Accounting question and answers for November 14, 2023
- Q 1. Cash Sales $25000 2. Credit sales to ubaid $8000 3. Cash purchase $4000 4. Credit purchase from Abdullah $11000 5. Goods returned to Abdullah $500 6. Ubaid returned goods...
- Q Please assist with the following question. Thanks Swifty Company reported the following amounts in the stockholders equity section of its December 31, 2019, balance sheet. Preferred stock,...
- Q X Company, a merchandiser, had the following transactions in August: Borrowed $24,000 from a bank. Bought equipment costing $9,900, paying the manufacturer $5,800 in cash and promising to pay the...
- Q Wang Company accumulates the following adjustment data at December 31. For each item, indicate the (1) type of adjustment (prepaid expense, unearned revenue, accrued revenue, or accrued expense) and (2)...
- Q Cuando una empresa cobra el valor nominal de un? inversin a largo plazo en bonos en? madurez, ________. A. los activos totales y el patrimonio de la empresa permanecen...
- Q On December 31,2023, Green Bank enters into a debt restructuring agreement with Troubled Inc., which is now experiencing financial trouble. The bank agrees to restructure a...
- Q Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2 for $31,000 and then sells this inventory on account on March 17...
- Q Sol Pine pide prestado $8,200 por un ao con un inters del 11 por ciento. Cul es la tasa de inters efectiva si se descuenta el prstamo? (No redondee los...
- Q Acct 200 Critical Thinking Assessment Fall 2021 Robert L. Browne is CFO of Western Resources, Inc. The company specializes in the exploration and development of natural gas. Its...
- Q SCENARIO In May of the current year, your employer received a PIER report from the CRA that identified Canada Pension Plan (CPP) contribution deficiencies for employees in the...
- Q The accrual method must be used when calculating income from rental property True False
- Q A company's fiexible budget for 24.000 units of production showed sales, $93.600; variable costs, 531,200 and fixed costs, $14,000. The variable costs expected if ehe company produces and sells 14,000...
- Q On the first day of the fiscal year, a company issues a $5,100,000, 7%, 6-year bond that pays semiannual interest of $178,500 ($5,100,000 7% ), receiving cash of...
- Q The concept of free cash flow is to measure the amount of cash that a company generates A) from its operations that is in excess of cash required to maintain...
- Q from the following transactions for maggie co., when appropriate, journalize (sales journal and cash payments journals), record, post and prepare a schedule of accounts receivable. all sales terms are 2/10,...
- Q Create an income statement for each of the three methods
- Q Commonwealth Devices makes three wearable fitness devices at its Lake Plant: CFit-1, CFit-2, and CFit-Xtra. The company has for many years allocated overhead to products using machine-hours. Last...
- Q indicate what accounting standard ifrs, or aspe a proprietorship should use? indicate what accounting standard ifrs, or aspe a partnership should use? indicate what accounting standard ifrs, or aspe a...
- Q On November 1, 2021, New Morning Bakery signed a $204,000, 6%, six-month note payable with the amount borrowed plus accrued interest due six months later on May 1, 2022. New...
- Q 2. Yoda owns an apartment building that he actively manages. For 2021, the property produced a tax loss of $18,000. How much of this loss can Yoda deduct on his...
- Q In 2018, company AlpahBites generated a total revenue of $125,000 with $500,000 of total assets on the company's financial statements. The total overall expense for the fiscal year was recorded...
- Q How does cost accounting become easier in a just-in-time environment?
- Q Diaz Company owns a milling machine that cost $125,200 and has accumulated depreciation of $91,900. Prepare the entry to record the disposal of the milling machine on January 3 under...
- Q A credit entry will: A) Increase an asset account B) Increase an expense account C) Increase a revenue account D) Decrease a liability account
- Q No modification for nonbusiness deductions is made on a NOL as long as: A) The NOL is carried forward to a future year. B) Real estate tax paid is the...
- Q 4-40 Andreasen Corporation manufactures thermostats for office buildings. The following is the cost of each unit. ...
