Accounting question and answers for November 16, 2023
- Q Osprey Corporation, an accrual basis taxpayer, reported taxable income for 2020 and paid $111,000 on its estimated state income tax for the year. During 2020, the company received a $11,100...
- Q Theoretical capacity for Rolly Company is 80,000 direct labor hours, and normal capacity is 50,000 direct labor hours. The actual capacity attained for the fiscal year ended June 30, 2020...
- Q Hawkins Corporation began construction of a motel on March 31, 2021. The project was completed on April 30, 2022. No new loans were required to fund construction. Hawkins does have...
- Q Cole Company uses the LCNRV method, on an individual item basis, in pricing its inventory items. The inventory at December 31, 2017, included product Z. Relevant per-unit data...
- Q Comprehensive Ratio Analysis Data for Lozano Chip Company and its industry averages follow. Lozano Chip Company: Balance Sheet as of December 31, 2019 (Thousands of Dollars) ...
- Q Alcorn Service Company was formed on January 1, 2018. Events Affecting the 2018 Accounting Period Acquired $65,000 cash from the issue of common stock. ...
- Q Bramble Corp. accumulates the following cost and net realizable value data at December 31. Inventory Categories Cost Data ...
- Q Certek Technologies Inc. is a biotechnology company whose shares traded on a major Canadian stock exchange. Over the 22 months following its initial public offering in May 2009,...
- Q CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 2018 Assets Cash $ 91,100 $ 22,900 Accounts receivable, net 39,100 48,600 Inventory 81,800 91,300 Prepaid expenses 5,200 4,100 Total current...
- Q Which of the following statements is not true? a.The modified cash basis method is the only method accepted for federal income tax purposes when recording an assurance-type warranty. b.If a...
- Q Irene is saving for a new car she hopes to purchase either four or six years from now. Irene invests $10,000 in a growth stock that does not pay dividends...
- Q Suppose You are the Health and Safety Advisor for an industrial warehouse company shipping items to members of the public. During COVID business has astronomically increased! Previously, there was a...
- Q Comparing Three Depreciation Methods Waylander Coatings Company purchased waterproofing equipment on January 6 for $682,800. The equipment was expected to have a useful life of four years, or 7,200 operating...
- Q Wildlife Sanctuary Ltd (WSL) at the beginning of 2021 were optimistic about the Australian market due to the successful containment of Covid -19 outbreak in the country in 2020. On...
- Q TKO Inc. is a screwdriver manufacturing firm that has been in the New Territories since Jan 1st, 1960. TKO Inc. recently pushed new customers like Po Lam Inc. and Tiu...
- Q Calculating Departmental Overhead Rates Using Post-Allocation Costs Valron Company has two support departments, Human Resources and General Factory, and two producing departments, Fabricating and Assembly. Support Departments Producing Departments Human...
- Q The cash transactions for the first month of operation of a sole trader business are as follows; Date Transactions01/06/2021 The owner contributed $50,000 into business account07/06/2021 Received $30,000 for service...
- Q Do you think fraudsters intend to harm or not? Conduct your own researcher and find an example of a fraudster with no intention to harm. What type of rationalization did...
- Q On 29 March 2018, Hot Co received an order from a new customer Cold Co for goods with the sales value of 900,000. Cold Co made an advance payment of...
- Q Mr. Leffers had an unincorporated business with a December 31 year end. During 2019, its first year of operation, the business had net business income of $16,000 and a taxable...
- Q FNG Corporation employs 4 purchasing agents. Rick processes purchase orders for vendors starting with the letters A through H, while Merrill does the same task for vendors from I through...
- Q Sales for tie Hear = $296.024, Net income for the year = $27,344, and average Assets during the year = $170,900. Calculate the Asset Turnover ratio. ...
- Q Cowens, a large department store located in a metropolitan area, has been experiencing difficulty in estimating its bad debts. The company has decided to prepare an aging schedule for its...
- Q QUESTION 3 Income statement data for Atif Creative Sdn Bhd for the years ended 31 December 2019 and 2018, are as follows: ...
- Q Santinis new contract for 2019 indicates the following compensation and benefits: Benefit Description Amount Salary $ 138,500 Health insurance 17,500 ...
