Accounting question and answers for November 15, 2023
- Q The 2020 and 2019 comparative Balance Sheets and 2020 Income Statement of Lorna Jewelry Corp. follow: Lorna Jewelry Corp. Comparative...
- Q Dartford Company reported the following financial data for one of its divisions for the year; average investment center total assets of $4,200,000; investment center income $715,000; a target income of...
- Q waterway industries has 10,600 shares of 9% per value, cultivate preferred stock outstanding at December 31, 2022. no dividends were declared in 2020 or 2021. if waterway wants to pay...
- Q In case of other enterprises cash flow arising from interest paid should be classified as cash flow from ________ while dividends and interest received should be stated as cash flow...
- Q Sandhill Company has the following account balances: Cash, $42100; Accounts Receivable, $30100; Inventory, $14100; Land, $112100; Building, $102100; Accounts Payable, $32100; Short-term Notes Payable, $12100; Bonds Payable, $82010;...
- Q A firm produces output with the production function, Q = F(K, L) = K0.5 L0.5 with r=4 and w= 2. The firm is using K=16 and just enough L to...
- Q In times of high inflation, what inventory valuation method would be best to use? What types of firms are more likely to use LIFO as an inventory valuation method? What...
- Q What is the expanded accounting equation? Assets=liabilities+ paid in capital+ retrained earnings Assets=liabilities+ paid in capital+ beginning retained earnings + revenues/gains-expenses/losses- dividends Assets= liabilities...
- Q Ceradyne Products operates a small plant in New Mexico that produces dog food in batches of 1,500 pounds. The product sells for $6 per pound. Standard costs for 2021 are:...
- Q Titleist Inc. exchanges its used golf club casting equipment with Callaway Inc. in exchange for a newer piece of casting machinery. The book value of Titleists used machine is $75,000...
- Q Creative Sound Systems sold investments, land, and its own common stock for $32.0 million, $15.2 million, and $40.4 million, respectively. Creative Sound Systems also purchased treasury stock, equipment, and a...
- Q In a make-or-buy decision, which costs can be considered relevant? Group of answer choices Unavoidable variable costs, incremental fixed costs, and sunk costs Incremental variable costs, unavoidable fixed costs, and...
- Q 1. AB 99 lists eight qualitative factors that impact the definition of materiality. List all eight of these qualitative factors, and explain five. 2. Define Disclosure Fraud and list and...
- Q You are preparing a flexible budget for next year. Fuel for delivery vehicles is a semi-variable cost, the variable element of which is proportional to sales income. For sales income...
- Q Sam 'n Ella's Diner Sales Mix Nov 2019 Menu Item $Cost Price # Sold Cost % $ Sales Beef Brisket $ 4.75...
- Q Schroeder Baking Corporation uses a process costing system in its large-scale baking operations. The Mixing Department is one of the companys processing departments. In the Mixing Department in July, the...
- Q a: Explain the audit expectation gap. What causes the gap? (3 marks) b: Potter and Partners are a chartered accounting firm with offices in capital cities in most states. The...
- Q The Accounting Club wants to have a party for its members. The cost of renting space is $1,560, and the cost of refreshments will be $18 per person. Required: 1-a....
- Q On July 1,Oura corp made a sale of $450,0000 to Stratus, INC. on account. Terms of the sales were 2/10, n 30. Stratus makes payment on July 29. Our uses...
- Q A sunk cost is a cost that: A) all of these. B) is never a differential cost. C) has been incurred and cannot be eliminated. D) is never relevant...
- Q Zachary Quilting Company makes blankets that it markets through a variety of department stores. It
- Q Opportunity costs are: A) sunk costs. B) included in inventory. C) included in cost of goods sold. D) foregone benefits.
- Q Explain how to account for cash flow hedge and what are some of the differences in relation to cash flow hedge between IFRS and U.S. GAAP.
- Q Scenario: In October 2020, Zuma sold property for $82,000 with an adjusted basis of $22,000. The buyer paid $20,000 down with the remaining $62,000 to be paid in four equal...
