Accounting question and answers for November 16, 2023
- Q Haste Enterprises issues 10-year, $1,000,000 bonds that pay semiannual Interest of $50,000. If the effective annual rate of interest is 12%.What is the issue price of the bonds?
- Q Historic Restoration Company budgeted 2.5 direct labor hours per unit at $14.75 per hour to produce 600 replica doorknobs. The 600 knobs were completed with 1,200 direct labor hours at...
- Q Asset C3PO has a depreciable base of $16.5 million and a service life of 10 years. What would the accumulated depreciation be. At the end of year five under the sum-...
- Q Ern Inc., a car dealer, sells five vehicles on January 1, 2020, to a customer for $100,000.The cost of the vehicles sold was $ 80,000. It agrees to repurchase the...
- Q Case 1: Real Estate AgencyOct.1Ms. Lea starts her business as a real estate agent with a cash investment of P1,500,000.2Rent paid, P35,000, on office space.3He bought office equipment for P140,000...
- Q A farmer has 500,000 sacks of rice to sell 1 year from now and is worried that the price of rice might decline due to relaxation of requirements on the...
- Q Mr. Santiago purchased a life annuity for P100,000 which would pay him P10,000 a year. The life expectancy of Mr. Santiago was 12 years. What of the would Mr.Santiago be able...
- Q Overhead is applied to units based on direct labor hours. For April, total overhead cost was budgeted at $80,000 based on a denominator activity level of 20,000 direct labor hours...
- Q On March 1, 2016, Baker Services issued a 5% long-term notes payable for $33319. It is payable over a 3-year term in equal annual principal payments on March 1 of...
- Q You are a public accountant with the accounting firm of KPMG, Batchelor, and Leung. Your firm has been engaged to do the audit for ABC Manufacturing Company for several years....
- Q You audited the financial statements of PIS Corp. for the first time in 2021. The company began operations in early 2019. Upon investigation, you discovered the following information:The company reported...
- Q Evaluate the balance sheet to determine if there are large changes in the company's assets, liabilities, or equity accounts. In addition, analyze the income statement and statement of cash flows. Calculate...
- Q Johnson, Incorporated acquired 90 percent of Nemec Enterprises on November 1, 20x5. As of that date, Nemec had inventory with a market value of 60,000 greater than the book value...
- Q A factory has 112 workers. They have decided to change from an 8-hour working day into a 7-hour working day. How many more employees does the company need to hire in...
- Q Leigh Ann Walker graduated from a major state university in the spring of 1989 with a bachelor's degree in accounting. During her college career, Walker earned a 3.9 grade point...
- Q Using the concepts and example in the Powerpoint notes, reproduce both sheets of thesimulation using the following, new distributional characteristics.Direct labor cost probability$43 .2544 .245 .146 .247 .25Now say the...
- Q A company issues 7% bonds with a face value of $60,000 at par on January 1. The market rate on the issue date was 6%. The bonds pay interest semi-annually...
- Q Prepare necessary journal entries by June 30, 2019, assuming the adjusting entries for depreciation expense have been correctly recorded through December 31, 2018.1. Bennett Corporation sold a piece of equipment on...
- Q On January 1, 2022, ABC purchased $100,000 principal 12% bonds for $90,000.The bonds pay interest annually on January 1 beginning 1/1/23 and mature in 20 years. As of December 31,...
- Q In determining whether Vinand Petroleum is or is not actually committing fraud and/or illegal acts in its contract awarding process, address the following:What is the distinction between fraud and illegal...
- Q Comparative financial statements for Weller Corporation, a trading company, for the year ending December 31 are shown below. The company did not issue new common shares during the year. A total...
- Q Identify all the information that must be disclosed in relation to key management personnel related transactions, as required by AASB 124. (5 marks)(b) Sunny Park Plaza Ltd reported profit after...
- Q Laura Logistics, Inc., ended 2016 with $28,000 in cash. During 2017, Laura Logistics had net income of $155,000 and had adjustments to reconcile net income to net cash provided by operations...
