Accounting question and answers for November 12, 2023
- Q X Company currently makes a part and is considering buying it next year from a company that has offered to supply it for $16.24 per unit. This year, total costs...
- Q These are selected 2022 transactions for Grouper Corporation Jan. 1 Purchased a small company and recorded goodwill of $165,000. Its useful life is indefinite. May 1Purchased a patent...
- Q Entrepreneur, Steven Mills opens Mills Consulting business on January 1st, 2021 Required: A. Prepare the needed journal entries to record the transactions below for January - the first month...
- Q Please help Calculate net pay for an employee residing and working in Quebec who has regular earnings and taxable benefits. Use the Payroll template below: Marc Potvin...
- Q Thornton Corporation expects to incur indirect overhead costs of $171,825 per month and direct manufacturing costs of $12 per unit. The expected production activity for the first four months of...
- Q Marigold Corp.Balance SheetDecember 31, 2022 Cash and cash equivalents $67000 Accounts payable $126000 Accounts receivable 86500 Salaries and wages payable 11100 Inventory 149000 Bonds payable 161500 Prepaid insurance 83000 Total...
- Q 4-37 Alpine Luggage has a capacity to produce 400,000 suitcases per year. The company is currently producing and selling 320,000 units per year at a selling price of $395 per...
- Q Minden Company is a wholesale distributor of premium European chocolates. The companys balance sheet as of April 30 is given below: Minden Company Balance Sheet...
- Q The Butyl Division of the Swiss Corporation just started operations. It purchased depreciable assets costing $2,500,000 with an expected life of five years, after which the assets can...
- Q 1. Alpha Co. purchased a machine on 1 July 2013 for $80,000 which had a useful life of ten years and is depreciated on a straight-line basis. A fire at...
- Q The following is the Easton Company adjusted Trial Balance. Easton Company Adjusted Trial Balance December 31, 2020 Account Title Debit Credit Cash $88,665 Accounts Receivable 232,400 Supplies 17,000 Merchandise Inventory...
- Q The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of...
- Q Lesters Jewelry company completed these transactions during November of the current year: Nov. 1 Began a the business by investing $3,000 in cash and Precious stones with a $10,000 fair...
- Q Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to...
- Q Del Gato Clinic's cash account shows a $13,792 debit balance and its bank statement shows $12,634 on deposit at the close of business on June 30. Outstanding checks as...
- Q Springfield Ltd. was incorporated as a private company on January 2, 2021, and is authorized to issue an unlimited number of common shares and $1 preferred shares. The company had...
- Q Rutkey Collectibles is a small toy company that manufactures and sells metal replicas of classic cars. Each car sells for $2.95 The cost of each unit follows: ...
- Q : Given the increased automation in nearly every business with inventory (think of the last time you bought something without a barcode), the costs of the specific identification...
- Q Risk Assessment and Management in Managerial Auditing Risk assessment and management are integral components of managerial auditing, aimed at identifying, evaluating, and mitigating risks...
- Q 2019 (Adjustment a) Dec. 31 Uncollectible Accounts Expense 2,904.00...
- Q Sylvestor Systems borrows $55,000 cash on May 15 by signing a 90-day, 6%, $55,000 note. 1. On what date does this note mature? 2-a. Prepare the entry to record issuance...
- Q I am looking for the Evaluative tools referred to in here: Respond to the following question: In your response - be specific about the evaluative tools (at least three must...
- Q Rosa's pretax accounting income in Year 2 is $3,000. Rosa deducts depreciation for tax purposes in excess of accounting depreciation of $300 in Year 1 and $700 in Year 2....
- Q Out of 50 students taking a midterm psychology exam 27 answered the first two bonus questions, 37 answered the second bonus question, and 2 didnt bother with either...
- Q Recording Cash Discount Entries Gross Method Lynx Inc. sells apparel merchandise to Dyson Inc. at a gross sales price of $980, credit terms 2/10, n/30 on July 10, 2020. Dyson...