- Q In a business owner's perspective, how does federal taxes affects some aspect of the owner's business decisions?
- Q Based on predicted production of 25,000 units, Marvel Mix Co. anticipates $175,000 of variable costs and $137,500 of fixed costs. What are the flexible budget amounts of total costs for...
- Q 2. Mikell Builders contracted to build a high-rise for $8,000,000. Construction began in 2021 and is expected to be completed in 2023. Data for 2021,2022,...
- Q Blue Excavating Inc. is purchasing a bulldozer. The equipment has a price of $95,100. The manufacturer has offered a payment plan that would allow Blue to make 11 equal annual...
- Q Quantum Corp. had earnings per share of $6.32 It paid a $7.50 dividend per share to preferred shareholders, and a $2.50 dividend per share to...
- Q Required: Calculate ROI for the coming year assuming that the new equipment is bought at the beginning of the year. Note: Do not round intermediate calculations. Enter your...
- Q Which of the following people is LEAST likely to use management accounting information? Please explain. a.a shareholder evaluating a stock investment b. the treasurer c. an assembly department supervisor...
- Q Safe Home provides house-sitting for people while they are away on vacation. Some of its customers pay immediately after the job is finished. Some customers ask that the business send...
- Q for book Cassidy, Carlene, et al. Administrative Management: Setting People Up for Success to Chapter 2 question for reflection question:Why are both dimensions of an organization chartvertical hierarchy and horizontal...
- Q In a make-or-buy decision, which costs can be considered relevant?
- Q Montross Lumber processes wood to be shipped to construction companies. In order tp keep its products uniform, Montross conducts inspections on 15% of the boards produced. Inspections cost the company...
- Q To plan ahead the budgeted profit for the next period in a manufacturing firm, provide the correct order of the EIGHT operating budgets to be completed.
- Q La empresa XYZ est considerando lanzar al mercado un nuevo modelo de sombrilla tamao bolsillo. El siguiente costo se identific con la introduccin de este...
- Q Explain the process of preparing an operations budget.
- Q Kraus Steel Company has two departments, Casting and Rolling. In the Rolling Department, ingots from the Casting Department are rolled into steel sheet. The Rolling Department received 60,800 tons from...
- Q Bruce works for ABC in Quebec and is paid only by commission. He wants to claim his personal out of pocket expenses. How many tax forms does he have to...
- Q Develop Goals, Concept and Business Rules, and Actor and Resources models for survey process. The expected number of elements in each model: about 10 (so all together about 40 elements,...
- Q The director of a trust fund has $300,000 to invest. The rules of the trust state that both a certificate of deposit (CD) and a long-term bond must be used....
- Q Which of the following is NOT a product cost? (multiple choice) A. Direct Labor B. Direct Materials C. Administrative Expenses D. Manufacturing Overhead
- Q Exercise 7-5 Percent of sales method; write-off LO P3 At year-end (December 31), Chan Company estimates its bad debts as 0.5% of its annual credit sales of $975,000. Chan records...
- Q You have been asked to develop a pro forma statement of cash flow for the coming year for Autumn Seasons, a 200-unit suburban garden apartment community. This community...
- Q Which of the following statements regarding the calculation of regular tax liability is false? Multiple Choice Regardless of filing status, the highest marginal rate for individual taxpayers is 37%. The...
- Q Stanford Corporation began the year with 150,000 shares of common stock outstanding. On March 1 an additional 10,000 shares of common stock were issued. On August 1, another 16,000 shares...
- Q Discuss the importance and implications of the concept of "Conservatism" in accounting. How does it affect the financial statements and decision-making processes within a company?
- Q Lyons Company consists of two divisions: A and B. Lyons Company reported a contribution margin of $52,000 for Division A and had a contribution margin ratio of 30% in Division...
- Q Pinnacle Manufacturing is evaluating two projects with the following net cash flows. The required rate of return is 10%. PV of $1 (4%), PVA of $1 (4%), PV of $1 (10%),...
