Accounting question and answers for November 11, 2023
- Q After working for a couple of years as a rank-and-file employee, you decided to open up your pharmacy. Your hometown does not have a nearby pharmacy and one has to...
- Q On January 1, 2022, Buffalo Outfitters signed a fixed-price contract to have Builder Associates construct a major plant facility at a cost of R$4,080,000. It was estimated that it would...
- Q CASE 2 (25 points) Babylon Corporation has a debt-equity ratio of 1.50. Its WACC is 9 percent, and its cost of debt is 6 percent. The corporate tax rate...
- Q Izmir A.S. issued convertible bonds at their face value of 128,000 lira on December 31, 2017. The bonds have a 10-year life with interest of 14 percent payable annually. At...
- Q All investments in debt securities are classified for reporting purposes in one of three categories, and can be accounted for differently depending on the classification. Describe the three categories...
- Q Based on the information below, find cash available at the end of March For your answer. Do not use the dollar sign, do not use decimals, periods or commas. Round...
- Q The management of Saturn Enterprises currently uses a periodic inventory valuation system based on FIFO assumptions. They have been advised that a perpetual inventory valuation system based on the Average...
- Q Required information Skip to question [The following information applies to the questions displayed below.] Jackson is 18 years old and has a dog-sitting business. Calculate the 2023 standard deduction Jackson...
- Q BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX,...
- Q Treasury Stock Transactions Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 5,200 shares of its common stock at $57 per...
- Q 22) The following account balances were selected from the records of Harvey Corporation at December 31: Common stock (par $15; authorized 100,000 shares,...
- Q Managerial Accounting Project - Summer 2021 Sundazzler Designs has prepared the annual manufacturing budget for its line of specialty pergolas. It estimated annual production of 3,000 pergolas during...
- Q Contribution Margin and Contribution Margin Ratio For a recent year, McDonald's Company-owned restaurants had the following sales and expenses (in millions): Sales $25,500 Food and...
- Q Newport Corp. is considering the purchase of a new piece of equipment. The cost savings from the equipment would result in an annual increase in cash flow of $200,000. The...
- Q Conner Corporation's adjusted trial balance included the following items: Accounts payable ($65,000), Accounts receivable($45,000), Capital stock($100,000), Cash ($50,000), Dividends($10,000), Goodwill($47,000), interest expense($4,000), Interest payable($2,000), Inventory($32,000), Notes payable($80,000), prepaid expenses($5,000), Property,...
- Q Which of the following item will not appear on the balance sheet of a service business? Select one: a. Inventory b. Cash c. Accounts Payable d. Accounts Receivable ...
- Q Nylah Manufacturing Company has the following job cost sheets on file. They represent jobs that have been worked on during September of the current year. This table summarizes information provided...
- Q Beaver Corporation has a defined benefit pension plan. Beaver received the following information for the current calendar year: Projected benefit obligation Balance, January...
- Q Highland Mining and Minerals Co. is considering the purchase of two gold mines. Only one investment will be made. The Australian gold mine will cost $1,602,000 and will produce $318,000...
- Q On May 3, Zirbal Corporation purchased 5,000 shares of its own stock for $45,000 cash. On November 4, Zirbal reissued 850 shares of this treasury stock for $8,500. Prepare the...
- Q David is a product manager at HP (Nebraska), and in charge of printers and related accessories. After reviewing his sales figures for the past third quarter, David is worried that...
- Q Choice question: Which of the following best describes critical theorists views on disclosure of social responsibility information? Corporate social reporting may be beneficial because it gives the impression of...
- Q P Co owns a 80% interest in S Co, acquired several years ago at a cost equal to book value and fair value. S sells merchandise to P...
- Q Cullumber Inc. issued $6 million of 10-year, 9% convertible bonds on June 1, 2020, at 95 plus accrued interest. The bonds were dated April 1, 2020, with interest payable April...
