Accounting question and answers for November 13, 2023
- Q How does a parent company determine the appropriate method for translating the financial statements of a foreign subsidiary?
- Q Customer Angela Sosa purchased $132,501 worth of car parts with her Standard credit card. The cost to Cars Plus for the sale is $81,070. Standard credit card charges Cars Plus...
- Q Give the Finance career path, what topics or areas of management accounting do you think will be most relevant to decision making and management repsonsibilities. Give some examples or explain...
- Q 2.Accounting... Explain the difference between cash basis and accrual basis accounting.
- Q Cover-to-Cover Company is a manufacturer of shelving for books. The company has compiled the following cost data, and wants your help in determining the cost behavior. After reviewing the data,...
- Q List the contract assets and proper presentation on financial statements
- Q DTN (Pty) Ltd (DTN) is the fourth largest cellular network industry in South Africa, providing call and data services to customers around the country as...
- Q evenson Co. sold merchandise inventory on credit to brain crain, $300. the cost of the cost of the goods sold was $240. what special journal should the transaction be recorded...
- Q The financial statement that summarizes the changes in the owners equity that have occurred during a specific period of time, such as a month or a year is called? a....
- Q Prior to the write off of a $30 customer account, Kraft Company had the following account balances: Accounts Receivable $9,800 Allowance for Bad Debt 500 The net realizable value of...
- Q Explain how the availability of big data and artificial intelligence impacts measurement uncertainty for future waranty returns.
- Q Hello! Quick question "Be able to calculate the cost basis of a fixed asset." How is that possible? Just a 2-4 sentence response with an example if possible :) Will...
- Q The net income reported on the income statement for the current year was $290,000. Depreciation recorded on equipment and a building amounted to $150,500 for the year....
- Q Spindler, Inc. (a U.S.-based company), imports surfboards from a supplier in Brazil and sells them in the United States. Purchases are denominated in terms of the Brazilian real...
- Q Business ethics. Honest book-chapter 6 French wants to argue that corporations should be treated as: (a)All other businesses ...
- Q This exercise parallels the machine-purchase decision for the Mendoza Company that is discussed in the body of the chapter. Assume that Mendoza is exploring whether to enter a...
- Q Jos is a programmer in a private company and earned salaries of $ 43,000. During the current year, his wife, Norma, started a major clothing business, which made a net...
- Q On Point Limited, a resident of the Republic, introduced a new accounting package on 30 September 2020 to provide financial data needed to complete...
- Q Explain the relevance of having short term and long term amalgamation. Under which circumstances would a company undergo short term amalgamation? (4 Marks)
- Q 15 For the company in the book, which month had the highest labor costs for next year
- Q Windhoek Mines, Ltd., of Namibia, is contemplating the purchase of equipment to exploit a mineral deposit on land to which the company has mineral rights. An engineering and cost analysis...
- Q CASE 5-2 EARNINGS QUALITY Economic income is considered to be a better predictor of future cash flows than accounting income. A technique used by security analyst to determine the degree...
- Q Storme Shutters has the following inventory information.UnitsUnit CostNov 1Inventory30$8.00Nov 8Purchase120$8.30Nov 17Purchase60$8.70Nov 25Purchase90$8.80 A physical count of merchandise inventory on November 30 reveals that there are 80 units on hand. Assume...
- Q For tax year 2021, California charges a Shared Responsibility Payment / tax penalty of _____________ of a taxpayer's income if the taxpayer does not have health insurance for at least...
- Q Ricardo is an engineer in a private company and earned salaries of $ 103,000 a year. During the current year, he started a vitamin sales business, in which he made...
- Q what is supply chain mangement
- Q (a) Which board is responsible for International Audit Standards? Moreover, what is the current position of the U.S. Auditing Standards Board (ASB) with respect to international auditing standards? ...
- Q During the current taxable year Marcos used a vehicle in his name for his business selling cell phone accessories. Use the vehicle 40% for business. The vehicle cost you $...
- Q In May 2014, German food manufacturer Dr. Oetker opened its first North American plant in London, Ontario. In June of the same year, Spanish company Grupo Ferro Atlantica, a world-leading...
