Accounting question and answers for November 15, 2023
- Q Question: Mahendra Toys is a wholesale distributor of gifts and accessories. The following data relates to their balance sheet as of 31 December 2019. Current Assets Cash ...
- Q tamarisk sells a snowboard, whiteout, that is popular with snowboard enthusiasts. presented below is information relating to tamarisk's purchases of whiteout snowboards during september. during the same month,...
- Q Which of the following factors most likely affects an auditors judgment about the nature and extent of the auditors audit documentation? The number of personnel assigned to the audit. The...
- Q Clonex Labs, Inc., uses the weighted-average method in its process costing system. The following data are available for one department for October: Percent Completed Units Materials Conversion Work in process,...
- Q Prom the following information you are required to prepare the relevantledger account for Minn Lizza May Iat She introduced Kah150,000 into her business and on the same May 2nd Bought...
- Q You are the internal auditors for Enron - What would you have done differently from this fraud from happening?
- Q 1. Tn. Bernard, has a married status with 2 dependent children 2. Mr. Bernard, Works at the company "PT. ETERNAL WORKS" with details income as follows: a. Monthly salary of...
- Q Based on the following data, what are total liabilities? Accounts payable $71000 Accounts receivable 54000 Cash 77000 ...
- Q 1.) Which of the following statements regarding the assessment of penalties is correct? A.) Section 6651 provides for penalties for both late filing and late payment. B) Penalties apply to...
- Q Which method of capital budgeting is best used for longer term capital investments? A. Internal Rate of Return B. Net Present Value C. None...
- Q Buzz's Educational Software Outlet sells two or more of the video games as a single package. Managers are keenly interested in individual product-profitability figures. Information pertaining to three bundled products...
- Q Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Inc.) on January 1, 2016. The annual reporting period ends December 31. The trial balance...
- Q Which of the following entries directly represents an adjusting entry? A) Recording a revenue in the period earned, even though cash has not yet been received B) Borrowing money from...
- Q a. Young Company budgets sales of $1,200,000, fixed costs of $27,000, and variable costs of $120,000. What is the contribution margin ratio for Young Company? (Enter your answer as a...
- Q Sales revenue (C5LO3)
- Q Candy Company offers a coffee mug as a premium for every ten 50-cent candy bar wrappers presented by customers together with P1.00. The purchase price of each mug to the...
- Q Punk Corporation purchased 80 percent of Soul Corporations stock on January 1, 20X2. At that date, Soul reported retained earnings of $80,000 and had $120,000 of stock outstanding....
- Q Porika Company purchased a truck for $57,000. The company expected the truck to last four years or 100,000 miles, with an estimated residual value of $6,000 at the end of...
- Q Members of the board of directors of Security AlarmsSecurity Alarms have received the following operating income data for the year ended May 31, 2016 : Security...
- Q The stockholders of a corporation: (1 Point) a. are generally liable for the debts of the corporation. b. have power to act for the business unless specifically prohibited by the...
- Q Calistoga Produce estimates bad debt expense at % of credit sales. The company reported accounts receivable and allowance for uncollectible accounts of $471,000 and $1,650, respectively, at December 31, 2022....
- Q Company purchased a delivery truck for $35,000 on January 1, 2008. The truck was assigned an estimated useful life of 5 years and has a residual value of $10,000....
- Q Total Manufacturing Cost, Income Statement, Unit Cost, and Selling Price You are consulted by Investors, Inc., a group of investors planning a new product. They have estimates...
- Q Problem 1: Post-Period Reporting The objective of IAS 10 Events after the Reporting Period is to prescribe the treatment of events that occur after an entitys reporting period has ended....
- Q Company X had a beginning inventory at December 31 2019 valued at $811,00 purchased with a 6 month note at 6% due May 2020. The company had a number of...
- Q Question 4 (35 Marks) Big bang Pty (Ltd) is a company which is involved in sale of manufacturing goods. The company had the following income and expenses for the year...
- Q Please answer quicklyy: THANK YOU What is the effect of the following transaction on the basic accounting equation? Paid off your loan of $10,000 using cash. Question 21 options: 1)...
- Q The XYZ partnership has the following balance sheet: Basis FMV Land $60,000...
- Q The manager for a sport team purchases sweatshirts that are embroidered with the school name, logo and various sports graphics. The manager needs to determine how many Football Fan sweatshirts...
- Q Which of the following represents a subtotal rather than an account? Multiple Choice Operating income Advertising expense Sales revenues Cost of goods sold
- Q Benson Auto Repair has the following account balances at December 31, 2018, from its adjusted trial balance. Compute Benson Auto Repairs current ratio.
- Q Primara Corporation has a standard cost system in which it applies overhead to products based on the standard direct labor-hours allowed for the actual output of the period. Data concerning...
- Q ******* 3. Significant Self-Employment Income Wages: Sarah ($30,000), James ($24,000) Interest Income: $700 Dividend Income: $300 ...
- Q At the completion of an audit, which of the following entities has ownership of the audit working papers? The client. The clients stockholders. The CPA firm that performed the audit....
- Q Present and future value tables of $1 at 3% are presented below: N FV $1 PV $1 FVA $1 PVA $1 FVAD $1 PVAD...
- Q If a merchandising company has a beginning inventory of $384,000 and an ending inventory of $188,000, and the company purchased $1,582,000 of inventory during the month, what is the companys...
- Q PPF purchased land for $ 1mil on May 1 year 1 paying 200,000 in cash and giving $800,000 note payable to the bank. PPF made three annual payments on the...
