Accounting question and answers for November 16, 2023
- Q I'm stuck on how I would enter this into QuickBooks desktop premier The invoice already got deposited into the bank. SD10: Bank Debit Memo #CB-4732 Dated February 6, 2019...
- Q Please answer the following questions based on your readings, lecture materials, and research of the FASB Accounting Standards Codification. Responses should be in your own words. You are allowed to...
- Q An assessment becomes final and conclusive if I. the tax is fully paid by the taxpayer. II. the assessment is agreed by the taxpayer and the assessor. III. no valid...
- Q On October 1,2021, Santana Rey launched a computer services company, Business Solutions, that is organized as a proprietorship and provides consulting services, computer system installations, and custom...
- Q On the 1st of January 2020, the beginning of the financial year, SPEEDY COURIERS opened its business and the owner Ms C. Speedy purchased four Volkswagen Caddy Vans (vehicles) with...
- Q A partial amortization schedule for a note payable with interest paid annually that was issued on January 1, Year 1, is shown next: Accounting Period Principal balance January 1 Cash...
- Q What is the number of days' sales in inventory a measure of? a. Profitability of the product b. Time taken to collect receivables c. Quality of merchandise sold d. Time...
- Q The amount of Kelsey's cost of goods sold deduction on line 4 of Schedule C (Form 1040) is: $325, $425,$1,600, $1,700
- Q Continuing Payroll Project: Prevosti Farms and Sugarhouse (Algo) Skip to question [The following information applies to the questions displayed below.] Prevosti Farms...
- Q LSP pellets were made by the secret process of mixing LSD with opium in the optimum proportion of 8:2 and converting the mixture into pellets. Though there was...
- Q The following are selected transactions affecting Aggie Companys long-term assets during the 2023 fiscal year. Apr 1 Purchased a truck for $36,000. The truck is...
- Q Oslo Company prepared the following contribution format income statement based on a sales volume of 1,000 units (the relevant range of production is 500 units to 1,500 units): Sales $...
- Q The Chocolate Co. recently purchased new equipment with a $20,000 loan. The loan will be repaid in annual installments of $5,000, beginning in the next year. Given this information, which...
- Q A married couple who elects to be treated as a qualified joint venture and has a net profit of greater than $400 at the end of the year will file...
- Q When a business is eligible to file for a business tax credit, the credit... Select one: a. Must be taken in its entirety in the current tax year...
- Q What is an example of a specific capital projects fund? What journal entries would you use to record it?
- Q The estimated net realizable value at the split-off point is calculated by taking the sales value after further processing and deducting the additional processing costs. True or False?...
- Q chapter 6 of the Conceptual Framework there is a description of different measurement bases (historical cost and current values), the information that they provide and their advantages and...
- Q Fair Value Accounting and Valuation in 3 Steps: Asset or Liability Identification: The first step involves identifying the specific assets or liabilities that will be...
- Q The net income for Blue Company for 2017 was $310,000. During 2017, depreciation on plant assets was $124,000, amortization of patent was $40,000, and the company incurred a loss on...
- Q Ready Company has two operating (production) departments: Assembly and Painting. Assembly has 210 employees and occupies 68,400 square feet; Painting has 90 employees and occupies 45,600 square feet. The company...
- Q Assets are often recorded based on their cost rather than their current value, resulting in misleading values appearing on the balance sheet. True or False? A. True B. false...
- Q Sara is a sophomore in college and earns a little extra money making beaded key ring accessories. She sells them on Saturday mornings at the local flea market. Sara charges...
- Q Sales for the year = $324,882, net income for the year = $36,610, income from equity investments = $8,603, and average equity during the year = $123,650. Return on equity...
- Q QUESTION 2(20 Marks) REQUIRED Use the information provided below to answer the following questions. Note: Use formulas provided in the formula sheet only (that appear after...
- Q Noon, Inc., a calendar year S corporation, is equally owned by Ralph and Thomas. Thomas dies on April 1 (not a leap year), and his estate selects a March 31...
- Q "Overhead variances should be viewed as interdependent rather than independent." What does this mean? give an example of such an overhead variance.
- Q ABC Limited (ABC) is a private company producing lunch packages. It mainly sells products to supermarkets and grocery stores. ABC has a loan from a local bank,...
- Q Canliss Mining uses the replacement method to determine depreciation on its office equipment. During 2016, its first year of operations, office equipment was purchased at a cost of $14,000. Useful...
- Q you are starting a nonprofit that will provide public safety benefits to society at large. Utilizing the benefits theory, which revenue sources would you consider as primary and/or secondary opportunities...
- Q Pitino acquired 90 percent of Brey's outstanding shares on January 1, 2016, in exchange for $477,000 in cash. The subsidiary's stockholders' equity accounts totaled $461,000 and the noncontrolling interest had...
- Q On August 1, Batson Company issued a 60-day note with a face amount of $140,000 to Jergens Company for merchandise inventory. (Assume a 360-day year is used for interest computations.)...
- Q The Conceptual Framework identifies a preferred measurement basis for all assets and liabilities. A. True B. False
- Q Question 3 (42 marks) (a) Discuss why balancing between profitability and liquidity is necessary in working capital management. Explain the principles of working capital management. (6 marks) (b) A Company...
- Q 7. Expenses not allowed as deductible medical expenses include: a. tuition paid by the parents of a disabled child to send their child to a special school. b. the cost...
