Accounting question and answers for November 15, 2023
- Q Yates Company borrowed $20,000 from Eastern Bank on November 1, 20X3 at an interest rate of 6 percent. No entries related to interest on loan were made prior to December...
- Q A company's income statement showed the following: net income, $123,000; depreciation expense, $34,500; and gain on sale of plant assets, $8,500. An examination of the company's current assets and current...
- Q Ms. Adair, a single individual, has $218,000 AGI, which includes $43,000 net investment income. Compute Ms. Adair's unearned income Medicare contribution tax. Multiple Choice $0 $684...
- Q During October 2023, Fern Field Farms, Inc. received $10,000 from customers in exchange for fruit and vegetables. During the same month, the company paid $2,000 to employees, $500 for electricity,...
- Q Average operating assets are $400,000; the minimum rate of return is 5%; operating income is $100,000; and sales are $800,000. The return on investment is _____. A) 12.5% B)...
- Q What developments did George Frideric Handel create and in which era, what were other composers doing at the time? (be specific as possible). (no charts i want sentences).
- Q QUESTION Adams advocates negotiating with the Barbary States, and Jefferson argues in favor of fighting them. In comparing Adamsis letter to Jeffersonis 1786 letter, where do these men agree, and...
- Q Drew and Joanne are going to buy a new car for $35,000. They are also going to buy a new home for $250,000. They obtain a mortgage of $215,000. They...
- Q A bond has a coupon rate of 4.1% and pays coupons annually. The bond matures in 22 years and the yield to maturity on similar bonds is 4.5%. What...
- Q The board of directors of Sunland Company declared a cash dividend of $2.50 per share on 46,000 shares of common stock on July 15, 2020. The dividend is to be...
- Q Using this information from Planters, Inc., what is the cost per unit under variable costing? Round to the nearest penny, two decimal places. Planters, Inc...
- Q ***** Exploring Itemized Deductions Wages: Michael ($75,000), Emily ($58,000) Interest Income: $1,200 Dividend Income: $900 Long-term capital...
- Q calculate the after-tax interest paid on 8% bonds
- Q 43.A partnership must file Form 1065 only if its income exceeds $1,000. true false
- Q Arndt, Incorporated reported the following for 2024 and 2025($ in millions): 20242025 Revenues $ 918 $ 1,010 Expenses 774830...
- Q Question 13 Which time period comprises a business's operating cycle? Select an answer: From the time an order is placed for inventory until cash is collected from...
- Q Celimar Company's Western Division earned operating income last year as shown in the following income statement: At the beginning of the year, the value of operating assets was $277,000. At...
- Q using an earning ceiling 132,900. to calculate social security tax in payroll?
- Q Oracle Corporation Data for the year ended December 31, 2023:ItemAmountTotal Revenue$600,000,000Cost of Goods Sold$400,000,000Operating Expenses$150,000,000Income Tax Expense$30,000,000Net Income$20,000,000Requirements:Calculate Oracle's gross profit margin.Determine Oracle's operating profit margin.Analyze the impact of income tax...
- Q Olympus Systems is evaluating two new projects. The required rate of return is 18%.Project Silver:Initial Investment: $(270,000)Year 1: $100,000Year 2: $105,000Year 3: $110,000Year 4: $130,000Project Gold:Initial Investment: $(290,000)Year 1: $95,000Year...
- Q PQR Textiles is planning to purchase a new machine to meet increasing demand. The details of three machines under consideration are given below. Assume all sales are on cash. The...
- Q Renewable Energy Co. is analyzing two projects with the following net cash flows. The company's required rate of return on investments is 12%. (PV of $1, FV of $1, PVA...
- Q Titan Enterprises is evaluating two potential investments. The company’s required rate of return is 13%.Project M:Initial Investment: $(250,000)Year 1: $85,000Year 2: $90,000Year 3: $95,000Year 4: $105,000Project N:Initial Investment: $(270,000)Year 1:...
- Q Company: Netflix, Inc. Data for the year ended December 31, 2023:ItemAmountNet Sales$300,000,000Cost of Goods Sold$150,000,000Operating Expenses$100,000,000Income Tax Expense$20,000,000Net Income$30,000,000Requirements:Calculate Netflix's gross profit margin.Determine Netflix's operating profit margin.Analyze the impact of income tax...