- Q Gina manufacturing company has been asked to quote a price for a machine used to manufacture toy soldiers. The cost accountant has provided the following data. Direct materials; ...
- Q PROBLEM 9.3B Issues Involving Alternative Depreciation Methods Davidson, DDS, purchased new furniture for its store on May 1, 2018. The furniture is expected to have a 10-year...
- Q Annette purchased stock on March 1 for $200,000. At December 31, it was worth $210,000. She also purchased a bond on September 1, for $20,000. At year-end, it was worth...
- Q Morton Companys contribution format income statement for last month is given below: Sales (41,000 units $27 per unit) $ 1,107,000 Variable expenses 774,900 Contribution margin 332,100 Fixed expenses 265,680...
- Q For Blue Spruce Company, variable costs are 60% of sales, and fixed costs are $238,000. Managements net income goal is $66,000. Compute the required sales in dollars needed to achieve...
- Q The 2017 financial statements of Cullumber Company reported a beginning inventory of $92000, an ending inventory of $132000, and cost of goods sold of $880000 for the year. Cullumbers inventory...
- Q Perit Industries has $120,000 to invest. The company is trying to decide between two alternative uses of the funds. The alternatives are: Project...
- Q Refreshers Limited specialises in making fresh juices by hand with organic fruits. The company has developed the following standard costs: ...
- Q Sage Company adopted a stock-option plan on November 30, 2019, that provided that 69,000 shares of $5 par value stock be designated as available for the granting of options to...
- Q In late 2007, Sally invested $100,000 in TechCo, a startup high-tech venture. Although she had great expectations of financial gain, TechCos efforts were not well received in the market, and...
- Q 12.6. The following information is available for Novak Corp. for the year ended December 31, 2022. Beginning cash balance $ 49,100...
- Q Research and Development Costs Danielson Inc. incurred the following costs during 2016: Required: 1. Which of the following are included in R&D costs of the current period? ...
- Q Laura Leasing Company signs an agreement on January 1, 2020, to lease equipment to Splish Company. The following information relates to this agreement. 1. ...
- Q Mary sells her personal use automobile for $25,000. She purchased the car two years ago for $32,000. What is Marys allowable loss deduction? ...
- Q Decision to Discontinue a Product On the basis of the following data, the general manager of Foremost Footwear Inc. decided to discontinue Childrens Shoes because it reduced income from operations...
- Q The Long Island Lightening Co. has used the completed contract method of accounting for construction contracts. At the beginning of 2019, the company decides to switch to the...
- Q The following data were taken from the records of Griggs Company for December: Cost Category Dollar Amount Administrative...
- Q Johnson last month (December) sales were 20,000 units @ $50. The company estimates an increase of 1.5% in sales for January. An increase of 200 units for February (compared to...
- Q Identify the 3 elements of the fraud triangle and explain how they work. Also, using the internet provide an example of fraud discovered by external auditors and try to identify...
- Q Darrell (46) is unmarried. His mother, Marlene (81), lives in a nursing home. Darrell pays the entire cost of the nursing home and more than 50% of Marlene's...
- Q Silverado Corporation produces one product, electric gnomes for gardens, and uses process costing (weighted average method). The work-in-process inventory on October 1 consisted of 3,000 gnomes with a total cost...
- Q On February 28, 2011, the SEC charged DHBIndustries Inc. (DHB), a major supplier of body armour to the U.S.military and law enforcement agencies, with engaging in a massive accounting fraud....
- Q Len Kumar started his own consulting firm, Kumar Consulting, on June 1, 2017. The trial balance at June 30 is as follows. KUMAR CONSULTING Trial Balance...
- Q 1. a. Explain consumption and saving function by using numerical example and diagram.
- Q Elordi Engineers Corp. has the following budgeted sales data (in dollars): June July August September Credit Sales 290,000 270,000 260,000 290,000 ...
- Q On December 15, 2021, Tripod Inc.s stock was trading at $3 per share and had the following balances in their equity accounts: Common Stock ($0.10 Par) 1,000,000 Paid-in-Capitalexcess of par,...
