Accounting question and answers for November 15, 2023
- Q On May 15, 2018 Phil Brubaker reached a settlement on a long overdue contract. The settlement results in Phil receiving a total of $2,000,000 -- scheduled over 5 annual payments...
- Q Cul de las siguientes afirmaciones sobre el costeo objetivo no es cierta? R. El costeo objetivo se puede aplicar a los componentes de los productos, as como a los nuevos...
- Q An amount of $1100 earns $500 interest in 3 years, 2 months. What is the effective annual rate if interest compounds ?
- Q Under the modified accrual basis of accounting, revenues should be recognized when: Multiple Choice A. Realizable. B. Earned. C. Available. D. Spent
- Q Using the percentage-of-receivables method for recording bad debt expense, estimated uncollectible accounts are $46500. If the balance of the Allowance for Doubtful Accounts is a $5300 debit before adjustment, what...
- Q Prior to the TCJA, US corporations A) could repatriate earnings of Controlled Foreign Corporations to the US parent company as dividends free of US taxes B)could avoid US...
- Q X Company, a merchandiser, had the following transactions in May: Borrowed $25,000 from a bank. Bought equipment that cost $9,200, paying the manufacturer $5,200 in cash and promising...
- Q In a process cost system, product costs are summarized?
- Q A company's income statements for the past three years are as follows: (000s)20Y120Y220Y3 Sales $ 6,495 $ 7,486 $ 7,990 Cost...
- Q Six Measures of Solvency or Profitability The following data were taken from the financial statements of Loveseth Inc. for the current fiscal year. Property, plant, and equipment...
- Q Randy Inc. purchased $300,000 of athletic shoes on credit on April 15. On May 31, Randy asked for financial assistance from its supplier because it could not pay the bill...
- Q Units Beg. Bal. 50 50 -60 25x160 4000 55 -70 60 x 170 10200 60 85 14200 End Bal 85
- Q Andrew sends Godiva chocolates to 18 of his key clients at Christmas. The chocolates cost $36 a box not including $6 for gift wrapping and shipping. How much can Andrew...
- Q For August, Royal Consulting and Mediation Practice (RCMP) worked 700 hours for Alberta Company and 1,800 hours for Ontario Corporation. RCMP bills clients at the rate of $570 per hour;...
- Q On January 1, of the current year, Colour Inc. issued bonds with a face value of $500,000. The bonds pay interest annually and mature in 10 years. The bonds have...
- Q Oriole Ltd. has a September 30 fiscal year end and a 15% income tax rate. The following information is available for its 2024 year end: 1. Earned $440,100 of service...
- Q What is explicit knowledge? What is tacit Knowledge? List four examples that can convert tacit knowledge to explicit knowledge? Give one benefit for converting tacit knowledge to explicit knowledge.
- Q Lenny borrowed $10,000 on a 5-year interest-bearing note with an interest rate of 10%. At the end of 5 years, Lenny must repay the bank $16,105. Based on the amount...
- Q Dominion Importing Co. has the following list of accounts receivables on December 31,20. The terms on all sales invoices are net 30 days. Name...
- Q Using this information from Planters, Inc., what is the cost per unit under absorption costing? Round to the nearest penny, two decimal places. Planters, Inc...
- Q A taxpayer uses which figures and/or methods to calculate the appropriate amount of deduction to claim on a part-year resident return?
- Q What is a internal report that helps management analyze the difference between actual performance and budgeting performance based on the actual sales volume called?
- Q Use the following forward and spot prices for Canadian dollars (C$) to answer the question below. The prices are in U.S. dollars ($/C$). Spot...
- Q Wireless Solutions reports operating expenses of $905,000. Operating expenses include both rent expense and salaries expense. Prepaid rent increases during the year by $22,000 and salaries payable increases by $16,000....
- Q JERCICIO 14 PUNTO DE EQUILIBRIO CON MEZCLA DE PRODUCTOS La compaa El Gourmet, S.A. se especializa en preparar platillos fuertes que se congelan y se...