- Q Ford Motor Company Data for the year ended December 31, 2023:ItemAmountTotal Revenue$450,000,000Cost of Goods Sold$300,000,000Operating Expenses$120,000,000Income Tax Expense$20,000,000Net Income$10,000,000Requirements:Calculate Ford's gross profit margin.Determine Ford's operating profit margin.Analyze the impact of income...
- Q AT&T Inc. Data for the year ended December 31, 2023:ItemAmountTotal Revenue$600,000,000Cost of Goods Sold$350,000,000Operating Expenses$200,000,000Income Tax Expense$30,000,000Net Income$20,000,000Requirements:Calculate AT&T's gross profit margin.Determine AT&T's operating profit margin.Analyze the impact of income tax...
- Q Zephyr Industries is evaluating two potential projects with the following net cash flows. The company's required rate of return on investments is 12%.Project A:Initial Investment: $(240,000)Year 1: $85,000Year 2: $90,000Year...
- Q EcoLiving Solutions is evaluating two projects with the following net cash flows. The company's required rate of return on investments is 10%. (PV of $1, FV of $1, PVA of...
- Q Eta Automotive plans to invest $500,000 in new technology. The expected annual cash flows are as follows:YearCash Flows0-500,0001100,0002100,0003150,0004150,0005200,000a. Determine the internal rate of return (IRR) for the investment. b. Should...
- Q Company: Samsung ElectronicsItemAmount (in millions)Revenue$200,734Cost of Goods Sold (COGS)$120,444Gross Profit$80,290Operating Expenses$35,600Operating Income$44,690Interest Expense$1,500Income Tax Expense$8,500Net Income$34,690Questions:What is Samsung's gross profit margin?Calculate Samsung's operating profit margin.Determine Samsung's net profit margin.If Samsung’s...
- Q Zeta Constructions is considering two mutually exclusive projects. The initial investment and annual cash flows are as follows:YearCash Flows (Project E)Cash Flows (Project F)0-150,000-150,000140,00050,000250,00050,000360,00050,000460,00060,000a. Calculate the NPV for both projects...
- Q BioMed Enterprises is considering two projects with the following net cash flows. The company's required rate of return on investments is 12%. (PV of $1, FV of $1, PVA of...
- Q Amazon.com, Inc. Data for the year ended December 31, 2023:ItemAmountTotal Revenue$1,000,000,000Cost of Goods Sold$600,000,000Operating Expenses$300,000,000Income Tax Expense$50,000,000Net Income$50,000,000Requirements:Calculate Amazon's gross profit margin.Determine Amazon's operating profit margin.Analyze the impact of income tax...
- Q Alphabet Inc. Data for the year ended December 31, 2023:ItemAmountTotal Assets$1,500,000,000Total Liabilities$800,000,000Shareholders' Equity$700,000,000Revenue$900,000,000Operating Expenses$500,000,000Requirements:Calculate Alphabet's debt-to-equity ratio.Determine Alphabet's net profit margin.Analyze the impact of total assets on Alphabet's financial leverage.Discuss how...
- Q Walt Disney Company Data for the year ended December 31, 2023:ItemAmountTotal Assets$1,200,000,000Total Liabilities$600,000,000Shareholders' Equity$600,000,000Revenue$700,000,000Operating Expenses$400,000,000Requirements:Calculate Disney's debt-to-equity ratio.Determine Disney's net profit margin.Analyze the impact of total assets on Disney's financial leverage.Discuss...
- Q XYZ Corp is evaluating two exclusive investments. The company's cost of capital is 9% and the tax rate is 28%. The details are as follows:ParticularsInvestment CInvestment DCost of investment18,00,00021,00,000Expected life5...
- Q IBM Corporation Data for the year ended December 31, 2023:ItemAmountCash and Cash Equivalents$60,000,000Accounts Receivable$35,000,000Inventory$30,000,000Net Sales$300,000,000Operating Expenses$170,000,000Requirements:Calculate IBM's quick ratio.Determine IBM's inventory turnover ratio.Analyze the impact of accounts receivable on IBM's working...