- Q Qu afirmaciones son ciertas sobre las cuentas de ingresos? Pregunta de seleccin mltiple. Aumentan con las entradas de crdito. Disminuyen con los asientos de dbito. Normalmente tienen un saldo acreedor....
- Q journalize the December transactions using a prepetual inventory system. Cash Accounts Receivable Inventory Supplies Equipment Debit $7,200 5,300 12,500 1,300 22,000 $48,300 Accumulated Depreciation...
- 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 Engberg Company installs lawn sod in home yards. The companys most recent monthly contribution format income statement follows: Amount Percent of...
- Q 20. (LO5) A CA resident taxpayers federal AGI is $84,500. The federal AGI includes a taxable California income tax refund of $2,100. The taxpayer also has City of Denver interest...
- Q The following information is available for a manufacturer. Compute the direct labor rate and efficiency variances and label them as favorable (F) or unfavorable (U). Actual direct labor cost (6,250...
- Q Which of the following acts prohibits discriminating in hiring, firing, promoting, compensating, or in any other condition of employment on the basis of race, color, religion, sex, or national...
- Q Case 18-5 Ride Along In early 2001, Ride Along Corporation (Ride Along or the Company), a domestic company that does not meet the definition of a public business entity, began...
- Q In its proposed 2020 income statement, Hrabik Corporation reports income before income taxes $507,000, income taxes $162,240 (not including unusual items), loss on operation of discontinued music division $59,000, gain...
- Q Relevant Costs for Equipment Replacement Decision Health Scan, Inc. paid $50,000 for X-ray equipment four years ago. The equipment was expected to have a useful life of 10 years from...
- Q When is a taxpayers work assignment in a new locale temporary? Permanent? What difference does it make?
- Q Which of the following would never be classified as a long-term investment? a. strategic investments cross out b. trading investments cross out c. investments in associates cross out d. bonds...
- Q the company operates three departments shareholders relation, customer support, and legal. The shareholder relations department conducts a variety of aecices for shareholders
- Q Question-1 In the General Journal of Krywa TV Service, record the adjusting entries for the three-month period ending March 31,2021. ...
- Q Which would not be an example of an absolute advantage? a. Mexican garment industry b. Saudi oil industry c. Brazil coffee bean industry d. canadian timber industry...
- Q UCONN Group has the following items in its equity section of the balance sheet: Common Stock 5,000,000 shares authorized, 1,200,000 issued $6,000,000 Capital Surplus $3,600,000 Treasury Stock on Common...
- Q How is the accounting cycle different for a merchandising operation, as compared to a service business? How do the asset, revenue and expense accounts differ? How does the multi-step income...
- Q A company had stock outstanding as follows during each of its first three years of operations: 2,000 shares of 8%, $100 par, cumulative preferred stock and 32,000 shares of $10...
- Q On January 1, 2016, Cayce Corporation acquired 100 percent of Simbel Company for consideration transferred with a fair value of $148,500. Cayce is a U.S.-based company headquartered in...
- Q Evaluate Stephen Moehrle article 2010) on response to the Financial Accounting Standards Board's and International Accounting Standard Boatd's Joint Discussion paper Entitled preliminary views on Financial Statement Presentation.
- Q Calculating Departmental Overhead Rates Using Post-Allocation Costs Valron Company has two support departments, Human Resources and General Factory, and two producing departments, Fabricating and Assembly. Support Departments Producing Departments Human...
- Q The balance sheet for AJAX Cleaners Inc. appears below: AJAX Cleaners Inc. Balance Sheet Assets: December 31, 2021 Cash $400 Accounts receivable 460 Supplies 10 Prepaid insurance 60 Equipment $400...
- Q Use the following information to prepare the statement of cash flows for 2023 using the indirect method. XYZ Inc. Statement of Financial Position As at...
- Q Jackson Company es una corporacin pblica cuyas acciones con valor nominal de 1 dlar se negocian activamente a 46 dlares por accin. La empresa emiti 5.000 acciones para adquirir un...
- Q The year-end statement of financial position of Jackson Products Limited, includes the following shareholders' equity section (with certain details omitted): ...
