Accounting question and answers for November 13, 2023
- Q Jerry's Hardware sells a range of bulk commodities such as sand, soil, gravel and the like. For these bulk commodities the periodic inventory system is used. A stocktake is conducted...
- Q The Pub Company purchased a tract of land for P12,000,000 and incurred an additional cost of P3,000,000 during the remainder of the year in preparing the land for sale. The...
- Q Given the information below for StartUp Co., compute the expected share price at the end of 2020 using price ratio analysis. (Do not round intermediate calculations. Round your answer to 2...
- Q Due to a weak local economy, business is slow at the Haymen House, a 300-room property owned by the Haymen family. Last month's ADR was $159.00. Occupancy was 58.5 percent—...
- Q Joe contributes depreciable equipment with a tax basis of $80,000 and FMV of $150,000 in a transaction that qualifies for section 351. Assume the original basis of the equipment was...
- Q During the year the City's Self-Insurance Internal Service Fund billed the General Fund $600,000 for "premiums," of which $60,000 was for catastrophic losses and the balance was the premium computed...
- Q In 2018, Susan Christian transferred a machine with a fair market value of $30,000 and an adjusted basis of $40,000 to JPC Corporation in return for 60 shares of stock....
- Q On September 1, 2020 Wymans Corp acquired Delta Corp for a cash payment of $975,000. At the time of the purchase the fair value of Delta's assets were $900,000 and...
- Q Products in an automotive store consist of the following: 100 car floor mats delivered on January 10 at a cost of $20 each and 150 car floor mats delivered on...
- Q Ambrose Company has only 25,000 hours of machine time each month to manufacture its two products. Product X has a contribution margin of $50, and Product Y has a contribution...
- Q James Harry is a trader who sells all of his goods at 25 per cent above cost. His records give the following information at 31 December 2021:Inventories at 1 January...
- Q The following are comparative financial statements of Excellent Marketing Pte Ltd:Excellent Marketing Pte Ltd Comparative Income Statements For the year ended 31 December,202120202019Sales298,200249,000215,700COGS108,89084,26266,200Gross Profit189,310164,738149,500Selling Expenses34,02029,68527,000Administrative Expenses25,14021,91523,550Total Expenses59,16051,60050,550Profit before tax130,150113,13898,950Income tax...
- Q On January 1. Year1. Residence Company issued bonds with a $60 000 face value The bonds were issued at104 resulting in a 4% premium. They had a 20 year tern...
- Q Sprint Nextel Corporation (S) has $17.7 billion in total debt (which approximates its market value.) Each year this debt costs the company about $1.5 billion in interest expense. The company's...
- Q Using the following Shareholders equity to answer the following questions.in $ amount31-DEC-20Stockholders' Equity:Common Stock; 150,000 shares issued$ 37,500Additional Paid-in Capital$ 7,312,500Treasury Stock; 12,400 shares$ (446,400)Retained Earnings$ 985,400What is the par...
- Q Still Love Enterprise produces and sells old hits records players and has two divisions, Hit and Miss. Currently the Miss Division buys a part from the Hit Division for $984....
- Q Below are accounts taken from the financial statements of Sherry Co. at December 31, 2022.Retained earnings (beginning of year) $28,800Utilities expense ...
- Q A Hong Kong firm has a debt-equity ratio of 61 %, a total asset turnover of 1.40, and a profit margin of 8.8 %. The total equity is $672,500. What...
- Q What is the total standard cost for the month?Labour efficiency variance$6,000 unfavourableActual variable manufacturing overhead costs$34,650Variable overhead efficiency variance$2,000 favourableUnits produced8,500Standard labour rate per direct labour hour$13Standard variable overhead rate...
- Q The following independent problems occurred at a medium-sized auditing firm for the year ended 31 December 2020: The overdraft according to the bank statement amounted to R7 800. Outstanding cheques and outstanding...
- Q A company purchased inventory worth $10,000 on credit. The terms of the credit are 30 days with a 2% cash discount if paid within 10 days. The company decides to...
- Q Kap and Ner are partners who share profits and losses in the ratio of 70:30%, respectively. Pak's salary is Php 50,000 and Php 25,000 for Ner. The partners are also...