- Q The Social Security wage base limit was $147,000 in 2022. Hector received a business assignment of $100,000 from a partnership in which Hector was a general partner in 2022. This...
- Q If a data analyst uses machine learning to create. An estimation of which suppliers are likely to be late in providing goods for a manufacturing process.What type of analytic did...
- Q Barrera Corporation provides the following financial information:Minimum Acceptable Operating Income$560,000average total assets$2,530,000operating income$705,000Return of investment27,87?%net sales$875,000Calculate the target rate of return.
- Q On Jan. 1, 20x1, Call Co. received a 10% note with face amount of P1,200,000. Both principal and compounded interests are due on January 1, 20x4. How much interest receivable is...
- Q The detail of the BB Company loans that has probably been impaired during the period is as follows:The company provided a loan of P40,000,000 to a customer with similar credit...
- Q Optichem Corporation is a manufacturer of toxic solvents. In October 2021, Optichem was notified of a class-action lawsuit involving one of its former products. Optichem's attorneys have advised it is...
- Q At a sales level of P90, 000, Violeta Company's contribution margin is p24, 000. If the degree of operating leverage is 6 at a P90, 000. Sales level, net income must...
- Q A state collects sales taxes both for itself and for counties that have elected to "piggy-back" their taxes on the state tax. The state takes several weeks to process returns...
- Q haroah Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,920 and two jobs in process:...
- Q On January 1, 2017, Entity A issues convertible bonds with a maturity of five years. The issue is for a total of 1,000 convertible bonds. Each bond has a par...
- Q Managerial Accounting Discuss sunk costs, opportunity costs and non relevant data. Describe how these items are used in every day decision making. Your answer should be a full discussion of...
- Q : 1. McJohn officially started the business on June 1, 2019. Opened a bank account an deposits $200,000 of his personal savings. 2. On June 5, he purchased land from...
- Q Quatro Company issues bonds dated January 1, 2021, with a par value of $890,000. The bonds annual contract rate is 12%, and interest is paid semiannually on June 30 and...
- Q Zola Company manufactures and sells one product. The following information pertains to the companys first year of operations: ...
- Q Manson Industries incurs unit costs of $7 ($5 variable and $2 fixed) in making an assembly part for its finished product. A supplier offers to make 18,300 of the assembly...
- Q Ramapo Company produces two products, Blinks and Dinks. They are manufactured in two departments, Fabrication and Assembly. Data for the products and departments are listed below. Product Number of Units...
- Q Entries for process cost system Instructions Chart of Accounts Journal Final Questions X Instructions Port Ormond Carpet Company manufactures carpets....
- Q Place the following audit steps in the order that the activity occurs, with each step, include a description of why the step is important in the overall audit plan and...
- Q Question 1 15 marks Kata Ltd can invest in the projects below. Its capital budget is, however limited to N$2 000 000. The companys cost of capital is 13%. Project...
- Q Assignment #5 Inventory of Newsprint, Newsprint Consumption, and Publication Sales, The deliverables for Assignment 5 are : A completed audit program. A work done memo summarizing the audit procedures...
- Q Mini Lop, Inc. paid $350,000 to retire a bond with a face value of $300,000. The note was issued with an 8% coupon rate paid semi-annually. The note was four...
- Q Accounts receivable transactions are provided below for J Cullumber Co. Dec. 31, 2020 The company estimated that 5% of its accounts receivable would become...
- Q What are the tax liabilities for a firm with a taxable income of $190,000 in 2017? Taxable Income Tax Rate ...
- Q Troy Engines, Limited, manufactures a variety of engines for use in heavy equipment. The company has always produced all of the necessary parts for its engines, including all of the...
- Q Which TWO of the following statements relating to marginal costing are TRUE? a. Contribution equals revenue minus all variable costs b. It can be used for external financial reporting c....
