Accounting question and answers for November 12, 2023
- Q Assume that you have started a business which sells four products. The business has been running for six months and you have collected all the operational and financial...
- Q On January 1, 2021, Aniah Company leased office premises to Marie Company for a five-year term. Under the terms of the operating lease, rent for first year is P900,000 and...
- Q Which of the following statements is not true regarding the Futures Market Clearinghouse? a)Guarantees both sides of a futures contract b) It is owned and capitalized by the U.S....
- Q why is assisting with product disposal considered a part of the exchange between companies and their customers?
- Q What was the first year Royal Dutch Shell adopted IFRS? What was the date of transition, as defined in IFRS 1?
- Q Gabrielle Hunter, a waitress at the Hole-in-the-Wall restaurant, worked 44 hours this week and collected over $500 in tips. The restaurant uses the full tip credit against the minimum wage...
- Q Antes de realizar asientos de ajuste al final de un perodo contable, es posible que algunas cuentas no muestren los montos correctos de los estados financieros a pesar de que...
- Q 2. What are some of the cost drivers and value drivers at Zappos (list three of each and explain why they are relevant).
- Q 14. Which of the following is NOT a cost incurred by or allocated to service departments? A) Direct Materials B) Direct Labor C) Manufacturing Overhead (allocated based on a predetermined...
- Q On July 31, 2020, Stewart Security was awarded a contract for $102,000 to provide 3,000 hours of overnight security services to the city of Kaysville for the next 2 years....
- Q Give a few examples for finance and investment cycle accounts.
- Q Una desventaja de la financiacin con bonos es:
- Q Cullumber Inc has the following information related to an item in its ending inventory. Acer Top has a cost of $30, a replacement cost of $27, a net realizable...
- Q Explain the concept of Changes in Accounting Principle to your business partners. Also discuss the three (3) approaches for recording the effect of changes in accounting principles.
- Q Red Design purchased a patent for $100,000 in January 2017. The patent was estimated to have a useful life of 10 years when it was purchased. In December 2019, the...
- Q For interim financial reporting for domestic subsidiaries, what categories may be accrued or deferred to provide an appropriate use of the basic matching concept accounting for costs in each period?...
- Q On April, 1, 2012, Lowery Food Market purchased equipment that cost $22,000. The company expects to use the equipment for 5 years and the expected residual value is $2,000 at...
- Q Make a table in MS Excel to record the following transactions in the general journal using the rules of the double entry system.Feb 1$15,000 in...
- Q Bombay Limited is capable of producing four products in the next production planning period.Estimates of cost, sales and production data are given below, per unit of each product:Products Wam Xam...
- Q DBM, MGX and SPV decided to form a partnership. They are to engage in the business of selling computers and related gadgets. DBM contributed cash of 700,000. MGX contributed a...
- Q Dolphin Ltd produces diving equipments. Extracts from the Profit and Loss Statement for Dolphin Ltd for the calendar year 2021 and from its Balance Sheet at 31 December, 2021 show:Sales...
- Q MCQ Manufacturing Company produced and sold 200,000 units of Product J-45Z in January 2021.Selling price per unit is $70. The company incurred the following:• Direct materials cost - $20 per...
- Q Forecast Laredo International Airport airline enplanements using the data in the in class example. Using a 10-year average market share, develop projections for the years 2005, 2010, 2015 and 2020....
- Q Alex Co exchanged a Machinery with Fred Inc. in exchange for a building. Alex also paid 60,000 to Fred for this exchange. Other details of the transaction are provided below:...
- Q The purchases of Chicken Wings Inc. during the year are as follows: 1st quarter- P1,368,000 2nd quarter- P1,320,000 3rd quarter- P2,175,000 4th quarter- P840,000 The entity's physical count revealed the...
- Q Jennifer and Robert are partners who are changing their profit and loss ratios from 60/40 to 45/55. At the date of the change, the partners choose to revalue assets with...
- Q A diet needs to be created that contains not less than 1846 calories, not more than 78 grams of protein, not less than 10 grams of carbohydrates and not less...
- Q Kaur Company had a January 1, 2022 balance in Allowance for Doubtful Accounts of $4,000 credit. The estimated Bad Debts are 1.5 percent of net credit sales. During 2022, net...
- Q A company. manufactures and sells commercial appliances. It also provides installation and maintenance services. In 2021, it sold appliances to Away Inc. at $1,000, and Away Inc. chose it to...
- Q If the beginning capital was $14,000 and in a fiscal period there was revenue of $8,000, withdrawals of $3,000, and expenses of $1,500 then the ending capital would be? ...
- Q Maddy has net employment income of $45,000. During the year, he received spousal support payment of $10,000, Child support payment for his 10 year old son of $12,000 an a...
- Q P, Q, R, S, and T formed a partnership for the importation and distribution of electronic gadgets. P, Q, and R contributed PhP500,000, PhP400,000, and PhP100,000, respectively. S and T...
- Q Maxis Sdn Bhd is a local wheel trading company and started to operate at the beginning of year 2021. Now, they are considering which inventory methods should they implemented for...
- Q Related data of Mariah Company: Authorized share capital ...
