Accounting question and answers for November 15, 2023
- Q Goldman Sachs Data for the year ended December 31, 2023:ItemAmountTotal Assets$900,000,000Total Liabilities$500,000,000Shareholders' Equity$400,000,000Revenue$450,000,000Operating Expenses$300,000,000Requirements:Calculate Goldman Sachs' debt-to-equity ratio.Determine Goldman Sachs' net profit margin.Analyze the impact of total assets on Goldman Sachs'...
- Q VWY Inc. is considering two mutually exclusive investments. The company's cost of capital is 12% and the tax rate is 25%. Details are given below:ParticularsInvestment GInvestment HCost of investment18,00,00020,00,000Expected life5...
- Q Company: Microsoft Corporation Data for the year ended December 31, 2023:ItemAmountTotal Assets$500,000,000Total Liabilities$200,000,000Shareholders' Equity$300,000,000Revenue$150,000,000Operating Expenses$100,000,000Requirements:Calculate Microsoft's debt-to-equity ratio.Determine Microsoft's net profit margin.Analyze the impact of total assets on Microsoft's financial leverage.Discuss how...
- Q The trial balance before adjustment of Risen Company reports the following balances: DR CR Accounts receivable $100,000 Allowance for doubtful accounts $ 2,500 Sales (all on credit) $750,000 Sales...
- Q After researching Best Buy common stock, Sally Jackson is convinced the stock is overpriced. She contacts her account executive and arranges to sell short 150 shares of Best Buy. At...
- Q The following data from the just completed year are taken from the accounting records of Mason Company: Sales $ 656,000 Direct labor cost...
- Q Problem 5-55 Activity-Based Costing (LO 5-1, 5-2, 5-4, 5-5) Manchester Technology, Inc. manufactures several different types of printed circuit boards; however, two of the boards account for the majority of...
- Q On 01 July 2020, Sunshine Manufacturing Ltd acquired all the issued shares of Gold coast Ltd for $227,000. The equity of gold coast at this date is as follows: Share...
- Q Discuss the error of a misstated useful life of a category of capital equipment. What steps would you take to amend the error to reconcile the figures with other...
- Q Parnell Company acquired construction equipment on January 1, 2020, at a cost of $70,500. The equipment was expected to have a useful life of six years and a residual value...
- Q The Pew Research Center releases reports on a large number of subjects, including politics, the media, technology usage, and religion. Often these reports try to capture public opinion or the...
- Q Skysong Companys ledger shows the following balances on December 31, 2020. 8% Preferred Stock$10 par value, outstanding 21,300 shares $ 213,000 Common Stock$100...
- Q which of the following methods is used to make a backup copy of all data files for a forensic investigation?
- Q : Fish All Day, LLC issues 8%, 20-year bonds with a par value of $500,000 on January 2 when the market rate is 9%. The company pays interest semi-annually...
- Q Sunny Corporation expects to have the following sales over the next three months: July August September Sales in dollars...
- Q 1. Crow corporation has been a calendar year S corporation for several years. On August 14, 2008, one of its shareholders sells her stock to Kite Corporation. Result? 2. What...
- Q Thriller Corporation has one class of voting common stock, of which 1,000 shares are issued and outstanding. The shares are owned as follows: ...
- Q Next year you will begin receiving $287 dollars per year in perpetuity from your grandparent's family trust fund (first payment is exactly 1 year from today). What is the present...
- Q Robinson Products Company has two service departments (S1 and S2) and two production departments (P1 and P2). The distribution of each service departments efforts (in percentages) to the other departments...
- Q Vitamix reports the following information for its year ended December 31: Cash sales $ 78,000 Sales on credit 108,000 General and administrative expenses 26,000 Sales returns 12,800 Cost of goods...
- Q Olga is married and files a joint tax return with her husband. What amount of AMT exemption may she deduct under each of the following alternative circumstances? (Use 2018 AMT...
- Q During the month, New Products Manufacturing incurred $45,000 indirect labor costs in Department 1, $25,000 direct labor costs in Department 2, and $3,500 of indirect labor costs. The summary journal...
- Q Bolka Corporation, a merchandising company, reported the following results for October: Sales $ 464,000 Cost of goods sold (all variable) $ 173,500 Total variable selling expense $ 24,600 Total fixed...
