Accounting question and answers for November 15, 2023
- Q Your sister has just deposited $12,500 into an investment account. She believes that she will earn an annual return of 10.2% for the next 9 years. She believes that she...
- Q On September 1, 2022, Jones Manufacturing purchase equipment from CAT. Jones agreed to pay $25,000 on September 1, 2022 and the balance in six payments of $10,000. The six payments...
- Q You want to purchase a car worth $35k. You decided to put down a downpayment of $5k. Your loan amount is $30k with an interest rate of 4.5% with a...
- Q ABC Company gained significant influence over Y Company by purchasing 30 percent of the common stock of the Y Company for SR100, 000, Y earned income...
- Q Johnson Incorporated produces leather handbags Johnson Incorporated estimates it will use 4.400 square meters of leather in production in August, and 3,700 square meters of leather in production in September....
- Q 1. Explain the following:(a). 'Person' as described by Income Tax Act. (3 marks)(b). 'Employment income' in relation to any person. (3 marks)2. Explain the remedies available to the aggrieved party...
- Q From the following figures extracted from the books of Lam Research Limited, you are required to prepare a Statement of Income and Expenditure for the year ended 31st March 2018...
- Q Ladonna and Jesse are each a 50% general partner in Couture Clothiers. At the beginning of 2022, Ladonna had an outside basis of $55,000. On February 3, 2022, the partnership...
- Q Calculate the missing quantities.King CompanyQueen's Companysales revenue56000?Sales returns and benefits?5000net sales50000?COGS3300080000Gross profit?32000operating expenses12000?Net Income?14000Calculate the profit margin and gross profit rate for each company.
- Q Anjani's annual pay is $68,350. She works according to biweekly pay cycle. She gets $250 uniform allowance every month. Calculate CPP and EI contributions. Also calculate her Employee's contribution to...
- Q Organization XYZ has as of late obtained another auxiliary. As the bookkeeper for Organization XYZ, you are entrusted with merging the fiscal summaries of the auxiliary with those of the...
- Q A company buys a machine for $60,000 that has an expected life of 9 years and has no salvage value. The company anticipates an annual net income of $2,850 after...
- Q Pearl Holdings Inc. was incorporated on July 1, 2020 with authorized share capital of 1,000,000 common shares and 500,000 preferred shares, convertible to common shares at a rate of 10...
- Q The Unadjusted Trial Balance columns of a company's work sheet shows the Store Supplies account with a balance of $460. The Adjustments columns show a credit of $260 for supplies...
- Q The condensed balance sheet of Fletcher Inc. on January 1, Year 1 is as follows:Current assets $175,000Non-current assets $ 750,000Current liabilities $130,000Non-current liabilities $ 600,000Share capital $ 100,000Retained earnings $...
- Q Organization XYZ has a monetary year-end on December 31st. On January 1, 2023, they bought a piece of hardware for $50,000 with an expected helpful existence of 10 years and...
- Q Rainier Industries has Raw materials inventory on January 1, 20x8 of $34,600 and Raw materials inventory on December 31, 20x8 of $28,800. If raw materials used during the year were $156,000...
- Q On January 1, 2017, Octagon Limited, a newly formed company employed you as the accountant for a project to be constructed. As the new Accountant, it is imperative that you...
- Q Suppose the cost of equity of an unlevered firm is 10.0%. The firm is currently considering changing its capital structure. In particular, it is considering changing its debt-to-value ratio to...
- Q Hero Company's December 31, 2020 trial balance included the following accountsCash in hand 500000Petty cash fund 20000Security bank current account 1000000current account gnp 350000Treasury bill BSP 60 days 3000000Treasury bill...
- Q Mr. Bu Wis, a resident citizen, had a following data on his compensation Salaries and Bonuses P 480,000 Thirteenth month pay 40,000 Christmas Bonus 40,000 Mid year Bonus 40,000 Payroll Deductions Premiums P 6,000 Philhealth contributions 2,400 Pag-ibig...
- Q Bobby Tray, a self-employed plumber in New Zealand, is registered for GST on the payments basis. He has a 2-monthly taxable period. His bank statement shows the following business transactions...
- Q A company's beginning balances include: PBO $900,000 and PA $600,000. The discount rate is 5%. The current period service cost is $40,000; the expected return is $15,000 and the actual...