- Q Stone crushing company is planning to purchase a wheel loader to be used for conveying raw stone to large stone crushing machine and loading crushed stone in trucks. Anew wheel...
- Q On January 1, 2022, ABC issued 12% nominal rate bonds dated January 1, 2022, with principal of $5,000,000. The bonds mature on January 1, 2032. The effective interest rate is...
- Q ABC Company is considering purchasing a new machine that will automate several of their manufacturing operations. The new machine will increase fixed costs by $20,000 per month, and decrease the...
- Q An investment will pay you $4803.69 in 2 years if you pay $2298.16 today. What is the implied rate of return?
- Q Swift, Inc., produces only two products, AAA and BBB. These account for 60% and 40% of the total sales of Swift,respectively. Variable costs (as a percentage of sales peso) are...
- Q Client's home has 3 bedrooms each 10x14, Livingroom is18x24, kitchen is 12x20, and both bathrooms are 6x12Rent: $2000 per monthHydro: 100 per monthGas: 75 per monthInternet: $100 per monthSnow removal...
- Q Flatpack Furniture Limited (FFL) imports furniture and distributes it to retail stores around New Zealand. Sian owns 100% of the shares in FFL. The following information relates to FFL's trading...
- Q The following information is from Tejas WindowTint's financial records.MonthSalesPurchases April73,00047,000May70,00043,000June61,00031,000July81,00049,000 Collections from customers are normally 66 percent in the month of sale, 16 percent in the month following the sale, and 17...
- Q The information below reflects all the inventory transactions for one month. June 01 - Balance 220 units @ $10 each June 11 - Purchased 440 units @ $9 each June...
- Q Amelia Corporation has the following information about the purchase of a new piece of equipment: Cash revenues less cash expenses ...
- Q An accountant of a firm has collated the following inventory data pertaining to a fragile item that costs $50 managed at her firm's warehouse. Type of costValuesOpportunity cost of investment in...
- Q Chris Co. is currently producing 1,000 surfboards annually. A supplier has offered to produce the boards for $300 each. Chris Co. incurs unit-level costs of $280 per surfboard. Chris also...
- Q If the accounts receivable balance at the beginning of the year is $10,000 and it grows to $15,000 by the end of the year, is this increase of $5,000 in...
- Q June 1. 10,000 shares of common stock are issued at a par value of $2.00 each.June 3. Cash sales of $3,500 and credit sales of $450 are recorded.June 10. $2,200...
- Q On January 2, 2022, Coral Enterprises purchased 90% of Hunt Incorporated outstanding common stock for $1,687,500 cash. Hunt’s net assets had a book value of $1,300,000 at the time. A...
- Q A project was estimated to cost $ 200,000 with a timeline of 10 months. Due to a shipment delay, the schedule was slightly,r delayed. This was however made up by...
- Q Sue Locksley owns Red Blouse Formal Wear, and has leased premises in a large shopping centre at an annual cost of $23,800. Her monthly outgoings (phone, IT, power and water)...
- Q McNeil Corporation has provided the following data for its two most recent years of operation:Selling price per unit$ 70Manufacturing costs:Variable manufacturing cost per unit produced:Direct materials$ 12Direct labor$ 6Variable manufacturing...
- Q Timmy, age 6, was moved to a foster home after a drug raid on his home where his parents were found with a methamphetamine laboratory. The parents were arrested. You...
- Q If $500 is invested for 3 years at 7% compounded semi-annually, then the compound interest at the end of the period is?
- Q Investment AnalysisProject ABC has the following cash flows:YearCash Flow ($)0-$9,500,0001$4,000,0002$5,500,0003-$2,500,000Requirements:1.Plot the NPV profile.2.Compute the IRR.3.Calculate the NPV using a 20% discount rate.4.Decide if the project is viable if the cost...
- Q ABC Inc. is considering a new project that will require an initial outlay of $400,000. The project will generate the following annual cash flows:•Year 1: $90,000•Year 2: $100,000•Year 3: $110,000•Year...
- Q Lambda Solutions Details:Initial investment of R750,000 and residual value of R50,000.Cashflows and discount factors:YearCashflowsDiscount FactorYear 1R100,0000.909Year 2R160,0000.826Year 3R150,0000.751Year 4R110,0000.683Year 5R90,0000.621Cost of capital: 11%Depreciation: R40,000 per yearTax rate: 26%Required:Calculate each of...
- Q Alpha Technologies Details:Initial amount invested is R500,000 and expected residual value is R50,000.Cashflows and discount factors:YearCashflowsDiscount FactorYear 1R100,0000.909Year 2R160,0000.826Year 3R150,0000.751Year 4R90,0000.683Year 5R80,0000.621Cost of capital: 12%Depreciation: R40,000 per yearTax rate: 30%Required:Calculate...
- Q Projects and Cash Flows (in ?):ProjectsC?C?C?C?C?E-15,0005,0003,0002,00010,000F-20,0006,0004,0005,0008,000G-10,0002,5003,5001,5004,500H-5,0001,5001,0002,0003,000Required:Calculate the payback period for each project.If the standard payback period is 3 years, which project will you select?If the cost of capital is 12%,...
