Accounting question and answers for November 16, 2023
- Q Alpine Energy Corporation has 1,500,000 shares of $10 par common stock outstanding. On August 2, Alpine Energy declared a 5% stock dividend to be issued October 8 to stockholders of...
- Q Explain the legal issues, legal reasoning and outcome in the following cases: (a) Digiorno v Dunn (Partnership) (10 marks) (b) Salomon v Salomon (Corporations) (10 marks) (c) ASIC v Adler...
- Q Your client Mary Lyon is going to establish a private non-for-profit organization to assist homeless women. She wants to know what the requirements are to create a private NFP...
- Q What are some examples of contingencies that don't involve liabilities?
- Q On 21.11.2OX1, the company ZITA signed a contract with a customer for the provision of services amounting to 4200 euros and received for the amount of 1200 euros. The provision...
- Q 1. When posting from a journal to a ledger: A. The date column of the journal contains the date it was posted B. The date column of the ledger contains...
- Q What are the potential disadvantages of the LCNRV method?
- Q Westover Company accepts a credit card as payment for $1,000 of services provided to a customer. The credit card company charges a 4% handling charge for its collection services. Select...
- Q The management of Leitheiser Corporation is considering a project that would require an initial investment of $51,000. No other cash outflows would be required. The present...
- Q Erin Shelton, Inc., wants to earn a target profit of $840,000 this year. The companys fixed costs are expected to be $1,080,000 and its variable costs are expected to be...
- Q Crispin Company Traditional Format Income Statement Sales $8,000,000 Cost of goods sold $5,974,000 Gross margin $2,026,000 ...
- Q Alvin's Bakery produced the following number of oat bran muffins each week: WEEK 1: 700 WEEK 2: 700 WEEK 3: 600 WEEK 4: 500 WEEK 5: 700 WEEK 6: 600.......
- Q NO ITS Sale of equipment where the gain realized exceeds the accumulated depreciation
- Q Compute the total and unit costs of making the full demand of pool shades, assuming Chandler bases its rates on expected capacity (used capacity plus required capacity for the full...
- Q Analyze and discuss when earnings management may be an ethical practice and when it is an unethical practice.
- Q in the initial 10 years a mutual fund gained an average annual return of 19.24% if the money continues to earn 19.24% compounded yearly how how many years will it...
- Q Q1) Fill in the blanks in the following: The three criteria that are required to be checked together in order to assess an action of an individual of being...
- Q Who are some of Adobes competitors and what are some of Adobes financial statement and projections? Income projection statement Forecasted 12-month profit and loss 4-year profit...
- Q QUESTION 3 Calculate the payback period of each project and recommend the project that should be selected based on the payback period. (6 marks) Consider two projects whose cash inflows...
- Q 8. Harvey Clothing Store had a balance in the Accounts Receivable account of $390,000 at the beginning of the year and a balance of $510,000 at the end of...
- Q X Ltd anticipated that its assets may be impaired in June 2020. Land is measured by X Ltd at fair value. At 30 June 2020, the entity revalued the land...
- Q B MC Qu. 19-127 (Algo) Decker Industries reported the following... Decker Industries reported the following monthly data: Units produced 62,000 units Sales...
- Q Kubin Companys relevant range of production is 13,000 to 18,000 units. When it produces and sells 15,500 units, its average costs per unit are as follows: ...
- Q The shareholders' equity section of Manning Co. on December 31, 2018 showed the following: Ordinary share P10 par, 100,000 shares issued and outstanding 1,000,000 Share Premium on Ordinary...
- Q Question 2 Diamond Cleats Co. manufactures cleats for baseball shoes. It has outlined the following overhead cost drivers: Overhead Costs Pool Cost Driver...
- Q A conceptual framework is: Select one: a.a statement of theoretical principles which form the frame of reference for financial reporting b.a theoretical expression of accounting...
- Q Bongani Limited manufactures a product that sells for R120. He manufactured and sold 12 500 units during the previous month. The following additional information, for this activity level, is available:...
- Q Evergreen Inc. sponsors a defined contribution plan for its employees. In 2019, salaries eligible for a 3% payment toward defined contribution plans of employees are $1,144,000. Evergreen funded 100% of...
- Q QUESTION 1 Sintok BizSolution Sdn Bhd was established in 2018 and offers business consulting services. Demand for the companys services increased as many businesses were affected during the Cnvid-19 pandemic...
- Q For each of the following potential unrecorded liabilities, determine the effects of the omission on both the balance sheet and income statement of the client. Assume that the inventories recorded...
- Q Refer the following table. Focus Metals Inc. Comparative Balance Sheet Information November 30 (millions of $) ...
- Q LITTLE'S FLORAL LTD. BANK RECONCILIATION STATEMENT The bank statement of Little's Floral Ltd. shows a final balance of 8,966 as of october 31, 2017. The present balance of the...
- Q The purpose of this case is to calculate cost allocations, that is: allocation cost to various people, departments, products et cetera. The case takes place in a health care environment....
- Q Island Novelties, Inc., of Palau makes two productsHawaiian Fantasy and Tahitian Joy. Each product's selling price, variable expense per unit and annual sales volume are as follows: ...
- Q Bob and Jan are a married couple in their late 70s who lives in Idaho. Their net worth is $25 million.They have three children Bob Junior, Tim, and Kimberly all...
- Q Your friend Susan owns a small business and wants you to help her prepare a Cash Budget. Her business sells wet premium cat food for $25 per can. Although it...
- Q 2 / 6 100% + Each point is redeemable for a R3 in value for purchases of Verruca Limited products. During a reporting period, customers who took part in the...
