Accounting question and answers for November 14, 2023
- Q CORP. declared P1,800,000 cash dividends to its preference and ordinary shareholders out of its profits in 2018. No dividends have been declared since 2015. FIVE's shareholders' equity before dividend declarations...
- Q Mary and John are both Marketing managers at the same company. This month, Mary has spent $2,000 over her budget, and John is $3,000 below budget. Mary has been over...
- Q Ali borrows $239,000 to buy a house on March 1. The bank quotes the mortgage rate of 7.75 percent. The loan repayment schedule is asking for the payment to be...
- Q TINCTURE Company granted 300 share appreciation rights to each of the 500 employees on January 1, 2020. The rights are due to vest on December 31, 2023 with payment being...
- Q AHA CORP.'s equity as of December 31, 2014 is P354,000. AHA's shares have a par value of P10 per share. The following transactions occurred in 2015: February 15: Dividends of...
- Q Tesla's Model 3 is currently priced at $35,000. The price is expected to rise by 3% a year. If your local bank offers 10% interest on your deposit, how much...
- Q Upon inquiry about the financials we learned book depreciation was 200,000 while tax depreciation was 500,000! We believe this book depreciation number is appropriate for E & P purposes! We...
- Q Yoyo reported the following amounts in its financial statements:Financial Statement for Year Ended Dec. 31202020212022(a) Cost of Goods Sold$123,000$202,000$129,600(b) Net Income182,000110,000195,000(c) Total Current Assets728,000702,000747,000(d) Retained Earnings1,225,0001,489,0001,616,000In making the physical counts...
- Q The following donations were received during the year 2018 by NOBITA CORP.: • Received a track of land from a rich entrepreneur on May 4, 2018, with a fair value...
- Q On December 1, 2020, Pack Corp. purchased a building and machinery for a combined cost of $350,000. Pack paid $100,000 down in cash and financed the remaining $250,000 through issuing...
- Q Which of the following is not a cash inflow? Select one: a. Sale of fixed Assets b. Decrease in account payable c. Issue of shares d. Decrease in account receivable
- Q Sue invested $6,600 in the ABC Limited Partnership and received a 10 percent interest in the partnership. The partnership had $23,200 of debt she is not responsible to repay because...
- Q Harinder originally reported $39,750 as his adjusted gross income on his 2020 Form 1040. He received another Form W-2 for $500 after he filed his original income tax return. Which...
- Q If a transaction is to be recorded in a special journal, select "Entered in special journal" in the first account field. Otherwise, prepare the general journal entry. Prepare a journal...
- Q Captain America finally got tired of saving the world and so he retired in May 2017. After a couple of months doing nothing, he concluded that he was bored so...
- Q Denton Company manufactures and sells a single product. Cost data for the product are given: Variable costs per unit: Direct...
- Q The Fowlerville Fowls minor league baseball team are considering building a new stadium. They will only do so if their Senior Financial Analyst determines building the stadium would have a...
- Q On Jan. 1, 2020, Faris Inc. acquired an automobile for a recently hired salesperson who will use the car for both employment and personal purposes. Purchasing the car cost $56,000,...
- Q 10.30 (LO 5) Calculating transfer prices (CMA adapted) Marlys Consolidated has several divisions, two of which transfer their products to other divisions. The Mining division refines toldine, which it then...
- Q A perpetual inventory system would likely be used by a
- Q The company Easy Does It ,manufactures unpainted furniture and sells a childs rocking chair for $20. Production costs are $10 variable and $2 fixed. Easy Does It...
- Q The accountant at Fidel Trading has received the November 2010 bank statement. She immediately investigates the difference between the bank account balance of the cash book and the balance of...
- Q The estimated unit cost for a company to produce and sell a product at a level of 15,000 units per month are as follows: Direct cost $88 Direct labor 72...
- Q On June 30, Caroline, Inc. finished Job 750 with total job costs of $4,800 and transferred the costs to Finished Goods Inventory. On July 6, Caroline sold goods from job...
- Q When the auditors have chosen to test a control, what relationship will the tolerable rate normally have when compared to the expected rate of deviations in the sample? Multiple Choice...
- Q Music Teachers, Inc., is an educational association for music teachers that has 19,800 members. The association operates from a central headquarters but has local membership chapters...
- Q Randy Inc. purchased $300,000 of athletic shoes on credit on April 15. On May 31, Randy asked for financial assistance from its supplier because it could not pay the bill...
- Q AccuBlade Castings Inc. casts blades for turbine engines. Within the Casting Department, alloy is first melted in a crucible, then poured into molds to produce the castings. On May 1,...