- Q On January 1, 2018, a machine was purchased for $102,500. The machine has an estimated salvage value of $7,580 and an estimated useful life of 5 years. The machine can...
- Q Martin Salazar has decided to leave his job at Mattel and 0 open a restaurant. Martin has never owned a business and never run a restaurant, but cooking is his...
- Q Internal controls are not designed to safeguard assets from Select one: a. robbery. b. natural disasters. c. employee theft. d. unauthorized use. ...
- Q Coverall Inc. produces and sells a unique type of case for a standard-size tablet computer that is guaranteed waterproof but still allows for regular functionality of the tablet. The company...
- Q The following information relates to a partner in a partnership for the year ended 28 February 2023: Partner's salaries R200 000; interest on capital R30 000; Drawings R250 000; Interest...
- Q Saunders manufactures a single product, details of which are as follows. per unit $ selling price 1500 direct materials 400 direct...
- Q In preparing for the upcoming holiday season, Fresh Toy Company (FTC) designed a new doll called The Dougie that teaches children how to dance. The fixed cost to produce the...
- Q On January 1, 2015, a company issues 5-year bonds with a stated interest rate of 6% and records the following journal entry: Dr. Cash $520,000 Cr. Premium on...
- Q Please explain: 1. Benito bought a copy machine in March 2017 for $3,000. In May 2019 he exchanged the copy machine in a like-kind exchange for another copy machine with...
- Q CLIFTON PHARMA LIMITED The following trial balance relates to Clifton Pharma Limited for the financial year ended 30 September 2018, assume you are working as an Accounts Executive in...
- Q Its December 31, 2020, and youre sitting at your desk looking out the window watching the snowflakes fall. Your friends have the day off and have just left to go...
- Q Ragstone Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Ragstone Store showed Cash of $300,000, Merchandise Inventory of $125,000...
- Q Question 1 The PROJECTS Module is used to: Allocate revenues and expenses to one or more projects. Allocate one or more...
- Q Discuss how a management accountant can assist an organization to achieve a competitive advantage by measuring the increase in added value from improvement in its product quality.
- Q Dons Autoparts fixes automobiles and motorcycles. Don struggles with accounting and requires your help to help him with his variance analysis with respect to Direct Materials. Dons annual standard motorcycle...
- Q Pizana Computer Company has been purchasing carrying cases for its portable computers at a purchase price of $58 per unit. The company, which is currently operating below full capacity, charges...
- Q The following cost behavior pattern describes anticipated manufacturing overhead costs for 2022: $347,100 + $9.8/unit. During the year, 39,000 units were produced and 36,550 units were sold. 1. Calculate the...
- Q Offenbach & Son has just made its sales forecasts and its marketing department estimates that the company will sell 229,800 units during the coming year. In the past, management has...
- Q Shullsburg Cheese is located in the historic district of the quaint Victorian mining village of Shullsburg, Wisconsin. Our cheese factory manufactures Wisconsin's original cheeses and fresh, off the block Wisconsin...
- Q On June 30, 2020, Wisconsin, Inc., issued $358,600 in debt and 17,500 new shares of its $10 par value stock to Badger Company owners in exchange for all of the...
- Q Current service cost $ 144,000 Contribution to the plan 182,600 Past service cost, effective...
- Q Norton, Inc. has the following information available for September 2022. Unit selling price of video game consoles $ 400 Unit variable...
- Q These payroll liability accounts are included in the ledger of Oriole Company on January 1, 2022. FICA Taxes Payable $705.00 Federal Income...
- Q On January 1, 2020, the dental partnership of Angela, Diaz, and Krause was formed when the partners contributed $54,000, $82,000, and $84,000, respectively. Over the next three years, the business...
- Q Lou Barlow, a divisional manager for Sage Company, has an opportunity to manufacture and sell one of two new products for a five-year period. His annual pay raises are determined...
- Q Michael Jordan (birthdate March 1, 1975) is a single taxpayer. Michaels earnings and withholdings as a departmental manager for 2019 are reported on his Form W-2:Michaels other income includes interest...
