Accounting question and answers for November 13, 2023
- Q a correcting entry is the same as the adjusting entry for errors when
- Q 44. When a corporation buys back shares of its stock from investors it is reported as _______________ in the Equity Section of the Balance Sheet. This account...
- Q Ivanhoes Custom Construction Company is considering three new projects, each requiring an equipment investment of $22,880. Each project will last for 3 years and produce the following net annual cash...
- Q Required information Skip to question [The following information applies to the questions displayed below.] "I thought lean production was supposed to make us more efficient" commented Ben Carrick,...
- Q ABC Companys budgeted sales for June, July, and August are 15,400, 19,400, and 17,400 units, respectively. ABC requires 30% of the next months budgeted unit sales as finished goods inventory...
- Q Scott Co. paid $2,800,000 to acquire all of the common stock of Dawn Corp. on January 1, 2020. Dawns reported earnings for 2020 totaled $512,000, and it paid $160,000 in...
- Q 1- Is the amount of tax expense reported by a company the same as the amount of taxes payable to the IRS? Explain. 2- what is the rule for loss...
- Q The following income statement is for X Company's two products, A and B: Product A Product B ...
- Q Question 1) Refer to the following cash receipts and cash payments, clearly state which one is cash flow from operating activities (OCF +/-), or investing activities (ICF +/-) or financing...
- Q Company overview: You have been appointed as one of the auditors for this company. The business has one main branch in the city and despite all its competitors...
- Q JBL Aircraft manufactures and distributes aircraft parts and supplies. Employees are offered a variety of share-based compensation plans. Under its nonqualified stock option plan, JBL granted options to key officers...
- Q A company receives $120,000 for a 2-year subscription service. The service is provided evenly over the period.Requirements:(a) Calculate the deferred revenue at the end of the first year. (b) Prepare...
- Q Barga Company's net sales for Year 1 and Year 2 are $660,000 and $749,000, respectively. Its year-end balances of accounts receivable follow: Year 1, $61,000; and Year 2, $90,000. a....
- Q The R.J. Ramboldt Co. paid dividends of $1,400, interest of $800, and taxes of $2,100 for the year. The tax rate is 35 percent and the depreciation expense is $500...
- Q Tortilla's, Inc. manufactures electronics. It consists of several divisions operating as profit SBU's. Division A desires to purchase materials from Division B at a price of $85 per unit. Division...
- Q Verizon Manufacturing Company spent $400,000 in 2019 to inspect incoming components. Of the $400,000, $240,000 is fixed appraisal costs. The variable inspection cost is $0.20 per component. It takes two...
- Q Briefly explain the difference between liquidity, solvency, and profitability analysis.
- Q The purchase of an office building by issuing long term notes payable should be reported as a what?
- Q Blossom Curtin borrowed $31,000 on July 1, 2022. This amount plus accrued interest at 5% compounded annually is to be repaid on July 1, 2027. Click...
- Q Please provide a Cash flow statement, a balance sheet and an income statement. Year 2 Using the information below and assuming FIFO for inventory, prepare a list of the appropriate...
- Q Lincoln & Associates is a law firm specializing in labor relations and employee-related work. It employs 30 Professionals (5 partners and 25 associates) who work directly with its clients. Previously...
- Q Restaurant La Jolie Vache purchased equipment on January 1, 2018 for $70,000. The asset is expected to last for four years, at which time the estimated residual value will be...
- Q Using financial reporting as an example, what potential problems might the existence of multiple certification types present to coffee purchasers?
- Q Sunland Companys record of transactions for the month of April was as follows. Purchases ...
- Q Littleton Ltd collected the $60 a customer owed him from a previous credit sale. The product that he sold had cost $35. Which of the following is not true regarding...
- Q Case #1 Sienna Corporation is preparing budgets for the upcoming quarter ending June 30. Budgeted sales (in units) for the next five months are: ...
- Q You were assigned as an accounting consultant to review, analyze and evaluate the accounting documents and records of the following two companies, namely Jacky Limited and Orange Limited. ...
- Q Una empresa compr $1,800 en mercanca el 5 de julio con trminos 2/10, n/30. El 7 de julio, devolvi mercancas por valor de 200 dlares. El 28 de julio pag...
- Q Application & Analysis Exercise Blink Ltd is seeking to expand its share of the mens products market and has negotiated to acquire the operations of...
- Q Ski West, Inc., operates a downhill ski area near Lake Tahoe, California. An all-day adult lift ticket can be purchased for $85. Adult customers also can purchase a season pass...
- Q A double line drawn under the figures in a money column shows that the computation is complete. True False
- Q Instructions: A. ) Download file of BIR Form 1801 Version 2018 at www.bir.gov.ph (Links to an external site.) or print the Form. B.) Input ALL the necessary information in the...
- Q Solomon, Inc. is preparing budgets for the quarter ending Sep 30. Budgeted sales for the next five months are: Jun 12,000 units Jul 15,000 units Aug 20,000 units Sep 25,000...
- Q Green Corporation uses the allowance method for estimating uncollectible accounts. Prepare journal entries to record the following transactions: (10 marks) a. Jan 5, sold merchandise to Eric for $2,500, terms...
- Q Which of the following is not deductible as an Itemized Deduction if paid in the current year. A: Personal Property Taxes B: Real Estate Taxes C: Special Assessment Taxes...
- Q OutToGetYou, Corp. uses the following standard costs to produce each unit of output of their product: Standard Price (or Rate) ...
- Q Rate established when bonds are issued that maintains a constant value for interest expense as a percentage of bond carrying value in each interest period.
