Accounting question and answers for November 15, 2023
- Q A1A is a proprietorship that has a calendar fiscal year. The proprietorship begins operations on April 1, 2020 and acquires a machine on December 1, 2020. The machine has a...
- Q Comprehensive Problem 4-1 Skylar and Walter Black have been married for 25 years. They live at 883 Scrub Brush Street, Apt. 52B, Las Vegas, NV 89125. Skylar is a stay-at-home...
- Q Saed Mahmoud is the CEO of a newly established financial consulting firm in Birzeit. The firm is managed by Saed Mahmoud and it has 7 employees. Saed Mahmoud has...
- Q Marilyn Ho borrowed $24,000 from Steward Financial Enterprises. She was required to make sixteen equal payments of principal. These were to be made annually with the first payment due exactly...
- Q Why does the accounting profession allow for multiple methods in accounting for inventory sold and on hand (LIFO, FIFO, weighted average, specific identification)? Can they all be right (i.e., accurately...
- Q Roger Inc. had 33,100 common shares on January 1, 2021. On May 1, 3,120 common shares were repurchased and retired. On August 31 and November 30, 8,880 and 6,000 common...
- Q The auditor is testing a bank reconciliation that was prepared by the client. To test the "balance per the bank" the strongest procedure the auditor can perform is to ...
- Q The fair value of plan assets at December 31, 2015 is Group of answer choices (PART 1) $3,633,300 $3,407,250 $3,856,050 $3,465,000 (PART TWO) The fair value of plan assets at...
- Q Hearne Company has a number of potential capital investments. Because these projects vary in nature, initial investment, and time horizon, management is finding it difficult to compare...
- Q You graduated from Loyola two years ago, and you are now earning a salary of $50,000 per year. The total cost of your Loyola education was $200,000. You are...
- Q Grayson (single) is in the 24 percent tax rate bracket and has sold the following stocks in 2021: (Loss amounts should be indicated by a minus sign.) ...
- Q Calculate the payback period of each project and recommend the project that should be selected based on the payback period. (6 marks) Consider two projects whose cash inflows are not...
- Q Requirement #1: During its first month of operation, the Quick Tax Corporation, which specializes in tax preparation, completed the following transactions. July 1 Began business by making a...
- Q required:Determine the amount of taxable income that should be reported by a cash-basis taxpayer in 2019 in each of the following independent cases: A taxpayer completes $550 of accounting services...
- Q On January 1, 2013 Schaepman company acquired 100% of Bruinisse company by issuing 10,000 shares of its 10 par value voting stock (having a fair value of 13...
- Q Calculate the number of periods for the following present value, interest rate, and future value: PV=21,500 ; r:12% ; FV= 173,439 a) 18.42 b) 8.71 c) 21.37 d) 24 .81...
- Q Which is the following is reported on form 706 sched FA) an interest in a limited liability company B) life insurance that the decedent owned on the life of his...
- Q a. Collings College has annual fixed operating costs of $12,000,000 and variable operating costs of $1,000 per student. Tuition is $8,000 per student for the coming academic year, with a...
- Q In July 1997, Yasuyoshi Kato, 39, pleaded guilty to embezzling $62 million from Day- Lee Foods, Inc., a meat processing company in Santa Fe Springs, California where he had been...
- Q Blossom Company had a January 1 inventory of $295000 when it adopted dollar-value LIFO. During the year, purchases were $1750000 and sales were $3040000. December 31 inventory at year-end prices...
- Q An analysis of WTI's insurance policies shows that $2,400 of coverage has expired. An inventory count shows that teaching supplies costing $2,800 are available at year-end. Annual depreciation on...
- Q Breakeven Analysis Completing this activity will help you learn to: Determine the breakeven point and sales necessary to achieve a target profit. Extract information from a data set...
- Q you just need to say the options. Thank you if you reply in 25 minutes. no solution is needed. )Which of the following situations involving different...
- Q BARBARELLA MALLISSA Company manufactures and sells a single product. The following costs were incurred during the companys first year of operations: ...
- Q An employee receives an hourly wage rate of $16, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the current...
- Q Which of the following statements about MACRS depreciation is true? A. Salvage value is taken into account in computing MACRS depreciation. B. MACRS depreciation for realty is straight line. c....