- Q Why prospect theory predicts that security prices will differ from their prices under efficient securities market theory? (4 marks) Draw the Prospect theory utility function. Explain how the rate...
- Q Pacific Bhd, a manufacturing company currently uses a standard absorption costing system for the electronic products which it manufactures in its plant. The following information for last month...
- Q Crown Corporation has a total of 400 shares of stock outstanding. Crown Corp redeems 100 shares from one of its shareholders - Charles - who owned 25%...
- Q BlazingTech is considering two new projects with the following net cash flows. The company's required rate of return on investments is 12%. (PV of $1 = 0.893, PVIFA of $1...
- Q NexusCorp is evaluating two projects with the following net cash flows. The company's discount rate is 8%. (PV of $1 = 0.926, PVIFA of $1 = 3.993, FV of $1...
- Q QRS Ltd. is evaluating two projects, Project Ocean and Project River, requiring initial investments of SGD 250,000 each. The cash flows are:YearCash Flows (Project Ocean)Cash Flows (Project River)Initial Investment(250,000)(250,000)190,00080,000280,00090,000370,00080,000460,00070,000a. Determine...
- Q MNO Corporation is considering two investment projects, Project Green and Project Yellow, both requiring an initial investment of ZAR 200,000. The expected after-tax cash inflows are:YearCash Flows (Project Green)Cash Flows...
- Q GHI Corporation has two potential projects, Project Eagle and Project Hawk, with initial investments of JPY 120,000 each. The estimated after-tax cash flows are:YearCash Flows (Project Eagle)Cash Flows (Project Hawk)Initial...
- Q JKL Industries is evaluating two projects, Project Star and Project Galaxy, each requiring an initial investment of INR 150,000. The projected cash inflows are:YearCash Flows (Project Star)Cash Flows (Project Galaxy)Initial...
- Q UVW Ltd. is considering two projects, Project Sun and Project Moon, requiring initial investments of EUR 90,000 each. The cash flows are as follows:YearCash Flows (Project Sun)Cash Flows (Project Moon)Initial...
- Q Elliot Company can sell all of its products A and Z that it can produce, but it has limited production capacity. It can produce 8 units of A per hour...
- Q Question 2 AGL faces climate pressure: investors $US54 trillion ($73 trillion)ClimateAction 100+ group saidAGLEnergy faces pressure to boost its disclosure on climate as investors increase demands on companies achieving net...
- Q Given the following information, determine the equivalent units of ending work in process for materials and conversion under the weighted-average method: beginning inventory of 2,400 units is 100% complete...
- Q In 2020, Jasmine and Thomas, a married couple, had taxable income of $99,000. If they were to file separate tax returns, Jasmine would have reported taxable income of...
- Q USING THE INDIRECT METHOD FOR THE CASH FLOW STATEMENT PREPARE A CASH FLOW FOR THE FOLLOWING: The following represents the financial statements for Randall Company at the end...
- Q Carla Vista Company issues a 10%, 3-year mortgage note on January 1, 2022, to obtain financing for new equipment. Land is used as collateral for the note. The terms provide...
- Q SecuriCorp operates a fleet of armored cars that make scheduled pickups and deliveries in the Los Angeles area. The company is implementing an activity-based costing system...
- Q Zhang incorporated her sole proprietorship by transferring inventory, a building, and land to the corporation in return for 100 percent of the corporations stock. The property transferred to...
- Q Exercise 7-12 Oak produces whirlpool tubs. Currently the company uses internally manufactured pumps to power water jets. Oak has found that 40 percent of the pumps have failed within their...
- Q Remington Aeronautics LTD is a British aeronautics subcontract company that designs and manufactures electronic control systems for commercial airlines. The vast majority of all commercial aircraft are manufactured by Boeing...
- Q Sound Audio manufactures and sells audio equipment for automobiles. Engineers notified management in December 2021 of a circuit flaw in an amplifier that poses a potential fire hazard. An intense...
- Q 1. Stevenson Inc. improperly recorded revenue by recording it too early. What affect (if any) would this error have on current periods income and future income, assuming earnings are not...
- Q Oriole Inc. just began business and made the following four inventory purchases in June: June 1 136 units $ 912 ...
- Q Need Answer Fast. Assume that a company provided the following information and assumptions from its master budget: Sales budget: Unit sales in June, July, and August are 20,000, 18,000, and...
