Accounting question and answers for November 11, 2023
- Q Access an online loan calculator with annual payments, such as the one at mycalculators.com, to produce an amortization schedule for Welton Corp.s installment note that has original principal of $13,000,...
- Q A firm can increase its quality of earnings by? A : capitalizing a large percentage of its operating expenses. B : providing more transparent information on the firms financial...
- Q At the end of April, Kaye Company had completed Jobs 50 and 51. Job 50 is for 1,000 units, and Job 51 is for 200 units. The following data relate...
- Q The Dubs Division of Fast Company (the parent company) produces wheels for off-road sport vehicles. Dubs has two products, 1 and 2. The two products only differ in how they...
- Q Identify the four major factors that contribute to small business success. (100 word maximum) 4 MARKS
- Q Alpha reported the following items related to debt and equity investments for the year: - Unrealized Gain Equity Security (Fair Value Method) $10,000 - Unrealized Gain - Available-for-Sale Debt...
- Q ou have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door opening device. The president has asked that you review the companys costing system and...
- Q Assessing Internal Control The following describes the cash disbursement procedures for a wholesale building supply company. When the accounts payable clerk receives the supplier's invoice she records the purchase in...
- Q The Forecast and Budget Department of XYZ Corporation (involved in the retail trade business) has developed the following selected financial information for the year 2021: $ Gross receipts 25,800,000...
- Q Perez Delivery is a small company that transports business packages between New York and Chicago. It operates a fleet of small vans that moves packages to and from a central...
- Q To: Kelley M&A Analysis Team From: Thomas Mays, Senior Vice President of The Hoosier Bank Subject: Big Merger On Walnut Street? Mr. Isiah Knight,...
- Q The following information is available for year 1 for Pepper Products: Sales revenue (190,000 units) $ 3,800,000...
- Q On May 5, 2006, Disney Company completed an all stock acquisition of Pixar, a digital animation studio. Disney believes that the creation of high quality feature animation is a key...
- Q TASK. Solve the case based on the following information: William Waterspout set up a retailing business selling gardening tools, called Toolgarden on 1 November 2017. During the first 2 months...
- Q Indigo House Inc. had the following condensed statement of financial position at December 31, 2019: INDIGO HOUSE INC. Statement of Financial Position December 31, 2019 ...
- Q Problem 14-54 Outsource a Component; Relevant Costs, Opportunity Costs, and Quality Control (LO 14-3, 14-4, 14-5) Chenango Industries uses 10 units of part JR63 each month in the production of...
- Q (Prepared from a situation suggested by Professor John W. Hardy.) Lone Star Meat Packers is a major processor of beef and other meat products. The company has a large amount...
- Q If individuals have access to insider information and are able to make large gains on a securities market as a result of using information that is not widely known, then...
- Q Comparative statements of shareholders equity for Anaconda International Corporation were reported as follows for the fiscal years ending December 31,2021,2022, and 2023. ANACONDA INTERNATIONAL...
- Q Below is the unadjusted trial balance of FOURCO. Debit Credit Cash $18,300 Accounts receivable 27,000 ...
- Q Golden, Inc. has been manufacturing 5,000 units of Part 10541, which is used in one of its products. At this level of production, the unit product cost of Part 10541...
- Q 1.Solve the following question: A. Why do companies adopt material control measures? Your discussion should include the types and methods of material control adopted by manufacturing organisations. B. Using the...
- Q Cash $3,090 Accounts Receivable 9,900 Allowance for Doubtful Accounts $100 Inventory 17,750 Supplies 1,400 Land 9,000 Buildings and Equipment 42,000 Accumulated Depreciation 4,200 Accounts Payable 10,700 Common Stock 20,000 Retained...
- Q Gamma Ltd Date: 31 August 2023Details:Raw materials inventory (metal):Cost: £55,000Replacement cost: £53,000Finished goods inventory:ProductRhoSigmaDirect costs£70,000£55,000Proportion of fixed overhead£18,000£15,000Proportion of selling costs£4,000£3,500Net realizable value£105,000£85,000Office equipment: Acquired on 1 September 2020 for £180,000, depreciated...
- Q Nu Corporation Date: 31 January 2024Details:Raw material inventory (synthetics):Cost: £35,000Replacement cost: £33,000Finished goods inventory:ProductThetaIotaDirect costs£70,000£55,000Proportion of fixed overhead£20,000£18,000Proportion of selling costs£5,500£5,000Net realizable value£110,000£85,000Equipment: Acquired on 1 February 2018 for £320,000, depreciated over...
- Q Mu Ltd Date: 30 April 2024Details:Raw materials inventory (metal):Cost: £30,000Replacement cost: £28,000Finished goods inventory:ProductOmicronPiDirect costs£65,000£55,000Proportion of fixed overhead£18,000£16,000Proportion of selling costs£5,000£4,500Net realizable value£105,000£85,000Office machinery: Acquired on 1 May 2018 for £310,000, depreciated...
