Accounting question and answers for November 12, 2023
- Q Airbus has found an 80% learning curve applies to direct labor for new production items. The first set of a new wing designed for a plane required 1,000 direct labor...
- Q The Dell Corp has 125,000,000 shares outstanding and expects to have $500,000,000 in earnings (or net income) this year. Dell plans to pay out 40 percent of its earnings in...
- Q A buyer plans to purchase jackets at a 58% markup with a retail value of $39,500. If the buyer acquires 200 jackets at $69.75 each and retails them at $160...
- Q Wendy Thompson, aged 34 year, resident at South Africa, received a dividend the equivalent of R3 052.96 (R3 300.50- R247.54) from her shareholding in MUFC UK Limited, a United Kingdom...
- Q Crispy Bagel Corporation is the fastest-growing bagel chain in the Northeast. Crispy has made a name for itself in the baking and creation of specialty bagels, muffins, and pastries. The...
- Q On January 1, 2017, an entity acquired machinery at a cost of 5,000,000 with an estimated residual value of 500,000 and an estimated useful life of 5 years. ...
- Q ABC Organization bought gear for $50,000 on January 1, 2022. The gear has a helpful existence of 5 years and a rescue worth of $5,000. The organization utilizes the straight-line...
- Q Cantrell Company is required by law to collect and remit sales taxes to the state. If Cantrell has $3,000 of cash sales that are subject to an 8% sales tax,...
- Q On 02 July 2019 Maxi trading transferred R30000 and 50000 respectively into a fixed deposit with strand Bank. The R50000 invested will mature on 10 july 2020. The interest earned...
- Q If your net income is $100, what is the value of the de-levered net income if you made an interest payment of $30 and the tax rate (levied on net...
- Q The following information was provided by BALANCERIGHT Corp. as of the fiscal year ended September 30, 2020: August 31September 30Loan proceeds directly credited by the bankP200,000P 250,000Note payable payment by...
- Q ABC Company enters into a contract with Edmond Library to help them streamline their purchasing process. The contract specifies that Edmond Library will pay ABC $100,000 in the form of...
- Q A company sells windows to a customer for a price of $2400 which includes the installation of the windows. The fair value of the installation alone is $500 and the...
- Q 1. For accounting purposes, when a partner invests assets in a partnership, how is the value of the assets determined? Is this practice consistent with the cost principle? Explain your...
- Q It was found that 28.5% of the students used Twitter. This year, your Statistics teacher wants you to conduct a study on the current percentage of Twitter users among the...
- Q Courtland Cougars are a minor league hockey team owned and operated by Amna Persaud. October is the first month of operations for the team, with its first game on October...
- Q Potash Corporation financed the purchase of a building by making semiannual payments of $39,000 for the next twenty years, with the first payment due six months from today. The purchase...
- Q Carmens Dress Delivery operates a mail-order business that sells clothes designed for frequent travelers. It had sales of $630,000 in December. Because Carmens Dress Delivery is in the mail-order business,...
- Q The Long Island Lightening Co. has used the completed contract method of accounting for construction contracts. At the beginning of 2019, the company decides to switch to the percentage...
- Q Salawahan Company had the following machineries that are depreciated under the group depreciation method: Cost Residual Value Depreciable...
- Q Which of the following tasks can you perform using the Fixed Asset Item List? Please select the best answer. A. Calculate depreciation and post automatically B. Post general journal entries...
- Q The big pen store supplies pens to the public. The following transactions took place during the month of May 2021: 14 May: Sold goods on account to Susie's pen store for...
- Q Taxpayers are married and file a joint return, receiving $20,000 in social security benefits. In 2022, they received taxable interest of $6,000 and taxable distributions from a retirement account of...
- Q ABC Company specializes in unique baskets. Peak sales for one of their products, the Easter basket, occur in March every year. The company has estimated the following sales for the...