- Q A, B, and C have partnership capital account balances of $150700, $299100, and $69100, respectively. The profit-sharing ratio is A,50%; B,40%; and C,10%. A wishes to withdraw from...
- Q Reed company paid $80,000 to acquire 30% of the outstanding common stock of Jo Inc on 12/31/16. Jo reported total net income 30,000 and paid total cash dividends of $10,000...
- Q You are constructing a building for a client who is in control of the asset during the term of the contract. So as a brilliant accountant you already know, since...
- Q I have to identify some raw materials and also intirect materials in the prodcution of the NERDS candy. For raw mateirals i have things such as sugar, corn starch and...
- Q For most profitable companies, the return on total assets will be less than: a. the rate earned on sales. b. the rate earned on total...
- Q Crane Company has a unit selling price of $520, variable costs per unit of $130, and fixed costs of $220,350. Compute the break-even point in units using (a) the mathematical...
- Q 9.In April, your calendar year company pays $1,200 for 1 years rent that you recorded in Prepaid Rent. If you do not record an adjusting entry at year end,...
- Q Pharoah Company produces two products: Standard and Deluxe. The company uses an activity-based costing system. Pharoahproduced 9700 units of Standard and 3700 units of Deluxe. The company uses two activity...
- Q Edelstein Company had the following data for the year: Units in process at the beginning of the month 4,000 Units in process at the end of the month 10,000 Units...
- Q Five Measures of Solvency or Profitability The balance sheet for Garcon Inc. at the end of the current fiscal year indicated the following: Bonds payable, 8% $1,600,000...
- Q Observations are taken on sales of a certain mountain bike in 20 sporting goods stores. The regression model was Y = total sales (thousands of dollars), X1 = display floor...
- Q What is the insurance significance of the incoterms? Does it have anything to do with the insurable interest doctrine? Say that you bought a life insurance policy against the...
- Q chapter 7 The Walt Disney Company (DIS) is a global entertainment company that is organized into four business segments as follows: Media Networks: Television production and distribution, including ABC...
- Q Top management at Hancock explained to the consultant that a difficult business environment for the firm in 2018 and 2019 had caused the firm to reduce its...
- Q Smithers is a self-employed individual who earns $33,000 per year in self-employment income. Smithers pays $2,100 in annual health insurance premiums (not through an exchange) for his own...
- Q Multi Data Inc. received its bank statement for the period ended 31st December, 2006. This did not agree with the balance shown in the cash book of $10,400 in the...
- Q Choose the item that most accurately and completely describes a predetermined overhead rate. Group of answer choices Actual indirect manufacturing costs Under-applied or over-applied indirect manufacturing costs Actual indirect manufacturing...
- Q Breton Corporations Longboat divisions segment margin as a percentage of net sales is 12% for the current reporting period. The division has net sales revenue of $2,500,000. Operating assets were...
- Q Entries for Cash Dividends The declaration, record, and payment dates in connection with a cash dividend of $90,100 on a corporation's common stock are July 9, August 31, and October...
- Q Question 4: A company had a $51 000 net loss for 2019. A dividend of $19 000 was paid during the year and depreciation expense for 2019 was $14 000....
- Q Hi, I need the Ratio Analysis for Amazon. The analysis should be a good and detailed one. Please help me Profit Margin is 4.33% for 2018% and 4.13 in...
- Q Q1 You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door opening device. The president has asked that you review the companys costing system...
- Q A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations: Selling price $95 ...
- Q Manama Company provided the following information for the next year 2018: Statements January February March Projected...
- Q The Dubs Division of Fast Company (the parent company) produces wheels for off-road sport vehicles. Dubs has two products, 1 and 2. The two products only differ in how they...
- Q Sachs Brands' defined benefit pension plan specifies annual retirement benefits equal to: 1.6% service years final year's salary, payable at the end of each year. Angela Davenport was...
- Q Steven Garcia will deposit $24700 into an account today that earns 12% per year compounded annually. Using the following factors, what is the amount that will be in the account...
- Q Office Salaries Expense, Other Office Expenses, and Depreciation ExpenseOffice Equipment: on the basis of the gross sales in each department. 4. Uncollectible Accounts Expense: on the basis of net sales...
- Q lifo is wrong
- Q Delph Company uses a job-order costing system and has two manufacturing departmentsMolding and Fabrication. The company provided the following estimates at the beginning of the year: ...
- Q Abdur Rahman metal products ltd makes special metal parts used in applications. The activity based costing system of the company have identified the following activity cost pools. Measures...
- Q 11.36points eBookHintReferences Check my workCheck My Work button is now enabled Item 6 A building is acquired on January 1 at a cost of $930,000 with an estimated useful...
- Q 1. Factory Overhead Volume Variance Venneman Company produced 14,000 units of product that required 4 standard hours per unit. The standard fixed overhead cost per unit is $0.95 per hour...
- Q Exercise 9-07 Windsor Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. Item No. Quantity...
- Q Rogers Ltd. has entered into a contract beginning in February 2020 to build two warehouses for ocean Ltd. The contract is a non-cancellable fixed price contract for $9.4 million. The...
- Q Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Direct materials 7.8 kilos $5.00 per...
- Q The following inventory transactions apply to Green Company for Year 2: Jan. 1 Purchased 260 units @ $ 9 ...
- Q On September 1, your calendar year companypays $12,000 for 1 years rent that you debit toPrepaid Rent. At year end, what adjusting entry will you record? a.Prepaid Rent4,000 Rent...
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