Accounting question and answers for November 14, 2023
- Q Randy Machine Tools sells an industrial lawn mower and offers a two-year warranty to its customers. The company sold 480 units of the lawn mower at an average price of...
- Q The production manager of Rordan Corporation has submitted the following quarterly production forecast for the upcoming fiscal year: 1st Quarter 2nd Quarter 3rd...
- Q Bristo Corporation has sales of 1,000 units at $60 per unit. Variable expenses are 40% of the selling price. If total fixed expenses are $26,000, the degree of operating leverage...
- Q Flowers divides its costs into six categories: 1) ingredients (direct materials), direct labor, 3) packaging, 4) utilities, 5) depreciation and amortization and 6) other indirect costs. ...
- Q Baraco is a very famous restaurant, located in a Banff Rocky Mountain Resort of AB. Baraco Company Ltd. is formed as a corporation January 1,2023. As the Controller...
- Q Shadee Corp. expects to sell 580 sun visors in May and 420 in June. Each visor sells for $21. Shadees beginning and ending finished goods inventories for May are 60...
- Q Springsteen Company manufactures guitars. The company uses a standard, job-order cost-accounting system in two production departments. In the Construction Department, the wooden guitars are built by highly skilled craftsmen...
- Q A group of investors decides to invest RM500,000 in the stocks of three companies. Company D sells for RM60 a share and has a growth of 16% per year. Company...
- Q Ethics Case 19-3 Stock options You are in your second year as an auditor with Dantly and Regis, a regional CPA firm. One of the firms long-time clients...
- Q Question 16: Cell A3 contains the formula =A1+A2. What happens if you change the value in cell A1? Answer: ...
- Q Weighted Average Shares At the beginning of 2019, Hardin Company had 380,000 shares of $10 par common stock outstanding. During the year, it engaged in the following transactions related to...
- Q Mitre Company acquired Midwest Transportation Company for $1,387,850. The fair market values of the assets acquired were as follows. No liabilities were assumed. Equipment $ 314,900 Land 196,900 Building 643,800...
- Q What are the three categories of product costs that flow through the work-in-process inventory account? Describe each one. When is the cost of goods sold account (often called cost...
- Q Job Costing with Predetermined Overhead Rate Kubota Corporation manufactures equipment in batches for inventory stock. Assume that Kubotas production costs are accounted for using a job...
- Q Yo Inc. produces and sells yo-yos. It is currently planning to launch a new glow-in-the-dark model. The following are the projected costs based on projected units sold of 100,000. ...
- Q Three Rivers Inc. provides cable TV and Internet service to the local community. The activities and activity costs of Three Rivers are identified as follows: 1 Activities Activity Cost...
- Q Beverly Crusher is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred. April 2 Invested $32,000 cash...
- Q Madison Corporation is authorized to issue $330,000 of 5-year bonds dated June 30, 2019, with a stated rate of interest of 9%. Interest on the bonds is payable semiannually, and...
- Q Class, out of the three methods FIFO,LIFO and Average Stock of valuing inventory and COGS which one you recommend a company should use. Give a detail explanation with examples
- Q As the chief accountant of DESA BHD, you need to provide the explanation of how you are going to account for these events and the required disclosure in the financial...
- Q Interpretation of accounts is Select one: a. The art and science of translating the Management views b. To know the causes for the prevailing performance of business c. All of...
- Q At the beginning of 2020, Rodlin Inc. has two assets in Class 8. The cost of each asset was $970 and the Class 8 UCC balance on January 1, 2020...
- Q Horizontal Analysis of Comparative Financial Statements Amounts from the comparative income statement and balance sheet of Miller Electronics Corporation for the last two years are as follows: ...
- Q In a direct cash flow statement, what information is NOT needed to calculate the total amount of cash collected from sales? Sales for the period. The net change...
