Accounting question and answers for November 14, 2023
- Q Apple Inc. manufactures iPhones. The total production cost for the month of July amounted to $1,000,000. The company's cost accountant provided the following cost data:Variable Costs: $500,000Fixed Costs: $300,000Mixed Costs:...
- Q QRS Corporation is planning to purchase one of two machines. The company's cost of capital is 15% and the tax rate is 29%. Below are the details:ParticularsMachine YMachine ZCost of...
- Q Starbucks Corporation is considering launching a new coffee blend. The cost accountant conducted a break-even analysis to determine the minimum sales volume required to cover both variable and fixed costs....
- Q Company XYZ purchased a building for $5,000,000 on May 1st, 2020. The building has a useful life of 40 years with no salvage value. According to the objectivity principle, discuss...
- Q TUV Ltd. is considering the purchase of two different machines. The company's cost of capital is 10% and the tax rate is 32%. Details are as follows:ParticularsMachine MMachine NCost of...
- Q Perry & Company bought equipment for $200,000 on June 1st, 2022.The equipment has a useful life of 5 years with no salvage value.Perry & Company initially used the double-declining balance...
- Q Amazon.com, Inc. acquired warehouse machinery for $4,000,000 on June 1st, 2022.The machinery has an anticipated useful life of 8 years and no salvage value.Amazon.com, Inc. follows the straight-line depreciation method.Determine...
- Q For the fiscal year ending December 31, 2023, Google, a subsidiary of Alphabet Inc., reported the following financial data: Total Revenue of $230,540 million, Cost of Goods Sold (COGS) of...
- Q Universal Company acquired a patent for $800,000 on October 1st, 2021. The patent has an estimated useful life of 10 years. According to the conservatism principle, should Universal Company consider...
- Q Tesla, Inc. reported the following figures for the year ending December 31, 2023: Total Revenue of $81,462 million, Cost of Goods Sold (COGS) of $47,232 million, Operating Expenses of $14,500...
- Q Company: JPMorgan Chase & Co.ItemAmount (in millions)Cash and Cash Equivalents$1,200,000Accounts Receivable$85,000Inventory$0Total Current Assets$1,325,000Property, Plant, Equipment$70,000Total Assets$3,743,000Accounts Payable$15,000Short-term Debt$20,000Total Current Liabilities$45,000Long-term Debt$300,000Total Liabilities$3,100,000Total Equity$643,000Questions:Calculate JPMorgan Chase's current ratio.Determine JPMorgan Chase's quick...
- Q Netflix, Inc. reported the following financial figures for the fiscal year ending December 31, 2023: Total Revenue of $30,940 million, Cost of Goods Sold (COGS) of $10,760 million, Operating Expenses...
- Q Company: Alibaba Group Holding LimitedItemAmount (in millions)Revenue$109,480Cost of Goods Sold (COGS)$61,400Gross Profit$48,080Operating Expenses$22,000Operating Income$26,080Interest Expense$1,200Income Tax Expense$5,800Net Income$19,080Questions:What is Alibaba's gross profit margin?Calculate Alibaba's operating profit margin.Determine Alibaba's net profit...
- Q Company Mellow purchased land for $1,000,000 on March 1st, 2022.According to the cost principle, should Company Mellow record any depreciation expense for the land on its financial statements? Justify your...
- Q The Coca-Cola Company reported the following financial figures for the fiscal year ending December 31, 2023: Total Revenue of $37,820 million, Cost of Goods Sold (COGS) of $14,930 million, Operating...
- Q Company: Microsoft CorporationItemAmount (in millions)Revenue$198,270Cost of Goods Sold (COGS)$59,850Gross Profit$138,420Operating Expenses$50,000Operating Income$88,420Interest Expense$2,100Income Tax Expense$16,300Net Income$70,020Questions:What is Microsoft's gross profit margin?Calculate Microsoft's operating profit margin.Determine Microsoft's net profit margin.If Microsoft’s...
