Accounting question and answers for November 15, 2023
- Q The City of Townsends city council authorized the establishment of an internal service fund to provide human resource services to city departments. The following transactions took place in the inaugural...
- Q X Company, a merchandiser, had the following transactions in August: Borrowed $22,000 from a bank. Bought equipment costing $10,400, paying the manufacturer $5,500 in cash and promising to pay the...
- Q B Left Center Right (4,1) (2,0) (3,6) (1,6) (1,4) (2,2) (3,4) (6,3) (4,3) A Up Middle Down a. Determine if the game has any pure strategy Nash Equilibriums. b. Determine...
- Q The following income statement was drawn from the records of Jordan Company, a merchandising firm: JORDAN COMPANY Income Statement For the Year Ended...
- Q M. Jones Inc. purchased the following available-for-sale securities during 20Y5, its first year of operations: Issuing Company Cost Arden Enterprises Inc. $143,700 French Broad Industries Inc. 64,860 Pisgah Construction Inc....
- Q What is the present value of $6,000 to be paid at the end of each of the next eight periods assuming an interest rate of 10%
- Q Material A: 3 kilograms at R20 per kilogram Material B: 5 kilograms at R15 per kilogram Direct labour: 8 hours at R10 per hour Fixed overheads: R120 000 Budgeted production:...
- Q Direct Write-Off Method Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables: Oct. 2: Received $2,500 from William Pruitt and wrote off the remainder owed...
- Q Jaden (single) has a traditional IRA to which he has made only deductible contributions. At the end of 2022, Jaden is 74 years old. Jaden's required minimum distribution (RMD) from...
- Q Which of the following cases is not eligible for capital cost allowance in the current year? A. A piece of equipment was purchased...
- Q On March 1st, Richard Cook had capital of $150,000. During the month of March he withdrew $31,000 from the business for personal use. The amount of assets, liabilities, revenue, and...
- Q A firm has completed their 5-year horizon forecast. Their weighted average cost of capital is 12%. Beyond the end of the horizon period they conservatively estimate that growth will continue...
- Q Paul Cable source sells cables and below is the income statement currently. Current Alternative Difference Sales $205,000 Costs: Cables $50,000 Labor $16,000 Utilities $65,000 Rent $15,000 Other $32,000 Managers...
- Q Analysis of the fears and doubts of US seaport operations about containers through the flow of the customer order cycle.The answer needs to include the following points The...
- Q Gail and Jeff Payne are married and filed a joint return for the current year. During the year, they paid the following doctors bills: For Gails...
- Q A group of entities comprised of Mark Ltd (parent entity) and Roger Ltd (subsidiary entity) have the following inventory balances at 30 June 2021. Mark Ltd...
- Q Be sure to include a cover page and References page for this assignment. For John Deere company, perform a SWOT analysis using Microsoft Word. You...
- Q ANSWER ASAP Company Inc. is a retailer. Its accountants are preparing the company's 2nd quarter master budget. The company has the following balance sheet as of March 31. ...
- Q Based on the preceding spreadsheet, prepare an income statement for Bamboo Consulting. Bamboo Consulting Income Statement For the Year Ended July 31, 20Y5 Fees earned $Fees earned 348,500 Expenses: Salary...
- Q Epsilon Corp issues loan notes of $130,000 on 1 January 2031. Redemption is to take place on equal terms, five years later. The company decides to put aside an equal amount...
- Q Rho Industries issues loan notes of £110,000 on 1 January 2019. Redemption is to take place on equal terms, five years later. The company decides to put aside an equal amount...
- Q Company: General Electric (GE)ItemAmount (in millions)Net Sales$95,000Cost of Goods Sold (COGS)$57,500Gross Profit$37,500Operating Expenses$22,000Operating Income$15,500Net Income$9,000Total Assets$150,000Total Equity$45,000Questions:Calculate GE’s gross profit margin.Determine the operating profit margin.What is the net profit margin?Compute...
- Q Nina's Nibbles is considering a month-long discount on snack bars, reducing the price from $2.00 to $1.50. Promotion costs $1000. Nina expects snack bar sales to increase by 30%, with a...