- Q Which of the following reason/s leads to reconstitution of partnership? a. Admission of a New Partner Only b. Both Admission of a New Partner and Retirement of a Partner c....
- Q Montross Lumber processes wood to be shipped to construction companies. In order to keep its products uniform. Montross conducts inspections on 15% of the boards produced. Inspections cost the company...
- Q On July 1, 2020, Sage Hill Inc. made two sales: 1. It sold excess land in exchange for a four-year, noninterest-bearing promissory note in...
- Q From the following account balances to 30 June 2020 prepare a statement of financial position in the narrative classified format. Note: you will need to determine the balance of the...
- Q What is a joint venture? Why is it sometimes essential to use this arrangement? What effect do joint-venture laws and restrictions have on the operation of foreign-based subsidiaries?
- Q Masters Machine Shop is considering a four-year project to improve its production efficiency. Buying a new machine press for $440,000 is estimated to result in $178,000 in annual pretax cost...
- Q pleaseeee my time is almost over
- Q Rosalie mails her 2020 individual income tax return on October 15, 2021. She properly applied for a 6-month extension of time to file her return. When does the statute of...
- Q Cindy soul her interest in a partnership for $20000 cash when her outside the laces would spot that's of dollars she was relieved upright one of $5000 share upon shiplap...
- Q Direct materials usedUtilities, factoryAdministrative salariesIndirect laborSales commissionsDepreciation ofproduction equipmentDepreciation ofadministrativeequipmentDirect laborAdvertising$157,000$6,000$99,000$25,000$54,000$30,000$46,000$114,000$61,000The manufacturing overhead (MOH)cost for November is:
- Q kana is a single wage earner with no dependents amd taxable income of income of 155,000 in 2017. Her 2017 withholding was 32,000. Her 2016 taxable income was 151,000 and...
- Q Wisconsin Company uses the periodic inventory system. Sales for 2016 were $1,880,000 while operating expenses were $700,000. Beginning and ending inventories for 2016 were $280,000 and $240,000, respectively. Net purchases...
- Q How do you calculate inventory turnover rates?
- Q Suppose the VARs calculated for two segments of a business are $70 million and $110 million. The correlation between the losses is estimated as 0.3. An estimate of the total...
- Q Last year, Ben Company's operating income under absorption costing was $4,000 lower than its operating income under variable costing. The company sold 7,000 units during the year, and its variable...
- Q In posting transactions to a T-account, debits are posted on the left side and credits are posted on the right side.
- Q 1. What is cash accounting as opposed to accrual accounting? 2. List and explain 4 advantages of using the cash accounting basis? 3. The Ministry of...
- Q Kyle, a single taxpayer, worked as a free-lance software engineer for the first three months of 2017. During that time, he earned $86,000 of self-employment income. On April 1, 2017,...
- Q 2. Facilities provides the most services to the other support departments, followed closely by human resources. The financial services department provides the least services to the other...
- Q At the beginning of the October, Leah's Tax Services had two jobs in process that had the following costs assigned from previous months: Job Number Direct Labor Applied Overhead...
- Q Zumbrunn Companys income statement contained the following condensed information. ZUMBRUNN COMPANY Income Statement For the Year Ended December 31, 2020 Service revenue...
- Q [The following information applies to the questions displayed below.] Golden Corp., a merchandiser, recently completed its 2017 operations. For the year, (1) all sales are credit sales,...
- Q To record accrued salaries, you would; debit Cash and credit Accrued Salaries, debit Salaries Expense and credit Accrued Salaries, debit Accrued Salaries and credit Salaries Expense, None of...
- Q Equipment with a cost of $141,079 has an estimated residual value of $8,063 and an estimated life of 7 years or 13,035 hours. It is to be depreciated by the...
- Q incorrect anwser
- Q Futura Company purchases the 68,000 starters that it installs in its standard line of farm tractors from a supplier for the price of $10.60 per unit. Due to a reduction...