- Q FGJ Corporation is planning to invest in one of two projects. The company's cost of capital is 11% and the tax rate is 27%. Project details are given below:ParticularsProject EProject...
- Q NVIDIA Corporation invested $6,000,000 in new manufacturing equipment on October 1st, 2021. The equipment is projected to last for 10 years without any salvage value. NVIDIA Corporation employs the straight-line...
- Q Amazon.com, Inc. provided the following financial information for the fiscal year ending December 31, 2023: Total Revenue of $555,230 million, Cost of Goods Sold (COGS) of $340,150 million, Operating Expenses...
- Q For the fiscal year ending December 31, 2023, General Electric Company (GE) reported the following figures: Net Income of $5,500 million, Depreciation and Amortization of $4,000 million, and a change...
- Q KLM Enterprises is evaluating two exclusive projects. The company's cost of capital is 12% and the tax rate is 30%. The details are as follows:ParticularsProject GProject HCost of project20,00,00024,00,000Expected life6...
- Q Walmart Inc. is contemplating introducing a new product line in its stores. The cost accountant conducted a detailed CVP analysis to assess the potential profitability of the new product line....
- Q Apple Inc. invested $3,000,000 in new office furniture on January 1st, 2023. The furniture is projected to last for 7 years without any salvage value. Apple Inc. utilizes the straight-line...
- Q NOP Ltd. is considering two potential investments. The company's cost of capital is 14% and the tax rate is 25%. Details are provided below:ParticularsInvestment XInvestment YCost of investment23,00,00027,00,000Expected life5 years5...
- Q BCD Enterprises is evaluating the purchase of two machines. The company's cost of capital is 10% and the tax rate is 29%. Project details are as follows:ParticularsMachine CMachine DCost of...
- Q Alphabet Inc. (Google) invested $5,000,000 in new research and development equipment on August 1st, 2023. The equipment is expected to last for 9 years without any salvage value. Alphabet Inc....
- Q Amazon.com, Inc. operates five distribution centers across different regions. The company's management wants to allocate overhead costs to each distribution center accurately to evaluate their performance. The cost accountant gathered...
- Q McDonald's Corporation provided the following financial information for the fiscal year ending December 31, 2023: Total Revenue of $45,560 million, Operating Expenses of $29,820 million, and Net Income of $10,050...
- Q Ford Motor Company manufactures automobiles and uses standard costing to evaluate performance. The cost accountant compared actual costs to standard costs and identified variances in direct materials, direct labor, and...
- Q Company: Facebook, Inc. (Meta Platforms, Inc.)ItemAmount (in millions)Cash and Cash Equivalents$16,000Accounts Receivable$11,000Inventory$0Total Current Assets$45,000Property, Plant, Equipment$39,000Total Assets$160,000Accounts Payable$5,500Short-term Debt$2,000Total Current Liabilities$10,000Long-term Debt$11,000Total Liabilities$35,000Total Equity$125,000Questions:Calculate Facebook's current ratio.Determine Facebook's quick ratio...
- Q Google LLC, a multinational technology company, follows the cost principle for its accounting practices. Consider the following scenario for the fiscal year ending December 31st, 2023:Google made several significant purchases...
- Q PepsiCo, Inc. provided the following financial information for the fiscal year ending December 31, 2023: Total Revenue of $79,450 million, Cost of Goods Sold (COGS) of $34,780 million, Operating Expenses...
- Q Company: Coca-Cola CompanyItemAmount (in millions)Net Sales$42,345Cost of Goods Sold (COGS)$17,200Gross Profit$25,145Operating Expenses$10,200Operating Income$14,945Net Income$9,500Total Assets$87,300Total Equity$34,500Questions:Calculate Coca-Cola’s gross profit margin.Determine the operating profit margin.What is the net profit margin?Compute the...
- Q Johnson & Johnson reported the following financial figures for the fiscal year ending December 31, 2023: Total Revenue of $95,460 million, Operating Expenses of $72,350 million, and Net Income of...