- Q Answers provided. Please explain the calculations. On April 1, 2020, Republic Company sold equipment to its wholly owned subsidiary, Barre Corporation, for $40,000. At the time of the transfer, the...
- Q On April 10, 2018, Harris and Dylan entered Ceylon High School and began shooting teachers and students. Thirteen individuals died, and the psychological community was again asked to explain...
- Q Cook Ltd acquired all the issued share capital of Zac Ltd on 1 July 20X1. Zac Ltds shareholders equity at that date was as follows: 000s Paid up capital $4,500...
- Q Romney's Marketing Company has the following adjusted trial balance at the end of the current year. No dividends were declared. However, 500 shares ($0.10 par value per share) issued at...
- Q On January 1, year 1, the Fab Delivery Company purchased a delivery van for $43,350. At the end of its five-year service life, it is ...
- Q Please make the response detailed and easy to read, thank you The stockholders' equity accounts of Pumpkin Corporation on January 1, 2022, were as follows. Preferred Stock (8%, $100...
- Q On 1 January 2017, Entity A bought a $2,500,000 6.75% bond for $2,368,000. It incurred issue costs of $3,650. Interest is received in arrears. The bond will be...
- Q The sale of the decedent's personal residence may result in: A short-term loss. A loss that is not allocated to principal, therefore not limited to $3,000. A loss caused by...
- Q Darryl Corp., a local builder, is constructing a warehouse for one of its customers. Construction began on January 1, 2021, and is expected to last for two years. The following...
- Q Using the following balances to prepare a multi-step income statement for clubhouse lollipops for the year ended Dec 1, 2021 NEED A FULL INCOME STATEMENT PLEASE CASH-$7000 ACCOUNTS RECEIVABLE 13,000...
- Q X Company must decide whether to continue using its current equipment or replace it with new, more efficient equipment. The following information is available for the current and new equipment:...
- Q Dinham Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one day is counted as one tenant-day. During March, the kennel budgeted for 2,000...
- Q Monsoon Rain Inc. had sales in 2021 of $1,560,000 on 60,000 units. Variable costs totaled $720,000, and fixed costs totaled $500,000. The company will be using a new raw material...
- Q Question 1 Journalizing Installment Notes On the first day of the fiscal year, a company issues $58,000, 10%, six-year installment notes that have annual payments of $13,317. The first note...
- Q Determine whether you have enough monies to live comfortably each year for 20 years in your dream state of California. Assume you are at age 65 and have the following...
- Q Delisa Corporation has two divisions: Division L and Division Q. Data from the most recent month appear below: Total Company Division L Division Q Sales $ 475,000 $ 179,000 $...
- Q Explain the way a nongovernmental, not-for-profit organization must report the following items in its statement of activities : A. Receipt of unrestricted contributions B. Pledges restricted to a specific program...
- Q Li Pong company uses a standard costing system. Last year they incurred $100,000 of Variable Overhead and $294,000 of Fixed Overhead and had the following variances before closing entries. FOH...
- Q (10 pts) Barley Company owns a plot of land on which buried toxic wastes have been discovered. Since it will require several years and a considerable sum of money...
- Q The following represents the T account for Account Receivable for the month of June 2020, Accounts Receivable 1/6 Service Revenue ...
- Q Contract Identification and Formation in Telecommunications Revenue Recognition In the telecommunications industry, the process of revenue recognition begins with the identification and formation of...
- Q G. R. Edwin Inc. had sales of $5.84 million during the past year. The cost of goods sold amounted to $2.5 million. Operating expenses totaled $2.58 million, and interest expense...
- Q Basic Electric Motors is a division of Basic Electric Products Corporation. The division manufactures and sells an electric switch used in a wide variety of applications. During...
- Q Bunker makes two types of briefcase, fabric and leather. The company is currently using a traditional costing system with labor hours as the cost driver but is considering switching to...
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