Accounting question and answers for November 11, 2023
- Q You are considering purchasing real estate. Describe the provisions of a warranty deed, quit claim deed, and contract for deed. Explain what form is most desirable for a seller and...
- Q What are the wages if the federal income tax withheld is $3210 reported in box 1
- Q How does a flexible budget help managers prepare and respond to different scenarios? What are the challenges of creating and maintaining a flexible budget? How does a flexible...
- Q Malahat Inc. has 4.9 percent coupon bonds on the market that have ten years left to maturity. The bonds make annual payments. If the YTM on these bonds is 5.45...
- Q On March 15, 2018, Helen purchased and placed in service a new Escalade. The purchase price was $62,000, and the vehicle had a rating of 6,500 GVW. The vehicle was...
- Q 1. What is the financial advantage (disadvantage) of accepting the special order? 2. As a separate matter from the special order, assume the companys inventory includes 1,000 units of this...
- Q The Sonesta Company sold equipment for cash. The income statement shows a loss on sale of $5,000. The net book value of the asset prior to sale was $24,000. Which...
- Q BSU Inc. wants to buy a new machine for $29,300 plus $1,500 for installation costs. OLD machine was purchased 5 years ago (useful life of 10 years,...
- Q william curtis is a personal finance expert and owns Much Money Consulting company .This is his first month of operations and william has hired you to do his accounting .
- Q Depreciation Value ? refer image
- Q The company quickly acquired $39,000 in inventory, 30% of which was paid for in cash. The rest was acquired on open accounts that were payable after 30 days. options for...
- Q Ruben intends to sell his customers a special round-trip airline ticket package. He is able to purchase the package from the airline carrier for $150 each. The round-trip tickets...
- Q The value of inventories or stock is figured out at the lower of cost and A. Purchase price B.Opportunity cost C.Realizable value D.Net realizable value
- Q On November 1, 2017, Teal Mountain, Inc. accept a $252,000 note receivable from a customer. Teal Mountain elected to use the fair value option for this financial asset. On December...
- Q Identify key differences and similarities between GASB and FASB for elements and processes such as: Organizational purpose or stakeholder Financial reporting objectives Financial statement presentation Accounting treatment...
- Q Restate the entry for September 1assuming the treasury shares were sold at$12 per share.
- Q A company reports pretax accounting income of $18 million, but because of a single temporary difference, taxable income is $20 million. No temporary differences existed at the beginning of the...
- Q Required information Exercise 8-11(Algo) Trade and purchase discounts; the gross method and the net method compared [LO8-3] Skip to question [The following information applies...
- Q which of the following statements is correct? a. prepaid expenses are decreased with a debit b. accounts payable is increased with a credit c. unearned revenue is increased with a...
- Q What is the present value of $100,000 to be paid in 6 years at 11%? (rounded up to the nearest dollar)
- Q Different cost estimations methods may produce different cost equations, even when using the same set of data. TRUE/ FALSE
- Q 15. An LLC must file what document with the secretary of the state in which it is to be organized a. Articles of organization. b. An Operating Agreement. c. A...
- Q What is "nihilism" is and how it is not the same thing as "skepticism"?
- Q Contractual rights that cannot be assigned include: A. rights that are non-personal in nature. B. rights whose assignment would decrease the obligors risk or duties. ...
- Q A company has provided the following data: Sales 3,000 units Sales price $70 per unit Variable cost $50 per unit Fixed cost $25,000 If the dollar contribution margin per unit...
- Q Lucido Products markets two computer games: Claimjumper and Makeover. A contribution format income statement for a recent month for the two games appears below: ClaimjumperMakeoverTotal Sales$ 118,000$ 59,000$ 177,000...
- Q Payroll project Joseph O,Neill is paid his annual $75,000 bonus with his regular pay $2,307.69. His simple deduction is now $4,000 and his w/h allowance changed to 4 married. I...
- Q The SUP Co. had a retained earning balance of $100 on 12/1/X1. SUP had the following transactions in December: 1. Issued common stock for cash, $50 2. Provided services to...
- Q Miscellaneous expenses were $1,700, all paid for with cash. options for account: Cash, accounts receivable, inventory, prepaid rent, fixtures and equipment, accounts payable, interest payable, wages payable, notes payable, paid-in-capital,...
- Q As output increases, fixed costs per unit a.decrease b.stay constant c.increase d.become variable
- Q PR 10-47(Algo) Comprehensive Problem on Variance Analysis (LO 10-1,10-3,10-6) Skip to question [The following information applies to the questions displayed below.] Springsteen Company...
- Q A California resident who is working out of state and earns over ____________ may face additional scrutiny from the Franchise Tax Board in determining California residency
- Q June, an accountant with BLU LLC is classifying activites. Which of the following should June classify as an investing activity on the statement of cash flows? A. Purchasing new...
- Q Required information Problem 11-4A Analysis of changes in stockholders' equity accounts LO C3, P2, P3 [The following information applies to the questions displayed below.] The equity sections from...
- Q Collections of property taxes are reported in a countys: A. Debt service fund B. General fund ...
- Q Organizing as a corporation makes it easier for the firm to raise capital. This is because coorporation stockholders are not subject to personal liabilities if the firm goes bankrupt...
- Q Icebreaker Company (a U.S.-based company) sells parts to a foreign customer on December 1, 2020, with payment of 12,000 dinars to be received on March 1, 2021. Icebreaker enters into...
- Q Compute return on equity (ROE) for both companies home depot and lowe's for fiscal 2013 and 2012. Calculate the five components of ROE and verify that their product equals ROE....
- Q Leon sold residential rental property he had owned for three years. As part of this sale, Leon realized gain on the sale of the rental house he was depreciating using...
