Accounting question and answers for November 14, 2023
- Q On February 1, Year 1, a company paid an $21,600 premium on a 36-month insurance policy for coverage beginning on that date. Refer to that policy and fill in the...
- Q which of the following situations will necessarily prevent a single taxpayer from claiming an amount for an eligible dependent?
- Q Debbie Gomez recently started her own cabinet repair business. Transactions for the first month of operations (May 2018) are as follows. 1) Debbie invested $14,400 cash in the business....
- Q P Ltd acquired 70% of S Ltd on 1 July 2019. On 1 January 2020, P Ltd sold a machine with a carrying amount of N$20,000 to S Ltd for...
- Q Practice Question 11 The Sun Glass Shack has annual sales of $730,000, and it has $100,000 of accounts receivable.Based on a 365-day year, what is its days sales outstanding? 56...
- Q Discussion questions. a) Complete the menu engineering report. (5 Marks) b) What is the total contribution/profit of the menu? (2 Marks) c) What item generates the highest contribution margin...
- Q Presented here are the components in Carla Vista Co.s income statement. Determine the missing amounts. Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Net Income Year 1 $...
- Q On May 15, Maynard Co. borrowed cash from Texas Bank by issuing a 60-day note with a face amount of $82,800. Assume a 360-day year. Required: a. Determine the proceeds...
- Q 7) Charlie purchased an apartment building on November 16, Year 1, for $1,000,000. Determine the cost recovery for Year 20 . a. $36,360 b. $32,100 c. $45,500 d. $331,850
- Q El saldo de inventario de Robertson Corporation era de $22 000 al principio del ao y de $20 000 al final. El ndice de rotacin de inventarios del ao fue...
- Q Adams Manufacturing allocates overhead to production on the basis of direct labor costs. At the beginning of the year, Adams estimated total overhead of $433,200; materials of $418,000 and direct...
- Q Discuss how big data and data analytics are changing the role of Management Accountants.
- Q In January, 2021, Marty's Fine Pens sells a limited edition fountain pen for $125,000. The cost of the pen is $63,000. There is a down payment of 40 percent in...
- Q At the beginning of the year, the balance in the Allowance for Doubtful Accounts is a credit of $757. During the year, $310 of previously written off accounts were reinstated...
- Q Valerie has made salsas and jams for years. In 2020, she set up a website to sell her products. After deducting her expenses, Valerie made a profit of $820. She...
- Q Ha sido contratado como asesor de gobierno corporativo por la Autoridad Palestina del Mercado de Capitales y se le ha pedido que indique si las siguientes acciones 'Aumentar el poder...
- Q Turbo is a U.S. corporation. This year, it earned $5 million before-tax income and paid $175,000 income tax to jurisdictions other than the United States. Required: Compute Turbo's U.S....
- Q The ending balance of the Accounts Receivable account was $12,000 and the beginning balance was $14,000. Collections from customers were $22,000. What was the amount of services billed to customers?...
- Q LaRoe Lawns inventory increased during the year by $5.1 million. Its accounts payable increased by $5.7 million during the same period. What is the amount of cash LaRoe paid to...
- Q COMPREHENSIVE CASE STUDY - 2021 You are required to prepare personal income tax returns using a tax software as part of the evaluation components for this course. The case study...
- Q Mortar Corporation acquired 80 percent of Granite Corporation's voting common stock on January 1, 20X7. On December 31, 20X8, Mortar received $370,000 from Granite for equipment Mortar had purchased on...
- Q San Bernardino Corporation manufactured 130,000 buckets during March. The variable overhead cost-allocation base is $5.30 per machine-hour. The following variable overhead data pertain to March: Actual Budgeted Production 130,000 units...
- Q differential pay schedules are based on ?
- Q Consider the following income statement. Income Statement - Seagate Technology (in millions)7/1/2022 Revenue $11,661.0 Cost of revenue 8,192.0 Product...
- Q The stockholders of a corporation
- Q Madison Manufacturing is considering a new machine that costs $350,000 and would reduce pre-tax manufacturing costs by $110,000 annually. Madison would use the 3-year MACRS method to depreciate...
- Q Which of the common deductions below are allowed for Both regular tax purposes and for AMT purposes in 2022? a.The standard deduction b.All taxes allowed on Schedule A as itemized...
- Q a. Revenues budget (2 marks) b. Production budget in units (2 marks) c. Direct materials usage budget and direct materials purchases budget (10...
- Q Refresh produces soft drinks and sodas. Production of 102,000 liters was started in February, 87,000 liters were completed. Material costs were $44,720 for the month while conversion costs were $29,680....
- Q how can payroll and production costs be optimized during audit? ( 5 mark)
- Q The primary purpose of using short-term budgets is to: Multiple choice question. evaluate performance and take necessary corrective action plan for plant asset purchases and disposals keep employees uncomfortable about...
- Q Innovative Tech Inc. (ITI) uses the percentage of credit sales method to estimate bad debts each month and then uses the aging method at year-end. During November, ITI sold services...
- Q A single taxpayer who makes $55,934 per year in gross employment income has an 17 year old son who has a mental infirmity (but is not eligible to claim the...
- Q Does the Income Taxes topic apply to an entitys operations that are accounted for under the equity method? Explain.
- Q Partnership and S corporation returns: A) Carry their NOLs back ten years. B) Do not carry NOLs back or forward. C) Have a choice of carrying their NOLs back three,...
- Q Return on Total Assets A company reports the following income statement and balance sheet information for the current year: Net income $382,810 Interest expense 67,550 Average total...
- Q Mauro Products distributes a single product, a woven basket whose selling price is $24 per unit and whose variable expense is $20 per unit. The companys monthly fixed expense is...
