Accounting question and answers for November 16, 2023
- Q Cheryl Montoya picked up the phone and called her boss, Wes Chan, the vice president of marketing at Piedmont Fasteners Corporation: Wes, Im not sure how to go about answering...
- Q An invoice for OMR 4,500 and dated Aug 10 with the terms 3/10, n/45 EOM is received. The bill is paid on Sep 9. Find the amount paid. ...
- Q If the sample size of a data. Set is 9, and one data value increased by 93 points.How many points will the mean increase by?
- Q On January 1, 2017, the Accumulated Depreciation—Machinery account of a particular company showed a balance of $1,480,000. At the end of 2017, after the adjusting entries were posted, it showed...
- Q Edmond Biometrics experienced net income of $500,000 for both last year and the current year. Shares outstanding for the prior year were 100,000 shares for the full year. On December...
- Q Ambitious Emir started an event coordinating business in April 2014. The following transactions relate to the first month of business:April 1 To begin the business Emir invested $19,000 cash and...
- Q In Ignacio Company's unadjusted trial balance, prepaid insurance has a debit balance of $4,400, accumulated depreciation, equipment has a credit balance of $1,000, and unearned income a credit balance of...
- Q There is lots of legislation, regulations, and industry standards, with similar but not identical requirements and best practices.I think that IT auditors should choose one framework and always use that,...
- Q The off-balance sheet transactions described in the case describe a manipulative scheme set forth by the Enron management team:1- What bothers you about this set of circumstances?2- Do you think something...
- Q Three gamblers are betting on 10 different sports events and have an equal probability of winning a single bet.1. What is the name of the joint distribution that models the...
- Q Vintage Ltd has a year-end of 30 June 20X0. The audit work was completed and the auditorâ s report signed on 3 September 20X0. On 1 October, the company requested...
- Q Use the following data to prepare the Income statementThe expected total sales for this product for the year ended 30 June 2023 are $ 9,500,000 and the expected total costs...
- Q A sample of 400 adults was surveyed on their interest in winter activities. 67 of those studied do not like cold weather, yet 85 of those studied said that they...
- Q Bill bought 130 shares of a mutual fund with a NAV of $13.10 and a load charge of 8.5%:1. What is the offer price?2. What did Bill pay for his...
- Q A researcher wanted to study whether payment method and sex were independent. They took a random sample of KBS students and found the following observed frequencies: You are also told that...
- Q Monroe Construction Company uses the percentage of completion method of accounting. In 2013, Monroe began work on a contract he had received that stipulated a contract price of $20,000,000. Other details...
- Q Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. Gain on sale of equipment $ 6,240 Depreciation expense—Office copier $ 500Office supplies expense 730 Sales discounts 16,200 Insurance expense...
- Q A box contains 8 burritos. 3 are chicken and 5 are beef. Three of the burritos will be chosen randomly. What is the probability that one chicken and 2 beef...
- Q Juan is a sole taxpayer. He visits his office for tax advice in early December 2016. John predicted that his taxable income for 2016 would be $37,000. His 2017 taxable...
- Q Diabetes is a risk factor for atrial fibrillation. In one longitudinal study, researchers investigated the association between diabetes and atrial fibrillation, stratified by sex. These data are given in the...
- Q Minstrel Manufacturing uses a job costing system. During one month Minstrel bought $195,000 of raw materials on credit; Issued production materials for $208,000 of which $17,000 were indirect. Minstrel incurred...
- Q For the accounting period ended 31 December 2021, merchandise inventories sold were RM100,000 in cash and RM1,000,000 on account. The cost of merchandise inventories was RM750,000 while the Selling and...
- Q A liquidator was appointed after Stranded Asset Pty Ltd was declared insolvent on 1 July 2021. The company’s assets realised $14,250,000. This came from the sale of the secured land...
- Q Analyze the transactions.Calculate the account balances as of Jan. 31:31-DecLocal sells shares for $175,000 cash.10-JanLocal buys $93,000 of equipment for cash.12-JanLocal pays rent for the month of January of $6,000.14-JanLocal...