- 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 Prepare entries for the following transactions involving available-for-sale securities. December 11 Purchased short-term investments in available-for-sale debt securities at a cost of $52,400. December 31 The...
- Q Fitzgerald Oil and Gas incurred costs of $5.25 million for the acquisition and development of a natural gas deposit. The company expects to extract 2.10 million cubic feet of natural...
- Q Superior Markets, Inc., operates three stores in a large metropolitan area. A segmented absorption costing income statement for the company for the last quarter is given below: ...
- Q Nature of Transactions effect of a transaction on the equation. Each increase and decrease in owner's equity, except transaction (5), affects net income. a.(1)...
- Q d. Many airlines offer substantial discounts on some of their normal airfares. How can these discounts be justified on the basis of CVP relationships? Use relevant examples...
- Q Kelly Companys most recent contribution format income statement is shown below: Total Per Unit Sales (60,000 units) $ 600,000 $ 10 Variable expenses 360,000 6 Contribution margin 240,000 $ 4...
- Q Audit Describe the purpose and Value of a Financial Statement Audit Recognize an integrated audit report and a Financial Statement Audit report List the 4 types of opinions Identify the...
- Q Donald Robinson recorded the following transactions during the month of April. Apr. 3 Cash Service Revenue 16 Rent Expense Cash 20 Salaries and Wages Expense Cash 4,280 4,280 450 450...
- Q Graham Corporation tiene 1000 cajas de naranjas que se cosecharon a un costo de $27 000. Las naranjas se pueden vender tal cual por $30,960. Las naranjas se pueden procesar...
- Q Compute the deferred tax items created (if any) under each of the following scenarios. Wintrust also owns 90% of Naperville Bank and Trust, a local bank in illinois. Naperville Reports...
- Q Flexible budgets vs static budgets What is the difference between an flexible budget and a static budget? What is a flexible budget? (6 senteces or more)
- Q 17 part 10 Pearl, Inc. had the following equity investment portfolio at January 1, 2020. Evers Company 970 shares @ $ 14 each ...
- Q Cornerstone Exercise 9-38 Bonds Issued at a Premium (Effective Interest) Charger Battery issued $200,000 of 11%, 7-year bonds on January 1, 2020, for $220,132. Interest is paid annually on December...
- Q The Frog Company has a book value of $100 million in its March 31, 2020, Annual Report; however, its market capitalization is $500 million. Explain why these numbers are so...
- Q How can financial statement analysis help investors and creditors assess a companys profitability, liquidity, solvency, and efficiency? Is it possible to compare different companies or companies in different...
- Q One day, the CEO of your firm talks to you that he wants to reduce the amount of current assets because he feels that these assets generate little return to...
- Q On January 1, 2020, Solar Corporation issued $500,000 face value, 6% bonds for $495,000. It may be determined that the market rate of interest was:
- Q Identify the correct steps to prepare a trial balance: (Check all that apply.) Multiple select question. enter the trial balance heading total the debit column; total the credit column sum...
- Q Explain how to account for the issuance of common and preferred stock, and the purchase of treasury stock.
- Q The following details are provided by Western Wear Merchandisers. The company uses the periodic inventory system. Net Sales Revenue $202,000 Purchases 94,000 Purchase Returns and Allowances 1600 Purchase Discounts 1200...
- Q Ernie Brooks lived and worked exclusively in California until he retired on December 31, 2022. He moved to Nevada on January 1, 2023. His former California employer pays its employees...
- Q Oakridge Leasing Corporation signs an agreement on January 1, 2020, to lease equipment to Wildhorse Limited. Oakridge and Wildhorse follow ASPE. The following information relates to the agreement. ...
- Q Rents received as payment for use of real estate held for investment purposes are: a) Not-for-profit income, reported on Form 1040, line 21. b) Investment income, reported on Schedule E....
- Q For the month of December, Jenny Companys employees had worked and earned wages of $500,000. Jenny will pay her employees $390,000 on December 24th and the remaining $110,000 will be...
- Q On January 1, Aunt Tea Manufacturing issued $325,000 of 6%, 3-year bonds when the market rate of interest was 10%. The bonds pay interest semiannually on June 30 and December...
- Q On June 30, 2020, an interest payment date, $200,000 of Hawk Co. bonds were converted into 5,000 shares of Hawk Co. common stock each having a par value of $38...
- Q The following four months of data were collected on utility cost and the number of labor hours in a factory. Month Utility cost Labor hours ...
- Q Tallequah, Inc. uses the high-low method to analyze cost behavior. The company observed that at 28,000 machine hours of activity, total maintenance costs averaged $11.00 per hour. When activity jumped...
- Q What is the difference between cost of production reports with and without beginning work in process inventory? Question 15 options: Reports with beginning Work in Process require all quantities and...
- Q Jalo company uses the percentage of sales methods for recording bad debt expenses. Credit sales are 2150000. The account receivable is 875000. Management estimated that 5% of credit sales...
- Q eBook Question Content Area Variable Costing, Value of Ending Inventory, Operating Income Pattison Products, Inc., began operations in October and manufactured 44,000 units during the month with...
- Q The Heating Division of Kobe International produces a heating element that it sells to its customers for $38 per unit. Its variable cost per unit is $24, and its fixed...
- Q When Teri's outside basis in the TMF Partnership is $80,000, the partnership distributes to her $30,000 cash, an account receivable (fair market value of $60,000, inside basis to...
- Q What are the main advantages and limitations of using ratio analysis to evaluate a companys financial performance? In assessing a company's financial performance, how can horizontal analysis and vertical...
- Q Deacon Inc. produces leather handbags. The production budget for the next four months is: July 5,840 units, August 6,810, September 7,300, October 8,530. Each...
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