Accounting question and answers for November 13, 2023
- Q he vast majority of a resturant company locations are operated by franchisees. How would restaurant companys financial statements be different if all of the franchise stores were company-owned stores instead?...
- Q 24-29 (Objective 24-4) The following unrelated events occurred after the balance sheet date but before the audit report was prepared: 1. The granting of a retroactive pay increase 2. Declaration...
- Q Expected purchases for June and July are $ 75,000 and $ 90,000, respectively. Purchases for May were $ 58,000. All purchases are paid 40% in the month of purchase and...
- Q what is an employer levy?
- Q Brief Exercise A-13 Dempsey Railroad Co. is about to issue $298,000 of 10-year bonds paying an 12% interest rate, with interest payable semiannually. The discount rate for such securities is...
- Q Differentiate normative accounting theory from positive accounting theory. Provide an example of each)
- Q Intermediate Accounting I 4 & 5. On 1/1/20, Koneh Company purchased equipment which sells for $35,000. Not having the available cash, Koneh entered into a financing agreement to make quarterly...
- Q Parents co sold land to its subsidiary which cost $15,000 for10,000,during 2019 subsidiary resold the land for 20,000 to third party in 2020 .the realized income reported in...
- Q Find the annual premium in territory 1. Operator age: 18 Comprehensive/Collision Age Group: 4 Driver's ed: yes Symbol: 7 Liability: 15/30 Property: $10,000 Uninsured motorist: no
- Q Engberg Company installs lawn sod in home yards. The companys most recent monthly contribution format income statement follows: Amount Percent of Sales Sales $ 96,000 100% Variable expenses 38,400 40%...
- Q Omar Industries manufactures two products: Regular and Super. The results of operations for 20x1 follow. Regular Super Total ...
- Q What are intellectual property rights? How have changes in technology impacted the ability to protect intellectual property rights?
- Q Turner Inc. provides a defined benefit pension plan to its employees. The company has 150 employees. The remaining amortization period at December 31,20X0, for prior service cost is...
- Q Bellucci Corporation has provided the following information: Cost per Unit Cost per Period Direct materials $ 7.15 Direct labor $ 4.40 Variable manufacturing overhead $ 1.20 Fixed manufacturing overhead $...
- Q High Country, Inc., produces and sells many recreational products. The company has just opened a new plant to produce a folding camp cot that will be marketed throughout the United...
- Q Based upon the following data, what is the cost of the land? Land purchase price $184,511 Broker's commission 15,357 Payment for the demolition and removal of existing building...
- Q TAX 4001 Fall 2019 Tax Return Assignment Facts: Javier I. and Jennifer A. Thompson are married and live at 123 Milano Street, Rock Hill, SC 29730. They file a joint...
- Q The minimum likelihood of loss involved in the consideration of a possible material weakness is: Select one: a. Probable. b. ...
- Q Griffin Corporation received $50,000 of dividend income from Eagle, Inc. Griffin owns 5 percent of the outstanding stock of Eagle. Griffins marginal tax rate is 21 percent. Calculate Griffins...
- Q Quick Connect manufactures high-tech cell phones.Quick Connect has a policy of adding a 25% markup to full costs and currently has excess capacity. The following information pertains to the company's...
- Q Business Ethics Case scenario 2 You are a sole practitioner who used to provide a range of accountancy services for a small company (Company A) that owns a hardware shop...
- Q Beacon Company is considering automating its production facility. The initial investment in automation would be $7.78 million, and the equipment has a useful life of 6 years with...
- Q Why is the election for S corp status attractive
- Q Telephone expenses were $5,000 for this year. This includes the purchase of a mobile phone for $1,000. What amount allowed as telephone expenses in tax deduction what is...
- Q Juanita's Consulting Balance Sheet June 31, xxxx Juanita's Consulting Income...
- Q The parent recognizes a gain on the sale of land to a subsidiary before the subsidiary sells it to an outside entity Select one: True False ...
- Q Mr. B is working as an employee in a manufacturing company. He has provided you the following details in order to calculate his taxable income. Basic salary per month...
- Q financial statements assertions: a. List the 5 key financial statements assertions and explain each one b. Identify who owns the financial statements assertions c. Explain the auditors responsibility for the...
- Q What are the chances of MMT becoming the prevailing policy after the COVID crisis? Are we already doing MMT without knowing it? Professor Kelton says we shouldn't worry about inflation...
- Q Baker, Strong and Weak have called on you to assist them in winding up the affairs of their partnership. You are able to gather the following information....
- Q Nicks Novelties, Incorporated, is considering the purchase of new electronic games to place in its amusement houses. The games would cost a total of $432,000, have a fifteen-year...
- Q Write a 1 1/2 - 2 page member to a team member in your company that is not an auditor. This person does not understand what SOX is and does...
- Q Under what circumstances would a company choose to comply with US Generally Accepted Accounting Principles (GAAP)? * Lender reporting requirements International Financial Reporting Standards (IFRS) requirements...
- Q A company receives a 5%, 90-day note for $4,800. The total interest due on the maturity date is: (Use 360 days a year.) A)$120.00. B)$140.00. C)$80.00. D)$60.00. E)$240.00.
- Q why are you removing so much money from my account? June 8th -$17.27 June 13th- $14.39 June 14th- $21.60. The total amount removed from my account is $53.26. I...
- Q For each of the following transactions: a. Identify the fund in which the entries are recorded. b. Prepare the necessary journal entries. Only make the entries for the Fund-Based Financial...
- Q 3. Pacilio Basket Company had an $8,000 beginning balance in its Merchandise Inventory account. The following information regarding Pacilios purchases and sales of inventory during its Year 1 accounting period...
