Accounting question and answers for November 14, 2023
- Q Which is not a characteristic of an entrepreneur? a. resourcefulness b. ability to deal with uncertainty and risk c. strong desire to lead under a great boss...
- Q On May 1, Bigfoot Rentals receives $18,000 for 6 months of rent with the lease starting the same day. Record the transaction on May 1 and the adjusting entry to...
- Q ABC Company is considering outsourcing the production of an entire product line: Product #138. The following information is a product-level income statement for Product #138. Sales $ 90,000 Less variable...
- Q A friend has told Gabe he can take a lump-sum distribution from his Section 401(k) account upon leaving his current employer but keep and hold the employer stock that is...
- Q Appendix: Normal and Abnormal Spoilage in Process Costing, Changes in Output Measures, Multiple Departments Grayson Company produces an industrial chemical used for cleaning and lubricating machinery. In the Mixing Department,...
- Q List in a bullet format the key items that should be documented in an audit engagement letter. Is an engagement letter a legally binding contract? Explain.
- Q You require doing a brief discussion of the most obvious interpretations from the analysis and separate into the horizontal and vertical analysis. *The vertical and horizontal analysis is already made...
- Q TB MC Qu. 21-64 (Algo) A company's flexible budget... A company's flexible budget for 14,000 units of production showed total contribution margin of $47,600 and fixed costs, $37,000....
- Q On November 1 of 2020, Chen Ltd. purchased a franchise for $62000. The franchise has a limited life of 5 years. What is the maximum amount of CCA Chen Ltd....
- Q Part 2: Financial Statement Analysis: As the accountant for the company, you will need to write a memo to the owner making an analysis of the financial position...
- Q In my opinion, we ought to stop making our own drums and accept that outside suppliers offer, said Wim Niewindt, managing director of Antilles Refining, N.V., of Aruba....
- Q Selected financial statement data for Schmitzer Inc. is shown below: 2021 2020 Balance sheet: ...
- Q Hank started a new business, Hanks Donut World (HW for short), in June of last year. He has requested your advice on the following specific tax matters associated with HWs...
- Q Russell (birthdate February 2, 1968) and Linda (birthdate August 30, 1973) Long have brought you the following information regarding their income and expenses for the current year. Russell owns and...
- Q How do state estate or death tax payments affect the estate tax return? a. The amount of tax paid is excluded from the gross estate. b. The amount of tax...
- Q Technoid Inc. sells computer systems. Technoid leases computers to Lone Star Company on January 1, 2018. The manufacturing cost of the computers was $12 million. This noncancelable lease had the...
- Q Carlson Auto Dealers Inc. sells a handmade automobile as its only product. Each automobile is identical; however, they can be distinguished by their unique ID number....
- Q Suppose you buy lunch for $15.20 that includes a 8% sales tax. How much did the restaurant charge you for the lunch (excluding any tax) and how much does the...
- Q El mtodo tradicional de asignar los costos indirectos de manufactura a la produccin puede Select one: O a Causar que una empresa opere manufacturando la...
- Q CASE 127 Accounting for Income Taxes: Different Approaches Mark or Make is a bourbon distillery. Sales have been steady for the past three years, and operating costs have remained unchanged....
- Q What are the basic objectives in the use of standard costs? What are the two variances between the actual cost and the standard cost for direct materials? What are...
- Q Tracie buys tickets to a concert for herself and two friends. There is an 8% tax on the cost of the tickets and an additional $10 booking fee for a...
- Q Use the information given below to answer the following questions independently: 3.1 How many units must be sold in order to break even (4) 3.2 Calculate the margin...
- Q Excellence Corp. est considerando comprar una nueva mquina para su fbrica. La nueva mquina reducir los costos de mano de obra directa en $70 000 pero aumentar el gasto de...
- Q berifly explain the multi-attribute model.specifically you need to 1 explain basic assumptions and 2 suggest a simple example to use this model
- Q By default, an exempt entity is a: Question 16 options: Private charity. ...