- Q Data for the year ended December 31, 2023:ItemAmountRevenue$300,000,000Cost of Goods Sold$150,000,000Operating Expenses$80,000,000Income Tax Expense$30,000,000Net Income$40,000,000Requirements:Calculate Apple's gross profit margin.Determine Apple's operating profit margin.Analyze the impact of income tax expense on...
- Q Bally, Jeet and Candy have partnered to sell DVDs through their Bolly.com website.They have not been very successful in the past year and for the year ending June 30, 2019,...
- Q 1. NTC purchased new equipment on January 1, 2014. The equipment cost P12,000, had an estimated useful life of four years, and had a residual value of P400. Using 200 percent...
- Q Jansen Crafters has the capacity to produce 50,000 oak shelves per year and currently sells 44,000 shelves at $32 each. Cutrate Furniture has approached Jansen about purchasing 1,200 shelves for...
- Q Maxim Company had the following partial list of accounts and balances at the end of the year: Cash, $7,000; accounts receivable, $6,000; Accounts Payable, $15,000; Equipment, $23,000; Inventories, $5,000; Supplies, $1,000; Land, $75,000; Unearned service income, $13,000; and Prepaid...
- Q The trial balance before adjustment for the Martinez Company shows the following balances.Dr.chromeaccounts receivable$84,700Allowance for doubtful accounts2,700sales revenue$462,400Using the above data, provide the necessary journal entries to record each of...
- Q Bridget owns 400 shares of a stock that will pay a special $6.85 per share dividend one year from today and a final $.28 per share dividend two years from...
- Q In 2020, Peppermint Patty invests $140,500 in a limited partnership that is not a passive activity (only the at-risk rules apply). During 2020, her share of the partnership loss is...
- Q B12 Corporation is currently in the sixth year of its existence (2022). In 2017–2021, it reported the following income and (loss) (before carryovers or net operating loss carryforwards).2017$ (77,000)2018(33,500)201963,5002020150,5002021(228,500)2022307,000Required:1. What is B12's...
- Q Tommy Testator, the deceased, was single with no dependents. The assets of his estate were as follows:Galaxy Bank account of $100,000Loose cash worth $20,000, found in a sock under hismattressGold...
- Q Below is a partial list of costs incurred at Gilhooly Corporation during September:Direct materials $183,000 Utilities, factory $9,000 Administrative salaries $90,000 Indirect labor $25,000 Sales commissions $33,000 Production equipment depreciation $25,000 Administrative equipment depreciation $32,000 Direct labor...
- Q DeeDee added a one-year warranty to one of her computer games this year. The total cost of warranty service on 2017 sales is estimated to be $10,122. During 2017, $4,750...
- Q Medlar Corporation's static planning budget for June appears below. The company bases its budgets on machine-hours.Budgeted number of machine-hours8,900Supplies (@ $2.20 per machine-hour)$ 19,580Power (@ $3.80 per machine-hour)33,820Salaries26,700Equipment depreciation39,160Total$ 119,260In...
- Q The Miller Company manufactures a product to which materials are added early in the manufacturing process. A review of the company's inventory and cost records for the most recent year...
- Q 1. Formidable Company collected the following information:Standard costs per unit:Variable Overhead4 machine hours at $6 per machine hourFixed overhead4 machine hours at $10 per machine houractual output20,000 unitsDenominator output (normal capacity)21,000...
- Q Alexander Corp. has the following balances as of December 31, 2017:Total Assets108.000Total liabilities71.000Total Equity37.000Calculate the debt-to-equity ratio.
- Q At May 31, 2022, Crane Inc. has $4000 in beginning raw materials, $5500 of direct labour. If manufacturing overhead was $10000, total manufacturing costs was $50000, and total raw material purchases...
- Q Suppose I want to buy a laptop for $500. I sell a legally enforceable certificate for $10 which gives the buyer of the certificate the right to sell a laptop...
- Q Jun Debra is not yet a CPA but is doing quite well in her first employment with a large public accounting firm. She has been on the job two years...