- Q Apple Inc.ItemAmount (in millions)Revenue$274,515Cost of Goods Sold (COGS)$169,559Gross Profit$104,956Operating Expenses$38,668Operating Income$66,288Interest Expense$2,000Income Tax Expense$11,000Net Income$53,288Questions:What is Apple's gross profit margin?Calculate Apple's operating profit margin.Determine Apple's net profit margin.If Apple’s total...
- Q Omega Ltd issues loan notes of $60,000 on 1 January 2026. Redemption is to take place on equal terms, five years later. The company decides to put aside an equal amount...
- Q Sigma Ltd issues loan notes of $140,000 on 1 January 2020. Redemption is to take place on equal terms, six years later. The company decides to put aside an equal amount...
- Q Company: Nike, Inc.ItemAmount (in millions)Cash and Cash Equivalents$9,400Accounts Receivable$5,300Inventory$7,800Total Current Assets$26,500Property, Plant, Equipment$12,600Total Assets$52,000Accounts Payable$6,900Short-term Debt$3,500Total Current Liabilities$15,000Long-term Debt$10,500Total Liabilities$28,000Total Equity$24,000Questions:Calculate Nike's current ratio.Determine Nike's quick ratio (acid-test ratio).What is...
- Q Company: Alphabet Inc.ItemAmount (in millions)Cash and Cash Equivalents$20,945Accounts Receivable$40,402Inventory$5,125Total Current Assets$111,007Property, Plant, Equipment$81,039Total Assets$319,616Accounts Payable$15,347Short-term Debt$6,291Total Current Liabilities$56,290Long-term Debt$12,469Total Liabilities$97,106Total Equity$222,510Questions:Calculate Alphabet's current ratio.Determine Alphabet's quick ratio (acid-test ratio).What is...
- Q Delta Enterprises issues loan notes of $100,000 on 1 January 2008. Redemption is to take place on equal terms, five years later. The company decides to put aside an equal amount...
- Q Chi Ltd issues loan notes of €95,000 on 1 January 2024. Redemption is to take place on equal terms, four years later. The company decides to put aside an equal amount...
- Q Mu Ltd issues loan notes of $65,000 on 1 January 2015. Redemption is to take place on equal terms, four years later. The company decides to put aside an equal amount...
- 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 just...
- Q The actual cash received during the week ended June 7 for cash sales was $19,273, and the amount indicated by the cash register total was $19,218. ...
- Q Question 10 (5 marks) Is there a consequence for reported profit or loss if a particular financial instrument, for example a preference share, is designated as debt rather than equity?...
- Q Portfolio A consists of $5,000 investment in a 1-year zero-coupon bond and $20,000 investment in a 20-year zero-coupon bond. Portfolio B consists of a 10-year zero-coupon bond with a...
- Q If the likelihood of an occurrence of a contingent liability is deemed remote, what is the appropriate accounting treatment? Nothing is required Note disclosure only Journalize only Journalize and note...
- Q Josh is a leader on the new Smart Technology software project. Josh decided on Agile as the systems development methodology of choice for the project. At what stage in the...
- Q Beginning inventory is $30,000. Purchases of inventory during the year are $50,000. Cost of goods sold is $60,000. What is ending inventory? Group of answer choices ...
- Q what is a rank given to product having the same functional use but different quality requirements?
- Q hich of the following statements is NOT found in the IRS Tax Code with regard to dependency? A joint return generally cannot be filed by the dependent. The dependent must...
- Q What did you learn from this article? What are some of the special rules and requirements that apply to government audit? Article is below...
- Q Question 3 An unfavorable materials quantity variance indicates that: actual usage of material exceeds the standard material allowed for output. standard material allowed for output exceeds the actual usage of...
- Q Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in the Mixing Department. The...
- Q Entries for Issuing Par Stock On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 35,000 shares of $10 par common stock at $34, and on February...
- Q To completely reimburse an employee's $100 federal tax liability, an employer would have to pay the employee how much? The employee has a marginal tax rate of 25%. ...
- Q Solvent Inc. signs a 10-year lease for a building owned by Property Inc. that is appropriately classified as an operating lease by both the lessee and lessor. Lease payments are...
- Q In 2018, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2020. Information related to the...