- Q 1 point Flame Grill, a fast-food restaurant, includes hamburgers as one of its menu items, with meat being a major material in hamburgers. In the month ending in December, the...
- Q Al Manar company is setting up a material control system to reduce inventory costs. The company manufactures 5,000 units of a product per month. The cost of placing an...
- Q Which of the following procedures test the accuracy and valuation assertion for property, plant, and equipment? A. Scan repairs and maintenance expenses for items that should have been capitalized. B....
- Q Host Co as a lessor records a sales type lease of machinery on 1/1/19. The 7 annual lease payments of $210,000 are received at the end of each...
- Q 14. Which of the following is not an indicator that a promise is separately identifiable within a contract? does not modify another good or service lack of commercial substance like...
- Q Viking Inc. owned all of Quest Co. The subsidiary had bonds payable outstanding on January 1, 2016, with a book value of $265K. The parent acquired the bonds on that...
- Q Why is it important to distinguish between a property tax and an excise tax? What characteristics are associated with these two levies
- Q The balance sheet and income statement for Joe's Fish Hut are presented below: Joe's Fish Hut Balance Sheet As at December 31 2021...
- Q Explain how could the management of media 29 design computerised controls that ensure that all items are uniquely identified and that an adequate audit trail exists for transactions
- Q Job Cost Journal Entries and T Accounts 1. Materials purchased on account, $92,800. 2. Amounts of materials requisitioned and foundry labor used: Job Materials Foundry...
- Q Do you agree or disagree with this statement? My personality contributes to the amount of stress I have in my life. Please explain
- Q Amazon.com, Inc. sells a product for $20 per unit. The variable cost per unit is $10, and the total fixed costs amount to $100,000. Calculate the breakeven point in units...
- Q For the fiscal year ending January 31, 2024, Walmart Inc. reported the following financial data: Revenue of $572,754 million, Cost of Goods Sold (COGS) of $426,900 million, Operating Expenses of...
- Q Company: Toyota Motor CorporationItemAmount (in millions)Revenue$275,000Cost of Goods Sold (COGS)$190,000Gross Profit$85,000Operating Expenses$50,000Operating Income$35,000Interest Expense$2,000Income Tax Expense$7,500Net Income$25,500Questions:What is Toyota's gross profit margin?Calculate Toyota's operating profit margin.Determine Toyota's net profit margin.If...
- Q Company: General Electric Company (GE)ItemAmount (in millions)Net Income$5,500Depreciation and Amortization$4,000Change in Working Capital$-500Cash Flow from Operating Activities$9,000Capital Expenditures$2,000Cash Flow from Investing Activities-$2,500Cash Flow from Financing Activities$1,000Beginning Cash Balance$10,000Ending Cash Balance$17,500Questions:What...
- Q Alibaba Group Holding Limited disclosed the following financial results: Total Revenue of $109,480 million, Cost of Goods Sold (COGS) of $61,400 million, Operating Expenses of $22,000 million, and Interest Expense...
- Q Cost of Goods Sold (COGS) of $36,080 million, Operating Expenses of $22,500 million, and Net Income of $13,020 million. The company reported total assets of $122,000 million and total equity...
- Q NVIDIA Corporation provided the following financial data for the fiscal year ending January 31, 2023: Total Revenue of $29,460 million, Cost of Goods Sold (COGS) of $11,380 million, Operating Expenses...
- Q Microsoft Corporation reported the following financial data for the fiscal year ending June 30, 2023: Revenue of $198,270 million, Cost of Goods Sold (COGS) of $59,850 million, Operating Expenses 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 All of the following are for AGI deductions except: Group of answer choices Student Loan Interest Expense Mortgage interest Alimony divorce occurred in 2016 Retirement plan contribution Health Savings plan...
- Q Suppose that an economy consists of 100 households, 50 of which have no income in period 1 and an income of %50,000 in period 2 and 50 of which have...
- Q The following information is for the Jeffries Corporation: Product A: Revenue $16.00 Variable Cost $12.00 Product B: Revenue $24.00 Variable Cost $16.00 Total fixed costs $75,000 What is the operating...
