Accounting question and answers for November 11, 2023
- Q rent 2000 dr Rental amounting to $1,200 for 3 months has been paid on 1 November 20X3. The full amount has been taken up as rental expense as at 31...
- Q A manufacturer planned to use $94 of materials per unit produced, but in the most recent period it actually used $92 of material per unit produced. During this same period,...
- Q Required information Skip to question [The following information applies to the questions displayed below.] Beech Corporation is a merchandising company that...
- Q When there are intercompany sales of inventory during the year and a three-part consolidation worksheet is prepared, consolidation entries related to the intercompany sales: I. Always are needed. II....
- Q Aaron Corp sells prefabricted playsets. Each playset sells for $20,000 (cost of $8,000). Aaron also offers a 5-year extended warranty for $500/playset, and each playset is expected to require warranty...
- Q Roger intentionally set his residence on fire in order to collect insurance proceeds. While the fire was being fought, the police arrived to help with the crowds of onlookers. Roger...
- Q 2) Compute the amount of the missing element: AssetsLiabilitiesOwners equity a) $24,000$19,000X b) $16,500X$12,300 c) X$2,700$14,000 ...
- Q 1) ABC, Inc purchases equipment for $58,170. The equipment will be depreciated over 6 years with no residual value. ABCs annual net income for the year will be $90,150. ABC's...
- Q Keaton Accessories uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: Quantity Unit Cost Total...
- Q Why should the FDIC be concerned rgarding the offerings of mortgage-backed bonds (MBBs): Multiple Choice the FDIC is concerned about investors' prepayment risk. MBBs...
- Q Taxation of Stock Options and Restricted Stock Units (RSUs) Stock options and restricted stock units (RSUs) are common forms of equity compensation offered by...
- Q Sandle Company lends Roseenn Company $9,000 on April 1, accepting a four-month, 4% interest note. Sandle Company prepares financial statements on April 30. What adjusting entry should be made...
- Q 1. Why are airlines at the bottom of profitability according to Porter? 2. What is one takeaway you have from this video that you found useful
- Q catagorize how the activity will impact the investment balance in the investment rollforward.increase, decrease, or it depends 1. transfers between investment catagories 2. sales 3. Accretion of...
- Q Required information Skip to question [The following information applies to the questions displayed below.] Natalie owns a condominium near Cocoa Beach in Florida. This year, she incurs the following expenses...
- Q Note 1: Fox Coffees assets include: Cost NBV UCC Land 675,000...
- Q A fully deperciated plant asset A) can no longer be used in the business B) is removed from the accouning records C) can be discarded,or sold, or exchanged for another...
- Q Imperial Jewelers manufactures and sells a gold bracelet for $406.00. The companys accounting system says that the unit product cost for this bracelet is $266.00 as shown below: ...
- Q Income Statement For the Period Ending June 30 Revenues: ...
- Q The Lease or Buy Decision Top-Quality Stores, Inc. owns a nationwide chain of supermarkets. The company is going to open another store soon, and a suitable building site has...
- Q Please circle the answer the following questions: 1. You are investing $100 today in a savings account at your local bank. Which one of the following terms refers to the...
- Q Which system provides for a separate record of each particular quantity of product that passes through the factory? What document is the source for (a) debiting the accounts in the...
- Q DTN (Pty) Ltd (DTN) is the fourth largest cellular network industry in South Africa, providing call and data services to customers around the country as well...
- Q Bronson Industries reported a deferred tax liability of $14.8 million for the year ended December 31, 2017, related to a temporary difference of $37 million. The tax rate was 40%....
- Q Your team is the accounting staff for a National not-for-profit student organization. The executive director of the planning committee has asked for your recommendation on where to host the 2018...
- Q Genie in a Bottle Company (GBC) manufactures plastic two-liter bottles for the beverage industry. The cost standards per 100 two-liter bottles are as follows: Cost Category Standard...
- Q Which of the following is an example of a discretionary fixed expense? a.contract workers b.insurance on a building c.depreciation on a factory building d.property taxes on a factory building
- Q Frieling Company installs granite countertops in customers' homes. First, the customer chooses the particular granite slab, and then Frieling measures the countertop area at the customer's home, cuts the granite...
