Accounting question and answers for November 15, 2023
- Q Highland Company produces a lightweight backpack that is popular with college students. Standard variable costs relating to a single backpack are given below: ...
- Q Question 9 Company A has the same leverage and profitability as Company B. However, Company A has a higher return on equity. Why is this? Select an answer: ...
- Q Parent company (P Co) paid $180,000 to acquire 60% interest in Subsidiary (S Co) when the share capital of S was $110,000 and its retained earnings was $100,000. At the...
- Q A & S Builders Pty Ltd is a company that is registered for GST on an accrual basis and reports quarterly. It has 12 full time employees and is also...
- Q Assume company A had credit sales of 250,000 and the cost of goods sold of 150,000 for the period . It estimates that the appropriate ending balance in the Allowance...
- Q BARRETT COMPANY Balance Sheet December 31, 2016 Assets Cash $20,000 Raw materials inventory $10,000 Equipment $40,000 Less: Accumulated depreciation $ 4,000 $36,000 Total assets $66,000 ...
- Q Lara uses the standard mileage method for determining auto expenses. During 2021, she used her car as follows: 13,800 miles for business, 2,760 miles for personal use, 4,140 miles for...
- Q Budgeting Spreadsheet This assignment asks you to set up an Excel budget spreadsheet file that automatically prepares the master budget for a company, given sales projections and information...
- Q QUESTION 5 REQUIRED Use the information provided below to prepare the following for July and August 2024: (20 Marks) ...
- Q P17-3 (available-for-sale Investments) Cardinal Pax Corp. carries an account in tis general ledger called Investments, which contained debits for investments purchases, and no credits, which the following descriptions. Feb. 1,...
- Q The Nittany Lion Company has 200 units of Product K on December 31, 2020, which originally cost $30. The replacement cost of Product K is $15. Product K sells for...
- Q Janrel Company entered into a contract to acquire a new machine for its factory. The machine, which had a cash price of P2,000,000 was paid as follows: down payment, P400,000,...
- Q Form 941 is used by employers to report certain payroll information. Choose the response that includes the complete list of all the wage and withholding items reported on Form 941....
- Q 1.Unikai company LLC have some surplus funds for a short period of time which they want to invest in some short-term securities. Which of the following is not an appropriate...
- Q Andrea bought a car on January 1, Year1 for $6,000. Based on 5 equal annual payments and 6% interest, the payments will be $1,425 at the end of each year....
- Q Erie Company manufactures a mobile fitness device called the Jogging Mate. The company uses standards to control its costs. The labor standards that have been set for one Jogging Mate...
- Q Peeta Corporation, a calendar-year taxpayer, was organized and actively began operations on July 1, current year, and incurred legal fees to obtain a corporate charter amounting to $40,000. Peeta wishes...
- Q QUESTION 1 The managerial function of controlling a. is only applicable when the company sustains a loss. ...
- Q In posting transactions to a T-account, debits are posted on the left side and credits are posted on the right side
- Q Presented below is the adjusted trial balance of Taylor Investment Advisers as at 30 June 2021. Taylor Investment Advisers Trial Balance ...
- Q Year 1: Leventhal Company issued 800 $12 par value common shares for $40,000 cash on Jan. 1, Year 1. On the same date, the firm issued 400 of its $10...
- Q What is the current debt ratio for Tesla Inc?
- Q Treasury shares are? a. allowed under the Canada Business Corporations Act. b. created when a company issues shares. c. created when a company repurchases its own shares and cancels...
- Q The following errors took place in journalizing and posting the transactions below. Journalize the entries to correct the errors. The purchase of supplies of $1,160 on account was...
- Q A company has beginning inventory of $10,500, purchases of $5,500, and ending inventory of $2,500. The cost of goods sold is ___
- Q Icebreaker Company (a U.S.-based company) sells parts to a foreign customer on December 1, 2020, with payment of 16,000 dinars to be received on March 1, 2021. Icebreaker enters into...
