Accounting question and answers for November 11, 2023
- Q inventory increase what is the jenerall accounting prenciple
- Q ABC Company has the following amounts in its multiple step income statement: revenues of $5,000; operating expenses of $4,000; and income tax expense of $200. What is ABC Company's income...
- Q Hi-Tek Manufacturing, Incorporated, makes two industrial component partsB300 and T500. An absorption costing income statement for the most recent period is shown below: Hi-Tek...
- Q Fantastic Flooring (FF) is a carpet wholesale company. FF is considering building a new inventory warehouse for $400,000. The warehouse would allow FF to increase their pre-tax cash flows by...
- Q What is a C corporation and a S corporation? How does a partnership relate to it?
- Q Clydes Dog Biscuit Bakery manufactures boxes of dog treats. The following is budgeted production for the last six months of 2022: July...
- Q Myras classification of those who work for her as independent contractors is being questioned by the IRS. It is the position of the IRS that these workers are really employees....
- Q Die Hard Corp.'s net income for the year was $23M. Its interest expense was $7M and its depreciation was $5M. Find the operating cash flow if the tax rate is...
- Q On July 12, a business purchased $760 of equipment on account. The transaction was recorded as a debit to supplies for $670 and a credit to accounts payable for $670....
- Q Shadee Corp. expects to sell 590 sun visors in May and 430 in June. Each visor sells for $21. Shadees beginning and ending finished goods inventories for May are 70...
- Q Hania, an avid art collector, decided to open a high end gallery to display her collection. Opening was set for April 15. In anticipation of the opening, Hania purchased 2...
- Q 29. Hannibal Company produces a number of chemical products, two of which are Product X1 and Product X2. The controller and environmental manager have identified the following...
- Q On 1 July 2019 Mary acquired a rare coin for $60743. Mary borrowed $30,000 of the money from the XYZ Bank. The loan was a fixed interest loan on which...
- Q Nick purchased a small office on 1 March CY for $137,000. The property had been constructed on 21 August 2010 for $125,000. Based on the above facts and relevant tax...
- Q (PLEASE TYPE THE ANSWERS)(ACCOUNTING 640) If Cat and Joe wish to make a $100,000 profit for the year (after tax), how many pulled pork sandwiches must the Pig Rig sell...
- Q Under ASPE, a contingent liability is defined as a liability that is contingent on the occurrence or non-occurrence of some future event. Select one: True False
- Q (This is review question 13-9 from page 425, which had been assigned as homework.) Explain the purpose of footing and crossfooting the sales journal and tracing the totals to the...
- Q Project Y requires a $322,500 investment for new machinery with a five-year life and no salvage value. The project yields the following annual results. Cash flows occur evenly within each...
- Q Problem 12-21 Dropping or Retaining a Flight [LO12-2] Profits have been decreasing for several years at Pegasus Airlines. In an effort to improve the companys performance, the company is thinking...
- Q A project has estimated annual net cash flows of $49,500. It is estimated to cost $138,600. Determine the cash payback period. Round your answer to one decimal place.
- Q Required information [The following information applies to the questions displayed below.] OBrien Company manufactures and sells one product. The following information pertains to each...
- Q Do measurement bases contributes to the usefulness of accounting reports?
- Q Compare the two tax systems illustrated in Table 25-4. Describe a taxpayer who would be better off with the existing system than with the flat-tax proposal. Describe a taxpayer who...
- Q Ken is considering two options for selling land for which he has an adjusted basis of $100,000 and on which there is a mortgage of $80,000. Under the first option,...
- Q Discuss specific features or controls that can be implemented and how they contribute to an ethical work environment. related to accounting information systems please cite references ...
- Q Diana Mark is the president of servicesPro, Inc., a company that provides temporary employees for not-for-profit companies. ServicesPro has been operating for five years; its revenues are increasing with each...
- Q Revenue is recognized when it is earned in a transaction with an outsider in accordance with the
- Q The ledger of Mai Company includes the following accounts with normal balances as of December 31: D. Mai, Capital $10,700; D. Mai, Withdrawals $1,650; Services Revenue $30,000; Wages Expense $16,900;...
- Q Emrald Corp currently uses a manufacturing facility costing $490,000 per year; 84% of the facility's capacity is currently being used. A startup business has proposed a plan that would utilize...
- Q on the nike 10-K annual report (sec.gov) , is the line revenue a net revenue or it is just revenue ? Where can you tell it is a net revenue...
- Q 14. Filmore had a negotiable instrument in its posses. sion which it had received in payment of certain equip. ment it had sold to Marker Merchandising. The instru ment was...
- Q Generally accepted accounting principles (GAAP) wants information to have:
- Q 1.How should senior management incorporate ethical standards at all stages of international marketing planning process.? 2. Strategic planning and the marketing management process for international business. Discuss. NB:...
- Q For a bond call option, the _____ the exercise price, the greater the cost of the call, and for a bond put option, the _____ the exercise price, the higher...
- Q Required information Skip to question [The following information applies to the questions displayed below.] Beech Corporation is a merchandising company that is...
- Q On January 1, Year 2, Moore, a fast-food company, had a balance in its Cash account of $44,100. During the Year 2 accounting period, the company had (1) net cash...
- Q Noble Manufacturers Ltd., a large-scale manufacturing company has provided you with the following information for the year ended 31 December 2021. Sh'000 ...
- Q Peroni Corporation sold a parcel of land valued at $300,000. Its basis in the land was $250,000. For the land, Peroni received $150,000 in cash in the current year and...
- Q A.compute the costs of goods sold and ending inventory assuming (1) fifo
- Q Question 15pts What is the Net Income for the Month ended June 30,2014? 1,924 Flag question: Question 2 Question 25pts...
