Accounting question and answers for November 14, 2023
- Q Budgeting guidelines that help insure budgeting is a positive motivating force include: (Check all that apply.) Multiple select question. attainable goals. pressure to meet budgeted results. budgetary slack. participatory budgeting....
- Q Concord Corporation purchased equipment very late in 2020. Based on generous capital cost allowance rates provided in the Income Tax Act, Concord Corporation claimed CCA on its 2020 tax return...
- Q Question 4: 5 Marks Steven Cross formed a discretionary Family Trust in favour of five children, the children are as follows: -Gillian, aged 25 and married -Jeff, aged 23,...
- Q __________ 26. (LO7) Del and Dawns (MFJ) regular taxable income is $78,415 and their Alternative Minimum Taxable Income before the exemption is $127,230. How much is their Tentative Alternative Minimum...
- Q packing company begain the month with 500 units that were 100% complete with regard to material and conversion.
- Q Total the job cost sheets for any job(s) completed during the month. Job Cost Sheets Job No. 50 Direct Materials Direct Labour Manufacturing Overhead Date Beg. $30,900 $15,300 Jan. 12,000...
- Q Selected transactions for L. Takemoto, an interior decorating firm, in its first month of business, are as follows
- Q Wilson Trucking, Incorporated reports these account balances at January 1, Year 2 (shown in alphabetical order): Accounts Payable $ 216,000 Accounts Receivable 196,000 Buildings 476,000 Capital Stock 676,000 Cash 156,000...
- Q As of January 1, Terrace Waters, Capital, had a credit balance of $500,000. During the year, withdrawals totaled $10,000, and the business incurred a net loss of $320,000
- Q At March 1, Psychocandy Inc. reported a balance in Supplies of $200. During March, the company purchased supplies for $750 and consumed supplies of $800. If no adjusting entry...
- Q A $990,000 bond issue on which there is an unamortized premium of $60,000 is redeemed for $755,000. Journalize the redemption of the bonds. If an amount box does not require...
- Q Maryanne paid investment interest of $3,635 in 2023. Maryanne had investment income of $8,137 and investment expenses (other than interest) of $1,297 in 2023. Maryanne's 2023 AGI is $56,000. What...
- Q GENERAL FUND TRIAL BALANCE After the reversing entry for the 20X0 encumbrances closing entry...
- Q On September 1, 2021, Daylight Donuts signed a $160,000, 10%, six-month note payable with the amount borrowed plus accrued interest due six months later on March 1, 2022. Daylight Donuts...
- Q A consolidated income statement shows the financial performance of the entire group,including the parent company and its subsidiaries, aggregated together without anyexclusions. True or False
- Q Scotsman Company prepares monthly financial statements. Below are listed some selected accounts and their balances in the September 30 trial balance before any adjustments have been made for the month...
- Q Give an example of cash accounting, accrual accounting, and modified accrual accounting?
- Q An asset was acquired on January 1, 2018, for $15,000 with an estimated 4-year life and $1,000 residual value. The company uses straight-line depreciation. Provide the journal entry if the...
- Q Sandhill Packaging Company is a leading manufacturer of cardboard boxes and other product packaging solutions. One of the companys major product lines is custom-printed cake boxes that...
- Q 1) For effective internal control , the billing function should not be performed by the : a) accounting department b) information precessing department c) sales department d) finance department 2)...
- Q Why would Depreciation not be included on a Cash Payments Budget?
- Q Closing the Books After closing the temporary accounts, the balance in the revenue and expense accounts. owner's capital. O the contra accounts. O the drawings...
- Q Instructions for QBO Project (Note: QBO changes their system interface frequently; thus, I will provide revised instructions if needed.) Assignment Overview You need to develop an accounting system for a...
- Q Boston Shop uses periodic inventory system . At December 31 year 2 , the accounting records include the following information. Inventory (as of December 31. Year 1).. $2,800 Net...