- Q XYZ Inc. sells a single product for $30 per unit. Variable production costs are $18 per unit. Fixed overhead costs amount $160,000 per month. Variable selling costs are $3 per...
- Q Stanford owns and operates two dry cleaning businesses. He travels to Boston to discuss acquiring a restaurant. Later in the month, he travels to New York to discuss acquiring a...
- Q The following information is available for a manufacturer. Compute the direct labor rate and efficiency variances and label them as favorable (F) or unfavorable (U). Actual direct labor cost (6,250...
- Q On Dec 31, 2021, Malton Corporation signed a five-year noncancelable lease for equipment from Brampton. The terms of the lease called for Brampton to receive annual payments of $50,000 each...
- Q Pablo, a single individual, purchased a new personal residence for $375,000. Pablo sold the property 12 months later for $550,000 so he could take a new job that...
- Q IAS 16 Property, Plant and Equipment sets out the requirements for the recognition of the assets, the determination of their carrying amounts, and the depreciation charges and impairment losses in...
- Q An opportunity cost is:
- Q Porter Co. is analyzing two projects for the future. Assume that only one project can be selected. Project X Project Y Cost of machine $ 66,200 $ 67,700 Net cash...
- Q The records of Hoffman Company reflected the following balances in the stockholders equity accounts at December 31, 2018: Common stock, par $12 per share, 49,500 shares outstanding. Preferred stock, 8...
- Q B Company buys goods at the term of 3/10, n/45. Alternatively, B Co Company can borrow money at the rate of 3% a month. What is optimal for the Company?...
- Q on May 1, 2019, Skysong, inc. issued $570,000, 11%, 5-year bonds at face value. The bonds were dated May 1, 2019, and pay interest annually on May 1. Financial statements...
- Q 1.Unikai company LLC have some surplus funds for a short period of time which they want to invest in some short-term securities. Which of the following is not an appropriate...
- Q Managers are internal decision-makers, and they see technology and analytics as transforming sources of doing business in the digital economy. More and more, business intelligence (BI) is now increasingly used...
- Q Sports Nutrition, Inc. makes two types of health bars and is implementing an ABC system. Previously, all overhead totaling $81,000 had been applied on the basis of machine hours (9,000...
- Q In 2019, Demuth Company had a break-even point of $304,100 based on a selling price of $7 per unit and fixed costs of $112,517. In 2020, the selling price and...
- Q Helmut, Inc., has 200 units of inventory, which have a current market price of $4.90 per unit. Originally this inventory cost $5.50 per unit when 400 units were purchased. What...
- Q On December 31, 2019, a silver mining company purchased mineral rights for $3,200,000. An additional $4,000,000 was spent developing the mine. The mine is expected to remain open for the...
- Q liam, a non-VAT taxpayer sold to Sam, a VAT taxpayer, his goods for P 50,000. The next day, Sam sells the same goods to lory, a VAT taxpayer for P...
- Q Main Street Ice Cream Company uses a plantwide allocation method to allocate overhead based on direct labor-hours at a rate of $2 per labor-hour. Strawberry and vanilla flavors are produced...
- Q Workplace relations are strictly prohibited by most organizations my enhance the work enviroment can lead to harassment claims are encouraged between co workers but not managers and subordinates
- Q Kiwi Company's relevant range of production is 18,000 to 22,000 units. When it produces and sells 20,000 units, its average costs are as follows: ...
- Q An investor owns $6,000 of Adobe Systems stock, $9,000 of Dow Chemical, and $5,000 of Office Depot. What are the portfolio weights of each stock?
- Q Garden Sales, Inc., sells garden supplies. Management is planning its cash needs for the second quarter. The company usually has to borrow money during this quarter to support peak sales...
- Q A machine with a cost of $144,000 and accumulated depreciation of $92,000 is sold for $64,000 cash. The amount that should be reported in the operating activities section reported under...