- Q The financial statements for Campbell, Inc., and Newton Company for the year ended December 31, 2021, prior to the business combination whereby Campbell acquired Newton, are as follows...
- Q A company is trading in a fully depreciated old asset for a new one. Cost of the new asset is $5,000 with a 5 year life and straight-line depreciation will...
- Q For each of the following transactions: a. Identify the fund in which the entries are recorded. b. Prepare the necessary journal entries. Only make the entries for the Fund-Based Financial...
- Q Which of the following industries most closely approximates the perfectly competitive model? (a) Automobile, (b) cigarette, (c) newspaper, or (d) wheat farming.
- Q Thornton Pointers Corporation expects to begin operations on January 1, year 1; it will operate as a specialty sales company that sells laser pointers over the Internet. Thornton expects sales...
- Q What is considered to be a weak internal control over cash collections from receivables
- Q The records of Marshall Company include the following: Average total assets $4,300,000 Average total liabilities 2,020,000 Total revenue 4,280,000 Total expense (including income tax) 3,940,000 Interest expense (included in total...
- Q Question Content Area Gladstorm Enterprises sells a product for $53 per unit. The variable cost is $38 per unit, while fixed costs are $16,800. Determine the following: Round...
- Q Discuss the multi-dimensional approach of the BSC on performance measurement. How do dysfunctional measures create undesirable behaviour and results? How does the BSC incorporate different...
- Q TASK 5: PUT IN CITATION Explain two (2) similarities and three (3) differences between IFRS and US GAAP with respect to accounting for inventories. PUT REFERENCES AS...
- Q Prepare a contribution format segmented income statement that includes a Total column and columns for the East and West regions.
- Q The following data were gathered to use in reconciling the bank account of Photo Op. Company: Balance per bank $ 17,350 Balance per company records 8,450 Bank service charges 50...
- Q Multiple Choice Question 99 On December 1, Vaughn Manufacturing exchanged 7200 shares of its $30 par value common stock held in treasury for a parcel of land to be held...
- Q consider the following information : Item Units on hand Cost/unit Market/unit A 100 10.00 9.00 B 200 4.00 5.00 user lower of cost or...
- Q You are contemplating leaving your full-time employment to concentrate your ability on the marketing of a new low-energy portable heater. You have spoken to a group of manufacturers of similar...
- Q Selected dividend transactions, stock split Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows. Journalize the transactions. ...
- Q Janice Joplin owns the Radical Music Company and needs a new recording machine as technology is quickly changing. The best machines are available in Canada. Janice decides to...
- Q Tappit is a medium-sized wholesaler of automotive parts. It has 10 stockholders who have been paid a total of $1 million in cash dividends for 8 consecutive years. The board's...
- Q In which of the following scenarios would IFS 15 require the entities to combine the contracts and account for them as a single contract?
- Q 79. Access the 2018 form 10-K for Facebook, Inc, and answer the following questions. Required: a) Using information from the company's Income Statement and Income Taxes footnote, what was the...
- Q Van Frank Telecommunications has a patent on a cellular transmission process. The company has amortized the patent on a straight-line basis since 2017, when it was acquired at a cost...
- Q X Company, a merchandiser, started business on June 1. The following were June transactions: Received $100,000 from a group of investors. Bought $8,558 of merchandise, $3,623 for cash and $4,935...
- Q Bolt Ltd. has two service departments and two production departments. The summary of the costs in each department and the percentages of expenses charged out by the...
- Q Waylander Coatings Company purchased waterproofing equipment on January 6, 2015, for $320,000. The equipment was expected to have a useful life of four years, or 20,000 operating hours, and a...
- Q On January 1, 2021, kingbird corporation issued $600000 of 7% bonds due on January 2029 when the market rate was 5%. The company uses the effective interest method to amortise...
- Q Garden Sales, Inc., sells garden supplies. Management is planning its cash needs for the second quarter. The company usually has to borrow money during this quarter to support peak sales...
- Q As of the end of the period, the value added tax balance of the business to be deducted 191 is 4000 TL; 391 calculated value added tax account balance is...
- Q Kidd Corp. reports the following for 2021 on 100,000 unit sales: Sales $1,000,000 Variable costs 550,000 Contribution margin 450,000 Fixed costs 300,000 Net income $ 150,000 Kidd's management is proposing...
- Q what is the term used to refer to how salespeople are using web 2.0 tools and social media to sell more effectively?
- Q Problem 10-8A (Part Level Submission) Grouper Corporation sold $2,510,000, 8%, 5-year bonds on January 1, 2017. The bonds were dated January 1, 2017, and pay interest on January...
- Q Claims adjustors: establish a policy for which types of insurance will be offered and where. determine if a covered loss has occurred and the amount of the loss....
- Q Required information Skip to question [The following information applies to the questions displayed below.] The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Nelson Company uses...
- Q # QUESTION 0--- call in the data. # CG Q0a # Read the data file bikeshare.csv into R ########## and name...
- Q Explain the difference between Limited and Reasonable Assurance, also give one example of each. Need Examples and evaluated answer.
- Q Problem 19-17 Full-Capacity Sales (LO4, CFA9) Thorpe Mfg., Inc., is currently operating at only 77 percent of fixed asset capacity. Current sales are $730,000. How fast can sales grow...
- Q The following data were taken from the records of Menendez Company: Current assets $ 5,000 Property, plant, and equipment 10,000 Current liabilities 3,500 Long-term liabilities 5,000 Stockholders' equity 6,500 What...
- Q Equipment with a cost of $304,000 has an estimated residual value of $41,600, has an estimated useful life of 16 years, and is depreciated by the straight-line method. a. Determine...
- Q Gagan and Damara, two developing countries, bartered steel for wheat rather than for currency. In this scenario, the two countries engaged in ___ foreign franchising fair trade arbitrage countertrade
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