Accounting question and answers for November 12, 2023
- Q WilsonArt set up a petty cash fund of $200 on March 1,2017. On March 17, the petty cash box contained $19 and the following receipt: $75 for printing, $48 for...
- Q A manufacturing division has $1,800,000 in average assets and income of $720,000. The company's target rate is 8%. calculate The division's residual income $.
- Q On January 1, 2020, Miya Co. issued a 5% redeemable preference share with aggregate parvalue of P3,000,000 for P2,800,000. Transaction cost incurred amounted to P212,173.65. Theshareholders can present the shares...
- Q Surblup Corp.'s certificate of incorporation permits the issuance of a maximum of 3,000,000 common shares of $1 par value. During its first three years of operation, Maine issued 2,200,000 shares...
- Q An airline company is interested in improving customer satisfaction rate from the 56% currently claimed. The company sponsored a survey of 111 customers and found that 68 customers were satisfied....
- Q A business is considering scrapping a machine for proceeds of $2,000. Alternatively, it can spend $1,000 on the machine and receive sales proceeds of $5,000.The net realisable value of the...
- Q Qwik Company showed the following balances at the end of its first year: Cash $8,700Prepaid insurance 9,400Accounts Receivable 7,000Accounts Payable 5,800Notes Payable 6,300Owner's Capital 2,300Owner's Drawing 1,300Revenues 44,000Expanses 32,000What did...
- Q Lily Company performed services for a customer on January 1, 20x1 and accepted a four-year, $70,000, noninterest-bearing note. The note requires the customer to make 4 annual payments of principal...
- Q The US presidential election of 1936 pitted Alfred Landon, the Republican governor of Kansas, against the incumbent President, Franklin D. Roosevelt. The year 1936 marked the end of the Great...
- Q An airline company is interested in improving customer satisfaction rate from the 56% currently claimed. The company sponsored a survey of 111 customers and found that 68 customers were satisfied....
- Q Hanks Inc. establishes a debt retirement fund to retire debt of $72,820. Hanks makes three equal annual contributions of $20,000, starting on January 1, 2020. The fund earns interest at...
- Q Alpha Ltd had 4,000 units in work in process at 1 August. During August, 11,914 units were completed. At 31 August, 6,232 units remained in work in process. How many...
- Q what are the common management structure of organisation?
- Q Suppose a company had the following inventory information:Beginning Inventory: 100 units @ $4.00 cost per unitPurchases: 120 units @ $7.00 cost per unitIf the company then sold 190 units, calculate ...
- Q On 1 January 2022, Toyboys Ltd acquired all the issued shares of Dragonfly Ltd. At that date, the plant of Dragonfly Ltd had a fair value of $10 000 more...
- Q You are considering purchasing a $3 million, 90-day issue of commercial paper with a 3.5% discount yield. Calculate the effective yield, assuming the security is purchased on the issue date...
- Q Food Harvesting Corporation is considering purchasing a machine for $1,809,750. The machine is expected to generate a constant after-tax income of $104,025 per year for 15 years. The firm will...
- Q Vishal deposited $ 1,00,000 in his bank for2 years at SI rate of 6%. What will be the final value of the investment?Q2. A sum of $ 46,875 was lent...
- Q An airline company is interested in improving customer satisfaction rate from the 56% currently claimed. The company sponsored a survey of 111 customers and found that 68 customers were satisfied....
- Q During 2021, CATHY Company acquired a plot of land for P450,000. In addition, to acquire the land, CATHY Company paid a P30,000 commission to a real estate agent. P75,000 were...
- Q Organic Avocado Inc. prepares quarterly cash budgets. Purchases are 80% of next quarter's sales. Q2 sales are expected to be 600 and Q3 sales are expected to be 800. The...
- Q identify and discuss the steps in the recruitment process
- Q A manufacturing facility needs to open a new assembly line in four months or there will be significant cost overruns. The manager of this project believes that there are four...
- Q At practice last week, Laura scored 2 out of 10 attempts on a basketball hoop. Sarah scored 3 out of 10 attempts. Let’s assume that all shots are taken from...
- Q Atty. Diokno owns 30% of the capital and profits of his law office. The law office reported P5,000,000 profits in 2021. How much final tax will be withheld from Atty....