- Q Which of the following statements concerning accrual accounting is correct? Expenses are recognized in the period in which the consumption of costs...
- Q b. Use the following information to answer questions 1, 2, 3, & 4 Data related to the inventories of...
- Q Trevino Company makes and sells products with variable costs of $24 each. Trevino incurs annual fixed costs of $315,000. The current sales price is $87. (Note:...
- Q Increasing financial leverage increases both the cost of debt (rdebt) and the cost of equity (requity). So the overall cost of capital cannot stay constant. This problem is designed to...
- Q The stockholders equity section of the balance sheet for Mann Equipment Co. at December 31, Year 1, is as follows: Stockholders Equity...
- Q rane Company has a tax rate of 30 percent and income before non-operating items of $1393000. It also has the following items (gross amounts). Unusual loss...
- Q Required information [The following information applies to the questions displayed below.] The following information is available to reconcile Branch Companys book balance of cash with its bank...
- Q Amy and Brian were investigating the acquisition of a tax accounting business, Bottom Line Incorporated (BLI). As part of their discussions with the sole shareholder of the corporation,...
- Q Based on the following, what is the total amount of Income Tax, CPP, and EI owed to Canada Revenue Agency? Include employer and employer amounts. Gross...
- Q CASE STUDY 2.1: Who Would You Hire? Worldwide Manufacturing Inc. has just weathered intense scrutiny after it was investigated and fined for violations of improper chemical storage and waste...
- Q CONCORD REMODELERSADJUSTED TRIAL BALANCEDECEMBER 31,2020Dr.Cr.Cash$18,000Accounts Receivable18,000Supplies3,200Prepaid Insurance1,800Equipment55,000Accumulated DepreciationEquipment$34,000Accounts Payable3,000Interest Payable100Notes Payable4,200Unearned Service Revenue6,500Salaries and Wages Payable1,100Common Stock8,000Retained Earnings5,000Service Revenue67,650Salaries and Wages Expense10,800Insurance Expense900Interest Expense550Depreciation Expense8,000Supplies Expense4,200Rent Expense9,100$129,550$129,550(Prepare an...
- Q Espresso Express operates a number of espresso coffee stands in busy suburban malls. The fixed weekly expense of a coffee stand is $800 and the variable cost per cup of...
- Q Silver Company makes a product that is very popular as a Mothers Day gift. Thus, peak sales occur in May of each year, as shown in the companys sales budget...
- Q Sellall Department Stores reported the following amounts in its adjusted trial balance prepared as of its December 31 year-end: Administrative Expenses, $2,200; Cost of Goods Sold, $21,600; Income Tax Expense,...
- Q Question 5: Your local hotel has a dining room which has the capacity to seat 140 guests. It is opened for breakfast and lunch seven days a week and fully...
- Q 1. Discuss the concept of cost of goods sold. Why is it so important? What is the downside for you, as owner of the company, not knowing what your cost...
- Q Using the following accounts and balances, prepare the Stockholders Equity section of the balance sheet. Refer to the lists of Accounts and Amount Descriptions provided for the exact wording of...
- Q Dorsey Company manufactures three products from a common input in a joint processing operation. Joint processing costs up to the split-off point total $325,000 per quarter. For financial reporting purposes,...
- Q Bellingham Company produces a product that requires 2.5 standard pounds per unit. The standard price is $3.75 per pound. The company produced 15,000 units that required 36,000 pounds, which were...
- Q Jeremy earned $100,000 in salary and $6,000 in interest income during the year. Jeremys employer withheld $10,000 of federal income taxes from Jeremys paychecks during the year. Jeremy has one...
- Q Nell, single and age 38, had the following income and expense items in 2019: Nonbusiness bad debt $6,000 Business bad debt 2,000 Nonbusiness long-term capital gain 4,000 Nonbusiness short-term capital...
- Q Wilmington Chemical Company produces three products: ethylene, butane, and ester. Each of these products has high demand in the market, and Wilmington Chemical is able to sell...
- Q Assume you have been hired as a consultant to Philan Manufacturing Company located at 1 Main St., Worcester, MA 01560. Currently, Philan only operates in the United States. In...
- Q On June 1, 2018, Metlock Company and Bonita Company merged to form Windsor Inc. A total of 800,000 shares were issued to complete the merger. The new corporation reports on...
