Accounting question and answers for November 15, 2023
- Q Which of the following situations will classify a person as an active participant?A person who makes nine deductible contributions to a trust? A person his spouse is eligible to participate...
- Q 1) On January 2, 2020, McCormick Corporation wishes to issue $5,000,000 (par value) of its 8%, 10- year bonds. The bonds pay interest semi-annually on January 1 and July 1....
- Q 7. A distribution may be taxable if the amount exceeds: a) Current partnership earnings b) Adjusted basis of partnership interest immediately before the distribution c) Partners adjusted...
- Q multiple choice questions for accounting 1.Wholesalers offer trade discounts to? A-government agencies B-Small stores C-none of the above D- all business may get a trade discount 2. Cost...
- Q The data-entry department of the Ron Mitchell Manufacturing Company is responsible for converting all of the companys shipping and receiving information to computer records. Because accuracy in this conversion is...
- Q Compute interest and find the maturity date for the following notes. (Round answers to 0 decimal places, e.g. 825. Use 360 days for calculation.) Date of Note Principal Interest Rate...
- Q Tri Fecta, a partnership, had revenues of $362,000 in its first year of operations. The partnership has not collected on $45,900 of its sales and still owes $38,500 on $190,000...
- Q Alice owns land with an adjusted basis of $610,000, subject to a mortgage of $350,000. On April 1, Alice sells her land subject to the mortgage for $650,000 in cash,...
- Q Crane Industries reported the following information for December: Beginning balance, Raw Materials Inventory $187000 Beginning balance, Work in Process Inventory 290000 Beginning balance, Finished Goods Inventory 106000 Manufacturing...
- Q On April 1, Year 1, Ward Corp. issued $750,000 of 10% nonconvertible bonds at 102 that are due on March 31, Year 11. Each $1,000 bond was issued with 40...
- Q Analyze the letter. Pinpoint its strengths and weaknesses. What are the organization, content, and style errors? Then revise the letter. Dear Marsha: We hired you last year on the promise...
- Q After the success of the companys first two months, Santana Rey continues to operate Business Solutions. The November 30,2021, unadjusted trial balance of Business Solutions (reflecting...
- Q EJERCICIO 11 PUNTO DE EQUILIBRIO La Corporacin Jogging produce y vende sudaderas deportivas. El ao pasado las sudaderas fueron vendidas en $7.50...
- Q Ready Company has two operating (production) departments: Assembly and Painting. Assembly has 210 employees and occupies 50,000 square feet; Painting has 160 employees and occupies 30,000 square feet. The company...
- Q Which of the following statements is true of AICPA's Code of Professional Conduct? Question 13 options: A) A principle is an authoritative regulatory force for behavioral action and a rule...
- Q Alex, a member, provides various attest and non-attest services to Bisk & Associates and has been doing so for approximately fifteen years. During this fifteen year association with Bisk &...
- Q Roanoke Company produces chocolate bars. The primary materials used in producing chocolate bars are cocoa, sugar, and milk. The standard costs for a batch of chocolate (5,200 bars) are...
- Q QUESTION #1: (a) How does activity-based costing differ from traditional costing approaches, and (b) why would a firm elect to use activity-based costing instead of traditional costing approaches, and (...
- Q 1. What accounts changed for the period and how did this affect the financial analysis calculation? 2. Why did the account change during the period? Explain what business decisions may...
- Q Chapman Incorporated sells a single product, Zud, which has a budgeted selling price of $38 per unit and a budgeted variable cost of $26 per unit. Budgeted fixed costs for...
- Q Rounding/Entry Rules: Round your numerical answers to the nearest DOLLAR. Do not enter $ or , when entering amounts. If asked to enter a word or letter, be sure you...
- Q On January 1, 2022, Pronto Company acquired 80 percent of Speedy Inc.s voting stock for $9,875,000. The fair value of the 20 percent noncontrolling interest was $2,125,000. Speedys net assets...
- Q Ch. 8-Case Problem: Marion Dairies Last year Marion Dairies decided to enter the yogurt market, and it began cautiously by producing, distributing, and marketing a single flavor - a blueberry-flavored...