- Q Continuous Flow versus Departmental Flow Manufacturing Bienestar Inc., has the following departmental structure for producing a well-known multivitamin: A consultant designed the following cellular manufacturing structure for the same...
- Q Davis Kitchen Supply produces stoves for commercial kitchens. The costs to manufacture and market the stoves at the company's normal volume of 6,000 units per month are shown in the...
- Q Assume the following:Beginning inventory of finished goodsps10,000Ending inventory of finished goodsps14,000cost of manufactured goodsps52,000Overhead Over-Applicationps1,700What is the adjusted cost of goods sold?
- Q On July 1, 2020, Dandy corporation. sold a machine to a customer in exchange for a three-year, zero-interest-bearing note with a face amount of $926,100. The cost of the machine...
- Q The owners of Lane Company are planning to sell its business to new interests. Lane Company believes that the selling price would be for an amount equal to the entity's...
- Q There are 14 columns of data, including 3 columns with a calculation.There are 514 rows of data in the workplace safety report table.Each row shows the following fields:Date: Date of...
- Q Your friend has come to you for advice on how to record a transaction in their accounting records for their proprietorship:1) Use what you have learned in to explain what...
- Q Every year there is a 0.01% probability that a windmill loses a blade, which is thrown into the environment of the rotation. The damage that is caused by such an...
- Q Tommy is a manufacturer and distributor of fashion clothing to retail stores on credit terms. Its year-end was 31 March 2021. You are the senior auditor assigned to the year-end...
- Q Kuya Joem decide to open an ice cream store on Jan. 1, 2021. In order to do so, he invested P300,000 for the establishment of his business. On the month...
- Q Sicat Company was acquired by Pineda Corp. on July 1, 2014. Pineda exchanged 30,000 shares of P5 par value, with a market value of P20 per share plus effective P200,000,...
- Q ?_________questions ask about the consequences of the buyer's problems. Situation Problem Implication Need-payoff
- Q You work for a cell phone case manufacturer and have been given the task of analyzing the breakeven point based for several revenue and expense scenarios. Currently, you manufacture phone...
- Q Sheffield Minerals processes materials extracted from mines. The most common raw material that it processes results in three joint products: Spock, Uhura, and Sulu. Each of these products can be...
- Q January 2, 2020 Paid $104,000 cash to purchase storage shed components. January 3, 2020 Paid $2,000 cash to have the storage shed erected. The storage shed has an estimated life...
- Q Ashley, the sole shareholder of Hawk Corporation, has a stock basis of $400,000 at the beginning of the year. On July 1, she sells all of her stock for $2...
- Q The following financial statements are taken from the records of Jade Inc. a) Use horizontal analysis techniques to compare the changes between 2019 and 2018 balance sheet items. Do not...
- Q you just need to say the options. Thank you if you reply in 25 minutes. no solution is needed. The idea of consistency does not mean...
- Q American Corporation has two equal shareholders, Mr. Freedom and Brave Inc. In addition to their investments in American stock, both shareholders have made substantial loans to American. During the current...
- Q It is January 1st 2023 and the partnership of Pelosi, Schiff, Trump and Biden (PSTB) has the following capital accounts ...
- Q 34 P Co owns a 80% interest in S Company, acquired several years ago at a cost equal to book value and fair value. S sells merchandise to P for...
- Q what is mangerial account
- Q Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities ...
- Q Auditing 2 List the steps involved when the auditor reviews and tests the process used by management to estimate the bad and doubtful debts allowance. (12 Marks)
- Q The BGD Co. had the following data at the end of 2018: Balance Sheet as at December 31 2017 2018 Non-current Assets Cost Depn NBV Cost Depn NBV...
- Q Import Distributors, Inc.[IDI] Import Distributors, Inc. (IDI), imported appliances and distributed them to retail appliance stores in the Rocky Mountain states. IDI carried three broad lines of merchandise: audio equipment...
- Q In May, one of the processing departments at Messerli Corporation had beginning work in process inventory of $15,000 and ending work in process inventory of $36,000. During the month, $149,000...
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