- Q TB MC Qu. 7-30 (Algo) Oakton Furniture provided the following... Oakton Furniture provided the following information relevant to its sales for December Year 1 and the first quarter of Year...
- Q Adirondack Waterpark sells half of its tickets for the regular price of $70. The other half go to senior citizens and children for the discounted price of $50. Variable cost...
- Q Suppose Siam Traders has the following results related to cash flows for 2017: Decrease in Debt of $700,000 Dividends Paid of $500,000 Purchases of Property, Plant, & Equipment of $8,300,000...
- Q JJPluxem manufactures and sells one product, Sefram 7 a digital security system for commercial properties. Each system sells for $2,000 and the variables costs are $800 per unit. Fixed...
- Q Morganton company makes one product and it provided the following information to help prepare the master budget: a. The budgeted selling price per unit is $70. Budgeted unit sales for...
- Q Which of the following plays an important role in all field audits? Adjustment Verification of income Filing status Tax Credits
- Q The following transactions took place for Titanic Corporation, a public company that must adhere to IFRS: 2019 Jan 1 Acquired 62,500 Iceberg Inc common shares, at $20 per share. At...
- Q Q5. Calculate the Return on Investment (RoI) for the distributor given the following data: Ganesh is distributor of Jockey. His Jockey business has a monthly turnover of Rs. 8 crore...
- Q The accounting records of EZ Company provided the data below. Net income $ 50,000 Depreciation expense 7,000 Increase in inventory 1,500 Decrease in salaries payable 800 Decrease in accounts receivable...
- Q GCL Ltd. Produced and sold 15, 000 school bags during the financial year 2020-21. The average selling price per bag is 110. The companys variable cost for manufacturing...
- Q Which of the following concepts relates to the elimination or minimization of inventories by a manufacturing firm? Quick response Just-in-time Just-in-case Specific identification
- Q Variable costs are typically considered to be __________ in decision making. irrelevant ...
- Q Strategies to gain a competitive advantage include product differentiation and: A. low-cost leadership. B. building brand loyalty. C. developing superior products. D....
- Q A 20 - A company made the following merchandise purchases and sales during the month of July: July 1 Beginning Inventory 75 units at $25 eachJuly 3 Purchased 348 units...
- Q On January 1, 2021, Farmer Fabrication issued stock options for 400,000 shares to a division manager. The options have an estimated fair value of $7 each. To provide additional incentive...
- Q On Tuesday morning, an investor takes a long (Buy) position in a India Rupees futures contract that matures on Thursday afternoon. The agreedupon price is INR 72.5 = 1 USD...
- Q Which of the following elements is NOT necessary in a valid lease? A. Consideration B. Capacity to contract C. Offer and acceptance D. Statute of Frauds disclaimer Please...
- Q Identify a specific consumer product that you or your family have used for quite some time. This might be a branded smartphone (if you have used several versions over the...
- Q If you were to purchase merchandise from a retailer located in the Village of Arlington Heights in 2021, the retailer would add 10% to the retail price of the...
- Q Norfolk Sporting Goods purchases merchandise with a catalog list price of $15,117. The retailer receives a 28% trade discount and credit terms of 2/10, n/30. What amount should Norfolk debit...
- Q Whatisataxassessmentandwhyareassessmentsimportant?Briefly explain DiscusstheATOsapproachtomonitoringtaxcompliance.Provide the explanation. Don't provide answers using Chat GPT.
- Q CORPORATE FINANCE Key Bank lends $4.500.000 for 14 years at 8% compoundee uarterly to Rengen Biomedical to fund
- Q Organization support activities, we check different types of support that can be offered to the customer. Describe the characteristic actions of a humanized service that help in maintaining excellence in...
- Q SBW Goalposts Ltd leases a truck from the NZRU Bank so that it can deliver goalposts to its customers on 1 July 2015. Lease payments of $23,000 are required annually...
- Q Gilsan Corporation relevant range of activity is 4,000 units to 8,000 units. When it produces and sells 6,000 units, its average cost per unit is as follows: AVERAGE COST...
- Q Prueba de la ley tributaria federal de 2023 para profesionales de la Circular 230- Escenario 3: Luther y Lexi Lincoln - Pregunta 3 de 4. Notas de la...
- Q will give thumbs up!! Answer the following question: Is it correct to say that shareholder wealth is measured by EPS? Why or why not? Explain your answer in a minimum...
- 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 how many ways can you invest into a business?
