Accounting question and answers for November 13, 2023
- Q Jim Shorts Company makes clothing for schools. Sales in 20X1 were $4,740,000. Assets were as follows: Cash $ ...
- Q What happens if a standard is set too high or too low? On a related topic, be sure to discuss the concept of ideal standards and practical standards. This relates...
- Q 1 stock comrs in many forms. what does it mean when we say someone "owns stock" in a company.2- what are two basic sources of stockholder equity? 3- what...
- Q Coyote Co. is building a waste landfill in the desert between Arizona and California. Coyote estimates that this landfill will be in operation for five years, will cost $250 million...
- Q 4. On March 5, 20Y5, the materials department of Cards by Shannon received the following: Receiving Report No. 110 for $3,100, materials requisition for Job 22 for $200, materials requisition...
- Q In relation to the liability to income tax, which of the following statements is most correct? Select one: a. Income tax is only paid by individuals and companies b. The...
- Q Carney Company manufactures cappuccino makers. For the first eight months of 2019, the company reported the following operating results while operating at 80% of plant capacity: ...
- Q What increases the basis of a partner's partnership interest?
- Q If XYZ's shares trade ex-rights at $51.75, carry a subscription price of $48 a share, and can be purchase by shareholders in a ratio of 5 rights per share, XYZ's...
- Q Which of the following transactions is considered unearned revenue? I. Salaries that employees have earned but not received II. Management fees received in advance III. Newspaper advertising that has been...
- Q Cole Electronikz, Inc., also distributes computers produced by a national manufacturer. Cole guarantees its products for the period from the date of purchase to the end of the year of...
- Q Statement of cash flowsindirect method Instructions Labels and Amount Descriptions Statement of Cash Flows Instructions The comparative balance sheet of Del Ray Enterprises Inc. at December 31, 2016 and 2015,...
- Q 8. A. Prepare an income statement for the month ended July 31, 20Y2. Be sure to complete the statement heading. If a net...
- Q Suppose that ABC Corp and XYZ Inc are looking to borrow $350,000 and can issue 2-year debt at the following market rates: Firm ...
- Q Miley Block is a building consultant. Shown below are (a) several accounts in her ledger with each account preceded by an identification number, and (b) several transactions completed by Block....
- Q The financial statements of Dobson Ltd are provided below.Dobson Ltd. Balance Sheet as at 30 June 20212020Assets$000 $000 Cash at bank6030Trade receivables250218Allowance for doubtful debts(50)(42)Inventories450480long term investments1010Building - at cost600600Accum depreciation- buildings(90)(60)Plant & equipment...
- Q Define accounting standards?
- Q The sales budget for Modesto Corporation shows that 36,000 units of Product A will be sold in the current month and 40,000 units will be sold next month. Beginning inventory...
- Q WARRIORS Company sold 3,000,000 boxes of strawberry-cheese pie mix under a new sales promotional program. Each box contains one coupon, in which 10 coupons, submitted with P4 entitles the customer...
- Q The Pop Cap Company sells goods to a third party via an agent. During 2020 Pop Cap supplies the agent with goods with a sales value of P200,000. The agent...
- Q A municipality was granted certain land for use as a playground. The property's estimated acquisition value was $400,000 at the time of the grant. Subsequently, all land in the neighborhood...
- Q A company purchased $11,400 of merchandise on June 15 with terms of 3/10, n/45, and FOB shipping point. The freight charge, $1,200, was added to the invoice amount. On June...
- Q A cabinet set selling for RM10,000 cash was purchased through an instalment plan in which a 15% down payment was made. The buyer had to make 24 monthly payments of...
- Q Statement of Advice 1 – Prepare a tax return for an entity (Australian private company) (10 marks for technical and calculation accuracy and relevance and 10 marks for writing...
- Q Peter and Lois are considering investing in a new cutting and assembly machine in anticipation of the increased demand for kitchen units. If they were to buy the machine now...
- Q Under a periodic inventory system, if inventory at the start of the period is $15 000, purchases for the period are $73 000 and inventory at the end of the...
- Q Assume that on September 1, 2021, Stars & Stripes Ltd. a U.S. company, makes a sale of computers to Indra Ltd. a Spanish customer. The sales price is $1,500,000. Indra...