- Q Suppose the City of St. George, Utah, decides to assist residents by installing sidewalks in their neighborhood. Construction will be financed by cash provided from a ten-year, 4 percent, serial...
- Q Nadia Company's pricing structure has been established to yield a gross margin of 30%. The following data pertain to the year ended December 31, 2021 Sales1,000,000Inventory, January 1500,000Purchases400,000Inventory, per actual count...
- Q After the accountant of Stallone Retailers had prepared the financial statements for the year ended 31 December Year 6, the following errors came to light:1. A motor van purchased for...
- Q A cinema business owner wants to evaluate if there is a potential difference in interest in three cinema locations based on the previous month’s attendance rate. Cinema 1 has recorded...
- Q The Anna Corporation buys equipment on September 1, Year One, for $88,000 with a ten-year expected life and an estimated residual value of $10,000. The asset is depreciated using the...
- Q Eddie Corporation is considering the following three investment projects (Ignore income taxes.):Project CProject DProject EInvestment required$ 12,000$ 51,000$ 96,000Present value of cash inflows$ 13,830$ 69,630$ 110,960Calculate the profitability index of...
- Q Ten years ago, Jose, Inc. earned $0.50 per share. It's earnings this year were$6.20. What was the growth rate in earnings per share (EPS) over the 10 yearperiod?2. If money...
- Q The company purchased a piece of machinery for $50,000 with an estimated useful life of 5 years and no residual value. The company uses a straight-line depreciation method. What would...
- Q Over the past two years Fred has experienced financial difficulty and he is currently being pursuedby creditors. Fred owes $809,000 to 8 different creditors (some of these are secured creditors...
- Q Bottle Division of TJR Company makes bottles that can either be sold to outside customers or transferred internally. Last month, the Soda Division bought 3,000 from the Bottle Division for...
- Q A jewelry store has the following watches in stock: 30 Seiko watches at a cost of $200 from supplier #1 and 40 units of a similar model Seiko from supplier...
- Q Bluey Inc. is considering purchasing a new machine for $340,000. The new machine would save the company $80,000 per year in operating costs and would have a 4-year useful life,...
- Q What is the change in net working capital during 2018?20172018Sales$2,900$3,300COGS2,0302,310Interest410420Dividends5679Depreciation290330Cash250150Receivables242412Current liabilities9001,100Inventory1,015900Long-term debt3,2003,100Net fixed assets6,0005,700Tax rate34%34%
- Q Given are the profitability ratios of Cherry Corp. for the year ended December 31, 2021:Return on sale 5%Return on assets 10%Return on equity 25%1. What is the debt-to-equity ratio of...
- Q On July 1, 2019, Sheffield Corp. issued 9% bonds in the face amount of $12400000, which mature on July 1, 2025. The bonds were issued for $11859948 to yield 10%,...
- Q ABC Organization sold stock worth $10,000 to a client using a loan. The particulars of the deal are 2/10, net 30. The client pays the receipt inside the rebate period.a)...
- Q A Panjab firm has a net income of $34,000 which provides a 14% return on assets. The firm has a debt-equity ratio of .40. What is the return on equity?
- Q Blaine was employed by the Acme Corporation to repair air conditioners. While working at an office one day, Blaine saw a secretary suffer a heart attack. He called for medical...
- Q Kwon Ltd, a valued client of Elite Consultancy, is currently facing significant challenges in securing a key component, KL15, that is essential to the production of all four of its...
- Q Which of the following is the best example of a substantive procedure? A. Examining a sample of cash disbursements to test whether expenses have been properly approved B. Confirming balances...
- Q Which one of the following is not included in the cost of inventory? Select one: a. Selling price b. Insurance for goods shipped in transit to warehouse,...
- Q This problem is about eating a cake of uncertain size. Consider an economy that begins at time 0 with a proven oil reserve (already found and is ready to be...
- Q On January 1, 2014, the Horton Corporation issued 10% bonds with a face value of $200,000. The bonds are sold for $192,000. The bonds pay interest semiannually on June 30...
- Q Department M had 2,400 units 55% completed in process at the beginning of June, 13,300 units completed during June, and 1,200 units 35% completed at the end of June. The...
- Q Sheridan Company signed a lease for an office building for a period of 13 years. Under the lease agreement, a security deposit of $10,200 is made. The deposit will be...
