Accounting question and answers for November 13, 2023
- Q 1Time net cash flows discount rate0 12% 1 $500 2 $1,000 3 $1,500 ...
- Q The following data are for the two products produced by Tadros Company. Product A Product B Direct materials...
- Q From your company's perspective, which of the following shows the correct description of the term outstanding cheques: cheques issued by your company and recorded in the company's accounts but not...
- Q PLEASE USE EXCEL AND SHOW FORMULAS Six years ago, a company purchased $30,000 of equipment. The equipment has just been sold for $5000. The equipment was depreciated using 50% bonus...
- Q Kristen Lu purchased a used automobile for $15,000 at the beginning of last year and incurred the following operating costs: Depreciation ($15,000 5 years) $ 3,000 Insurance $ 1,500...
- Q answer fastly 251.
- Q A company has the following inventory data:DateUnits PurchasedCost per UnitUnits SoldJan 11,000$10Feb 11,200$12800Mar 11,500$14900Requirements:(a) Calculate the ending inventory using FIFO. (b) Determine the cost of goods sold using LIFO. (c)...
- Q A company has the following capital structure:Debt: $500,000 at 6% interestPreferred stock: $200,000 at 8% dividendCommon equity: $300,000 with a cost of 10%Requirements:(a) Calculate the cost of each component of...
- Q A US company has the following foreign currency transactions:Receivable of €100,000 (exchange rate: $1.20/€)Payable of ¥10,000,000 (exchange rate: $0.009/¥)Requirements:(a) Calculate the value of the receivable and payable in USD. (b)...
- Q Parent Company P owns 80% of Subsidiary S. The following balances are provided:AccountParent PSubsidiary SAssets$1,000,000$300,000Liabilities$400,000$100,000Equity$600,000$200,000Requirements:(a) Prepare the consolidated balance sheet. (b) Calculate the non-controlling interest. (c) Determine the impact of...
- Q A company signs a contract to deliver goods over 3 years. The total contract price is $900,000, and the cost to complete the contract is estimated at $600,000. The following...
- Q The following transactions occurred during the 30 June 2021 financial year and should still be accounted for: Champion Camps had cash sales of R90 000 during the year. The cost...
- Q A company has a defined benefit pension plan with the following information:Projected benefit obligation: $500,000Fair value of plan assets: $450,000Annual pension expense: $60,000Employer contributions: $40,000Requirements:(a) Calculate the funded status of...
- Q A company operates in three segments: A, B, and C. The following data is available:SegmentRevenueOperating ProfitAssetsA$500,000$50,000$300,000B$400,000$40,000$250,000C$100,000$10,000$100,000Requirements:(a) Prepare a segment report. (b) Calculate the segment margin for each segment. (c) Determine...
- Q Tech Gear Corporation started the year with $100,000 cash and reported net cash provided by operating activities of $200,000, cash paid for dividends of $40,000, cash received from stock issuance of $30,000,cash...
- Q X, the testator, instituted a b and c as heirs to his estate values at 6,500,000. He gives A 1,500,000 worth of properties, B 2,000,000 worth of properties, C 3,000,000...
- Q Profilo Co. has the following assets and liabilities: Assets: cash, $100; accounts receivable, $150; Inventory, $240; land, $200; plant, net of accumulated amortization, $300.Liabilities: short-term bank loan, $60; accounts payable, $160; long-term mortgage loan, $160. Calculate Profilo...
- Q Net sales $65,000, beginning inventory $35,000, ending inventory $20,000, inventory days on hand 30 days. The inventory turnover is?
- Q Hashira Sdn. Bhd. produces two products that uses the same ingredients but at different levels. The two products, X and Y earns a contribution of RM20 and RM30 per liter...
- Q Tropicana Industries purchased $1,418,400 of equipment by issuing a 4 year note, dated November 1, 2022. Payments on the note are $350,000 each year due October 31. The implied interest...
- Q The following information has been gathered for the Door Division:Sales$120,000Operating assets$60,000Cost of Capital12.0%Profit margin7.5%What is the Door Division's residual income?
- Q Ocean Company recently acquired several items of property, plant and equipment. The transactions are as follows: 1. Purchases a building for P1, 000, 000 in cash and 50, 000 shares of...