- Q A business issued a 120-day, 6% note for $16,200 to a creditor on account. The company uses a 360-day year for interest calculations. Journalize the entries to record (a) the...
- Q Which of the following regarding the recognition of contingencies is not correct? IFRS guidance is built around a balance sheet perspective. Both IFRS and U.S. GAAP require recognition of a...
- Q On December 31, 2021, Interlink Communications issued 6% stated rate bonds with a face amount of $107 million. The bonds mature on December 31, 2051. Interest is payable annually on...
- Q Only answer if you know for sure and explain all steps well, please. C5: During the year, Forester Co. sold plant and equipment for $25 million in cash....
- Q eBook Allocating Joint Costs Using the Constant Gross Margin Method A company manufactures three products, L-Ten, Triol, and Pioze, from a joint process. Each production run costs $13,000. None of...
- Q Multiple Choice Question 103 On April 15 of the current year, a fire destroyed the entire uninsured inventory of a retail store. The following data are available: Sales, January 1...
- Q Example 4-1 Carl Jamison, an employee for the Scharman School, belongs to a tax-deferred retirement plan to which he contributes 3 percent of his pay which is matched by the...
- Q This question consists of 2 independent sub-questions 1. 16 marks Selected information from the financial statement of Intuition Company follows: ...
- Q 1. Joy is a 30% partner in the JOM Partnership when she sells her entire interest to Hope for $73,000 cash. At the time of the sale, Joys basis in...
- Q When dealing with multiple product lines, a weighted-average contribution margin is used in the denominator to determine break-even point. True False
- Q PROJECT: TRAVELING SALESMAN ASSIGNMENT INSTRUCTIONS OVERVIEW Two of the Modules include projects that are the only part of the course outside of WebAssign. The project assignments are designed to explore...
- Q During 2020, Crane Company incurred weighted-average accumulated expenditures of $1640000 during construction of assets that qualified for capitalization of interest. The only debt outstanding during 2020 was a $2020000, 9%,...
- Q Johnson last month (December) sales were 20,000 units @ $50. The company estimates an increase of 1.5% in sales for January. An increase of 200 units for February (compared to...
- Q Question 3: A bank reconciliation statement is only prepared at the end of the financial year? A. True B. False . . The items that are recorded...
- Q Please write a paragraph about two ETHIC concerns How representative are the data? What populations are covered, not covered?
- Q The total expenses incurred for the machine manufactured for use in the enterprise is 20000 TL and all of them have 18 percent value added tax. Payments made by the...
- Q 1- Assuming a period of inflation, which inventory costing method will result in the highest profits? Specific identification LIFO Average costs FIFO...
- Q 9) During the years ended June 30,2023 and 2024, Main University, a private university, conducted a cancer research project financed by a $1,000,000 gift from an alumnus. The...
- Q X Company is trying to decide whether to continue using old equipment to make Product A or replace it with new equipment that will have lower operating costs. The following...
- Q The Flow of Costs in Job-Order Costing Current Time 0:00 / Duration 1:55 1x Knowledge Check For each of the five transactions described below, use the dropdown boxes to indicate...
- Q Continent Construction Company is a building contractor specializing in small commercial buildings. The company has the opportunity to accept one of two jobs; it cannot accept both because they must...
- Q Several years ago, Westmont Corporation developed a comprehensive budgeting system for planning and control purposes. While departmental supervisors have been happy with the system, the factory manager has...
- Q Harris Bearing Company uses the periodic inventory system to account for its inventory. The following information was available from the companys inventory records for October: Purchases 10/1 (balance)...
- Q Primara Corporation has a standard costing system in which it applies overhead to products on the basis of the standard direct labour-hours allowed for the actual output of the period....
- Q 5.12 Analyze Horsepower Hookup, Inc. Horsepower Hookup, Inc., is a large automobile company that specializes in the production of high-powered trucks. The company is determining...