- Q Mio was transferred from New York to Germany. He lived and worked in Germany for 349 days in 2021. Mio's salary for 2021 is $288,000. Assume a 365-day year. In...
- Q The Regal Cycle Company manufactures three types of bicyclesa dirt bike, a mountain bike, and a racing bike. Data on sales and expenses for the past quarter...
- Q In 2022, Ship Shop had three employees. Two of the employees worked full time and earned salaries of $25,000 each. The third employee worked part time and earned $4,000. The...
- Q How much operating income would it earn if it shifted the shipping cost to the customer while lowering the selling price to $16
- Q Iris is planning to make a charitable contribution to her church of $50,000. She can either give $50,000 of cash, or stock worth $50,000 and a basis of $10,000 and...
- Q Jake has worked for GT for the last 20 years and been a participant in its defined benefit plan. In the last ten years, his salary has increased significantly. Over...
- Q An equipment was purchased for $30,000. It has a useful life of 5 years, and a residual value of $4,000. Compute the depreciation expense for the second year using the...
- Q On October 10th Bakers Inc. sold 100 tickets at $15 a piece for a concert to be held on December 12th. What entry should be made on October 10th? What...
- Q Prepare journal entries to record each of the following transactions. The company records purchases using the gross method and a perpetual inventory system. September 15 Purchased merchandise with an invoice...
- Q Which of the following is not an objective of financial reporting? a.to provide the most useful information possible even if the costs exceed the benefits b.to provide information that is...
- Q A pressurized spray painter was purchased on April 1 of the fiscal year for $3,900. It has a useful life of four years and a residual value of $300. Determine...
- Q Cules son los encabezados contables que aparecen en el lado del crdito de las cuentas T? Las cuentas de pasivo, _________, ingresos, ganancias y capital (patrimonio) tienen saldos acreedores en...
- Q Bob Dunn's weekly gross earnings for the present week were $2,690. Dunn has four exemptions. Using the wage bracket withholding table in Exhibit 2 with a $75 standard withholding allowance...
- Q Wesco Incorporateds only product is a combination fertilizer/weedkiller called GrowNWeed. GrowNWeed is sold nationwide to retail nurseries and garden stores. Zwinger...
- Q urner Inc. provides a defined benefit pension plan to its employees. The company has 150 employees. The remaining amortization period at December 31, 2016, for prior service cost is 5...
- Q Lens Care Incorporated (LCI) manufactures specialized equipment for polishing optical lenses. There are two models - one mainly used for fine eyewear (F-32) and another for...
- Q Adjusting, Closing and Reversing Entries 1. Prepare the entries without making a reversing entry. For a compound transaction, if an amount box does not require an entry, leave it blank....
- Q Comprehensive Problem 2 Transactions: May 1 Paid rent for May, $5,000. May 2 Sold merchandise on account...
- Q The following taxpayers made improvements to their homes in 2022 . Which is eligible for the residential clean energy credit for 2022
- Q A $1000, 9.5% bond with semi-annual coupons redeemable at par on March 1, 2026, was purchased on September 19, 2017, to yield 7% compounded semi-annually. What was the purchase price?...
- Q Use the method of averages to find the approximate yield rate for the bond shown in the table below. The bond is to be redeemed at par. Face Value: $5000...
- Q El anlisis financiero no incluye la evaluacin del desempeo y el riesgo futuros porque los estados financieros se basan en el desempeo pasado. Verdadero FALSO
- Q Now that operations for outdoor clinics and TEAM events are running smoothly, Suzie thinks of another area for business expansion. She notices that a few clinic...
- Q On January 1, 2017, Forrester Company issued $381,500, 9%, 5-year bonds at face value. Interest is payable annually on January 1.Prepare the journal entry to record the issuance of the...
- Q Homer and Marge Sampson have three children. The ages of the children are 4, 9 and 14. None of the children are infirm nor disabled. Homer has net employment income...