- Q who must approve rights of changes to the system?..... this if for accounting information system class
- Q When a company purchases shares (equity) in another company, the investment amount may exceed their share of the book value of the underlying net assets of the investee. How does...
- Q The following data for Throwback Industries Inc. relate to the payroll for the week ended December 9,20Y8: Hours Hourly Weekly Federal Retirements Employee...
- Q Days' sales in inventory: A. focuses on average inventory rather than ending inventory. B. shows the buffer against out-of-stock inventory. C. Is a substitute for the acid test ratio. ...
- Q 9. The federal government would like to test the hypothesis that the average age of men filing for Social Security is higher tha average age...
- Q 4. What was the Pen Divisions operating income for 2023? Use normal costing and adjust for mis-applied MOH. 5. Use the 2023 actual monthly MOH...
- Q Prepare the following Journal entries for Bond Issuance March 1 -- Issued $400,000 in bonds at face value. June 3 -- Issued $100,000 in bonds for 98. ...
- Q Monster Lorenzo Sneakers has a division that combines information from several sources into one comprehensive database. The included data relates to customer information from a company's pointofsale systems (the cash...
- Q Question Content Area Panamint Systems Corporation is estimating activity costs associated with producing disk drives, tapes drives, and wire drives. The indirect labor can be traced to five...
- Q Analysis and Interpretation of ROE and RNOA with No Noncontrolling Interest The 2018 balance sheets and income statement for Netflix Inc. follow. Refer to these financial...
- Q The long-term liability section of Johnson Laboratories balance sheet as of December 31, 2014, included 10% bonds having a face amount of $230 million and a remaining premium of $9.8...
- Q Zoro Co. uses the periodic inventory method. If Ending Inventory = $99,750, Beginning Inventory= $110,000, COGS = $202,000, How much did Zoro Co. pay for purchases of inventory, in dollars?...
- Q Adjustments and Work Sheet Showing a Net Loss Jason Armstrong started a business called Campus Delivery Service. After the first month of operations, a partial worksheet as of November 30,...
- Q Incredible Sounds is a wholesale business that sells musical instruments. Transactions involving sales and cash receipts for the firm during April 2021 follow. The firm sells its merchandise for cash...
- Q Please explain the various filing statuses in the tax code. What are the requirements for each of the statuses and detail which taxpayers are eligible to claim each? Please explain...
- Q Fast Deliveries, Incorporated (FDI), was organized in December last year and had limited activity last year. The resulting balance sheet at the beginning of the current year...
- Q Nash's Trading Post, LLC has 11,000 shares of 7%, $100 par value, cumulative preferred stock outstanding at December 31, 2022. No dividends were declared in 2020 or 2021....
- Q A retailer is setting the price of a laptop computer. The business uses a 6% cost mark-up method. What would the selling price be, if his cost of sales is...
- Q HOMEWORK #3 Due October 1st, 5:00 pm You will get many likes if you do all 6 parts! Thank you Dr. McMuffin has a medical clinic formed as a...
- Q The Regal Cycle Company manufactures three types of bicyclesa dirt bike, a mountain bike, and a racing bike. Data on sales and expenses for the past quarter follow:...
- Q the sale of gift cards by a company is a direct wxample of
- Q In a Sales Enquiry Monitoring System (EMS) flat file you are called upon to check for prospects who have been in the pipe-line for more than 6 months since creation....
- Q 6. The _______ ratio measures a company's ability to cover its short-term liabilities with its _______ assets
- Q Winston Company had two products code named X and Y. The firm had the following budget for August: Product X...
- Q Bryn Enterprises exchanged old trucks (cost $70,000 less $27,000 accumulated depreciation) plus cash of $20,000 for a new semi-truck. The old trucks had a fair market value of $23,000. Prepare...
- Q What is GAAS? Which agency is responsible to set these standards in the U.S.?
- Q Explain why ownership rights do not deduce alms assets.