- Q Delta Inc. Date: 30 April 2024Details:Raw material inventory (textiles):Cost: £50,000Replacement cost: £48,000Finished goods inventory:ProductLambdaKappaDirect costs£85,000£70,000Proportion of fixed overhead£22,000£18,000Proportion of selling costs£5,500£4,500Net realizable value£130,000£100,000Furniture: Acquired on 1 May 2020 for £250,000, depreciated over...
- Q ABC Company had total revenue and expense numbers of Rs.14,00,000 and Rs.11,00,000, respectively, in the current year. In addition, the company had a gain of Rs.230,000 that resulted from the...
- Q Annual rental for the first 3 years payable at the end of each year250,000Annual rental for the next 4 years payable at the end of each year350,000Implicit interest rate10%The company...
- Q Samantha works for a nightclub in Toronto that pays out her vacation on every payment. She has worked there for 6 years. She is a liquor server and is paid...
- Q On January 1, 2020, Lessor Company leased a machinery to another entity with the following details:Cost of machinery2,902,190Residual value350,000Lease term5 yearsUseful life of machinery5 yearsImplicit interest rate12%PVF of 12% for...
- Q Sukses Company is the manufacturer of vehicle accessories and has several divisions. Internal Accessories Division has the opportunity to invest in two projects for the coming year. The required...
- Q ABC Inc. pays its general manager an annual bonus of 6% of profit after deduction for both bonus and corporate income tax. For the year 2020, the company realized profit...
- Q Jimmy works for a restaurant that provides free meals for every shift he works. The restaurant prices the cost of those meals at $4.50 per meal for taxable benefit purposes....
- Q Kevin (ordinary rate of 30%) purchases business-use furniture in January 2021 for $2,000,000. All current laws are in effect. She paid $100,000 up front and financed the rest of the...
- Q TV King Ltd is known for selling high quality plasma televisions that are imported from Japan. The annual demand for the A545 model of their 40" plasma TV is around...
- Q Tracey Sullivan begins business on May 1, 2020, with the following assets and liabilities: Cash, $5000; Accounts Receivable from Atkinson & Sons, $500; Land, $40 000; Building, $100 000; Office...
- Q You are the webmaster for your firm's web-site. From your records, you know that the probability that a visitor will buy something from your firm is 0.23. In one day,...
- Q East & West is a small accounting firm with two partners. The partnership employs three senior accountants and ten junior / graduate accountants who are supervised by the senior accountants....
- Q EEW Corpo. purchased an investment property on January 1, 2018. The property was estimated to have a useful life of 40 years and on December 31, 2020, had a fair...
- Q For each bond, you are to calculate what the bond should sell for:Bond No. 1:A $300,000 20year, 8% bond. Interest payable 2X per year. Market rate is 8%Bond No. 2A...
- Q Park and West, LLC, provides consulting services to retail merchandisers in the Midwest. In 2019, they generated $720,000 in service revenue. Their total cost (fixed and variable) per client was...
- Q We make artificial heart valves. Our Total fixed costs is $500,000/month. Variable costs per unit is $4,000 and we are paid a price of $5,000. At what quantity of heart...
- Q Steve is working on estimating the costs of a bridge installed on the Kingston road. According to his estimation, the bridge needs $30,000 for the first 10 years, $40,000 for...
- Q On January 1, 2017, Braun Limited has purchased a $1,000,000, 10%, 10-year bond to yield 12% with interest paid on June 30 and December 31 of each year. The bond...
- Q Good Housing Ltd leased a large residential apartment building from Magnate Ltd. Good Housing Ltd is the head lessee and it generates income by sub-letting apartments to residential tenants and...
- Q At December 31, 2018, the bond has an amortized cost of $898,941 and a fair value of $906,000. At December 31, 2019 the bond has a fair value of $910,000.Prepare...
- Q During 2018, Jose bought a parcel of land amounting to P500,000 (for speculation). After several months, a school was constructed adjacent to his land whereby increasing the land's market value...
- Q Mr. Zeejhei earned a total taxable compensation income of ?600,000 for the year 2021. He is not engaged in business nor has any other source of income. How much is...
- Q LMB Inc. retail store recently had a fire at its location in downtown Mississauga. As part of claiming losses through the company's insurance policy, the owner has asked the bookkeeper...
- Q If a payment of $5,000 was made on October 05, 2020 against an invoice for $30,000 dated September 05, 2020 with payment terms 3/10, 2/30, n/60, calculate the outstanding balance.
- Q ABC Inc.'s cash balance at December 31, 2019, the end of its financial reporting year, was$150,000. During 2019, cash provided by operations was $135,000, cash used in investing activities was...
- Q Bird Co. acquires 33.3% interest in Tweetie Co., a separate vehicle established in a joint arrangement, for an investment of 1,000,000. Bird Co. determines that it has joint control over...