- Q On May 1, 2019, V company had a machine. Related dataAcquisition Cost 2,450,000Installation Cost 50,000Estimated Residual Value 100,000Estimated Useful Life 5 yearsOn September 1, 2020 the management decided to place...
- Q Suppose that today you buy an 7% annual coupon bond for $870. The bond has 10 years to maturity. Three years later, the YTM on your bond has increased by...
- Q What is the present value of the following cash flow stream if the interest rate is 4%? year 1 cash f $270year 2 cash f $470year 3 cash f $370
- Q We dig out the following for Company A for the month of May. The company uses FIFO and the perpetual method of inventory. Date Description Units / $sMay 1 Beg....
- Q At the beginning of current year, Jade Company purchased a new machine for P4,800,000 andleased it to East Company the same day.The machine has an estimated 12-year life and will...
- Q 30-year FRM loan of $100,000 is issued at an annual interest rate of 5.50% with monthly amortization. However, the borrower is required to pay 2 discount points. What is the...
- Q Melissa Corporation had the following details of output VAT and input VAT in a month: Output VAT - 680,000; Input Vat on exempt sales - P P120,000; Input VAT on...
- Q Sam Malone Legend Limited (SMLL) is considering the introduction of a new product but it will be in competition with its existing products. The relevant details relating to the new...
- Q Below are the accounts of Grace Real Estate in alphabetical order: Accounts Payable $23,100 Accounts Receivable $17,200 Capital $30,900 Cash $28,400 Expenses = $20,000 Furniture and Fittings $18,000 Land & Buildings $37,900 Revenue= $63,500 Salaries payable $4,000 Required: Calculate total Equity
- Q In 2020, Pop Construction Corp. began work on a contract for $ 3,700,000. Other details follow: 2020Costs incurred during the year....................................................................$ 1,800,000Estimated costs to complete as of...
- Q PT ABC, a construction equipment supplier, uses the allowance method for bad debts.The transactions made include the following: Feb 1 : Selling goods on credit to PT Anita Rp 8,000,000....
- Q The Hanwell Company acquired a 30% equity interest in The Northfield Company for P400,000 on 1 January 2019. In the year to 31 December 2019 Northfield earned profits of P80,000...
- Q Cruz sold a certain property for P100,000. At the time of sale, the property had a fair value of P500,000. The property was previously acquired at cost of P40,000. For...
- Q Q1 From the following information, calculate cash flow from operating activities:Summary of Cash Account for the year ended March 31, 20X1Particulars ` Particulars `To Balance b/d 1,00,000 By Cash Purchases...
- Q 1. Fluff and Puff, a dog grooming service, is calculating its standard direct labor rate. The direct labor rate is $14.00 per hour. The company incurs payroll tax expense of...
- Q On March 1, 2016, A and B invested in its first year of operations the following cash: A, P480,000 and B, P240,000. The partners agree to allocate profits and losses...
- Q A company has the following fixed asset data:Cost: $500,000Accumulated depreciation: $200,000Book value: $300,000Useful life: 10 yearsResidual value: $50,000Requirements:(a) Calculate the annual depreciation expense using the straight-line method. (b) Determine the...
- Q KNICKS Company sells portable DVD players for P12,000 each and offers to each customer a 3-year service contract for an additional P4,800. During 2021, the company sold 800 DVD players...
- Q Company X acquires Company Y for $2,000,000. The fair value of Company Y's identifiable net assets is $1,500,000.Requirements:(a) Calculate the goodwill arising from the acquisition. (b) Prepare the journal entry...
- Q The Tough Jeans Company produces two different styles of jeans, Working Life and Social Life. The company sales budget estimates that 400,000 of the Working Life jeans and 250,000 of...
- Q Brian Corporation Information is given below:Fixed manufacturing overhead in beginning inventory = $45,000Fixed manufacturing overhead in ending inventory = $52,500 VariableManufacturing overhead in beginning inventory = $14,250 VariableManufacturing overhead in...
- Q The manufacturing cost of Carrie Industries for the first three months of the year are provided below:Total CostProductionJanuary93,300 2,300 unitsFebruary115,5003,100March79,5001,900Using the high-low method, determine the following: Round to the nearest...