- Q Johnson Inc., is a manufacturer of lead crystal glasses. The standard materials quantity is 0.9 pound per glass at a price of $0.45 per pound. The actual results for the...
- Q A company estimated 145,328 direct labor hours and $676,510 in overhead. The actual overhead was $606,515, and there were 102,843 direct labor hours. What is...
- Q Exercise 12-9 Special Order Decision [LO12-4] Delta Company produces a single product. The cost of producing and selling a single unit of this product at the companys normal activity level...
- Q What cost category would be the largest dollar amount at the end of the year for manufacturing #2 pencils? Direct Labor, Direct Materials, or Manufacturing Overhead. Why?
- Q 1) Sales and Collection Budget (10 Points) XYZ Company has provided the following information for the preparation of one part of the budget of the...
- Q types of ratio analysis with examples?
- Q What id the Four Basic Types of Financial Ratios Used to Measure a Company's Performance? What Are the Types of Financial Ratios Used to Analyze Financial Performance?
- Q What is the accumulated sum of each of the following streams of payments? $510 a year for 9 years compounded annually at 9 percent. Round to the nearest dollar.
- Q T2125 Tax Form Practice Problem Danielle Danny Thomas runs a home-based business that she purchased from a family friend on December 31 st...
- Q Stanley and Jones Lawn Service Company (S&J) maintains its books on a cash basis. However, the company recently borrowed $220,000 from a local bank, and the bank requires S&J to...
- Q Head-First Company plans to sell 5,000 baseball bats at $75 each in the coming year. Unit contribution margin is $25. Total fixed cost equals $49,500 (includes fixed factory overhead and...
- Q Sheridan, Inc. decided on January 1 to discontinue its telescope manufacturing division. On July 1, the division's assets with a book value of $1254000 are sold for $891000. Operating income...
- Q describe the relationship that unit standards have with flexible budgeting
- Q Company A acquired a 70% interest in Company B several years ago. In 20X1, Company B sold inventory costing $150,000 to Company A for $180,000. 20% of them were unsold...
- Q Lynch Company manufactures and sells a single product. The following costs were incurred during the companys first year of operations: ...
- Q Equipment was purchased for 300,000. Freight charges amounted to 14,000 and there was a cost of 40,000 for building a foundation and installing the equipment. It is estimated that...
- Q Question 14: Marginal accounting focuses on analyzing the ______ revenue, ______ costs, and ______ profit associated with incremental changes in production or sales. Don't use Chat GTP, It gives...
- Q summarizing of PPE in Intermediate accounting.....
- Q Interpret the following: Results indicate that IT auditors perceive generalized audit software as easier to use than financial auditors at a p value less than .01. What does this...
- Q For each of the following, journalize the necessary adjusting entry: (a) A business pays weekly salaries of $22,000 on Friday for a five-day week ending on...
- Q A firm is considering replacing an old machine with another. The new machine costs $100,000 plus $10,000 to install. Assume a 30 percent ordinary tax rate. The asset was...
- Q What are the main objectives of comparative analysis in accounting? What is the importance of ratio analysis to management?
- Q 16-9 Fixed cost variances are computed differently from the variances for variable costs. Why? A paragraph. Thank you
- Q True or False: FDICIA allowed for prompt corrective action on part of regulators requiring mandatory interventions whenever a bank's capital fails
- Q Required information Problem 17-27 Joint Costs (LO 17-4, 17-5) Skip to question [The following information applies to the questions displayed below.] Snake River Sawmill manufactures two lumber products...
- Q What year did
- Q Equipment with a historical cost of 95,000 and Accumulated Depreciation of $25,000 is junked. No cash is received upon disposal. Which journal entry is necessary?
- Q Firm A exchanged land with Firm B. In addition, Firm A received $19,080 in cash to complete the transaction. Land details are provided below: ...
- Q proof and security measures is an example of which of the following
- Q Which of the following tax payers may report the sale of the property as an installment sale?
- Q Name three accounts that would normally appear in the chart of accounts of a merchandising business but would not appear in the chart of accounts of a service business. What...
- Q A stock buy-back will increase EPS. a. True b. False
- Q Exercise 3-4 (Algo) Adjusting and paying accrued wages LO P3 Pablo Management has two employees, each of whom earns $175 per day. They are paid on Fridays for work completed...
- Q Hemmer Company reported net income for 2024 in the amount of $42,000. The company's financial statements also included the following: Decrease in accounts receivable $ 6,100 Increase in inventory 1,500...
- Q Chavez Company most recently reconciled its bank statement and book balances of cash on August 31 and it reported two checks outstanding, Number 5888 for $1,014 and Number 5893 for...
- Q (All amounts in millions) 2017 2016 2015 2014 Raw Material Inventory 377 ...
- Q Please give 5 (Assets, Liabilities, Expenses and revenue ) for 1 Manufacturing company - assets : - Liabilities : - Expenses- revenue 2 Service company...
- Q Horizontal Analysis for Income Statement For 20Y3, Greyhound Technology Company reported its most significant decline in net income in years. At the end of the year, Duane Vogel, the president,...
- Q From an employee perspective, how are ISOs treated differently from NQOs for tax purposes? In general, for a given number of options, which type of stock options should employees prefer?...
- Q View the Aaron Beam video and research the Healthsouth fraud. identifying 3 or more signs (from the seven signs book) that caused this fraud to occur. What controls or programs...
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