- Q Mr. Sanchez earned an annual compensation of ?2,000,000 in 2024. Aside from employment income, he owns a convenience store, with gross sales of ?2,500,000. His cost of sales and operating...
- Q The Net Incomes for Parent and Sub Inc for the year ended July 31, 2012 were $120,000 and$60,000 respectively.Assuming once again that the Proprietary Theory was applied, what would be...
- Q On June 1 2010 god state issue 10000 shares of 10 $ preferred stock for 19$ per shares.a) prepare journal entry required to record this transaction and post it to...
- Q Journalise the following transactions and post them into ledger account & prepare trial balance . 2020 march 1, started business with cash 150000, machinery worth 200000 and building 350000 .5,...
- Q An importer in Singapore asks for a quotation for 5000 kg of almonds. You are an exporter in India. You have to take a decision on the amount to be...
- Q A local company produces a programmable EPROM (erasable programmable read-only memory) for several industrial clients. They have experienced a relatively flat demand of 2500 units per year for the product....
- Q Rho Ltd Date: 31 January 2024Details:Raw material inventory (synthetics):Cost: £33,000Replacement cost: £31,000Finished goods inventory:ProductOmicronPiDirect costs£65,000£55,000Proportion of fixed overhead£18,000£16,000Proportion of selling costs£5,500£5,000Net realizable value£105,000£85,000Vehicles: Acquired on 1 February 2018 for £320,000, depreciated over...
- Q Pi Ltd Date: 31 December 2023Details:Raw materials inventory (cotton):Cost: £36,000Replacement cost: £34,000Finished goods inventory:ProductThetaIotaDirect costs£70,000£60,000Proportion of fixed overhead£18,000£16,000Proportion of selling costs£5,500£5,000Net realizable value£110,000£90,000Machinery: Acquired on 1 January 2017 for £330,000, depreciated over...
- Q Omicron Inc. Date: 31 July 2023Details:Raw material inventory (plastic):Cost: £30,000Replacement cost: £28,000Finished goods inventory:ProductAlphaBetaDirect costs£65,000£55,000Proportion of fixed overhead£18,000£16,000Proportion of selling costs£5,500£5,000Net realizable value£105,000£85,000Furniture: Acquired on 1 August 2017 for £310,000, depreciated over...
- Q Xi Ltd Date: 31 March 2024Details:Raw materials inventory (fiber):Cost: £32,000Replacement cost: £30,000Finished goods inventory:ProductGammaDeltaDirect costs£65,000£55,000Proportion of fixed overhead£18,000£16,000Proportion of selling costs£5,000£4,500Net realizable value£105,000£85,000Vehicles: Acquired on 1 April 2018 for £330,000, depreciated over...
- Q The Regal Cycle Company manufactures three types of bicyclesa dirt bike, a mountain bike, and a racing bike. Data on sales and expenses for the past quarter follow: ...
- Q A company pays $760,000 cash to acquire an iron mine on January 1. At that same time, it incurs additional costs of $60,000 cash to access the mine, which is...
- Q Tau Ltd Date: 31 July 2023Details:Raw material inventory (plastic):Cost: £30,000Replacement cost: £28,000Finished goods inventory:ProductLambdaMuDirect costs£65,000£55,000Proportion of fixed overhead£18,000£16,000Proportion of selling costs£5,000£4,500Net realizable value£105,000£85,000Equipment: Acquired on 1 August 2017 for £310,000, depreciated over...
- Q TIDAL CORP. has the following account balances and additional information at December 31, 2020. The company is a private corporation and follows ASPE: Machinery$ 1,540,000 Accounts receivable................................................................................................. 102,000...
- Q Hornsby has a single production department, and uses a process-costing system. The balance in its Work-in-Process account on January 1 was $75,000. The account was charged with direct...
- Q Alyeska Services Company, a division of a major oil company, provides various services to the operators of the North Slope oil field in Alaska. Data concerning the most recent year...
- Q Barber and Atkins are partners in an accounting firm and share net income and loss equally. Barber's beginning partnership capital balance for the current year is $278,000, and...
- Q Nike is investing in new machinery. The discount rate is 10%, and the initial investment in equipment $12.5 million. The machinery's economic life is 25 years and the equipment will...
- Q Erie Company manufactures a mobile fitness device called the Jogging Mate. The company uses standards to control its costs. The labor standards that have been set for one Jogging...
- Q Valuing Bonds with Uncertainty The assignment is about valuing bonds in an environment of uncertain interest rates. The interest rate for the first year is 4% (no uncertainty). Each...
- Q Problem 6 A company uses a job-order costing system. The following data relate to the just completed month's operations. Beginning balance in Work in Process...
- Q Hi-Tek Manufacturing Inc. makes two types of industrial component partsthe B300 and the T500. An absorption costing income statement for the most recent period is shown below: ...
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