Accounting question and answers for November 13, 2023
- Q Using the following categories, indicate the effects of the following transactions. Indicate the accounts affected and the amounts. A. During the period, customer balances are written off in...
- Q A,.Which of the following shows how acquiring cash from the issue of common stock will affect a companys financial statements? Balance sheet Income Statement Statement...
- Q How did you calculate acquired use of buildings by lease?
- Q why is analytics important in accounting. how you use it in the field?
- Q Matthews Produce harvests and sells Florida oranges. Matthews has hired you to determine its return on investment (ROI) based on both net book value (NBV) and gross book value (GBV)....
- Q The Zoe Corporation has the following information for the month of March: Cost of direct materials used in production $15,307 Direct labor 23,962 Factory overhead 39,475 Work in process inventory,...
- Q Open a new thread on the discussion board. Many product markets in the United States are monopolisticaly competitive due to the use of product differentiation. What is product differentiation?...
- Q Pittman Company is a small but growing manufacturer of telecommunications equipment. The company has no sales force of its own; rather, it relies completely on independent...
- Q Wildhorse Inc. had beginning inventory of $11,900 at cost and $21,000 at retail. Net purchases were $140,679 at cost and $183,000 at retail. Net markups were $10,900, net...
- Q Santiago Manufacturing Company began operations on January 1. During the year, it started and completed 2,000 units of product. The company incurred the following costs: 1. Raw materials purchased and...
- Q I rectified my balance sheet and my totals match with the ones you provided in the answer but I'm still missing something. Can you please help me?...
- Q compute the present value of an $1600 payment made in ten yrs when the discount rate is12 percent . do not round intermediate calculations, rd your ans to 2 decimals...
- Q Do parent corporations generally prefer to file consolidated tax returns with their subsidiaries as opposed to filing separate returns? Why or why not?
- Q Which is not a trend in small business start-ups? a. emergence of E-Commerce b. better survival rates c. crossover from medium business d. Opportunities for minorities...
- Q The balance sheet for Tactex Controls Inc., provincially incorporated in 2021, reported the following components of equity on December 31,2022. Tactex Controls Inc.Equity Section of the Balance SheetDecember...
- Q Epworth Corporation is subject to tax only in State A. Epworth generated the following income and deductions: Federal taxable income $38,000 ...
- Q _________________________________ - these normally arise from the issuance of long-term debt, the payment of long-term debt and the issuance (sale) of stock to investors.
- Q What are the three conditions that must be proven for an auditor to be found negligent under tort law? Based on a review of the...
- Q The trial balance shows a building worth 10,000,000. It has a salvage value of 150,000 and useful life of 10 years. If the building was purchased on March 1, 2015,...
- Q Chicago Acoustics builds innovative loudspeakers for music and home theater systems. Consider the following costs: Identify the costs as variable or fixed. Indicate V for variable costs and F for...
- Q ABC Company Inc. informa su contabilidad en base devengada. Qu deben hacer si no han recibido una factura trimestral antes de fin de mes? * Nada, espera a que...
- Q The premium tax credit is potentially available to which of the following taxpayer? A taxpayer who
- Q Canova Corporation adopted the dollar-value LIFO retail method on January 1, 2016. On that date, the cost of the inventory on hand was $20,000 and its retail value was $25,000....
- Q Ursula Chang works as a Senior Account Manager for Decorous Stone and Tile (Deco), a Canadian public company. Her responsibilities include selling tiling products to various retailers...
- Q Suppose that a new car wash facility requires an investment of $100,000 and either has even cash flows of $50,000 per year. What is the Payback Period: A. 4 years...
- Q Completing this activity will help you learn to: Determine amounts in a job order cost accounting system for a manufacturing business. Extract information from a data set using...
- Q Micro Company issued 10 year bonds on January 1, 2019. The face value of the bonds is $300,000. The stated interest rate on the bonds is 8 percent. The market...
- Q A company prepares the following journal entry. In posting this transaction to T-accounts, which of the following will be required? Date Account Title Debit Credit March 1 Cash 5,000 Service...
- Q Koontz Company manufactures a number of products. The standards relating to one of these products are shown below, along with actual cost data for May. ...
- Q True Corporation, a wholly owned subsidiary of Trumaine Corporation, generated a $400,000 taxable loss in its first year of operations. True's activities and sales are restricted to State A, which...
- Q James owes a balance due on his 2017 federal tax return. What could prevent him from using IRS Direct Pay? A. James owes back taxes for a prior year, B....
- Q Blue Spruce Company reported 2023 net income of $157,000. During 2023, accounts receivable increased by $14,400 and accounts payable increased by $9,900. Depreciation expense was $48,000. Prepare the cash flows...
- Q TOPIC 1st 1/. ABC is considering two mutually exclusive investment projects which have a shelf life of two years. The cash flows of the...
- Q Discuss reasons for the adverse/unfavourable for Direct Material and Labour Rate variances and provide recommendations
- Q How do you think Boeing would record the purchase of new manufacturing equipment that will be used for several years
- Q Which federal tax return does an LLC (Limited Liability Company) file? Multiple Choice Form 1120S It depends upon how the LLC chooses to be treated for tax purposes Form 1065...
- Q 19. Fashion Retailers, Inc.s income statement for the year ended December 31, 20X8 included the following accounts: Sales.$60,000,000 Cost of goods sold$36,000,000 Selling expenses (total)..$7,000,000 General and administrative expenses.$3,000,000 Income...