- Q What is optimal capital structure of the firm? What would you evaluate to make decisions regarding how to finance the firm? answer in 250 words
- Q Suppose Compass Box had whisky that they had bought 6 years ago as a new fill whisky with inventoriable costs incurred to date (i.e. historic cost) of 300, completion...
- Q The managerial accountant of Bahrain Corporation collected the following expected data for the first quarter next year 2014: Statements Month ...
- Q John Harris is a public accountant and sole proprietorship. He has been practicing as an auditor for 10 years. Recently a longstanding audit client asked John to design and implement...
- Q Kamakis limited, a manufacturing company is concerned with the variation in its total manufacturing costs. The production manager has therefore requested you to estimate a predictable cost pattern to...
- Q A distribution channel for the sale of imported Italian leather shoes includes a manufacturer, a distributor and a retailer. The retailer sells the shoes to his consumers for $121 a...
- Q The cash account for Collegiate Sports Co. on November 1, 20Y9, indicated a balance of $12,980. During November, the total cash deposited was $71,170 and checks written totaled $66,080. The...
- Q On August 3, 2019, the date of incorporation, Quinn Company accepts separate subscriptions for 1,000 shares of $100 par preferred stock at $104 per share and 9,000 shares of no-par,...
- Q Rosa replaced a broken heating and air conditioning unit in one of her rental houses. How will this expense be reported on schedule E? (She will NOT make the small...
- Q Read through the following items and determine what the taxable income is. For any amount that is not taxable or tax deductible explain why it...
- Q Definitions: Multinational Enterprise (MNE) A company that deploys resources and capabilities in the procurement, production and distribution of goods and services in at least 2 countries CAGE distance network -...
- Q The adjusted trial balance shown below is for Miller Real Estate at the end of its reporting period 30 June 2021. Debit $ ...
- Q An organization is required to file Form 990 electronically if it files at least ____ returns of any type, during the calendar year and has total assets of _________ or...
- Q Thomas is single and a self-employed architect. During 2019, Thomass income from his business is $150,000. He also pays $2,180 for a medical insurance policy. What is his 2019 self-employment...
- Q The following are transactions for Brian for the month...
- Q In Chapter 08, we learned about Flexible Budgets. Using the FLEXIBLE BUDGET sample in Chapter 08, , Section 8.1.2, Exhibit 8-3, as your guide, create a flexible budget...
- Q Mountain SportsMountain Sports manufactures snowboards. Its cost of making 19,000 bindings is as follows: Direct materials. . . . . . . . . . . . . . ....
- Q Dividends Per Share Seventy-Two Inc., a developer of radiology equipment, has stock outstanding as follows: 80,000 shares of cumulative preferred 3% stock, $20 par and 410,000 shares...
- Q Direct Labor Variances The following data relate to labor cost for production of 6,800 cellular telephones: Actual: 4,610 hrs. at $14.9 Standard: 4,540...
- Q The adjusted trial balance shown below is for Miller Real Estate at the end of its reporting period 30 June 2021. Debit $ ...
- Q The City of Amarillo is authorized to issue $4,500,000, 4 percent regular serial bonds in 2023 for the construction of a new exit off the interstate highway within city limits....
- Q Consider the following group structure: Fred Ltd holds 70.0% in Barney Ltd Barney Ltd holds 80.0% in Betty Ltd Betty Ltd holds 55.0% in BamBam Ltd Betty Ltd holds 65.0%...
- Q Problem 1: Use the following data from the financial statements of the Polar Bear Company for their fiscal years ending September 30: 9-30-20239-30-20229-30-2021 Total...
- Q Sunland Company manufactures equipment. Sunlands products range from simple automated machinery to complex systems containing numerous components. Unit selling prices range from 200,000 to 1,500,000 and are quoted...
- Q 1. Write a one page abstract of the article (250 words would be perfect). Point out the key points as well as your opinion of the article. The article is...
- Q A company that has used FIFO for the past 15 years decides to switch to moving weighted average. Which of the following statements describes the effect of this event on...
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