- Q For the fiscal year ending December 31, 2023, Exxon Mobil Corporation reported the following financial figures: Total Revenue of $311,980 million, Operating Expenses of $271,450 million, and Net Income of...
- Q Company: Apple Inc.ItemAmount (in millions)Revenue$394,328Cost of Goods Sold (COGS)$213,963Gross Profit$180,365Operating Expenses$50,527Operating Income$129,838Interest Expense$3,600Income Tax Expense$20,000Net Income$106,238Questions:What is Apple's gross profit margin?Calculate Apple's operating profit margin.Determine Apple's net profit margin.If Apple’s...
- Q The Home Depot, Inc. reported the following financial data for the fiscal year ending January 31, 2023: Total Revenue of $144,950 million, Cost of Goods Sold (COGS) of $95,780 million,...
- Q Microsoft Corporation purchased server equipment for $2,500,000 on April 1st, 2024. The equipment is projected to last for 6 years without any salvage value. Microsoft Corporation employs the straight-line depreciation...
- Q Company: ExxonMobil CorporationItemAmount (in millions)Net Income$23,040Depreciation and Amortization$10,000Change in Working Capital$-1,500Cash Flow from Operating Activities$31,540Capital Expenditures$15,000Cash Flow from Investing Activities-$16,000Cash Flow from Financing Activities-$5,000Beginning Cash Balance$4,500Ending Cash Balance$15,040Questions:What is ExxonMobil’s...
- Q Intel Corporation reported the following financial data for the fiscal year ending December 31, 2023: Total Revenue of $85,670 million, Cost of Goods Sold (COGS) of $40,250 million, Operating Expenses...
- Q Facebook, Inc. purchased computer servers for $3,200,000 on March 1st, 2022.The servers have a useful life of 5 years with no salvage value.Facebook, Inc. applies the straight-line depreciation method.Calculate the...
- Q Tesla Motors produces three models: Model S, Model 3, and Model Y. The company has identified four activity cost pools and their respective cost drivers as follows:Activity Cost Pools:Setup costsMaterial...
- Q Company: McDonald's CorporationItemAmount (in millions)Cash and Cash Equivalents$4,500Accounts Receivable$1,200Inventory$100Total Current Assets$9,800Property, Plant, Equipment$38,000Total Assets$50,000Accounts Payable$1,600Short-term Debt$2,000Total Current Liabilities$10,200Long-term Debt$25,000Total Liabilities$38,800Total Equity$11,200Questions:Calculate McDonald's current ratio.Determine McDonald's quick ratio (acid-test ratio).What is...
- Q ACE Corporation is considering two exclusive investments. The company's cost of capital is 12% and the tax rate is 28%. Below are the details:ParticularsInvestment AInvestment BCost of investment17,00,00020,00,000Expected life5 years5...
- Q XYZ Ltd. is evaluating two mutually exclusive projects. The company's cost of capital is 14% and the tax rate is 32%. Details for both projects are as follows:ParticularsProject PProject QCost...
- Q VWX Ltd is planning to invest in new machinery to enhance production. Three machines are being considered. The details of estimated yearly expenditure and sales are provided below. All sales...
- Q A logistics company is planning to invest in a fleet of new trucks. The initial outlay is $12,000,000. The expected cash inflows are $4,000,000 in Year 1, $4,000,000 in Year...
- Q YZA Ltd is considering purchasing a new machine to enhance production capacity. Three machines are under review. The details of estimated yearly expenditure and sales are provided below. All sales...
- Q A company's history indicates that 30% of its sales are for cash and the rest are on credit. Collections on credit sales are 30% in the month of the sale,...
- Q ad Hill Corporation (SHC), a publicly traded rail company, leased 300 railway tanker cars from Angel Finance Inc. (AFI) on December 1, 2014 for a 25-year term. The list price...
- Q PQR Corporation is planning to invest in new machinery to increase production capacity. Three machines are being considered. The relevant details including estimated yearly expenditure and sales are given below....
