Accounting question and answers for November 13, 2023
- Q (please type the answers) (accounting 640) Explain what you have learned about business, making decisions, processes, financial tools, etc. and how each will help you to make better decisions in...
- Q A company is considering changing its capital structure. The current structure is:Debt: $500,000 at 5% interestEquity: $1,500,000The proposed structure is:Debt: $1,000,000 at 5% interestEquity: $1,000,000Requirements:(a) Calculate the current and proposed...
- Q On January 1, Year 1, Sheffield Co. issued bonds with a face value of $200,000, a term of ten years, and a stated interest rate of 6%. The bonds were...
- Q A company uses the balanced scorecard to measure performance. The following data is provided:PerspectiveObjectiveMeasureTargetActualFinancialIncrease revenueRevenue growth rate10%8%CustomerImprove customer satisfactionCustomer satisfaction90%85%Internal ProcessReduce cycle timeAverage cycle time (days)5 days6 daysLearning & GrowthEmployee...
- Q Prepaid cash for one year. What is the account debited and what is the account credited? Paid Salaries expense. What is the account debited and what is the account...
- Q How did the TCJA alter the relative preferences in terms of organizational form? Illustrate this using a simple example where a business has pretax taxable income of $100 and operates:...
- 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 well...
- Q IRS Practice & Procedure On April 2, 20x1, Sam filed his 20x0 income tax return, which showed a tax due of $40,000. On June 1, 20x3, Sam filed an amended...
- Q The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: ...
- Q IRS Practice & Procedure What is an I.R.C. 6411 quick refund?
- Q During the current taxable year, Lemuel paid $ 15,000 of mortgage interest. Earned $ 30,000 in wages. You received $ 6,000 from social security and $ 4,000 from interest exempt...
- Q A person deposited $ 40,000 at a bank at an interest rate of 20% compounded quarterly. Find the effective rate (APY). Write your answer in percentage rounded to the nearest...
- 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...
- Q Which of the following workers is covered by FLSA provisions? Part-time babysitter earning $1,000 annually.unchecked Professional chauffeur earning $25,000 annually.checked Factory manager for an international company.checked Assistant fire...
- Q Elly Company uses a periodic inventory system. Details for the inventory account for the month of January, 2017 are as follows: Units Per Unit Price Price Balance, 1/1/17 200 $5.00...
- Q 3. Reconcile the following bank and book cash balances and do necessary adjusting entries: Bank balance $1,980 7/31/20; book balance 7/31/20 $1,967: NSF check S81; Note collected by bank $190;...
- Q On January 1, Year 1, The Pawms borrowed $200,000 to purchase a warehouse by agreeing to a 8%, 5-year note with the bank. Payments of $50,091.29 are due at the...
- Q Players Sports has a machine that can be used to sharpen skill-saws and/or sharpen skates. The machine is available 8 hours per day for 25 days per month. ...
- Q 1. Define what is the margin of safety, and how can it be used to help an organization reduce sales prices without incurring operating losses. 2. How can a...
- Q What is most important about an event is not what happened but its meaning and purpose And . People look to symbols to resolve confusion, increase predictability, provide direction and...
- 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...
- Q Our company has received a boat order. An advance of 30000 TL for the boat, which will be completed in two years, has been deposited by the company that placed...
- Q Joetz Corporation has gathered the following data on a proposed investment project (Ignore income taxes.): Investment required in equipment $ 39,000 Annual cash inflows $ 9,600 Salvage value of equipment...
- Q Identify potential issues in interpretation of financial information, providing examples to support your ideas.
- Q LeBron James (LBJ) Corporation agrees on January 1,...
- Q The following exhibit is for Kmart bonds. Bonds Close Yield Volume Net Change Kmart 8 3/817 100 8.4 35 +7/8 The contractual interest rate of the K mart bonds...
- 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 Tico Inc. produces plastic bottles. Each bottle has a standard labor requirement of 0.03 hour. During the month of April, 900,000 bottles were produced using 25,200 labor hours @ $15.00....
- Q The accounting rule(s) that require that derivatives are reported at fair value is/are: Multiple Choice neither U.S. GAAP nor IFRS U.S. GAAP and IFRS ...
- Q The survey results from the National Association of Colleges and Employers (NACE) show the average annual increases in salaries for new accounting graduates to be 3.42% since the year...
- Q Jane owns 150 of the 200 outstanding shares of Parent Corporation stock. Parent owns 160 of the 200 outstanding shares of Subsidiary Corporation ...
- Q A company currently pys a dividend of $1.75 per share. It estimated that the company's dividend will grow at a rate of 22% per year for the next 2 years,...
- Q Required: 1. Explain and discuss how the previous financial transactions will affect the income statement and the statement of financial position of Lusail Company on December 31, 2016 and December...
- Q Mayer Corporation owns equipment with a book value of $190,000. The equipment has a fair value less costs to sell of $175,000, and its value-in-use is $170,000. Mayer should recognize...
- Q Corporation X reported the following information for 2019: Sales revenue.................................................................$1,530 Cost of goods sold........................................................... 1,050 Operating expenses............................................................ 165 Foreign currency translation gain........................................ 120 Cash dividends received on securities owned by...
- Q Which of the following steps of the accounting cycle are in the correct order? a.prepare a trial balance, make adjustments, prepare financial statements b.prepare a trial balance, post to general...
- Q In deciding whether to drop its electronics product line, Amazon.com would consider the costs it could save by dropping the product line. the revenues it would lose from dropping the...
- Q You have just completed a test. As you come out of the classroom, a friend who has the same class later that day asks what is on the test. What...
