Accounting question and answers for November 14, 2023
- Q The following was reported by Church Financial in its December 31, 2021, financial statements: Investments at FVTPL, December 31, 2020 $11,400 Investments at...
- Q On October 1, Crane Corporations stockholders equity is as follows. Common stock, $5 par value $386,500 Paid-in capital in excess of parcommon stock...
- Q Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary of its budgeted cash flows: ...
- Q Problem 2: (10 marks) VERSION 3 On January 1, 2016, Aylmer Inc purchased a new machine. The invoice price for the machine was 310,000 Aylmer incurred the following costs related...
- Q best store buys a blazer from its supplier for $473 less a trade discount of 9% (a) find the amount of discount per unit (b) find the net cost per...
- Q Vandezande Inc. is considering the acquisition of a new machine that costs $464,000 and has a useful life of 5 years with no salvage value. The incremental net operating income...
- Q What is accounting conservatism? Which firms are more likely to adopt accounting conservatism if they want to have access to bank loans? SOE or Non-SOE? Why?
- Q Amazon.com Inc. does not currently pay a dividend. Analysts expect Amazon to commence paying annual dividends in three years. The first dividend is expected to be $2 per share. Dividends...
- Q Entry for Jobs Completed; Cost of Unfinished Jobs The following account appears in the ledger prior to recognizing the jobs completed in January: Work in...
- Q The goal of accounting is to provide useful information for decisions. Therefore, financial accounting is governed by concepts and rules known as generally accepted accounting principles (GAAP). Discuss the main...
- Q As per annual report 2022 of Ford Motor Company, please analyze its consolidated financial statement and related information to answer the following question: 1. Evaluate companys consolidated income statement and...
- Q Which of the following requires a statement of changes in net position? Fiduciary funds. ...
- Q Allowance for Doubtful Accounts has a credit balance of $10,000 at the end of the year, before adjustments. Sales for the year amounted to $1,500,000, and sales returns and allowances...
- Q Explain and discuss responsibility accounting, and the components of standard cost variance analysis.
- Q What is sustainable growth rate of the company that enjoy return on equity = 30 percent and a dividend payout ratio of 40 percent
- Q The Carlberg Company has two manufacturing departments, assembly and painting. The assembly department started 12,400 units during November. The following production activity unit and cost information refers to...
- Q How did you calculate the issue of common stock
- Q At the beginning of 2021, Angel Corporation began offering a 1-year warranty on its products. The warranty program was expected to cost Angel 1% of net sales. Net sales made...
- Q TRUE OR FALSE 6. In arranging the parts of a resume, it is encouraged to show first the candidate's most important qualifications and deemphasize any weakness. 7. In today's trend,...
- Q January February March Unit data: ...
- Q Content Area Bonds Payable has a balance of $984,000, and Premium on Bonds Payable has a balance of $10,824. If the issuing corporation redeems the bonds at 102, what is...
- Q Mr. John works as a manager in the Aster office of an international public accounting firm. His father has just taken a position as a purchasing agent for one...
- Q Philip Inc acquired a 70% interest in Jeff Inc several years ago. In 20X1, Jeff Inc sold inventory costing $150,000 to Philip Inc for $180,000. 20% of them were unsold...
- Q The adjusted trial balance shown below is for Willett Real Estate at the end of its reporting period 30 June 2021. Debit $ ...
- Q Spelling Company has the following sales projection (in units) for the next six months: Feb: 2300 Mar: 2500 Apr: 2100 May: 2800 Jun: 2400 Jul: 1900 Each unit sells for...
- Q How did they get the interest tax payable
- Q Jean Paul wondered what his tax liability would be for the following taxable incomes: Bracket Tax Rate ...
- Q Divisional Income Statements with Service Department Charges Yozamba Technology has two divisions, Consumer and Commercial, and two corporate service departments, Tech Support and Purchasing. The corporate expenses...
- Q At 1 October 20X1, Bakaris bank overdraft was $3,270. During the year to 30 September 20X2, he issued cheques with a total value of $189,642. His total lodgements during the...
- Q PAYROLL REGISTER FOR WEEK ENDING: 3-Mar ...
- Q On September 1 of 2020, Chen Ltd. purchased a franchise for $70000. The franchise has a limited life of 5 years. What is the maximum amount of CCA Chen Ltd....
- Q Estimate Nanovos equity cost of capital. Use it to determine the net present value associated with each expansion plan. Which plan has a higher net present value?
- Q With a present value of $110,000, what is the size of the withdrawals that can be made at the end of each quarter for the next 10 years if money...
- Q Use the unadjusted trial balance of Electric Bike on December 31, 2023. Debit Credit Cash $ 7,300 Accounts receivable 21,865 Merchandise inventory 33,800 Store supplies 2,015 Office supplies 955 Prepaid...
- Q On April 1,2006, Lynn Garcia began her business, called Lynn's Music Studio, as a music instructor by depositing $10,000 cash in a bank account in the business name. She also...
- Q Plummer Industries purchased a machine for $37,200 and is depreciating it with the straight-line method over a life of 8 years, using a residual value of $2,000. At the beginning...
- Q A trial balance: A. is prepared before journal entries are made. B. lists all income statement accounts, but not balance sheet accounts. C. is prepared at the end...