- Q A and B form partnership AB, with Partner A contributing property with a fair market value of $100,000 and adjusted tax basis of $40,000. Partner A's property is a 10...
- Q The following is information about Full Moon Auto Repairs cash and related accounts at December 31, 2017 1. Postdated cheques from customers total $5,500. The cheques are dated January...
- Q Alpha Inc. uses LIFO and has experienced increasing costs since it started. Alpha disclosed $4 million of LIFO reserve at the end of 20X1. It has $24 million of ending...
- Q Rappaport Corp.'s sales last year were $340,000, and its net income after taxes was $23,000. What was its profit margin on sales?Branch Corp.'s total assets at the end of last...
- Q Electronicworld (Pty) Ltd (‘Electronic’) buys and sells television sets. During the current financial year, Electronic purchased television sets from its supplier, Gadgetwarehouse (Pty) Ltd (‘Gadget’), on 1 September 2022 and...
- Q Pfadt Inc. had $600,000 par of 8% bonds payable outstanding on January 1, 2011 due January 1, 2015 with an unamortized discount of $12,000. Senat is a 90%-owned subsidiary of...
- Q The following are a number of transactions and events for the Nielsen Corporation. For each, prepare the necessary journal entry. If no entry is required, please indicate that.a. The state...
- Q Suppose the Australia Bureau of Statistics indicated that the Consumer Price Index (CPI) increased to 103.2 in 2019 from 104.5 in 2018. Use this information to answer the following questions: ...
- Q A partnership has the following account balances: Cash, $79,000; Other Assets, $585,000; Liabilities, $249,000; Nixon (50 percent of profits and losses), $195,000; Cleveland (30 percent), $135,000; Pierce (20 percent), $85,000....
- Q Your client,(HHC), engaged in a transaction that resulted in the formation of a new entity. The IRS audited HHC's 2009 tax return, re-characterized the transaction as a disguised sale, and...
- Q IF P500 IS INVESTED AT THE END OF EACH YEAR FOR 6 YEARS, AT AN EFFECTIVE ANNUALINTEREST RATE OF 7%. WHAT IS THE TOTAL AMOUNT AVAILABLE UPON THE DEPOSIT OF...
- Q Archie Company owns 40% of the outstanding voting common stock of Boris Corp. and has the ability to significantly influence the investee's operations. On January 3, 2021, the balance in...
- Q Nebula Co. uses LIFO for external financial reporting and tax filing, but uses FIFO for operating/pricing decisions. If its LIFO cost of goods sold in its 20X2 income statement is...
- Q Provider Ltd has the following accounts recorded at the year ended 30 June 2023: (i) Wage payable$ 4,000 (ii) Accounts receivable$30,000 LESS - Allowance for doubt debts$ 6,000 $24,000 (iii) Plant$200,000 Acc. depreciation - Plant$ (50,000) Carrying amount$ 150,000 The...
- Q Bavarian Brewhouse is planning an IPO. Under the terms of the IPO, Bavarian Brewhouse will issue 8 million shares at an offer price of $25 per share. The underwriter charges...
- Q Assume that the yield-to-maturity at December 31, 20X10, and December 31, 20X11, is still 10 percent. Also assume that an investor decides to purchase these bonds in the open market...
- Q ABC Company is an 80% subsidiary of XYZ Corporation. ABC sells P93,000 of inventory for P125,000 to XYZ on December 23, 20x5. None of this inventory was sold to unrelated...
- Q Park Corporation acquired the voting stock of Sequoia Company on January 1, 2020 for $25 million in cash and stock. At the date of acquisition, Sequoia's book value totaled $3...
- Q Bavarian Brewhouse is planning on going public. Under the underwriting agreement the underwriting discount is $1.25. If the offering price of the stock is set at $12.50 per share and...
- Q Elite Corp had after tax earning of $1,000,000 in 2020. The company needs $4,000,000 for new investments and plans to finance 60 % if those investments with debt. If Elite...
- Q Please answer questions below. 1) What is the value of Ending Inventory at Dec. 31, using FIFO? (2) What is the value of Ending Inventory at Dec. 31, using LIFO? (3) What is...