- Q Discount Amortization On the first day of the fiscal year, a company issues a $2,800,000, 10%, 9-year bond that pays semiannual interest of $140,000 ($2,800,000 10% ), receiving...
- Q The charter of a corporation provides for the issuance of 96,232 shares of common stock. Assume that 43,013 shares were originally issued and 4,460 were subsequently reacquired. What is the...
- Q 1. Atlantic Surf manufactures surfboards. The companys sales budget for the next three months is shown below. In addition, company policy is to maintain finished goods inventory equal (in units)...
- Q Using Adidas 2019 financial reports. What is the companys major source of cash? Is this good or bad? Explain. Look at the statement of cash flows Did the company report...
- Q A $400,000 mortgage amortized over 25 years with monthly payments at an interest rate of 6% compounded semi-annually. Suppose you made a double up payment every six months (in...
- Q You are the Health and Safety Advisor for an industrial warehouse company shipping items to members of the public. During COVID business has astronomically increased! Previously, there was a bit...
- Q Trudy is Jocelyn's friend. Trudy looks after Jocelyn's four-year-old son during the day so Jocelyn can go to work. During the year, Jocelyn paid Trudy $4,120 to care for her...
- Q Which one of the following is characteristic of preferred stocks? 1. Dividends are cumulative. 2. Dividends are not a fixed amount. 3. Voting rights. 4. Participation....
- Q WLEDOF IS ATIONAL - DPS-MONARCH INTERNATIONAL SCHOOL 1. Part A 2. Part B 3. Part C SESSION 2023-24 GRADE-VII SUBJECT-SCIENCE HOLIDAY ASSIGNMENT 1. The...
- Q . June is a cash basis taxpayer, and is a fashion and makeup consultant in a high fashion company, Curlylocks, Inc. She earned a salary of $60,000. She also was...
- Q no handwritten only in word file QUESTION 2 MMM Manufacturing Company is currently engaged in the production of three products; A, B and C. These products use the...
- Q On August 31,2014, Claresview Company had a cash balance per its books of 27,270. The bank statement on that date showed a balance of16,760. A comparison of the...
- Q Starlet Cosmetics manufactures and sells a face cream to small, family-run stores in the greater Montreal area. It presents the monthly operating statement of comprehensive income to Franois , Garnier,...
- Q A company can buy a machine that is expected to increase the company's net income by $40,000 each year for the 15 year life of the machine. The company also...
- Q Ivanhoe Company issues a 12%, 4-year mortgage note on January 1,2022, to obtain financing for new equipment. Land is used as collateral for the note. The terms provide for semiannual...
- Q Deirdre sold 108 shares of stock to her brother, James, for $3,132. Deirdre purchased the stock several years ago for $4,320. (Loss amounts should be indicated by a minus sign....
- Q Regis Inc. bought a machine on January 1, 2008 for $800,000. The machine had an expected life of 20 years and was expected to have a salvage value of $80,000....
- Q Opal originally solar home on August 15th 2011 for $280800 the squeezer portion of the game the bar defaulted in August 2018 so she repossessed in February 28th 2019 when...
- Q Endless Mountain Company manufactures a single product that is popular with outdoor recreation enthusiasts. The company sells its product to retailers throughout the northeastern quadrant of the United States. It...
- Q Al Hoffman is a 40-year-old civil engineer who earned a salary of $130,000 in 2023. His spouse died in 2017, and he has not remarried. He rents...
- Q IRC 2503 Annual exclusion for a gift of $10,000 indexed ($11,000 in 2002-2005, $12,000 in 2006-2008, $13,000 in 2009-2012, $14,000 in 2013-2017, $15,000 in 2018-2021, $16,000 for...
- Q On December 31,2021, Alan and Company prepared an income statement and balance sheet but failed to take into account four adjusting journal entries. The income statement, prepared on...
- Q Puget Sound Divers is a company that provides diving services such as underwater ship repairs to clients in the Puget Sound area. The companys planning budget for...
- Q The accountant for the firm owned by Randy Guttery prepares financial statements at the end of each month. The following transactions for Randy Guttery, Landscape Consultant took place during the...
- Q Blue Excavating Inc. is purchasing a bulldozer. The equipment has a price of $95,100. The manufacturer has offered a payment plan that would allow Blue to make 11 equal annual...