- Q The net hereditary estate is 5 million. The surviving relatives are two children and the spouse. If there is a will, how much portion of hereditary estate can be distributed...
- Q XYZ Corp. reported the following income statement and balance sheet data for fiscal 2019:Net Sales2,750Cost of Goods Sold1,780Interest Expense11012/31/191/1/19Accounts Receivable550490Inventory440450Accounts Payable390360Interest Payable3010Calculate the following numbers:Cash collected from customers:Cash paid for...
- Q Gorlami S.p.A. produces automotive accessories that it sells for €110 each. The 2021 data are the following: Units produced 1,560 Units sold 1,400 Variable materials per unit €34 Variable labor per unit €18 Sales commission...
- Q A business purchased cleaning supplies for $800 at the beginning of the year. During the year the business purchased a further $400 worth of supplies. At the end of the...
- Q La Mascota has an incentive plan in recent years, factory workers are paid L. 100.00 per unit produced with a guaranteed minimum wage of L. 6,500 per week. Below is...
- Q Edgar Munti received the following during the year:House and lot from his father to take effect upon his fathers death of 1 million pesos, first prize for winning the tournament...
- Q On January 1, 2021, Levi contributed P33,750 and Hanji contributed P56,250 to form a partnership and they agreed to share profits in the ratio of their original capital contributions. During...
- Q Record the replenishment of the $50.00 petty cash fund.The following documentation was gathered from the petty cash box: Petty Cash SlipAmountPurposePC451$ 3.85 Miscellaneous expenses PC452$10.25 Office SuppliesPC453$34.50Professional ServicesThere is $1.40 in the petty cash...
- Q Manufactura y Más Compañía has had an incentive plan in recent years: factory workers are paid L. 100.00 per unit produced with a guaranteed minimum salary of L. 4,000 per...
- Q A department uses the FIFO method of process costing. All direct materials are added at the beginning of the process. This department has the following data for this month.160 units in beginning...
- Q Dennis sold stock in Acme Widgets, a NYSE listed company, to Kurt for $30,000. His basis in the stock was $50,000, so he incurred a $20,000 capital loss. Kurt is...
- Q The budgeted and actual results of Powers Inc. for the month of June were as follows. The company uses a marginal costing system. There were no opening and closing inventories.Static...
- Q Ride Company (“Ride”) is a well-established amusement park transport and equipment manufacturer, specializing in design, manufacturing and installation of theme park trains, giant wheels and coasters. On 12 January 2022,...
- Q Listed below are the steps in the accounting cycle:1.Analyze business transactions.2.Journalize the transactions.3.Post to general ledger accounts.4.Prepare a trial balance.5.Journalize and post adjusting entries.6.Prepare an adjusted trial balance.7.Prepare financial statements.8.Journalize...
- Q E3.3(LO 1)(Income Statement Items) Presented below are certain account balances of Paczki Products Co. Rent revenue $6,500 Sales discounts...
- Q Based on the information below, find the first-year cost for Model A. Remember to use the concepts of Unique, Recurring, Relevant and Irrelevant Costs for your calculations. For...
- Q Download Sign In 90,000 current salary 80,000 money desired per year if retirement took place now 0.045 rate of salary...
- Q A company purchased $3,400 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $750 worth of merchandise. On July 12, it paid the full amount...
- Q The December 31, 2021, balance sheet of the Nash's Trading Post, LLC had Accounts Receivable of $650,000 and...
- Q Shown below are selected data from the balance sheet of Compros, a small electronics store (dollar amounts are in thousands): What is Compros' debt ratio? ...
- Q What is the first step you will take to successfully complete a budget for yourself? What are some of the challenges in creating a budget for a company? ...
- Q Critical discussion of IAS17 and its adequacy in todays complex business transactions and climate.
- Q 7. (15 points) Miller Corporation issued 260.0, $1,000, 10% convertible bonds in 2019 at face value. Each bond is convertible into 100 shares of common stock. Millers net income for...
- Q Henry Stores has projected purchases of $250,000 for January, $300,000 for February, $400,000 for March, and $250,000 for April. Henrys purchase contracts specify that 50% must be paid in the...
- Q Megan has $400 in cash from Christmas presents on Dec 31 2021.At beginning of January,, February,March and April,2022, she receives certain revenues from her parents and pays certain college bills,...
