Accounting question and answers for November 15, 2023
- Q Sanford Company The Sanford Company had the following balance sheet as of December 31, 20x2. The transactions for the first three months of 20x3 are also presented along with other...
- Q Provide an example of a time when you made a decision regarding a work issue when procedures were not in place. Wxplain the steps you took to address the issue.What...
- Q an information system auditor is performing a review of application and finds something that might be illegal. The IS auditor should?
- Q If Michaels Landscaping has total revenues for the year of $27,000 and total expenses of were $30,000 the entry to close Income Summary would be
- Q Required information Skip to question [The following information applies to the questions displayed below.] Background Mr. Z (real name Josh Zubkoff) runs a successful chain of cheese (and wine) shops...
- Q Q6. What are two methods of recording accounts receivable transactions when a cash discount situation is involved? Which is more theoretically correct? Which is used in practice more of the...
- Q List 3 causes of favorable direct materials price variance? Describe three reasons for an unfavorable direct manufacturing labor efficiency variance.
- Q Jan, an unmarried individual, gave the following outright gifts in 2017: Donee Amount Use by donee Jones $16,000 Down payment on house Craig 15,000 College tuition Kande 5,000 Vacation...
- Q Graham Company uses a periodic inventory system. Details for the inventory account for the month of January 2020 are as follows: Units Per unit price Total Balance, 1/1/20...
- Q Identify which of the following statements is correct as to why accounting is important
- Q Fallow Corporation has two separate profit centers. The following information is available for the most recent year: West Division East Division Sales (net) $ 240,000 $ 390,000 Salary expense 30,000...
- Q 4. Which of the following statements regarding uncertain tax position (UTP) is correct? A. Interests and penalties related to UTP must be reported in the income tax provision. B. Large...
- Q 6. The City of Naples has investments in bonds. These bonds have an carrying value of $3,997,000. At year end, the financial press reports a market value of $3,994,600 for...
- Q The FASB issues new standards on accounting. The implementation date is usually a year from the date of issuance with early implementation encouraged. Jane Durham, chief accountant is discussing implementing...
- Q The following information concerns production in the Baking Department for August. All direct materials are placed in process at the beginning of production. ACCOUNT Work in ProcessBaking Department...
- Q Use the information given below to complete the following financial statements: 1.1 Statement of Comprehensive Income for the year ended 29 February 2024.(12 marks)1.2 Statement of Financial Position...
- Q Which of the following audit procedures most likely will involve sampling? A)Risk assessment procedures performed to obtain an understanding of internal control B)Tests of automated application controls when effective information...
- Q Beginning inventory is $40,000. Purchases of inventory during the year are $200,000. Ending inventory is $100,000. What is cost of goods sold? Group of answer choices D) $140,000. A)...
- Q Budgetary Accounting, Governmental Revenues, and Expenditures Please explain the similarities and differences between full accrual and modified accrual accounting. How budgets get recorded and updated in the accounting records and...
- Q H and W are married citizens. All of their real and personal property is owned as tenants by the entirety or as joint tenants with right of survivorship. The gross...
- Q 3. How are investments taxed?
- Q Oriole Company received proceeds of $596000 on 10-year, 8% bonds issued on January 1, 2019. The bonds had a face value of $632000, pay interest annually on December 31, and...
- Q which of the following is not one of the four requirements for a tax professional to meet EITC due diligence requirements? proof of relationship claiimed completion of the eligibility checklist...
- Q ABC issues a 10 year $1,000 8% bond that pays interest semi-annually. At the time the bond was issued, the market rate for bonds of similar risk characteristics was 10%....
- Q Telstar uses job order costing. The T-accounts below summarize its production activity for the year. Raw Materials Inventory Debit Credit 45,700 24,950 8,700 Factory Wages Payable Debit Credit 126,700 86,450...
- Q Realmente no entiendo esto por favor ayuda: Calcule las cantidades que faltan en la siguiente tabla; Activos de la empresa = Pasivos + Acciones comunes + Ganancias retenidas...
- Q An inventory record sheet shows the balance on hand to be 260. After units in of 97 and 88, compute the amount that should be shown in the balance on...
- Q 1. Explain the differences between managerial and financial accounting, and give examples of the types of problems and issues examined by each of these areas of accounting. 2. Describe each...
- Q Barbara and Michael having been working their accounting internship at Ivanhoe's Pizzeria. The owner of Ivanhoe's has provided them with the following information for the month of July, and has...
- Q cjgwe MY Autobodys adjusted trial balance on December 31, 2023, appears in the work sheet as follows: No. Account Debit ...
- Q in following 3 cases calculate depreciation, record journal entry and show the net book value as on December 31, 2020 a. Machine cost $ 24000 purchased on 1 April...
- Q Fraud is defined as wrongful or criminal deception intended to result in financial or personal gain. Benefitting from fraud is against the law. However, fraudsters are mostly ordinary disadvantaged people...
- Q Investing activities do not include cash inflows from
- Q Question 1 (40 marks) A- Nour Youssef operates as a sole trader. Below is a trial balance extracted from her books as at 31 December 2020. Trial balance for...
- Q For each investment, discuss what made you select the company? What made you choose the industry? Be specific.ZM TMUS ABNB MCD AAPL TSLA WISHall of these company. ...