- Q Your friend Harold is trying to decide whether to buy or lease his next vehicle. He has gathered information about each option but is not sure how...
- Q Foreman and Son Inc has a modified taxable income of $35,500 before charitable deductions. Its charitable contributions for the year were $12,400. What is Foreman and Son's current-year charitable contribution...
- Q CASE 127 Accounting for Income Taxes: Different Approaches Mark or Make is a bourbon distillery. Sales have been steady for the past three years, and operating costs have remained unchanged....
- Q When and why would data validation be useful in a worksheet? Select one: a. Control types of information that can be entered in a cell. b. Stop the...
- Q Zoe received 200 NQOs (each option gives her the right to purchase 10 shares of stock for $5 per share) at the time she started working when the stock price...
- Q Please, please, please answer all the questions because they are all connected. There are 4 sections 1. Suppose Delta Airlines is a monopolist in the Atlanta market with a demand...
- Q Indicate the type of opinion the auditor would issue in each of the situations below: Types of opinion are: Standard, Unmodified opinion with additional language added to the standard report,...
- Q Kevin Company grants stock options to Sachs to purchase 2,500 shares of Kevin Co. $1 par value common stock at a price of $34 per share. At the time of...
- Q California Dreams Company has the following information about their Accounts Receivable (the company uses the aging method): Age Balance < 31 days $30,000...
- 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 Chempromax Sdn. Bhd. (CSB) is the chemical division of a large industrial corporation. Mr. George Chan, the divisional general manager, is about to purchase new plant in order to manufacture...
- Q This is the book of Mr. Lindsay Kidd Jan 1 started business with $6000 in the bank and $500 cash in hand Jan 2 bought $2500 goods on credit from...
- Q Shawn Ltd prepared an Income Statement for the financial year ending 30 June 2021 but failed to take into account three adjusting entries. Relevant information for the three adjusting entries...
- Q Support activity cost allocation Jakes Gems mines and produces diamonds, rubies, and other gems. The gems are produced by way of the Mining and Cutting activities. These production activities are...
- Q March, April, and May have been in partnership for a number of years. The partners allocate all profits and losses on a 4:2:2 basis, respectively. Recently, each partner has become...
- Q Question 2 Process Costing Tatas Mineral Water manufactures bottled water for sale to local department stores. The company uses the Weighted Average Method of process costing to account for...
- Q 19 How are intercompany sales eliminated? Select one: a. Decrease Parents inventory and Subsidiary inventory b. Decrease cost of sales and inventory c. Decrease sales and inventory d....
- Q Cena Company (CC) manufactures sporting equipment and it provided the following information for its most recent year of operations (all raw materials are used in production as direct materials): ...
- Q 2. Required: Each of the following situations involves a possible violation of the AICPAs Code of Professional Conduct, Rule 101- Independence. The audits are for public companies. Indicate whether each...
- Q Distinguish between the single-rate method and the dual-rate method. Distinguish among the step-down method, direct method, and reciprocal method of allocating costs of support departments to operating departments. Give two...
- Q 4) Farm equipment with a cost of $225,000 has an estimated residual value of $15,000, an estimated useful life of six years, and is depreciated by straight-line method. (Marks 10)...
- Q Question: A restaurant has provided the following information regarding its food inventories for the month of March. Beginning food inventories $18,300 ...
- Q QUESTION 1 Three weeks before the companys December year-end of 2020, Vincent Ho, the CEO of A-Print, has received a phone call from Catherine Liu, a director of Anderson Consulting,...
- Q The Treene company is considering replacing its old machine with a book value of 75,000 and still having a remaining useful life of 5 years. The old machine will be...
- Q Company had 300,000 Ordinary Shares outstanding on 1 January 2020. The following ordinary share transactions occurred during 2020: 1 March, Company issued 60,000 Ordinary Shares. 1 May, Company purchased 24,000...
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