- Q A borrower holds a FRM mortgage at the interest rate of 7% with a current balance of $250,000 that will mature in 20 years. With the current low rates, he...
- Q Simon sold goods to Lawrence for $2200 including GST. Lawrence paid his account within the discount period and received a settlement discount of 2%. Assume GST of 10%. Using the...
- Q On February 3, Smart Company sold merchandise in the amount of $4,300 to Truman Company, with credit terms of 3/10, n/30. The cost of the items sold is $2,970. Smart...
- Q CAB company uses standard costing systems. The following information relates to standard costs for one unit of product 'Zee':Direct material 80 lb @$2 per lbDirect labour 1.25 hours @$16 per...
- Q a. Palmer Corp. issued callable bonds with a face value of $200,000 and a coupon rate of 6%. The bond matures in 4 years and pays interest semi-annually. The market...
- Q At the beginning of current year, Evita Company entered into an 8-year finance lease forequipment.The entity accounted for the acquisition of the finance lease at P5,000,000 which included aP200,000 purchase...
- Q Hannah, an administration manager of a catering supply company, was authorised by her general manager to order various equipment that would be needed by their restaurant customers. Her budget was...
- Q The sales budget for Modesto Corporation shows that 21,000 units of Product A and 23,000 units of Product B are going to be sold for prices of $11 and $13,...
- Q XYZ Company purchased a machine on January 1, 2022, for $150,000. The machine has an estimated useful life of 5 years and a residual value of $10,000. Using the double-declining...
- Q Explain the accounting principle of materiality?
- Q Assume the following date for Water and Sewer Enterprise Fund after preliminary closing entries have been prepared. The CFO asks your assistance in allocating the assets and liabilities to the...
- Q Melissa received an 8-year subsidized loan of $22,000 at an annual interest rate of 4.2%. What are Melissa's monthly loan payments for this loan when she graduates in 1 year?
- Q A nonprofit organization has the following transactions:Contributions received: $200,000Program expenses: $150,000Administrative expenses: $30,000Fundraising expenses: $20,000Requirements:(a) Prepare the statement of activities. (b) Calculate the program expense ratio. (c) Determine the fundraising...
- Q A company has incurred the following environmental costs:Pollution control equipment: $100,000Waste disposal: $50,000Environmental fines: $20,000Research and development for cleaner technology: $30,000Requirements:(a) Classify the environmental costs as capital or operating expenses....
- Q A company has the following data for decision-making:Fixed costs: $100,000Variable costs: $10 per unitSelling price: $20 per unitMaximum production capacity: 20,000 unitsRequirements:(a) Calculate the break-even point in units. (b) Determine...
- Q A government entity has the following transactions:Property tax revenue: $500,000Capital grant received: $200,000General government expenses: $400,000Capital outlay: $250,000Requirements:(a) Prepare the statement of revenues, expenditures, and changes in fund balances. (b)...
- Q A company enters into a forward contract to buy 1,000 units of a commodity at $50 per unit in 6 months. The current market price is $52 per unit.Requirements:(a) Determine...
- Q Which of the following audit procedures is a dual-purpose test? A. Conduct analytical review to determine the reasonableness of the bad debt allowance. B. Observe error message when incorrect customer...
- Q Any tips/tricks on calculating the different types of overhead variances?
- Q Days Past Due Customer Balance Not Past Due 1-30 31-60 61-90 91-120 over 120 Subtotals 553,900 307,500 132,900 60,900 20,500 18,300 13,800 ...
- Q 4) For each of the transactions listed below, indicate whether it is an investing (I) or financing (F) activity on the statement of cash flows. Also, indicate if the transaction...
- Q La Marietta Company tiene costos fijos de $40 000 y los costos variables son el 75% del precio de venta. Para obtener ganancias de $10 000 a partir de las...
- Q Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget...
- Q Books and Brew (BB) is a large city bookstore that sells books and music CD's, and also has a cafe. Prioe to this year, BB uses a single-driver system to...
- Q enter formulas in all cells that contain question marks. For example, in cell B30 enter the formula "=B19". Notes: In the text, variances are always displayed as positive...
- Q Required information Skip to question [The following information applies to the questions displayed below.] Stevens's Sandwich Shop had the following long-term asset...
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