- Q Pluto is single and retired. This year Pluto received $15,000 in qualified dividends, $3,000 in municipal bond interest and $10,000 of Social Security payments. What amount must Pluto include in...
- Q Rick and Gail Turner have several investment properties that derive rent which are owned and operated by the Turner Family Trust. Rick and Gail also conduct a financial planning business...
- Q G and H form Partnership GH. In year 1, both G and H contribute $100,000 each for equal interests in the partnership. H has an NOL carry forward that will...
- Q F and G form general partnership FG. Each partner contributes property subject to recourse liabilities. The fair market value (FMV) and the basis of the property contributed, and the liabilities...
- Q XYZ Bakery and Cake Company is considering creating a new product. The product will be sold at Rp. 10,000 with a variable cost of Rp. 3,000. The total fixed cost...
- Q A friend of yours hasn't taken this course and therefore does not appreciate the time-value of money. He offers to pay you back for that time he borrowed money and...
- Q Jungkook Company has a single investment property that had an original cost of 4,000,000 on Jan. 1, 2019On Dec. 31, 2019 the fair value was 4,120,000 and on Dec 31,...
- Q On August 1, 2016, Post Inc acquired 100% of the stock of Stone Company. At the time of the purchase, Post and Stone had Retained Earnings of $180,000 and $90,000...
- Q taxpayer 1 contributed a property fair market value $100 and adjusted basis $50 to x corporation in a transaction that qualified for irs section 351. if it...
- Q Why is the difference between gross pay and taxable income important?
- Q Problem 8-05 Some of the information found on a detail inventory card for Tamarisk Inc. for the first...
- Q Delta Corporations production and sales data provided below: Per Unit Percentage Selling price $9.00 100% Variable cost $6.00 66.67% Contribution margin $3.00 33.33% ...
- Q Carver Inc. purchased a building and the land on which the building is situated for a total cost of $821,800 cash. The land was appraised at $141,760 and the building...
- Q l Example 10: Unearned Revenues Unearned Revenue. Pioneer Advertising received $12,000 on October 2nd from KC for advertising services expected to be completed by December 31. Prepare the journal entry...
- Q Doff Manufacturing Company sold equipment that cost $16,500 and accumulated depreciation of $14,050 for $5,700 cash. How is the Cash Flows from Operating Activities affected? Multiple Choice ...
- Q If the unit selling price is $20, the unit variable cost is $12 and the fixed costs are $180,000, what is the break-even point in units? a. 15,000 b. 9,000...
- Q The US tax system that applies today to US taxation of foreign profits earned by US corporations can best be described as a A)Worldwide tax system B)Pure Territorial...
- Q In September, Larson Inc. sold 40,000 units of its only product for $460,000, and incurred a total cost of $425,000, of which $45,000 were fixed costs. The flexible budget for...
- Q A company must decide between scrapping or reworking units that do not pass inspection. The company has 44,000 defective units that have already cost $288,000 to manufacture. The units can...
- Q write A letter to a graduate university that you apply for and state we you should be accepted
- Q One of the main rules of American Institute of Certified Public Accountants (AICPA) Code of Professional Conduct is for an auditor to remain independent. However, the auditor is paid by...
- Q Discuss why is it unacceptable for an auditor to assume that an independent computer service center is providing reliable accounting information to an audit client. Further, how can the auditor...
- Q Handley Manufacturing Company has prepared the following flexible budget for August and is in the process of interpreting the variances. F denotes a favorable variance and U denotes an unfavorable...
- Q Please help me at least identified the missing adjusted basis on the 3rd paragraph thank you Individual Income Taxation Prof. E. Gary Class Project Due December 05, 2019 Alice J....
- Q The Murdock Corporation Statement of Cash Flows For the Year...
- Q 1. Explain, using examples, how you could use analytical procedures in assessing the risk of material misstatement of sales revenue. 2. What are some possible explanations of a change...
- Q Given the following information, determine net income. The owner's capital account balance on January 1, 20Y8, is $59,000; owner's withdrawals during 20Y8 total $18,350; and the owner's capital account balance...
- Q Which of the following are the disclosure requirements under IAS 41?
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