- Q Finch Condos Corporation is a small company owned by Dennis Hatch. It leases three condos of differing sizes to customers as vacation facilities. Labor costs for each condo consist of...
- Q 3. Kristopher Company began operations in 2014. At 12/31/23, Kristopher had a debit balance of $15,000 in its Allowance for Adjustment to Market. ...
- Q The following balances were extracted from the books of Jon...
- Q A controlled group of corporations can achieve income tax savings by spreading their taxable incomes over multiple lower marginal tax rate brackets. True False
- Q Tee Ltd's directors decided on 3 May 2020 to restructure the company's operations as follows: Factory Z would be closed down and put...
- Q Copper Corporation billed its customer $24,000 but was only paid $12,000. After deeming the remainder to be worthless, it was written off as a business bad debt. Copper Corporation also...
- Q Company X has Sales revenue of $50,000 in June. Using the traditional income statement format, Cost of goods sold is $20,000 and Operating income is $20,000 in June. When preparing...
- Q Government Accounting and reporting are normally guided by laws and regulations, such as Jamaica FAA Act & Regulations. According to the FAA Act & Regulations, define & state roles of...
- Q Shawn Bixby borrowed $36,000 on a 120-day, 12% note. After 65 days, Shawn paid $3,900 on the note. On day 95, Shawn paid an additional $5,900. Use ordinary interest. a....
- Q 9) Neill, Incorporated uses a flexible budget. Neill produced 16,000 units in September incurring a direct materials cost of $20,480. Its master budget for the year projected direct materials cost...
- Q On July 1, 2024, Tremen Corporation acquired 30% of the shares of Delany Company. Tremen paid $3,190,000 for the investment, and that amount is exactly equal to 30% of the...
- Q Service Department Charges In divisional income statements prepared for Demopolis Company, the Payroll Department costs are charged back to user divisions on the basis of the number...
- Q Cobalt Corp. has a Predetermined Overhead Application Rate of $4.50 per direct labor dollar incurred. Estimated Manufacturing Overhead Cost is $545. If the actual number of hours worked is 10...
- Q problem 2-2a preparing and posting journal entries; preparing a trial balance. araceli engineering completed the following transactions in the month of June.
- Q Question # 5.. Wolfhowl Ltd. was incorporated in Banff, Alberta in 1961. Despite its Canadian charter, the Company has never carried on business in Canada. However, until 1971, all meetings...
- Q Equipment was purchased for 17,000. Freight charges amounted to 700 and there was a cost of 2000 to install the equipment. It is estimated that the equipment will have a...
- Q The accountant forgot to record the issuance of common stock in exchange for land." 1.Income Statement 2.Stockholders' Equity Statement 3.Balance Sheet One-third of the office supplies were used...
- Q Problem 14-01 The following amortization and interest schedule reflects the issuance of 10-year bonds by Riverbed Corporation on January 1, 2014, and the subsequent interest payments and charges. The companys...
- Q On June 1. 2017. Picasa, Inc. issued $8,000,000, 6% bonds for $7,841,000, with includes accrued interest. Interest is payable semiannually on February 1 and August 1 with the bonds maturing...
- Q Award Plus manufactures medals for winners of athletic events and other contests. Its manufacturing plant has the capacity to produce 12 000 medals each month. Current production and sales are...
- Q Cullumber Corporation had the following transactions during the current period. Mar. 2 Issued 4,200 common shares to its legal counsel in payment of a bill for $25,200 for services performed...
- Q During Heaton Companys first two years of operations, it reported absorption costing net operating income as follows: Year 1 Year 2 ...
- Q jason, single, is the sole shareholder of jasons tool and dye inc., a tool and dye manufacturing company operating as an S corporation. Jason reports qualified business income of 120,400...
- Q Grady Corp. is considering the purchase of a new piece of equipment. The equipment costs $50,200, and will have a salvage value of $5,060 after eight years. Using the new...
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