Basis FMV Cash $40,000 $40,000 Inventory $37,000 $45,000 Unrealized Receiv. $75,000 $45,000 Land...
- Q In order to supplement his income working in a Calgary bookstore, Mr. Victor Larson has decided to start a home-based business that will specialize in selling used textbooks to university...
- Q Physical Units Method Alomar Company manufactures four products from a joint production process: barlon, selene, plicene, and corsol. The joint costs for one batch are as follows: ...
- Q Q1. Norma has prepared a set of accounts for the nine-month period to 31 December 2019. The written down value of her plant and machinery at 31 March 2019 was...
- Q On January 2, 2023 family clothing consignment purchased showing fixtures for $11,000 cash expecting the fixtures to remain inservice for five years. again has depreciate it the fixtures on a...
- Q Andrew and his brother are walking down the street. Tim is driving his car in a careless manner and he strikes the brother causing him serious injury but does not...
- Q What is the major difference between absorption costing and variable costing?
- Q QUESTION 29 Hannah Corporation reported total manufacturing costs of $290000, manufacturing overhead totaling $49000, and direct materials totaling $61000. How much is direct labor cost? ...
- Q Veronica Mars, a recent graduate of Bells accounting program, evaluated the operating performance of Dunn Companys six divisions. Veronica made the following presentation to Dunns board of directors and suggested...
- Q Judy Cumby is the sole owner of Oriole, a public camping ground near Gros Morne National Park. Judy has gathered the following financial information for the year ended March 31,...
- Q Farhan Ullah Aziz has been running an electronics manufacturing business for a long time. The company uses Direct Labor Hours as a cost driver for applying overheads to different products....
- Q The following is a random list showing the account balances of various assets, liabilities, revenues and expenses for Jones Painting Company at December 31, 2020, the end of its first...
- Q Vermont Instruments manufactures two models of calculators. The finance model is the Fin-X and the scientific model is the Sci-X. Both models are assembled in the same plant and require...
- Q 1. Prepare West Company's income statement for the year ended December 31,2025. 2. Prepare the statement of retained earnings for the year ended...
- Q Partner Z of the XYZ partnership receives a liquidating distribution of the following: Basis FMV Cash $40,000 $40,000 Inventory $37,000 $45,000 Unrealized Receiv. $75,000 $45,000 Zs basis...
- Q A comparative balance sheet and income statement is shown for Cruz, Incorporated. CRUZ, INCORPORATED Comparative Balance Sheets At December 31...
- Q 1-Although Nasser and maleia had some serious conflict early on , the team has now a- Adjournment b- Uncertainty c- Empowerment d- Cohesiveness ...
- Q Andretti Company has a single product called a Dak. The company normally produces and sells 86,000 Daks each year at a selling price of $58 per unit. The companys unit...
- Q in every corporation the ones class of shares that represents the basic ownership interest is called
- Q Generally how are liquidated damages distinguished from some of the other damages such as compensatory damages.
- Q weekly discusion acct621 week 5 what were some interesting management accounting concept that came up this week
- Q Fixed Asset Purchases with Note On June 30, Collins Management Company purchased land for $320,000 and a building for $480,000, paying $400,000 cash and issuing a 7% note for the...
- Q 15. Business Tech Services sold 600,000 of their financial spreadsheet mobile phone apps at a price of $3.99 each in 2018. Their major competitor, Online Accounting Services, sold 700,000 financial...
- Q Q3. The following information drawn from ABC Corporation about maintenance costs in 2020. (1.5 Marks) Month Total maintenance costs (SR) ...
- Q Inventory records for Dunbar Incorporated revealed the following: Date Transaction Number of Units Unit Cost Apr. 1 Beginning inventory 490...
- Q Salem Corp. was incorporated on July 2, 2019 to operate a merchandising business. Salem uses the perpetual inventory system. All its sales on account are made according to the following...
- Q Describe any TWO (2) substantive procedures the auditor should perform to obtain sufficient and appropriate audit evidence in relation to Highnix s year-end sales tax ...
- Q Metlock, Inc. had the following transactions. 1. Sold land (cost $7,760) for $9,700. 2. Issued common stock at...
- Q Gentry Inc. purchased 100% of Gaspard Farms on January 5, 2005. During 2005, Gentry sold to Gaspard Farms for $650,000 goods which had cost $200,000. Gaspard Farms still owned 15%...
- Q Aries LLP (Aries) is a small local firm, set-up by two former Big4 auditors in January 2020. It has a team of eight audit staff including the two founders. Given...
