Accounting question and answers for November 13, 2023
- Q Amaretta Company (a U.S.-based company) ordered merchandise from a foreign supplier on November 20 at a price of 1,240,000 rupees when the spot rate was $0.050 per rupee. Delivery and...
- Q if there is negative interest expense on income statement what does it mean? how negative interest expense affect TIE ratio?
- Q The payroll of Flint Company for September 2019 is as follows. Total payroll was $444,000, of which $100,000 is exempt from Social Security tax because it represented amounts paid in...
- Q "Two dollars of gross margin per briefcase? That's ridiculous!" roared Roy Thurmond, president of First-Line Cases, Incorporated "Why do we go on producing those standard briefcases when...
- Q Content Area Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Date Line Item Description Value Oct. 1 Inventory 58 units @ $18 Oct....
- Q Montgomery Equipment Rental Company received $1,000 cash from a customer; the amount was owed to the business from the previous month. What is the effect of this transaction on the...
- Q . Match accounting assumption with most appropriate statement. A. Time Period F. Expense Recognition B. Materiality...
- Q For a 2020 school Grad Bash raffle, was a Honda side by side. We kept money in the grad bash account to pay the taxes. It's a 501c3 (?) It's...
- Q Current Attempt in Progress Marigold Corp. purchased for $ 5,274,000 a mine that is estimated to have 52,740,000 tons of ore and no salvage value. In the first year, 5,790,000...
- Q Jonas, an individual, acquired a building nine years ago for $650,000. He sold it in the current year for $680,000 when its adjusted basis was $500,000. Determine the amount and...
- Q In making short-term special decisions, you should focus on total costs. separate variable from fixed costs. use a traditional absorption costing approach. focus only on quantitative factors
- Q Based on the information provided below for Nash Company prepare a statement of cash flows using the Direct and Indirect methods. Prepare the statements on this...
- Q Global Inc. (Global) is a public company with December 31 year end. For investment accounted for under Fair Value - Net Income method, Global follows the policy of not reporting...
- Q Which of the following tasks would not use data from the Benefit Analysis Report? Multiple Choice Benchmarking Budgeting Departmental Reporting Labor Planning
- Q Bowie Sporting Goods manufactures sleeping bags. The manufacturing standards per sleeping bag, based on 5,000 sleeping bags per month, are as follows: Direct material of 4.50 yards at $5.00 per...
- Q GSE is the abbreviation for: Multiple Choice Government-specific enterprise Government-specific entity Government-sponsored entity Government-sponsored enterprise
- Q John Adams Companys record of transactions for the month of April was as follows. Purchases Sales April 1(balance on hand)600 @ $6.00 April...
- Q If the owner contributes $9,800 and the owner withdraws $44,800, how much is net income loss?
- Q M8-6 (Algo) Computing Book Value (Units-of-Production Depreciation) LO8-3 A three-year-old machine has a cost of $47,900, an estimated residual value of $2,400, and an estimated useful life of 35,000 machine...
- Q Please answer: Assuming distributions to beneficiaries in Year 3 are $42,000, what is the income distribution deduction? Part 1 of the...
- Q Equipment was purchased on July 1 for $10,000 with a 5-year useful life and no residual value. a. On the Dec 31 year-end financial statements, please record the depreciation expense....
- Q GBC Ltd. Had the following two transactions in the month of December. Dec 1 Signed a $60,000, 120 day, 6% note payable to TD Bank receiving $60,000 cash....
- Q What are expenditures on a fixed asset that only benefit the current period called? Answers: capital expenditures ...
- Q On November 1, 2021, New Morning Bakery signed a $207,000, 6%, six-month note payable with the amount borrowed plus accrued interest due six months later on May 1, 2022. New...
- Q The management of Zigby Manufacturing prepared the following balance sheet for March 31. ZIGBY MANUFACTURING Balance Sheet March 31 Assets...
- Q What is the cost per unit used to value? On what financial statements do these amounts get reported?
- Q Question 4A: Royal Apparels one of the main exporter of men and women Jens pants in the country. In the recent month, information was revealed in the general meeting of...
- Q The Departments management has determined that staffing must be increased to handle an anticipated increase in workload in the coming year. The table below indicates the number of transactions currently...
- Q closing entries do not: a.update the Inventory account. b.update the Retained Earnings account. c.apportion prepaid expenses and unearned revenues to bring the accounts up to date. d.all...
- Q Organizations that influence government are called PACs, PAC stands for Pacific Agreement Cooperative. a. true b. false
- Q Selected balance sheet and income statement ($millions) 2013 2012 2011 ...
- Q A partnership capital account is opened for each partner to: Keep track of the partners share of profits ...
- Q BACKGROUND: Like many cyclical businesses, auditors (and clients) have periods of each year with peak demand on their time. In order to remain efficient,...
- Q Gundy Corporation produces area rugs. The following per unit cost information is available: direct materials $15, direct labor $9, variable manufacturing overhead $4, fixed manufacturing overhead $9, variable selling and...
- Q Earlyrain Inc.s 2023 income statement, excluding the earnings per share portion of the statement, was as follows: Revenues $ 430,000 Expenses: Depreciation $ 42,300 Income taxes 55,000 Other expenses 169,000...
- Q Dorsey Company manufactures three products from a common input in a joint processing operation. Joint processing costs up to the split-off point total $365,000 per quarter. For financial reporting purposes,...
- Q Jenny and Alex are in a partnership as retailers of electrical goods. The partnership records, exclusive of GST, for this income year disclose: Receipts ($): 450,000 Gross...