- Q Arturo had the following capital asset transactions: Purchase of shares on November 30, 2018, for $ 45,800 and sold them on December 1, 2019, for $ 40,200 and had selling...
- Q Lee itemizes deductions and uses his car for both business and charitable purposes. He drove 125 miles over the course of the year for charitable purposes. His job requires business...
- Q identify four events, occurrences, or developments from the history of accounting that you believe are the most significant; and provide a detailed rationale for how this event or occurrence impacted...
- Q El 1 de agosto, corporacin Shaw LLC. compr 1,000 acciones ordinarias de Estrella Corp. por $37,000 en efectivo. El 1 de diciembre, Shaw LLC. vendi la inversin en acciones ordinarias...
- Q Documentos de trabajo y estados financieros en el ao de adquisicin Pal Corporation adquiri el 100 por ciento de las acciones con derecho a voto en circulacin...
- Q question 9 (TCO D) You are a CPA. You worked 2 years for a CPA firm doing audits and now you have just completed your first year in your own...
- Q Joe purchased a life insurance policy for $8,000 on his son's life from his father-in-law. After paying annual premiums of $3,000 ($1,000 per year for three years), his son died...
- Q Select all that apply Not recording an accrued expense will have the following effect on the financial statements: (Check all that apply). a) liabilities on the balance sheet will...
- Q Skor Co. leased equipment to Douglas Corp. on January 2, 2021 for a 7-year period expiring December 31, 2027. Equal payments under the lease are $600,000 and are due on...
- Q Candy Corporation paid $240,000 on April 1, 2013 for all of the common stock of Bun Corporation in a business acquisition. On January 1, 2013, Bun's stockholders' equity was equal...
- Q You work for a company that is opening a new branch closer to your home. The office manager is on a medical leave and you have been filling in. You...
- Q In October 2020, Old MacDonald sold some farm cottages for $90,000 and incurred legal fees of $1,200. The cottages were originally acquired in October 1999 for $40,500. Calculate the capital...
- Q A 37.5% discount on a video recorder amounts to $913.50. What is the list price? Question 2: Find the rate of discount for ski gloves listed at $36.80 whose net price...
- Q On January 1, 2020, Ally Co., a publicly traded company, acquired an asset for $650,000,000. Ally spent an additional $35,000,000 to prepare the asset for the intended use and paid...
- Q On January 1, 2021, the balance of Owner's Capital of FDN Company is P460,000. During the year the company has Sales of P500,000 with P350,000 as cost of sales and...
- Q Taxpayer owns a building, which he purchased for $100,000 in 20X1. During 20X2, he built her an additional floor for $40,000.In 20X3, Taxpayer sells the building to Buyer, who paid...
- Q YY Corporation has daily collections of P180,000 from a selected foreign customer group. The bank offered to accelerate the clearing time of these collections from 8 days to 5 days...
- Q Assume that Farm Fresh Produce, Inc. is a chain of farmers' market kiosks that is organized as a corporation and operates in the upper Midwestern states. During the current year,...
- Q XYZ Corporation has annual cash demand of P3,000,000 for a fund set aside for operating expenses. The cost to transfer funds into this account is P500 each time. If cash...
- Q Total assets at the end of the period were $330,000 and liabilities were 25% of owner's equity. Determine owner's equity at the end of the period.?
- Q Vanguard Corporation issued $7,000,000 of 11% bonds on January 1, 2023, due on January 1, 2031. The interest is to be paid twice a year on January 1 and July...
- Q Summary data for Benedict Construction Co.'s (BCC) Job 1227, which was completed in 2021, are presented below:Bid price$450,000Contract cost:2020(180,000)2021(195,000)Gross profit:75,000Estimated cost to complete:12/31/2020$200,00012/31/20210Assuming BCC recognizes revenue over time according to...
- Q Bilibili Inc (BILI) is an internet gaming company in China. Bear Fitchel and his grandson, Bull Fitchel were discussing BILI's stock value. Bear doesn't understand why people like online gaming...
- Q Robert sold a house for $350,000. The contract for sale was entered into on 1 June 2021 and the transfer of title took place on 16 July 2021. He had...