- Q A corporation uses the indirect method for preparing the statement of cash flows. A fixed asset has been sold for $27,621 representing a loss of $3,083. Determine the amount that...
- Q Grouper Corp. recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he...
- Q What are the four attributes needed to perform assurance services? Describe each attribute and its importance.
- Q Which of the following is correct? More Details a. A multiple-step income statement format includes a number of intermediate subtotals before arriving at...
- Q Beachside Coffee Shop, in an effort to streamline its accounting system, has decided to utilize a cash receipts journal in its operations. If the company records the cash...
- Q Good accounting systems help with management and control of cash and cash equivalents. a) Define and contrast the terms liquid asset and cash equivalent b) Why would companies invest their...
- Q 2. Neville and Julie are married and have two children ages 19 and 14. Their adjusted gross income for the year is $85,000. a. What amount can they claim for...
- Q Please create a post based on the below based off the ACC 202 Managerial Accounting For companies that manufacture several products that use different proportions of manufacturing overhead...
- Q QUESTION 11 Chamiching makes hacksaw blades. Inventory values are determined using the first in, first out (FIFO) method. Production and sales data for the first three years appear...
- Q Sales 526548 Operating Costs 373274 Depreciation Expense 10000 Interest Expense 5000 Tax Expense 29408 Cash 1969 Receivables 41769 Inventories 63982 Fixed...
- Q What is the correct formula for calculating raw materials inventory turnover for a manufacturer?
- Q a company has sales of $50,000 for the period, cost of goods sold of $19,000,operating expenses of $6,700, and losd on sale of equipment for $3,900. calculate net income for...
- Q The following partially completed T-accounts summarize transactions for Faaberg Corporation during the year. Debit Beginning Balance Debit Beginning Balance Debit Beginning Balance Debit Raw Materials...
- Q Setting Standards, Materials and Labor Variances Tom Belford and Tony Sorrentino own a small business devoted to kitchen and bath granite installations. Recently, building contractors have insisted on up-front bid...
- Q All raw materials used were traceable to specific batches of product. Austin Company's cost of goods manufactured for the year is:
- Q How much would you have to invest today in the bank at an interest rate of 8% to have an annuity of $4,800 per year for 7 years,...
- Q S. Pagan and T. Tabor share income on a 7 : 3 basis. They have capital balances of $120,000 and $70,000, respectively, when W. Wolford is admitted to the partnership....
- Q Two employees in an organization commit the same offense, and the manager realizes that she will have to take a different approach to correcting the behavior of each employee. In...
- Q Electronic Superstore's inventory increases during the year by $3.4 million, and its accounts payable to suppliers increases by $5.4 million during the same period. What is the amount of cash...
- Q From the past data, sales were reported as $901,000, and incurring variable cost is $186,800. Determine the contribution margin ratio. (Round the percentage to two decimal places) Choose an...
- Q Case: "Why so many late nights at work?" Chen asked his friend Tony, an investment banker. "I've been working on a big project at work," replied Tony. "Actually, you'd...
- Q A man has a simple discount note for $6100, at an ordinary bank discount rate of 8.72% for 60 days. What is the effective interest rate? Round to the nearest...
- Q The TCJA A) moved the US more towards a worldwide corporate income tax system B) moved the US more towards a territorial corporate income tax system C) increased...
- Q Blossom Corporation had two issues of securities outstanding: $20 par value common stock and an 9% convertible bond issue in the face amount of $15550000. Interest...
- Q Management of Mittel Rhein AG of Kln, Germany, would like to reduce the amount of time between when a customer places an order and when the order is shipped. For...
- Q On January 1 , 20x5 , Puppies and Paws Inc ( Puppies ) leased a big puppy play gym from Doggie Doodles Corporation for a 7 year period . Annual...
- Q I only need step h i and j Munoz Company is a retail company that specializes in selling outdoor camping equipment. The company is considering opening a new...
- Q Please no copy & paste or paraphrasing: HELP! 1). Since we now understand that the acronym VRIO stands for 4 four major parts in a structured approach to competitive advantage;...
- Q Help! Enter a database function in cell I6 that determines the average salary of all full-time employees with at least one dependent. Format the results in Accounting Number Format. ...
- Q A company purchases a 22,750-square-foot building for $750,000. The building has two separate rental units. Unit A, which has the desirable location on the corner and contains 7,000 square feet,...
- Q Mr. Coleman, an unmarried individual, has the following income items: Interest income $ 25,100 Schedule C net profit 55,480 He has $9,750 itemized deductions and no dependents. Mr. Colemans Schedule...
- Q The mere presence of an Oregon corporation's vacant property in Idaho is sufficient to subject the corporation to taxes in Idaho.True or False
- Q On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30. Flores uses the gross method of accounting for cash...
- Q A note payable already on the books is a 12-year, 6% interest-bearing note that is next due to be paid on 11/1/22. Part of the principle is payable annually on...
- Q On July 1, 2010, Boston Corporation issued bonds with a face value of $500,000. The bonds carry a face interest rate of 10 percent that is payable each July 1...
- Q As an internal auditor, what would you consider as factors in Risk identification, Risk mitigation, Risk Acceptance and Risk Analysis. and what would be the examples of Controls that you...
- Q 11-32Special Order Award Plus Co. manufactures medals for winners of athletic events and other contests. Its manufacturing plant has the capacity to produce 10,000 medals each month; current monthly production...
- Q During the year, Wright Company sells 520 remote-control airplanes for $100 each. The company has the following inventory purchase transactions for the year. Please ignore my attempt to complete I...
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