- Q Urban Face Inc. is a social media company that currently has 10 million users but reported an operating loss of $5 million on $10 million revenues in the most recent...
- Q How much are transferred on October 10, 2021 , the obligations with a face value of $2,500 , are redeemed at 112 within 3 years. Pay interest of 11%. In semi-annual...
- Q On April 25, Gregg Repair Service made an offer of $115,000 for a piece of land that was priced to sell for $140,000. On May 3, Gregg Repair Service accepted the...
- Q Assuming the below results were obtained in a study used to test the accuracy of the rapid diagnostic test for influenza, calculate and interpret the positive predictive value (PPV) of...
- Q Liam and Nancy were enjoying a latte on a Crescent Street patio and both were looking forward to completing their Summer Assurance Services courses:1. Liam thought that tracing from a...
- Q A local clinic is interested in the relationship between anxiety level and the need to succeed at work. A random sample of 400 patients took a test that measured anxiety...
- Q A company purchased 20 printers at $12,000 each for cash. Management has approved the following requests. 1. The sales team wants to use one as a demo unit on the...
- Q Parent company (P Co) paid $180,000 to acquire 60% interest in Subsidiary (S Co) when the share capital of S was $110,000 and its retained earnings was $100,000. At the...
- Q Novak Incorporated provides solar energy services to Toronto. Novak needed to buy additional solar energy panels to meet the demand for its energy product. The Government of Ontario offered an...
- Q The following data relate to labor cost for production of 33,000 cellular telephones: Actual: 6,330 hrs. at $49.50 Standard: 6,240 hrs. at $51.00 ...
- Q QUESTION 1 Stine Corp.'s trial balance reflected the following account balances at December 31, 2014: Accounts receivable (net) $19,000 Trading securities 6,000 Accumulated depreciation on equipment and furniture...
- Q Shown below are selected data from the balance sheet of Compros, a small electronics store (dollar amounts are in thousands): What is the quick ratio? ...
- Q The following adjusted trial balance has been provided for Lego Land for the year ended 31 December 2019. Lego Land: Adjusted Trial Balance as at 31st December 2019...
- Q To compute the ____________________, it is necessary to subtract the ending work in process inventory from the sum of the beginning work in process inventory and the total...
- Q Universal Foods issued 10% bonds, dated January 1, with a face amount of $110 million on January 1,2024. The bonds mature on December 31,2043(20 years). ...
- Q Question 19 Which of these statements is false when preparing forecasts? Group of answer choices Dividend payouts affect capital structure Consider future tax rates The cash flow statement is the...
- Q Chhom corporation makes a product whose direct labor standards are0.8 hour per unit and $34 per hour. In November the company produced 7,650 units using 5,620 direct labor-hours. The actual...
- Q 1. Raven Company sells a single specialized product. The companys sales and expenses for a recent month are given below: TOTAL PER UNIT Sales $300,000 $60 Less Variable Expenses 180,000...
- Q Expenditures which extend the life of an asset or increase its productive capacity should be expensed. True or false
- Q Operating activities as defined by GAAP, involve the cash effects of transactions that enter into the determination of net income. a. True b. False
- Q A companys asset turnover is 2.5. What does this tell you? Select one: a. The company is earning $2.5 of net income for every $1 of total assets b. The...
- Q The following information is available from the current period financial statements: Net income $ 117,370 Depreciation expense 29,924 Increase in accounts receivable 21,718...
- Q Soar Incorporated is considering eliminating its mountain bike division, which reported a loss for the recent year of $4,000 as shown below. ...
- Q Cherry Co. sells 100,000 cherries for $48 per unit. Variable costs are $2,400,000 and net income is $1,000,000. What should be reported as fixed costs in the CVP income statement?
- Q Income splitting can be achieved when: A. the net income of a corporation is split between Active Business Income and Investment Income. B. salaries are paid...
- Q On December 1, 2017, Hogan Co. purchased equipment From WeeSellEquipment (WSE) invoiced for $400,000. Not including the following: Sales Tax (to be paid to the WSE) $40,000 Shipping (to be...