- Q Selected information follows for Ivanhoe Corporation for 2023: Accounts payable Cash Cost of goods sold Income tax extense Interest expense Retained earnings Sales revenue Selling expenses $63,700 249,000 595,000 30,750...
- Q 2. Why is Andrew Jackson's Second Annual Message a primary source? Who is the intended audience? Why do you think Andrew Jackson continually label the Native American nations as "savages"...
- Q Brief Exercise A-9 Messi Company is considering an investment that will return a lump sum of $860,000 7 years from now. Click here to view the factor table. (For calculation...
- Q Two examples of pricing strategies are called cost-plus pricing and target pricing. Cost-plus pricing is most appropriate for new start-up firms that have a unique product or service offering. Target...
- Q Content Area The following accounts appear in the ledger of Monroe Entertainment Co. All accounts have normal balances. Accounts Payable $471 Fees Earned $2,347 Accounts Receivable 741 Insurance Expense 461...
- Q 5 vered out of question Following Trial Balance related to ABC Company for the year ended December 31, 2021: $ 1,500 Service revenue 10,000 Cash...
- Q Assume that you are starting a new business, (your name)Accounting Services, with a new partner, John Papadop. John has had some clients and business activity to bring and you...
- Q IRS Practice & Procedure In year 1, X timely filed his income tax return. X properly owed and paid tax for that year. In year 4, X incurs a net...
- Q what specific internal control procedure would prevent a customer from being billed for all 50 items ordered although only 40 items were shipped
- Q Organization: Private Middle School a. Distinguish between fixed and variable costs of the organization. b. Distinguish between manufacturing and non-manufacturing costs in the organization. This may not apply to...
- Q IRS Practice & Procedure What must happen before an assessment and collection of a deficiency can properly occur?
- Q Issuing bonds at a discount On the first day of the fiscal year, a company issues a $1,900,000, 11%, 7-year bond that pays semiannual interest of $104,500 ($1,900,000 11%...
- Q Hirsch Company acquired equipment at the beginning of 2020 at a cost of $157,000. The equipment has a five-year life with no expected salvage value and is depreciated on a...
- Q Which of the following situations may create an accounting error? Multiple Choice Simple oversight. Management exploits the flexibility in GAAP to inflate earnings. Parties...
- Q Select all that apply What is the effect of an accrued expense (such as salaries expense) adjustment on the income statement and the balance sheet? (Check all that apply.)...
- Q Would you expect the following to be high or low in an automated firm: (1) level of fixed costs, (2) level of risk and (3) break-even point? a. High, high,...
- Q Budget Variances, Materials and Labor Cinturon Corporation produces high-quality leather belts. The company's plant in Boise uses a standard costing system and has set the following standards for materials and...
- Q Los siguientes acontecimientos no relacionados ocurrieron despus de la fecha del balance, pero antes de que se preparara el informe de auditora: 1. Sobre la concesin de un incremento salarial...
- Q A. What is maslow's hierarchy of needs and what is it used for? B.Draw a diagram of this Hierarchy C.Explain hwat the difference in people's motivation compared withrefugees and yourself?...
- Q The following information comes from the annual reports of Devin Designs. 2017 2016 2015 Beginning inventory ? ? 2,250 Purchases 12,652 ? ? Goods available for sale ? ? 12,899...
- Q Are opportunity costs relevant to decision making?
- Q True or False: Managerial accounting is largely governed by a cost-benefit approach. Briefly explain.
- Q 7. Paola Farms, Inc. produces a crop of chickens at a total cost of $66,000. The production generates 60,000 chickens which can be sold for $1 each to a slaughtering...
- Q Explain why most retired individuals are not likely to be heavily invested in municipal bonds and why these types of bonds would not be held in an IRA (individual retirement...
- Q In January, Ms. NW projects that her employer will withhold $25,000 from her 2019 salary. However, she has income from several other sources and must make quarterly estimated tax payments....
- Q Calculate the amount of retiring allowance that would be eligible to be paid into a personal RRSP without tax deduction based on the following assumptions: the employee started employment as...
- Q Goods finished during April, 11,500 units April 30, work in process, 1,500 units, 60% completed All direct materials are placed in process during production, and the weighted average...
- Q Entries for Costs in Job Order Costing Royal Technology Company uses job order costing. The following data summarize the operations related to production for March: Materials purchased on account,...
- Q For purposes of calculating the interest rate on overpayments and underpayments, the federal short-term interest rate is rounded to the nearest: Question 24 options: ...
- Q Mildred received $ 30,000 in cash from the sale of a building that cost her $ 60,000 and had accumulated depreciation of $ 35,000. In addition, the buyer assumed the...
- Q The EU has strong entries in the automotive, electronic, and banking industries? a. true b. false
- Q Give example for Conservatism & Materiality.
- Q 1- Which of the following tax credits is repealed by the TCJA and not available for the 2018 tax year? a. Foreign tax credit b. Earned income credit c. Adoption...
- Q Journal Entries Jan 1 Equipment with a historical cost of $10,000 and an accumulated depreciation of $3,000 was sold for $6,000 Jan 2 Equipment with a...
- Q Profits have been decreasing for several years at Pegasus Airlines. In an effort to improve the companys performance, the company is thinking about dropping several flights that...
- Q Product A and Product B have joint costs of $301,900. Production for Product A is 11,900 gallons. Production for Product B is 31,900 gallons. How much of the joint costs...
- Q Hi-Tek Manufacturing, Incorporated, makes two industrial component partsB300 and T500. An absorption costing income statement for the most recent period is shown below: Hi-Tek...
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!