- Q An auditor wishes to detect a possible understatement of sales. The auditor would most likely trace transactions from the Group of answer choices Sales journal to the cash receipts journal....
- Q Sparkling Company had inventories during year 2022 as follows: January December Raw materials 450,000550,000 Goods in process 500,000420,000 Finished goods 650,000520,000...
- Q 14. Sailing" is the name of a small sculpture created by an artist, Tessa.The owner of the sculpture sold the sculpture and recognized a gain of $45,000. Which of the...
- Q Dempsey Railroad Co. is about to issue $306,000 of 9-year bonds paying an 12% interest rate, with interest payable semiannually. The discount rate for such securities is 10%. ...
- Q On July 1, 2020, Crane Company purchased machinery for $230000. Salvage value was estimated to be $9000. The machinery will be depreciated over ten years using the double-declining balance method....
- Q a) Write about the 4 sentence types based on the clauses they contain and give examples. b) Give the four possible structures of the simple sentence. Provide...
- Q Since you enrolled an EI but did not file a claim you are now not allowed to exit the EI program. True or False?
- Q Nord Stores perpetual accounting system indicated ending inventory of $20,400, cost of goods sold of $102,000, and net sales of $154,000. A year-end inventory count determined goods costing $15,200 were...
- Q Answer this correctly.Consider the following balance sheet. Balance Sheet - Seagate Technology (in millions)7/1/2022 Assets: Current assets: Cash & cash equivalents...
- Q Roberto Company uses a perpetual inventory system. On December 1, the company purchased $3,300 of merchandise for cash
- Q Melanie is the president and major shareholder of Macklin Bridge, Inc. She has been asked to stand for election as a director of National Concrete, Inc., a manufacturer of concrete...
- Q What are the conditions that must be satisfied for a non-current asset to be reclassified as held-for-sale?
- Q When switching from traditional costing to ABC, how are the product costs of both high and low volume products usually affected?
- Q Tax atlributes can be defined as_______ a.Carryforwards of credits and deductions that are eliminated completely when cancellation of debt has been excluded. b. Carryforwards of credits and deductions that...
- Q The following condensed income statements of the Jackson Holding Company are presented for the two years ended December 31, 2021 and 2020: 2021...
- Q Sarah Fleming has two Class 1 rental properties that are both subject to a 4% CCA rate. Property 1 has a UCC balance at the beginning of the year of...
- Q What is the amount of the prepares penalty for understating of tax liability (willful or reckless)? $250 per violation up to a maximum of $25,500 per tax preparer. $500 per...
- Q how does the comparability characteristic affect accounting for inventory?
- Q from the given options, select all functions that are power functions y=1.3x ^2 y=-x/5 y=4x+6 y=9 y=2^x
- Q I need line 17 of form 4562"17 MACRS deductions for assets placed in service in tax years beginning before 2022" Assume the taxpayer does NOT wish to...
- Q This year, Justin B.s share of S corporation income includes $5,300 of interest income, $6,950 of dividend income, and $46,500 of net income from the corporations professional service...
- 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 Assume that the standard cost to make one finished unit includes 2 hour of direct labor at $8 per hour. During August 22,000 direct labor-hours were worked, 10,500 units of...
- Q Employers usually pay employees: Employers usually pay employees: All of the answer choices are correct. Weekly Biweekly Monthly Semimonthly
- Q assume smart touch learning had 2 tablets in its beginning inventory, each with a cost of $300 each. on January 5, smart touch learning purchase 5 tablets at a cost...
- Q Jax Recording Studio purchased $6,000 in electronic components from Music World. Jax signed a 60-day, 12% promissory note for $6,000. Music World's journal entry to record the sales transaction is:...
- Q 1.Why doesn't the type of decision-making process a consumer uses stay constant?2.Even though some airlines target business clientele, is the decision to use these carriers more like a business purchasing...
- Q Which of the following is the correct calculation for the break-even point in units? A) contribution margin per unit divided by sales B) contribution margin ratio divided by sales...
- Q Ahad owns a used car dealership. For every car he sells, he offers a three-year or 36,000-mile warranty. During this period, he promises to fix any and all defects specified...
- Q The use of the master budget allows management to appraise new policies before they are put into effect. True False
- Q 4.What is the operating cycle of the following company given the following? Stock cycle12 days Trade debtors cycle18 days Trade creditors cycle20 days ...
- Q If a taxpayer sells their personal residence and purchases a new residence, all or part of the realized gain may be recognized. Truc O False
- Q Hardy Companys cost of goods sold is consistently 70% of sales. The company plans ending merchandise inventory for each month equal to 30% of the next months budgeted cost of...
- Q environmental cleanup costs are typically blank, sunk cost, deferred cost, marginal cost of production or opportunity cost
- Q Required information Skip to question [The following information applies to the questions displayed below.] Raner, Harris and Chan is a consulting...
- Q 6. There are four method of creating company accounts in Sage Pastel Partner. State the four methods and the simpliest method you would use and why
- Q Why would anyone be interested in the statement of cash flows? You must post one original response and respond to another post to receive full credit for the discussion forum.
- Q Sachin has always lived in Quebec and is ready to file his 2023 personal income tax returns. He feels that he is heavily taxed and has stated...
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