- Q Record the issuance of 37,000 shares of common stock assuming the shares have a $2 stated value and sell for $15 cash per share
- Q Required information C11-2(Static) Recording Daily and Adjusting Entries, and Preparing and Evaluating Financial Statements (Part A: Chapters 3-4,6-11; Part B: Ch.11, Suppl. 11B; Part C: App. C)[LO 3-3,4-2,4-3,4-4,6-3,6-4,7-3,8-2,9-2,9-3,9-5,10-2,10-3,11...
- 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 Geraldine Wolfe is a supervisor at Fantastigifts. She has an annual salary of $45,000, paid biweekly, and a garnishment for consumer credit of $430. Assuming that her disposable income is...
- Q 1- Operating leverage is defined as: The use of debt capital instead of equity capital to fund the operations of a firm. Sales growing faster than...
- Q The Jung Corporation's production budget calls for the following number of units to be produced each quarter for next year: Budgeted production Quarter 1 45,000 units Quarter 2 38,000 units...
- Q The income statement, balance sheets, and additional information for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the Year Ended December...
- Q Which of the following statements is false? Select one: a. the unlimited marital deduction is a deduction from a decedent's adjusted gross estate to arrive at the decedent's taxable estate....
- Q The records of Tonia Stores provided the following data for the year: Cost Retail...
- Q Preparing Common-Size Income Statements by Using Base Period Horizontal Analysis Scherer Company provided the following income statements for its first 3 years of operation: Scherer Company Income...
- Q Freeflight Airlines is presently operating at 70 percent of capacity. Management of the airline is considering dropping Freeflight's routes between Europe and the United States. If these routes are dropped,...
- Q Discuss fixed assets and cost determination in financial statements. Provide examples of fixed assets.
- Q On January 1, 2021, Brooks Corporation exchanged $1,373,000 fair-value consideration for all of the outstanding voting stock of Chandler, Inc. At the acquisition date, Chandler had a book value equal...
- Q Advances in information technology, particularly enterprise resource planning systems are presenting management accounting and accountants with threats and challenges as described in Unit 1. Is it possible that technological systems...
- Q How can you determine the due dates for court ordered deductions? a. Use the default in the payroll system b. Review the terms of the order c. All are due...
- Q 9. Profitability Ratios The following selected data were taken from the financial statements of Vidahill Inc. for December 31, 20Y7, 20Y6, and 20Y5: December 31...
- Q Whirly Corporations contribution format income statement for the most recent month is shown below: Total Per Unit Sales (7,800...
- Q A business collected $450 from a customer for an outstanding accounts receivable. By mistake the transaction was recorded as $550 debit to Cash and a $550 credit to Service revenue....
- Q melody cd markets cds for numerous performing arts. At the beginning of June 2023, melody had a beginning inventory of 1500 cds with a unit cost of $7. During june...
- Q Sleep-Tight Manufacturing produces two types of bed: King and Queen. The assignment basis for support costs has been direct labor pesos. For 2030, Sleep-Tight compiled the following data for...
- Q Phi Ltd Date: 31 March 2024Details:Raw materials inventory (wool):Cost: £30,000Replacement cost: £28,000Finished goods inventory:ProductEpsilonZetaDirect costs£70,000£55,000Proportion of fixed overhead£20,000£15,000Proportion of selling costs£4,500£3,500Net realizable value£105,000£75,000Machinery: Acquired on 1 April 2017 for £400,000, depreciated over...
- Q Beta Corporation Date: 30 June 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 July 2018 for £330,000, depreciated over...
- Q Chi Inc. Date: 31 July 2023Details:Raw material inventory (paper):Cost: £33,000Replacement cost: £31,000Finished goods inventory:ProductLambdaMuDirect costs£65,000£50,000Proportion of fixed overhead£15,000£12,000Proportion of selling costs£3,500£3,000Net realizable value£100,000£75,000Vehicles: Acquired on 1 August 2020 for £270,000, depreciated over...