- Q When do product costs get expensed? (multiple choice) A. When the inventory is sold. B. When the company receives cash in satisfaction of A/R. C. When the inventory materials...
- Q Use a cell reference or a single formula where appropriate in order to receive full credit. values or type values, as you will not receive full credit for your answers....
- Q Best Choice is a retail business selling a fit-for-all mobile charger. The company is considering the EOQ model to make inventory decision for the mobile charger. Currently, it buys...
- Q Aztec Inc. uses box tops to draw in more customers. Each XL boxed food item comes with one box top, and once the customer has accumulated eight box tops, they...
- Q 1. Compute the amount of cash inflow for September based on the following budgeted credit sales. June 100,000 July 120,000 August 80,000 September 90,000 ...
- Q On December 1, Year 1, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals. The new corporation was able to begin operations immediately by purchasing the assets and...
- Q n December 1, 2020, Pack Corp. purchased a building and machinery for a combined cost of $350,000. Pack paid $100,000 down in cash and financed the remaining $250,000 through issuing...
- Q Andretti Company has a single product called a Dak. The company normally produces and sells 87,000 Daks each year at a selling price of $40 per...
- Q Marshall has received an inheritance and wants to invest a sum of money today that will yield $4,500 at the end of each of the next 10 years....
- Q INTERCOMPANY TRANSFERS OF DEPRECIABLE ASSETS Placer Industries acquired all of the voting stock of SAS Shoes several years ago. Placer and SAS have made several inter-company transfers of depreciable assets...
- Q The financial results for one of the subunits of Factory Six Racing is presented in the partially completed performance evaluation report below. Subunit - CobraST ...
- Q Provide the pros and cons for each of the nonequity and equity modes of entry.
- Q Duluth Medico purchased a digital image-processing machine three years ago at a cost of $50,000. The machine had an expected life of eight years with a salvage value of $5,000....
- Q Samuel Frimpong commenced business as a real estate agent in January 2014 after resigning his post as Estate Manager in ABC Ltd. He deposited a cheque of GH100,000 (his gratuity)...
- Q 1. Padme invested $200,000 for a 30% interest in a partnership in which she is a general partner. The other partner is a 70% general partner. The partnership borrowed $100,000...
- Q When assessing control risk, an auditor is required to document the auditor's: Understanding of the Entity's Control Environment | Basis for the Auditor's Risk Assessment (1) Yes No (2) No...
- Q Please help with this one!! Mini-Case 1 TWI Industries 4 Adapted from Learning to See Version 1.3, by Mike Rother and John Shook, Lean Enterprise Institute, Inc. (Cambridge, MA) June,...
- Q Sheridan uses the periodic inventory system. For the current month, the beginning inventory consisted of 7400 units that cost $11 each. During the month, the company made two purchases: 3100...
- Q Excel has the SUMIF and the SUMIFS function. Clearly distinguish between the two important excel functions and provide a suitable example where each of the two functions will be utilized.
- Q Select all of the benefits of budgeting. a. Motivates personal throughout the organization to meet planned objectives b. Facilitates the coordination of activities within the business c....
- Q GBC Ltd. Had the following two transactions in the month of December. Dec 1 Signed a $60,000, 120 day, 6% note payable to TD Bank receiving $60,000 cash....
- Q Describe an investment strategy that tries to grow money. You can only use for the description terms like such as day trading, short term and long term investing, risk- averse,...
- Q Leach Inc. experienced the following events for the first two years of its operations: Year 1: Issued $24,000 of common stock for cash. Provided $93,400 of...
- Q Calculate the full cost per redeemed coupon given the following facts: Face value = 75 ; Handling cost = 8 20 million coupons distributed at $7 per thousand Redemption...
- Q Superior Micro Products uses the weighted-average method in its process costing system. During January, the Delta Assembly Department completed its processing of 25,200 units and transferred them to the next...
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