Accounting question and answers for November 13, 2023
- Q Variable CostingSales Exceed Production The beginning inventory is 6,300 units. All of the units that were manufactured during the period and 6,300 units of the beginning inventory were sold. The...
- Q Lewis Companys standard labor cost of producing one unit of Product DD is 3.7 hours at the rate of $12.6 per hour. During August,...
- Q Ken Smith retired a few years ago at the age of 48, having built up a substantial retirementportfolio through a range of entrepreneurial activities. He moved to the Snowy...
- Q A group of investors decides to invest RM500,000 in the stocks of three companies. Company D sells for RM60 a share and has a growth of 16% per year. Company...
- Q Stilton Company (a U.S.-based company) has a subsidiary in Canada that began operations at the start of 2024 with assets of 141,000 Canadian dollars (CAD) and liabilities of CAD 72,000....
- Q Knight Company purchased an equipment for P369,600 to be used in the construction of MRT-3. The company had to pay the following in relation to the equipment: Import duties P10,000...
- Q A Business has the following items in it: land $1,500,000, machinery, $80,000, cash $20,000, owners equity $900,000 and loans $500,000. What is the value of the creditors? a. $200,000...
- Q The equity section of the balance sheet of a partnership usually shows the individual capital account balance of each partner. True False
- Q Suzie Pickering has experience in the clothing and retail industry, which is why she was assigned to the Cloud 9 audit. Suzie is mentoring Ian Harper, a first-year staff on...
- Q Logan Manufacturing Co. warrants its products for one year. The estimated product warranty is 4% of sales. Assume that sales were $700,000 for January. In February, a customer...
- Q Handwrite in text plz not in pic since its hard to read from and plz dont copy answers that were answered before least 2-3 paragraphs 1. Discuss and explain three...
- Q Randy Inc. purchased $300,000 of athletic shoes on credit on April 15. On May 31, Randy asked for financial assistance from its supplier because it could not pay the bill...
- Q For each of the unrelated transactions described below, present the entry(ies) required to record the bond transactions. 3. Gomez Company issues $5,000,000 of bonds with a coupon rate of 8%....
- Q Describe the security market line and the dividend growth model approaches to determining the cost of equity for a firm.
- Q Which of the following departments would not be considered a service or support department) a shipping b information system c assembly d plaint maintanince
- Q Management wishes to determine various unknown balances of a job order company specializing in custom-built industrial equipment, and has hired you for assistance: Account...
- Q Patrick is entitled to receive monthly payments of $1,500 over his life from his employers qualified pension plan or he can take $1,300 monthly over his life and the...
- Q Explain the concept of independence. Why is this important to an auditor and the auditors clients? How does independence impact the way an audit is conducted? What would be the...
- Q how can an effective audit process be established? please thoroughly discuss about the sampling and setting of audit control parameters within your responses
- Q Barney Googal owns a garage and is contemplating purchasing a tire retreading machine for $20,820. After estimating costs and revenues, Barney projects a net cash inflow from the retreading machine...
- Q Jerome is a resident citizen employed by TW corporation, Inc. He received the following from his employer during 2018: Basic compensation income P800,000 13th month pay 75,000 Productivity incentive pay...
- Q When a person is consider disable, the disability must have lasted or can be expected to continue to exist for what period of time? A) No more than 2 years...
- Q The Majestic Theater had 378 cans of Kettle Corn and 132 cans of regular Pop Corn on hand at month end. During the next month Majestic sold 142 cans of...
- Q Amy Stone deposited $1,625 a credit union, which pays interest of 8% Compounded quarterly. Compute the amount that Amy will have in her account after...
- Q Un tipo de libro mayor distribuido y abierto en el que los registros individuales contienen una marca de tiempo y enlaces de referencia a transacciones anteriores para evitar manipulaciones y...
- Q Which of these is not one of the External users of accounting information?
- Q List and explain the Five (5) Behavioral Principles of Performance Evaluation for a company. Explain the importance of each of the five (5) behavioral principles of...
- Q 1. A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations: Selling price $138...
- Q This is from Contemporary Auditing Knapp 6th Edition. Case study 2.8 Perry Drug Stores INC. 2. Do you believe the inventory accounting procedures Perry applied were reasonable? What criteria...
- Q TufStuff, Inc., sells a wide range of drums, bins, boxes, and other containers that are used in the chemical industry. One of the companys products is a heavy-duty corrosion-resistant metal...
- Q Olga is married and files a joint tax return with her husband. What amount of AMT exemption may she deduct under each of the following alternative circumstances? a. Her AMTI...
- Q Danny Liu is 20 years old and is considered a dependent of his parents for tax purposes. Assume the taxable year is 2019. Compute Dannys taxable income if Dannys...
- Q What is the difference in revenue between the month with the highest total revenue and the month with the lowest total revenue? What percent is the Buford Gas bill...
- Q The accounting process generates financial reports that are used by both internal and external users. Provide an example of how an internal user and an external user would use each...
- Q Molten Company purchased an equipment costing $50,000 and paid 24% cash deposit and signed a one year note for the balance at 12% interest on November 1, 2022. Principal and...
- Q Wollan Corporation has two operating divisionsan East Division and a West Division. The company's Logistics Department services both divisions. The variable costs of the Logistics Department are budgeted at $56...
- Q 1.Unikai company LLC have some surplus funds for a short period of time which they want to invest in some short-term securities. Which of the following is not an appropriate...