- Q The Pita Pit borrowed $198,000 on November 1, 2021, and signed a six-month note bearing interest at 12%. Principal and interest are payable in full at maturity on May 1,...
- Q Why are internal controls valuable to an organization?
- Q EKPN Company is currently generating an ROI of 10%. The Winnipeg division of EKPN is operating as an investment centre. It is currently generating an ROI of 13% based on...
- Q Barry and his wife Mary have accumulated over $3.5 million during their 50 years of marriage. They have three children and five grandchildren. ...
- Q Company A was updating the Cash account in its General Ledger at the end of March. Due to a fire, some of A's records were lost or destroyed. A's February...
- Q During its first year of operation, Vaughn Limited (a public company) acquired three securities as trading investments held for. Investment A cost $75600 and had a year-end fair value of...
- Q Ivanhoe provides environmentally friendly lawn services for homeowners. Its operating costs are as follows. Depreciation (straight-line) $$1,500 per month Advertising $350 permonth Insurance $2,770 permonth Weed and feed materials $17...
- Q Ernsting Printers has contracts to complete weekly supplements required by forty-six customers. For the year 20X5, manufacturing overhead cost estimates total $420,000 for an annual production capacity of...
- Q A small meat processing plant starts its business, the owner (butcher) purchased machines of 300,000 in value and equipment of 50,000. He rented the...
- Q Transactions for the month of June were: Purchases Sales June 1 (balance) 2,300@ $1.00 June 2 1,500 @ $3.50 3 5,700 @ 0.90 6 4,200 @ 3.50 7 4,600 @...
- Q Cash $ 18,000 Accounts receivable 9,600 Prepaid rent 2,000 Building 23,000 Accumulated depreciationBuilding $ 6,500 Owner, Capital 43,045 Owner, Withdrawals 6,000 Consulting revenue 40,200 Depreciation expenseBuilding 2,000 Wages expense 23,437...
- Q For both Apple and Amazon for the years 2021-2022 Observe the changes in Capital structure of your company- has there been any evolution (new shares, new bonds, etc.)
- Q A company has the following information related to its ending inventory: inventory on shelves: $20,000 goods out on consignment: $50,000 goods purchased and in transit free on board (FOB)...
- Q What is the value of closing inventory using the AVCO method? (per unit values to 2 decimal places)
- Q The Topical Coverage of the exam will be: 1) Environment and structure of Accounting a. Primary Focus of Accouting b. Four basis...
- Q If total liabilities decreased by $134,000 during a period of time and shareholders equity increased by $103,000 during the same period, then the amount and direction (increase or decrease) of...
- Q 1) Una prueba sorpresa consta de cinco preguntas de verdadero y falso y cinco preguntas de opcin mltiple. Cada pregunta de opcin mltiple tiene dos posibles respuestas. Si un estudiante...
- Q For the current year, LNS corporation reported the following taxable income at the end of its first, second, and third quarters. Quarter-End Cumulative Taxable Income First $ 1,000,000 Second 1,600,000...
- Q The Reverend Petros receives an annual salary of $51,000 as a full-time minister. This includes $5,000 designated as rental allowance to pay utilities. Reverend Petros is not exempt from self-employment...
- Q What are similarities and differences between the OMB-123 and the Sarbanes Oxley Act?
- Q Review the "Steve's Stalin Sunglasses" case from chapter 4 (reading link was in the last lesson) if necessary. After doing so, complete problem 5 in chapter 4. Here is the...
- Q 2. The criteria for the recognition of liabilities are similar to those for assets. Discuss. 3. Explain full disclosure in terms of liabilities. 4. Provide THREE (3) arguments for accounting...
- Q Yong Jowie (HK Ltd), a company resident in Hong Kong grants a loan of RM5 million at an interest rate of 2.5% to its subsidiary company. Huck Ken (M) Bhd,...
- Q Recommendation as a tax agent for potential impact on tax return in case, WALKER v FC of T, Administrative Appeals Tribunal of Australia, 14 March 2017
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