Accounting question and answers for November 15, 2023
- Q Premium Amortization On the first day of the fiscal year, a company issues a $3,100,000, 8%, 5-year bond that pays semiannual interest of $124,000 ($3,100,000 8% ), receiving...
- Q Dempsey Railroad Co. is about to issue $300,000 of 6-year bonds paying an 9% interest rate, with interest payable semiannually. The discount rate for such securities is 10%. Click here...
- Q Which of the following is NOT a feature of a corporations preferred stock? Question 14Answer Cumulative dividend rights in which unpaid dividends carry forward to future periods Preference...
- Q On May 31, Money Corporation's Cash account showed a balance of $15,000 before the bank reconciliation was prepared. After examining the May bank statement and items included with it, the...
- Q What expenses are included in operating expenses for income statement for a small department store? General expenses, administrative expenses, interest expense , delivery expense and income tax expense
- Q In its CASH BASIS income statement for the year ended June 30, 2022, Selena Corp. reported revenue of $142,000 (i.e., total cash receipts from sales). Additional information was as follows:...
- Q Net income is gross profit less (C5LO1)
- Q A car dealer offers to buy your car for $9,100 so that you can purchase a new one. If your monthly payment is $464.23 with an annual interest rate of...
- Q Giuseppe maintains a home for his parents who live in a condo in a nearby co.munity. glueseppe is single and his daughter attends the local elementary school. how many exemptions...
- Q Cool Pool has these costs associated with production of 26,661 units of accessory products: direct materials, $59; direct labor, $130; variable manufacturing overhead, $47; total...
- Q What is the order in which the following source documents are prepared? a. Bill of materials b. Work order c. Sales forecast d. Materials requisition e. Move...
- Q When preparing a bank reconciliation, how should deposits in transit be adjusted? Choose one. A) Added to the balance per bank statement B) Added to the balance per ledger C)...
- Q The federal government does not collect personal or corporate income taxes for Ontario or Quebec.
- Q [The following information applies to the questions displayed below.] Lina purchased a new car for use in her business during 2017. The auto was the only business asset...
- Q 23. Which of the following expenses reported on Schedule C (page 1) does not need to be substantiated on another form or schedule? a. Car and truck expenses b. Business...
- Q Select all of the following that managers can use to evaluate capital invesments. (Select all that apply.) High-Low Method Net present value method LIFO Method Internal rate of...
- Q What if you have 200,000 outstanding Sharapova shares
- Q What is your perspective of a Balanced Scorecard? Do you see the value to an organization this could provide? Explain the cost-price interrelationship, and why it's important that...
- Q If a gain of $8,842 is realized in selling (for cash) office equipment having a book value of $51,860, find the total amount reported in the cash flows from investing...
- Q Exercise 4-8B Allocating indirect cost over varying levels of prodcution Cornerstone Company's annual factory depreciation is $630,000. Cornerstone estimated it would operate the factory a total of 3,600 hours this...
- Q No mention is required in the financial statements for contingent liabilities that are: A) possible. B) probable. C) remote. D) likely.
- Q In 200 words or more, Explain how accounts, debits, and credits are used to record business transactions.
- Q List and discuss the pros and cons of using top-down budgeting? Why type of companies or industries would benefit the most from this strategy?
- Q Bradford is 27 years olf and starts investing $3000 per year into his retirement investemnt account, earning 9% compounded annually. He decides that each year he will increase his contributions...
- Q At the beginning of the fiscal year, the balance sheet showed assets of $2,475 and owners' equity of $1,216. During the year, assets increased $450 and liabilities decreased $127. Liabilities...
- Q Revenue at 501 units ? refer image
- Q A corporation has the following account balances on September 30, 2015: Cash $1,500, Accounts Receivable $5,200, Unused Supplies $200, Advertising Expense $450, Interest Expense $400, Supplies Used $240, Wages Expense...
- Q Discuss the costs associated with producing or deliver your product/service
- Q 2.1. Mintzberg viewed strategy as the 5Ps. State any four (4) of these Ps. (2 marks) 2.2. Explain the use of a Decision Support System(DSS). (2 marks) 2.3. Distinguish between...
- Q The accounts receivable listing of FoxDen Inc. shows the following on December 31, 2020. ...
- Q In the first month of operations for Gallow Industries, the total of the debit entries to the cash account amounted to $36,000 ($16,000 investment by stockholders and revenues of $20,000)....
- Q Henry Bogut just received a signing bonus of $980,400. His plan is to invest this payment in a fund that will earn 8%, compounded annually. If Bogut plans to establish...
- Q For February, sales revenue is $603,000; sales commissions are 5% of sales; the sales manager's salary is $86,200; advertising expenses are $83,500; shipping expenses total 1% of sales; and miscellaneous...
- Q Retained earnings: represents the amount shareholders are guranteed didnt mean to post this one. ignore it
- Q The controller of Bridgeport Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information:...
- Q The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. You can refer to the objectives for each chapter covered as a review of...
- Q an individual recieved a k-1 from a 1065. on the k-1 they received line 11 code E cancellation of debt for the amount of $189,000. will this be twxabke income...