- Q Outdoor Gear Co. manufactures and sells 6 different models of camping gear. Outdoor Gear is contemplating a 3% price cut for all models. It expects the price cut to result...
- Q The 8/31 Cash in Bank account in the Arizona Company’s ledger was $20,000.The following 8/31 reconciling items existed:Bank Service Charge$100Outstanding Checks$400Note Collection by bank$120The balance appearing on the 8/31 bank...
- Q Our company had the following balances and transactions during the current year related to merchandise inventory.Beginning merchandise inventory on January 1100 units at $75 per unitPurchase on February 14100 units...
- Q Sheri is a lawyer who operates as a sole practitioner. Despite her busy schedule in the past, Sheri found time for her family. This year Sheri took on two new...
- Q To substantiate the existence of the accounts receivable balances as at December 31, 2018, of Lukas Company, you have decided to send confirmation requests to customers. Below is a summary...
- Q Halifax Corporation reported the following items on its year end date of September 30, 2021:Savings account at First National Bank$ 32,123Bank overdraft at First National Bank15,868Travel advances to employees2,100Preferred...
- Q A client is considering two possible investments, each pays $10,000 per year (end of year). (timeline not required)A 30-year annuity, 15 percent compounded annually, ORA perpetuity, 15 percent compounded annually. Which...
- Q Finest Ingredients Corporation has current assets of $180,000, total assets of $210,000, current liabilities of $110,000, and total liabilities of $115,000. The company is trying to obtain a bank loan...
- Q The Cadbury chocolate factory, produce 3,000 chocolate bar. On December 28 the actual cost is for the production. The actual cost for direct materials, 540$; Direct labor. 420$ and the...
- Q MRI Associates of Boston bought an MRI machine for $7,000 with cash. It has a useful life of 7 years.Record the purchase.Record the journal entry for depreciation for 1 month.
- Q In a civil lawsuit, a plaintiff was awarded damages of $15,000 plus $4,621.61 in interest for a period of 3¼ years. What quarterly compounded rate of interest was used in...
- Q Amber's mother and father gave her a condo on 7/4/2020. Her parents purchased the condo on 9/13/2002 for $158,759. The fair market value of the house at the time of...
- Q Land costing $60,000 was appraised at $90,000. Scott suggests the following journal entry. Land 30,000 Gain on Appreciation of Land 30,000. For the transaction, indicate why you disagree. Identify the...
- Q Kathmandu Tourism Group disposed of its 100% owned subsidiary Everest Base Camp Suppliers during the financial year ended 30th June 20X9. Kathmandu Tourism Group received $26m cash proceeds from the...
- Q Assuming you are required to pay initial margin of RM8000/contract and maintain 85% of it, commission is charged at RM105/contract. The table below is the settlement index prices for the...
- Q A sofa set selling price is RM2000. Through an instalment plan the buyer paid RM400 down payment and agreed 10 monthly payment. The interest charged is 8% per month, Find the...
- Q During 2016, the Thomas Company began selling a new type of machine that carries a two-year assurance-type warranty against all defects. Based on past industry and company experience, estimated warranty...
- Q Tee Incorporated has obsolete raw materials which are carried in the books at its cost of 660,000. If these raw materials are sold to animal feed makers, it could fetch...
- Q What is the amount of transfer tax due for real estate that sold for $187,400 cash? The transfer tax is calculated at $.75 for each $300 of the purchase price.
- Q On September 1, your calendar year company rents a machine to another firm for$24,000 a year. As of December 31, $17,000 has been received and recorded inRent Revenue. What adjusting...
- Q Li2 Akin Za Corporation is planning to acquire a new machine that will have an estimated payback period of five years. It will be depreciated on a straight line basis...
- Q The Fun Books Partnership has five partners and operates book shops in Melbourne and in Fiji. Four of the partners are residents of Australia, and one is resident in Los...
- Q Your company receives a $75,000 advance for 1 year's rent that you record in Rent Received In Advance. If, at year-end, 3 months have elapsed, what adjusting entry will you...
- Q Tom's Eye Associates purchases 100 pairs of eye glasses for sale for $2,000 ($20 each) on credit. They sell one pair to a customer for $100 the next days.Record the...
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