- Q Let's suppose you have $1 million to invest. You are considering to invest in UK first, then convert the British Pound back to US$ in the future. You know following...
- Q Fisher-Price manufactures two products, Bassinet and Swing, which use raw materials, pins and clips. One bassinet uses 4 units of pins and 3 units of clips. One swing...
- Q Explore the increasing importance of sustainability accounting and CSR reporting in todays business environment. How do companies integrate environmental, social, and governance (ESG) factors into their accounting systems?...
- Q A city planning commission is considering two proposals for a new civic center. Proposal 1 would require an initial investment of $10 million and a further $4 million ten years...
- Q The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. ...
- Q What are the objectives of CVP
- Q Typically, people buy shares of stock in the expectation that the stock's price will increase, but it is also possible to make money by correctly anticipating that a stock's price...
- Q Profit before adjustments is $ 24000 as at December 31, 2020 Adjustments 1.Car value $12000 life 5 years scrap value $2000 Straight line depreciation. 2. Rent expense account shows...
- Q Which of the following is a capital expenditure? A) Payment of bonds payable B) Payment of an account payable for normal operating expenses C) Payment of federal and state income...
- Q The following balance sheet for Jaira Corporation has a number of formats, classification, and terminology deficiencies. Assume that all the figures are correct. Jaira Corporation Statement of...
- Q Problem 1 Benn, Incorporated, has 6,000,000 shares of common stock outstanding on December 31, 2017. An additional 1,000,000 shares of common stock were issued on April 1, 2018, and 500,000...
- Q a) For which classification of users are financial statements prepared? What characteristic of these users makes the development of generally accepted accounting principles necessary? b) Describe the three...
- Q Manufacturing Costs: Is direct labor accounted for differently than indirect labor? Why or why not?
- Q 2. Ecru Company has identified five industry segments: plastics, metals, lumber, paper, and finance. It appropriately consolidated each of these segments in producing its annual financial statements. Information describing each...
- Q Which of the following statements about financial statements is true? A. Financial statements have a forward-looking bias. B. Some values that are reflected depend on...
- Q Read these interview responses and create a flowchart for the revenue recognition cycle. Auditor: Thank you for taking the time to speak with me. Kari Kerr:...
- Q How does the concept of marginal taxes work? How might it influence an owners decision to produce or sell good
- Q ABC Companys budgeted sales for June, July, and August are 12,000, 16,000, and 14,000 units, respectively. ABC requires 30% of the next months budgeted unit sales as finished goods inventory...
- Q In the blanks provided to the left below, enter the letters of the underlying assumption, measurement method, qualitative criteria, or constraint most closely associated with the statements. Note:...
- Q On April 1, 9,000 shares of $7 par common stock were issued at $26, and on April 7, 5,000 shares of $70 par preferred stock were issued at $108. Required:...
- Q The cost formula for the maintenance department of Rainbow Ltd. is $19,400 per month plus $7.50 per machine hour used by the production department.Required: a. Calculate the maintenance cost that...
- Q On january 2017 TMK consulting company started its work. With the following data as on December 31,2017: Cash at bank 80,000 Loans 150,000 Receivables 150,000 Capital 100,000 Fixed assets...
- Q 16. Which of the following statements regarding partnership is correct? A. The type of assets a partner contributes determines the holding period for a partner's partnership interest. B. Only the...
- Q Record the following transactions on Page 2 of the journal: Jul. 17 Recorded cash from cash clients for fees earned during the period July 117, $9,450. ...
- Q Dorsey Company manufactures three products from a common input in a joint processing operation. Joint processing costs up to the split-off point total $345,000 per quarter. For financial reporting purposes,...
- Q (a) Briefly explain any three accounting principles. Why accounting principles are important? (b) Assume you are the manager of an engineering company, you are advised to measure the performance of...
- Q What are disclosure notes? Why are they important? A summary of the company's significant accounting policies is a required disclosure. Why is this disclosure important to external financial statement users?
