Accounting question and answers for November 12, 2023
- Q Scenario 1: The partnership agreement of Gibs and Reed Landscaping provides an $18,000 salary allowance to Willis Gibs and a $24,000 salary allowance to George Reed. Both partners...
- Q Complete your understanding of the integrated audit as required by the Sarbanes-Oxley Act. While management was responsible for internal control prior to the passage of SOX, the Act required management...
- Q Chapter 2 discusses the guidelines for document retention and destruction. Obviously, we can't keep everything, but what are the rules for retention and destruction? Discuss in your...
- Q The three questions use this case: This month, Candel Gym has sales of $800,000, contribution margin of $320,000, fixed cost of $200,000 and operating profit of $120,000. Q1. What is...
- Q The AICPA Code of Professional Conduct can be found online and is organized in four sections. Which section is first? A. Part...
- Q The following information pertains to Julia & Company: March 1 Beginning inventory = 34 units @ $5.40 March ...
- Q Campbell, Inc. sells fireworks. The companys marketing director developed the following cost of goods sold budget for April, May, June, and July. April...
- Q agree or disagree with post? why? 300 words or more The challenge for market professionals nowadays is the competition. The market industry has evolved over the years, it is not...
- Q Why is the bottom line not necessarily a good predictor of the financial viability of a business?
- Q Cost-Benefit Analysis of Managerial Auditing Processes Cost-benefit analysis (CBA) is a systematic approach used to evaluate the potential costs and benefits associated with managerial auditing processes. It helps organizations assess...
- Q Exercise 1: Transport Planning (The work of a transport planner) The company Visstick BV. In this exercise, you will be working as a transport planner for the company 'Visstick...
- Q The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers. Note that the company uses a clearing house...
- Q In Shady Company, materials are entered at the beginning of each process. Work in process inventories, with the percentage of work done on conversion costs, and production data for its...
- Q James Dangell (birthdate August 2, 1976) is a single taxpayer. \ Jim's earnings and withholdings as the manager of a local casino for 2020 are reported on his Form W-2...
- Q On March 25, Parscale Company purchases the rights to a mineral interest for $9,080,000. At that time, the remaining recoverable units in the mineral interest are estimated to...
- Q REVENUE BUDGET ACTUAL for 2015-2016 Comfy Inn B&B LAST YEAR ...
- Q Brokia Electronics manufactures three cell phone models, which differ only in the components included: Basic, Photo, and UrLife. Production takes place in two departments, Assembly and Special Packaging. The Basic...
- Q Dan loves game shows, He has been a guest on many game shows including Ellen. On the last game show, The Price Is Right, he was invited to participate. As...
- Q Refer to the following data Direct Material used 150,000 Selling Costs 5,000 Indirect Labour 7,000 Administrative costs 10,000 Depreciation...
- Q Garden Sales, Incorporated, sells garden supplies. Management is planning its cash needs for the second quarter. The company usually has to borrow money during this quarter to support peak...
- Q Working Backward: Debt Service Coverage Madison Corp. reported the following in the Current Assets section of its comparative balance sheets: December 31, 2017 December 31, 2016 Current Liabilities: Current portion...
- Q You have just been hired as a new management trainee by Earrings Unlimited, a distributor of earrings to various retail outlets located in shopping malls across the country. In the...
- Q Comprehensive Report: Break-Even Analysis and Margin of Safety 1. Break-Even Analysis: a) Calculation of Break-Even Point: Formula of...
- Q Blake Koepkas goal has always been to design the finest putters for the best golfers in the world. Blakes latest invention is the Happy Gilmore, a triangular-shaped mallet-style putter that...
- Q Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labour standards for one unit of Zoom follow: ...
- Q Management of Mittel Rhein AG of Kln, Germany, would like to reduce the amount of time between when a customer places an order and when the...
- Q Which of the following would be considered a net loss during administration and be reported on schedule L The decedent's medical bills. Expenses of filing a deed to title a...