- Q What is Section 199A Qualified Business Income Deductions
- Q Patrick and Doris Frank are a married couple. They both worked for a plastics company for 30 years. At age 57, Patrick, and age 52, Doris, retired and moved to...
- Q On January 1, a company issued 9%, 20-year bonds with a face amount of $80 million for $73,136,724 to yield 10%. Interest is paid semiannually. What was interest expense at...
- Q Of these three which is least important: the return on assets, the return on equity, and the gross profit margin.
- Q How did you calculate the drawings in the Statement of changes in equity? And where do you state the profit share in the Statement of changes in equity
- Q 1. What are Adjusting journal entry's for 1/31/2019 (1/1/2019) ABC company bought a delivery truck, financed by Wells Fargo Bank. Paid $2,000 cash down, and owes $18,000. The truck cost...
- Q When reviewing the financial statements of a small business, at what point do you raise your eyebrows and say to yourself, "This company has too much debt"?
- Q Inventor Sells to associate. A Limited has a 25% interest in B Limited and has significate influence over B Limited. A Limited sold inventory to B Limited at a profit....
- Q Brilliant, Inc. reported the following results from the sale of 24,000 units of IT-54: ...
- Q The approach to long-range AIS planning described in this chapter is important for large organizations with extensive investments in computer facilities. Should small organizations with far fewer information systems employees...
- Q Hewitt Company expects cash sales for July of $ 19,000, and a 15% monthly increase during August and September. Credit sales of $7,000 in July should be followed by 32%...
- Q Santa Fe Production sells a single product to wholesalers. The company's budget for the upcoming year revealed anticipated unit sales of 31,600, a selling price of $20, variable cost per...
- Q The Product Department produced units of product during March. Each unit required 2.2 standard dire...
- Q Wesco Incorporateds only product is a combination fertilizer/weedkiller called GrowNWeed. GrowNWeed is sold nationwide to retail nurseries and garden stores. Zwinger...
- Q Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. During May, the last month of the fiscal year, transactions were completed. In Part 1 of this...
- Q retained earnings accounting 205
- Q El 1 de julio de 2019, Ivanhoe Company compr equipo nuevo por $90,000. Su vida til estimada fue de 5 aos con un valor de rescate de $12.000. El 31...
- Q calculate equivalent units of production using the weighted average method.explain the four neccessary steps to prepare a production cost report
- Q Net income was $473,000. Issued common stock for $72,000 cash. Paid cash dividend of $18,000. Paid $115,000 cash to settle a long-term notes payable at its $115,000 maturity value. Paid...
- Q On 1 January 20X7, Change Incorporated commenced business operations. At 31 December 20X9, the following information relates to Chang: 20X7 20X8 20X9 ...
- Q 1. Describe the importance of capital investments and the capital budgeting process 2. Explain how you would use the payback and the accounting rate of return methods to make capital...
- Q Sheridan Industries expects credit sales for January, February, and March to be $202,400, $239,200, and $276,000, respectively. It is expected that 75% of the sales will be collected...
- Q Carmelita Inc., has the following information available: Costs from Beginning Inventory Costs from Current Period Direct materials $5,000 $21,600 ...
- Q how is the manufacturing budget done
- Q The balance sheet for Quigg Inc. at the end of the current fiscal year indicated the following: Bonds payable, 8% $7,500,000 Preferred $4 stock, $50...
- Q Sally, age 45, single, no dependents, has wages of $54,825 in 2023 and no other income. In 2023, Sally contributed $2,911 to a traditional IRA. What is Sallys 2023 AGI
- Q Hopkins Company purchased a truck for $39,000 on May 1, Year 1, intending to use the truck for 7 years starting on the purchase date. The firm uses the straight-line...
- Q In its first year of business, the McCormik Co. produced and sold 14,000 units and incurred the following costs: Manufacturing Costs: Cost Per Unit ...
- Q Question 1 Maize Company incurs a cost of $34.18 per unit, of which $19.42 is variable, to make a product that normally sells for $58.68. A foreign wholesaler offers to...
- 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 PLEASE HELP ME WITH THIS CASE, ANYONE PLLLEAAASE On January 1, 2019, Triple A Company acquired Bodyguard Companys outstanding common stock for $842,000 in cash. As of that date...
- Q I. Background. Western Chipsets, Inc. is a medium-sized supplier of sophisticated electronic components (chipsets) used in telecom and Internet switching hardware. The firms largest customers are...
- Q Blankenship Co. had the following when selling 80,000 units: Sales Price $12; Variable manuf. Costs $5; variable selling costs $1; Variable delivery costs $.50; and total fixed costs is $2...
- Q The Assembly Department of Fly High Drone Company has the following production and cost data at the end of May, 2023. Production: 27,920 units started into production; 24,360 units transferred...
- Q You are the controller for a moderate-sized company. Several new board members have requested that you make a presentation on how consolidated financial statements are prepared. One board member asked...
- Q OLeary Corporation manufactures special purpose portable structures (huts, mobile offices, and so on) for use at construction sites. It only builds to order (each unit is built to customer specifications)....
- Q Janson Inc., is a large, integrated German conglomerate with shipping, metals, and mining operations throughout Europe. The general manager of the mining division plans to submit a proposed capital budget...
- Q what does the below mean for a business? is it doing well or not? what can be deduced from this? Current ratio= Current Assets/Current liabilities FY 2011 =2840...
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