- Q Will It Be Worthwhile to Venture? We better get started on this report, said Hal to his assistant, Roger, as he straightened up in his seat and fired up his...
- Q Smith Company has 40,000 shares of $80 par value, 5% cumulative preferred stock and 140,000 shares of $20 par value common stock. Smith declares and pays cash dividends amounting to...
- Q Discuss the concept of Pragmatism in accounting standards development. How does the consideration of pragmatic factors balance theoretical frameworks with practical application?
- Q You have just been hired as a new management trainee by Earrings Unlimited, a distributor of earrings to various retail outlets located in shopping malls across the country....
- Q Charity, a sole trader has prepared the following accounts for the year ended 31 December 2014. Income statement for the year ended 31 December...
- Q Alice is planning to open up a sandwich shop. An estimate of her costs/revenues are as follows: monthly rent: $2,000; monthly fixed utility bill: $700; average cost of ingredients per...
- Q Presented beiew is the tria balance of 5 herien Corporation at Decernber 21.2025 : Sales Revenue58,201,160Cost of Coods Sold 4.800.000 Debt Inveitments Donctermi 303720 Equity Invertments (long-term)281720 Notes...
- Q Determining gross profit During the current year, merchandise is sold for $693,000. The cost of the goods sold is $401,940.
- Q Auditors use various tools to document their understanding of an entitys internal control system, including narrative descriptions, internal control questionnaires, and flowcharts. -Identify the relative strengths of each tool....
- Q The following information was extracted from the books of Catherine Webb, a sole trader: Trade Receivables Control Account balance 1 January 2020: 22,500 (Dr) Trade Payables Control Account...
- Q Which of the following statements about divorce settlements is true? Multiple Choice Property transfers pursuant to divorce have no income tax consequences. Child support is excluded from the recipient's gross...
- Q Dextron Co. made the following investments in marketable securities in 1986;Martin Inc., 1,400 shares @45.75 $ 64,050Smith Corp., 1,750 shares @22.539,375Walker Bros. first-mortgage 8% bonds, 105 $1000 bonds...
- Q If operations run on less than full capacity, what is the result on cost driver rates? They are too high. They can be either too high or too low....
- Q Lense Laboratories' net income was $340,000. Given the account information below, what is the net cash flows from operating activities for Lense Laboratories? Increase in Accounts Receivable $ 62,000 Increase...
- Q The following trial balance was extracted from the books of Pierre Jean, a sole trader, as at 31 December 2020: Dr Cr Premises at cost 250,000 Equipment...
- Q - A cash basis income statement is the best form of income statement to make managerial decisions from. a. True b. False
- Q a.-b. Merchandise Inventory, before adjustment, has a balance of $6,500. The newly counted inventory balance is $7,000. Unearned Seminar Fees has a balance of $5,000, representing prepayment by customers for...
- Q 16. Which of the following miscellaneous itemized deductions is not subject to the 2% AGI floor? a. Impairment-related work expenses b. Safety equipment used on the job ...
- Q Tatsoi Companys purchase and sales transactions for the month of May were as follows: Purchases Sales May 1 (beg. balance) 2,000@ 300 May 2 1,200@ 600 ...
- Q Cenga x C Cenga x agenow.com/ilmn/takeAssignment/takeAssignmentMain.do?inprogress=true X Maps f3 V * Print Item Login - Authenticate 7 Google Calendar -... in Visibility Alison Mugnier Ha... Ebooks X Amortization for 25...
- Q 13. When an employee is reimbursed 100% for business meal expenses under an accountable arrangement, the employee may deduct which of the following? a. 80% of the meal...
- Q There are different depreciation methods, which allow businesses to determine the projected loss of value of certain assets over time or based on actual physical usage. Explain depreciation methods: Sum...
- Q Quiz Company incurred costs of $225,000 to produce 50,000 units. The total cost included fixed costs of $100,000. Determine the total cost to produce 80,000 units. Note: Give your answer...
- Q Date Ending Inventory (End-of-Year Prices) Price Index December 31, 2017 ...
- Q True or False: A corporation's holding period for property received under 351 includes the holding period of the transferor shareholder.
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