- Q qop partnership reported 42000 net ordinary income, 5000 interest, 600 charitable contribution, 18000 section 179 deduction. pat is ageneral partner who owns 20%, received 12,000 guaranteed paymENT AND 0 DISTRibutions....
- Q Tony and Suzie graduate from college in May 2021 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking...
- Q Chhom Corporation makes a product whose direct labor standards are 0.8 hours per unit and $37 per hour. In November the company produced 7,800 units using 5,740 direct...
- Q Skye issued 5-year bonds with a par value of $1,000,000 on January 1, 2022. The bonds pay interest semi-annually on June 30 and December 31 for the life of the...
- Q Marshall Corporation makes a special-purpose D4H machine used in the textile industry. Marshall has designed the D4H machine for 2021 to be distinct from its competitors. It has...
- Q The job costing system at Sheri'sSheri's Custom Framing has five indirect cost pools (purchasing, material handling, machine maintenance, product inspection, and packaging). The company is in the process of bidding...
- Q Evelyn has rental income of $47,500 and passive income of $16,750. She also has $142,500 of losses from a real estate rental activity in which she actively participates. Evelyns AGI...
- Q Use the following information to answer questions 1-3: January February March April Cash Sales $40,000 $35,000 $25,000 $30,000 Credit Sales $120,000 $110,000 $90,000 $100,000 20% of the credit sales are...
- Q High Step Shoes had annual revenues of $204,000, expenses of $113,200, and dividends of $25,600 during the current year. The retained earnings account before closing had a balance of $316,000....
- Q a) Write about the 4 sentence types based on the clauses they contain and give examples. 3 marks b) Give the four possible structures of...
- Q The Green Thumb Gardener is a retail store that sells plants, soil, and decorative pots. On December 31,20X1, the firm's general ledger contained the accounts and balances that...
- Q The production department of Zan Corporation has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year: 1st...
- Q As we all know, COVID-19 disrupted supply chains around the globe. During this unprecedented global pandemic, supply chains began to quickly crumble. Choose a company that suffered issues with inventory...
- Q Shanae is single and works full-time. In 2023, Shanae paid child care expenses of $8,161 for someone to care for her dependent child (age 2) so that she could work....
- Q Bramble Corp. applied FIFO to its inventory and got the following results for its ending inventory. Cameras 108 units at a cost per unit of $68 Blu-ray players 175 units...
- Q Consider a two-good, two-country economy. Under autarky, Home takes 48 million of unskilled labor and 40 million of skilled labor to produce 8 million of apparel. Home takes 16...
- Q The general ledger of the Karlin Company, a consulting company, at January 1,2024, contained the following account balances: Account Title Debits Credits Cash...
- Q What is the Total equity attributable to the parent and Profit Attributable To Owners Of Parent meaning ?
- Q Painted Pottery Sold Inventory for $280,000 terms 5/10, n/30. cost of goods sold was $163,000. How much sales revenue will painted Pottery report from the sale? a. 163,000 b. 280,000...
- Q Amy purchased an office building for her business several years ago for $580,000 (including $100,000 for land), and the sales tax is $10,280. Legal fees are $5,000. She paid $25,800...
- Q Stratford Company distributes a lightweight lawn chair that sells for $30 per unit. Variable expenses are 20% of sales, and fixed expenses total $595,200 annually. Required: Answer the...
- Q Is Anyone Listening? The Berman Company enjoys a reputation as a good place to work. The company strives to provide quality services for clients. Situation 1:...
- Q On April 1, 20X0, your company sublets office space to Babin, Co. for $1,000 a month on a lease that runs from April 1, 20X0 to November 30, 20X0....
- Q The more uncertain the future, the less the desirability of budgeting. True False
- Q Which entities are subject to Earnings Per Share guidance within the Codification?
- Q In incremental analysis, only relevant costs are considered when making a decision among alternatives. Explain what relevant costs are, Would these include only variable costs? Explain.
- Q Firm D has net income of $74,000, sales of $1,500,000, and average total assets of $786,000. Calculate the firm's margin, turnover, and ROI. Firm E has net income of $192,000,...
- Q Case 7 Atlas Publishers sells magazine subscriptions. Its managers are considering a large promotional campaign in which it will award prizes of P10 million. Other costs associated with campaign follow:...
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