- Q Vizzini Company produces an automotive part. The part consists of three purchased raw materials (A, B, and C) that cost $0.40, $0.35, and $0.15 cents per unit, respectively. Parts A...
- Q Intangible Assets (LO. 10) On April 18, 2020, Petros buys all the assets of Brigids Muffler Shop. Included in the purchase price of $293,000 is a payment of $20,800 to...
- Q 9. What sources of information should an auditor look at in determining whether to accept a new client? Why is it important that the auditor make the acceptance decision...
- Q Lopez Company received $6,400 on April 1, 2017 for one year's rent in advance and recorded the transaction with a credit to Rent Revenue. The December 31, 2017 adjusting entry...
- Q Until the end of year 0, Magic Carpets (MC) was a C corporation with a calendar year. At the beginning of year 1 it elected to be taxed as an...
- Q Which of the following does not represent a financial transaction? a.A company hires an employee to start next month b.A company purchases equipment on credit c.An organization exchanges cash for...
- Q Hair Care Inc. is a wholesaler of hair supplies. Hair Care uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: ...
- Q Ryan Company acquired 70% of Garcia Company for $475,000 on January 1, 2021. Garcia reported common stock of $250,000 and retained earnings of $180,000 on that date. Equipment was undervalued...
- Q STU Ltd is considering purchasing a new machine to improve its manufacturing efficiency. Three machines are under review. The details of estimated yearly expenditure and sales are provided below. All...
- Q Gardner Company expects sales for October of $255,000. Experience suggests that 40% of sales are for cash and 60% are on credit. The company collects 50% of its credit sales...
- Q Ms. Santana is single and over 65 years old. She received the following income in 2020:Interest from certificates of deposit$3,000Tax-exempt interest6,000Taxable dividends5,000Taxable pension15,000Wages from consulting work9,000Social Security14,000She did not have...
- Q An employee has been earning $18/hr and regularly works 100 hours each monthly pay period. Due to the completion of union negotiations, as of October 1st, she will now earn...
- Q Ruby, a partner in a small but busy audit firm, was approached to perform an audit for gbox Ltd while attending a function where she met the managing director of...
- Q On December 1, 2024, Jackson, Inc. has 350,000 of $3 par Common Stock issued and Paid - in Capital in Excess of Par - Common balance of $10,000. Jackson purchased...
- Q During 2019, KUYA WIL CORP. issued 10,000 shares of P100 par value convertible preference share for P110 per share. One preference share can be converted into 3 shares of KUYA...
- Q ANDY CORP. received the following donations during the year 2020: a) Land from WENCY INC., parent of the entity, with a fair value on the date of transaction amounting to P550,000. b)...
- Q An entity purchases goods for P250,000 under a special credit period of 1 year. The seller normally sellsgoods for P220,000 with a credit period of one month or 5% discount...
- Q Ritter Tire Warehouse Company had a high volume truck and passenger car tire business in Hamilton, Ontario (area population 500,000). Jay Lock, the chief accountant, was a long-time trusted employee...
- Q Hayoos Ltd, an NZX listed company, engaged KGMP to perform its annual audit. KGMP conducted the audit competently and in full compliance with all relevant auditing and ethical standards. On...
- Q Carley just received her CPA designation and is very excited to have been hired as a controller by Canada Medical Supplies Inc. (CMS). On their last financial statements CMS showed...
- Q The statement of financial position of Pineapple Company shows cash of P237,390. The following items were found to comprise this amount: Cash in Metrobank, per bank statement (outstanding checks as...
- Q Mikaela Flower Shop Inc. purchased a motor vehicle in 2019 for the use its manager, Mike. It was registered under Mike's name. The cost of the vehicle was P400,000. The...
- Q Manitoba Factory makes metal pipes for building. The company's accountant likes to estimate overhead costs for the year 2022. To help him understand how costs behave in the company's manufacturing...
- Q Meredith is an employee of a large company. They are very interested in the betterment of the health of all employees. The company has a health facility on its premises...
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