- Q when the subsidiary is less-than-wholly owned and there is a differential, how does the consolidation process differ?
- Q a corporation has 100,000 shares of 4% preferred stock outstanding. also, there are 100,000 shares of common stock outstanding. par value for each is $100. if an $825000 dividend is...
- Q Balance sheet presentation List the errors you find in the following partial balance sheet: Burnt Red Company Balance Sheet December 31,20Y2 Assets Total current assets...
- Q The chart below shows the relationship between two values, X and Y. X 1 2 3 4 5 6 Given the relationship, what would be the value of Y that...
- Q which of the following statements concerning "say on pay" is not true? a. most shareholders disapprove of the compensation plans. b. "Say on pay" was a requirement introduced by the...
- Q What is manufacturing overhead
- Q Information related to Indigo Co. is presented below
- Q explain why managment's philosophy and operating style are considered to be the most important element of the control environment
- Q Of the following expenses, choose the one that is included in support. Life insurance premiums paid by the taxpayer for the prospective dependent. Books bought for a high school student....
- Q Discuss the objectives of segmental information and the requirements for the disclosure of segmental information in annual reports? No plagarism Typed answers only.
- Q A company receives $198 $13 of which is for sales tax. The journal entry to record the sale would include a?
- Q How can I report this transaction in the Income statement and balance sheet? Note: For Earnings per Share (EPS) calculations, use 10,000 shares of common stock as the weighted average...
- Q Choose a real-life merchandise company (retailer) or manufacturing company and create four examples of journal entries that the company could have. For each journal entry, describe the business transaction, and...
- Q On 1 July 2020, P Ltd acquired 80% of the issued ordinary shares of S Ltd. At that date, the plant of S Ltd, with a cost price of N$250,000...
- Q Viking Inc. owned all of Quest Co. The subsidiary had bonds payable outstanding on January 1, 2016, with a book value of $265K. The parent acquired the bonds on that...
- Q Sarafiny Corporation is in the process of preparing its annual budget. The following beginning and ending inventory levels are planned for the year. Beginning Inventory Ending Inventory Finished goods (units)...
- Q Schedule of Cash Payments Excel Learning Systems Inc. was organized on September 30, 2014. Projected selling and administrative expenses for each of the first three months of operations are as...
- Q Absorption Costing vs. Variable Costing: What's the Difference? Throughput costing method vs Absorption and variable. What is the difference?
- Q Randy Machine Tools sells an industrial lawn mower and offers a two-year warranty to its customers. The company sold 480 units of the lawn mower at an average price of...
- Q How would a tenants insurance policy help protect our property? What do such policies cover? How much would it cost us to insure against the loss of just your laptop...
- Q What are the differences between relative, absolute, and mixed references? When would you use each in your spreadsheet? How would you use each one in your spreadsheet?
- Q Gregory purchased a vacation house on June 1,2016. During the year he spent 25 days there, and rented it at a fair rental value for 125 days. The house was...
- Q Pitkin company produces a part used in the manufacture of one of its products. The unit product cost of the part is $33. (based on 10,000 units) is computed as...
- Q A company purchased a truck on March 1, 2019 at a cost of $100,000. The truck had an estimated useful life of 8 years and an estimated salvage value of...
- Q The following events are violation of which rule of Accounting- explain. 5 (a) Roadside shop records and recognizes all assets and liabilities (measurement) at market value or fair value. (b)...
- Q Last year Robert transferred a life insurance policy worth $43,875 to an irrevocable trust with directions to distribute the corpus of the trust to his grandson, Danny, upon his graduation...
- Q eBook Question Content Area Single Plantwide Factory Overhead Rate Scrumptious Snacks Inc. manufactures three types of snack foods: tortilla chips, potato chips, and pretzels. The company has...
- Q ADDITIONAL FUNDS NEEDED Morrissey Technologies Inc.'s 2016 financial statements are shown here. Morrissey Technologies Inc.: Balance Sheet as of December 31, 2016 Cash $180,000 ...
- Q What is the danger in viewing unit costs as variable costs?
- Q Suppose Nanovo announces the major expansion and the share price reacts as in Question 5. Nanovo then issues new shares at this price to cover the up-front free cash flow...
- Q Red Umbrella Corporation (Red) has leased equipment for a term of three years. The fair value of this equipment is $216,000 and the market interest rate is 7%. What is...
- Q Proceeds from Notes Payable On January 26, Vibrant Co. borrowed cash from Conrad Bank by issuing a 60-day note with a face amount of $85,200. Assume a 360-day year. a....
- Q The Laramie Factory produces expensive boots. It has two departments for tanning and finishing that process all the items. During January, the beginning work in process in the tanning department...
- Q Pedro sells investment land on September 1, 2022. Information pertaining to the sale follows: Adjusted basis $ 25,000 Selling price 90,000 Selling expenses 1,500 Down payment 12,000 Four installment payments...
- Q A company had net income of $213,172. Depreciation expense is $25,717. During the year, Accounts Receivable and Inventory increased by $15,322 and $39,578, respectively. Prepaid Expenses and Accounts Payable decreased...
- Q Adam elects the accrual method of accounting for his business. What amount of deductions does Adam recognize this year for the following transactions? Note: Leave no answers blank. Enter zero...
- Q Which is not an example of unfair pricing practices? a. consumerism b. price gouging c. collusion d. they are all examples of unfair pricing practices
- Q 6 A ____________ is a financial statement that summarizes the revenue, costs, and expenses incurred during a specified period of time.
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