- Q Problem 8-30 Integration of the Sales, Production, and Direct Materials Budgets [LO8-2, LO8-3, LO8-4] Milo Company manufactures beach umbrellas. The company is preparing detailed budgets for the third quarter and...
- Q 9P 8L 7N Selling price per...
- Q Using your new knowledge of single application rate overhead allocation vs. activity-based costing: 1. Which types of firms do you think are more likely to use each method? For example,...
- Q The following were the accounts obtained from ABC companys unadjusted trial balance as of December 31, 2021: Cash in bank, restricted for payroll P 750,000 Cash in bank,...
- Q The following were selected from among the transactions completed by Harrison Company during November of the current year: Nov. 3 Purchased merchandise on account from Moonlight Co.,...
- Q On January 1, 2019, Cayce Corporation acquired 100 percent of Simbel Company for consideration transferred with a fair value of $133,200. Cayce is a U.S.-based company headquartered in Buffalo, New...
- Q On October 1,2019, Santana Rey launched a computer services company, Business Solutions, that is organized as a proprietorship and provides consulting services, computer system installations, and custom program...
- Q You are the assurance services manager to Colourful Ltd, which manufactures and distributes commercial paint and accessories. You are currently in the planning phase of the audit for the year...
- Q Silverado Corporation produces one product, electric gnomes for gardens, and uses process costing (weighted average method). The work-in-process inventory on October 1 consisted of 3,000 gnomes with a total cost...
- Q Required information Skip to question [The following information applies to the questions displayed below.] Portions of the financial statements for Hawkeye Company are provided below. ...
- Q K. Mello Company has three employees-a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: Consultant Computer Programmer...
- Q Closing Entries After the accounts have been adjusted at April 30, the end of the fiscal year, the following balances were taken from the ledger of Nuclear Landscaping Co.: ...
- Q 2- What is the main disadvantage of wholly owned subsidiaries? a) They make it difficult to realize location and experience curve economies b) The firm bears the full cost and...
- Q Upton and Verlander Company uses a job-order costing system. Upton and Verlander has two manufacturing departmentsMolding and Fabrication. Upton and Verlander provided the following estimates at the beginning...
- Q Moratuwa Ltd was formed three years ago by a group of research scientists to market a new product that they had invented, which takes plastic waste and converts...
- Q All of the following are true statements about contributions to SIMPLE IRA plans EXCEPT A.Employer contributions have to be expressed as a percentage of the employees compensation and...
- Q in january of this year, bottlebrush company issues a 1,500,000, 6%, 10 year bond that pays semiannual interest of 45,000 recieving cash of 1,350,000 journalize fhe first interest payment along...
- Q You are an experienced audit senior. The new staff accountant on your audit team does not understand what a control deficiency is. Give him a definition of "control deficiency." Include...
- Q Nordstrom, Inc. operates department stores in numerous states. Selected hypothetical financial statement data (in millions) for 2022 are presented below. End...
- Q Your friend has come to you and asked you to help him calculate some figures and make some financial statements. He also wants you to answer some managerial questions. Use...
- Q In 2022, Fischer Corporation changed its method of inventory pricing from LIFO to FIFO. Net income computed on a LIFO as compared to a FIFO basis for the four years...
- Q 1. If there were 40000 pounds of direct materials on hand on January 1, 120000 pounds are desired for inventory at January 31, and 600000 pounds are required for January...
- Q You are a member of the senior executive group at your company. The company has a reputation of compensating its executives at a very high level. In fact your own...
- Q The common shares of Diaz Corporation Inc. have a par value of $1.00 and a market value of $15.00.Explain why these price values are different. Justify your answer and present...
- Q Calculate total asset turnover and return on assets based on the following: Net income$15.0 millionSales68.0 millionTotal Assets, beginning of the year14.6 millionTotal Assets, end of the year17.1 million
- Q A software company is interested in improving customer satisfaction rate from the 75% currently claimed. The company sponsored a survey of 281 customers and found that 221 customers were satisfied.