- Q Entries for uncollectible accounts, using direct write-off method Instructions Chart of Accounts Journal X Instructions Jan. 19 Sold merchandise on account to Dr. Kyle Norby, $17,960. The...
- Q QUESTION Calculate the annual cost of fighting the pirates, based on the information Jefferson provides, using the accounting technique of asset capitalization and depreciation. First calculate the annual depreciation expense...
- Q Baker is single and earned $225,000 of salary as an employee in 2019. How much should his employer have withheld from his paycheck for FICA taxes (rounded to the nearest...
- Q Zambia Ltd. currently has 150,000 no par value common shares outstanding , with a carrying value of $ 3, 000 Instructions Record the following transactions : a) Purchased 1,500 common...
- Q Actual Flexible Budget Variance Flexible Budget Sales-Volume Variance Static Budget Revenue $188,000 $Answer 10200 Answer Unfavorable $Answer 198200 $16,700 U...
- Q A Company pays weekly salaries of $20,000 for the 5-day week ending on Friday. a. What is the adjusting journal entry if the June accounting period ends on a Monday?...
- Q Why are deductions from employees' earnings classified as liabilities for employers? Discuss common challenges and issues faced when processing payroll, and share best practices for overcoming them
- Q In a separate conversation, the line manager told you to not plan for a rebuild after 6000 hours because the pump will be replaced after a total of 10,000 hours...
- Q Courts are likely to pierce the corporate veil in all but which of the following situations?
- Q Exercise 23-12 Condensed financial data of Bonita Company for 2017 and 2016 are presented below. Oriole COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND...
- Q Which one is the positive cashflow for Operating Activity? Issuance of Debt Sale of Property Increase of Accounts Receivable Depreciation Expense Which one is the negative cashflow for Operating...
- Q The Michael Berry Manufacturing Company, (MBM), sells several products. Information regarding one of the products sold as to revenue and costs is as follows: Selling price per unit $27.00 Variable...
- Q Lackey Company wrote checks totaling $38,430 during October and $41,964 during November. $36,540 of these checks cleared the bank in October, and $40,995 cleared the bank in November. What was...
- Q Peppers Automotive produces auto parts for various automotive retailers. Peppers is evaluating the exhaust system division of the company and has come up with the following data for...
- Q for book Cassidy, Carlene, et al. Administrative Management: Setting People Up for Success chapter 2 question for reflection question : Do you think it is important to keep up with...
- Q The following table provides data Budget Actual Volume (units) 20,500 20,900 Sales Price $ 27.20 $ 27.50 Grams, per...
- Q What is the Nine-Month Presumption of Residence Rule?
- Q Which of the following is an example of an exempt organization that may be subject to unrelated business income tax? A college bookstore that sells collegiate branded apparel, books, gifts,...
- Q QUESTION Evaluate Jeffersonis reasoning in his 1822 letter. Do you agree with his logic? This letter does not specifically identify the cost of building the fleet, but it does compare...
- Q Splish Company owns equipment that cost $1,116,000 and has accumulated depreciation of $471,200. The expected future net cash flows from the use of the asset are expected to be $620,000....
- Q Explain how budgeting affects managerial functions.
- Q LOL Music Store uses the periodic inventory system to account for its merchandise. On November 17, it purchased $1,000 of merchandise with terms of 2/5,n/60. If payment is made on...
- Q Explain the value chain concept and the difference between primary and secondary activities . Explain the benefits of values chain analysis Explain how the value chain analysis...
- Q The following partial information from the accounting records of Kendall Roman Co. as at December 31, 2020, the end of company's fiscal year, has been collected: Accounts receivable (Balance at...
- Q As a BAS Agent where would you refer your client to for information about legal advice on business contracts
- Q the statement of cash flow of westham limited for the year ended 31 December 2022 apeers below 1.1 calculate the amount paid out company tax 1.2 did the...
- Q parol evidence rule applies to both written and verbal contracts, widens the scoop to admit into evidence facts providing other agreed terms of a contract, is circumvented by the existence...
- Q Windsor Company uses a periodic inventory system. For April, when the company sold 450 units, the following information is available. Units Unit Cost Total Cost April 1 inventory 330...
- Q 9. Martha rents part of her personal residence in the summer for three weeks for $3,000. Anne rents all of her personal residence for one week in December for $2,500....
- Q 26. Internal controls are designed to provide reasonable assurance that: A. Control policies have not been circumvented through managements joint effort B. The internal auditing departments guidance and oversight of...
- Q Companies have various methods to raise capital and have to make decisions on the best method to do so. These methods include common stock and preferred stock. Your company has...
- Q Baka Corporation applies manufacturing overhead on the basis of direct labor-hours. At the beginning of the most recent year, the company based its predetermined overhead rate on total estimated overhead...
- Q On January 1, 2025, Swifty Industries Inc. issued a $84,000, 8% bond due in 10 years with interest payable each January 1and July The effective interestrate is 10%. Determine...
- Q Question: In the context of financial reporting challenges, what is a potential implication of diverse global regulatory frameworks on organizations operating in multiple jurisdictions? ...
- Q A firm has $9.8 Billion debt outstanding, with a yield to maturity of 5.1% and a coupon rate of 5.8%. They have 122 million preferred shares outstanding, currently trading at...
- Q Please keep two decimals. 1-49.86% = %
- Q If the gross profit profit margin increases, what does this tell a financial statement user?
- Q On March 31, 20Y4, the balances of the accounts appearing in the ledger of Danns Furnishings Company, a furniture wholesaler, are as follows
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