- Q Recent years have brought an explosive growth in electronic communication. Laptops, netbooks, e-readers, personal digital assistants, sophisticated cell phones, fax machines, e-mail, teleconferencing, office productivity software, and sophisticated management information...
- Q Retirement of Stock Review Problem(FYI, this question is similar to Part B of the In-Class Exercise at the end of your Ch. 18 notes, except I changed it to a...
- Q The following information pertains to Rica Company: Sales $850,000 Manufacturing Costs: Variable $210,000 Fixed $140,000 Selling and Admin Costs: Variable $300,000 Fixed $45,000 How much...
- Q Hust Ltd currently manufactures a single product, garden chairs. It is now considering increasing its product range to include garden tables. Estimated revenues/costs per unit for its next financial year...
- Q Bilboa Freightlines, S.A., of Panama, has a small truck that it uses for intracity deliveries. The truck is worn out and must be either overhauled or replaced with a new...
- Q DG Ltd is a major international graphic design company incorporated in Hong Kong with three directors. Mike is an executive director and the CEO. Anna and Jason are non-executive directors....
- Q Refer the following table. Airspace Technologies Inc. Comparative Balance Sheet Information November 30 (millions of $) ...
- Q On January 1st 2020, Hightower Company acquired all of the stock of Striker Company at book value. Hightower uses the initial value method to account for its investment in Striker...
- Q A U.S. company acquired a Malaysian subsidiary at the beginning of the year. At the date of acquisition, the subsidiary reported plant assets of RM800,000. During the year, it acquired...
- Q X Company is considering buying a part next year that they currently make. This year's production costs for 3,300 units were as follows: Per-Unit...
- Q Assume that Star Industries while forecasting their annual cash flow found that they would have a shortfall of Rs 50 million after 6 months. The shortfall is expected to...
- Q The Verbrugge Publishing Companys 2019 balance sheet and income statement are as follows (in millions of dollars): Balance Sheet Current assets= $300 Net fixed assets = $200...
- Q The beginning of the revelations about the fraud and KPMG's low-quality audit began to become know on July 28, 2011. On that date, The Street Sweeper, a financial blog dedicated...
- Q The Elite Corporation uses a standard costing system and has the following data for the month of October 2020. Quantity of material purchased ...
- Q Oriole Company sells outdoor grilling products, providing gas and charcoal grills, accessories, and installation services for custom patio grilling stations. Respond to the requirements related to the following independent revenue...
- Q CASE STUDY PROGRAMME Advanced Diploma in Business Management MODULE Business Finance YEAR One (1) INTAKE July 2021 TOTAL MARKS 30 Answer ALL questions. [30 MARKS] QUESTION 1 (20 Marks) REQUIRED...
- Q The payment voucher associated with Form 940 is Form _____. Answer: A. 941 ...
- Q X Company currently makes a part and is considering buying it next year from a company that has offered to supply it for $16.05 per unit. This year, total costs...
- Q An Amul plant manufactures buttermilk and butter from milk. The joint process costs Rs. 1050,000 and total 30,000 litres of milk is used. 1 litre of milk gives 100 gram...
- Q Depreciation by Three Methods; Partial Years Perdue Company purchased equipment on April 1 for $48,000. The equipment was expected to have a useful life of three years, or 6,600 operating...
- Q Casey Nelson is a divisional manager for Pigeon Company. His annual pay raises are largely determined by his divisions return on investment (ROI), which has been above 24%...
- Q Reflection Quiz 4 1. Which of the following functions is best described as choosing among available alternatives? A. Decision making B. Planning C....
- Q A) Assume a The Lending Company lends money to an organization on January 1 and receives a promissory note which it records as a notes receivable. The note receivable is...
- Q The Skateboard Zone, Inc. Income Statement For the period ended December 31, 2020 Sales $800,000 ...
- Q 4-36 Maria's Food Service provides meals that nonprofit organizations distribute to handicapped and elderly people. The following is her forecasted income statement for April, when she expects to produce and...
- Q rvin Company uses the allowance method to account for uncollectible accounts receivable. Bad debt expense is established as a percentage of credit sales. For 2021, net credit sales totaled $4,700,000,...
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