- Q Jane Doe is the sole shareholder of Doe Enterprises Ltd. and provides you with the following financial statements for the fiscal year ended December 31 of the current year: Doe...
- Q For the 2019 tax year, Michael had wages of 52,000 what amount will be withheld from his earnings for the federal insurance contributions act.(FICA)?A.3,224 B. $3978 C. $5408 D. $6448...
- Q For a 24-year-old taxpayer with two dependents who is qualified to use the filing status of "head of household," what is the California AGI that will cause him to be...
- Q Ends of the Ham Read the following and reflect on what it means to business ethics and your readings. Cutting Off the Ends of the Ham A...
- Q Vulcan Flyovers offers scenic overflights of Mount Saint Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the companys operations in July appear...
- Q Haas Company manufactures and sells one product. The following information pertains to each of the companys first three years of operations: ...
- Q Johnson Donuts, Inc. has five processing departments for producing donutsMixing, Forming, Baking, Coating, and Packaging. Conversion costs are added evenly throughout each process, and materials are added at the...
- Q In the current year, E Inc. paid the following legal expenses: $5,000 for letters to collect overdue accounts receivable, $9,000 for representation to the municipal government, and $3,000 to examine...
- Q Assume you are the project manager of a project. The planned schedule is as follows. Each phase is planned to be completed one after the other. Today is the...
- Q Two envelope contract is to be constructed where each contractor submits two envelope; technical and financial envelope. Select the best contractor considering the following information: Criterion...
- Q What is the amount of annual property taxes due for a property that qualifies for a homestead exemption of $35,000 in a jurisdiction that imposes a total millage rate of...
- Q The company has 15 employees, who earn a total of $1,950 in salaries each working day. They are paid each Monday for their work in the five-day workweek ending on...
- Q Canyon Company is considering an investment of $45,000. Data related to the investment are as follows: Year Cash Flow ...
- Q Employers may choose to use direct deposit to save money. O delaying payroll processing. O provide employees with pay notification. O help with the bank reconciliation
- Q At the break-even point, Jefferson Company sells 115,000 units and has fixed cost of $350,000. The variable cost per unit is $0.30. What price does Jefferson charge per unit? Note:...
- Q Natraj Company uses the weighted-average method in its process costing system. The Curing Department of Harmon Company reported the following information for the month of November. ...
- Q Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August 31, the companys records show the following selected accounts and amounts for the...
- Q Kosmic Kan produces Kaos, a leading edge computer game. It is implementing a balanced scorecard to assess performance across multiple dimensions. Which is not an appropriate measure? ...
- Q MacMan, Inc. reported the following data: 2019 2018 Amount Percentage Revenues $ 6 comma 380 $ 4 comma 990 $ 1 comma 390 27.86% Cost of goods sold 3 comma...
- Q Crossfire Company segments its business into two regionsEast and West. The company prepared a contribution format segmented income statement as shown below: ...
- Q The budget director of Birds of a Feather Inc., with the assistance of the controller, treasurer, production manager, and sales manager, has gathered the following data for use in...
- Q What are typical causes of each of the following types of IT risk? a. Selection. b. Availability. c. Access. d. Confidentiality and privacy.
- Q a) External users of financial information for Sams world, Inc. would include: Owners Investment Advisors employed by a consulting firm Employees Management ____ b) Accounting systems...
- Q Whartons changed to a _______ benefit plan in order to allow employees to choose the plan they preferred. Multiple Choice cafeteria-style forced standard fixed inflexible
- Q WidgeCo makes Widgets. The cost for the company to produce 1,000,000 widgets is below: Plastic Molds $500,000 Production Worker Wages 250,000 Utilities for plant 25,000 Plant Mechanic Salary 50,000 Depreciation...
- Q A company owns 30% of another company with an initial investment of $300,000. The investee reports net income of $100,000 and pays dividends of $20,000.Requirements:(a) Calculate the investor's share of...
- Q The following table contains a list of activities, with precedence requirements and crash costs. All start and finish times and crash costs are on a per -week basis. ...
- Q Wayfair Inc. (NYSE: W) 1. the date the company went public. Wayfair went public on October 2, 2014. 2. how many shares it issued; Shares sold at IPO were 10,500,000...
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