- Q What is the difference between stocks and bonds, and how are they used by corporations?
- Q What is the interest for January, February, and March on 3 month- 6% promissory note for $10,000.00 -the date of the note is January 2nd.
- Q Please review Restaurant Brands 2020 full year annual report. Is the company in accordance with NZ IFRS 16 (Leases)? If so, please explain why or why not with the relevant...
- Q Highlander Corporation paid $600 for insurance at the beginning of December. The payment covered the months of December, January, and February. What would be the balance in the prepaid insurance...
- Q On May 10, a business collected $50 cash on account is journalized. The transaction was recorded as a debit to Cash and a credit to Service revenue. The correcting entry...
- Q The Square Foot Grill, Inc. issued $320,000 of 10-year, 7 percent bonds on July 1, Year 1, at 102. Interest is payable in cash semiannually on June 30 and December...
- Q On January 1, 2021, Carla Vista Company, a public company, purchased 30% of the common shares of Triple Titanium Inc. for $650,000. The remaining shares (70%) are held by the...
- Q Mergers and acquisitions (M&A) What is merger and acquisition Did Facebook Buy WhatsApp? What is the process of merge and acquisition??? mention important points. How do interest rates...
- Q For the following exchanges, indicate which qualify as like-kind property. a. Inventory of a sporting goods store in Charleston for land in Savannah. b. Investment land in Virginia Beach for...
- Q Explain what you understand by the following framework in relation to Financial Reporting process: Integrated Reporting framework. Sustainability Reporting and Corporate. Social Responsibility Report.
- Q Horizon corporation manufactures personal computers. the company began operations in 2016 and reported profit for the years 2016 through 2019. Due primarily to increase competition in price slashing and in...
- Q Jet Corporation had 12.0 million shares of common stock outstanding during the current calendar year. On July 1, Jet issued eighteen thousand $1,000 face value, convertible bonds. Each bond is...
- Q Question 4 On 10 August 1990 John bought a holiday home which he used every weekend. The property was never leased out. The property cost $150,000. He consulted with his...
- Q Valuation Using the PE Multiple Nokia Corp. recently traded at $5.29 per share. At that time, earnings per share estimates for the next 12 months were $0.28. In addition, Motorola...
- Q Part B: Note: This section is a continuation from Part A of the comprehensive problem. Be sure you have completed Part A before attempting Part B. You may have to...
- Q 1. Cost of land is deductible in the year of sale? a. True b. False 2. Spartan Corporation had office supplies values at 40,000 on January1, 2020. At the end...
- Q Lean Company Ltd reported net sales of $500,000 in their financial statements. The company also reported erage assets of $800.000 and liabilities of $390.000. If th ompany's profit margin for...
- Q Intermediate Accounting I Chalipin Corp had equipment with a cost of $170,000, accumulated depreciation of $55,000 and fair market value of $140,000. Rather than selling this equipment and buying the...
- Q Problem 1: Cartoon&Co owns a machine shop. In reviewing the shops utility bills for the past 12 months, it found that the highest bill of $3,000 occurred in August when...
- Q ACCT 621 Individual Case #1 Introduction You are a junior financial analyst for the CPA firm, ACCT621 LLP. Your firm specializes in providing a wide variety of internal financial solutions...
- Q Malik sold his ranch, which was his principal residence, during the current taxable year. At the date of the sale, the ranch had an adjusted basis of $460,000 and was...
- Q i want two literature review for research impact of the music on brain.on specific objectives (determine the positive and negative effects of music on mood )with two references please.
- Q Jordan Sporting Goods Corporation makes two types of racquets, tennis and badminton. The company uses the same facility to make both products even though the processes are quite different. The...
- Q Explain when to record sale and expenses? Why use the accrual accounting and how that effect the financial statement period including when to recognize the revenue?
- Q Akira Ltd., purchased a building near Montreal and the land on which it was built for $850,000. The previous owner paid $1,200,000 for the land and building. A recent independent...
- Q On December 15, 2013, Ahmad Sales Co. sold a tract of land that cost $3,600,000 for $4,500,000. Terms called for a down payment of $500,000 with the balance in...
- Q ForestLand Wood Products manufactures lumber and wood components. The company has two main product lines: Hardwood and Softwood. Hardwoods are used for flooring, cabinetry, paneling, doors and trimwork. Softwoods are...
- Q On August 1, 2021, Macaron Ltd. purchased 1,100 Datawave Inc. common shares for $46,100 cash with the intention of trading the shares and using the fair value through profit or...
- Q 1. Flexible budgeting Obj. 2 At the beginning of the period, the Assembly Department budgeted direct labor of $112,000 and a property tax of $12,000 for 7,000 hours of production....
- Q What factors (red flags) could be strong indicators of opportunities to commit fraud? Is the ability to rationalize the fraud an important aspect to consider when analyzing a potentially fraudulent...
- Q 31. XYZ Company had a year-end December 31, 20X6 retained earnings account balance in its statement of financial position of $620,000. During 20X6, XYZ Company had net income for the...
- Q Waupaca Company establishes a $320 petty cash fund on September 9. On September 30, the fund shows $78 in cash along with receipts for the following expenditures: transportation-in, $55; postage...
- Q Determine the average rate of return for a project that is estimated to yield a total income of $631,680 over six years, has a cost of $592,200, and has a...
- Q bank statement and relevant portions of Bernie Company's cash records for the month ended June 30,2023are given below, Note that Cheque #887 was recorded incorrectly by the bookkeeper...
- Q Write a report that will include the development and current status of capital markets, accounting standards, and regulatory bodies of India. Comparisons should be made to U.S GAAP, where applicable....
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