- Q Grant Co. uses the following standard to produce a single unit of its product: Variable overhead (1.30 hrs. per unit @ $3.60/hr.) Actual data for the month show total variable...
- Q what is the relationship between authorized shares, issued and unissued shares, and outstanding and treasury shares?
- Q This question has to do with property and ROI. Is ROI a yearly computation that is based upon cashflow from the buildings or when the buildings are sold?
- Q 9. The _______ ratio measures a company's profitability by comparing its net income to its _______
- Q Gallatin Carpet Cleaning is a small, family-owned business operating out of Bozeman, Montana. For its services, the company has always charged a flat fee per hundred square feet of carpet...
- Q Information asymmetry is Group of answer choices false information spread by competitors. when some know more than others. when two pieces of information counteract each other. incomplete information. when information...
- Q A hospital purchased a used CT scanner for $450,000 and placed the equipment in service on January 1 of Year 1. Per industry guidelines, the CT scanner has an estimated...
- Q Construction, Inc. is a home builder in Arizona. Superior uses a job order costing system in which each house is a job. Because it constructs houses, the company uses an...
- Q Data pertaining to a company's joint production for the current period follows: L M Quantities produced 200 lbs. 150 lbs. Market value at split-off point $ 10.00 /lb. $ 20.00...
- Q 5. Aaron and Michele, equal shareholders in Cavalier Corporation, receive $25,000 each in distributions on December 31 of the current year. During the current year, Cavalier sold an appreciated asset...
- Q Commercial banks worldwide provide a variety of services to aid in the financing of foreign trade. Research a big multinational commercial bank of your choice and determine what types of...
- Q Maria Am Corporation uses the weighted-average method in its process costing system. The Baking Department is one of the processing departments in its strudel manufacturing facility. In June in the...
- Q A companys flexible budget for 10,000 units of production showed sales, $56,000; variable costs, $24,000; and fixed costs, $16,000. The variable costs expected if the company produces and sells 16,000...
- Q If I have an Asset Turnover of 2.122464115. How do I interpret that for a project
- Q Instructions In this exercise, you will get a deeper understanding of negotiable instruments and apply the learning from reading Chapter 13 in your textbook. Read through the scenarios below, and...
- Q Vlada is planning on attending of University of Washington and is getting help from her grandparents with school. They agree to give her $14,277 today, $11,893 in one year, and...
- Q For having a career in Accounting: List the requirements and jobs skills needed to be successful. What skills do you still need? How could you get them? ...
- Q Foot Locker, Incorporated, is a large global retailer of athletic footwear and apparel selling directly to customers and through the Internet. It includes the Foot Locker family of stores, Champs...
- Q For income (loss) from operations of discontinued component, where did the 61000 & 76000 come from?
- Q gross profit is
- Q QUESTION 5(20 Marks) Study the information provided below and answer the following questions. INFORMATION Mpungose Manufacturing (MM) is considering an opportunity to produce an...
- Q What effect did Wells Fargo's accounting misconduct have on the quality of its accounting information.
- Q 2.1 Calculate the percentage profit on sales after the cost of sales only have been accounted for. (2 marks) 2.2 Has the liquidity of the company...
- Q 10. The _______ equation states that assets are equal to _______ plus equity
- Q store a sells a jacket for $566.33 less a 25% discount (a) find net price store a offers. (b) store B sells the same jacket for $504.73. what dollar amount...
- Q Listed below are five terms followed by a list of phrases that describe or characterize each of the terms. Match each phrase with the correct term. Phrase: 1 - Report...
- Q Missing Amount from an Account On July 1, the cash account balance was $26,140. During July, cash payments totaled $185,940 and the July 31 balance was $43,010. Determine the cash...
- Q TRUE or FALSE To estimate what the profit will be at various levels of activity, multiply the number of units to be sold above or below the break-even point by...
- Q If you were a supervisor, what steps would you take prior to interview job candidates to make sure your questions were appropriate?
- Q Why might it be desirable to have a global set of GAAP? A. To comply with the going-concern concept. B. To avoid the costs of audited financial statements which are...
- Q Lars acquired a new network system on June 5, 2022 (five-year class property), for $55,000. She expects taxable income from the business will always be about $145,000 without regard to...
- Q Suppose Melvins Bank starts with the balance sheet in Table 9.4A and the income statement in Table 9.2. Show how the balance sheet and income statement change in each of...
- Q Fantasy Company is developing a new product. To be competitive, the price of the new product that Fantasy Company is developing cannot exceed $12. Fantasys required rate of return is...
- Q The standard rate of pay is $10 per direct labor hour. If the actual direct labor payroll was $39,200 for 4,000 direct labor hours worked, the direct labor price (rate)...
- Q Parrots Campgrounds Polly Parrot opened Parrots Campgrounds. The camp is open from April through October. Campers typically register for one week, arriving on Sunday afternoon and packing up...
- Q 15. Financial intermediaries include all of these EXCEPT: a. pension funds. b....
- Q Crane Company purchased a machine on 01/02/2020 for $757,400. The machine has an estimated useful life of 5 years and a salvage value of $94,675. Depreciation was computed by the...
- Q If a business records revenues when earned, regardless of whether cash has been received, and records expenses when they are incurred, the accounting system is a(n) a.modified cash basis of...
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