- Q On January 1, 20X7, P Company acquired 60 percent of the outstanding common stock of S Company at the book value of the shares acquired. On that date, the fair...
- Q Keller Company makes two models of battery-operated boats, the Sandy Beach and the Rocky River. Basic production information follows: Sandy Beach Rocky River Direct materials cost per unit $ 19.80...
- Q HOW TO TREAT ACCOUNT RECEIVABLE
- Q A taxpayer is required by law to provide the payer's name, address, and tax identification number on a separate summary sheet attached to Schedule B when reporting interest from which...
- Q Which of the following plays an important role in all field audits? Adjustments. Verification of income. Filing status. Tax credits.
- Q Dividing partnership net loss OBJ. 2 Lynn Carpenter and Matthew Fredrick formed a partnership in which the partnership agreement provided for salary allowances of $58,000 and $41,000, respectively. Determine the...
- Q Tamarisk Company uses the LIFO method for financial reporting purposes but FIFO for internal reporting purposes. At January 1, 2020, the LIFO reserve has a credit balance of $1,210,200. At...
- Q 1. Which of the following was not a major change to the individual tax code under the TCJA? a. Limiting of the Mortgage Interest Deductions. b. Doubling of the Annual...
- Q Nguyen Ltd has just realised that it has a problem with its expenditure data, as its goods received records do not easily identify whether a supplier has delivered the ordered...
- Q 5. Briefly state the procedure you will do a bank reconciliation in Sage Pastel Partner V17. (4 marks)
- Q Return on investment Commodore Entertainment has four profitable business segments, described as follows: Media Networks: Television and radio Parks and Resorts: Resorts,...
- Q Name three advantages and disadvantages of choosing a corporation for the form of entity. ________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________
- Q The accounting records of Bryn Enterprises show the following data: Beginning Inventory - 1,000 pieces at $20/piece Purchases - 7,000 pieces at $25/piece Sales - 6,000 pieces at $45/piece ...
- Q 1. Canada provide various open immigration policy and financial support to refugees, is it good to Canada? Is it fair to native-born Canadians? Why?
- Q En 2023, Sebastin tuvo dos empleadores durante el ao. Ambos empleadores retuvieron impuestos del Seguro Social de sus salarios por cantidades de $5,790.45 y $5,590.95. Qu cantidad puede reclamar Sebastin...
- Q Dan Reade obtained a loan to purchase his home from ABN AMRO Mortgage Group Inc. As part of the transaction, Reade executed a promissory note to AMRO. Over the course...
- 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 Mr S Africa is the owner of SA Traders. On 31 March 2021, the following list of balances was extracted from the accounting records of SA Traders: Land and buildings...
- Q 1. The management of Burrow Mfg. would like to purchase a specialized production machine for $95,000. The machine is expected to last three years, with a salvage value of $5,000....
- Q Weller Company's budgeted unit sales for the upcoming fiscal year are provided below: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter ...
- Q If Daniel's Marina reported sales of $408,500 this year, generated from the sale of 190 small motors, what was the average selling price per motors? If Daniel's variable cost were...
- Q The three components of product costs are: A) direct material, supervisor salaries, selling expenses. B) manufacturing overhead, indirect material, indirect labor. C) direct material, direct labor, manufacturing overhead. D)...
- Q Noble Company has a equipment that originally cost $73,000. Depreciation has been recorded for six years using the straight-line method, with a $9,000 estimated salvage value at the end of...
- Q Fergie is self-employed (not a "specified services" business). In 2023, she generated qualified business income of $112,893. Fergie's 2023 taxable income before the QBI deduction, also her modified taxable income,...
- Q Pastina Company sells various types of pasta to grocery chains as private label brands. The companys reporting year-end is December 31. The unadjusted trial balance as of December 31, 2021,...
- Q Use the information provided below to answer the following questions: 5.1 Calculate the Payback Period of the first alternative (expressed in years, months and days).(3 marks) ...
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