- Q How do I do the statement of cash flows? (assuming FIFO for inventory) Jan 1st. Spent $3,500 to improve the first piece of equipment purchased in Year 1. Revised...
- Q Financial analysis is a mechanical and mathematical process of evaluating information reported in financial statements. True or False
- Q The following data represents information necessary to assist in preparing the July 31,2019 bank reconciliation for Domore Company. On July 31, the bank...
- Q True or false and why? Ordinary repairs should be recognized when incurred as revenue expenditures. (Be sure to define what revenue expenditures are).
- Q When management uses variance reports to evaluate cost control, they look into which of the following? a. both variable and unfavorable variances that exceed a predetermined quantitative...
- Q 1. What adjusting entry does a company make to record accued employee salaries? a. debit salaries expense and credit salaries payable b. debit salaries expense and credits cash c. debit...
- Q 1. Wendy was driving to a rock concert played by the Screaming Crickets. Whilst travelling at a modest speed she collided with a pedestrian, Peter, causing him to break his...
- Q 12. Your audit client recently suffered a huge loss when a large customer discontinued doing business with your client after receiving defective merchandise. Due to this loss, your client is...
- Q Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct labor-hours and its standard cost card per unit is as follows: ...
- Q Accelerated Logistics provides the following information: Operating income $1,600,000 Net sales $14,000,000 Average total...
- Q Professional standards require that the following items related to inventory : I. The cost method used (LIFO, FIFO, Weighted average cost). II. The raw materials, work in process, and finished...
- Q Create a debit/credit journal entry Declared dividends of $426 million. Of this $426 million, paid $319 million in cash to stockholders during the period and still owed the remaining $107...
- Q Summary operating data for Loma Company during the current year ended April 30, 20Y6, are as follows: cost of goods sold, $340,000; administrative expenses, $42,400; interest expense, $25,000; rent revenue,...
- Q Pharoah Company uses a flexible budget for manufacturing overhead that is based on direct labour hours. The variable manufacturing overhead costs per direct labour hour are as follows: ...
- Q Baker Company has common and preferred stock outstanding as follows: Common stock: 100,000 shares, $30 par value 8 percent preferred stock: 10,000 shares, $100 par value Dividends on preferred stock...
- Q Arbitration is more legally binding than mediation. a. True b. False
- Q Paschall Corporation manufactures several different products all of which must pass through a stamping machine in its fabrication department. This machine is Paschalls constrained resource. The company would make the...
- Q Schlumberger Limited (SLB, NYSE - Nasdaq) 1.Economic Characteristics and Business Operations 2.Governmental and Regulatory Environment 3.Recent Trend developed within Industry. 4.Companys Market Position and Market Share ...
- Q You oversee the $250 petty cash for your company. When an employee needs a special item that is not in inventory, you take money from petty cash to purchase that...
- Q Discuss the implications of using both interpretive and critical paradigms in accouting decision making.
- Q Using the accounting equation (ASSETS = LIABILITIES + OWNER'S EQUITY), put the numbers in the following scenario where they belong: A distributor goes out and purchases $1,000 worth of T-shirts....
- Q At December 31, Gill Co. reported accounts receivable of $229,000 and an allowance for uncollectible accounts of $900 (debit) before any adjustments. An analysis of accounts receivable suggests that the...
- Q CREATE JOURNAL ENTRIES FOR THE JANUARY 2018 TRANSACTIONS BELOW FOR SUNFLOWER DESIGNS: On January 1, a 24-month liability insurance policy was purchased to cover Sunflower Designs. The full cost of...
- Q Golden Food Products produces special-formula pet food. The company carries no inventories. The master budget calls for the company to manufacture and sell 120,000 cases at a budgeted price of...
- Q Which of the following is an example of unearned income? a) Compensation from the sale of crops and livestock, received by a taxpayer who is actively farming. b) Compensation received...
- Q Access the following workpaper spreadsheet with audit program and workpapers: Apollo_Planning_Part_1_Audit_Mini_Case.xls Identify significant audit items on workpaper A-3 Identify significant audit items, summarize on A-3, consider and document...
- Q 4. Dorian Company produces and sells a single product. The product sells for $60 per unit and has a contribution margin ratio of 40%. The company's monthly fixed expenses are...
- Q Preferred stock is sometimes considered to be a cross between debt and equity. Describe the characteristics of preferred stock that make it similar to debt as well as the characteristics...
- Q XYZ Inc. sells a single product for $12 per unit. Variable production costs are $5 per unit. Fixed overhead costs amount $12,000 per month. Variable selling costs are $1 per...
- Q Purple, Inc. had a 110-day, 7.5% note for $1,050,000, dated May 2 from a customer on account. 1) Determine the maturity date for the note. 2) Determine the...
- Q Briefly compare and contrast Options and Futures
- Q What does the future of Accounting look like with the advancement of technology?
- Q Please answer the question with your own opinion Type a brief explanation (one paragraph) of why you think the PCAOB should or should not change standards to...
- Q 1. What is the difference between Accounts Receivable and Accounts Payable? A. Accounts Receivable is a current asset and Accounts Payable is a long term asset. B. Accounts Receivable is...
- Q Baker Co. uses a perpetual inventory and the net method to record sales. Prepare the required journal entries for the following transactions. Omit explanations. November 15 Sold merchandise for $750...
- Q 8. When can you withdraw money from retirement plans? What happens if you withdraw before you are allowed?
- Q What is Straumann's competitive advantage? What strategic options did Straumann have based on key success factor composition and competitive advantage inherent to Straumann regarding both the premium and the value...
- Q In 2019, selected automobiles had an average cost of $16,500. The average cost of those same automobiles is now $20,295
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