- Q On July 1, 2020, XX Company purchased an equipment for P14,100,000. After 5 years of its estimated useful life, it can be sold for P100,000. How much is the carrying...
- Q Your audit client AMP is a major Australian Wealth Asset Management company based in the Melbourne CBD, with offices across all Australian states and parts of the Asia Pacific region...
- Q Dr. cole m.d has practiced medicine as a sole proprietorship for many years. during jan 2021, dr cole, who uses the cash method of accounting decided to incorporate his practice...
- Q A truck purchased for $20,000 has accumulated amortization of $6,000 on January 1st and is amortized at a rate of 10%. What's the entry for 6 month period ending June...
- Q Fred is a mobile dog washer. He goes to clients' houses and grooms their pets there. He has a medium-sized BMW (2000cc) which he uses to travel to his clients'...
- Q For twenty years, Ozzie works for Players Paradise, a destination for vacationers from across the United States, maintaining golf carts. After a steady stream of positive job evaluations and merit...
- Q KK Pty Ltd is a shoe-manufacturing business. The company recently purchased 50,000 pairs of shoelaces from JJ Pty Ltd, a member of the same wholly owned group. KK paid $15,000...
- Q A company has a policy to charge interest at a monthly rate on accounts NOT paid within 30 days of the billing date. If an adjusting entry was made to...
- Q Assume that H&M changes its capital structure so that its market valueweight of debt to capital increases to 45%, and its after-tax interest rateon debt at this new leverage level...
- Q A company has the following annual budget data:Beginning finished goods inventory of 40000 unitsSales 70000 unitsEnding Finished Goods Inventory 30000 unitsDirect Materials $10 per unitDirect Labor is $20 per unitVariable...
- Q Given the following financial data for two companies:ItemCompany ACompany BRevenue$1,000,000$800,000Cost of goods sold$600,000$400,000Operating expenses$200,000$250,000Interest expense$50,000$40,000Net income$120,000$90,000Total assets$1,500,000$1,200,000Total liabilities$800,000$600,000Equity$700,000$600,000Requirements:(a) Calculate the gross profit margin for each company. (b) Determine the operating...
- Q A company has the following standard costs for one unit of product:Direct materials: 2 pounds at $5 per poundDirect labor: 3 hours at $10 per hourVariable overhead: 2 hours at...
- Q A company uses activity-based costing and has identified the following activities:ActivityCost PoolCost DriverTotal CostDriver QuantitySetup$10,000Number of setups$40,000200Machining$20,000Machine hours$80,0002,000Quality control$15,000Inspection hours$60,0001,000Requirements:(a) Calculate the cost driver rate for each activity. (b) Determine...
- Q A company uses job order costing and has the following data for Job 101:Direct materials: $15,000Direct labor: $10,000 (500 hours at $20/hour)Overhead rate: $5 per direct labor hourRequirements:(a) Calculate the...
- Q A company has identified the following risks and controls:RiskControlInventory theftPhysical inventory countsCash embezzlementSegregation of dutiesData breachesIT security measuresRequirements:(a) Describe the purpose of internal controls. (b) Evaluate the effectiveness of the...
- Q A company has the following information:Net income: $500,000Preferred dividends: $50,000Weighted average common shares: 100,000Requirements:(a) Calculate the basic EPS. (b) Determine the diluted EPS if there are 10,000 convertible bonds, each...
- Q At the beginning of Year 1, a machine was purchased for $15,000. The company uses the straight line depreciation method with an estimated useful life of 5 years. At the...
- Q Pinnochio Co. is a furniture manufacturer that mills its own lumber. The company has two divisions that operate as distinct profit centers: milling and assembly.The milling division purchases timber and...
- Q Pedro has a gross income of $30,000. He pays $5,000 in taxes. His yearly expenditures for food, shelter, and clothes total $20,000. What is his discretionary income
- Q Which of the following statements is true concerning the recording of a budget? a. At the beginning of the year debit Appropriations. ...
- Q Jaussi purchased a computer several years ago for $2,200 and used it for personal purposes. On November 10th of the current year, when the fair market value of the computer...
- Q Chess Top uses the periodic inventory system. For the current month, the beginning inventory consisted of 480 units that cost $65 each. During the month, the company made two purchases:...
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