- Q DEF Inc.'s bonds currently sell for ?776,250. They have a 6-year maturity, annual interest of ?57,375, and a face value of ?675,000. The current yield of the bonds is nearest...
- Q Use the following appropriate amounts to calculate net income: Revenues, $12,000; Liabilities, $5,000; Expenses, $4,000; Assets, $19,000; Dividends, $4,000. 6. On January 1, Gucci Brothers Inc. started the year with...
- Q There are two intra-group transactions incurred during the year ended on 30 June 2021. On 1 October 2020, Mark Ltd recorded $4 000 of profit (before-tax) from sale of the...
- Q Nadya has a defined benefit pension plan based on career average earnings with her employer. She has a pension benefit of 1.75% of her career average earnings and has $32,800.00...
- Q In 2010, Dangerous Dragon, Inc. (a retail clothing company) sold 553,782 units of its product at an average price of $ 17 per unit. The company reported estimated Returns and...
- Q Sweet Inc. deposits $62,000 at the end of each 6-month period for the next 3 years, to accumulate enough money to retire a debt that matures in 3 years. What...
- Q A client has an investment account with an underlying total of $5,000. The record acquires a yearly loan fee of 3.5%, accumulated every year. The client puts aside no extra...
- Q Asili Living Co is a Canadian company famous for its all-natural handcrafted toxin-free skin and bath line. The company's top product, anti-aging face serum sells for $29 each. For the...
- Q New Ventures Limited issued floating-rate notes with a one-year maturity, an interest rate of Jibar plus 125 basis points, and total face value of R500 million. The company predicts that...
- Q A company purchased equipment in 2010 for $100,000 with a residual value of $2,000 and a 10-year expected life. At the beginning of 2012, the company discovered the equipment will...
- Q The company "Gasolinas y Aceites SA" works with oil that it unloads from the port and takes to the refinery. The port has 6 unloading docks. When the berths are...
- Q Pomsky, Inc. has $0 in current E&P and $0 in accumulated E&P. Pomsky distributes land with a fair market value of $100,000 and a tax and E&P basis of $20,000...
- Q A software company is interested in improving customer satisfaction rate from the 53% currently claimed. The company sponsored a survey of 172 customers and found that 102 customers were satisfied.What...
- Q ABC, Inc. owns 20% of the stocks of DEF Corporation. ABC and DEF are both domestic corporations. DEF declared P120,000 dividends in 2021. How much dividend income after deducting any applicable...
- Q The next fair value of the division assets at year end was $11 million. Pretax income from operations of the division during 2021 was $4 million. Pretax income from continuing...
- Q Ostermeyer Corporation is considering a project that would require an initial investment of $307,000 and would last for 8 years. The incremental annual revenues and expenses for each of the...
- Q As at June 2012, Apple owns an item of machinery. The machine is measured using the cost model, its carrying amount is $220,000 (original cost ($352,000) and its estimated remaining...
- Q Wonder World is a theme park operated by an audit client of Wonder Partners. It is located on the Gold Coast and, due to its proximity to the ocean, the...
- Q A company has two divisions: Division One and Division Two. The following report is for the most recent operating period:Division OneDivision TwoSales$ 354,000$ 348,000Variable expenses$ 138,060$ 104,400Traceable fixed expenses$ 152,000$...
- Q For the 2021 audit of the financial statements, you are tasked to audit EMPLEO Corporation's liabilities. The following information relates to the obligations of EMPLEO Corporation as of December 31,...
- Q Baron and Albert are the senior partners in a mid-size audit firm. They have both acted as the lead audit partner at different times with a long-standing audit client, Industries...
- Q During the year ended on 30 June 2020, a subsidiary entity sold inventories to its parent entity for $16 000. The inventory had originally cost the subsidiary $4 000. The...
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