- Q Future Tech Systems is considering two investment opportunities with the following cash flows. The required rate of return is 13%. PV of $1 (6%), PVA of $1 (6%), PV of $1...
- Q Greenfield Enterprises is analyzing two projects with the following net cash flows. The required rate of return is 9%. PV of $1 (4%), PVA of $1 (4%), PV of $1 (9%),...
- Q Aqua Marine Inc is considering two new projects with the following cash flows. The company's required rate of return is 11%. PV of $1 (5%), PVA of $1 (5%), PV of...
- Q Solaris Energy Solutions has two potential projects with the following cash flows. The company's required rate of return is 7%. PV of $1 (5%), PVA of $1 (5%), PV of $1...
- Q Tech Innovations Inc is considering two new projects with the following net cash flows. The required rate of return is 10%. PV of $1 (4%), PVA of $1 (4%), PV of...
- Q On January 2, 2024, Miniso Company sold equipment with a carrying amount of P500,000 in exchange for P100,000 cash and a P600,000 non-interest-bearing collectible in three equal annual installment every...
- Q Blue Horizon Ltd has two investment opportunities with the following cash flows. The required rate of return is 12%. PV of $1 (6%), PVA of $1 (6%), PV of $1 (12%),...
- Q Travel Corporation recently suffered a fire in its warehouse. The fire destroyed all of the company's inventory on hand at June 30. The opening inventory on June 1 was $...
- Q Extruded Elements had Net Income of $25,000,000 last year, and $26,250,000 this year (in line with its long-term earnings growth rate). There are 4,000,000 shares outstanding, and the firm follows...
- Q On January 2, 2020, Ms. Shirley Kantor moves from London, Ontario, to Thunder Bay, Ontario, in order to begin employment with Northern Enterprises Ltd. (NEL) as accounting manager. Her salary...
- Q TF Cu. 10-13 Las ganancias brutas de todos los empleados... Los ingresos brutos de todos los empleados se acreditan a Sueldos y salarios por pagar . Verdadero o...
- Q For the model by Michael Spence, suppose that the employer believes that there is some level of education, say y* such that if y
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- Q Mario Companys Accounts Receivable balance at December 31 was $900,000 and there was a credit balance of $4,200 in the Allowance for Doubtful Accounts, The years sales were $5,400,000. Mario...
- Q Barfield Mfg. Co. applies overhead to jobs at a rate of 140 percent of direct labor cost. The following account information is available: Direct Material Inventory Beg. balance 34,440 ?...
- Q Case Study: Wirecard Accounting Scandal The Wirecard case is a recent and prominent example of how managerial accounting can be used to uncover fraudulent activity and unethical practices...
- Q Journalize the summary transactions (1)-(4) for June. Refer to the Chart of Accounts for exact wording of account titles Modern Lighting Inc. manufactures lighting fixtures, using lean manufacturing...
- Q on January 1, $396,000 of par value bonds with a carrying value of $430,000 is converted to 66,000 shares of $5 par value common stock. The entry to...
- Q If the direct write-off method of account for uncollectible receivables is used, what general ledger account is debited to write off a customer's account as uncollectible?
- Q Chuck, a single taxpayer, earns $77,000 in taxable income and $12,100 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) Required: If...
- Q The records for Crane Company showed the following for 2020: Jan. 1 Dec. 31 Unearned revenue...
- Q Flapjack Corporation had 7,784 actual direct labor hours at an actual rate of $12.20 per hour. Original production had been budgeted for 1,100 units, but only 967 units...
- Q Assume that a town places an order for a truck with an estimated cost of $39,850. When the truck is delivered, the actual cost is $45,600. Prepare the journal entry...
- Q A group of 12 friends bought tickets for an afternoon concert. However, not all of the friends were able to sit together. Tickets for floor seats cost $25 each, and...
- Q A subgroup HGis normal if gH= Hg for all gG. (a) Prove that H is normal if and only if g1Hg= H for all gG, where g1Hg= [g1hg: hH]. (b)...
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