- Q Assume that 1,000 units of product are flowing through your production process and are now at the 60 percent completion point as to labor. Prepare a written explanation about the...
- Q General Motors Company recently implemented an ABC system to improve cost allocation accuracy and enhance decision-making processes. The ABC implementation involves extensive data collection, including direct costs, indirect costs, and...
- Q Netflix, Inc. acquired filming equipment for $3,500,000 on May 1st, 2021. The equipment is expected to have a useful life of 6 years with no residual value. Netflix, Inc. follows...
- Q Company: Procter & Gamble Company (P&G)ItemAmount (in millions)Net Sales$76,120Cost of Goods Sold (COGS)$36,080Gross Profit$40,040Operating Expenses$22,500Operating Income$17,540Net Income$13,020Total Assets$122,000Total Equity$65,000Questions:Calculate P&G’s gross profit margin.Determine the operating profit margin.What is the net...
- Q Apple Inc. operates multiple manufacturing facilities worldwide. The company's management aims to allocate overhead costs to each facility accurately for performance evaluation. The cost accountant gathered data on various cost...
- Q Company: Pfizer Inc.ItemAmount (in millions)Cash and Cash Equivalents$22,000Accounts Receivable$15,000Inventory$7,500Total Current Assets$55,000Property, Plant, Equipment$40,000Total Assets$120,000Accounts Payable$8,000Short-term Debt$3,000Total Current Liabilities$15,000Long-term Debt$20,000Total Liabilities$50,000Total Equity$70,000Questions:Calculate Pfizer's current ratio.Determine Pfizer's quick ratio (acid-test ratio).What is...
- Q Visa Inc. provided the following financial data for the fiscal year ending September 30, 2023: Total Revenue of $27,510 million, Operating Expenses of $8,950 million, and Net Income of $14,820...
- Q Company: Goldman Sachs Group, Inc.ItemAmount (in millions)Net Sales$45,140Cost of Goods Sold (COGS)$25,100Gross Profit$20,040Operating Expenses$12,900Operating Income$7,140Net Income$4,150Total Assets$990,000Total Equity$95,000Questions:Calculate Goldman Sachs’ gross profit margin.Determine the operating profit margin.What is the net...
- Q Pfizer Inc. reported the following financial information: Total Revenue of $92,000 million, Cost of Goods Sold (COGS) of $40,000 million, Operating Expenses of $25,000 million, and Net Income of $20,000...
- Q Doffen Company acquired software licenses for $100,000 on July 1st, 2023. The licenses have an expected useful life of 4 years with no residual value. Doffen Company uses the straight-line...
- Q Amazon.com, Inc. operates a global e-commerce platform and follows the revenue recognition principle to determine when to recognize revenue from its sales transactions. Consider the following scenario for the fiscal...
- Q HIJ Ltd. is considering the purchase of one of two new pieces of equipment. The company's cost of capital is 13% and the tax rate is 31%. Below are the...
- Q Company: Intel CorporationItemAmount (in millions)Net Income$15,100Depreciation and Amortization$8,800Change in Working Capital$-2,000Cash Flow from Operating Activities$21,900Capital Expenditures$12,000Cash Flow from Investing Activities-$12,500Cash Flow from Financing Activities-$4,400Beginning Cash Balance$5,000Ending Cash Balance$10,000Questions:What is Intel’s...
- Q JPMorgan Chase & Co. provided the following financial data for the year ending December 31, 2023: Total Assets of $3,743,000 million, including Cash and Cash Equivalents of $1,200,000 million and...
- Q Company: Walmart Inc.ItemAmount (in millions)Revenue$572,754Cost of Goods Sold (COGS)$426,900Gross Profit$145,854Operating Expenses$100,200Operating Income$45,654Interest Expense$3,000Income Tax Expense$10,500Net Income$32,154Questions:What is Walmart's gross profit margin?Calculate Walmart's operating profit margin.Determine Walmart's net profit margin.If Walmart’s...
- Q For the fiscal year ending December 31, 2023, Mastercard Incorporated reported the following financial data: Total Revenue of $22,890 million, Operating Expenses of $6,710 million, and Net Income of $12,130...
- Q For the fiscal year ending December 31, 2023, Berkshire Hathaway Inc. reported the following financial information: Total Revenue of $365,080 million, Operating Expenses of $280,620 million, and Net Income of...
- Q WXY Corporation is evaluating two exclusive investments. The company's cost of capital is 13% and the tax rate is 27%. The details are given below:ParticularsInvestment CInvestment DCost of investment14,00,00016,50,000Expected life5...
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