- Q Sheridan Company Ltd. buys equipment on January 1, 2020, for $344,000 cash. The asset is expected to have a useful life of 12 years and a residual value of $38,000....
- Q 1. Which of the following is characteristic of a corporation? a. When stockholders sell their shares, the corporation is dissolved. b. The corporate Board of Directors...
- Q Las bases de asignacin ampliamente utilizadas en la fabricacin incluyen
- Q 13. The following account balance information is available as of December 31, 20X4 for XYZ Co.: Cash$240,000 Accounts receivable....$560,000 Marketable securities..$400,000 Prepaid insurance....$300,000 Equipment (net)...$3,300,000 Current liabilities (total).....$300,000...
- Q Which of the following types of accounts will appear on the post-closing trial balance? Assets, Liabilities, Shareholders Equity, Revenue, Expenses A. yes, yes, yes, yes, yes B. yes, yes, yes,...
- Q Davide made a $25,000 Registered Retirement Savings Plan (RRSP) contribution at his bank. He is a resident of Quebec and in the highest tax bracket at 53.31%. How much of...
- Q Big Watches Co. makes one product and it provided the following information to help prepare the master budget for its first four months of operations: The budgeted selling price...
- Q i need module 8
- Q Prepare the necessary adjusting entries at December 31, 2013, for the Jasper Company for each of the following situations. Assume that no financial statements were prepared during the year and...
- Q Ying Ltd owns all of the shares of Yang Ltd. In relation to the following intragroup transactions, all parts of which are independent unless specified, prepare the consolidation worksheet adjusting...
- Q Farley Bains,an author with Nolls CPAs, is performi g a review of Ryder Company
- Q The following data are accumulated by Geddes Company in evaluating the purchase of $127,100 of equipment, having a four-year useful life: Net Income Net Cash...
- Q Auditing is sometimes considered the capstone course because it requires a comprehensive knowledge of all financial accounting topics. After all, how can you audit financial statements if you do not...
- Q On the statement of cash flows, the ____________ is reconciled with the net cash provided by operating activities. Multiple Choice other income net sales...
- Q Coronado Toy Company is unsure of whether to sell its product assembled or unassembled. The unit cost of the unassembled product is $28 and Coronado Toy Company would...
- Q Nanticoke Industries had the following operating results for 2020: sales $29,580; cost of goods sold = $19,610; depreciation expense = $5,140; interest expense = $2,490; dividends paid = $1,300. At...
- Q A flood recently destroyed many of the financial records of Rizal Company. The company uses an average cost inventory valuation system. Rizal makes a physical count at the end of...
- Q Gitano Products operates a job-order costing system and applies overhead cost to jobs on the basis of direct materials used in production (not on the basis of raw...
- Q Vita/Tce volunteer income tax 2019 : Military scenario 3 Jacob and Anne Todd Interview Note Jacob and Anne Todd are married and have five- year - old child who...
- Q QUESTION 1 The following are independent internal control commonly found in the acquisition and payment cycle. Each control is to be considered independently. Before a cheque is prepared to...
- Q Transactions for the month of June were: Purchases Sales June 1 (balance) 3230 @ $3.10 June 2 ...
- Q a) A code-oriented system implemented through a strong central government, the uniform and conservative nature of the Japanese accounting system, and the presence of Keiretsu groupings are still prevalent in...
- Q Patricia is a professional gambler. During 2015, she won $275,000 and lost $255,000. She has documentation for the winnings and the losses. She also incurred the following expenses during 2015:...
- Q Use this balance sheet information to answer the following questions: Financial Institution (FI) Balance Sheet (Amount in millions, Duration in years) ...
- Q A new accountant at Concord Inc. is trying to identify which of the amounts shown below should be reported as the current asset Cash and cash equivalents in the year-end...
- Q Cullumber Ltd. issued 260,000,9%,10-year bonds on January 1, 2020 , for 277,446. This price resulted in an effective-interest rate of 8% on the bonds. Interest is payable annually on January...
- Q Martin Jackson receives an hourly wage rate of $24, with time and a half for all hours worked in excess of 40 hours during a week. Payroll data for the...
- Q Cost of Goods Sold Budget Wilmington Chemical Company uses oil to produce two types of plastic products, P1 and P2. Wilmington budgeted 21,600 barrels of oil for purchase in June...
- Q Wang Company manufactures and sells a single product that sells for $450 per unit; variable costs are $270 per unit. Annual fixed costs are $801,000. Current sales volume is $4,200,000....
- Q Investment in Associate Penny bought 30% of the equity share capital of Alex on 1 January 20X5 for P250,000. Alex's profits for the year were P170,000. An...
- Q At the end of the prior year annual reporting period, Barnard Corporation's balance sheet showed the following: BARNARD CORPORATION Balance Sheet At December 31, Prior Year...
- Q Ratio Computations ...
- Q Problem 1: (9 marks) Version 6 ...
- Q Bridgeport Inc. is trying to determine whether to use the FIFO or average cost formula. The accounting records show the following selected inventory information: ...
- Q Dempsey Railroad Co. is about to issue $252,000 of 7-year bonds paying an 11% interest rate, with interest payable semiannually. The discount rate for such securities is 12%. ...
- Q Big Boy Burgers sells burgers with 0.5 lb meat on each burger. They expected to buy meat at $2.30/lb, but actually ended up paying $3.35/lb. They made 100 burgers this...
- Q 1) On January 1, Pat Weaver, Inc. borrowed cash by issuing a $370,000, 5%, installment note to be paid in three equal payments at the end of each year beginning...
- Q The goal of the current events paper (events should be within the past 1-2 years) is to make a connection between the principles you are learning in class and events...
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