- Q The inventory of Kingbird Company on December 31, 2020, consists of the following items. Part Quantity Cost...
- Q Max 2x + y s.t. x + 3y >=6 x + y <= 4 x, y >= 0 Solve this LP graphically and choose the correct statement O A. The...
- Q Stanley Department Stores reported net income of $881,000 for the year ended December 31, 2021. Additional Information: Common shares outstanding at Jan. 1, 2021 125,000 Incentive stock options (vested in...
- Q Pacific Ink had beginning work-in-process inventory of $1,152,960 on October 1. Of this amount, $487,200 was the cost of direct materials and $665,760 was the cost of conversion. The...
- Q S&L Financial buys and sells securities which it classifies as available-for-sale. On December 27, 2021, S&L purchased Coca-Cola bonds at par for $881,000 and sold the bonds on January 3,...
- Q On December 1, Nowitsky Corporation purchases inventory at a cost of $34,000. On December 15, the market value of the inventory was $35,000. On December 31, the market value of...
- Q Only the balance sheet is consolidated on the date of a business combination of a parent company and subsidiary. Select one: True False The...
- Q John Fillmores lifelong dream is to own his own fishing boat to use in his retirement. John has recently come into an inheritance of $412,600. He estimates that the boat...
- Q Fitbit, Inc., reported the following information for the nine-month period ended October 1, 2016. Items are in thousands of dollars. Accounts Payable $ 521,100 Accounts Receivable 463,000 Advertising Expense 81,500...
- Q Tailor Corp. is considering purchasing one of two new diagnostic machines. The following estimated data has been determined by management: Machine 1...
- Q 8. Both Samsung and Apple sell smartphones. Assume the following data are available for a popular smartphone model of each company. ...
- Q Q1. A 90-day note issued on May 1st will be matured on which one of the following date? July 30 July 20 July 10 July 05 Q2....
- Q 6-42 Comprehensive operating budget . Skulas , Inc. , manufactures and sells snowboards . Skulas manu- factures a single model , the Pipex . In late 2017,...
- Q As the chief accountant of DESA BHD, you need to provide the explanation of how you are going to account for these events and the required disclosure in the financial...
- Q Assume you are an analyst evaluating Macro Co. The following data are available in your financial analysis: Retained Earnings, December 31, 2018 Tk. 98,000 Gross profit margin ratio 25% Acid...
- Q Alice is single and self-employed in 2018. Her net business profit on her Schedule C for the year is $140,000. What is her self-employment tax liability and additional Medicare tax...
- Q If the accounts payable subsidiary ledger account for Sams Textiles displays a beginning balance of $2,000, a purchase of $3,100, and a credit memorandum of $1,400, what...
- Q Which of these 4 statements correctly describes deferred taxes? A. Deferred tax liability is caused by temporary accounting differences. B. Deferred tax liability reduces taxes in the short term. C....
- Q Standard Product Cost, Direct Materials Variance H.J. Heinz Company uses standards to control its materials costs. Assume that a batch of ketchup (1,600 pounds) has the following standards: ...
- Q A debit entry will: A) Increase a liability account B) Increase a revenue account C) Decrease an expense account D) Increase an asset account.
- Q Part ADuring the year the following engagements needs to be performed by the internal audit function:1. A review on whether Sun-look Ltd has compiled with the procedures, laws...
- Q Cost accountants generally hold positions. A. line B. staff C. discretionary D. control
- Q The management of Shatner Manufacturing Company is trying to decide whether to continue manufacturing a part or to buy it from an outside supplier. The part, called CISCO, is a...
- Q Essendon Pty Limited manufactures guidance systems for rockets that are used to launch commercial satellites. The companys Software Business Division reported the following data for the last year: Sales revenue...
- Q 1. In addition to the statutory deductions remitted to the Canada Revenue Agency, employers in which of the following jurisdictions have additional payroll-related remitting and reporting responsibilities? a. Nunavut b....
- Q Dividends appear on the:Question 3 Select one:a.statement of retained earningsb.income statementc.statement of financial positiond.both the statement of retained earnings and the income statement
- Q Can someone please give me correct answer. I have posted this question earlier but one sick expert gave me wrong solution in 2 lines only. 14. You plan to bid...
- Q Ratios Compared with Industry Averages Packard Plastics, Inc., manufactures various plastic and synthetic products. Financial statement data for the firm follow: 2013 (Thousands of Dollars,...
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