- Q calculate and explain how the remaining balance of the mortgage notes payable is reported in the 12/31/2022 balance sheet for sky song
- Q Outback Outfitters sells recreational equipment. One of the companys products, a small camp stove, sells for $110 per unit. Variable expenses are $77 per stove, and fixed expenses associated with...
- Q Usando un diagrama apropiado, ilustre las relaciones entre las partes clave que contribuyen a una buena estructura de gobierno corporativo en una empresa. Las partes clave deben incluir la junta...
- Q Explorer Manufacturing has the following standard cost sheet for one of its products: Total Direct Materials 5 pounds at $2 per pound $10 Direct Labor 2 hours at $25 per...
- Q Exercise 15-11 (Algo) Computing inventory balances and over- or underapplied overhead LO P1, P2, P3, P4 The following information is available for a custom manufacturer. Inventories Costs incurred for the...
- Q ABSTRACT John McGee (McGee) was an attorney representing a class of Left Field shareholders who sued Right Field alleging improprieties by Right Field in its merger with Left Field. The...
- Q Carla Vista Co. receives a $71,000,6-year note bearing interest of 7% (paid annually) from a customer at a time when the discount rate is 6% Click here to view the...
- Q Flynn acquires 100 percent of the outstanding voting shares of Macek Company on January 1,2021. To obtain these shares, Flynn pays $400 cash (in thousands) and issues...
- Q X Company is considering buying a part next year that they currently make. This year's production costs for 3,400 units were as follows: Per-Unit ...
- Q On July 15th of the current year, Alexandre make numerous improvements to a business building he recently purchased. He purchases ($1,500,000) a new heating/cooling system (39 year useful life...
- Q 1. What is business income for an individual who is self-employed? How is it calculated and reported?
- Q Flag Amount of accounts receivable sold $ 450,000 Fair value of the estimated uncollectible accounts $ 21,100 Financing fee (as a percentage of accounts receivable balance) 9% 18% Tulip and...
- Q been a whirlwind of a year for Vaughn Corporation, with things happening so quickly that management hadn't had time to update inventory balances or the amount of gross margin...
- Q Rickys Piano Rebuilding Company has been operating for one year. On January 1, at the start of its second year, its income statement accounts had zero balances...
- Q Miller Company prepared CVP statement as below and decides to prepare graph portraying the cost and revenue characteristics of its companys product and operations. Total Per Unit Sales (20,000 units)...
- Q On January 1, 20X1, Beard Company purchased a machine for $620,000. The machine is expected to have a 10-year life, with no salvage value, and will be depreciated by the...
- Q Today is January 1, 2017. Nigel and Elizabeth Buckingham have come to you, a financial planner, for help in developing a plan to accomplish their financial goals. From your initial...
- Q The International Olympic Committee (IOC) has formed a panel to discuss current issues with gender identity in professional athletics. As an expert in the field of sexual and gender identity...
- Q A list of assets, liabilities and equity can be found on which ONE of the following? A. Balance sheet B. Statement of cash flows C. Statement of Assets and Liabilities...
- Q At December 31, 2008, Attwood Company reported Accounts Receivable of $34,000 and Allowance for Doubtful Accounts of $3,500. On January 7, 2009, Brady Enterprises declares bankruptcy and it is determined...
- Q Consider the calculation of cash from operating activities. Which of these items are inputs to calculating changes in working capital? A. Changes in accounts receivable B. Changes in accrued expenses...
- Q A company has adopted a lean production philosophy and, as a result, has cut its inventory levels significantly. Describe the impact on the companys external financial statements as a result...
- Q Required information Skip to question [The following information applies to the questions displayed below.] The following post-closing trial balance was drawn from the...
- Q Part 2: Presented below are two transactions involving not-for-profit entities who receive contributions intended for other not-for-profit entities. Analyze each transaction to determine its appropriate treatment. Prepare the journal entries...
- Q On Jan 1st, 2021, Canning Co. sold 100,000 cans. Each can cost Canning Co. $0.02 to produce. Canning Co. received a 3 year bond with the face amount of $10,000...
- Q The net income for Rip's Curling Corp. for the year ended December 31,2023, was $700,000. Rip had 50,000 ordinary shares outstanding at the beginning of the year....
- Q Paid Up Capital is BEST described as ________. Choose the correct answer. A. the cumulative amount received by a corporation on issue of its shares B....
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