- Q The Estrella Corporation has 80,000 common shares outstanding. If they declare a cash dividend of $1.00 per share on November 1 for their shareholders who are registered on the 1st....
- Q Valley Orchards is reviewing the pricing of its fresh-squeezed cranberry juice in half-gallon containers. Variable costs per container are $1.75. Management is evaluating prices between $2.75 and $3.25. Determine the optimal...
- Q River Bend Farms is reevaluating the pricing of its fresh-squeezed grape juice in half-gallon containers. Variable costs per container are $1.60. Based on market study, management has set a price range...
- Q Evergreen Farms is reevaluating the pricing of its fresh-squeezed cranberry juice in half-gallon containers. Variable costs per container are $1.60. Based on market study, management has set a price range of...
- Q Sunrise Orchards is reevaluating the pricing of its fresh-squeezed pomegranate juice in half-gallon containers. Variable costs per container are $1.70. Based on market study, management has set a price range between...
- Q The Hudson Block Company has a trucking department that delivers crushed stone from the company's quarry to its two cement block production facilities-the West Plant and the East Plant. Budgeted...
- Q Sunny Meadows Orchards is evaluating the pricing of its fresh-squeezed pomegranate juice in half-gallon containers. Variable costs per container are $1.65. Identify the optimal price to maximize contribution margin and...
- Q Adventure Gear Co. manufactures and sells 6 different models of adventure gear. Adventure Gear is contemplating a 4% price cut for all models. It expects the price cut to result in...
- Q Maple Valley Farms is reevaluating the pricing of its fresh-squeezed apple juice in half-gallon containers. Variable costs per container are $1.50. Management has determined that the price per half-gallon should be...
- Q Golden Valley Orchards is reevaluating the pricing of its fresh-squeezed peach juice in half-gallon containers. Variable costs per container are $1.70. Based on market study, management has set a price range...
- Q Land Transactions on the Statement of Cash Flows Cameron Corporation purchased land for $426,000. Later in the year, the company sold a different piece of land with a book value...
- Q Woodward Corporation is only subject to tax in State A. Woodward generated the following income and deductions. Sales Cost of sales State A income tax expense Depreciation allowed for Federal...
- Q OH Allocation ABC Firm uses a job costing system. OH is applied on the basis of DL dollars. At the beginning of 2020, the firm made the following estimates....
- Q 34. A inherited 100% of Corp. X from her mothers estate. Original Stock Basis was $100,000, FMV of Corp. X at Moms death was $300,000, and Corp. X has E&P...
- Q KIC Company up plan play the $5 billion in the left the Coupon with 8% coupon, term 30 years. The interest rate on the current field of this bond...
- Q Lucky Company's direct labor information for the month of February is as follows: ...
- Q What is the future value of 17 deposits of $3,620 each made at the beginning of each period and compounded at 10%? (Future value as of the end of the...
- Q The following activities occur at Greenwich Corporation, a company that manufactures a variety of products. Receive raw materials from suppliers. Manage parts inventories. Do...
- Q At the end of the current year, Accounts Receivable has a balance of $126,800; Allowance for Doubtful Accounts has a debit balance of $3,300, and sales for the year total...
- Q Comparing Three Depreciation Methods Waylander Coatings Company purchased waterproofing equipment on January 6 for $655,800. The equipment was expected to have a useful life of four years, or 6,400 operating...
- Q Part U67 is used in one of Broce Corporation's products. The company's Accounting Department reports the following costs of producing the 15,400 units of the part that are needed every...
- Q The following is the standard cost card for X Company's only product: Direct materials, 4 metres at $4.00 $16.00 ...
- Q Concord Company just took its physical inventory. The count of inventory items on hand at the companys business locations resulted in a total inventory cost of $325,000. In reviewing the...
- Q Cotrone Beverages makes energy drinks in three flavors: Original, Strawberry, and Orange. Company is currently operating at 75 percent of capacity. Worried about the company's performance, the company president is...
- Q ShippersRUs provides logistic support services for on-line merchants. The company maintains warehouses that stock items carried by the on-line clients. When a client receives an order from a customer,...