- 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 The accounting for goodwill is controversial. Some believe that goodwill's value eventually disappears. Therefore, they argue, companies should charge goodwill to expense over the periods affected, to better match...
- Q Polaski Company manufactures and sells a single product called a Ret. Operating at capacity, the company can produce and sell 46,000 Rets per year. Costs associated with...
- Q Hospital AB disclosed the following information in its recent annual report: Year 1 Year 2 Cost...
- Q Vince Melders, of EcoScape Company, designs and installs custom lawn and garden irrigation systems for homes and businesses throughout the state. Each job is different, requiring different materials...
- Q Julian Junkets has the following inventory information. July 1 Beginning Inventory 25 units at 90 5 Purchases 150 units at 84 14 Sale 100 units 21 Purchases 75 units at...
- Q Koribbean Oasis has been successfully selling coffee beans produced in Saint Lucia all over the world via its online store. Given the recent Covid-19 outbreaks in the island, Dawn, the...
- Q The Northwood Clinic purchased a new surgical laser for $ 75,000. The estimated residual value is $ 7,500. The laser has a useful life of four years and the clinic...
- Q E17.12 (LO 2, 3) (Journal Entries for Fair Value and Equity Methods) The following are inde- pendent situations. Situation 1: Conchita Cosmetics acquired 10% of the 200,000 shares of common...
- Q 5. (5 marks) Determine the type of the costs: fixed cost(F), variable cos (V), and Blended cost (B), write your answer in the first column in...
- Q The corporate charter of Alpaca Co. authorized the issuance of 14 million, $1 par common shares. During 2021, its first year of operations, Alpaca had the following transactions: ...
- Q Problem 3.1A (Algo) Journalizing Transactions (LO3-3, LO3-4, LO3-5) Glenn Grimes is the founder and president of Heartland Construction, a real estate development venture. The business transactions during February while the...
- Q Cost of Goods Sold, Profit margin, and Net Income for a Manufacturing Company The following information is available for Bandera Manufacturing Company for the month ending January 31: ...
- Q For this project, you will create a scenario for a business or other organization and use CVP analysis to show the following: 1.Breakeven in units 2.Breakeven in dollars 3.Target sales...
- Q Olive Company makes silver belt buckles. The companys master budget appears in the first column of the table. Required: Complete the table by preparing Olives flexible budget for 4,100, 6,100,...
- Q Chris and Karen are married and own a three-bedroom home in a large Mid-western city. Their sons, Christian attends college away from home and lives in a fraternity house....
- Q A company uses the following standard costs to produce a single unit of output. Direct materials 6 pounds at $0.90 per pound = $...
- Q Selected Dividend Transactions, Stock Split Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows. Journalize the transactions. If no entry is required, select...
- Q (Appendix 4B) Direct Method of Support Department Cost Allocation Stevenson Company is divided into two operating divisions: Battery and Small Motors. The company allocates power and general factory costs to...
- Q Walsh Company manufactures and sells one product. The following information pertains to each of the companys first two years of operations: ...
- Q If you knew all of these issues with the capital markets, what are the things you would do differently in the way you run your company and the way you...
- Q Hofbauer Inc. has provided the following data concerning one of the products in its standard cost system. Inputs Standard Quantity or Hours per Unit of Output Standard Price or Rate...
- Q Your first task in this assessment is to read the following hypothetical problems for an activewear product. Problem 1: Oppo recently launched their new model called Find X3 Pro. It...
- Q At the end of 2017, the accounting records of Trite Company showed the following data: 2017 2018 2019...
- Q Arthur and Patricia want to open a restaurant. They contribute $3,000 each for a survey to locate an appropriate area for their restaurant and $2,000 each for a real estate...
- Q Keep-it-Hot Inc. manufactures popular thermoses. On June 30, the company had 1,000 thermoses in inventory. Each thermos sells for $80.00. The company's policy is to maintain a thermos inventory equal...
- Q 1. Internal control systems Identify one potentially important internal control risk for a company like Flowers that bakes bread and makes snack cakes. Try to identify...
- Q Obtain the most recent annual reports for four FTSE 100 companies of your choice (note: you need to make sure the companies chosen to have more than one operational segment...
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