- Q Los Altos, Inc. Income Statement For Years Ended December 31,2020 and 2019 (in millions)20202019 Net sales $16,000 $15,200 ...
- Q El ao pasado Easton Corporation report ventas de $900,000, un ndice de margen de contribucin del 40% y una prdida neta de $42,000. Con base en esta informacin, el punto...
- Q Compare and contrast the following costing methods: process costing, job order costing and activity-based costing (ABC), including the advantages and disadvantages of using each one of them.
- Q Record the following journal entries involving the bond transactions for Timber Ridge Hotels: 1. On July 1, 2001, sold $800,000, 8 percent bonds dated June 1, 2001, at face value....
- Q Multiple Choice Questions 1)The risk-return principle states that a) Every business decision will result in a profit only. b) The higher the risk, the higher the actual...
- Q On June 1, 2017, AZ Construction Corporation places a $500,000 crane (7 year life) in service. It placed no other assets in service during the year. What is the amount...
- Q 5. Cash budget The cash budget is considered the primary forecasting tool when firms try to estimate their cash flows and figure out if they are likely to need additional...
- Q Orion Iron Corp. tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year as if...
- Q During 2024, a company sells 25 units of inventory. The company has the following inventory purchase transactions for 2024: Date Transaction Number of...
- Q Sheridan Publishing identified the following overhead activities, their respective costs, and their cost drivers to produce the three types of textbooks the company publishes. ...
- Q Qwest plans inventory levels (at cost) at the end of each month as follows: May: $271,000, June: $226,000, July: $209,000, and August: $241,000. Sales are expected to be June: $449,000,...
- Q Perez Industries produces two electronic decoders, P and Q. Decoder P is more sophisticated and requires more programming and testing than does Decoder Q. Because of these product differences, the...
- Q MelSyd limited has determined its accounting profit before tax for the year ended 30 June 2021 to be $255,700. Included in this profit are the items of revenue and expense...
- Q Problem 24-5B Payback period, break-even time, and net present value A1 P1 P3 Aster Company is considering an investment in technology to improve its operations. The investment costs $800,000 and...
- Q 1. The entry to record the requisition of indirect materials in a job cost system includes a: a) debit to Work in Process Inventory. b) None of the answer choices...
- Q Suppose that you want to open a saving account in a private bank and deposits some equal amounts per month. BY USING YOUR STUDENT ID, please state 1-initial amount, 2-deposits...
- Q Stone Investments brinda servicios financieros relacionados con la seleccin de inversiones, la planificacin de la jubilacin y las necesidades generales de seguros. Al cierre del ejercicio el 31 de diciembre...
- Q 1. Wow! is that Red-92 model ever a loser! It's time to cutback it's production shift our resources toward new Terry-95 model, Garry Taylor, executive vice-president of Taylor Products Inc....
- Q the following transactions occurred for baker suleiman Co. step1: the business received cash of OMR 112,000 and gave capital to jawhar 2 : purchased office supplies on account OMR...
- Q HAVE YOU EVER DEPRECIATED ANY PERSONAL OR REAL PROPERTY? DID YOU KNOW ABOUT THE SPECIAL TAX BREAKS? THERE ARE MANY, THIS IS ONE AREA WHERE THE TAX CODE IS QUITE...
- Q Flexible Budgeting and Standard Costing Project The Milieu Manufacturing Company (MMC) makes and sells two products, A and B. Each product is made up of two raw materials, RM-1 and...
- Q If a company uses the periodic inventory system, what is the impact on net income of excluding goods in transit that were recently purchased f.o.b. shipping point from the ending...
- Q The Assembly Department started the month with 24,600 units in its beginning work in process inventory. An additional 309,600 units were transferred in from the prior department during the month...
- Q ASSIGNMENT Q3 At 31/3/2020 inventories were valued at 36,200. Alfa a USA business had purchased some of its inventories from an overseas supplier on 1/1/2020 for 5,000. These inventories were...
- Q In January, the Toucan Company accepts a customer's reservation and receives $2,000 as pre-payment for a week of sun and fun in California during spring...
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