- Q You are tasked with analyzing the financial performance of RST Corporation for the fiscal year ending December 31, 2023. Based on the provided financial data, conduct a comprehensive evaluation of...
- Q STU Hospitality GroupScenario: Prepare Budget and Control CostsData:Budgeted Costs:Food Costs: $100,000Labor Costs: $50,000Operating Expenses: $30,000Actual Costs:Food Costs: $105,000Labor Costs: $55,000Operating Expenses: $32,000Requirements:Prepare a flexible budget based on actual sales and costs.Calculate...
- Q Theta Co. Date: 31 January 2024Details:Raw material inventory (glass):Cost: £42,000Replacement cost: £45,000Finished goods inventory:ProductOmicronPiDirect costs£70,000£50,000Proportion of fixed overhead£14,000£10,000Proportion of selling costs£3,500£3,000Net realizable value£100,000£65,000Furniture: Acquired on 1 February 2019 for £120,000, depreciated over...
- Q Rachel's Restaurant evaluates the profitability of three segments: dining, takeout, and catering. The financials are:SegmentRevenueDirect CostsDining$600,000$400,000Takeout$200,000$120,000Catering$80,000$50,000Rachel is considering converting the catering area into an expanded takeout section.Required: a. Calculate the required...
- Q Project Financial Analysis (in €):Project X:Initial Cost: €12,000Year 1: €4,000Year 2: €5,000Year 3: €6,000Year 4: €7,000Project Y:Initial Cost: €10,000Year 1: €3,000Year 2: €4,500Year 3: €5,500Year 4: €6,500Required:Calculate the payback period...
- Q Frank's Fitness evaluates the profitability of three segments: memberships, personal training, and classes. The financials are:SegmentRevenueDirect CostsMemberships$500,000$300,000Personal Training$200,000$120,000Classes$80,000$50,000Frank is considering converting the classes area into an expanded personal training area.Required: a....
- Q PQR Ltd. plans to invest $1,000,000 in a new project. The project is expected to generate annual cash inflows of $200,000 for 10 years. The project will be depreciated using...
- Q Nu Ltd Date: 31 May 2023Details:Raw materials inventory (leather):Cost: £38,000Replacement cost: £36,000Finished goods inventory:ProductZetaEtaDirect costs£65,000£55,000Proportion of fixed overhead£17,000£14,000Proportion of selling costs£4,500£3,500Net realizable value£95,000£72,000Machinery: Acquired on 1 June 2018 for £320,000, depreciated over...
- Q Beta Enterprises Details:Initial investment of R300,000 and residual value of R20,000.Cashflows and discount factors:YearCashflowsDiscount FactorYear 1R50,0000.909Year 2R90,0000.826Year 3R100,0000.751Year 4R70,0000.683Year 5R60,0000.621Cost of capital: 11%Depreciation: R20,000 per yearTax rate: 25%Required:Calculate each of...
- Q Lucas's Lounge evaluates the profitability of three segments: bar, dining, and events. The financials are:SegmentRevenueDirect CostsBar$500,000$300,000Dining$200,000$120,000Events$90,000$50,000Lucas is considering converting the events area into an expanded dining area.Required: a. By how much...
- Q A company is considering leasing or buying a piece of equipment.Buying:•Purchase Price: $500,000•Useful Life: 8 years•Annual Maintenance: $10,000Leasing:•Annual Lease Payments: $80,000•Lease Term: 8 yearsRequirements:1.Calculate the total cost of buying the...
- Q Iota Solutions Details:Initial investment of R500,000 and residual value of R35,000.Cashflows and discount factors:YearCashflowsDiscount FactorYear 1R85,0000.909Year 2R140,0000.826Year 3R130,0000.751Year 4R95,0000.683Year 5R75,0000.621Cost of capital: 12%Depreciation: R30,000 per yearTax rate: 28%Required:Calculate each of...
- Q Pete's Pet Shop is assessing the profitability of three segments: pet supplies, grooming, and boarding. The financial data are:SegmentRevenueDirect CostsPet Supplies$300,000$180,000Grooming$120,000$70,000Boarding$90,000$60,000Pete is considering converting the boarding area into an expanded grooming...
- Q Project Evaluation•Year 0: Cash Flow: -$6,000,000•Year 1: Cash Flow: $3,500,000•Year 2: Cash Flow: $3,500,000•Year 3: Cash Flow: -$2,000,000Requirements:1.Plot the NPV profile for this project.2.Calculate the IRR.3.Determine the NPV at a...
- Q Investment Options (in $):Option 1: Initial Investment: $25,000Year 1: $5,000Year 2: $10,000Year 3: $12,000Year 4: $8,000Option 2: Initial Investment: $30,000Year 1: $6,000Year 2: $9,000Year 3: $10,000Year 4: $12,000Required:Determine the payback...
- Q Leo's Lounge evaluates the profitability of three segments: live music, bar, and private parties. The financials are:SegmentRevenueDirect CostsLive Music$500,000$300,000Bar$200,000$120,000Private Parties$90,000$50,000Leo is considering converting the private parties area into an expanded bar...
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