- Q Indigo Corporation manufactures car stereos. It is a division of Berna Motors, which manufactures vehicles. Indigo sells car stereos to Berna, as well as to other vehicle manufacturers and retail...
- Q Google (a wholly-owned subsidiary of Alphabet) is a US-based multinational corporation that has been under multiple investigations into its business practices. In 2015, the EU began an investigation of the...
- Q Jozefs Roofing Services showed the following post-closing trial balance after the posting of the closing entries on June 30,2023: Debit Credit...
- Q Nordstrom's inventory at the beginning of 2024 was $100,800. The ending inventory, valued at year-end cost levels, and the relative cost index for the future is 1547...
- Q Which of the following taxpayers is required to pay an additional 10% tax on their early distribution from a qualified plan or an IRA on Form 5329? a.Madison took a...
- Q Headland Company is a multiproduct firm that uses the perpetual inventory system. Presented below is information concerning one of its products, the Hawkeye. Date ...
- Q cash 9000. 1. Borrow $55,000 from a bank 2. Buy $14,000 worth of manufacturing supplies on credit 3. Pay $7,000 owed to a supplier 4. Receive payment of $12,000 owed...
- Q Prepare the statement of cash flows from operating activities using the indirect method. The company had the following information available: Net Income $ 500,000 Depreciation expense for the year...
- Q Missing Amounts from Balance Sheet and Income Statement Data One item is omitted in each of the following summaries of balance sheet and income statement data for the following four...
- Q Piper Specialty Store Ltd. completed the following merchandising transactions in the month of May 2021. At the beginning of May, Pipers ledger showed Cash $8,000; Accounts Receivable $2,400; Inventory $4,000;...
- Q mperial Jewelers manufactures and sells a gold bracelet for $408.00. The companys accounting system says that the unit product cost for this bracelet is $261.00 as shown below: Direct materials...
- Q Metlock Company leased equipment from Costner Company, beginning on December 31, 2019. The lease term is 5 years and requires equal rental payments of $33,021 at the beginning of each...
- Q Company Law James was the Chief Executive Officer and Managing Director of Tramp Bank Bhd. He has a reputation for being an enigmatic, forceful and dynamic leader among those in...
- Q Sabrina estimates the value of her donation to be approximately $6,000. Sabrina recently learned that because her donation exceeds $5,000, she must support her donation with an appraisal and...
- Q intervention-obesity Develop a justified budget for your public health intervention assignment and identify sources of funding. This assignment has three partsrefer to the instructions in each: Part A...
- Q Consider an intergalactic economy with two government: the Galactic Empire and the Rebel Alliance. There is a single bank, JarJar Banks, that only works with the Galactic Empire. The bank...
- Q On January 2, 2020, Ms. Shirley Kantor moves from London, Ontario, to Thunder Bay, Ontario, in order to begin employment with Northern Enterprises Ltd. (NEL). Her salary for the year...
- Q Downstream Intercompany Merchandise Transactions Sketchy Shoes is a subsidiary of Pacific Brands. Pacific routinely sells merchandise to Sketchy at a 25% markup on cost. Information on intercompany merchandise...
- Q A construction company based has been awarded a contract concrete seats for the new stadium located in South Africa. The companys CEO appoints a production manager with a salary of...
- Q 5. Why are negotiable instruments a vital tool for businesses? 6. Can a payee indorse an instrument in which his/her/its name is misspelled? Explain....
- Q 4. Bad Brad sells used semi trucks and tractor trailers in the Texas panhandle. Bad Brad has sales as follows: Bad Brads ...
- Q Harding Corporation acquired real estate that contained land, building and equipment. The property cost Harding $1,995,000. Harding paid $560,000 and issued a note payable for the remainder of the cost....
- Q Cullumber Markets imports and sells small bear-shaped piatas. In planning for the coming year, the companys owner is evaluating several scenarios. For each scenario under consideration, prepare a...
- Q Wallis Company produces circuit boards in a foreign country that imposes a 15 percent VAT. This year, Wallis manufactured 7.0 million boards at a $4.00 material cost per...
- Q Tania was watching television one evening and came across an advertisement by Comp Whiz Pty Ltd which had the following wording: Financial year end sale. Up to 70% off on...
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