- Q Exercise 8-6 Selling and Administrative Expense Budget [LO8-7] Weller Company's budgeted unit sales for the upcoming fiscal year are provided below: 1st Quarter...
- Q Based on the information below, find the total recurring costs, years 1 to 5 for Model C. Remember to use the concepts of Unique, Recurring, Relevant and Irrelevant...
- Q Pabbatti Corporation, which has only one product, has provided the following data concerning its most recent month of operations: ...
- Q Munoz Company operates three segments. Income statements for the segments imply that profitability could be improved if Segment A were eliminated. MUNOZ COMPANY Income...
- Q X Company no longer has the space necessary to produce all of its parts. A company has offered to supply one of X Company's parts for $25.82 per unit. This...
- Q Encinas Company produced 2,300 units that require 6 standard pounds per unit at $1.75 standard price per pound. The company actually used 13,600 pounds in production. Journalize the entry to...
- Q Merrick and Steel are directors ice creamery incorporated as ColdChoco. Merrick is the head cream maker and Steel is the business manager. Merrick has recently been experimenting with different flavours...
- Q Dittman's Variety Store is completing the accounting process for the current year just ended, December 31. The transactions during year have been journalized and posted. The following data with respect...
- Q Kayak Company budgeted the following cash receipts (excluding cash receipts from loans received) and cash payments (excluding cash payments for loan principal and interest payments) for...
- Q Use the following information for the Exercises below. Skip to question [The following information applies to the questions displayed below.] Megamart, a retailer of consumer goods, provides the...
- Q Firm ML, a noncorporate taxpayer, exchanged residential rental property plus $19,500 cash for 20 acres of investment land with a $219,000 FMV. ML used the straight-line...
- Q every employer engaged in a trade or business who pays remuneration, including non-cash payments of what amount or more for the year for service performed by employee must file a...
- Q 21 On 1/1/ 2020,X Co paid $800,000 for all of Y co issued and outstanding common stock, Y recorded assets and liabilities on 1/1/2020, were as follows: Cash 80,000 Inventory...
- Q McIntyre Corporation issued 2,000 $1,000 bonds at 101. Each bond was issued with one detachable stock warrant. After issuance, the bonds were selling separately at 98. The market price of...
- Q Question: Mahendra Toys is a wholesale distributor of gifts and accessories. The following data relates to their balance sheet as of 31 December 2019. Current...
- Q Kimons dog, Bobos, every day eats on average 3 pounds of kibble with a standard deviation of 0.5 pounds. Kimon buys the kibble from an online retailer that charges $2...
- Q Jim inherits stock (a capital asset) from his brother, who died in March 2023, when the property had a $20.7 million FMV. This property...
- Q Prepare Trading and Profit and Loss account from the following information for the year 31st December 2015. Opening stock 5,500 Return outward 1,500 Purchases 18,400 Return inward 900 Manufacturing wages...
- Q Taxation Problem: Jane, age 40, and Andy, age 45 are engaged and lived together the entire year. Jane moved her mother Dorothy in with them on December 1, 2019,...
- Q A company buys an oil rig for $3,000,000 on January 1, 2014. The life of the rig is 10 years and the expected cost to dismantle the rig at the...
- Q The balance sheet of the Captain Fishing Inc. is attached. During 2017, the following events occurred. ...
- Q Whirly Corporations contribution format income statement for the most recent month is shown below: Total Per Unit Sales (7,600...
- Q Cardi B reported the following data for her company in 2019: Net Operating Income $65,000 Beginning Operating Assets ??? Ending Operating Assets $586,000 ...
- Q Recorded sales of $21900000 and experienced returns of $1,280,000. Cost of goods sold totaled $15,330000(70% of sales). The company estimates that 7% of all sales will be returned....
- Q Meera Corporation's results for the year ended December 31, 2013, include the following material items: Sales revenue $6,200,000 Cost of goods sold ...
- Q Clayton received a $140,000 distribution from his 401(k) account this year. Assuming Clayton's marginal tax rate is 25 percent, what is the total amount of tax and penalty Shauna will...
- Q 1. Liam OConnor is an accounting major at the Isenberg School of Management, University of Massachusetts, Amherst. One month into the semester he is forced to take a leave of...
- Q Elite Lawn & Plowing (EL&P) is a lawn and snow plowing service with both residential and commercial clients. The owner believes that the commercial sector has more growth opportunities and...
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!