- Q Pittman Company is a small but growing manufacturer of telecommunications equipment. The company has no sales force of its own; rather, it relies completely on independent...
- Q Cottler Ltd. rents a truck for a flat fee plus an additional charge per mile. What type of cost is the rent? Select one alternative: Charges for the truck...
- Q A taxpayer uses which figures and/or methods to calculate the appropriate amount of deduction to claim on a part-year resident return?
- Q Dulzura Company had beginning inventory of $60,000, ending inventory of $90,000, cost of goods sold of $600,000, and sales of $960,000. Dulzura's days in inventory is
- Q Q10.How does the income statement differ from the statement of cash flows? What unique information does each provide to stakeholders
- Q Tucker Tutoring Service Company recorded the following cash transactions for the year Paid $55,000 for salaries Paid $7,000 to purchase office equipment. Paid $6,000 for...
- Q ()( C )(x+3)(x +3)(x +)2 dx v =(x +5)21-/1) WANEFMAC714.1.006.0/100PH04( C )12+1)e 2x sx --/1) WANEFMAC713.1.002.0/100( C )/2222x?dx
- Q The note payable for $60,000 is a 5-year note that matures on December 31, 2023. The interest on the note is 8% and is payable annually on each December...
- Q Describe workers' compensation and explain why it is important. Also, research Connecticut's workers compensation requirements. Summarize your findings.
- Q Slide Inns owes $187,000 on a 10 percent long term mortgage dated April 1, 20*1, which requires a total monthly payment of 1,800. Journalize the entry necessary for the...
- Q Revision of Depreciation On January 1, 2017, Slade Inc. purchased a machine for $90,000. Slade depreciated the machine with the straight-line depreciation method over a useful life of 10 years,...
- Q In calendar 2022, you earned a salary of $67,000. You expect to be given 4% annual merit increases on January 1 of each year for the foreseeable future. What is...
- Q How can technology enable you to be more productive and effective in the job you aspire to obtain? a.What areas of technology do you think present major challenges for managers?...
- Q Evergreen Corp is evaluating two new projects with the following net cash flows. The company’s required rate of return on investments is 8%. PV of $1 (5%), PVA of $1 (5%),...
- Q Countywide Cable Services, Inc. is organized with three segments: Metro, Suburban, and Outlying. Data for these segments for the year just ended follow. ...
- Q Wesco Incorporateds only product is a combination fertilizer/weedkiller called GrowNWeed. GrowNWeed is sold nationwide to retail nurseries and garden stores. Zwinger...
- Q A taxpayer should increase his or her withholding on Form W-4 - Employee's Withholding Certificate for which of the following reasons? A. He or she is eligible for the...
- Q DM03 "Tasneem n Nazreen na bin padi wit di sem kayn bi. Dn bin fm patnaship wit wan rayt patnaship agrimnt f tred in pastry n rilat...
- Q A company's net sales were $727,700, its cost of goods sold was $244,510 and its net income was $62,450. Its gross margin ratio equals:
- Q Sneed Corporation issues 12,200 shares of $46 par preferred stock for cash at $61 per share. The entry to record the transaction will consist of a debit to Cash for...
- Q Salter Mining Company purchased the Northern Tier Mine for $77 million cash. The mine was estimated to contain 9.17 million tons of ore and to have a residual value of...
- Q Journalize the closing entries. Then post the journal to the general ledger you created in part 1. Indicate closed accounts by inserting a line in both the balance columns opposite...
- Q Randy Mining Co. is expanding its operations in northern Ontario. On December 21, 2018, the company issued $570,000 of 5%, seven-year bonds for $538,181. Interest is paid annually on December...
- Q Discuss some of the annual cash benefits and annual cash costs that a company might have when it creates an online ordering system on the World Wide Web.
- Q 1) Which of the following account for the difference between the adjusted trial balance and the post closing trial balance? Choose two. A) Permanent accounts are excluded. B) The retained...
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