- Q Nova Companys total overhead cost at various levels of activity are presented below: Month Machine- Hours Total Overhead Cost April 46,000...
- Q The trial balance a.shows the current date. b.lists only accounts that are used to prepare the balance sheet. c.shows only debit balances. d.shows only credit balances.
- Q A comparative balance sheet for Oriole Company appears below: ORIOLE COMPANY Comparative Balance Sheet Assets Dec. 31,2020 Dec. 31,2019 Cash $47,000 $17,500 Accounts receivable 31,00019,500 Inventory 38,00023,500 Prepaid...
- Q Requirement 1. Prepare the statement of cash flows of Educational Supply for the year ended December 31, . Use the indirect method to report cash flows from operating activities. (Use...
- Q Graham Company uses a periodic inventory system. Details for the inventory account for the month of January 2020 are as follows: Units Per unit price Total Balance, 1/1/20 400 $5.00...
- Q The O'Brien Company has the following information available: Month Budgeted Sales Jan $150,000 Feb 153,000 March 151,000 April 254,500 May 252,500...
- Q circular 230, Subpart B lists practitioner duties and restrictions. Which of the following items is not included in this list? furnish property requested information to the IRS unless that information...
- Q 32. (LO9) A taxpayer who is in the 32% federal tax bracket and the 9.3% California tax bracket wants to determine the taxable rate of interest she/he should seek to...
- Q Copy, paste, and answer each question for your Chapter 9 post (150 words minimum, please use your own words): Explain the difference between an ordinary repair versus...
- Q Explain the purpose of a capital improvement plan and how it is developed.
- Q S 3-18 (Algo) Preparing closing entries from the ledger LO P6
- Q The contents of AASB 6 Exploration for and Evaluation of Mineral Resources are different from IFRS 6. In particular, AASB 6 is more restrictive in relation to how pre-production expenditure...
- Q Types of market securuties and how are unrealized gains and losses reflected in shareholders equity?
- Q A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations: Selling price $ 140 Units in beginning inventory 0 Units...
- Q High-Low Cost Estimation and Profit Planning Comparative 2007 and 2008 income statements for Dakota Products Inc. follow: DAKOTA PRODUCTS INC. Comparative Income Statements For Years Ending December 31, 2007 and...
- Q Why is it important for managers to understand the concept of "budgeting?" What are some benefits of preparing and managing a business by using budgets? What are some...
- Q 22. Which one of the following is not a component of gross income on Schedule C, Part I? a. Sales b. Cost of Goods Sold c. Other Income d. Returns...
- Q Private placements refer to: indirect negotiation with the one or more creditors. debt or equity securities issued to individuals or organizations without being listed with a securities commission. shares that...
- Q Q: On December 15, 2020, XYZ issued 1,500 shares of its $3 par common stock for $50 per share. Record the issuance of the stock
- Q Zambia Ltd. currently has 150,000 no par value common shares outstanding, with a carrying value of $3,900,000. Instructions: A. Purchase 1,500 common shares at $29 per share, to be held...
- Q A corporation has 69,465 shares of $32 par value stock outstanding that has a current market value of $313. If the corporation issues a 4-for-1 stock split, what amount approximately...
- Q Which of the following has NOT been found to be a measure of a non-GAAP financial metric? A) Earnings before depreciation and amortization B) Operating income before certain non-recurring expense...
- Q Indicate which financial reporting element the following account belongs in travel and entertainment expense
- Q 1. What is your appraisal of the strategy John Foster developed for InSpeech in 1985-86? Do you agree with his assessment of the business opportunity?
- Q Revenue is earned when
- Q why are writing skills more important in today's workplace than ever before?
- Q 4. The _______ turnover ratio measures a company's efficiency in managing its accounts _______
- Q On August 24th ACO received an order from a US customer called US Co. to sell inventory costing $60,000. The goods were shipped on September 1, 2020 FOB shipping point....
- Q for establishing a petty cash fund via check would you start by entering it into the genral journal or CDJ? and would you create an expense account you...
- Q Mark and Michelle are married, file a joint return, and have two dependent children. Michelle is a lawyer working for a corporation. Mark works as a college science teacher. During...
- Q Mastery Problem: Evaluating Variances from Standard Costs Question Content Area Sole Purpose Shoe Company Sole Purpose Shoe Company is owned and operated by Sarah Charles. The company...
- Q create a bank reconcilliation.
- Q Russell Corporation sold a parcel of land valued at $617,500. Its basis in the land was $444,600. For the land, Russell received $111,000 in cash in year 0 and a...
- Q What is budget
- Q Nicholls Corp. has some materials that originally cost $74,600. The materials have a scrap value of $57,400 as is, but if reworked at a cost of $3,500, could be sold...
- Q In 200 words or more, Indicate how a journal is used in the recording process in Accounting
- Q _____ may be reflected along numerous dimensions, but most managers tend to focus on age, gender, ethnicity, and physical abilities and disabilities.
- Q You have been running a successful business and have branched out into complimentary markets. You have always been able to run the business through a highly skilled staff which helped...
- Q choose the stakeholder that is MOST likely to ask the following question. how much does the business owe to its current suppliers
- Q Susie purchased her primary residence onMarch 15, year 4, for $240,000. She sold it on October 15, year 7,for $550,000. What amount of loss from the sale is recognized onher...
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