- Q To extend its vaccine production operation, ultimate vaccine ltd extends it operation in victoria by making a public offer its shares. in its prospectus, it notes that the shares are...
- Q Integrity Co. purchased 100% of Accountability Corp. on January 1, 2021 for $500,000. On that date, Accountability's stockholders' equity was $500,000, and the recognized book values of Accountability's individual net...
- Q Jek Company's accounts payable balance as of December 31, 2019 was P590,000 before year-end adjustments related to the following information:Upon receipt of the invoice on December 31, 2019 for goods...
- Q Post the journal entries for the following transactions:a. Sold merchandise for cash, $24,620. The cost of merchandise sold was $14,770. b. Sold merchandise on account, $10,860. The cost of merchandise sold...
- Q LUCIA Co. has the following information related to its accounts as of December 31, 2020:Ordinary share capital, par value P501,000,000 rupeesPreferred share capital, par value P30450.000First issue – ordinary400.000Issue premium...
- Q 1. The Sherston Brick Company manufactures a standard stone block for the construction industry. The production capacity for the year is 100,000 standard blocks. The selling price per block is $1.60,...
- Q Sally Rice is unable to reconcile the bank balance as of January 31. Here is Sally's reconciliation. Cash balance by bank $4,388.20 Plus: NSF check 483.00 Less: Bank service charge 41.28 Adjusted balance by...
- Q 1. Ophelia Ltd. reported retained earnings at December 31, 20x6 of $267,000, and at December 31, 20x7, $213,000. Net income for calendar 20x7 was $174,000. During 20x7, a stock dividend was...
- Q Kelly, Tanya, and Barry form The Paint Corporation. Kelly transfers a building (A/B $5,000, FMV $90,000); Tanya invests $50,000 cash and performs services worth $25,000. Barry transfers equipment (A/B $55,000, FMV $35,000)...
- Q Ruby offered to sell her car to John for $5000. She sent the offer by email. John sent a return email to tell Ruby he was "ok with the price"...
- Q Sale increased from $8,000 to $10,000. Due to the higher sale level, variable costs increased from $5,000 to $6,000. Fixed costs stay the same as $1,500. For this particular level of...
- Q St. Clair Motor Supplies had the following transactions during December: • Paid a $17,000 note due since March plus $425 in interest. • Sold $36,525 of merchandise to customers on account. The...
- Q Prepare a tabular analysis for the adjustments required to reach the adjusted cash balance per books. When completing the tabular analysis, be sure to include explanations for any changes in revenue...
- Q ABC Corporation manufactured 30,000 coolers during September. The indirect cost allocation base is $11.25 per machine-hour.The following variable overhead data pertains to a particular monthActualbudgetedProduction30.00024,000unitsmachine hours15,00010,800hoursVariable overhead cost per machine-hour:$11.00$11.25Requireda) What...
- Q EastCo purchased a machine in 2010 for $72,000. In late 2015, the company made a plan to dispose of the machine. At that time, the accumulated depreciation was $17,000 and...
- Q A bank has two categories of customers, regular and first-tier customers. In its bank branch it has three servers (R1, R2 and R3) that serve regular customers and two servers...
- Q The Mayflower, a seafood restaurant, had the following liabilities by the end of 2015: Accounts Payable $60,000 Wages Payable $100,000 Unearned Revenue $125,000 (60% will be earned...
- Q Fizdale & Co. has the following cost data for the year ended December 31, 2019:Raw Materials 1/1/19 187,000Raw Materials 12/31/19 176,000Raw Material...
- Q Balance sheet of firm is givenAssetsCash$109,110$89,630Accounts receivable102,63284,629Inventories36,71933,325Total current assets$248,461$207,584Net fixed assets67,52041,963Total assets$315,981$249,547Liabilities and equityAccounts payable$29,914$21,320Accruals28,85221,636Notes payable15,22812,438Total current liabilities$73,994$55,394Long-term debt77,44163,441Total liabilities$151,435$118,835Common stock101,50089,000Retained earnings63,04641,712Total common equity$164,546$130,712Total liabilities and equity$315,981$249,547Laiho Industries: financial information...
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