- Q Sheffield Corporation purchased $68,000 of 5-year, 7% bonds of Hu Inc. for $65,242 to yield an 8% return, and classified the purchase as an amortized cost method investment. The bonds...
- Q How can/should responsibility center managers department decision making performance be properly evaluated. Also, as it relates to variance analysis, standard costs, cost volume profit analysis, and efficiency, discuss the impact...
- Q Broncos Construction Ltd. reported the following construction activity in 2020, their first year of operations: Cash Costs Estimated Total Billings collections Incurred Additional Contract through through through...
- Q Vertical Analysis of Comparative Financial Statements Amounts from the comparative income statement and balance sheet of Miller Electronics Corporation for the last two years are as follows: ...
- Q when it's appropriate to obtain a SOC 1 report rather than a SOC 2 report? Audit question.
- Q This is from Revenue Management for Hospitality Industry. The problem is as follows: The hotel has 175 rooms. Next month the hotel will serve as the host hotel...
- Q Laval produces lamps and home lighting fixtures. Its most popular product is a brushed aluminum desk lamp. This lamp is made from components shaped in the fabricating department and assembled...
- Q EX 3-46 Rio Coffee Shoppe sells two coffee drinksa regular coffee and a latte. The two drinks have the following prices and cost characteristics: ...
- Q 21 Our company had the following balances and transactions during the current year related to merchandise inventory. Beginning merchandise inventory on January 1 120...
- Q You have incorporated a business which a pack of Tommies now seeks to take over. You oppose this and also feel that the Tommies should use their "education" and start...
- Q GASB 87 provides a new framework for accounting for leases under the principle that leases are financings. No longer will leases be classified between capital and operating. Lessees will recognize...
- Q can someone help me with this accounting project : Choose any organization (firms or banks) in your project following steps; ( i prefer picking citi bank ) 1....
- Q Mercer has three product lines in its retail stores: books, videos, and music. Results of the fourth quarter are presented below: ...
- Q You can help a taxpayer reconstruct their mileage records by using: Last year's mileage, plus the percentage of increase which their gross receipts increased over the prior year. A standard...
- Q Presented here are the components in Sheridan Companys income statement. Determine the missing amounts. Sales Revenue ...
- Q Blossom Companys Seed Division had sales of $1,000,000 for the year and average operating assets of $800,000. The divisions contribution margin was $400,000, and the divisions return on investment was...
- Q On December 30, 2021, Whitney sold a piece of property for $129,000. Her basis in the property was $58,050, and she incurred $1,290 in selling expenses. The buyer paid $6,450...
- Q Timmer Corporation just started business in January. There were no beginning inventories. During the year, it manufactured 12,000 units of product and sold 9,700 units. The selling price of each...
- Q 1) In performing substantive procedures for property, plant and equipment , the primary audit procedure sought in investigating property not in current use is : a) cutoff b) presentation and...
- Q Ace Leasing acquires equipment and leases it to customers under long-term sales-type leases. Ace earns interest under these arrangements at a 6% annual rate. Ace leased a machine it purchased...
- Q Optimum Finance Incorporated provides budget, savings, and investment services to clients who want a stress-free financial lifestyle. The company customizes a program for each client based on their...
- Q Question 3 On January 1, 2018, Carvel Corp. issued five-year bonds with a face value of $480,000 and a coupon interest rate of 6%, with interest payable semi-annually. Assume that...
- Q The Perch Falls Minor Hockey Association was established in Perch Falls in January, Year 5. Its mandate is to promote recreational hockey in the small community of Perch Falls. With...
- Q Hahn Company uses a job-order costing system. Its plantwide predetermined overhead rate uses direct labor-hours as the allocation base. The company pays its direct laborers $13.00 per hour. During the...
- Q Prepare journal entries for the following transactions of Manley Beach Enterprises: 1) Paid $55,000 cash for office equipment. 2) Performed services for customers on account, $1,000. 3)...
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